Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 31, 2015 | Sep. 01, 2015 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jul. 31, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KFY | |
Entity Registrant Name | KORN FERRY INTERNATIONAL | |
Entity Central Index Key | 56,679 | |
Current Fiscal Year End Date | --04-30 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,201,229 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 276,514 | $ 380,838 |
Marketable securities | 19,859 | 25,757 |
Receivables due from clients, net of allowance for doubtful accounts of $10,344 and $9,958, respectively | 199,533 | 188,543 |
Income taxes and other receivables | 9,835 | 10,966 |
Deferred income taxes | 1,211 | 3,827 |
Prepaid expenses and other assets | 35,923 | 31,054 |
Total current assets | 542,875 | 640,985 |
Marketable securities, non-current | 118,079 | 118,819 |
Property and equipment, net | 61,800 | 62,088 |
Cash surrender value of company owned life insurance policies, net of loans | 105,111 | 102,691 |
Deferred income taxes, net | 53,506 | 56,014 |
Goodwill | 250,835 | 254,440 |
Intangible assets, net | 45,655 | 47,901 |
Investments and other assets | 44,683 | 34,863 |
Total assets | 1,222,544 | 1,317,801 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Accounts payable | 18,005 | 19,238 |
Income taxes payable | 1,819 | 3,813 |
Compensation and benefits payable | 120,961 | 219,364 |
Other accrued liabilities | 62,098 | 63,595 |
Total current liabilities | 202,883 | 306,010 |
Deferred compensation and other retirement plans | 174,988 | 173,432 |
Other liabilities | 22,974 | 23,110 |
Total liabilities | 400,845 | 502,552 |
Stockholders' equity: | ||
Common stock: $0.01 par value, 150,000 shares authorized, 63,549 and 62,863 shares issued and 51,195 and 50,573 shares outstanding, respectively | 467,511 | 463,839 |
Retained earnings | 410,000 | 392,033 |
Accumulated other comprehensive loss, net | (55,812) | (40,623) |
Total stockholders' equity | 821,699 | 815,249 |
Total liabilities and stockholders' equity | $ 1,222,544 | $ 1,317,801 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 |
Allowance for doubtful accounts | $ 10,344 | $ 9,958 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 63,549,000 | 62,863,000 |
Common stock, shares outstanding | 51,195,000 | 50,573,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Fee revenue | $ 267,394 | $ 251,188 |
Reimbursed out-of-pocket engagement expenses | 11,941 | 9,137 |
Total revenue | 279,335 | 260,325 |
Compensation and benefits | 179,456 | 169,106 |
General and administrative expenses | 37,491 | 37,368 |
Reimbursed expenses | 11,941 | 9,137 |
Cost of services | 10,120 | 9,465 |
Depreciation and amortization | 7,423 | 6,770 |
Restructuring charges, net | 9,886 | |
Total operating expenses | 246,431 | 241,732 |
Operating income | 32,904 | 18,593 |
Other (loss) income, net | (74) | 2,177 |
Interest expense, net | (299) | (794) |
Income before provision for income taxes and equity in earnings of unconsolidated subsidiaries | 32,531 | 19,976 |
Equity in earnings of unconsolidated subsidiaries, net | 725 | 466 |
Income tax provision | 10,174 | 5,909 |
Net income | $ 23,082 | $ 14,533 |
Earnings per common share: | ||
Basic | $ 0.46 | $ 0.30 |
Diluted | $ 0.46 | $ 0.29 |
Weighted-average common shares outstanding: | ||
Basic | 49,493 | 48,703 |
Diluted | 50,014 | 49,591 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Net income | $ 23,082 | $ 14,533 |
Other comprehensive income: | ||
Foreign currency translation adjustments | (15,632) | (3,680) |
Deferred compensation and pension plan adjustments, net of tax | 447 | 487 |
Unrealized losses on marketable securities, net of tax | (4) | (6) |
Comprehensive income | $ 7,893 | $ 11,334 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 23,082 | $ 14,533 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 7,423 | 6,770 |
Stock-based compensation expense | 3,691 | 3,319 |
Provision for doubtful accounts | 2,068 | 1,911 |
Gain on cash surrender value of life insurance policies | (2,494) | (3,263) |
Gain on marketable securities | (665) | (2,018) |
Deferred income taxes | 5,124 | 4,859 |
Change in other assets and liabilities: | ||
Deferred compensation | (1,820) | 1,715 |
Receivables due from clients | (13,058) | (28,312) |
Income tax and other receivables | 1,145 | 152 |
Prepaid expenses and other assets | (4,869) | (2,909) |
Investment in unconsolidated subsidiaries | (725) | (466) |
Income taxes payable | (1,990) | (4,967) |
Accounts payable and accrued liabilities | (96,737) | (77,636) |
Other | (10,368) | (3,735) |
Net cash used in operating activities | (90,193) | (90,047) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (5,485) | (6,590) |
Purchase of marketable securities | (9,116) | (4,319) |
Proceeds from sales/maturities of marketable securities | 16,364 | 7,812 |
Premium on company-owned life insurance policies | (404) | (419) |
Proceeds from life insurance policies | 1,659 | 1,801 |
Dividends received from unconsolidated subsidiaries | 806 | 318 |
Net cash provided by (used in) investing activities | 3,824 | (1,397) |
Cash flows from financing activities: | ||
Purchase of common stock | (6,573) | (3,731) |
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan | 2,379 | 1,479 |
Tax benefit related to stock-based compensation | 4,064 | 1,165 |
Dividends paid to shareholders | (5,115) | |
Payments on life insurance policy loans | (1,151) | (705) |
Net cash used in financing activities | (6,396) | (1,792) |
Effect of exchange rate changes on cash and cash equivalents | (11,559) | (1,908) |
Net decrease in cash and cash equivalents | (104,324) | (95,144) |
Cash and cash equivalents at beginning of period | 380,838 | 333,717 |
Cash and cash equivalents at end of period | $ 276,514 | $ 238,573 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2015 | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Nature of Business Korn/Ferry International, a Delaware corporation (the “Company”), and its subsidiaries are engaged in the business of providing talent management solutions, including executive recruitment on a retained basis, recruitment for non-executive professionals, recruitment process outsourcing and leadership & talent consulting services. The Company’s worldwide network of 78 offices in 37 countries enables it to meet the needs of its clients in all industries. Basis of Consolidation and Presentation The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended April 30, 2015 for the Company and its wholly and majority owned/controlled domestic and international subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the consolidated financial statements conform with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and prevailing practice within the industry. The consolidated financial statements include all adjustments, consisting of normal recurring accruals and any other adjustments that management considers necessary for a fair presentation of the results for these periods. The results of operations for the interim period are not necessarily indicative of the results for the entire fiscal year. Investments in affiliated companies, which are 50% or less owned and where the Company exercises significant influence over operations, are accounted for using the equity method. The Company considers events or transactions that occur after the balance sheet date but before the consolidated financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. Use of Estimates and Uncertainties The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates, and changes in estimates are reported in current operations as new information is learned or upon the amounts becoming fixed and determinable. The most significant areas that require management judgment are revenue recognition, restructuring, deferred compensation, annual performance related bonuses, evaluation of the carrying value of receivables, goodwill and other intangible assets, fair value of contingent consideration, share-based payments and the recoverability of deferred income taxes. Revenue Recognition Substantially all fee revenue is derived from fees for professional services related to executive recruitment performed on a retained basis, recruitment for non-executive professionals, recruitment process outsourcing and leadership & talent consulting services. Fee revenue from executive recruitment activities and recruitment for non-executive professionals is generally one-third of the estimated first year cash compensation of the placed executive or non-executive professional, as applicable, plus a percentage of the fee to cover indirect engagement related expenses. The Company generally recognizes such revenue on a straight-line basis over a three-month period, commencing upon client acceptance, as this is the period over which the recruitment services are performed. Fees earned in excess of the initial contract amount are recognized upon completion of the engagement, which reflect the difference between the final actual compensation of the placed executive and the estimate used for purposes of the previous billings. Since the initial contract fees are typically not contingent upon placement of a candidate, our assumptions primarily relate to establishing the period over which such service is performed. These assumptions determine the timing of revenue recognition and profitability for the reported period. Any revenues associated with services that are provided on a contingent basis are recognized once the contingency is resolved. In addition to recruitment for non-executive professionals, Futurestep provides recruitment process outsourcing (“RPO”) services and fee revenue is recognized as services are rendered and/or as milestones are achieved. Fee revenue from Leadership & Talent Consulting (“LTC”) services is recognized as services are rendered for consulting engagements and other time based services, measured by total hours incurred to the total estimated hours at completion. It is possible that updated estimates for the consulting engagement may vary from initial estimates with such updates being recognized in the period of determination. Depending on the timing of billings and services rendered, the Company accrues or defers revenue as appropriate. LTC revenue is also derived from the sale of solution services, which includes revenue from licenses and from the sale of products. Revenue from licenses is recognized using a straight-line method over the term of the contract (generally 12 months). Under the fixed term licenses, the Company is obligated to provide the licensee with access to any updates to the underlying intellectual property that are made by the Company during the term of the license. Once the term of the agreement expires, the client’s right to access or use the intellectual property expires and the Company has no further obligations to the client under the license agreement. Revenue from perpetual licenses is recognized when the license is sold since the Company’s only obligation is to provide the client access to the intellectual property but is not obligated to provide maintenance, support, updates or upgrades. Products sold by the Company mainly consist of books and automated services covering a variety of topics including performance management, team effectiveness, and coaching and development. The Company recognizes revenue for its products when the product has been sold or shipped in the case of books. As of July 31, 2015 and April 30, 2015, the Company included deferred revenue of $39.5 million and $40.5 million, respectively, in other accrued liabilities. Allowance for Doubtful Accounts An allowance is established for doubtful accounts by taking a charge to general and administrative expenses. The amount of the allowance is based on historical loss experience, assessment of the collectability of specific accounts, as well as expectations of future collections based upon trends and the type of work for which services are rendered. After the Company exhausts all collection efforts, the amount of the allowance is reduced for balances identified as uncollectible. