Korn Ferry (KFY) 10-Q 10 Dec 15 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2015	Dec. 04, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Oct. 31, 2015
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
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		51,289,162

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
ASSETS
Cash and cash equivalents	$ 270,743	$ 380,838
Marketable securities	12,109	25,757
Receivables due from clients, net of allowance for doubtful accounts of $11,291 and $9,958, respectively	230,442	188,543
Income taxes and other receivables	20,956	10,966
Deferred income taxes	1,497	3,827
Prepaid expenses and other assets	38,504	31,054
Total current assets	574,251	640,985
Marketable securities, non-current	134,799	118,819
Property and equipment, net	61,665	62,088
Cash surrender value of company owned life insurance policies, net of loans	105,472	102,691
Deferred income taxes, net	51,528	56,014
Goodwill	250,981	254,440
Intangible assets, net	43,547	47,901
Investments and other assets	49,945	34,863
Total assets	1,272,188	1,317,801
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	17,235	19,238
Income taxes payable	5,082	3,813
Compensation and benefits payable	142,531	219,364
Other accrued liabilities	69,692	63,595
Total current liabilities	234,540	306,010
Deferred compensation and other retirement plans	174,345	173,432
Other liabilities	23,851	23,110
Total liabilities	432,736	502,552
Stockholders' equity:
Common stock: $0.01 par value, 150,000 shares authorized, 63,586 and 62,863 shares issued and 51,287 and 50,573 shares outstanding, respectively	473,370	463,839
Retained earnings	422,797	392,033
Accumulated other comprehensive loss, net	(56,715)	(40,623)
Total stockholders' equity	839,452	815,249
Total liabilities and stockholders' equity	$ 1,272,188	$ 1,317,801

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Allowance for doubtful accounts	$ 11,291	$ 9,958
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	63,586,000	62,863,000
Common stock, shares outstanding	51,287,000	50,573,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Fee revenue	$ 280,600	$ 255,702	$ 547,994	$ 506,890
Reimbursed out-of-pocket engagement expenses	10,739	9,015	22,680	18,152
Total revenue	291,339	264,717	570,674	525,042
Compensation and benefits	188,608	174,656	368,064	343,762
General and administrative expenses	44,563	30,145	82,054	67,513
Reimbursed expenses	10,739	9,015	22,680	18,152
Cost of services	11,236	9,706	21,356	19,171
Depreciation and amortization	7,180	6,779	14,603	13,549
Restructuring charges, net				9,886
Total operating expenses	262,326	230,301	508,757	472,033
Operating income	29,013	34,416	61,917	53,009
Other (loss) income, net	(2,646)	2,362	(2,720)	4,539
Interest expense, net	(544)	(920)	(843)	(1,714)
Income before provision for income taxes and equity in earnings of unconsolidated subsidiaries	25,823	35,858	58,354	55,834
Equity in earnings of unconsolidated subsidiaries, net	540	452	1,265	918
Income tax provision	8,392	10,907	18,566	16,816
Net income	$ 17,971	$ 25,403	$ 41,053	$ 39,936
Earnings per common share:
Basic	$ 0.36	$ 0.52	$ 0.82	$ 0.82
Diluted	$ 0.35	$ 0.51	$ 0.81	$ 0.80
Weighted-average common shares outstanding:
Basic	49,981	49,082	49,737	48,893
Diluted	50,362	49,740	50,233	49,720
Cash dividends declared per share:	$ 0.10		$ 0.20

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Net income	$ 17,971	$ 25,403	$ 41,053	$ 39,936
Other comprehensive income:
Foreign currency translation adjustments	(1,351)	(12,555)	(16,983)	(16,235)
Deferred compensation and pension plan adjustments, net of tax	448	467	895	954
Unrealized gains (losses) on marketable securities, net of tax		4	(4)	(2)
Comprehensive income	$ 17,068	$ 13,319	$ 24,961	$ 24,653

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Cash flows from operating activities:
Net income	$ 41,053	$ 39,936
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	14,603	13,549
Stock-based compensation expense	9,013	6,959
Provision for doubtful accounts	4,389	3,770
Gain on cash surrender value of life insurance policies	(3,295)	(5,494)
Loss (gain) on marketable securities	1,818	(4,527)
Deferred income taxes	6,816	2,644
Change in other assets and liabilities:
Deferred compensation	(1,324)	5,570
Receivables due from clients	(46,288)	(39,502)
Income tax and other receivables	(9,492)	(5,938)
Prepaid expenses and other assets	(7,450)	(2,538)
Investment in unconsolidated subsidiaries	(1,265)	(918)
Income taxes payable	1,273	(4,773)
Accounts payable and accrued liabilities	(69,087)	(56,259)
Other	(14,205)	(4,494)
Net cash used in operating activities	(73,441)	(52,015)
Cash flows from investing activities:
Purchase of property and equipment	(10,645)	(11,305)
Purchase of marketable securities	(29,010)	(22,141)
Proceeds from sales/maturities of marketable securities	24,760	9,232
Premium on company-owned life insurance policies	(419)	(447)
Proceeds from life insurance policies	1,659	1,976
Dividends received from unconsolidated subsidiaries	806	318
Net cash used in investing activities	(12,849)	(22,367)
Cash flows from financing activities:
Purchase of common stock	(6,596)	(3,748)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan	2,491	1,884
Tax benefit related to stock-based compensation	4,656	1,350
Dividends paid to shareholders	(10,289)
Payments on life insurance policy loans	(1,151)	(705)
Net cash used in financing activities	(10,889)	(1,219)
Effect of exchange rate changes on cash and cash equivalents	(12,916)	(9,926)
Net decrease in cash and cash equivalents	(110,095)	(85,527)
Cash and cash equivalents at beginning of period	380,838	333,717
Cash and cash equivalents at end of period	$ 270,743	$ 248,190

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Oct. 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 October 31, 2015 and April 30, 2015, the Company included deferred revenue of $40.6 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 October 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 October 31, 2015 and April 30, 2015, the Company had cash equivalents of $148.6 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 and six months ended October 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 October 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 October 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 October 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 $87.0 million and $84.3 million for the six months ended October 31, 2015 and 2014, respectively, which was reduced by a change in the previous years’ estimate recorded in the six months ended October 31, 2015 and 2014, of $0.6 million and $0.3 million, respectively. This resulted in net bonus expense of $86.4 million and $84.0 million in the six months ended October 31, 2015 and 2014, respectively, included in compensation and benefits expense in the consolidated statements of income. During the three months ended October 31, 2015 and 2014, the performance related bonus expense was $44.6 million and $45.3 million, respectively, included in compensation and benefits expense. No change in estimate related to previous years’ estimates was recorded in the three months ended October 31, 2015 or 2014. 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. In September 2015, the FASB issued guidance requiring an acquirer to recognize adjustments to provisional amounts recorded in an acquisition that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the account had been completed at the acquisition date. The acquirer is also required to present separately on the face of the income statement or disclose in the footnotes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date. This new guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company will comply with the new guidance when adjustments in acquisitions are identified and recorded during the measurement period.

Basic and Diluted Earnings Per

Basic and Diluted Earnings Per Share	6 Months Ended
	Oct. 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 under our restricted stock agreements, 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 and six months ended October 31, 2014. During the three and six months ended October 31, 2015 and 2014, all shares of outstanding options were included in the computation of diluted earnings per share. During the three and six months ended October 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 October 31, Six Months Ended October 31, 2015 2014 2015 2014 (in thousands, except per share data) Net income $ 17,971 $ 25,403 $ 41,053 $ 39,936 Less: distributed and undistributed earnings to nonvested restricted stockholders 167 — 390 — Basic net earnings attributable to common stockholders 17,804 25,403 40,663 39,936 Add: undistributed earnings to nonvested restricted stockholders 118 — 292 — Less: reallocation of undistributed earnings to nonvested restricted stockholders 117 — 289 — Diluted net earnings attributable to common stockholders $ 17,805 $ 25,403 $ 40,666 $ 39,936 Weighted-average common shares outstanding: Basic weighted-average number of common shares outstanding 49,981 49,082 49,737 48,893 Effect of dilutive securities: Restricted stock 330 554 433 710 Stock options 49 104 58 117 ESPP 2 — 5 — Diluted weighted-average number of common shares outstanding 50,362 49,740 50,233 49,720 Net earnings per common share: Basic earnings per share $ 0.36 $ 0.52 $ 0.82 $ 0.82 Diluted earnings per share $ 0.35 $ 0.51 $ 0.81 $ 0.80

