Korn Ferry (KFY) 10-Q 9 Mar 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jan. 31, 2018	Mar. 05, 2018
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jan. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
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		56,524,927

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
ASSETS
Cash and cash equivalents	$ 389,990	$ 410,882
Marketable securities	14,807	4,363
Receivables due from clients, net of allowance for doubtful accounts of $17,990 and $15,455 at January 31, 2018 and April 30, 2017, respectively	397,845	345,314
Income taxes and other receivables	25,985	31,573
Prepaid expenses and other assets	63,409	51,542
Total current assets	892,036	843,674
Marketable securities, non-current	124,196	115,574
Property and equipment, net	116,767	109,567
Cash surrender value of company owned life insurance policies, net of loans	118,248	113,067
Deferred income taxes, net	23,222	20,175
Goodwill	586,561	576,865
Intangible assets, net	206,733	217,319
Investments and other assets	98,769	66,657
Total assets	2,166,532	2,062,898
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	28,359	37,481
Income taxes payable	17,128	4,526
Compensation and benefits payable	234,411	248,354
Term loan	23,192	19,754
Other accrued liabilities	163,784	148,464
Total current liabilities	466,874	458,579
Deferred compensation and other retirement plans	233,595	219,905
Term loan, non-current	217,969	236,222
Deferred tax liabilities	7,619	7,014
Other liabilities	59,581	54,130
Total liabilities	985,638	975,850
Stockholders' equity:
Common stock: $0.01 par value, 150,000 shares authorized, 71,606 and 70,811 shares issued at January 31, 2018 and April 30, 2017, respectively and 56,518 and 56,938 shares outstanding at January 31, 2018 and April 30, 2017, respectively	679,277	692,527
Retained earnings	537,353	461,976
Accumulated other comprehensive loss, net	(38,671)	(71,064)
Total Korn/Ferry International stockholders' equity	1,177,959	1,083,439
Noncontrolling interest	2,935	3,609
Total stockholders' equity	1,180,894	1,087,048
Total liabilities and stockholders' equity	$ 2,166,532	$ 2,062,898

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
Allowance for doubtful accounts	$ 17,990	$ 15,455
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	71,606,000	70,811,000
Common stock, shares outstanding	56,518,000	56,938,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Fee revenue	$ 447,581	$ 381,918	$ 1,291,853	$ 1,159,456
Reimbursed out-of-pocket engagement expenses	13,189	12,277	39,302	42,626
Total revenue	460,770	394,195	1,331,155	1,202,082
Compensation and benefits	310,751	262,438	885,748	796,014
General and administrative expenses	58,516	56,818	175,380	166,294
Reimbursed expenses	13,189	12,277	39,302	42,626
Cost of services	17,467	16,545	53,163	52,251
Depreciation and amortization	12,225	11,774	36,881	34,970
Restructuring charges, net		3,801	78	28,321
Total operating expenses	412,148	363,653	1,190,552	1,120,476
Operating income	48,622	30,542	140,603	81,606
Other income, net	7,689	4,200	14,847	7,580
Interest expense, net	(2,665)	(2,402)	(7,904)	(8,199)
Income before provision for income taxes and equity in earnings of unconsolidated subsidiaries	53,646	32,340	147,546	80,987
Equity in earnings of unconsolidated subsidiaries, net	97	113	187	221
Income tax provision	26,316	8,075	54,145	21,706
Net income	27,427	24,378	93,588	59,502
Net income attributable to noncontrolling interest	(180)	(481)	(969)	(2,245)
Net income attributable to Korn/Ferry International	$ 27,247	$ 23,897	$ 92,619	$ 57,257
Earnings per common share:
Basic	$ 0.49	$ 0.42	$ 1.65	$ 1.01
Diluted	$ 0.48	$ 0.42	$ 1.63	$ 1
Weighted-average common shares outstanding:
Basic	55,252	56,173	55,479	56,325
Diluted	55,997	56,702	56,236	56,917
Cash dividends declared per share:	$ 0.10	$ 0.10	$ 0.30	$ 0.30

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Net income	$ 27,427	$ 24,378	$ 93,588	$ 59,502
Other comprehensive income:
Foreign currency translation adjustments	17,839	(1,583)	29,773	(20,016)
Deferred compensation and pension plan adjustments, net of tax	361	465	1,065	1,392
Unrealized gain on interest rate swap, net of tax	1,077		1,470
Comprehensive income	46,704	23,260	125,896	40,878
Less: comprehensive income attributable to noncontrolling interest	(226)	(219)	(884)	(1,809)
Comprehensive income attributable to Korn/Ferry International	$ 46,478	$ 23,041	$ 125,012	$ 39,069

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Cash flows from operating activities:
Net income	$ 93,588	$ 59,502
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	36,881	34,970
Stock-based compensation expense	15,800	14,101
Provision for doubtful accounts	9,933	8,373
Gain on cash surrender value of life insurance policies	(6,020)	(3,316)
Gain on marketable securities	(14,022)	(7,090)
Deferred income taxes	5,373	7,812
Change in other assets and liabilities:
Deferred compensation	25,587	(22)
Receivables due from clients	(62,464)	(35,503)
Income tax and other receivables	4,445	(3,249)
Prepaid expenses and other assets	(11,867)	(8,882)
Investment in unconsolidated subsidiaries	(187)	(221)
Income taxes payable	18,217	(3,450)
Accounts payable and accrued liabilities	(15,569)	(45,891)
Other	(40,103)	(3,393)
Net cash provided by operating activities	59,592	13,741
Cash flows from investing activities:
Purchase of property and equipment	(31,133)	(41,616)
Cash paid for acquisition, net of cash acquired		(2,880)
Purchase of marketable securities	(7,462)	(9,526)
Proceeds from sales/maturities of marketable securities	2,515	42,533
Premium on company-owned life insurance policies	(1,339)	(1,337)
Proceeds from life insurance policies	5,175
Dividends received from unconsolidated subsidiaries	60	455
Net cash used in investing activities	(32,184)	(12,371)
Cash flows from financing activities:
Proceeds from term loan facility		275,000
Principal payment on term loan facility	(15,469)	(150,313)
Payment of contingent consideration from acquisition	(485)	(1,070)
Repurchases of common stock	(32,568)	(16,318)
Payments of tax withholdings on restricted stock	(3,657)	(4,377)
Proceeds from issuance of common stock upon exercise of employee stock options and in connection with an employee stock purchase plan	6,885	4,981
Dividends - noncontrolling interest	(1,558)	(1,229)
Dividends paid to shareholders	(17,242)	(17,546)
Payments on life insurance policy loans	(464)
Net cash (used in) provided by financing activities	(64,558)	89,128
Effect of exchange rate changes on cash and cash equivalents	16,258	(12,445)
Net (decrease) increase in cash and cash equivalents	(20,892)	78,053
Cash and cash equivalents at beginning of period	410,882	273,252
Cash and cash equivalents at end of period	$ 389,990	$ 351,305

