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Oct 31, 2022
Korn Ferry Q2 2023 Earnings Report
Korn Ferry reported an increase in fee revenue and net income, with diluted earnings per share at $1.38 and adjusted diluted earnings per share at $1.43.
Key Takeaways
Korn Ferry announced Q2 Fiscal Year 2023 results, with fee revenue of $727.8 million, a 14% increase year-over-year (20% at constant currency). Diluted earnings per share were $1.38, and adjusted diluted earnings per share were $1.43. The company completed the acquisition of Infinity Consulting Solutions during the quarter.
Fee revenue was $727.8 million, up 14% year-over-year and 20% at constant currency.
Net income attributable to Korn Ferry was $73.5 million, with diluted EPS of $1.38 and adjusted diluted EPS of $1.43.
Operating income was $119.6 million (16.4% margin), and Adjusted EBITDA was $131.1 million (18.0% margin).
The company repurchased 622,500 shares for $33.1 million and declared a dividend of $0.15 per share.
Revenue by Segment
Forward Guidance
Korn Ferry anticipates Q3 FY'23 fee revenue to be in the range of $660 million to $690 million, with diluted earnings per share expected to range between $0.40 and $0.66. Adjusted diluted earnings per share is expected to be in the range from $0.88 to $1.00. Adjusted EBITDA margin is expected to be in the range of 14% to 15%.
Positive Outlook
- New business trends coming out of Q2 FY’23 remain strong.
Challenges Ahead
- Global inflation presents a level of risk and uncertainty.
- Rising interest rates present a level of risk and uncertainty.
- Escalating geo-political tensions present a level of risk and uncertainty.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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