Comprehensive Income

Comprehensive Income	6 Months Ended
	Oct. 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: October 31, 2015 April 30, 2015 (in thousands) Foreign currency translation adjustments $ (37,902 ) $ (20,919 ) Deferred compensation and pension plan adjustments, net of tax (18,813 ) (19,708 ) Unrealized gains on marketable securities, net of tax — 4 Accumulated other comprehensive loss, net $ (56,715 ) $ (40,623 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended October 31, 2015: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of July 31, 2015 $ (36,551 ) $ (19,261 ) $ — $ (55,812 ) Unrealized losses arising during the period (1,351 ) — — (1,351 ) Reclassification of realized net losses to net income — 448 — 448 Balance as of October 31, 2015 $ (37,902 ) $ (18,813 ) $ — $ (56,715 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the six months ended October 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 (16,983 ) — (4 ) (16,987 ) Reclassification of realized net losses to net income — 895 — 895 Balance as of October 31, 2015 $ (37,902 ) $ (18,813 ) $ — $ (56,715 ) (1) The tax effects on the reclassifications of realized net losses was $0.3 million and $0.6 million for the three and six months ended October 31, 2015, respectively. The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended October 31, 2014: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of July 31, 2014 $ 11,924 $ (17,519 ) $ 8 $ (5,587 ) Unrealized gains (losses) arising during the period (12,555 ) — 4 (12,551 ) Reclassification of realized net losses to net income — 467 — 467 Balance as of October 31, 2014 $ (631 ) $ (17,052 ) $ 12 $ (17,671 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the six months ended October 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 (16,235 ) — (2 ) (16,237 ) Reclassification of realized net losses to net income — 954 — 954 Balance as of October 31, 2014 $ (631 ) $ (17,052 ) $ 12 $ (17,671 ) (1) The tax effects on the reclassifications of realized net losses was $0.3 million and $0.6 million for the three and six months ended October 31, 2014, respectively.

Employee Stock Plans

Employee Stock Plans	6 Months Ended
	Oct. 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 October 31, Six Months Ended October 31, 2015 2014 2015 2014 (in thousands) Restricted stock $ 5,178 $ 3,617 $ 8,732 $ 6,869 ESPP 144 — 264 — Stock options — 23 17 90 Total stock-based compensation expense, pre-tax 5,322 3,640 9,013 6,959 Tax benefit from stock-based compensation expense (1,714 ) (1,114 ) (2,868 ) (2,096 ) Total stock-based compensation expense, net of tax $ 3,608 $ 2,526 $ 6,145 $ 4,863 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 or six months ended October 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: Six Months Ended October 31, 2015 Options Weighted- Weighted- Aggregate (in thousands, except per share data) Outstanding, April 30, 2015 202 $ 15.45 Exercised (81 ) $ 15.26 Forfeited/expired (5 ) $ 17.97 Outstanding, October 31, 2015 116 $ 15.53 1.46 $ 2,416 Exercisable, October 31, 2015 116 $ 15.53 1.46 $ 2,416 Additional information pertaining to stock options: Three Months Ended October 31, Six Months Ended October 31, 2015 2014 2015 2014 (in thousands) Total fair value of stock options vested $ — $ 10 $ 96 $ 334 Total intrinsic value of stock options exercised $ 198 $ 332 $ 1,558 $ 1,371 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 six months ended October 31, 2015 is summarized below: Shares Weighted- (in thousands, except per share data) Non-vested, April 30, 2015 1,560 $ 22.15 Granted 611 $ 26.97 Vested (778) $ 16.28 Forfeited/expired (14) $ 24.42 Non-vested, October 31, 2015 1,379 $ 27.57 As of October 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 $7.6 million and $1.5 million, respectively. As of October 31, 2015, there was $28.0 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 2.5 years. During the three and six months ended October 31, 2015, 660 shares and 188,764 shares of restricted stock totaling $0.1 million and $6.7 million, respectively, were repurchased by the Company, at the option of the employee, to pay for taxes related to vesting of restricted stock. During the three and six months ended October 31, 2014, 662 shares and 126,083 shares of restricted stock totaling $0.1 million and $3.8 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 six months ended October 31, 2014. On January 1, 2015, the Company once again allowed employees to participate in the ESPP. During the six months ended October 31, 2015, employees purchased 44,334 shares at $29.55 per share. During the three months ended October 31, 2015, no shares were purchased under the ESPP. As of October 31, 2015, the ESPP had approximately 1.6 million shares remaining available for future issuance. Common Stock During the three and six months ended October 31, 2015, the Company issued 9,070 shares and 80,498 shares of common stock, respectively, as a result of the exercise of stock options, with cash proceeds from the exercise of $0.1 million and $1.2 million, respectively. During the three and six months ended October 31, 2014, the Company issued 24,308 shares and 109,629 shares of common stock, respectively, as a result of the exercise of stock options, with cash proceeds from the exercise of $0.4 million and $1.9 million, respectively. No shares were repurchased during the three and six months ended October 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	6 Months Ended
	Oct. 31, 2015
Marketable Securities	5. Marketable Securities As of October 31, 2015, marketable securities consisted of the following: Trading (1)(2) Available-for-Sale (2) Total (in thousands) Mutual funds $ 144,905 $ — $ 144,905 Corporate bonds — 2,003 2,003 Total 144,905 2,003 146,908 Less: current portion of marketable securities (10,106 ) (2,003 ) (12,109 ) Non-current marketable securities $ 134,799 $ — $ 134,799 As of April 30, 2015, marketable securities consisted of the following: Trading (1)(2) Available-for-Sale (2) 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 $140.9 million and $129.1 million as of October 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 October 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: October 31, 2015 Amortized Gross Gross Estimated (in thousands) Corporate bonds $ 2,003 $ — $ — $ 2,003 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 October 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 October 31, 2015, available-for-sale marketable securities have remaining maturities ranging from one to two months. During the three and six months ended October 31, 2015, the Company received $8.1 million and $11.1 million, respectively, in proceeds from maturities of available-for-sale marketable securities. During the six months ended October 31, 2014, the Company received $2.0 million in proceeds from maturities of available-for-sale marketable securities. During the three months ended October 31, 2014, there were no sales/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 October 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 October 31, 2015 and April 30, 2015, the Company’s marketable securities classified as trading were $144.9 million (net of gross unrealized gains of $5.3 million and $0.9 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	6 Months Ended
	Oct. 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 October 31, Six Months Ended October 31, 2015 2014 2015 2014 (in thousands) Amortization of actuarial loss $ 731 $ 762 $ 1,462 $ 1,525 Interest cost 703 748 1,406 1,495 Net periodic benefit costs $ 1,434 $ 1,510 $ 2,868 $ 3,020 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 $173.9 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 October 31, 2015 and April 30, 2015, respectively. The CSV value of the underlying COLI investments increased by $0.8 million and $3.3 million during the three and six months ended October 31, 2015, respectively, recorded as a decrease in compensation and benefits expense in the accompanying consolidated statement of income. The CSV value of the underlying COLI investments increased by $2.2 million and $5.5 million during the three and six months ended October 31, 2014, respectively, and is 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 and six months ended October 31, 2015 of $20.0 million and $22.0 million, respectively. The Company made contributions to the ECAP during the three and six months ended October 31, 2014 of $17.4 million and $18.6 million, respectively. 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 and six months ended October 31, 2015, deferred compensation liability decreased; therefore, the Company recognized a decrease in compensation expense of $1.6 million and $0.9 million in the three and six months ended October 31, 2015, respectively. Offsetting the decrease in compensation and benefits expense was a decrease in the fair value of marketable securities classified as trading (held in trust to satisfy obligations under certain deferred compensation liabilities) of $2.5 million and $1.8 million during the three and six months ended October 31, 2015, respectively. During the three and six months ended October 31, 2014, deferred compensation liability increased; therefore, the Company recognized an increase in compensation expense of $1.0 million and $2.7 million in the three and six months ended October 31, 2014, respectively. Offsetting the increase 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 $2.5 million and $4.5 million during the three and six months ended October 31, 2014, respectively, recorded in other (loss) income, net on the consolidated statement of income (see Note 5 — Marketable Securities