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Jan. 31, 2018
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 search on a retained basis, recruitment for non-executive 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 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 has control of a Mexico subsidiary and consolidates the operations of this subsidiary. Noncontrolling interest, which represents the Company’s 51% noncontrolling interest in the Mexico subsidiary, is reflected on the Company’s consolidated financial statements. 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 search performed on a retained basis, recruitment for non-executive non-executive one-third non-executive non-executive Depending on the timing of billings and services rendered, the Company accrues or defers revenue as appropriate. Hay Group revenue is also derived from the sale of product 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 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 January 31, 2018 and April 30, 2017, the Company included deferred revenue of $110.9 million and $95.8 million, respectively, in other accrued liabilities. Reimbursements The Company incurs certain out-of-pocket 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 January 31, 2018 and April 30, 2017, the Company’s investments in cash equivalents consist of money market funds for which market prices are readily available. Marketable Securities The Company currently has investments in mutual funds that are classified as trading securities based upon management’s intent and ability to hold, sell or trade such securities. The classification of the investments in mutual funds is assessed upon purchase and reassessed at each reporting period. The investments in mutual funds (for which market prices are readily available) are held in trust to satisfy obligations under the Company’s deferred compensation plans. Such investments are based upon the employees’ investment elections in their deemed accounts in the Executive Capital Accumulation Plan and similar plans in Asia Pacific and Canada (“ECAP”) from a pre-determined ex-dividend 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 January 31, 2018 and April 30, 2017, 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, marketable securities, foreign currency forward contracts and an interest rate swap. 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 foreign currency forward contracts or the interest rate swap are obtained from a third party, which are based on quoted prices or market prices for similar assets and financial instruments. Derivative Financial Instruments The Company is exposed to interest rate risk due to the outstanding senior secured credit agreement entered on June 15, 2016. The Company has entered into an interest rate swap agreement to effectively convert its variable debt to a fixed-rate basis. The principal objective of these contracts is to eliminate or reduce the variability of the cash flows in interest payments associated with the Company’s long-term debt, thus reducing the impact of interest rate changes on future interest payment cash flows. The Company has determined that the interest rate swap qualifies as a cash flow hedge in accordance with Accounting Standards Codification 815, Derivatives and Hedging Foreign Currency Forward Contracts Not Designated as Hedges The Company has established a program that primarily utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. These foreign currency forward contracts are neither used for trading purposes nor are they designated as hedging instruments pursuant to Accounting Standards Codification 815, Derivatives and Hedging 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 noncontrolling 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, 2017, 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. The Company’s annual impairment test will be performed in the fourth quarter of fiscal 2018. There was also no indication of potential impairment as of January 31, 2018 and April 30, 2017 that would have required further testing. Intangible assets primarily consist of customer lists, non-compete 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/profitability metrics for Hay Group and Futurestep consultants), the level of engagements referred by a consultant 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/line of business results including profitability, the achievement of strategic objectives, 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 $155.2 million and $136.2 million during the nine months ended January 31, 2018 and 2017, respectively, included in compensation and benefits expense in the consolidated statements of income. During the three months ended January 31, 2018 and 2017, the performance related bonus expense was $56.8 million and $41.1 million, respectively. 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. Investments and other assets include long-term retention awards that are generally amortized over four to five years. 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. Such charges included one-time 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 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 purchases under the ESPP on a straight-line basis over the service period for the entire award. Recently Adopted Accounting Standards In March 2016, Recently Issued Accounting Standards - Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, 2014-09: The new guidance is effective for fiscal years and interim periods within those annual years beginning after December 15, 2017. The Company will adopt this guidance in its fiscal year beginning May 1, 2018 and expects to apply the modified retrospective method in adopting ASU 2014-09. The Company has completed its initial evaluation of the impact of ASU 2014-09 non-executive non-executive 2014-09 2014-09, 2014-09 No. 2014-09 In February 2016, the FASB issued guidance on accounting for leases that generally requires all leases to be recognized on the consolidated balance sheet. The provisions of the guidance are effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. The Company plans to adopt this guidance in fiscal year beginning May 1, 2019. The provisions of the guidance are to be applied using a modified retrospective approach. The Company is still evaluating the effect this guidance will have on the consolidated financial statements. Based on our initial assessment, the Company expects that upon adoption it will report an increase in assets and liabilities on our consolidated balance sheet as a result of recognizing right-of-use In August 2016, the FASB issued guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance provides clarification on specific cash flow issues regarding presentation and classification in the statement of cash flows with the objective of reducing the existing diversity in practice. The amendments in this update are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company plans to adopt this guidance in its fiscal year beginning May 1, 2018. The provisions of the guidance are to be applied using a retrospective transition method. The adoption of this guidance is not anticipated to have a material impact on the consolidated financial statements. In January 2017, the FASB issued guidance that clarifies the definition of a business. The new guidance assists a company when evaluating whether transactions should be accounted for as acquisitions (disposals) of assets or businesses. The provisions of the guidance require that if the fair value of the gross assets acquired (or disposed of) is substantially concentrated in a single identifiable asset or a group of similar identifiable assets, then it is not a business. The provisions of the guidance are effective for annual years beginning after December 15, 2017, including interim periods, with early adoption permitted. The Company plans to adopt this guidance in its fiscal year beginning May 1, 2018. The provisions of the guidance are to be applied prospectively. The adoption of this guidance is not anticipated to have a material impact on the consolidated financial statements. In January 2017, the FASB issued guidance simplifying the test for goodwill impairment. The new guidance simplifies the test for goodwill impairment by removing Step 2 from the goodwill impairment test. Companies will now perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value not to exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments of this standard are effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. The Company is evaluating the adoption timeline and the effects that the standard will have on the consolidated financial statements. In March 2017, the FASB issued guidance that changes the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance will change the presentation of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost will be included within the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost will be presented separately outside of operating income. Additionally, only service costs may be capitalized in assets. The amendments of this standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company will adopt this guidance in its fiscal year beginning May 1, 2018. The adoption of this standard is not anticipated to have a material impact on the consolidated financial statements. In May 2017, the FASB issued guidance clarifying the scope of modification accounting for stock compensation. The new standard provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. The Company will adopt this guidance in its fiscal year beginning May 1, 2018. The Company is currently evaluating the impact of adopting this guidance. In August 2017, the FASB issued guidance amending and simplifying accounting for hedging activities. The new guidance will refine and expand strategies that qualify for hedge accounting and simplify the application of hedge accounting in certain situations. The amendments of this standard are effective for fiscal years beginning after December 15, 2018. The Company will adopt this guidance in its fiscal year beginning May 1, 2019. The Company is currently evaluating the impact of adopting this guidance. In February 2018, the FASB issued ASU 2018-02

Basic and Diluted Earnings Per

Basic and Diluted Earnings Per Share	9 Months Ended
	Jan. 31, 2018
Basic and Diluted Earnings Per Share	2. Basic and Diluted Earnings Per Share Accounting Standards Codification 260, Earnings Per Share non-forfeitable non-forfeitable two-class two-class two-class Basic earnings per common share was computed using the two-class two-class in-the-money During the three and nine months ended January 31, 2018, restricted stock awards of 0.6 million were outstanding, but not included in the computation of diluted earnings per share because they were anti-dilutive. During the three and nine months ended January 31, 2017, restricted stock awards of 0.5 million and 0.6 million were outstanding, respectively, 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 January 31, Nine Months Ended January 31, 2018 2017 2018 2017 (in the thousands, except per share data) Net income attributable to Korn/Ferry International $ 27,247 $ 23,897 $ 92,619 $ 57,257 Less: distributed and undistributed earnings to nonvested restricted stockholders 295 227 982 505 Basic net earnings attributable to common stockholders 26,952 23,670 91,637 56,752 Add: undistributed earnings to nonvested restricted stockholders 235 172 804 356 Less: reallocation of undistributed earnings to nonvested restricted stockholders 232 171 793 353 Diluted net earnings attributable to common stockholders $ 26,955 $ 23,671 $ 91,648 $ 56,755 Weighted-average common shares outstanding: Basic weighted-average number of common shares outstanding 55,252 56,173 55,479 56,325 Effect of dilutive securities: Restricted stock 738 505 744 540 Stock options 3 20 6 24 ESPP 4 4 7 28 Diluted weighted-average number of common shares outstanding 55,997 56,702 56,236 56,917 Net earnings per common share: Basic earnings per share $ 0.49 $ 0.42 $ 1.65 $ 1.01 Diluted earnings per share $ 0.48 $ 0.42 $ 1.63 $ 1.00