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of July 31, 2015 and April 30, 2015, the Company’s investments in cash equivalents, consist of money market funds for which market prices are readily available. As of July 31, 2015 and April 30, 2015, the Company had cash equivalents of $168.8 million and $260.6 million, respectively. Marketable Securities The Company currently has investments in marketable securities and mutual funds which are classified as either trading securities or available-for-sale, based upon management’s intent and ability to hold, sell or trade such securities. The classification of the investments in these marketable securities and mutual funds is assessed upon purchase and reassessed at each reporting period. These investments are recorded at fair value and are classified as marketable securities in the accompanying consolidated balance sheets. The investments that the Company may sell within the next twelve months are carried as current assets. Realized gains (losses) on marketable securities are determined by specific identification. Interest is recognized on an accrual basis, dividends are recorded as earned on the ex-dividend date. Interest and dividend income are recorded in the accompanying consolidated statements of income in interest expense, net. The Company invests in mutual funds (for which market prices are readily available) that are held in trust to satisfy obligations under the Company’s deferred compensation plans (see Note 5 — Marketable Securities The Company also invests cash in excess of its daily operating requirements and capital needs primarily in marketable fixed income (debt) securities in accordance with the Company’s investment policy, which restricts the type of investments that can be made. The Company’s investment portfolio includes corporate bonds. These marketable fixed income (debt) securities are classified as available-for-sale securities based on management’s decision, at the date such securities are acquired, not to hold these securities to maturity or actively trade them. The Company carries these marketable debt securities at fair value based on the market prices for these marketable debt securities or similar debt securities whose prices are readily available. The changes in fair values, net of applicable taxes, are recorded as unrealized gains or losses as a component of comprehensive income. When, in the opinion of management, a decline in the fair value of an investment below its amortized cost is considered to be “other-than-temporary,” a credit loss is recorded in the statement of income in other (loss) income, net; any amount in excess of the credit loss is recorded as unrealized gains or losses as a component of comprehensive income. Generally, the amount of the loss is the difference between the cost or amortized cost and its then current fair value; a credit loss is the difference between the discounted expected future cash flows to be collected from the debt security and the cost or amortized cost of the debt security. The determination of the other-than-temporary decline includes, in addition to other relevant factors, a presumption that if the market value is below cost by a significant amount for a period of time, a write-down may be necessary. During the three months ended July 31, 2015 and 2014, no other-than-temporary impairment was recognized. Fair Value of Financial Instruments Fair value is the price the Company would receive to sell an asset or transfer a liability (exit price) in an orderly transaction between market participants. For those assets and liabilities recorded or disclosed at fair value, the Company determines the fair value based upon the quoted market price, if available. If a quoted market price is not available for identical assets, the fair value is based upon the quoted market price of similar assets. The fair values are assigned a level within the fair value hierarchy as defined below: • Level 1 • Level 2 • Level 3 As of July 31, 2015 and April 30, 2015, the Company held certain assets that are required to be measured at fair value on a recurring basis. These included cash, cash equivalents, accounts receivable and marketable securities. The carrying amount of cash, cash equivalents and accounts receivable approximates fair value due to the short maturity of these instruments. The fair values of marketable securities classified as trading are obtained from quoted market prices, and the fair values of marketable securities classified as available-for-sale are obtained from a third party, which are based on quoted prices or market prices for similar assets. Business Acquisitions Business acquisitions are accounted for under the acquisition method. The acquisition method requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity, and recognize and measure goodwill or a gain from the purchase. The acquiree’s results are included in the Company’s consolidated financial statements from the date of acquisition. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill, or if the fair value of the assets acquired exceeds the purchase price consideration, a bargain purchase gain is recorded. Adjustments to fair value assessments are generally recorded to goodwill over the measurement period (not longer than twelve months). The acquisition method also requires that acquisition-related transaction and post-acquisition restructuring costs be charged to expense as committed, and requires the Company to recognize and measure certain assets and liabilities including those arising from contingencies and contingent consideration in a business combination. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of assets acquired. The goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, goodwill of the reporting unit would be considered impaired. To measure the amount of the impairment loss, the implied fair value of a reporting unit’s goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. If the carrying amount of a reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. For each of these tests, the fair value of each of the Company’s reporting units is determined using a combination of valuation techniques, including a discounted cash flow methodology. To corroborate the discounted cash flow analysis performed at each reporting unit, a market approach is utilized using observable market data such as comparable companies in similar lines of business that are publicly traded or which are part of a public or private transaction (to the extent available). Results of the annual impairment test performed as of January 31, 2015, indicated that the fair value of each reporting unit exceeded its carrying amount and no reporting units were at risk of failing the impairment test. As a result, no impairment charge was recognized. There were no indicators of impairment as of July 31, 2015 and April 30, 2015 that would have required further testing. Intangible assets primarily consist of customer lists, non-compete agreements, proprietary databases, intellectual property and trademarks and are recorded at their estimated fair value at the date of acquisition and are amortized in a pattern in which the asset is consumed if that pattern can be reliably determined, or using the straight-line method over their estimated useful lives which range from one to 24 years. For intangible assets subject to amortization, an impairment loss is recognized if the carrying amount of the intangible assets is not recoverable and exceeds fair value. The carrying amount of the intangible assets is considered not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from use of the asset. Intangible assets with indefinite lives are not amortized, but are reviewed annually for impairment or more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. As of July 31, 2015 and April 30, 2015, there were no indicators of impairment with respect to the Company’s intangible assets. Compensation and Benefits Expense Compensation and benefits expense in the accompanying consolidated statements of income consist of compensation and benefits paid to consultants (employees who originate business), executive officers and administrative and support personnel. The most significant portions of this expense are salaries and the amounts paid under the annual performance related bonus plan to employees. The portion of the expense applicable to salaries is comprised of amounts earned by employees during a reporting period. The portion of the expenses applicable to annual performance related bonuses refers to the Company’s annual employee performance related bonus with respect to a fiscal year, the amount of which is communicated and paid to each eligible employee following the completion of the fiscal year. Each quarter, management makes its best estimate of its annual performance related bonuses, which requires management to, among other things, project annual consultant productivity (as measured by engagement fees billed and collected by executive search consultants and revenue and other performance metrics for LTC and Futurestep consultants), the level of engagements referred by a fee earner in one line of business to a different line of business, Company performance including profitability, competitive forces and future economic conditions and their impact on the Company’s results. At the end of each fiscal year, annual performance related bonuses take into account final individual consultant productivity (including referred work), Company results including profitability, the achievement of strategic objectives and the results of individual performance appraisals, and the current economic landscape. Accordingly, each quarter the Company reevaluates the assumptions used to estimate annual performance related bonus liability and adjusts the carrying amount of the liability recorded on the consolidated balance sheet and reports any changes in the estimate in current operations. Because annual performance-based bonuses are communicated and paid only after the Company reports its full fiscal year results, actual performance-based bonus payments may differ from the prior year’s estimate. Such changes in the bonus estimate historically have been immaterial and are recorded in current operations in the period in which they are determined. The performance related bonus expense was $42.4 million and $39.0 million for the three months ended July 31, 2015 and 2014, respectively, which was reduced by a change in the previous years’ estimate recorded in the three months ended July 31, 2015 and 2014, of $0.6 million and $0.3 million, respectively. This resulted in net bonus expense of $41.8 million and $38.7 million in the three months ended July 31, 2015 and 2014, respectively, included in compensation and benefits expense in the consolidated statements of income. Other expenses included in compensation and benefits expense are due to changes in deferred compensation and pension plan liabilities, changes in cash surrender value (“CSV”) of company owned life insurance (“COLI”) contracts, amortization of stock compensation awards, payroll taxes and employee insurance benefits. Restructuring Charges, Net The Company accounts for its restructuring charges as a liability when the obligations are incurred and records such charges at fair value. Changes in the estimates of the restructuring charges are recorded in the period the change is determined. Stock-Based Compensation The Company has employee compensation plans under which various types of stock-based instruments are granted. These instruments principally include restricted stock units, restricted stock, stock options and an Employee Stock Purchase Plan (“ESPP”). The Company recognizes compensation expense related to restricted stock units, restricted stock and the estimated fair value of stock options and stock purchase under the ESPP on a straight-line basis over the service period for the entire award. Recently Proposed Accounting Standards In May 2014, the FASB issued guidance that supersedes revenue recognition requirements regarding contracts with customers to transfer goods or services or for the transfer of nonfinancial assets. Under the new guidance, entities are required to recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step analysis to be performed on transactions to determine when and how revenue is recognized. In July 2015, the FASB decided to approve a one-year deferral of the effective date as well as providing an option to early adopt the standard on the original effective date. This new guidance is effective for fiscal years and interim periods within those annual years beginning after December 15, 2017 as opposed to the original effective date of December 15, 2016. The Company will adopt this guidance in its fiscal year beginning May 1, 2018. The Company is currently evaluating the effect the guidance will have on our financial condition and results of operations. |
Basic and Diluted Earnings Per
Basic and Diluted Earnings Per Share | 3 Months Ended |
Jul. 31, 2015 | |
