<SEC-DOCUMENT>0001193125-25-044751.txt : 20250401
<SEC-HEADER>0001193125-25-044751.hdr.sgml : 20250401
<ACCEPTANCE-DATETIME>20250304060429
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-25-044751
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250304

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KORN FERRY
		CENTRAL INDEX KEY:			0000056679
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EMPLOYMENT AGENCIES [7361]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				952623879
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1900 AVENUE OF THE STARS
		STREET 2:		STE. 1225
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067
		BUSINESS PHONE:		3105521834

	MAIL ADDRESS:	
		STREET 1:		1900 AVENUE OF THE STARS
		STREET 2:		STE. 1225
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90067

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	KORN FERRY INTERNATIONAL
		DATE OF NAME CHANGE:	19980807
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HTML><HEAD>
<TITLE>CORRESP</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[KORN FERRY LETTERHEAD] </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">March&nbsp;4, 2025 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange
Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of
Trade&nbsp;&amp; Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington,
D.C. 20549 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attn: Valeria Franks and Keira Nakada </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>VIA
EDGAR </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Korn Ferry </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended April&nbsp;30, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Annual Report to Security Holders for Fiscal Year Ended April&nbsp;30, 2024 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-14505</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Mses.&nbsp;Franks and Nakada, </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This letter is in response
to your letter dated February&nbsp;21, 2025, regarding Korn Ferry&#146;s (the &#147;Company&#148;) annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the fiscal year ended April&nbsp;30, 2024 and Annual Report to Security Holders
for fiscal year ended April&nbsp;30, 2024. Your comment from the February&nbsp;21, 2025 letter is set forth below, followed by our related response. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended April&nbsp;30, 2024 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&#8201;7. Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page 31 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please present or discuss the most comparable GAAP measures with equal or greater prominence where you
present or discuss <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measures. In this regard, you present and/or discuss adjusted EBITDA and adjusted EBITDA margin on pages 3, 32, 37, and 38 of your document without also presenting and/or discussing
net income attributable to Korn Ferry and net income margin attributable to Korn Ferry. This comment also applies to your Forms <FONT STYLE="white-space:nowrap">10-Q</FONT> and <FONT STYLE="white-space:nowrap">8-K.</FONT> Refer to Item
10(e)(1)(i)(A) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and Question 102.10 of our Compliance and Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment. In future filings, including any Form
<FONT STYLE="white-space:nowrap">10-K,</FONT> <FONT STYLE="white-space:nowrap">10-Q</FONT> or <FONT STYLE="white-space:nowrap">8-K,</FONT> beginning with the quarter ended January&nbsp;31, 2025, the Company will include the most comparable GAAP
measures with equal or greater prominence in each instance where a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure is presented or discussed. In this regard, whenever the Company presents or discusses in future filings adjusted EBITDA or
adjusted EBITDA margin, the Company will present or discuss, as applicable, &#147;net income attributable to Korn Ferry&#148; (in the case of adjusted EBITDA) and/or &#147;net income attributable to Korn Ferry margin&#148; (in the case of adjusted
EBITDA margin). </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Korn Ferry and Subsidiaries </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Consolidated Statements of Income, page <FONT STYLE="white-space:nowrap">F-7</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please remove cash dividends declared per share from your consolidated statements of income and instead
present this information in your consolidated statements of stockholders&#146; equity and/or footnotes. Similarly revise your Forms <FONT STYLE="white-space:nowrap">10-Q</FONT> and your press releases. Refer to ASC <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">505-10-S99-1,</FONT></FONT></FONT> ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">260-10-45-5</FONT></FONT></FONT> and SEC Release
No.</B><B></B><B><FONT STYLE="white-space:nowrap">&nbsp;33-10532.</FONT></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges
the Staff&#146;s comment and in future filings, commencing with its Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended January&nbsp;31, 2025, the Company will remove cash dividends declared per share from its
condensed consolidated statements of income and instead present such information in a footnote to its condensed consolidated financial statements. The Company intends to add a new subsection titled &#147;Cash Dividends&#148; to the Employee Stock
Plans section to its notes to consolidated financial statements included in future Form <FONT STYLE="white-space:nowrap">10-K</FONT> and Forms <FONT STYLE="white-space:nowrap">10-Q</FONT> filings that includes details on cash dividends declared per
share for the period covered by the accompanying financial statements. Please see below for illustrative purposes the proposed disclosure to be included in the Company&#146;s notes to consolidated financial statements included in its Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the Year Ending April&nbsp;30, 2025, with additions shown in double underline. The Company also confirms that it will remove cash dividends declared per share from its condensed consolidated statements of
income included in its future earnings press releases. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;*&nbsp;* </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">4.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Employee Stock Plans</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">. . . </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Cash Dividends</U> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U STYLE="border-bottom:1pt double; padding-bottom:1pt">The following table shows the Company&#146;s cash dividend declared per share for the periods
indicated:</U> </I></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="84%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="81%"></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Year Ended</U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B><U STYLE="border-bottom:1pt double; padding-bottom:1pt">April&nbsp;30,</U></B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">2025</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">2024</U></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">2023</U></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Cash dividends declared per
share:</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt"></U>&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$x</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">1.02</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">0.60</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;*&nbsp;* </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annual Report to Security Holders for Fiscal Year Ended April&nbsp;30 2024 </U></B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Performance Highlights Fiscal Year 2024, page 3 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">3.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>You present the <FONT STYLE="white-space:nowrap">non-GAAP</FONT> measure of adjusted diluted earnings per
share on pages 3 and 4 of your Annual Report to Security Holders. Please revise to include a reconciliation to the most directly comparable GAAP measure as required by Item 100(a)(2) of Regulation G.</B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and confirms that if it presents adjusted diluted earnings per share in any
future Annual Report to Security Holders, it will present a reconciliation of such measure to diluted earnings per share, the most directly comparable measure as required by Item 100(a)(2) of Regulation G. Please see below the proposed update to
footnote (2)&nbsp;to the Company&#146;s Annual Report to Securityholders For the Fiscal Year Ended April&nbsp;30, 2024 and a new proposed Schedule I thereto to be inserted after page 6 illustrating how the Company plans to display this information
in future Annual Reports to Security Holders when presenting adjusted diluted earnings per share therein, with additions to the Company&#146;s existing disclosure shown in double underline. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;*&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">[2] Adjusted Diluted EPS, a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measure, is defined as Diluted Earnings
per Share, as reported in the Form <FONT STYLE="white-space:nowrap">10-K,</FONT> adjusted to exclude integration and acquisition costs, costs associated with the impairment of fixed assets (i.e., software and leasehold improvements) and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets due to terminating and subleasing some of our office space and restructuring charges incurred to realign our workforce (all on an <FONT
STYLE="white-space:nowrap">after-tax</FONT> basis). <U STYLE="border-bottom:1pt double; padding-bottom:1pt">See Schedule I hereto for a presentation of the most directly comparable GAAP measure for Adjusted Diluted EPS (Diluted EPS) and a
reconciliation to that measure.</U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;*&nbsp;* </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Schedule I</U> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="90%"></TD>