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Jan. 31, 2018
Stockholders' Equity	3. Stockholders’ Equity The following table summarizes the changes in stockholders’ equity for the three months ended January 31, 2018: Total Korn/Ferry Noncontrolling Total (in thousands) Balance as of October 31, 2017 $ 1,132,014 $ 2,709 $ 1,134,723 Comprehensive income (loss): Net income 27,247 180 27,427 Foreign currency translation adjustments 17,793 46 17,839 Deferred compensation and pension plan adjustments, net of tax 361 — 361 Unrealized gain on interest rate swap, net of tax 1,077 — 1,077 Dividends paid to shareholders (5,705 ) — (5,705 ) Purchase of stock (3,503 ) — (3,503 ) Issuance of stock 3,412 — 3,412 Stock-based compensation 5,263 — 5,263 Balance as of January 31, 2018 $ 1,177,959 $ 2,935 $ 1,180,894 The following table summarizes the changes in stockholders’ equity for the nine months ended January 31, 2018: Total Korn/Ferry Noncontrolling Total (in thousands) Balance as of April 30, 2017 $ 1,083,439 $ 3,609 $ 1,087,048 Comprehensive income (loss): Net income 92,619 969 93,588 Foreign currency translation adjustments 29,858 (85 ) 29,773 Deferred compensation and pension plan adjustments, net of tax 1,065 — 1,065 Unrealized gain on interest rate swap, net of tax 1,470 — 1,470 Dividends paid to shareholders (17,242 ) — (17,242 ) Dividends paid to noncontrolling interest — (1,558 ) (1,558 ) Purchase of stock (36,225 ) — (36,225 ) Issuance of stock 7,998 — 7,998 Stock-based compensation 14,977 — 14,977 Balance as of January 31, 2018 $ 1,177,959 $ 2,935 $ 1,180,894 The following table summarizes the changes in stockholders’ equity for the three months ended January 31, 2017: Total Korn/Ferry Noncontrolling Total (in thousands) Balance as of October 31, 2016 $ 1,050,553 $ 3,591 $ 1,054,144 Comprehensive income (loss): Net income 23,897 481 24,378 Foreign currency translation adjustments (1,321 ) (262 ) (1,583 ) Deferred compensation and pension plan adjustments, net of tax 465 — 465 Dividends paid to shareholders (5,796 ) — (5,796 ) Dividends paid to noncontrolling interest — (1,229 ) (1,229 ) Purchase of stock (9,578 ) — (9,578 ) Issuance of stock 2,778 — 2,778 Stock-based compensation 4,406 — 4,406 Tax benefit from exercise of stock options and vesting of restricted stock 17 — 17 Balance as of January 31, 2017 $ 1,065,421 $ 2,581 $ 1,068,002 The following table summarizes the changes in stockholders’ equity for the nine months ended January 31, 2017: Total Korn/Ferry Noncontrolling Total (in thousands) Balance as of April 30, 2016 $ 1,045,300 $ 2,001 $ 1,047,301 Comprehensive income (loss): Net income 57,257 2,245 59,502 Foreign currency translation adjustments (19,580 ) (436 ) (20,016 ) Deferred compensation and pension plan adjustments, net of tax 1,392 — 1,392 Dividends paid to shareholders (17,546 ) — (17,546 ) Dividends paid to noncontrolling interest — (1,229 ) (1,229 ) Purchase of stock (20,695 ) — (20,695 ) Issuance of stock 5,746 — 5,746 Stock-based compensation 13,497 — 13,497 Tax benefit from exercise of stock options and vesting of restricted stock 50 — 50 Balance as of January 31, 2017 $ 1,065,421 $ 2,581 $ 1,068,002

Comprehensive Income

Comprehensive Income	9 Months Ended
	Jan. 31, 2018
Comprehensive Income	4. 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 income (loss), net of taxes, is recorded as a component of stockholders’ equity. The components of accumulated other comprehensive income (loss), net were as follows: January 31, 2018 April 30, 2017 (in thousands) Foreign currency translation adjustments $ (25,501 ) $ (55,359 ) Deferred compensation and pension plan adjustments, net of tax (14,062 ) (15,127 ) Interest rate swap unrealized gain (loss), net of taxes 892 (578 ) Accumulated other comprehensive loss, net $ (38,671 ) $ (71,064 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the three months ended January 31, 2018: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of October 31, 2017 $ (43,294 ) $ (14,423 ) $ (185 ) $ (57,902 ) Unrealized gains arising during the period 17,793 — 973 18,766 Reclassification of realized net losses to net income — 361 104 465 Balance as of January 31, 2018 $ (25,501 ) $ (14,062 ) $ 892 $ (38,671 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the nine months ended January 31, 2018: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of April 30, 2017 $ (55,359 ) $ (15,127 ) $ (578 ) $ (71,064 ) Unrealized gains arising during the period 29,858 — 1,061 30,919 Reclassification of realized net losses to net income — 1,065 409 1,474 Balance as of January 31, 2018 $ (25,501 ) $ (14,062 ) $ 892 $ (38,671 ) (1) The tax effect on the reclassifications of realized net losses was $0.2 million and $0.7 million for the three and nine months ended January 31, 2018, respectively. (2) The tax effect on unrealized gains was $0.6 million and $0.6 million for the three and nine months ended January 31, 2018, respectively. The tax effect on the reclassification of realized net losses to net income was $0.1 million and $0.3 million for the three and nine months ended January 31, 2018, respectively. The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the three months ended January 31, 2017: Foreign Deferred Accumulated (in thousands) Balance as of October 31, 2016 $ (54,598 ) $ (20,645 ) $ (75,243 ) Unrealized losses arising during the period (1,321 ) — (1,321 ) Reclassification of realized net losses to net income — 465 465 Balance as of January 31, 2017 $ (55,919 ) $ (20,180 ) $ (76,099 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the nine months ended January 31, 2017: Foreign Deferred Accumulated (in thousands) Balance as of April 30, 2016 $ (36,339 ) $ (21,572 ) $ (57,911 ) Unrealized losses arising during the period (19,580 ) — (19,580 ) Reclassification of realized net losses to net income — 1,392 1,392 Balance as of January 31, 2017 $ (55,919 ) $ (20,180 ) $ (76,099 ) (1) The tax effect on the reclassifications of realized net losses was $0.3 million and $0.9 million for the three and nine months ended January 31, 2017, respectively.