Business Segments

Business Segments	6 Months Ended
	Oct. 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 October 31, 2015 Executive Recruitment LTC Futurestep Corporate Consolidated North EMEA Asia South Subtotal (in thousands) Fee revenue $ 92,788 $ 36,570 $ 20,998 $ 6,116 $ 156,472 $ 73,602 $ 50,526 $ — $ 280,600 Total revenue $ 96,198 $ 37,509 $ 21,617 $ 6,118 $ 161,442 $ 75,991 $ 53,906 $ — $ 291,339 Net income $ 17,971 Other loss, net 2,646 Interest expense, net 544 Equity in earnings of unconsolidated subsidiaries, net (540 ) Income tax provision 8,392 Operating income (loss) $ 27,422 $ 6,929 $ 3,907 $ 970 $ 39,228 $ 7,778 $ 6,896 $ (24,889 ) $ 29,013 Depreciation and amortization 832 232 223 73 1,360 3,588 578 1,654 7,180 Other (loss) income, net (127 ) 7 (6 ) 33 (93 ) (17 ) 8 (2,544 ) (2,646 ) Equity in earnings of unconsolidated subsidiaries, net 140 — — — 140 — — 400 540 EBITDA 28,267 7,168 4,124 1,076 40,635 11,349 7,482 (25,379 ) 34,087 Integration/acquisition costs — — — — — 3,310 — 8,684 11,994 Adjusted EBITDA $ 28,267 $ 7,168 $ 4,124 $ 1,076 $ 40,635 $ 14,659 $ 7,482 $ (16,695 ) $ 46,081 Three Months Ended October 31, 2014 Executive Recruitment LTC Futurestep Corporate Consolidated North EMEA Asia South Subtotal (in thousands) Fee revenue $ 82,729 $ 36,675 $ 21,157 $ 8,369 $ 148,930 $ 66,408 $ 40,364 $ — $ 255,702 Total revenue $ 86,252 $ 38,054 $ 21,716 $ 8,383 $ 154,405 $ 68,477 $ 41,835 $ — $ 264,717 Net income $ 25,403 Other income, net (2,362 ) Interest expense, net 920 Equity in earnings of unconsolidated subsidiaries, net (452 ) Income tax provision 10,907 Operating income (loss) $ 19,117 $ 5,621 $ 3,424 $ 1,699 $ 29,861 $ 7,762 $ 5,150 $ (8,357 ) $ 34,416 Depreciation and amortization 891 446 261 85 1,683 3,279 459 1,358 6,779 Other income (loss), net 194 (1 ) 149 13 355 (172 ) 25 2,154 2,362 Equity in earnings of unconsolidated subsidiaries, net 110 — — — 110 — — 342 452 EBITDA 20,312 6,066 3,834 1,797 32,009 10,869 5,634 (4,503 ) 44,009 Adjusted EBITDA $ 20,312 $ 6,066 $ 3,834 $ 1,797 $ 32,009 $ 10,869 $ 5,634 $ (4,503 ) $ 44,009 Six Months Ended October 31, 2015 Executive Recruitment LTC Futurestep Corporate Consolidated North EMEA Asia South Subtotal (in thousands) Fee revenue $ 183,147 $ 72,660 $ 40,213 $ 12,542 $ 308,562 $ 142,842 $ 96,590 $ — $ 547,994 Total revenue $ 190,597 $ 74,680 $ 41,607 $ 12,550 $ 319,434 $ 147,432 $ 103,808 $ — $ 570,674 Net income $ 41,053 Other loss, net 2,720 Interest expense, net 843 Equity in earnings of unconsolidated subsidiaries, net (1,265 ) Income tax provision 18,566 Operating income (loss) $ 51,567 $ 13,205 $ 6,893 $ 2,478 $ 74,143 $ 15,273 $ 13,085 $ (40,584 ) $ 61,917 Depreciation and amortization 1,659 597 469 151 2,876 7,336 1,163 3,228 14,603 Other (loss) income, net (95 ) 150 12 272 339 (880 ) 8 (2,187 ) (2,720 ) Equity in earnings of unconsolidated subsidiaries, net 226 — — — 226 — — 1,039 1,265 EBITDA 53,357 13,952 7,374 2,901 77,584 21,729 14,256 (38,504 ) 75,065 Integration/acquisition costs — — — — — 3,639 — 9,029 12,668 Adjusted EBITDA $ 53,357 $ 13,952 $ 7,374 $ 2,901 $ 77,584 $ 25,368 $ 14,256 $ (29,475 ) $ 87,733 Six Months Ended October 31, 2014 Executive Recruitment LTC Futurestep Corporate Consolidated North EMEA Asia South Subtotal (in thousands) Fee revenue $ 165,029 $ 76,972 $ 40,691 $ 14,653 $ 297,345 $ 129,956 $ 79,589 $ — $ 506,890 Total revenue $ 172,334 $ 79,483 $ 42,085 $ 14,692 $ 308,594 $ 133,897 $ 82,551 $ — $ 525,042 Net income $ 39,936 Other income, net (4,539 ) Interest expense, net 1,714 Equity in earnings of unconsolidated subsidiaries, net (918 ) Income tax provision 16,816 Operating income (loss) $ 38,115 $ 8,264 $ 5,946 $ 1,772 $ 54,097 $ 11,222 $ 8,607 $ (20,917 ) $ 53,009 Depreciation and amortization 1,795 935 555 170 3,455 6,531 905 2,658 13,549 Other income, net 323 45 258 46 672 45 23 3,799 4,539 Equity in earnings of unconsolidated subsidiaries, net 178 — — — 178 — — 740 918 EBITDA 40,411 9,244 6,759 1,988 58,402 17,798 9,535 (13,720 ) 72,015 Restructuring charges, net 1,151 3,987 17 377 5,532 2,758 1,424 172 9,886 Adjusted EBITDA $ 41,562 $ 13,231 $ 6,776 $ 2,365 $ 63,934 $ 20,556 $ 10,959 $ (13,548 ) $ 81,901