Basic and Diluted Earnings Per Share | 2. Basic and Diluted Earnings Per Share Accounting Standards Codification 260, Earnings Per Share, requires companies to treat unvested share-based payment awards that have non-forfeitable rights to dividends prior to vesting as a separate class of securities in calculating earnings per share. We have granted and expect to continue to grant to certain employees restricted stock grants that contain non-forfeitable rights to dividends. Such grants are considered participating securities. Therefore, we are required to apply the two-class method in calculating earnings per share. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. The dilutive effect of participating securities is calculated using the more dilutive of the treasury method or the two-class method. Basic earnings per common share was computed using the two-class method by dividing basic net earnings attributable to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per common share was computed using the two-class method by dividing diluted net earnings attributable to common stockholders by the weighted-average number of common shares outstanding plus dilutive common equivalent shares. Dilutive common equivalent shares include all in-the-money outstanding options or other contracts to issue common stock as if they were exercised or converted. The application of the two-class method did not have a material impact on the earnings per share calculation for the three months ended July 31, 2014. During the three months ended July 31, 2015 and 2014, all shares of outstanding options were included in the computation of diluted earnings per share. During the three months ended July 31, 2015, restricted stock awards of 0.5 million, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. The following table summarizes basic and diluted earnings per common share attributable to common stockholders: Three Months Ended 2015 2014 (in thousands, except Net income $ 23,082 $ 14,533 Less: distributed and undistributed earnings to nonvested restricted stockholders 224 — Basic net earnings attributable to common stockholders 22,858 14,533 Add: undistributed earnings to nonvested restricted stockholders 176 — Less: reallocation of undistributed earnings to nonvested restricted stockholders 174 — Diluted net earnings attributable to common stockholders 22,860 14,533 Weighted-average common shares outstanding: Basic weighted-average number of common shares outstanding 49,493 48,703 Effect of dilutive securities: Restricted stock 452 756 Stock options 66 132 ESPP 3 — Diluted weighted-average number of common shares outstanding 50,014 49,591 Net earnings per common share: Basic earnings per share $ 0.46 $ 0.30 Diluted earnings per share $ 0.46 $ 0.29 |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Jul. 31, 2015 | |
Comprehensive Income | 3. Comprehensive Income Comprehensive income is comprised of net income and all changes to stockholders’ equity, except those changes resulting from investments by stockholders (changes in paid in capital) and distributions to stockholders (dividends) and is reported in the accompanying consolidated statements of comprehensive income. Accumulated other comprehensive loss, net of taxes, is recorded as a component of stockholders’ equity. The components of accumulated other comprehensive loss were as follows: July 31, April 30, (in thousands) Foreign currency translation adjustments $ (36,551 ) $ (20,919 ) Deferred compensation and pension plan adjustments, net of tax (19,261 ) (19,708 ) Unrealized gains on marketable securities, net of tax — 4 Accumulated other comprehensive loss, net $ (55,812 ) $ (40,623 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended July 31, 2015: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of April 30, 2015 $ (20,919 ) $ (19,708 ) $ 4 $ (40,623 ) Unrealized losses arising during the period (15,632 ) — (4 ) (15,636 ) Reclassification of realized net losses to net income — 447 — 447 Balance as of July 31, 2015 $ (36,551 ) $ (19,261 ) $ — $ (55,812 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended July 31, 2014: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of April 30, 2014 $ 15,604 $ (18,006 ) $ 14 $ (2,388 ) Unrealized losses arising during the period (3,680 ) — (6 ) (3,686 ) Reclassification of realized net losses to net income — 487 — 487 Balance as of July 31, 2014 $ 11,924 $ (17,519 ) $ 8 $ (5,587 ) (1) The tax effects on the reclassifications of realized net losses was $0.3 million for both the three months ended July 31, 2015 and 2014. |
Employee Stock Plans
Employee Stock Plans | 3 Months Ended |
Jul. 31, 2015 | |
Employee Stock Plans | 4. Employee Stock Plans Stock-Based Compensation The following table summarizes the components of stock-based compensation expense recognized in the Company’s consolidated statements of income for the periods indicated: Three Months Ended 2015 2014 (in thousands) Restricted stock $ 3,554 $ 3,252 ESPP 120 — Stock options 17 67 Total stock-based compensation expense, pre-tax 3,691 3,319 Tax benefit from stock-based compensation expense (1,154 ) (982 ) Total stock-based compensation expense, net of tax $ 2,537 $ 2,337 The Company uses the Black-Scholes option valuation model to estimate the grant date fair value of employee stock options. The expected volatility reflects consideration of the historical volatility in the Company’s publicly traded stock during the period the option is granted. The Company believes historical volatility in these instruments is more indicative of expected future volatility than the implied volatility in the price of the Company’s common stock. The expected life of each option is estimated using historical data. The risk-free interest rate is based on the U.S. Treasury zero-coupon issue with a remaining term approximating the expected term of the option. The Company uses historical data to estimate forfeiture rates applied to the gross amount of expense determined using the option valuation model. The Black-Scholes option pricing model was developed for use in estimating the fair value of traded options. The assumptions used in option valuation models are highly subjective, particularly the expected stock price volatility of the underlying stock. The Company did not grant stock options in the three months ended July 31, 2015 and 2014. Stock Incentive Plans At the Company’s 2012 Annual Meeting of Stockholders, held on September 27, 2012, the Company’s stockholders approved an amendment and restatement to the Korn/Ferry International Amended and Restated 2008 Stock Incentive Plan (the 2012 amendment and restatement being the “Second A&R 2008 Plan”), which among other things, increased the current maximum number of shares that may be issued under the plan to 5,700,000 shares, subject to certain changes in the Company’s capital structure and other extraordinary events. The Second A&R 2008 Plan provides for the grant of awards to eligible participants, designated as either nonqualified or incentive stock options, restricted stock and restricted stock units, any of which may be performance-based or market-based, and incentive bonuses, which may be paid in cash or a combination thereof. Under the Second A&R 2008 Plan, the ability to issue full-value awards is limited by requiring full-value stock awards to count 1.91 times as much as stock options. Stock Options Stock option transactions under the Company’s Second A&R 2008 Plan were as follows: Three Months Ended July 31, 2015 Options Weighted- Weighted- Aggregate (in thousands, except per share data) Outstanding, April 30, 2015 202 $ 15.45 Exercised (72 ) $ 15.62 Forfeited/expired (5 ) $ 17.97 Outstanding, July 31, 2015 125 $ 15.30 1.69 $ 2,272 Exercisable, July 31, 2015 125 $ 15.30 1.69 $ 2,272 Additional information pertaining to stock options: Three Months Ended 2015 2014 (in thousands) Total fair value of stock options vested $ 96 $ 324 Total intrinsic value of stock options exercised $ 1,360 $ 1,039 Restricted Stock The Company grants time-based restricted stock awards to executive officers and other senior employees generally vesting over a three to four year period. In addition, certain key management members typically receive time-based restricted stock awards upon commencement of employment and may receive them annually in conjunction with the Company’s performance review. Time-based restricted stock awards are granted at a price equal to fair value, which is determined based on the closing price of the Company’s common stock on the grant date. The Company recognizes compensation expense for time-based restricted stock awards on a straight-line basis over the vesting period. The Company also grants market-based and performance-based restricted stock units to executive officers and other senior employees. The market-based units vest after three years depending upon the Company’s total stockholder return over the three-year performance period relative to other companies in its selected peer group. The fair value of these market-based restricted stock units are determined by a third-party valuation using extensive market data that are based on historical Company and peer group information. The Company recognizes compensation expense for market-based restricted stock units on a straight-line basis over the vesting period. Performance-based restricted stock units vest after three years depending upon the Company meeting certain objectives that are set at the time the restricted stock unit is issued. Performance-based restricted stock units are granted at a price equal to the fair value, which is determined based on the closing price of the Company’s common stock on the grant date. The Company recognizes compensation expense for performance-based restricted stock units on a straight-line basis over the vesting period. At the end of each reporting period, the Company estimates the number of restricted stock units expected to vest, based on the probability that certain performance objectives will be met, exceeded, or fall below target levels, and takes into account these estimates when calculating the expense for the period. Restricted stock activity during the three months ended July 31, 2015 is summarized below: Shares Weighted- (in thousands, except per share data) Non-vested, April 30, 2015 1,560 $ 22.15 Granted 579 $ 25.13 Vested (695 ) $ 14.74 Forfeited/expired (9 ) $ 23.96 Non-vested, July 31, 2015 1,435 $ 26.93 As of July 31, 2015, there were 0.3 million shares and 0.2 million shares outstanding relating to market-based and performance-based restricted stock units, respectively, with total unrecognized compensation totaling $7.8 million and $1.9 million, respectively. As of July 31, 2015, there was $31.3 million of total unrecognized compensation cost related to all non-vested awards of restricted stock, which is expected to be recognized over a weighted-average period of 2.7 years. During the three months ended July 31, 2015 and 2014, 188,104 shares and 125,421 shares of restricted stock totaling $6.6 million and $3.7 million, respectively, were repurchased by the Company, at the option of the employee, to pay for taxes related to vesting of restricted stock. Employee Stock Purchase Plan The Company has an ESPP that, in accordance with Section 423 of the Internal Revenue Code, allows eligible employees to authorize payroll deductions of up to 15% of their salary to purchase shares of the Company’s common stock at 85% of the fair market price of the common stock on the last day of the enrollment period. Employees may not purchase more than $25,000 in stock during any calendar year. The maximum number of shares that may be issued under the ESPP is 3.0 million shares. The ESPP was suspended during the second half of fiscal 2012 and as a result, no shares were purchased during the three months ended July 31, 2014. On January 1, 2015, the Company once again allowed employees to participate in the ESPP. During the three months ended July 31, 2015, employees purchased 44,334 shares at $29.55 per share. As of July 31, 2015, the ESPP had approximately 1.6 million shares remaining available for future issuance. Common Stock During the three months ended July 31, 2015 and 2014, the Company issued 71,428 shares and 85,321 shares of common stock, respectively, as a result of the exercise of stock options, with cash proceeds from the exercise of $1.1 million and $1.5 million, respectively. No shares were repurchased during the three months ended July 31, 2015 and 2014, other than to satisfy minimum tax withholding requirements upon the vesting of restricted stock as described above. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Jul. 31, 2015 | |