<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Reconciliation of Diluted
Earnings Per Share to Adjusted Diluted Earnings Per Share</U></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Diluted Earnings Per Share</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">3.23</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Integration/Acquisition
Costs(1)</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">0.29</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Impairment of Fixed Assets(2)</U></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">0.03</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Impairment of Right of Use
Assets(3)</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">0.03</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Restructuring Charges, Net(4)</U></P></TD>

<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">1.32</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Tax effect on the Adjusted
Items(5)</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(0.43</U></TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Tax Adjustment(6)</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(0.19</U></TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Adjusted Diluted Earnings Per
Share</U></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">$</U></TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">4.28</U></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Explanation of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT>
Adjustments</U> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(1)</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Costs associated with previous acquisitions, such as
legal and professional fees, retention awards and the <FONT STYLE="white-space:nowrap">on-going</FONT> integration expenses to combine the companies.</U> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(2)</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Costs associated with impairment of fixed assets
primarily due to software impairment charge in our Digital segment in FY&#146;24 and impairment on leasehold improvements due to terminating and deciding to sublease some of our office leases in FY&#146;23.</U> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(3)</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Costs associated with impairment of <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">right-of-use</FONT></FONT> assets due to terminating and deciding to sublease some of our office leases.</U> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(4)</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Restructuring charges incurred to align our workforce
to the challenging macroeconomic business environment arising from persistent inflationary pressures, rising interest rates and global economic geopolitical uncertainty.</U> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(5)</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Tax effect on integration/acquisition costs, impairment
of fixed assets and right of use assets, and restructuring charges, net.</U> </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE;padding-bottom:2pt; margin-bottom:-1pt; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">(6)</U></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U STYLE="border-bottom:1pt double; padding-bottom:1pt">Due to actions taken in connection with the worldwide
minimum tax, the Company recorded a $9.7&nbsp;million <FONT STYLE="white-space:nowrap">non-recurring</FONT> tax benefit in fiscal 2024 that resulted in the release of a valuation allowance, which is included in the Company&#146;s US&nbsp;GAAP
results but excluded from the Adjusted results.</U> </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;*&nbsp;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We appreciate the Staff&#146;s responsiveness with respect to the Company&#146;s filing and look forward to resolving any concerns the Staff may have. If you
have any questions, please contact me at (480) <FONT STYLE="white-space:nowrap">905-4006</FONT> or Ari Lanin of Gibson, Dunn&nbsp;&amp; Crutcher LLP at (310) <FONT STYLE="white-space:nowrap">552-8581.</FONT> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Sincerely,</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Robert P. Rozek</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Robert P. Rozek</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Executive Vice President, Chief Financial Officer&nbsp;&amp; Chief Corporate Officer</TD></TR>
</TABLE></DIV> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Kim E. Letch, Ernst&nbsp;&amp; Young LLP (via electronic mail) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%" VALIGN="top" ALIGN="left">&#8201;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Ari Lanin, Gibson, Dunn&nbsp;&amp; Crutcher LLP (via electronic mail) </P></TD></TR></TABLE>
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