Long-Term Debt

Long-Term Debt	6 Months Ended
	Oct. 31, 2015
Long-Term Debt	8. Long-Term Debt On September 23, 2015, the Company entered into Amendment No. 3 (the “Amendment No. 3”) to the existing Credit Agreement dated as of January 18, 2013 with Wells Fargo Bank, National Association, as lender (the “Lender”), as previously amended by Amendment No. 1 dated as of December 12, 2014 (the “Amendment No. 1”) and Amendment No. 2 dated as of June 3, 2015 (the “Amendment No. 2”) (the existing Credit Agreement, as amended by the Amendment No. 1, the Amendment No. 2, and the Amendment No. 3, the “Credit Agreement”). The Amendment No. 3 provides for, among other things: (i) a new senior unsecured delayed draw term loan facility in an aggregate principal amount of $150 million (the “Term Facility”); (ii) a reduction in the revolving credit facility (the “Revolver” and, together with the Term Facility, the “Credit Facilities”) from an aggregate principal amount of $150 million to $100 million; (iii) an extension to the maturity date of the Revolver; (iv) consent to enter into the acquisition of Hay Group; (v) certain changes to affirmative and negative covenants, including an increase to the minimum adjusted EBITDA that the Company must maintain from $70 million to $100 million, (vi) an increase in the amount of permitted acquisitions, paying dividends to stockholders and making share repurchases in any fiscal year from $125.0 million to $135.0 million (excluding the recently announced acquisition of Hay Group); and (vii) an increase in the amount of dividends paid to stockholders and share repurchases in any fiscal year from $75.0 million to $85.0 million (excluding the recently announced acquisition of Hay Group). At the Company’s option, loans issued under the Credit Facilities will bear interest at either adjusted LIBOR or an alternate base rate, in each case plus the applicable interest rate margin. The interest rate applicable to loans outstanding under the Credit Facilities may fluctuate between adjusted LIBOR plus 1.125% per annum to adjusted LIBOR plus 1.875% per annum, in the case of LIBOR borrowings (or between the alternate base rate plus 0.125% per annum and the alternate base rate plus 0.875% per annum, in the alternative), based upon the Company’s total funded debt to adjusted EBITDA ratio (as set forth in the Credit Agreement, the “consolidated leverage ratio”) at such time. In addition, the Company will be required to pay to the Lender a quarterly fee ranging from 0.25% to 0.40% per annum on the average daily unused amount of the Credit Facilities, based upon the Company’s consolidated leverage ratio at such time, and fees relating to the issuance of letters of credit. Both the Revolver and the Term Facility mature on September 23, 2020, and may be prepaid and terminated early by the Company at any time without premium or penalty (subject to customary LIBOR breakage fees). As of October 31, 2015 and April 30, 2015, the Company had no borrowings under its long-term debt arrangements. At October 31, 2015 and April 30, 2015, there was $2.9 million and $2.8 million of standby letters of credit issued under its long-term debt arrangements, respectively. The Company had a total of $1.4 million and $1.6 million of standby letters of credits with other financial institutions as of October 31, 2015 and April 30, 2015, respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Oct. 31, 2015
Subsequent Events	9. Subsequent Events Quarterly Dividend Declaration On December 8, 2015, the Board of Directors of the Company declared a cash dividend of $0.10 per share that will be paid on January 15, 2016 to holders of the Company’s common stock of record at the close of business on December 21, 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. Hay Group Acquisition On December 1, 2015, the Company completed its previously announced acquisition of Hay Group, a global leader in people strategy and organizational performance. The acquisition strengthens the Company’s intellectual property, enhances our geographical presence, adds complimentary capabilities to further leverage search relationships and broadens capabilities to assessment and development. Under the terms of the Stock Purchase Agreement, dated as of September 23, 2015 (the “Purchase Agreement”), by and between HG (Bermuda) Limited (“HG Bermuda”) and the Company, at the closing of the acquisition the Company paid HG Bermuda an aggregate purchase price of approximately $493 million, consisting of (a) approximately $275 million in cash, net of estimated cash acquired ($54 million from our foreign locations), and after giving effect to estimated purchase price adjustments as described in the Purchase Agreement, and (b) 5,922,136 shares of the Company’s common stock, par value $0.01 per share (the “Consideration Shares”), representing an aggregate value of $218 million based on the closing price of the Company’s common stock on The New York Stock Exchange on November 30, 2015 ($200 million based on the volume weighted average price of the Company’s common stock on The New York Stock Exchange on each of the 20 consecutive trading days ending on September 21, 2015). On November 23, 2015, the Company borrowed $150 million from the Term Facility, to finance a portion of the Hay Group acquisition purchase price. The outstanding principal is payable in quarterly installments starting January 1, 2016, with the final installment consisting of all remaining unpaid principal due on the term loan maturity date of September 23, 2020. Interest accrued on the term loan shall also be payable on the first date of each calendar quarter, with an initial interest rate of 1.34% per annum. Pursuant to the Purchase Agreement, the Company has committed to a $40 million retention pool (up to $5 million payable within one year) for certain employees of Hay Group subject to certain circumstances. Of the remaining balance, 50% will be payable within 45 days after November 30, 2017 and the remaining 50% will be payable within 45 days after November 30, 2018. Under the terms of the Purchase Agreement, each of HG Bermuda and the Company has agreed to indemnify the other and certain other indemnified persons from any and all losses incurred by such indemnified persons arising from, among other things, any breach of the representations, warranties or covenants set forth in the Purchase Agreement on the terms and subject to the limitations set forth in the Purchase Agreement. In accordance with the Purchase Agreement, at the closing, 835,011 shares of Company common stock (the “Indemnity Escrow Shares”) that were payable as transaction consideration to HG Bermuda were deposited at the closing into an escrow account to secure HG Bermuda’s indemnification obligations under the Purchase Agreement. The Indemnity Escrow Shares will be held and released from such account pursuant to the terms of the escrow agreement entered into at closing by and among HG Bermuda, the Company and Computershare Trust Company, N.A., in its capacity as escrow agent. Pursuant to the terms of the Purchase Agreement, the Company has agreed to prepare and file a resale registration statement on Form S-3 (or, if the Company is not then eligible to use Form S-3, a Form S-1) with the SEC to register the offer and resale of the Consideration Shares within a time period reasonably expected to result in the registration statement being declared effective under the Securities Act of 1933, as amended, on or before the one-year anniversary of the closing date. Prior to the closing of the acquisition of Hay Group, the Company and HG Bermuda entered into a letter agreement, dated November 30, 2015 (the “SPA Letter Agreement”), to provide for, among other things, the acquisition by Korn/Ferry Canada, Inc., a corporation organized under the laws of Canada and an indirect wholly owned subsidiary of the Company, of all the issued and outstanding capital stock of Hay Group Ltd., a corporation organized under the laws of Ontario, Canada, and an indirect wholly owned subsidiary of HG Bermuda, from Hay Group Investment Holding B.V., a private company with limited liability ( besloten vennootschap met beperkte aansprakelijkheid The foregoing descriptions of the Purchase Agreement and the SPA Letter Agreement are qualified in their entirety by the full text of the Purchase Agreement and the SPA Letter Agreement; copies of which have been filed with the SEC and are incorporated herein by reference. The allocation of the purchase price for assets acquired and liabilities assumed is subject to completion of a formal valuation process and review by management, which has not yet been completed. We will finalize the purchase price allocation as soon as practicable within the measurement period, but in no event later than one year following the acquisition date. The results of operations of Hay Group will be included in Korn/Ferry International’s consolidated results of operations beginning December 1, 2015.

Organization and Summary of S16

Organization and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Oct. 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 October 31, 2015 and April 30, 2015, the Company included deferred revenue of $40.6 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 October 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 October 31, 2015 and April 30, 2015, the Company had cash equivalents of $148.6 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 and six months ended October 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 October 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 October 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 October 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 $87.0 million and $84.3 million for the six months ended October 31, 2015 and 2014, respectively, which was reduced by a change in the previous years’ estimate recorded in the six months ended October 31, 2015 and 2014, of $0.6 million and $0.3 million, respectively. This resulted in net bonus expense of $86.4 million and $84.0 million in the six months ended October 31, 2015 and 2014, respectively, included in compensation and benefits expense in the consolidated statements of income. During the three months ended October 31, 2015 and 2014, the performance related bonus expense was $44.6 million and $45.3 million, respectively, included in compensation and benefits expense. No change in estimate related to previous years’ estimates was recorded in the three months ended October 31, 2015 or 2014. 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. In September 2015, the FASB issued guidance requiring an acquirer to recognize adjustments to provisional amounts recorded in an acquisition that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The acquirer is required to record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the account had been completed at the acquisition date. The acquirer is also required to present separately on the face of the income statement or disclose in the footnotes, the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustments had been recognized as of the acquisition date. This new guidance is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years. The Company will comply with the new guidance when adjustments in acquisitions are identified and recorded during the measurement period.

Basic and Diluted Earnings Pe17

Basic and Diluted Earnings Per Share (Tables)	6 Months Ended
	Oct. 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 October 31, Six Months Ended October 31, 2015 2014 2015 2014 (in thousands, except per share data) Net income $ 17,971 $ 25,403 $ 41,053 $ 39,936 Less: distributed and undistributed earnings to nonvested restricted stockholders 167 — 390 — Basic net earnings attributable to common stockholders 17,804 25,403 40,663 39,936 Add: undistributed earnings to nonvested restricted stockholders 118 — 292 — Less: reallocation of undistributed earnings to nonvested restricted stockholders 117 — 289 — Diluted net earnings attributable to common stockholders $ 17,805 $ 25,403 $ 40,666 $ 39,936 Weighted-average common shares outstanding: Basic weighted-average number of common shares outstanding 49,981 49,082 49,737 48,893 Effect of dilutive securities: Restricted stock 330 554 433 710 Stock options 49 104 58 117 ESPP 2 — 5 — Diluted weighted-average number of common shares outstanding 50,362 49,740 50,233 49,720 Net earnings per common share: Basic earnings per share $ 0.36 $ 0.52 $ 0.82 $ 0.82 Diluted earnings per share $ 0.35 $ 0.51 $ 0.81 $ 0.80

Comprehensive Income (Tables)

Comprehensive Income (Tables)	6 Months Ended
	Oct. 31, 2015
Components Of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive loss were as follows: October 31, 2015 April 30, 2015 (in thousands) Foreign currency translation adjustments $ (37,902 ) $ (20,919 ) Deferred compensation and pension plan adjustments, net of tax (18,813 ) (19,708 ) Unrealized gains on marketable securities, net of tax — 4 Accumulated other comprehensive loss, net $ (56,715 ) $ (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 October 31, 2015: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of July 31, 2015 $ (36,551 ) $ (19,261 ) $ — $ (55,812 ) Unrealized losses arising during the period (1,351 ) — — (1,351 ) Reclassification of realized net losses to net income — 448 — 448 Balance as of October 31, 2015 $ (37,902 ) $ (18,813 ) $ — $ (56,715 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the six months ended October 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 (16,983 ) — (4 ) (16,987 ) Reclassification of realized net losses to net income — 895 — 895 Balance as of October 31, 2015 $ (37,902 ) $ (18,813 ) $ — $ (56,715 ) (1) The tax effects on the reclassifications of realized net losses was $0.3 million and $0.6 million for the three and six months ended October 31, 2015, respectively. The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the three months ended October 31, 2014: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of July 31, 2014 $ 11,924 $ (17,519 ) $ 8 $ (5,587 ) Unrealized gains (losses) arising during the period (12,555 ) — 4 (12,551 ) Reclassification of realized net losses to net income — 467 — 467 Balance as of October 31, 2014 $ (631 ) $ (17,052 ) $ 12 $ (17,671 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss) for the six months ended October 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 (16,235 ) — (2 ) (16,237 ) Reclassification of realized net losses to net income — 954 — 954 Balance as of October 31, 2014 $ (631 ) $ (17,052 ) $ 12 $ (17,671 ) (1) The tax effects on the reclassifications of realized net losses was $0.3 million and $0.6 million for the three and six months ended October 31, 2014, respectively.