Employee Stock Plans

Employee Stock Plans	9 Months Ended
	Jan. 31, 2018
Employee Stock Plans	5. 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 January 31, Nine Months Ended January 31, 2018 2017 2018 2017 (in thousands) Restricted stock $ 5,263 $ 4,406 $ 14,977 $ 13,497 ESPP 254 175 823 604 Total stock-based compensation expense, pre-tax 5,517 4,581 15,800 14,101 Tax benefit from stock-based compensation expense (2,750 ) (1,111 ) (5,798 ) (3,778 ) Total stock-based compensation expense, net of tax $ 2,767 $ 3,470 $ 10,002 $ 10,323 Stock Incentive Plans At the Company’s 2016 Annual Meeting of Stockholders, held on October 6, 2016, the Company’s stockholders approved an amendment and restatement to the Korn/Ferry International Amended and Restated 2008 Stock Incentive Plan (the 2016 amendment and restatement being “The Third A&R 2008 Plan”), which among other things, increased the number of shares under the plan by 5,500,000 shares, increasing the current maximum number of shares that may be issued under the plan to 11,200,000 shares, subject to certain changes in the Company’s capital structure and other extraordinary events. The Third 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 stock or a combination thereof. Under the Third A&R 2008 Plan, the ability to issue full-value awards is limited by requiring full-value stock awards to count 2.3 times as much as stock options. Restricted Stock The Company grants time-based restricted stock awards to executive officers and other senior employees generally vesting over a 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 is determined by using extensive market data that is 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. 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 the Company takes into account these estimates when calculating the expense for the period. Restricted stock activity during the nine months ended January 31, 2018 is summarized below: Shares Weighted- (in thousands, except per share data) Non-vested, 1,581 $ 29.74 Granted 623 $ 37.46 Vested (419 ) $ 26.01 Forfeited (68 ) $ 33.28 Non-vested, 1,717 $ 33.31 As of January 31, 2018, there were 0.7 million shares and 0.2 million shares outstanding relating to market-based and performance-based restricted stock units, respectively, with total unrecognized compensation totaling $9.9 million and $4.3 million, respectively. As of January 31, 2018, there was $35.1 million of total unrecognized compensation cost related to all non-vested 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. During the three and nine months ended January 31, 2018, employees purchased 82,464 shares at $35.17 per share and 198,749 shares at $31.77 per share, respectively. During the three and nine months ended January 31, 2017, employees purchased 93,130 shares at $25.01 per share and 207,141 shares at $20.93 per share, respectively. As of January 31, 2018, the ESPP had approximately 1.1 million shares remaining available for future issuance. Common Stock During the nine months ended January 31, 2018, the Company issued 41,075 shares of common stock, as a result of the exercise of stock options, with cash proceeds from the exercise of $0.6 million. No stock options were exercised during the three months ended January 31, 2018. During the three and nine months ended January 31, 2017, the Company issued 2,510 shares and 46,600 shares of common stock, respectively, as a result of the exercise of stock options, with cash proceeds from the exercise of $0.03 million and $0.6 million, respectively. During the three and nine months ended January 31, 2018, the Company repurchased (on the open market) 80,800 shares and 974,079 shares of the Company’s common stock for $3.3 million and $32.6 million, respectively. During the three and nine months ended January 31, 2017, the Company repurchased (on the open market) 383,598 shares and 719,098 shares of the Company’s common stock for $9.4 million and $16.3 million, respectively.

Financial Instruments

Financial Instruments	9 Months Ended
	Jan. 31, 2018
Financial Instruments	6. Financial Instruments The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2018 and April 30, 2017: January 31, 2018 Fair Value Measurement Balance Sheet Classification Cost Unrealized Unrealized Fair Value Cash and Marketable Marketable Non-current Income Other (in thousands) Level 1: Cash $ 388,962 $ — $ — $ 388,962 $ 388,962 $ — $ — $ — $ — Money market funds 1,028 — — 1,028 1,028 — — — — Mutual funds (1) 124,202 15,489 (688 ) 139,003 — 14,807 124,196 — — Total $ 514,192 $ 15,489 $ (688 ) $ 528,993 $ 389,990 $ 14,807 $ 124,196 $ — $ — Level 2: Foreign currency forward contracts $ — $ 814 $ (1,992 ) $ (1,178 ) $ — $ — $ — $ 78 $ (1,256 ) Interest rate swap $ — $ 1,390 $ — $ 1,390 $ — $ — $ — $ 1,390 $ — April 30, 2017 Fair Value Measurement Balance Sheet Classification Cost Unrealized Unrealized Fair Value Cash and Marketable Marketable Non-current Income Other (in thousands) Level 1: Cash $ 409,824 $ — $ — $ 409,824 $ 409,824 $ — $ — $ — $ — Money market funds 1,058 — — 1,058 1,058 — — — — Mutual funds (1) 113,818 6,697 (578 ) 119,937 — 4,363 115,574 — — Total $ 524,700 $ 6,697 $ (578 ) $ 530,819 $ 410,882 $ 4,363 $ 115,574 $ — $ — Level 2: Foreign currency forward contracts $ — $ 129 $ (846 ) $ (717 ) $ — $ — $ — $ — $ (717 ) Interest rate swap $ — $ — $ (947 ) $ (947 ) $ — $ — $ — $ — $ (947 ) (1) These investments are held in trust for settlement of the Company’s vested obligations of $122.3 million and $99.5 million as of January 31, 2018 and April 30, 2017, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans Investments in marketable securities classified as trading are based upon employee elections from a pre-determined Designated Derivatives - Interest Rate Swap Agreement In March 2017, the Company entered into an interest rate swap contract with a notional amount of $129.8 million, to hedge the variability to changes in cash flows attributable to interest rate risks caused by changes in interest rates related to its variable rate debt. The Company has designated the swap as a cash flow hedge. The notional amount will be amortized so that the amount is always half of the principal balance of the debt outstanding. As of January 31, 2018, the notional amount was $122.0 million. The interest rate swap agreement matures on June 15, 2021 and locks the interest rates on half the debt outstanding at 1.919%, exclusive of the credit spread on the debt. The fair value of the derivative designated as a cash flow hedge instrument is as follows: January 31, 2018 April 30, 2017 (in thousands) Derivative asset: Interest rate swap contract $ 1,390 $ — Derivative liability: Interest rate swap contract $ — $ 947 During the three and nine months ended January 31, 2018, the Company recognized the following gains and losses on the interest rate swap: Three Months Nine Months January 31, 2018 (in thousands) Gains recognized in other comprehensive income (net of tax effects of $553 and $609, respectively) $ 973 $ 1,061 Losses reclassified from accumulated other comprehensive income into interest expense, net $ 167 $ 667 As the critical terms of the hedging instrument and the hedged forecasted transaction are the same, the Company has concluded that the changes in the fair value or cash flows attributable to the risk being hedged are expected to completely offset at inception and on an ongoing basis. We estimate that the amount included in accumulated other comprehensive income as of January 31, 2018 that will be reclassified into interest expense, net within the following 12 months is less than $0.1 million in income. The cash flows related to the interest rate swap contract are included in net cash provided by operating activities. Non-Designated The fair value of derivatives not designated as hedge instruments are as follows: January 31, 2018 April 30, 2017 (in thousands) Derivative assets: Total gross amount of foreign currency forward contracts $ 814 $ — Gross derivatives offset on the balance sheet (1) (736 ) — Net amounts presented on the balance sheet $ 78 $ — Derivative liabilities: Total gross amount of foreign currency forward contracts $ 1,992 $ 846 Gross derivatives offset on the balance sheet (1) (736 ) (129 ) Net amounts presented on the balance sheet $ 1,256 $ 717 (1) These amounts represent the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement exists and fair value of adjustments related to our counterparty credit risk. As of January 31, 2018, the total notional amounts of the forward contracts purchased and sold were $19.7 million and $57.2 million, respectively. As of April 30, 2017, the total notional amounts of the forward contracts purchased and sold were $19.4 million and $70.0 million, respectively. During the three and nine months ended January 31, 2018, the Company incurred losses of $1.9 million and $4.2 million, respectively, related to forward contracts which is recorded in general and administrative expenses in the accompanying consolidated statements of income. These losses offset foreign currency gains that result from transactions denominated in a currency other than the Company’s functional currency. During the three and nine months ended January 31, 2017, the Company incurred gains of $1.1 million and $1.3 million, respectively, related to forward contracts. These gains offset foreign currency losses that result from transactions denominated in a currency other than the Company’s functional currency. The cash flows related to foreign currency forward contracts are included in net cash used in operating activities.