Marketable Securities | 5. Marketable Securities As of July 31, 2015, marketable securities consisted of the following: Trading Available-for- Total (in thousands) Mutual funds $ 127,793 $ — $ 127,793 Corporate bonds — 10,145 10,145 Total 127,793 10,145 137,938 Less: current portion of marketable securities (9,714 ) (10,145 ) (19,859 ) Non-current marketable securities $ 118,079 $ — $ 118,079 As of April 30, 2015, marketable securities consisted of the following: Trading Available-for- Total (in thousands) Mutual funds $ 131,399 $ — $ 131,399 Corporate bonds — 13,177 13,177 Total 131,399 13,177 144,576 Less: current portion of marketable securities (12,580 ) (13,177 ) (25,757 ) Non-current marketable securities $ 118,819 $ — $ 118,819 (1) These investments are held in trust for settlement of the Company’s vested and unvested obligations of $125.5 million and $129.1 million as of July 31, 2015 and April 30, 2015, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans (2) The Company’s financial assets measured at fair value on a recurring basis include trading securities classified as Level 1 and available-for-sale securities classified as Level 2. As of July 31, 2015 and April 30, 2015, the Company had no investments classified as Level 3. The amortized cost and fair values of marketable securities classified as available-for-sale investments were as follows: July 31, 2015 Amortized Gross Gross Estimated (in thousands) Corporate bonds $ 10,143 $ 3 $ (1 ) $ 10,145 April 30, 2015 Amortized Gross Gross Estimated (in thousands) Corporate bonds $ 13,167 $ 11 $ (1 ) $ 13,177 (1) There are no marketable securities that have been in a continuous unrealized loss position for 12 months or more. Investments in marketable securities classified as available-for-sale securities are made based on the Company’s investment policy, which restricts the types of investments that can be made. As of July 31, 2015 and April 30, 2015, marketable securities classified as available-for-sale consist of corporate bonds for which market prices for similar assets are readily available. As of July 31, 2015, available-for-sale marketable securities have remaining maturities ranging from two to five months. During the three months ended July 31, 2015 and 2014, the Company received $3.0 million and $2.0 million, respectively, in proceeds from maturities of available-for-sale marketable securities. Investments in marketable securities classified as trading are based upon investment selections the employee elects from a pre-determined set of securities in the ECAP and the Company invests in marketable securities to mirror these elections. As of July 31, 2015 and April 30, 2015, the Company’s investments in marketable securities classified as trading consist of mutual funds for which market prices are readily available. As of July 31, 2015 and April 30, 2015, the Company’s marketable securities classified as trading were $127.8 million (net of gross unrealized gains of $8.0 million and $0.6 million of gross unrealized losses) and $131.4 million (net of gross unrealized gains of $8.3 million and $0.2 million of gross unrealized losses), respectively. |
Deferred Compensation and Retir
Deferred Compensation and Retirement Plans | 3 Months Ended |
Jul. 31, 2015 | |
Deferred Compensation and Retirement Plans | 6. Deferred Compensation and Retirement Plans The Company has several deferred compensation and retirement plans for eligible consultants and vice presidents that provide defined benefits to participants based on the deferral of current compensation or contributions made by the Company subject to vesting and retirement or termination provisions. In June 2003, the Company amended the deferred compensation plans, with the exception of the ECAP and international retirement plans, so as not to allow new participants or the purchase of additional deferral units by existing participants. The components of net periodic benefit costs are as follows: Three Months Ended 2015 2014 (in thousands) Amortization of actuarial loss $ 731 $ 763 Interest cost 703 747 Net periodic benefit costs $ 1,434 $ 1,510 The Company purchased COLI contracts insuring the lives of certain employees eligible to participate in the deferred compensation and pension plans as a means of funding benefits under such plans. The gross CSV of these contracts of $173.6 million and $172.3 million is offset by outstanding policy loans of $68.5 million and $69.6 million in the accompanying consolidated balance sheets as of July 31, 2015 and April 30, 2015, respectively. The CSV value of the underlying COLI investments increased by $2.5 million and $3.3 million during the three months ended July 31, 2015 and 2014, respectively, recorded as a decrease in compensation and benefits expense in the accompanying consolidated statement of income. The Company has an ECAP, which is intended to provide certain employees an opportunity to defer salary and/or bonus on a pre-tax basis or make an after-tax contribution. In addition, the Company, as part of its compensation philosophy, makes discretionary contributions into the ECAP and such contributions may be granted to key employees annually based upon employee performance. Certain key management may also receive Company ECAP contributions upon commencement of employment. The Company made contributions to the ECAP during the three months ended July 31, 2015 and 2014 of $2.0 million and $1.2 million, respectively. The Company expects to contribute an additional $20.0 million during the remainder of fiscal 2016. As these contributions vest, the amounts are recorded as a liability in deferred compensation and other retirement plans on the accompanying balance sheet and compensation and benefits on the accompanying consolidated statement of income. Participants generally vest in Company contributions over a four year period. The ECAP is accounted for whereby the changes in the fair value of the vested amounts owed to the participants are adjusted with a corresponding charge (or credit) to compensation and benefits costs. During the three months ended July 31, 2015 and 2014, deferred compensation liability increased; therefore, the Company recognized in compensation expense $0.7 million and $1.7 million, respectively. Offsetting these increases in compensation and benefits expense was an increase in the fair value of marketable securities classified as trading (held in trust to satisfy obligations under certain deferred compensation liabilities) of $0.7 million and $2.0 million during the three months ended July 31, 2015 and 2014, respectively, recorded in other (loss) income, net on the consolidated statement of income (see Note 5 — Marketable Securities |
Business Segments
Business Segments | 3 Months Ended |
Jul. 31, 2015 | |
Business Segments | 7. Business Segments The Company currently operates in three global businesses: Executive Recruitment, LTC and Futurestep. The Executive Recruitment segment focuses on recruiting Board of Director and C-level positions, in addition to research-based interviewing and onboarding solutions, for clients predominantly in the consumer, financial services, industrial, life sciences/healthcare and technology industries. LTC assists clients with ongoing assessment and development of their senior executives and management teams, and addresses three fundamental needs: Talent Strategy, Succession Management, and Leadership Development, all underpinned by a comprehensive array of world-leading IP, products and tools. Futurestep is a global industry leader in high-impact talent acquisition solutions. Its portfolio of services includes global and regional RPO, project recruitment, individual professional search and consulting. The Executive Recruitment business segment is managed by geographic regional leaders and LTC and Futurestep worldwide operations are managed by their respective Chief Executive Officers. The Executive Recruitment geographic regional leaders and the Chief Executive Officers of LTC and Futurestep report directly to the Chief Executive Officer of the Company. The Company also operates a Corporate segment to record global expenses of the Company. The Company evaluates performance and allocates resources based on the Company’s chief operating decision maker’s (“CODM”) review of (1) fee revenue and (2) adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). To the extent that such charges occur, Adjusted EBITDA excludes restructuring charges, integration and acquisition costs, certain separation costs and certain non-cash charges (goodwill, intangible asset and other than temporary impairment). The accounting policies for the reportable segments are the same as those described in the summary of significant accounting policies, except the items described above are excluded from EBITDA to arrive at Adjusted EBITDA. Financial highlights by business segment are as follows: Three Months Ended July 31, 2015 Executive Recruitment North EMEA Asia South Subtotal LTC Futurestep Corporate Consolidated (in thousands) Fee revenue $ 90,359 $ 36,090 $ 19,215 $ 6,426 $ 152,090 $ 69,240 $ 46,064 $ — $ 267,394 Total revenue $ 94,399 $ 37,171 $ 19,990 $ 6,432 $ 157,992 $ 71,441 $ 49,902 $ — $ 279,335 Net income $ 23,082 Other loss, net 74 Interest expense, net 299 Equity in earnings of unconsolidated subsidiaries, net (725 ) Income tax provision 10,174 Operating income (loss) $ 24,145 $ 6,276 $ 2,986 $ 1,508 $ 34,915 $ 7,495 $ 6,189 $ (15,695 ) $ 32,904 Depreciation and amortization 827 365 246 78 1,516 3,748 585 1,574 7,423 Other income (loss), net 32 143 18 239 432 (863 ) — 357 (74 ) Equity in earnings of unconsolidated subsidiaries, net 86 — — — 86 — — 639 725 EBITDA 25,090 6,784 3,250 1,825 36,949 10,380 6,774 (13,125 ) 40,978 Integration/acquisition costs — — — — — 329 — 345 674 Adjusted EBITDA $ 25,090 $ 6,784 $ 3,250 $ 1,825 $ 36,949 $ 10,709 $ 6,774 $ (12,780 ) $ 41,652 Three Months Ended July 31, 2014 Executive Recruitment North EMEA Asia South Subtotal LTC Futurestep Corporate Consolidated (in thousands) Fee revenue $ 82,300 $ 40,297 $ 19,534 $ 6,284 $ 148,415 $ 63,548 $ 39,225 $ — $ 251,188 Total revenue $ 86,082 $ 41,429 $ 20,369 $ 6,309 $ 154,189 $ 65,420 $ 40,716 $ — $ 260,325 Net income $ 14,533 Other income, net (2,177 ) Interest expense, net 794 Equity in earnings of unconsolidated subsidiaries, net (466 ) Income tax provision 5,909 Operating income (loss) $ 18,998 $ 2,643 $ 2,522 $ 73 $ 24,236 $ 3,460 $ 3,457 $ (12,560 ) 18,593 Depreciation and amortization 904 489 294 85 1,772 3,252 446 1,300 6,770 Other income (loss), net 129 46 109 33 317 217 (2 ) 1,645 2,177 Equity in earnings of unconsolidated subsidiaries, net 68 — — — 68 — — 398 466 EBITDA 20,099 3,178 2,925 191 26,393 6,929 3,901 (9,217 ) 28,006 Restructuring charges, net 1,151 3,987 17 377 5,532 2,758 1,424 172 9,886 Adjusted EBITDA $ 21,250 $ 7,165 $ 2,942 $ 568 $ 31,925 $ 9,687 $ 5,325 $ (9,045 ) $ 37,892 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Jul. 31, 2015 | |
Long-Term Debt | 8. Long-Term Debt On June 3, 2015, the Company amended its senior unsecured revolving Credit Agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as lender (the “Lender”), which became effective on June 5, 2015. The Credit Agreement provides for an aggregate availability under the revolving credit facility up to $150.0 million, which includes a $15.0 million sub-limit for letters of credit, with an option to increase the credit facility by an additional $50.0 million prior to December 3, 2019, subject to the Lender’s consent and the satisfaction of certain conditions (including the requirement, if the Lender acting in its sole discretion so elects, that the credit facility under the Credit Agreement become secured at such time by substantially all the assets of the Company and the guarantors). The Credit Agreement matures on June 3, 2020. Borrowings under the Credit Agreement bear interest, at the Company’s election, at the adjusted London Interbank Offered Rate (“LIBOR”) plus the applicable margin or at the base rate plus the applicable margin. The applicable margin is based on a percentage per annum determined in accordance with a specified pricing grid based on the Company’s total funded debt to adjusted EBITDA ratio. For LIBOR loans, the applicable margin will range from 0.875% to 1.75% per annum, while for base rate loans, the applicable margin will range from 0.00% to 0.75% per annum. The Company is required to pay a quarterly commitment fee of 0.25% to 0.40% on the revolving credit facility’s average daily unused commitments based on the Company’s total funded debt to adjusted EBITDA ratio. In addition, there is a domestic liquidity requirement that we maintain at least $50.0 million in domestic liquidity defined as unrestricted cash and/or marketable securities (excluding any marketable securities that are held in trust for the settlement of our obligations under certain deferred compensation plans) as a condition to consummating permitted acquisitions, paying dividends to our stockholders and making share repurchases of our common stock. Undrawn amounts on our line of credit may be used to calculate domestic liquidity. The Company is also limited in consummating permitted acquisitions, paying dividends to our stockholders and making share repurchases of our common stock to a cumulative total of $125.0 million in any fiscal year. Subject to the foregoing, the Company is permitted to pay up to $75.0 million in dividends and share repurchases, in aggregate, in any fiscal year (subject to the satisfaction of certain conditions). As of July 31, 2015 and April 30, 2015, the Company had no borrowings under its long-term debt arrangements. At July 31, 2015 and April 30, 2015, there was $2.8 million of standby letters of credit issued under its long-term debt arrangements. The Company had a total of $1.4 million and $1.6 million of standby letters of credits with other financial institutions as of July 31, 2015 and April 30, 2015, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jul. 31, 2015 | |