Employee Stock Plans (Tables)

Employee Stock Plans (Tables)	6 Months Ended
	Oct. 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 October 31, Six Months Ended October 31, 2015 2014 2015 2014 (in thousands) Restricted stock $ 5,178 $ 3,617 $ 8,732 $ 6,869 ESPP 144 — 264 — Stock options — 23 17 90 Total stock-based compensation expense, pre-tax 5,322 3,640 9,013 6,959 Tax benefit from stock-based compensation expense (1,714 ) (1,114 ) (2,868 ) (2,096 ) Total stock-based compensation expense, net of tax $ 3,608 $ 2,526 $ 6,145 $ 4,863
Stock Options Transactions	Stock option transactions under the Company’s Second A&R 2008 Plan were as follows: Six Months Ended October 31, 2015 Options Weighted- Weighted- Aggregate (in thousands, except per share data) Outstanding, April 30, 2015 202 $ 15.45 Exercised (81 ) $ 15.26 Forfeited/expired. (5 ) $ 17.97 Outstanding, October 31, 2015 116 $ 15.53 1.46 $ 2,416 Exercisable, October 31, 2015 116 $ 15.53 1.46 $ 2,416
Additional Information Pertaining to Stock Options	Additional information pertaining to stock options: Three Months Ended October 31, Six Months Ended October 31, 2015 2014 2015 2014 (in thousands) Total fair value of stock options vested $ — $ 10 $ 96 $ 334 Total intrinsic value of stock options exercised $ 198 $ 332 $ 1,558 $ 1,371
Restricted Stock Activity	Restricted stock activity during the six months ended October 31, 2015 is summarized below: Shares Weighted- (in thousands, except per share data) Non-vested, April 30, 2015 1,560 $ 22.15 Granted 611 $ 26.97 Vested (778) $ 16.28 Forfeited/expired (14) $ 24.42 Non-vested, October 31, 2015 1,379 $ 27.57

Marketable Securities (Tables)

Marketable Securities (Tables)	6 Months Ended
	Oct. 31, 2015
Summary of Marketable Securities	As of October 31, 2015, marketable securities consisted of the following: Trading (1)(2) Available-for-Sale (2) Total (in thousands) Mutual funds $ 144,905 $ — $ 144,905 Corporate bonds — 2,003 2,003 Total 144,905 2,003 146,908 Less: current portion of marketable securities (10,106 ) (2,003 ) (12,109 ) Non-current marketable securities $ 134,799 $ — $ 134,799 As of April 30, 2015, marketable securities consisted of the following: Trading (1)(2) Available-for-Sale (2) 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 $140.9 million and $129.1 million as of October 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 October 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: October 31, 2015 Amortized Gross Gross Estimated (in thousands) Corporate bonds $ 2,003 $ — $ — $ 2,003 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)	6 Months Ended
	Oct. 31, 2015
Deferred Compensation Plans
Components Of Net Periodic Benefit Costs	The components of net periodic benefit costs are as follows: Three Months Ended October 31, Six Months Ended October 31, 2015 2014 2015 2014 (in thousands) Amortization of actuarial loss $ 731 $ 762 $ 1,462 $ 1,525 Interest cost 703 748 1,406 1,495 Net periodic benefit costs $ 1,434 $ 1,510 $ 2,868 $ 3,020

Business Segments (Tables)

Business Segments (Tables)	6 Months Ended
	Oct. 31, 2015
Financial Highlights By Business Segment	Financial highlights by business segment are as follows: Three Months Ended October 31, 2015 Executive Recruitment LTC Futurestep Corporate Consolidated North EMEA Asia South Subtotal (in thousands) Fee revenue $ 92,788 $ 36,570 $ 20,998 $ 6,116 $ 156,472 $ 73,602 $ 50,526 $ — $ 280,600 Total revenue $ 96,198 $ 37,509 $ 21,617 $ 6,118 $ 161,442 $ 75,991 $ 53,906 $ — $ 291,339 Net income $ 17,971 Other loss, net 2,646 Interest expense, net 544 Equity in earnings of unconsolidated subsidiaries, net (540 ) Income tax provision 8,392 Operating income (loss) $ 27,422 $ 6,929 $ 3,907 $ 970 $ 39,228 $ 7,778 $ 6,896 $ (24,889 ) $ 29,013 Depreciation and amortization 832 232 223 73 1,360 3,588 578 1,654 7,180 Other (loss) income, net (127 ) 7 (6 ) 33 (93 ) (17 ) 8 (2,544 ) (2,646 ) Equity in earnings of unconsolidated subsidiaries, net 140 — — — 140 — — 400 540 EBITDA 28,267 7,168 4,124 1,076 40,635 11,349 7,482 (25,379 ) 34,087 Integration/acquisition costs — — — — — 3,310 — 8,684 11,994 Adjusted EBITDA $ 28,267 $ 7,168 $ 4,124 $ 1,076 $ 40,635 $ 14,659 $ 7,482 $ (16,695 ) $ 46,081 Three Months Ended October 31, 2014 Executive Recruitment LTC Futurestep Corporate Consolidated North EMEA Asia South Subtotal (in thousands) Fee revenue $ 82,729 $ 36,675 $ 21,157 $ 8,369 $ 148,930 $ 66,408 $ 40,364 $ — $ 255,702 Total revenue $ 86,252 $ 38,054 $ 21,716 $ 8,383 $ 154,405 $ 68,477 $ 41,835 $ — $ 264,717 Net income $ 25,403 Other income, net (2,362 ) Interest expense, net 920 Equity in earnings of unconsolidated subsidiaries, net (452 ) Income tax provision 10,907 Operating income (loss) $ 19,117 $ 5,621 $ 3,424 $ 1,699 $ 29,861 $ 7,762 $ 5,150 $ (8,357 ) $ 34,416 Depreciation and amortization 891 446 261 85 1,683 3,279 459 1,358 6,779 Other income (loss), net 194 (1 ) 149 13 355 (172 ) 25 2,154 2,362 Equity in earnings of unconsolidated subsidiaries, net 110 — — — 110 — — 342 452 EBITDA 20,312 6,066 3,834 1,797 32,009 10,869 5,634 (4,503 ) 44,009 Adjusted EBITDA $ 20,312 $ 6,066 $ 3,834 $ 1,797 $ 32,009 $ 10,869 $ 5,634 $ (4,503 ) $ 44,009 Six Months Ended October 31, 2015 Executive Recruitment LTC Futurestep Corporate Consolidated North EMEA Asia South Subtotal (in thousands) Fee revenue $ 183,147 $ 72,660 $ 40,213 $ 12,542 $ 308,562 $ 142,842 $ 96,590 $ — $ 547,994 Total revenue $ 190,597 $ 74,680 $ 41,607 $ 12,550 $ 319,434 $ 147,432 $ 103,808 $ — $ 570,674 Net income $ 41,053 Other loss, net 2,720 Interest expense, net 843 Equity in earnings of unconsolidated subsidiaries, net (1,265 ) Income tax provision 18,566 Operating income (loss) $ 51,567 $ 13,205 $ 6,893 $ 2,478 $ 74,143 $ 15,273 $ 13,085 $ (40,584 ) $ 61,917 Depreciation and amortization 1,659 597 469 151 2,876 7,336 1,163 3,228 14,603 Other (loss) income, net (95 ) 150 12 272 339 (880 ) 8 (2,187 ) (2,720 ) Equity in earnings of unconsolidated subsidiaries, net 226 — — — 226 — — 1,039 1,265 EBITDA 53,357 13,952 7,374 2,901 77,584 21,729 14,256 (38,504 ) 75,065 Integration/acquisition costs — — — — — 3,639 — 9,029 12,668 Adjusted EBITDA $ 53,357 $ 13,952 $ 7,374 $ 2,901 $ 77,584 $ 25,368 $ 14,256 $ (29,475 ) $ 87,733 Six Months Ended October 31, 2014 Executive Recruitment LTC Futurestep Corporate Consolidated North EMEA Asia South Subtotal (in thousands) Fee revenue $ 165,029 $ 76,972 $ 40,691 $ 14,653 $ 297,345 $ 129,956 $ 79,589 $ — $ 506,890 Total revenue $ 172,334 $ 79,483 $ 42,085 $ 14,692 $ 308,594 $ 133,897 $ 82,551 $ — $ 525,042 Net income $ 39,936 Other income, net (4,539 ) Interest expense, net 1,714 Equity in earnings of unconsolidated subsidiaries, net (918 ) Income tax provision 16,816 Operating income (loss) $ 38,115 $ 8,264 $ 5,946 $ 1,772 $ 54,097 $ 11,222 $ 8,607 $ (20,917 ) $ 53,009 Depreciation and amortization 1,795 935 555 170 3,455 6,531 905 2,658 13,549 Other income, net 323 45 258 46 672 45 23 3,799 4,539 Equity in earnings of unconsolidated subsidiaries, net 178 — — — 178 — — 740 918 EBITDA 40,411 9,244 6,759 1,988 58,402 17,798 9,535 (13,720 ) 72,015 Restructuring charges, net 1,151 3,987 17 377 5,532 2,758 1,424 172 9,886 Adjusted EBITDA $ 41,562 $ 13,231 $ 6,776 $ 2,365 $ 63,934 $ 20,556 $ 10,959 $ (13,548 ) $ 81,901