Deferred Compensation and Retir

Deferred Compensation and Retirement Plans	9 Months Ended
	Jan. 31, 2018
Deferred Compensation and Retirement Plans	7. 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. Among these plans is a defined benefit pension plan for certain Hay Group employees in the United States. The assets of this plan are held separately from the assets of the sponsors in self-administered funds. The plan is funded consistent with local statutory requirements. All other defined benefit obligations from other plans are unfunded. The components of net periodic benefit costs are as follows: Three Months Ended January 31, Nine Months Ended January 31, 2018 2017 2018 2017 (in thousands) Service cost $ 3,235 $ 1,793 $ 8,526 $ 3,981 Interest cost 958 1,062 2,876 3,185 Amortization of actuarial loss 577 763 1,731 2,289 Expected return on plan assets (1) (398 ) (389 ) (1,195 ) (1,169 ) Net periodic benefit costs $ 4,372 $ 3,229 $ 11,938 $ 8,286 (1) The expected long-term rate of return on plan assets is 6.50% for January 31, 2018 and 2017. 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 $185.0 million and $180.3 million as of January 31, 2018 and April 30, 2017, respectively, is offset by outstanding policy loans of $66.8 million and $67.2 million in the accompanying consolidated balance sheets as of January 31, 2018 and April 30, 2017, respectively. The CSV value of the underlying COLI investments increased by $1.8 million and $6.0 million during the three and nine months ended January 31, 2018, respectively, and is recorded as a decrease in compensation and benefits expense in the accompanying consolidated statements of income. The CSV value of the underlying COLI investments increased by $0.1 million and $3.3 million during the three and nine months ended January 31, 2017, respectively, and is recorded as a decrease in compensation and benefits expense in the accompanying consolidated statements of income. The Company’s ECAP is intended to provide certain employees an opportunity to defer salary and/or bonus on a pre-tax 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 nine months ended January 31, 2018, deferred compensation liability increased; therefore, the Company recognized an increase in compensation expense of $7.2 million and $14.4 million, 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 the ECAP) of $7.2 million and $14.0 million during the three and nine months ended January 31, 2018, respectively, recorded in other income, net on the consolidated statements of income. During the three and nine months ended January 31, 2017, deferred compensation liability increased; therefore, the Company recognized an increase in compensation expense of $4.1 million and $6.7 million, 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 the ECAP) of $3.9 million and $7.1 million during the three and nine months ended January 31, 2017, respectively, recorded in other income, net on the consolidated statements of income (see Note 6 — Financial Instruments

Restructuring Charges, Net

Restructuring Charges, Net	9 Months Ended
	Jan. 31, 2018
Restructuring Charges, Net	8. Restructuring Charges, Net During fiscal 2016, the Company implemented a restructuring plan in order to rationalize its cost structure by eliminating redundant positions and consolidating office space due to the acquisition of Legacy Hay on December 1, 2015. The Company continued the implementation of the fiscal 2016 restructuring plan in fiscal 2018 in order to integrate the Hay Group entities that were acquired in fiscal 2016 by consolidating premises. Changes in the restructuring liability during the three months ended January 31, 2018 are as follows: Severance Facilities Total (in thousands) Liability as of October 31, 2017 $ 1,541 $ 4,716 $ 6,257 Reductions for cash payments (231 ) (1,063 ) (1,294 ) Exchange rate fluctuations 123 55 178 Liability as of January 31, 2018 $ 1,433 $ 3,708 $ 5,141 Changes in the restructuring liability during the nine months ended January 31, 2018 are as follows: Severance Facilities Total (in thousands) Liability as of April 30, 2017 $ 5,341 $ 8,354 $ 13,695 Restructuring charges, net — 78 78 Reductions for cash payments (4,178 ) (5,328 ) (9,506 ) Exchange rate fluctuations 270 604 874 Liability as of January 31, 2018 $ 1,433 $ 3,708 $ 5,141 As of January 31, 2018 and April 30, 2017, the restructuring liability is included in the current portion of other accrued liabilities on the consolidated balance sheets, except for $1.6 million and $4.6 million, respectively, of facilities costs which primarily relate to commitments under operating leases, net of sublease income, which are included in other long-term liabilities. The restructuring liability by segment is summarized below: January 31, 2018 Severance Facilities Total (in thousands) Executive Search North America $ — $ 262 $ 262 Asia Pacific — 5 5 Total Executive Search — 267 267 Hay Group 1,433 3,340 4,773 Futurestep — 101 101 Liability as of January 31, 2018 $ 1,433 $ 3,708 $ 5,141 April 30, 2017 Severance Facilities Total (in thousands) Executive Search North America $ 134 $ 250 $ 384 Europe, Middle East and Africa (“EMEA”) 393 — 393 Asia Pacific — 6 6 Latin America — 87 87 Total Executive Search 527 343 870 Hay Group 4,814 7,879 12,693 Futurestep — 132 132 Liability as of April 30, 2017 $ 5,341 $ 8,354 $ 13,695

Business Segments

Business Segments	9 Months Ended
	Jan. 31, 2018
Business Segments	9. Business Segments The Company currently operates in three global businesses: Executive Search, Hay Group and Futurestep. The Executive Search segment focuses on recruiting Board of Director and C-level The Company evaluates performance and allocates resources based on the Company’s chief operating decision maker’s 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, net, integration/acquisition costs, certain separation costs and certain non-cash write-off Financial highlights by business segment are as follows: Three Months Ended January 31, 2018 Executive Search North EMEA Asia Pacific Latin Subtotal Hay Group Futurestep Corporate Consolidated (in thousands) Fee revenue $ 102,716 $ 46,782 $ 24,493 $ 6,425 $ 180,416 $ 198,056 $ 69,109 $ — $ 447,581 Total revenue $ 106,332 $ 47,763 $ 24,942 $ 6,456 $ 185,493 $ 201,961 $ 73,316 $ — $ 460,770 Net income attributable to Korn/Ferry International $ 27,247 Net income attributable to noncontrolling interest 180 Other income, net (7,689 ) Interest expense, net 2,665 Equity in earnings of unconsolidated (97 ) Income tax provision 26,316 Operating income (loss) $ 21,313 $ 7,329 $ 5,289 $ 408 $ 34,339 $ 27,079 $ 10,056 $ (22,852 ) 48,622 Depreciation and 990 458 361 113 1,922 7,882 733 1,688 12,225 Other income, net 585 37 185 40 847 370 2 6,470 7,689 Equity in earnings of unconsolidated 97 — — — 97 — — — 97 EBITDA 22,985 7,824 5,835 561 37,205 35,331 10,791 (14,694 ) 68,633 Integration/acquisition — — — — — 1,593 — 80 1,673 Adjusted EBITDA $ 22,985 $ 7,824 $ 5,835 $ 561 $ 37,205 $ 36,924 $ 10,791 $ (14,614 ) $ 70,306 Three Months Ended January 31, 2017 Executive Search North EMEA Asia Pacific Latin Subtotal Hay Group Futurestep Corporate Consolidated (in thousands) Fee revenue $ 84,827 $ 39,147 $ 21,012 $ 7,835 $ 152,821 $ 175,662 $ 53,435 $ — $ 381,918 Total revenue $ 87,975 $ 39,965 $ 21,336 $ 7,856 $ 157,132 $ 178,962 $ 58,101 $ — $ 394,195 Net income attributable to Korn/Ferry International $ 23,897 Net income attributable to noncontrolling interest 481 Other income, net (4,200 ) Interest expense, net 2,402 Equity in earnings of unconsolidated (113 ) Income tax provision 8,075 Operating income (loss) $ 17,718 $ 8,175 $ 2,086 $ 1,352 $ 29,331 $ 15,988 $ 6,549 $ (21,326 ) 30,542 Depreciation and 996 226 268 (21 ) 1,469 8,061 789 1,455 11,774 Other income (loss), net 316 19 60 61 456 122 (2 ) 3,624 4,200 Equity in earnings of unconsolidated 113 — — — 113 — — — 113 EBITDA 19,143 8,420 2,414 1,392 31,369 24,171 7,336 (16,247 ) 46,629 Restructuring charges, net — — 893 309 1,202 2,519 80 — 3,801 Integration/acquisition — — — — — 3,364 — 1,466 4,830 Adjusted EBITDA $ 19,143 $ 8,420 $ 3,307 $ 1,701 $ 32,571 $ 30,054 $ 7,416 $ (14,781 ) $ 55,260 Nine Months Ended January 31, 2018 Executive Search North EMEA Asia Pacific Latin Subtotal Hay Group Futurestep Corporate Consolidated (in thousands) Fee revenue $ 296,093 $ 128,249 $ 71,983 $ 22,048 $ 518,373 $ 577,462 $ 196,018 $ — $ 1,291,853 Total revenue $ 305,866 $ 130,894 $ 73,009 $ 22,114 $ 531,883 $ 589,093 $ 210,179 $ — $ 1,331,155 Net income attributable to Korn/Ferry International $ 92,619 Net income attributable to noncontrolling interest 969 Other income, net (14,847 ) Interest expense, net 7,904 Equity in earnings of unconsolidated (187 ) Income tax provision 54,145 Operating income (loss) $ 66,253 $ 20,349 $ 12,811 $ 2,961 $ 102,374 $ 72,532 $ 27,702 $ (62,005 ) 140,603 Depreciation and 2,923 1,345 1,052 331 5,651 24,110 2,313 4,807 36,881 Other income, net 1,157 136 384 99 1,776 459 10 12,602 14,847 Equity in earnings of unconsolidated 187 — — — 187 — — — 187 EBITDA 70,520 21,830 14,247 3,391 109,988 97,101 30,025 (44,596 ) 192,518 Restructuring charges (recoveries), net — — 313 — 313 (241 ) 6 — 78 Integration/acquisition — — — — — 6,455 — 199 6,654 Adjusted EBITDA $ 70,520 $ 21,830 $ 14,560 $ 3,391 $ 110,301 $ 103,315 $ 30,031 $ (44,397 ) $ 199,250 Nine Months Ended January 31, 2017 Executive Search North EMEA Asia Pacific Latin Subtotal Hay Group Futurestep Corporate Consolidated (in thousands) Fee revenue $ 259,361 $ 109,296 $ 60,108 $ 26,645 $ 455,410 $ 539,086 $ 164,960 $ — $ 1,159,456 Deferred revenue — — — — — 3,535 — — 3,535 Adjusted fee revenue $ 259,361 $ 109,296 $ 60,108 $ 26,645 $ 455,410 $ 542,621 $ 164,960 — $ 1,162,991 Total revenue $ 269,302 $ 111,721 $ 61,445 $ 26,766 $ 469,234 $ 552,822 $ 180,026 $ — $ 1,202,082 Net income attributable to Korn/Ferry International $ 57,257 Net income attributable to noncontrolling interest 2,245 Other income, net (7,580 ) Interest expense, net 8,199 Equity in earnings of (221 ) Income tax provision 21,706 Operating income (loss) $ 60,458 $ 21,049 $ 6,216 $ 5,966 $ 93,689 $ 31,188 $ 21,849 $ (65,120 ) 81,606 Depreciation and 2,816 666 757 267 4,506 24,102 2,081 4,281 34,970 Other income (loss), net 512 (37 ) 171 158 804 346 (4 ) 6,434 7,580 Equity in earnings of 221 — — — 221 — — — 221 EBITDA 64,007 21,678 7,144 6,391 99,220 55,636 23,926 (54,405 ) 124,377 Restructuring charges, net 1,706 128 1,515 669 4,018 24,007 80 216 28,321 Integration/acquisition — — — — — 11,993 — 6,684 18,677 Deferred revenue — — — — — 3,535 — — 3,535 Adjusted EBITDA $ 65,713 $ 21,806 $ 8,659 $ 7,060 $ 103,238 $ 95,171 $ 24,006 $ (47,505 ) $ 174,910