Subsequent Events | 9. Subsequent Events Quarterly Dividend Declaration On September 7, 2015, the Board of Directors of the Company declared a cash dividend of $0.10 per share that will be paid on October 15, 2015 to holders of the Company’s common stock of record at the close of business on September 25, 2015. The declaration and payment of future dividends under the quarterly dividend policy will be at the discretion of the Board of Directors and will depend upon many factors, including the Company’s earnings, capital requirements, financial conditions, the terms of the Company’s indebtedness and other factors that the Board of Directors may deem to be relevant. The Board may amend, revoke or suspend the dividend policy at any time and for any reason. |
Organization and Summary of S16
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2015 | |
Basis of Consolidation and Presentation | Basis of Consolidation and Presentation The accompanying financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended April 30, 2015 for the Company and its wholly and majority owned/controlled domestic and international subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The preparation of the consolidated financial statements conform with United States (“U.S.”) generally accepted accounting principles (“GAAP”) and prevailing practice within the industry. The consolidated financial statements include all adjustments, consisting of normal recurring accruals and any other adjustments that management considers necessary for a fair presentation of the results for these periods. The results of operations for the interim period are not necessarily indicative of the results for the entire fiscal year. Investments in affiliated companies, which are 50% or less owned and where the Company exercises significant influence over operations, are accounted for using the equity method. The Company considers events or transactions that occur after the balance sheet date but before the consolidated financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. |
Use of Estimates and Uncertainties | Use of Estimates and Uncertainties The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates, and changes in estimates are reported in current operations as new information is learned or upon the amounts becoming fixed and determinable. The most significant areas that require management judgment are revenue recognition, restructuring, deferred compensation, annual performance related bonuses, evaluation of the carrying value of receivables, goodwill and other intangible assets, fair value of contingent consideration, share-based payments and the recoverability of deferred income taxes. |
Revenue Recognition | Revenue Recognition Substantially all fee revenue is derived from fees for professional services related to executive recruitment performed on a retained basis, recruitment for non-executive professionals, recruitment process outsourcing and leadership & talent consulting services. Fee revenue from executive recruitment activities and recruitment for non-executive professionals is generally one-third of the estimated first year cash compensation of the placed executive or non-executive professional, as applicable, plus a percentage of the fee to cover indirect engagement related expenses. The Company generally recognizes such revenue on a straight-line basis over a three-month period, commencing upon client acceptance, as this is the period over which the recruitment services are performed. Fees earned in excess of the initial contract amount are recognized upon completion of the engagement, which reflect the difference between the final actual compensation of the placed executive and the estimate used for purposes of the previous billings. Since the initial contract fees are typically not contingent upon placement of a candidate, our assumptions primarily relate to establishing the period over which such service is performed. These assumptions determine the timing of revenue recognition and profitability for the reported period. Any revenues associated with services that are provided on a contingent basis are recognized once the contingency is resolved. In addition to recruitment for non-executive professionals, Futurestep provides recruitment process outsourcing (“RPO”) services and fee revenue is recognized as services are rendered and/or as milestones are achieved. Fee revenue from Leadership & Talent Consulting (“LTC”) services is recognized as services are rendered for consulting engagements and other time based services, measured by total hours incurred to the total estimated hours at completion. It is possible that updated estimates for the consulting engagement may vary from initial estimates with such updates being recognized in the period of determination. Depending on the timing of billings and services rendered, the Company accrues or defers revenue as appropriate. LTC revenue is also derived from the sale of solution services, which includes revenue from licenses and from the sale of products. Revenue from licenses is recognized using a straight-line method over the term of the contract (generally 12 months). Under the fixed term licenses, the Company is obligated to provide the licensee with access to any updates to the underlying intellectual property that are made by the Company during the term of the license. Once the term of the agreement expires, the client’s right to access or use the intellectual property expires and the Company has no further obligations to the client under the license agreement. Revenue from perpetual licenses is recognized when the license is sold since the Company’s only obligation is to provide the client access to the intellectual property but is not obligated to provide maintenance, support, updates or upgrades. Products sold by the Company mainly consist of books and automated services covering a variety of topics including performance management, team effectiveness, and coaching and development. The Company recognizes revenue for its products when the product has been sold or shipped in the case of books. As of July 31, 2015 and April 30, 2015, the Company included deferred revenue of $39.5 million and $40.5 million, respectively, in other accrued liabilities. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts An allowance is established for doubtful accounts by taking a charge to general and administrative expenses. The amount of the allowance is based on historical loss experience, assessment of the collectability of specific accounts, as well as expectations of future collections based upon trends and the type of work for which services are rendered. After the Company exhausts all collection efforts, the amount of the allowance is reduced for balances identified as uncollectible. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. As of July 31, 2015 and April 30, 2015, the Company’s investments in cash equivalents, consist of money market funds for which market prices are readily available. As of July 31, 2015 and April 30, 2015, the Company had cash equivalents of $168.8 million and $260.6 million, respectively. |
Marketable Securities | Marketable Securities The Company currently has investments in marketable securities and mutual funds which are classified as either trading securities or available-for-sale, based upon management’s intent and ability to hold, sell or trade such securities. The classification of the investments in these marketable securities and mutual funds is assessed upon purchase and reassessed at each reporting period. These investments are recorded at fair value and are classified as marketable securities in the accompanying consolidated balance sheets. The investments that the Company may sell within the next twelve months are carried as current assets. Realized gains (losses) on marketable securities are determined by specific identification. Interest is recognized on an accrual basis, dividends are recorded as earned on the ex-dividend date. Interest and dividend income are recorded in the accompanying consolidated statements of income in interest expense, net. The Company invests in mutual funds, (for which market prices are readily available) that are held in trust to satisfy obligations under the Company’s deferred compensation plans (see Note 5— Marketable Securities The Company also invests cash in excess of its daily operating requirements and capital needs primarily in marketable fixed income (debt) securities in accordance with the Company’s investment policy, which restricts the type of investments that can be made. The Company’s investment portfolio includes corporate bonds. These marketable fixed income (debt) securities are classified as available-for-sale securities based on management’s decision, at the date such securities are acquired, not to hold these securities to maturity or actively trade them. The Company carries these marketable debt securities at fair value based on the market prices for these marketable debt securities or similar debt securities whose prices are readily available. The changes in fair values, net of applicable taxes, are recorded as unrealized gains or losses as a component of comprehensive income. When, in the opinion of management, a decline in the fair value of an investment below its amortized cost is considered to be “other-than-temporary,” a credit loss is recorded in the statement of income in other (loss) income, net; any amount in excess of the credit loss is recorded as unrealized gains or losses as a component of comprehensive income. Generally, the amount of the loss is the difference between the cost or amortized cost and its then current fair value; a credit loss is the difference between the discounted expected future cash flows to be collected from the debt security and the cost or amortized cost of the debt security. The determination of the other-than-temporary decline includes, in addition to other relevant factors, a presumption that if the market value is below cost by a significant amount for a period of time, a write-down may be necessary. During the three months ended July 31, 2015 and 2014, no other-than-temporary impairment was recognized. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is the price the Company would receive to sell an asset or transfer a liability (exit price) in an orderly transaction between market participants. For those assets and liabilities recorded or disclosed at fair value, the Company determines the fair value based upon the quoted market price, if available. If a quoted market price is not available for identical assets, the fair value is based upon the quoted market price of similar assets. The fair values are assigned a level within the fair value hierarchy as defined below: • Level 1 • Level 2 • Level 3 As of July 31, 2015 and April 30, 2015, the Company held certain assets that are required to be measured at fair value on a recurring basis. These included cash, cash equivalents, accounts receivable and marketable securities. The carrying amount of cash, cash equivalents and accounts receivable approximates fair value due to the short maturity of these instruments. The fair values of marketable securities classified as trading are obtained from quoted market prices, and the fair values of marketable securities classified as available-for-sale are obtained from a third party, which are based on quoted prices or market prices for similar assets. |