Organization and Summary of S23

Organization and Summary of Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 31, 2015USD ($)CountryOffice	Oct. 31, 2014USD ($)	Oct. 31, 2015USD ($)CountryOffice	Oct. 31, 2014USD ($)	Apr. 30, 2015USD ($)
Organization And Summary Of Significant Accounting Policies [Line Items]
Number of offices | Office	78		78
Number of countries in which entity operates | Country	37		37
Investments in affiliated companies maximum	50.00%		50.00%
Deferred revenue	$ 40,600,000		$ 40,600,000		$ 40,500,000
Cash equivalents	148,600,000		148,600,000		260,600,000
Realized loss of other-than-temporary impairment	0	$ 0	0	$ 0
Impairment of goodwill			0		0
Impairment of intangible assets			0		$ 0
Performance related bonus expenses	$ 44,600,000	$ 45,300,000	87,000,000	84,300,000
(Decrease) increase in performance related bonus expenses			(600,000)	(300,000)
Performance related bonus after reduction in the previous year estimate			$ 86,400,000	$ 84,000,000
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 shares in Millions	3 Months Ended	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2015
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	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		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Earnings Per Share Disclosure [Line Items]
Net income	$ 17,971	$ 25,403	$ 41,053	$ 39,936
Less: distributed and undistributed earnings to nonvested restricted stockholders	167		390
Basic net earnings attributable to common stockholders	17,804	25,403	40,663	39,936
Add: undistributed earnings to nonvested restricted stockholders	118		292
Less: reallocation of undistributed earnings to nonvested restricted stockholders	117		289
Diluted net earnings attributable to common stockholders	$ 17,805	$ 25,403	$ 40,666	$ 39,936
Basic weighted-average number of common shares outstanding	49,981	49,082	49,737	48,893
Diluted weighted-average number of common shares outstanding	50,362	49,740	50,233	49,720
Basic earnings per share	$ 0.36	$ 0.52	$ 0.82	$ 0.82
Diluted earnings per share	$ 0.35	$ 0.51	$ 0.81	$ 0.80
ESPP
Earnings Per Share Disclosure [Line Items]
Stock	2		5
Restricted Stock
Earnings Per Share Disclosure [Line Items]
Stock	330	554	433	710
Stock Options
Earnings Per Share Disclosure [Line Items]
Stock	49	104	58	117

Components of Accumulated Other

Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Oct. 31, 2015	Jul. 31, 2015	Apr. 30, 2015	Oct. 31, 2014	Jul. 31, 2014	Apr. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustments	$ (37,902)		$ (20,919)
Deferred compensation and pension plan adjustments, net of tax	(18,813)		(19,708)
Unrealized gains on marketable securities, net of tax			4
Accumulated other comprehensive loss, net	$ (56,715)	$ (55,812)	$ (40,623)	$ (17,671)	$ (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				6 Months Ended
	Oct. 31, 2015		Oct. 31, 2014		Oct. 31, 2015		Oct. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	$ (55,812)		$ (5,587)		$ (40,623)		$ (2,388)
Unrealized (losses) gains arising during the period	(1,351)		(12,551)		(16,987)		(16,237)
Reclassification of realized net losses (gains) to net income	448		467		895		954
Accumulated other comprehensive income (loss), ending balance	(56,715)		(17,671)		(56,715)		(17,671)
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(36,551)		11,924		(20,919)		15,604
Unrealized (losses) gains arising during the period	(1,351)		(12,555)		(16,983)		(16,235)
Accumulated other comprehensive income (loss), ending balance	(37,902)		(631)		(37,902)		(631)
Accumulated Defined Benefit Plans Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance	(19,261)	[1]	(17,519)	[2]	(19,708)	[1]	(18,006)	[2]
Reclassification of realized net losses (gains) to net income	448	[1]	467	[2]	895	[1]	954	[2]
Accumulated other comprehensive income (loss), ending balance	$ (18,813)	[1]	(17,052)	[2]	(18,813)	[1]	(17,052)	[2]
Accumulated Net Unrealized Investment Gain (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss), beginning balance			8		4		14
Unrealized (losses) gains arising during the period			4		$ (4)		(2)
Accumulated other comprehensive income (loss), ending balance			$ 12				$ 12
[1]	The tax effects on the reclassifications of realized net losses was $0.3 million and $0.6 million for the three and six months ended October 31, 2015, respectively.
[2]	The tax effects on the reclassifications of realized net losses was $0.3 million and $0.6 million for the three and six months ended October 31, 2014, respectively.

Changes in Each Component of 28

Changes in Each Component of Accumulated Other Comprehensive Income (Loss) (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax effects on reclassifications of realized net losses	$ 0.3	$ 0.3	$ 0.6	$ 0.6

Components of Stock-Based Compe

Components of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense, pre-tax	$ 5,322	$ 3,640	$ 9,013	$ 6,959
Tax benefit from stock-based compensation expense	(1,714)	(1,114)	(2,868)	(2,096)
Total stock-based compensation expense, net of tax	3,608	2,526	6,145	4,863
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense, pre-tax	5,178	3,617	8,732	6,869
Stock Options
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense, pre-tax		$ 23	17	$ 90
ESPP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense, pre-tax	$ 144		$ 264

Employee Stock Plans - Addition

Employee Stock Plans - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option grants	0	0	0	0
Common stock repurchased, value			$ 6,596,000	$ 3,748,000
Shares repurchased during the period	0	0	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		300,000
Total unrecognized compensation cost related to non-vested awards	$ 7,600,000		$ 7,600,000
Performance Based Restricted Stock Unit
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period			3 years
Shares outstanding	200,000		200,000
Total unrecognized compensation cost related to non-vested awards	$ 1,500,000		$ 1,500,000
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	$ 100,000	$ 400,000	$ 1,200,000	$ 1,900,000
Stock Options | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued for stock options exercised	9,070	24,308	80,498	109,629
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested awards	$ 28,000,000		$ 28,000,000
Expected cost recognized over weighted-average period			2 years 6 months
Shares repurchased during the period to pay for taxes	660	662	188,764	126,083
Common stock repurchased, value	$ 100,000	$ 100,000	$ 6,596,000	$ 3,748,000
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		5,700,000
Issuance of full-value stock awards limitation, required ratio to stock options	1.91		1.91
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares reserved for issuance	3,000,000		3,000,000
Authorized payroll deductions	15.00%		15.00%
Authorized payroll deductions, value			$ 25,000
Fair market price of common stock			85.00%
Shares available for future issuance	1,600,000		1,600,000
Employees stock purchased			44,334
Employees stock purchased, price per share			$ 29.55