Long-Term Debt

Long-Term Debt	9 Months Ended
	Jan. 31, 2018
Long-Term Debt	10. Long-Term Debt On June 15, 2016, the Company entered into a senior secured $400 million Credit Agreement (the “Credit Agreement”) with a syndicate of banks and Wells Fargo Bank, National Association as administrative agent. The Credit Agreement provides for, among other things: (a) a senior secured term loan facility in an aggregate principal amount of $275 million (the “Term Facility”), (b) a senior secured revolving credit facility (the “Revolver” and together with the Term Facility, the “Credit Facilities”) in an aggregate principal amount of $125 million, (c) annual term loan amortization of 7.5%, 7.5%, 10.0%, 10.0% and 10.0%, with the remaining principal due at maturity, (d) certain customary affirmative and negative covenants, including a maximum consolidated total leverage ratio (as defined below) and a minimum interest coverage ratio and (e) an expanded definition of permitted add-backs pay-off At the Company’s option, loans issued under the Credit Agreement will bear interest at either 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 LIBOR plus 1.25% per annum to LIBOR plus 2.00% per annum, in the case of LIBOR borrowings (or between the alternate base rate plus 0.25% per annum and the alternate base rate plus 1.00% 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 lenders a quarterly fee ranging from 0.20% to 0.35% per annum on the average daily unused amount of the Term Facility, based upon the Company’s consolidated leverage ratio at such time and fees relating to the issuance of letters of credit. During the three and nine months ended January 31, 2018, the average rate on the Term Facility was 2.65% and 2.49%, respectively. During the three and nine months ended January 31, 2017, the average rate on the Term Facility was 2.06% and 2.29%, respectively. Both the Revolver and the Term Facility mature on June 15, 2021 and may be prepaid and terminated early by the Company at any time without premium or penalty (subject to customary LIBOR breakage fees). The Term Facility is payable in quarterly installments with principal payments totalling $15.5 million made during the nine months ended January 31, 2018. As of January 31, 2018, $244.1 million was outstanding under the Term Facility compared to $259.5 million as of April 30, 2017. The current and long-term portion of unamortized debt issuance costs associated with the long-term debt, was $2.9 million and $3.5 million as of January 31, 2018 and April 30, 2017, respectively. The fair value of the Company’s Term Facility is based on borrowing rates currently required of loans with similar terms, maturity and credit risk. The carrying amount of the Term Facility approximates fair value because the base interest rate charged varies with market conditions and the credit spread is commensurate with current market spreads for issuers of similar risk. The fair value of the Term Facility is classified as a Level 2 liability in the fair value hierarchy. As of January 31, 2018, the Company was in compliance with its debt covenants. As of January 31, 2018 and April 30, 2017, the Company had no borrowings under the Revolver. The Company had $2.9 million and $3.0 million of standby letters of credits issued under its long-term debt arrangements as of January 31, 2018 and April 30, 2017, respectively. The Company had a total of $7.3 million and $8.1 million of standby letters of credits with other financial institutions as of January 31, 2018 and April 30, 2017, respectively. The standby letters of credits were generally issued as a result of entering into office premise leases.

Income Taxes

Income Taxes	9 Months Ended
	Jan. 31, 2018
Income Taxes	11. Income Taxes The current fiscal year effective tax rate was significantly impacted by the December 22, 2017 enactment of the Tax Act into law in the United States. The most significant impacts of the Tax Act on the Company include (1) a reduction in the U.S. corporate federal statutory income tax rate from 35.0% to 21.0% effective January 1, 2018, and (2) a one-time year-end As a result of the enactment of the Tax Act, the Company recorded a provisional tax charge of $16.3 million for the Transition Tax and a provisional tax benefit of $5.8 million from the remeasurement of our U.S. federal deferred tax assets and liabilities at the rate at which we expect these deferred tax balances to be realized (30.4% in fiscal 2018 and 21.0% thereafter). The amounts recorded as a result of the enactment of the Tax Act, specifically the impact of the Transition Tax and the remeasurement of deferred tax balances, are provisional estimates. Additional information and analysis are required to finalize the impact that the Tax Act will have on our financial results, including the final determination of foreign cash and other specified assets at the end of fiscal 2018, refinement of the computation of foreign subsidiaries earnings and the final determination of deferred tax balances subject to remeasurement. Additionally, anticipated future guidance from the Internal Revenue Service, state tax agencies, the Financial Accounting Standards Board and the Securities and Exchange Commission could result in changes to these provisional amounts. The Company will continue to appropriately refine these amounts within the measurement period allowed by Staff Accounting Bulletin (“SAB”) No.118, which will be completed no later than December 22, 2018.