Business Acquisitions | Business Acquisitions Business acquisitions are accounted for under the acquisition method. The acquisition method requires the reporting entity to identify the acquirer, determine the acquisition date, recognize and measure the identifiable assets acquired, the liabilities assumed and any non-controlling interest in the acquired entity, and recognize and measure goodwill or a gain from the purchase. The acquiree’s results are included in the Company’s consolidated financial statements from the date of acquisition. Assets acquired and liabilities assumed are recorded at their fair values and the excess of the purchase price over the amounts assigned is recorded as goodwill, or if the fair value of the assets acquired exceeds the purchase price consideration, a bargain purchase gain is recorded. Adjustments to fair value assessments are generally recorded to goodwill over the measurement period (not longer than twelve months). The acquisition method also requires that acquisition-related transaction and post-acquisition restructuring costs be charged to expense as committed, and requires the Company to recognize and measure certain assets and liabilities including those arising from contingencies and contingent consideration in a business combination. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of assets acquired. The goodwill impairment test compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, goodwill of the reporting unit would be considered impaired. To measure the amount of the impairment loss, the implied fair value of a reporting unit’s goodwill is compared to the carrying amount of that goodwill. The implied fair value of goodwill is determined in the same manner as the amount of goodwill recognized in a business combination. If the carrying amount of a reporting unit’s goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized in an amount equal to that excess. For each of these tests, the fair value of each of the Company’s reporting units is determined using a combination of valuation techniques, including a discounted cash flow methodology. To corroborate the discounted cash flow analysis performed at each reporting unit, a market approach is utilized using observable market data such as comparable companies in similar lines of business that are publicly traded or which are part of a public or private transaction (to the extent available). Results of the annual impairment test performed as of January 31, 2015, indicated that the fair value of each reporting unit exceeded its carrying amount and no reporting units were at risk of failing the impairment test. As a result, no impairment charge was recognized. There were no indicators of impairment as of July 31, 2015 and April 30, 2015 that would have required further testing. Intangible assets primarily consist of customer lists, non-compete agreements, proprietary databases, intellectual property and trademarks and are recorded at their estimated fair value at the date of acquisition and are amortized in a pattern in which the asset is consumed if that pattern can be reliably determined, or using the straight-line method over their estimated useful lives which range from one to 24 years. For intangible assets subject to amortization, an impairment loss is recognized if the carrying amount of the intangible assets is not recoverable and exceeds fair value. The carrying amount of the intangible assets is considered not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from use of the asset. Intangible assets with indefinite lives are not amortized, but are reviewed annually for impairment or more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying amount. As of July 31, 2015 and April 30, 2015, there were no indicators of impairment with respect to the Company’s intangible assets. |
Compensation and Benefits Expense | Compensation and Benefits Expense Compensation and benefits expense in the accompanying consolidated statements of income consist of compensation and benefits paid to consultants (employees who originate business), executive officers and administrative and support personnel. The most significant portions of this expense are salaries and the amounts paid under the annual performance related bonus plan to employees. The portion of the expense applicable to salaries is comprised of amounts earned by employees during a reporting period. The portion of the expenses applicable to annual performance related bonuses refers to the Company’s annual employee performance related bonus with respect to a fiscal year, the amount of which is communicated and paid to each eligible employee following the completion of the fiscal year. Each quarter, management makes its best estimate of its annual performance related bonuses, which requires management to, among other things, project annual consultant productivity (as measured by engagement fees billed and collected by executive search consultants and revenue and other performance metrics for LTC and Futurestep consultants), the level of engagements referred by a fee earner in one line of business to a different line of business, Company performance including profitability, competitive forces and future economic conditions and their impact on the Company’s results. At the end of each fiscal year, annual performance related bonuses take into account final individual consultant productivity (including referred work), Company results including profitability, the achievement of strategic objectives and the results of individual performance appraisals, and the current economic landscape. Accordingly, each quarter the Company reevaluates the assumptions used to estimate annual performance related bonus liability and adjusts the carrying amount of the liability recorded on the consolidated balance sheet and reports any changes in the estimate in current operations. Because annual performance-based bonuses are communicated and paid only after the Company reports its full fiscal year results, actual performance-based bonus payments may differ from the prior year’s estimate. Such changes in the bonus estimate historically have been immaterial and are recorded in current operations in the period in which they are determined. The performance related bonus expense was $42.4 million and $39.0 million for the three months ended July 31, 2015 and 2014, respectively, which was reduced by a change in the previous years’ estimate recorded in the three months ended July 31, 2015 and 2014, of $0.6 million and $0.3 million, respectively. This resulted in net bonus expense of $41.8 million and $38.7 million in the three months ended July 31, 2015 and 2014, respectively, included in compensation and benefits expense in the consolidated statements of income. Other expenses included in compensation and benefits expense are due to changes in deferred compensation and pension plan liabilities, changes in cash surrender value (“CSV”) of company owned life insurance (“COLI”) contracts, amortization of stock compensation awards, payroll taxes and employee insurance benefits. |
Restructuring Charges, Net | Restructuring Charges, Net The Company accounts for its restructuring charges as a liability when the obligations are incurred and records such charges at fair value. Changes in the estimates of the restructuring charges are recorded in the period the change is determined. |
Stock-Based Compensation | Stock-Based Compensation The Company has employee compensation plans under which various types of stock-based instruments are granted. These instruments principally include restricted stock units, restricted stock, stock options and an Employee Stock Purchase Plan (“ESPP”). The Company recognizes compensation expense related to restricted stock units, restricted stock and the estimated fair value of stock options and stock purchase under the ESPP on a straight-line basis over the service period for the entire award. |
Recently Proposed Accounting Standards | Recently Proposed Accounting Standards In May 2014, the FASB issued guidance that supersedes revenue recognition requirements regarding contracts with customers to transfer goods or services or for the transfer of nonfinancial assets. Under the new guidance, entities are required to recognize revenue in order to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step analysis to be performed on transactions to determine when and how revenue is recognized. In July 2015, the FASB decided to approve a one-year deferral of the effective date as well as providing an option to early adopt the standard on the original effective date. This new guidance is effective for fiscal years and interim periods within those annual years beginning after December 15, 2017 as opposed to the original effective date of December 15, 2016. The Company will adopt this guidance in its fiscal year beginning May 1, 2018. The Company is currently evaluating the effect the guidance will have on our financial condition and results of operations. |
Basic and Diluted Earnings Pe17
Basic and Diluted Earnings Per Share (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Basic and Diluted Earnings per Common Share Attributable to Common Stockholders | The following table summarizes basic and diluted earnings per common share attributable to common stockholders: Three Months Ended 2015 2014 (in thousands, except Net income $ 23,082 $ 14,533 Less: distributed and undistributed earnings to nonvested restricted stockholders 224 — Basic net earnings attributable to common stockholders 22,858 14,533 Add: undistributed earnings to nonvested restricted stockholders 176 — Less: reallocation of undistributed earnings to nonvested restricted stockholders 174 — Diluted net earnings attributable to common stockholders 22,860 14,533 Weighted-average common shares outstanding: Basic weighted-average number of common shares outstanding 49,493 48,703 Effect of dilutive securities: Restricted stock 452 756 Stock options 66 132 ESPP 3 — Diluted weighted-average number of common shares outstanding 50,014 49,591 Net earnings per common share: Basic earnings per share $ 0.46 $ 0.30 Diluted earnings per share $ 0.46 $ 0.29 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Components Of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive loss were as follows: July 31, April 30, (in thousands) Foreign currency translation adjustments $ (36,551 ) $ (20,919 ) Deferred compensation and pension plan adjustments, net of tax (19,261 ) (19,708 ) Unrealized gains on marketable securities, net of tax — 4 Accumulated other comprehensive loss, net $ (55,812 ) $ (40,623 ) |
Changes in Each Component of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended July 31, 2015: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of April 30, 2015 $ (20,919 ) $ (19,708 ) $ 4 $ (40,623 ) Unrealized losses arising during the period (15,632 ) — (4 ) (15,636 ) Reclassification of realized net losses to net income — 447 — 447 Balance as of July 31, 2015 $ (36,551 ) $ (19,261 ) $ — $ (55,812 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended July 31, 2014: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of April 30, 2014 $ 15,604 $ (18,006 ) $ 14 $ (2,388 ) Unrealized losses arising during the period (3,680 ) — (6 ) (3,686 ) Reclassification of realized net losses to net income — 487 — 487 Balance as of July 31, 2014 $ 11,924 $ (17,519 ) $ 8 $ (5,587 ) (1) The tax effects on the reclassifications of realized net losses was $0.3 million for both the three months ended July 31, 2015 and 2014. |
Employee Stock Plans (Tables)
Employee Stock Plans (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Components Of Stock-Based Compensation Expense Recognized | The following table summarizes the components of stock-based compensation expense recognized in the Company’s consolidated statements of income for the periods indicated: Three Months Ended 2015 2014 (in thousands) Restricted stock $ 3,554 $ 3,252 ESPP 120 — Stock options 17 67 Total stock-based compensation expense, pre-tax 3,691 3,319 Tax benefit from stock-based compensation expense (1,154 ) (982 ) Total stock-based compensation expense, net of tax $ 2,537 $ 2,337 |
Stock Options Transactions | Stock option transactions under the Company’s Second A&R 2008 Plan were as follows: Three Months Ended July 31, 2015 Options Weighted- Weighted- Aggregate (in thousands, except per share data) Outstanding, April 30, 2015 202 $ 15.45 Exercised (72 ) $ 15.62 Forfeited/expired (5 ) $ 17.97 Outstanding, July 31, 2015 125 $ 15.30 1.69 $ 2,272 Exercisable, July 31, 2015 125 $ 15.30 1.69 $ 2,272 |
Additional Information Pertaining to Stock Options | Additional information pertaining to stock options: Three Months Ended 2015 2014 (in thousands) Total fair value of stock options vested $ 96 $ 324 Total intrinsic value of stock options exercised $ 1,360 $ 1,039 |