Stock Options Transactions (Det

Stock Options Transactions (Detail) - Stock Options $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Oct. 31, 2015USD ($)$ / sharesshares
Options
Outstanding, April 30, 2015 | shares	202
Exercised | shares	(81)
Forfeited/expired. | shares	(5)
Outstanding, October 31, 2015 | shares	116
Exercisable, October 31, 2015 | shares	116
Weighted Average Exercise Price
Outstanding, April 30, 2015 | $ / shares	$ 15.45
Exercised | $ / shares	15.26
Forfeited/expired. | $ / shares	17.97
Outstanding, October 31, 2015 | $ / shares	15.53
Exercisable, October 31, 2015 | $ / shares	$ 15.53
Weighted-Average Remaining Contractual Life (In Years)
Outstanding, October 31, 2015	1 year 5 months 16 days
Exercisable, October 31, 2015	1 year 5 months 16 days
Aggregate Intrinsic Value
Outstanding, October 31, 2015 | $	$ 2,416
Exercisable, October 31, 2015 | $	$ 2,416

Additional Information Pertaini

Additional Information Pertaining to Stock Options (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of stock options vested		$ 10	$ 96	$ 334
Total intrinsic value of stock options exercised	$ 198	$ 332	$ 1,558	$ 1,371

Restricted Stock Activity (Deta

Restricted Stock Activity (Detail) - Restricted Stock shares in Thousands	6 Months Ended
	Oct. 31, 2015$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Non-vested, April 30, 2015 | shares	1,560
Shares, Granted | shares	611
Shares, Vested | shares	(778)
Shares, Forfeited/expired | shares	(14)
Shares, Non-vested, October 31, 2015 | shares	1,379
Weighted-Average Grant Date Fair Value, Non-vested, April 30, 2015 | $ / shares	$ 22.15
Weighted-Average Grant Date Fair Value, Granted | $ / shares	26.97
Weighted-Average Grant Date Fair Value, Vested | $ / shares	16.28
Weighted-Average Grant Date Fair Value, Forfeited/expired | $ / shares	24.42
Weighted-Average Grant Date Fair Value, Non-vested, October 31, 2015 | $ / shares	$ 27.57

Summary of Marketable Securitie

Summary of Marketable Securities (Detail) - USD ($) $ in Thousands		Oct. 31, 2015	Apr. 30, 2015
Schedule Of Marketable Securities [Line Items]
Trading	[1],[2]	$ 144,905	$ 131,399
Less: current portion of marketable securities	[1],[2]	(10,106)	(12,580)
Non-current marketable securities	[1],[2]	134,799	118,819
Available-for-Sale	[1]	2,003	13,177
Less: current portion of marketable securities	[1]	(2,003)	(13,177)
Non-current marketable securities	[1]	0	0
Total		146,908	144,576
Less: current portion of marketable securities		(12,109)	(25,757)
Non-current marketable securities		134,799	118,819
Mutual Funds
Schedule Of Marketable Securities [Line Items]
Trading	[1],[2]	144,905	131,399
Total		144,905	131,399
Corporate Bonds
Schedule Of Marketable Securities [Line Items]
Available-for-Sale	[1]	2,003	13,177
Total		$ 2,003	$ 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 October 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 $140.9 million and $129.1 million as of October 31, 2015 and April 30, 2015, respectively, under the ECAP (see Note 6 - Deferred Compensation and Retirement Plans). During the three and six months ended October 31, 2015, the fair value of the investments decreased; therefore, the Company recognized a loss of $2.5 million and $1.8 million, respectively, which was recorded in other (loss) income, net. During the three and six months ended October 31, 2014, the fair value of the investments increased; therefore, the Company recognized income of $2.5 million and $4.5 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		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015
Schedule Of Marketable Securities [Line Items]
Obligations for which assets are held in trust	$ 140,900		$ 140,900		$ 129,100
Gain (loss) on marketable securities	$ (2,500)	$ 2,500	$ (1,818)	$ 4,527

Amortized Cost and Fair Values

Amortized Cost and Fair Values of Marketable Securities Classified as Available-For-Sale Investments (Detail) - USD ($) $ in Thousands		Oct. 31, 2015	Apr. 30, 2015
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	[1]	$ 2,003	$ 13,177
Corporate Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,003	13,167
Gross Unrealized Gains			11
Gross Unrealized Losses	[2]		(1)
Estimated Fair Value	[1]	$ 2,003	$ 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 October 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 ($)	Oct. 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 ($)		3 Months Ended		6 Months Ended
		Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015
Schedule Of Marketable Securities [Line Items]
Proceeds from maturities of available-for-sale securities		$ 8,100,000	$ 0	$ 11,100,000	$ 2,000,000
Trading securities	[1],[2]	144,905,000		144,905,000		$ 131,399,000
Gross unrealized gains		5,300,000		5,300,000		8,300,000
Gross unrealized losses		$ 900,000		$ 900,000		$ 200,000
Minimum
Schedule Of Marketable Securities [Line Items]
Available-for-sale marketable securities, remaining maturities				1 month
Maximum
Schedule Of Marketable Securities [Line Items]
Available-for-sale marketable securities, remaining maturities				2 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 October 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 $140.9 million and $129.1 million as of October 31, 2015 and April 30, 2015, respectively, under the ECAP (see Note 6 - Deferred Compensation and Retirement Plans). During the three and six months ended October 31, 2015, the fair value of the investments decreased; therefore, the Company recognized a loss of $2.5 million and $1.8 million, respectively, which was recorded in other (loss) income, net. During the three and six months ended October 31, 2014, the fair value of the investments increased; therefore, the Company recognized income of $2.5 million and $4.5 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		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
Amortization of actuarial loss	$ 731	$ 762	$ 1,462	$ 1,525
Interest cost	703	748	1,406	1,495
Net periodic benefit costs	$ 1,434	$ 1,510	$ 2,868	$ 3,020

Deferred Compensation and Ret40

Deferred Compensation and Retirement Plans - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015
Defined Benefit Plan Disclosure [Line Items]
Increase in market value of the underlying COLI investments			$ 3,295,000	$ 5,494,000
Gain (loss) on marketable securities	$ (2,500,000)	$ 2,500,000	(1,818,000)	4,527,000
CSV of Coli Contracts
Defined Benefit Plan Disclosure [Line Items]
Gross CSV	173,900,000		173,900,000		$ 172,300,000
Outstanding policy loans	68,500,000		68,500,000		$ 69,600,000
Increase in market value of the underlying COLI investments	800,000	2,200,000	3,295,000	5,494,000
Executive Capital Accumulation Plan
Defined Benefit Plan Disclosure [Line Items]
Company's contributions	20,000,000	17,400,000	$ 22,000,000	$ 18,600,000
Deferred compensation arrangement vesting period			4 years	4 years
(Loss) gain on investment in the deferred compensation plan	$ (1,600,000)	$ 1,000,000	$ (900,000)	$ 2,700,000

Business Segments - Additional

Business Segments - Additional Information (Detail)	6 Months Ended
	Oct. 31, 2015Segment
Segment Reporting Information [Line Items]
Number of business segments	3

Business Segments (Detail)

Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Segment Reporting Information [Line Items]
Fee revenue	$ 280,600	$ 255,702	$ 547,994	$ 506,890
Total revenue	291,339	264,717	570,674	525,042
Net income	17,971	25,403	41,053	39,936
Other loss (income), net	2,646	(2,362)	2,720	(4,539)
Interest (income) expense, net	544	920	843	1,714
Equity in earnings of unconsolidated subsidiaries, net	(540)	(452)	(1,265)	(918)
Income tax provision	8,392	10,907	18,566	16,816
Operating income (loss)	29,013	34,416	61,917	53,009
Depreciation and amortization	7,180	6,779	14,603	13,549
Other (loss) income, net	(2,646)	2,362	(2,720)	4,539
Equity in earnings of unconsolidated subsidiaries, net	540	452	1,265	918
EBITDA	34,087	44,009	75,065	72,015
Integration/acquisition costs	11,994		12,668
Restructuring charges, net				9,886
Adjusted EBITDA	46,081	44,009	87,733	81,901
Operating Segments | Executive Recruitment
Segment Reporting Information [Line Items]
Fee revenue	156,472	148,930	308,562	297,345
Total revenue	161,442	154,405	319,434	308,594
Operating income (loss)	39,228	29,861	74,143	54,097
Depreciation and amortization	1,360	1,683	2,876	3,455
Other (loss) income, net	(93)	355	339	672
Equity in earnings of unconsolidated subsidiaries, net	140	110	226	178
EBITDA	40,635	32,009	77,584	58,402
Restructuring charges, net				5,532
Adjusted EBITDA	40,635	32,009	77,584	63,934
Operating Segments | Executive Recruitment | North America
Segment Reporting Information [Line Items]
Fee revenue	92,788	82,729	183,147	165,029
Total revenue	96,198	86,252	190,597	172,334
Operating income (loss)	27,422	19,117	51,567	38,115
Depreciation and amortization	832	891	1,659	1,795
Other (loss) income, net	(127)	194	(95)	323
Equity in earnings of unconsolidated subsidiaries, net	140	110	226	178
EBITDA	28,267	20,312	53,357	40,411
Restructuring charges, net				1,151
Adjusted EBITDA	28,267	20,312	53,357	41,562
Operating Segments | Executive Recruitment | EMEA
Segment Reporting Information [Line Items]
Fee revenue	36,570	36,675	72,660	76,972
Total revenue	37,509	38,054	74,680	79,483
Operating income (loss)	6,929	5,621	13,205	8,264
Depreciation and amortization	232	446	597	935
Other (loss) income, net	7	(1)	150	45
EBITDA	7,168	6,066	13,952	9,244
Restructuring charges, net				3,987
Adjusted EBITDA	7,168	6,066	13,952	13,231
Operating Segments | Executive Recruitment | Asia Pacific
Segment Reporting Information [Line Items]
Fee revenue	20,998	21,157	40,213	40,691
Total revenue	21,617	21,716	41,607	42,085
Operating income (loss)	3,907	3,424	6,893	5,946
Depreciation and amortization	223	261	469	555
Other (loss) income, net	(6)	149	12	258
EBITDA	4,124	3,834	7,374	6,759
Restructuring charges, net				17
Adjusted EBITDA	4,124	3,834	7,374	6,776
Operating Segments | Executive Recruitment | South America
Segment Reporting Information [Line Items]
Fee revenue	6,116	8,369	12,542	14,653
Total revenue	6,118	8,383	12,550	14,692
Operating income (loss)	970	1,699	2,478	1,772
Depreciation and amortization	73	85	151	170
Other (loss) income, net	33	13	272	46
EBITDA	1,076	1,797	2,901	1,988
Restructuring charges, net				377
Adjusted EBITDA	1,076	1,797	2,901	2,365
Operating Segments | LTC
Segment Reporting Information [Line Items]
Fee revenue	73,602	66,408	142,842	129,956
Total revenue	75,991	68,477	147,432	133,897
Operating income (loss)	7,778	7,762	15,273	11,222
Depreciation and amortization	3,588	3,279	7,336	6,531
Other (loss) income, net	(17)	(172)	(880)	45
EBITDA	11,349	10,869	21,729	17,798
Integration/acquisition costs	3,310		3,639
Restructuring charges, net				2,758
Adjusted EBITDA	14,659	10,869	25,368	20,556
Operating Segments | Futurestep
Segment Reporting Information [Line Items]
Fee revenue	50,526	40,364	96,590	79,589
Total revenue	53,906	41,835	103,808	82,551
Operating income (loss)	6,896	5,150	13,085	8,607
Depreciation and amortization	578	459	1,163	905
Other (loss) income, net	8	25	8	23
EBITDA	7,482	5,634	14,256	9,535
Restructuring charges, net				1,424
Adjusted EBITDA	7,482	5,634	14,256	10,959
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	(24,889)	(8,357)	(40,584)	(20,917)
Depreciation and amortization	1,654	1,358	3,228	2,658
Other (loss) income, net	(2,544)	2,154	(2,187)	3,799
Equity in earnings of unconsolidated subsidiaries, net	400	342	1,039	740
EBITDA	(25,379)	(4,503)	(38,504)	(13,720)
Integration/acquisition costs	8,684		9,029
Restructuring charges, net				172
Adjusted EBITDA	$ (16,695)	$ (4,503)	$ (29,475)	$ (13,548)

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail) - USD ($)	Sep. 23, 2015	Oct. 31, 2015	Jun. 03, 2015	Apr. 30, 2015
Debt Instrument [Line Items]
Long-term debt		$ 0		$ 0
Standby Letters of Credit
Debt Instrument [Line Items]
Long-term debt arrangement		2,900,000		2,800,000
Amendment No. 3, Credit Agreement
Debt Instrument [Line Items]
Adjusted EBITDA	$ 100,000,000
Value of common shares repurchases permitted, dividends paid and permitted acquisitions for any fiscal year	135,000,000
Value of common shares repurchases permitted and dividends paid for any fiscal year	$ 85,000,000
Amendment No. 3, Credit Agreement | Minimum
Debt Instrument [Line Items]
Quarterly fee on average daily unused amount of Credit Facilities	0.25%
Amendment No. 3, Credit Agreement | Maximum
Debt Instrument [Line Items]
Quarterly fee on average daily unused amount of Credit Facilities	0.40%
Amendment No. 3, Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Applicable margin on variable interest rate	1.125%
Amendment No. 3, Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Applicable margin on variable interest rate	1.875%
Amendment No. 3, Credit Agreement | Base Rate Loans | Minimum
Debt Instrument [Line Items]
Applicable margin on variable interest rate	0.125%
Amendment No. 3, Credit Agreement | Base Rate Loans | Maximum
Debt Instrument [Line Items]
Applicable margin on variable interest rate	0.875%
Amendment No. 3, Credit Agreement | Term Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 150,000,000
Amendment No. 3, Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000
Line of credit facility, extended maturity date	Sep. 23, 2020
Amendment No. 2, Credit Agreement
Debt Instrument [Line Items]
Adjusted EBITDA			$ 70,000,000
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 No. 2, Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 150,000,000
Other Financial Institutions | Standby Letters of Credit
Debt Instrument [Line Items]
Long-term debt arrangement		$ 1,400,000		$ 1,600,000

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($)	Dec. 08, 2015	Dec. 01, 2015	Nov. 23, 2015	Oct. 31, 2015	Apr. 30, 2015
Subsequent Event [Line Items]
Common stock, par value				$ 0.01	$ 0.01
Subsequent Event | HG Bermuda
Subsequent Event [Line Items]
Business combination, aggregate purchase price		$ 493,000,000
Business acquisition purchase price		$ 275,000,000
Business combination, Consideration Shares		5,922,136
Business combination, Consideration Shares value		$ 218,000,000
Consecutive trading days		20 days
Common stock, par value		$ 0.01
Term loan facility initial interest rate			1.34%
Business combination, committed to retention pool for certain employees		$ 40,000,000
Subsequent Event | HG Bermuda | Payable within 45 days after November 30, 2017
Subsequent Event [Line Items]
Business combination, committed to retention pool for certain employees		50.00%
Subsequent Event | HG Bermuda | Payable within 45 days after November 30, 2018
Subsequent Event [Line Items]
Business combination, committed to retention pool for certain employees		50.00%
Subsequent Event | HG Bermuda | Indemnity Escrow Shares at Closing
Subsequent Event [Line Items]
Business combination, Consideration Shares		835,011
Subsequent Event | HG Bermuda | Volume Weighted Average Price
Subsequent Event [Line Items]
Business combination, Consideration Shares value		$ 200,000,000
Subsequent Event | HG Bermuda | Maximum | Payable within one year
Subsequent Event [Line Items]
Business combination, committed to retention pool for certain employees		5,000,000
Subsequent Event | HG Bermuda | Foreign Location
Subsequent Event [Line Items]
Business acquisition purchase price		$ 54,000,000
Subsequent Event | HG Bermuda | Term Facility
Subsequent Event [Line Items]
Senior unsecured loan, aggregate principal amount			$ 150,000,000
Line of credit facility, extended maturity date			Sep. 23, 2020
Installment payable beginning date			Jan. 1, 2016
Subsequent Event | Dividend Declared
Subsequent Event [Line Items]
Dividends payable, declared date	Dec. 8, 2015
Dividends payable, per share amount	$ 0.10
Dividends payable, payable date	Jan. 15, 2016
Dividends declared, record date	Dec. 21, 2015