Subsequent Events

Subsequent Events	9 Months Ended
	Jan. 31, 2018
Subsequent Events	12. Subsequent Events Quarterly Dividend Declaration On March 5, 2018, the Board of Directors of the Company declared a cash dividend of $0.10 per share with a payment date of April 13, 2018 to holders of the Company’s common stock of record at the close of business on March 26, 2018. The declaration and payment of future dividends under the quarterly dividend policy will be at the discretion of the Board of Directors and will depend upon many factors, including the Company’s earnings, capital requirements, financial conditions, the terms of the Company’s indebtedness and other factors that the Board of Directors may deem to be relevant. The Board may amend, revoke or suspend the dividend policy at any time and for any reason.

Organization and Summary of S19

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jan. 31, 2018
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 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 has control of a Mexico subsidiary and consolidates the operations of this subsidiary. Noncontrolling interest, which represents the Company’s 51% noncontrolling interest in the Mexico subsidiary, is reflected on the Company’s consolidated financial statements. 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 search performed on a retained basis, recruitment for non-executive non-executive one-third non-executive non-executive Depending on the timing of billings and services rendered, the Company accrues or defers revenue as appropriate. Hay Group revenue is also derived from the sale of product 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 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 January 31, 2018 and April 30, 2017, the Company included deferred revenue of $110.9 million and $95.8 million, respectively, in other accrued liabilities.
Reimbursements	Reimbursements The Company incurs certain out-of-pocket
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 January 31, 2018 and April 30, 2017, the Company’s investments in cash equivalents consist of money market funds for which market prices are readily available.
Marketable Securities	Marketable Securities The Company currently has investments in mutual funds that are classified as trading securities based upon management’s intent and ability to hold, sell or trade such securities. The classification of the investments in mutual funds is assessed upon purchase and reassessed at each reporting period. The investments in mutual funds (for which market prices are readily available) are held in trust to satisfy obligations under the Company’s deferred compensation plans. Such investments are based upon the employees’ investment elections in their deemed accounts in the Executive Capital Accumulation Plan and similar plans in Asia Pacific and Canada (“ECAP”) from a pre-determined ex-dividend
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 January 31, 2018 and April 30, 2017, 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, marketable securities, foreign currency forward contracts and an interest rate swap. 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 foreign currency forward contracts or the interest rate swap are obtained from a third party, which are based on quoted prices or market prices for similar assets and financial instruments.
Derivative Financial Instruments	Derivative Financial Instruments The Company is exposed to interest rate risk due to the outstanding senior secured credit agreement entered on June 15, 2016. The Company has entered into an interest rate swap agreement to effectively convert its variable debt to a fixed-rate basis. The principal objective of these contracts is to eliminate or reduce the variability of the cash flows in interest payments associated with the Company’s long-term debt, thus reducing the impact of interest rate changes on future interest payment cash flows. The Company has determined that the interest rate swap qualifies as a cash flow hedge in accordance with Accounting Standards Codification 815, Derivatives and Hedging
Foreign Currency Forward Contracts Not Designated as Hedges	Foreign Currency Forward Contracts Not Designated as Hedges The Company has established a program that primarily utilizes foreign currency forward contracts to offset the risks associated with the effects of certain foreign currency exposures. These foreign currency forward contracts are neither used for trading purposes nor are they designated as hedging instruments pursuant to Accounting Standards Codification 815, Derivatives and Hedging
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 noncontrolling 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, 2017, 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. The Company’s annual impairment test will be performed in the fourth quarter of fiscal 2018. There was also no indication of potential impairment as of January 31, 2018 and April 30, 2017 that would have required further testing. Intangible assets primarily consist of customer lists, non-compete
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/profitability metrics for Hay Group and Futurestep consultants), the level of engagements referred by a consultant 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/line of business results including profitability, the achievement of strategic objectives, 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 $155.2 million and $136.2 million during the nine months ended January 31, 2018 and 2017, respectively, included in compensation and benefits expense in the consolidated statements of income. During the three months ended January 31, 2018 and 2017, the performance related bonus expense was $56.8 million and $41.1 million, respectively. 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. Investments and other assets include long-term retention awards that are generally amortized over four to five years.
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. Such charges included one-time
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 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 purchases under the ESPP on a straight-line basis over the service period for the entire award.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In March 2016,
Recently Issued Accounting Standards - Not Yet Adopted	Recently Issued Accounting Standards - Not Yet Adopted In May 2014, the FASB issued ASU 2014-09, 2014-09: The new guidance is effective for fiscal years and interim periods within those annual years beginning after December 15, 2017. The Company will adopt this guidance in its fiscal year beginning May 1, 2018 and expects to apply the modified retrospective method in adopting ASU 2014-09. The Company has completed its initial evaluation of the impact of ASU 2014-09 non-executive non-executive 2014-09 2014-09, 2014-09 No. 2014-09 In February 2016, the FASB issued guidance on accounting for leases that generally requires all leases to be recognized on the consolidated balance sheet. The provisions of the guidance are effective for fiscal years beginning after December 15, 2018 and early adoption is permitted. The Company plans to adopt this guidance in fiscal year beginning May 1, 2019. The provisions of the guidance are to be applied using a modified retrospective approach. The Company is still evaluating the effect this guidance will have on the consolidated financial statements. Based on our initial assessment, the Company expects that upon adoption it will report an increase in assets and liabilities on our consolidated balance sheet as a result of recognizing right-of-use In August 2016, the FASB issued guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance provides clarification on specific cash flow issues regarding presentation and classification in the statement of cash flows with the objective of reducing the existing diversity in practice. The amendments in this update are effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company plans to adopt this guidance in its fiscal year beginning May 1, 2018. The provisions of the guidance are to be applied using a retrospective transition method. The adoption of this guidance is not anticipated to have a material impact on the consolidated financial statements. In January 2017, the FASB issued guidance that clarifies the definition of a business. The new guidance assists a company when evaluating whether transactions should be accounted for as acquisitions (disposals) of assets or businesses. The provisions of the guidance require that if the fair value of the gross assets acquired (or disposed of) is substantially concentrated in a single identifiable asset or a group of similar identifiable assets, then it is not a business. The provisions of the guidance are effective for annual years beginning after December 15, 2017, including interim periods, with early adoption permitted. The Company plans to adopt this guidance in its fiscal year beginning May 1, 2018. The provisions of the guidance are to be applied prospectively. The adoption of this guidance is not anticipated to have a material impact on the consolidated financial statements. In January 2017, the FASB issued guidance simplifying the test for goodwill impairment. The new guidance simplifies the test for goodwill impairment by removing Step 2 from the goodwill impairment test. Companies will now perform the goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount, recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value not to exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments of this standard are effective for goodwill impairment tests in fiscal years beginning after December 15, 2019, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. The Company is evaluating the adoption timeline and the effects that the standard will have on the consolidated financial statements. In March 2017, the FASB issued guidance that changes the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance will change the presentation of net periodic benefit cost related to employer sponsored defined benefit plans and other postretirement benefits. Service cost will be included within the same income statement line item as other compensation costs arising from services rendered during the period, while other components of net periodic benefit pension cost will be presented separately outside of operating income. Additionally, only service costs may be capitalized in assets. The amendments of this standard are effective for fiscal years beginning after December 15, 2017, including interim periods within those years. The Company will adopt this guidance in its fiscal year beginning May 1, 2018. The adoption of this standard is not anticipated to have a material impact on the consolidated financial statements. In May 2017, the FASB issued guidance clarifying the scope of modification accounting for stock compensation. The new standard provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual reporting periods beginning after December 15, 2017, but early adoption is permitted. The Company will adopt this guidance in its fiscal year beginning May 1, 2018. The Company is currently evaluating the impact of adopting this guidance. In August 2017, the FASB issued guidance amending and simplifying accounting for hedging activities. The new guidance will refine and expand strategies that qualify for hedge accounting and simplify the application of hedge accounting in certain situations. The amendments of this standard are effective for fiscal years beginning after December 15, 2018. The Company will adopt this guidance in its fiscal year beginning May 1, 2019. The Company is currently evaluating the impact of adopting this guidance. In February 2018, the FASB issued ASU 2018-02