Restricted Stock Activity | Restricted stock activity during the three months ended July 31, 2015 is summarized below: Shares Weighted- (in thousands, except per share data) Non-vested, April 30, 2015 1,560 $ 22.15 Granted 579 $ 25.13 Vested (695 ) $ 14.74 Forfeited/expired (9 ) $ 23.96 Non-vested, July 31, 2015 1,435 $ 26.93 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Summary of Marketable Securities | As of July 31, 2015, marketable securities consisted of the following: Trading Available-for- Total (in thousands) Mutual funds $ 127,793 $ — $ 127,793 Corporate bonds — 10,145 10,145 Total 127,793 10,145 137,938 Less: current portion of marketable securities (9,714 ) (10,145 ) (19,859 ) Non-current marketable securities $ 118,079 $ — $ 118,079 As of April 30, 2015, marketable securities consisted of the following: Trading Available-for- Total (in thousands) Mutual funds $ 131,399 $ — $ 131,399 Corporate bonds — 13,177 13,177 Total 131,399 13,177 144,576 Less: current portion of marketable securities (12,580 ) (13,177 ) (25,757 ) Non-current marketable securities $ 118,819 $ — $ 118,819 (1) These investments are held in trust for settlement of the Company’s vested and unvested obligations of $125.5 million and $129.1 million as of July 31, 2015 and April 30, 2015, respectively, under the ECAP (see Note 6 — Deferred Compensation and Retirement Plans (2) The Company’s financial assets measured at fair value on a recurring basis include trading securities classified as Level 1 and available-for-sale securities classified as Level 2. As of July 31, 2015 and April 30, 2015, the Company had no investments classified as Level 3. |
Amortized Cost and Fair Values of Marketable Securities Classified as Available-For-Sale Investments | The amortized cost and fair values of marketable securities classified as available-for-sale investments were as follows: July 31, 2015 Amortized Gross Gross Estimated (in thousands) Corporate bonds $ 10,143 $ 3 $ (1 ) $ 10,145 April 30, 2015 Amortized Gross Gross Estimated (in thousands) Corporate bonds $ 13,167 $ 11 $ (1 ) $ 13,177 (1) There are no marketable securities that have been in a continuous unrealized loss position for 12 months or more. |
Deferred Compensation and Ret21
Deferred Compensation and Retirement Plans (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Deferred Compensation Plans | |
Components Of Net Periodic Benefit Costs | The components of net periodic benefit costs are as follows: Three Months Ended 2015 2014 (in thousands) Amortization of actuarial loss $ 731 $ 763 Interest cost 703 747 Net periodic benefit costs $ 1,434 $ 1,510 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Jul. 31, 2015 | |
Financial Highlights By Business Segment | Financial highlights by business segment are as follows: Three Months Ended July 31, 2015 Executive Recruitment North EMEA Asia South Subtotal LTC Futurestep Corporate Consolidated (in thousands) Fee revenue $ 90,359 $ 36,090 $ 19,215 $ 6,426 $ 152,090 $ 69,240 $ 46,064 $ — $ 267,394 Total revenue $ 94,399 $ 37,171 $ 19,990 $ 6,432 $ 157,992 $ 71,441 $ 49,902 $ — $ 279,335 Net income $ 23,082 Other loss, net 74 Interest expense, net 299 Equity in earnings of unconsolidated subsidiaries, net (725 ) Income tax provision 10,174 Operating income (loss) $ 24,145 $ 6,276 $ 2,986 $ 1,508 $ 34,915 $ 7,495 $ 6,189 $ (15,695 ) $ 32,904 Depreciation and amortization 827 365 246 78 1,516 3,748 585 1,574 7,423 Other income (loss), net 32 143 18 239 432 (863 ) — 357 (74 ) Equity in earnings of unconsolidated subsidiaries, net 86 — — — 86 — — 639 725 EBITDA 25,090 6,784 3,250 1,825 36,949 10,380 6,774 (13,125 ) 40,978 Integration/acquisition costs — — — — — 329 — 345 674 Adjusted EBITDA $ 25,090 $ 6,784 $ 3,250 $ 1,825 $ 36,949 $ 10,709 $ 6,774 $ (12,780 ) $ 41,652 Three Months Ended July 31, 2014 Executive Recruitment North EMEA Asia South Subtotal LTC Futurestep Corporate Consolidated (in thousands) Fee revenue $ 82,300 $ 40,297 $ 19,534 $ 6,284 $ 148,415 $ 63,548 $ 39,225 $ — $ 251,188 Total revenue $ 86,082 $ 41,429 $ 20,369 $ 6,309 $ 154,189 $ 65,420 $ 40,716 $ — $ 260,325 Net income $ 14,533 Other income, net (2,177 ) Interest expense, net 794 Equity in earnings of unconsolidated subsidiaries, net (466 ) Income tax provision 5,909 Operating income (loss) $ 18,998 $ 2,643 $ 2,522 $ 73 $ 24,236 $ 3,460 $ 3,457 $ (12,560 ) 18,593 Depreciation and amortization 904 489 294 85 1,772 3,252 446 1,300 6,770 Other income (loss), net 129 46 109 33 317 217 (2 ) 1,645 2,177 Equity in earnings of unconsolidated subsidiaries, net 68 — — — 68 — — 398 466 EBITDA 20,099 3,178 2,925 191 26,393 6,929 3,901 (9,217 ) 28,006 Restructuring charges, net 1,151 3,987 17 377 5,532 2,758 1,424 172 9,886 Adjusted EBITDA $ 21,250 $ 7,165 $ 2,942 $ 568 $ 31,925 $ 9,687 $ 5,325 $ (9,045 ) $ 37,892 |
Organization and Summary of S23
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2015USD ($)CountryOffice | Jul. 31, 2014USD ($) | Apr. 30, 2015USD ($) | |
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Number of offices | Office | 78 | ||
Number of countries in which entity operates | Country | 37 | ||
Investments in affiliated companies maximum | 50.00% | ||
Deferred revenue | $ 39,500,000 | $ 40,500,000 | |
Cash equivalents | 168,800,000 | 260,600,000 | |
Realized loss of other-than-temporary impairment | 0 | $ 0 | |
Impairment of goodwill | 0 | 0 | |
Impairment of intangible assets | 0 | $ 0 | |
Performance related bonus expenses | 42,400,000 | 39,000,000 | |
(Decrease) increase in performance related bonus expenses | (600,000) | (300,000) | |
Performance related bonus after reduction in the previous year estimate | $ 41,800,000 | $ 38,700,000 | |
Minimum | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets estimated useful lives | 1 year | ||
Maximum | |||
Organization And Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets estimated useful lives | 24 years |
Basic and Diluted Earnings Pe24
Basic and Diluted Earnings Per Share - Additional Information (Detail) shares in Millions | 3 Months Ended |
Jul. 31, 2015shares | |
Restricted Stock | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from computation of earnings per share, shares | 0.5 |
Basic and Diluted Earnings pe25
Basic and Diluted Earnings per Common Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Earnings Per Share Disclosure [Line Items] | ||
Net income | $ 23,082 | $ 14,533 |
Less: distributed and undistributed earnings to nonvested restricted stockholders | 224 | |
Basic net earnings attributable to common stockholders | 22,858 | 14,533 |
Add: undistributed earnings to nonvested restricted stockholders | 176 | |
Less: reallocation of undistributed earnings to nonvested restricted stockholders | 174 | |
Diluted net earnings attributable to common stockholders | $ 22,860 | $ 14,533 |
Basic weighted-average number of common shares outstanding | 49,493 | 48,703 |
Diluted weighted-average number of common shares outstanding | 50,014 | 49,591 |
Basic earnings per share | $ 0.46 | $ 0.30 |
Diluted earnings per share | $ 0.46 | $ 0.29 |
ESPP | ||
Earnings Per Share Disclosure [Line Items] | ||
Stock | 3 | |
Restricted Stock | ||
Earnings Per Share Disclosure [Line Items] | ||
Stock | 452 | 756 |
Stock Options | ||
Earnings Per Share Disclosure [Line Items] | ||
Stock | 66 | 132 |
Components of Accumulated Other
Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 | Jul. 31, 2014 | Apr. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Foreign currency translation adjustments | $ (36,551) | $ (20,919) | ||
Deferred compensation and pension plan adjustments, net of tax | (19,261) | (19,708) | ||
Unrealized gains on marketable securities, net of tax | 4 | |||
Accumulated other comprehensive loss, net | $ (55,812) | $ (40,623) | $ (5,587) | $ (2,388) |
Changes in Each Component of Ac
Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | $ (40,623) | $ (2,388) | |
Unrealized (losses) gains arising during the period | (15,636) | (3,686) | |
Reclassification of realized net losses (gains) to net income | 447 | 487 | |
Accumulated other comprehensive income (loss), ending balance | (55,812) | (5,587) | |
Accumulated Translation Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | (20,919) | 15,604 | |
Unrealized (losses) gains arising during the period | (15,632) | (3,680) | |
Accumulated other comprehensive income (loss), ending balance | (36,551) | 11,924 | |
Accumulated Defined Benefit Plans Adjustment | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | [1] | (19,708) | (18,006) |
Reclassification of realized net losses (gains) to net income | [1] | 447 | 487 |
Accumulated other comprehensive income (loss), ending balance | [1] | (19,261) | (17,519) |
Accumulated Net Unrealized Investment Gain (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income (loss), beginning balance | 4 | 14 | |
Unrealized (losses) gains arising during the period | $ (4) | (6) | |
Accumulated other comprehensive income (loss), ending balance | $ 8 | ||
[1] | The tax effects on the reclassifications of realized net losses was $0.3 million for both the three months ended July 31, 2015 and 2014. |
Changes in Each Component of 28
Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Tax effects on reclassifications of realized net losses | $ 0.3 | $ 0.3 |
Components of Stock-Based Compe
Components of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense, pre-tax | $ 3,691 | $ 3,319 |
Tax benefit from stock-based compensation expense | (1,154) | (982) |
Total stock-based compensation expense, net of tax | 2,537 | 2,337 |
Restricted Stock | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense, pre-tax | 3,554 | 3,252 |
Stock Options | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense, pre-tax | 17 | $ 67 |
ESPP | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense, pre-tax | $ 120 |
Employee Stock Plans - Addition
Employee Stock Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option grants | 0 | 0 |
Common stock repurchased, value | $ 6,573,000 | $ 3,731,000 |
Shares repurchased during the period | 0 | 0 |
Time Based Restricted Stock | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Time Based Restricted Stock | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
Market Based Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Shares outstanding | 300,000 | |
Total unrecognized compensation cost related to non-vested awards | $ 7,800,000 | |
Performance Based Restricted Stock Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Shares outstanding | 200,000 | |
Total unrecognized compensation cost related to non-vested awards | $ 1,900,000 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from issuance of common stock upon exercise of employee stock options | $ 1,100,000 | $ 1,500,000 |
Stock Options | Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock issued for stock options exercised | 71,428 | 85,321 |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost related to non-vested awards | $ 31,300,000 | |
Expected cost recognized over weighted-average period | 2 years 8 months 12 days | |
Shares repurchased during the period to pay for taxes | 188,104 | 125,421 |
Common stock repurchased, value | $ 6,573,000 | $ 3,731,000 |
Stock Incentive Plan 2008 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares reserved for issuance | 5,700,000 | |
Issuance of full-value stock awards limitation, required ratio to stock options | 1.91 | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum number of shares reserved for issuance | 3,000,000 | |
Authorized payroll deductions | 15.00% | |
Authorized payroll deductions, value | $ 25,000 | |
Fair market price of common stock | 85.00% | |
Shares available for future issuance | 1,600,000 | |
Employees stock purchased | 44,334 | |
Employees stock purchased, price per share | $ 29.55 |
Stock Options Transactions (Det
Stock Options Transactions (Detail) - Jul. 31, 2015 - Stock Options - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Total |
Options | |
Outstanding, April 30, 2015 | 202 |
Exercised | (72) |
Forfeited/expired. | (5) |
Outstanding, July 31, 2015 | 125 |
Exercisable, July 31, 2015 | 125 |
Weighted Average Exercise Price | |
Outstanding, April 30, 2015 | $ 15.45 |
Exercised | 15.62 |
Forfeited/expired. | 17.97 |
Outstanding, July 31, 2015 | 15.30 |
Exercisable, July 31, 2015 | $ 15.30 |
Weighted-Average Remaining Contractual Life (In Years) | |
Outstanding, July 31, 2015 | 1 year 8 months 9 days |
Exercisable, July 31, 2015 | 1 year 8 months 9 days |
Aggregate Intrinsic Value | |
Outstanding, July 31, 2015 | $ 2,272 |
Exercisable, July 31, 2015 | $ 2,272 |
Additional Information Pertaini
Additional Information Pertaining to Stock Options (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total fair value of stock options vested | $ 96 | $ 324 |
Total intrinsic value of stock options exercised | $ 1,360 | $ 1,039 |
Restricted Stock Activity (Deta
Restricted Stock Activity (Detail) - 3 months ended Jul. 31, 2015 - Restricted Stock - $ / shares shares in Thousands | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares, Non-vested, beginning of year | 1,560 |
Shares, Granted | 579 |
Shares, Vested | (695) |
Shares, Forfeited/expired | (9) |
Shares, Non-vested, end of year | 1,435 |
Weighted-Average Grant Date Fair Value, Non-vested, beginning of year | $ 22.15 |
Weighted-Average Grant Date Fair Value, Granted | 25.13 |
Weighted-Average Grant Date Fair Value, Vested | 14.74 |
Weighted-Average Grant Date Fair Value, Forfeited/expired | 23.96 |
Weighted-Average Grant Date Fair Value, Non-vested, end of year | $ 26.93 |
Summary of Marketable Securitie
Summary of Marketable Securities (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 | |
Schedule Of Marketable Securities [Line Items] | |||
Trading | [1],[2] | $ 127,793 | $ 131,399 |
Less: current portion of marketable securities | [1],[2] | (9,714) | (12,580) |
Non-current marketable securities | [1],[2] | 118,079 | 118,819 |
Available-for-Sale | [1] | 10,145 | 13,177 |
Less: current portion of marketable securities | [1] | (10,145) | (13,177) |
Non-current marketable securities | [1] | 0 | 0 |
Total | 137,938 | 144,576 | |
Less: current portion of marketable securities | (19,859) | (25,757) | |
Non-current marketable securities | 118,079 | 118,819 | |
Mutual Funds | |||
Schedule Of Marketable Securities [Line Items] | |||
Trading | [1],[2] | 127,793 | 131,399 |
Total | 127,793 | 131,399 | |
Corporate Bonds | |||
Schedule Of Marketable Securities [Line Items] | |||
Available-for-Sale | [1] | 10,145 | 13,177 |
Total | $ 10,145 | $ 13,177 | |
[1] | The Company's financial assets measured at fair value on a recurring basis include trading securities classified as Level 1 and available-for-sale securities classified as Level 2. As of July 31, 2015 and April 30, 2015, the Company had no investments classified as Level 3. | ||
[2] | These investments are held in trust for settlement of the Company's vested and unvested obligations of $125.5 million and $129.1 million as of July 31, 2015 and April 30, 2015, respectively, under the ECAP (see Note 6 -Deferred Compensation and Retirement Plans). During the three months ended July 31, 2015 and 2014, the fair value of the investments increased; therefore, the Company recognized income of $0.7 million and $2.0 million, respectively, which was recorded in other (loss) income, net. |
Summary of Marketable Securit35
Summary of Marketable Securities (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2015 | |
Schedule Of Marketable Securities [Line Items] | |||
Obligations for which assets are held in trust | $ 125,500 | $ 129,100 | |
Gain on marketable securities | $ 665 | $ 2,018 |
Amortized Cost and Fair Values
Amortized Cost and Fair Values of Marketable Securities Classified as Available-For-Sale Investments (Detail) - USD ($) $ in Thousands | Jul. 31, 2015 | Apr. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Estimated Fair Value | [1] | $ 10,145 | $ 13,177 |
Corporate Bonds | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Amortized Cost | 10,143 | 13,167 | |
Gross Unrealized Gains | 3 | 11 | |
Gross Unrealized Losses | [2] | (1) | (1) |
Estimated Fair Value | [1] | $ 10,145 | $ 13,177 |
[1] | The Company's financial assets measured at fair value on a recurring basis include trading securities classified as Level 1 and available-for-sale securities classified as Level 2. As of July 31, 2015 and April 30, 2015, the Company had no investments classified as Level 3. | ||
[2] | There are no marketable securities that have been in a continuous unrealized loss position for 12 months or more. |
Amortized Cost and Fair Value37
Amortized Cost and Fair Values of Marketable Securities Classified as Available-For-Sale Investments (Parenthetical) (Detail) - USD ($) | Jul. 31, 2015 | Apr. 30, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Marketable securities that have been in a continuous unrealized loss position for 12 months or more | $ 0 | $ 0 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Jul. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2015 | ||
Schedule Of Marketable Securities [Line Items] | ||||
Proceeds from maturities of available-for-sale securities | $ 3,000 | $ 2,000 | ||
Trading securities | [1],[2] | 127,793 | $ 131,399 | |
Gross unrealized gains | 8,000 | 8,300 | ||
Gross unrealized losses | $ 600 | $ 200 | ||
Minimum | ||||
Schedule Of Marketable Securities [Line Items] | ||||
Available-for-sale marketable securities, remaining maturities | 2 months | |||
Maximum | ||||
Schedule Of Marketable Securities [Line Items] | ||||
Available-for-sale marketable securities, remaining maturities | 5 months | |||
[1] | The Company's financial assets measured at fair value on a recurring basis include trading securities classified as Level 1 and available-for-sale securities classified as Level 2. As of July 31, 2015 and April 30, 2015, the Company had no investments classified as Level 3. | |||
[2] | These investments are held in trust for settlement of the Company's vested and unvested obligations of $125.5 million and $129.1 million as of July 31, 2015 and April 30, 2015, respectively, under the ECAP (see Note 6 -Deferred Compensation and Retirement Plans). During the three months ended July 31, 2015 and 2014, the fair value of the investments increased; therefore, the Company recognized income of $0.7 million and $2.0 million, respectively, which was recorded in other (loss) income, net. |
Components of Net Periodic Bene
Components of Net Periodic Benefit Costs (Detail) - Deferred Compensation Plan - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Amortization of actuarial loss | $ 731 | $ 763 |
Interest cost | 703 | 747 |
Net periodic benefit costs | $ 1,434 | $ 1,510 |
Deferred Compensation and Ret40
Deferred Compensation and Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Jul. 31, 2015 | Jul. 31, 2014 | Apr. 30, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Increase in market value of the underlying COLI investments | $ 2,494 | $ 3,263 | |
Gain on marketable securities | 665 | 2,018 | |
Csv Of Coli Contracts | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Gross CSV | 173,600 | $ 172,300 | |
Outstanding policy loans | 68,500 | $ 69,600 | |
Increase in market value of the underlying COLI investments | 2,494 | 3,263 | |
Executive Capital Accumulation Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company's contributions | 2,000 | $ 1,200 | |
Deferred compensation arrangement vesting period | 4 years | ||
Deferred compensation arrangement, expected company contribution in remainder of fiscal year | 20,000 | ||
Gain on investment | $ 700 | $ 1,700 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 3 Months Ended |
Jul. 31, 2015Segment | |
Segment Reporting Information [Line Items] | |
Number of business segments | 3 |
Business Segments (Detail)
Business Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Jul. 31, 2015 | Jul. 31, 2014 | |
Segment Reporting Information [Line Items] | ||
Fee revenue | $ 267,394 | $ 251,188 |
Total revenue | 279,335 | 260,325 |
Net income | 23,082 | 14,533 |
Other income (loss), net | 74 | (2,177) |
Interest (income) expense, net | 299 | 794 |
Equity in earnings of unconsolidated subsidiaries, net | (725) | (466) |
Income tax provision | 10,174 | 5,909 |
Operating income | 32,904 | 18,593 |
Depreciation and amortization | 7,423 | 6,770 |
Other income (loss), net | (74) | 2,177 |
Equity in earnings of unconsolidated subsidiaries, net | 725 | 466 |
EBITDA | 40,978 | 28,006 |
Integration/acquisition costs | 674 | |
Restructuring charges, net | 9,886 | |
Adjusted EBITDA | 41,652 | 37,892 |
Operating Segments | Executive Recruitment | ||
Segment Reporting Information [Line Items] | ||
Fee revenue | 152,090 | 148,415 |
Total revenue | 157,992 | 154,189 |
Operating income | 34,915 | 24,236 |
Depreciation and amortization | 1,516 | 1,772 |
Other income (loss), net | 432 | 317 |
Equity in earnings of unconsolidated subsidiaries, net | 86 | 68 |
EBITDA | 36,949 | 26,393 |
Restructuring charges, net | 5,532 | |
Adjusted EBITDA | 36,949 | 31,925 |
Operating Segments | Executive Recruitment | North America | ||
Segment Reporting Information [Line Items] | ||
Fee revenue | 90,359 | 82,300 |
Total revenue | 94,399 | 86,082 |
Operating income | 24,145 | 18,998 |
Depreciation and amortization | 827 | 904 |
Other income (loss), net | 32 | 129 |
Equity in earnings of unconsolidated subsidiaries, net | 86 | 68 |
EBITDA | 25,090 | 20,099 |
Restructuring charges, net | 1,151 | |
Adjusted EBITDA | 25,090 | 21,250 |
Operating Segments | Executive Recruitment | EMEA | ||
Segment Reporting Information [Line Items] | ||
Fee revenue | 36,090 | 40,297 |
Total revenue | 37,171 | 41,429 |
Operating income | 6,276 | 2,643 |
Depreciation and amortization | 365 | 489 |
Other income (loss), net | 143 | 46 |
EBITDA | 6,784 | 3,178 |
Restructuring charges, net | 3,987 | |
Adjusted EBITDA | 6,784 | 7,165 |
Operating Segments | Executive Recruitment | Asia Pacific | ||
Segment Reporting Information [Line Items] | ||
Fee revenue | 19,215 | 19,534 |
Total revenue | 19,990 | 20,369 |
Operating income | 2,986 | 2,522 |
Depreciation and amortization | 246 | 294 |
Other income (loss), net | 18 | 109 |
EBITDA | 3,250 | 2,925 |
Restructuring charges, net | 17 | |
Adjusted EBITDA | 3,250 | 2,942 |
Operating Segments | Executive Recruitment | South America | ||
Segment Reporting Information [Line Items] | ||
Fee revenue | 6,426 | 6,284 |
Total revenue | 6,432 | 6,309 |
Operating income | 1,508 | 73 |
Depreciation and amortization | 78 | 85 |
Other income (loss), net | 239 | 33 |
EBITDA | 1,825 | 191 |
Restructuring charges, net | 377 | |
Adjusted EBITDA | 1,825 | 568 |
Operating Segments | LTC | ||
Segment Reporting Information [Line Items] | ||
Fee revenue | 69,240 | 63,548 |
Total revenue | 71,441 | 65,420 |
Operating income | 7,495 | 3,460 |
Depreciation and amortization | 3,748 | 3,252 |
Other income (loss), net | (863) | 217 |
EBITDA | 10,380 | 6,929 |
Integration/acquisition costs | 329 | |
Restructuring charges, net | 2,758 | |
Adjusted EBITDA | 10,709 | 9,687 |
Operating Segments | Futurestep | ||
Segment Reporting Information [Line Items] | ||
Fee revenue | 46,064 | 39,225 |
Total revenue | 49,902 | 40,716 |
Operating income | 6,189 | 3,457 |
Depreciation and amortization | 585 | 446 |
Other income (loss), net | (2) | |
EBITDA | 6,774 | 3,901 |
Restructuring charges, net | 1,424 | |
Adjusted EBITDA | 6,774 | 5,325 |
Corporate | ||
Segment Reporting Information [Line Items] | ||
Operating income | (15,695) | (12,560) |
Depreciation and amortization | 1,574 | 1,300 |
Other income (loss), net | 357 | 1,645 |
Equity in earnings of unconsolidated subsidiaries, net | 639 | 398 |
EBITDA | (13,125) | (9,217) |
Integration/acquisition costs | 345 | |
Restructuring charges, net | 172 | |
Adjusted EBITDA | $ (12,780) | $ (9,045) |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Jun. 05, 2015 | Jul. 31, 2015 | Apr. 30, 2015 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 0 | $ 0 | |
Amendment of Credit Facility | |||
Debt Instrument [Line Items] | |||
Value of common shares repurchases permitted, dividends paid and permitted acquisitions for any fiscal year | $ 125,000,000 | ||
Value of common shares repurchases permitted and dividends paid for any fiscal year | 75,000,000 | ||
Amendment of Credit Facility | Cash, Cash Equivalents and Marketable Securities | |||
Debt Instrument [Line Items] | |||
Financial covenants amount | $ 50,000,000 | ||
Amendment of Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Quarterly Commitment Fees on the Facility's unused commitments | 0.25% | ||
Amendment of Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Quarterly Commitment Fees on the Facility's unused commitments | 0.40% | ||
Amendment of Credit Facility | London Interbank Offered Rate (LIBOR) | Minimum | |||
Debt Instrument [Line Items] | |||
Applicable margin on variable interest rate | 0.875% | ||
Amendment of Credit Facility | London Interbank Offered Rate (LIBOR) | Maximum | |||
Debt Instrument [Line Items] | |||
Applicable margin on variable interest rate | 1.75% | ||
Amendment of Credit Facility | Base Rate Loans | Minimum | |||
Debt Instrument [Line Items] | |||
Applicable margin on variable interest rate | 0.00% | ||
Amendment of Credit Facility | Base Rate Loans | Maximum | |||
Debt Instrument [Line Items] | |||
Applicable margin on variable interest rate | 0.75% | ||
Standby Letters of Credit | |||
Debt Instrument [Line Items] | |||
Long-term debt arrangement | 2,800,000 | 2,800,000 | |
Other Financial Institutions | Standby Letters of Credit | |||
Debt Instrument [Line Items] | |||
Long-term debt arrangement | $ 1,400,000 | $ 1,600,000 | |
Revolving Credit Facility | Amendment of Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 150,000,000 | ||
Revolving credit facility, additional optional increase to maximum borrowing capacity | $ 50,000,000 | ||
Revolving credit facility, extended maturity date | Jun. 3, 2020 | ||
Revolving Credit Facility | Letter of Credit | Amendment of Credit Facility | |||
Debt Instrument [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 15,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Sep. 07, 2015 - Subsequent Event - $ / shares | Total |
Subsequent Event [Line Items] | |
Dividends payable, declared date | Sep. 7, 2015 |
Dividends payable, per share amount | $ 0.10 |
Dividends payable, payable date | Oct. 15, 2015 |
Dividends declared, record date | Sep. 25, 2015 |