Basic and Diluted Earnings Pe20

Basic and Diluted Earnings Per Share (Tables)	9 Months Ended
	Jan. 31, 2018
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 January 31, Nine Months Ended January 31, 2018 2017 2018 2017 (in the thousands, except per share data) Net income attributable to Korn/Ferry International $ 27,247 $ 23,897 $ 92,619 $ 57,257 Less: distributed and undistributed earnings to nonvested restricted stockholders 295 227 982 505 Basic net earnings attributable to common stockholders 26,952 23,670 91,637 56,752 Add: undistributed earnings to nonvested restricted stockholders 235 172 804 356 Less: reallocation of undistributed earnings to nonvested restricted stockholders 232 171 793 353 Diluted net earnings attributable to common stockholders $ 26,955 $ 23,671 $ 91,648 $ 56,755 Weighted-average common shares outstanding: Basic weighted-average number of common shares outstanding 55,252 56,173 55,479 56,325 Effect of dilutive securities: Restricted stock 738 505 744 540 Stock options 3 20 6 24 ESPP 4 4 7 28 Diluted weighted-average number of common shares outstanding 55,997 56,702 56,236 56,917 Net earnings per common share: Basic earnings per share $ 0.49 $ 0.42 $ 1.65 $ 1.01 Diluted earnings per share $ 0.48 $ 0.42 $ 1.63 $ 1.00

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Jan. 31, 2018
Summary of Changes in Stockholders' Equity	The following table summarizes the changes in stockholders’ equity for the three months ended January 31, 2018: Total Korn/Ferry Noncontrolling Total (in thousands) Balance as of October 31, 2017 $ 1,132,014 $ 2,709 $ 1,134,723 Comprehensive income (loss): Net income 27,247 180 27,427 Foreign currency translation adjustments 17,793 46 17,839 Deferred compensation and pension plan adjustments, net of tax 361 — 361 Unrealized gain on interest rate swap, net of tax 1,077 — 1,077 Dividends paid to shareholders (5,705 ) — (5,705 ) Purchase of stock (3,503 ) — (3,503 ) Issuance of stock 3,412 — 3,412 Stock-based compensation 5,263 — 5,263 Balance as of January 31, 2018 $ 1,177,959 $ 2,935 $ 1,180,894 The following table summarizes the changes in stockholders’ equity for the nine months ended January 31, 2018: Total Korn/Ferry Noncontrolling Total (in thousands) Balance as of April 30, 2017 $ 1,083,439 $ 3,609 $ 1,087,048 Comprehensive income (loss): Net income 92,619 969 93,588 Foreign currency translation adjustments 29,858 (85 ) 29,773 Deferred compensation and pension plan adjustments, net of tax 1,065 — 1,065 Unrealized gain on interest rate swap, net of tax 1,470 — 1,470 Dividends paid to shareholders (17,242 ) — (17,242 ) Dividends paid to noncontrolling interest — (1,558 ) (1,558 ) Purchase of stock (36,225 ) — (36,225 ) Issuance of stock 7,998 — 7,998 Stock-based compensation 14,977 — 14,977 Balance as of January 31, 2018 $ 1,177,959 $ 2,935 $ 1,180,894 The following table summarizes the changes in stockholders’ equity for the three months ended January 31, 2017: Total Korn/Ferry Noncontrolling Total (in thousands) Balance as of October 31, 2016 $ 1,050,553 $ 3,591 $ 1,054,144 Comprehensive income (loss): Net income 23,897 481 24,378 Foreign currency translation adjustments (1,321 ) (262 ) (1,583 ) Deferred compensation and pension plan adjustments, net of tax 465 — 465 Dividends paid to shareholders (5,796 ) — (5,796 ) Dividends paid to noncontrolling interest — (1,229 ) (1,229 ) Purchase of stock (9,578 ) — (9,578 ) Issuance of stock 2,778 — 2,778 Stock-based compensation 4,406 — 4,406 Tax benefit from exercise of stock options and vesting of restricted stock 17 — 17 Balance as of January 31, 2017 $ 1,065,421 $ 2,581 $ 1,068,002 The following table summarizes the changes in stockholders’ equity for the nine months ended January 31, 2017: Total Korn/Ferry Noncontrolling Total (in thousands) Balance as of April 30, 2016 $ 1,045,300 $ 2,001 $ 1,047,301 Comprehensive income (loss): Net income 57,257 2,245 59,502 Foreign currency translation adjustments (19,580 ) (436 ) (20,016 ) Deferred compensation and pension plan adjustments, net of tax 1,392 — 1,392 Dividends paid to shareholders (17,546 ) — (17,546 ) Dividends paid to noncontrolling interest — (1,229 ) (1,229 ) Purchase of stock (20,695 ) — (20,695 ) Issuance of stock 5,746 — 5,746 Stock-based compensation 13,497 — 13,497 Tax benefit from exercise of stock options and vesting of restricted stock 50 — 50 Balance as of January 31, 2017 $ 1,065,421 $ 2,581 $ 1,068,002

Comprehensive Income (Tables)

Comprehensive Income (Tables)	9 Months Ended
	Jan. 31, 2018
Components of Accumulated Other Comprehensive Income (Loss), Net	The components of accumulated other comprehensive income (loss), net were as follows: January 31, 2018 April 30, 2017 (in thousands) Foreign currency translation adjustments $ (25,501 ) $ (55,359 ) Deferred compensation and pension plan adjustments, net of tax (14,062 ) (15,127 ) Interest rate swap unrealized gain (loss), net of taxes 892 (578 ) Accumulated other comprehensive loss, net $ (38,671 ) $ (71,064 )
Changes in Each Component of Accumulated Other Comprehensive Income (Loss), Net	The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the three months ended January 31, 2018: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of October 31, 2017 $ (43,294 ) $ (14,423 ) $ (185 ) $ (57,902 ) Unrealized gains arising during the period 17,793 — 973 18,766 Reclassification of realized net losses to net income — 361 104 465 Balance as of January 31, 2018 $ (25,501 ) $ (14,062 ) $ 892 $ (38,671 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the nine months ended January 31, 2018: Foreign Deferred Unrealized Accumulated (in thousands) Balance as of April 30, 2017 $ (55,359 ) $ (15,127 ) $ (578 ) $ (71,064 ) Unrealized gains arising during the period 29,858 — 1,061 30,919 Reclassification of realized net losses to net income — 1,065 409 1,474 Balance as of January 31, 2018 $ (25,501 ) $ (14,062 ) $ 892 $ (38,671 ) (1) The tax effect on the reclassifications of realized net losses was $0.2 million and $0.7 million for the three and nine months ended January 31, 2018, respectively. (2) The tax effect on unrealized gains was $0.6 million and $0.6 million for the three and nine months ended January 31, 2018, respectively. The tax effect on the reclassification of realized net losses to net income was $0.1 million and $0.3 million for the three and nine months ended January 31, 2018, respectively. The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the three months ended January 31, 2017: Foreign Deferred Accumulated (in thousands) Balance as of October 31, 2016 $ (54,598 ) $ (20,645 ) $ (75,243 ) Unrealized losses arising during the period (1,321 ) — (1,321 ) Reclassification of realized net losses to net income — 465 465 Balance as of January 31, 2017 $ (55,919 ) $ (20,180 ) $ (76,099 ) The following table summarizes the changes in each component of accumulated other comprehensive income (loss), net for the nine months ended January 31, 2017: Foreign Deferred Accumulated (in thousands) Balance as of April 30, 2016 $ (36,339 ) $ (21,572 ) $ (57,911 ) Unrealized losses arising during the period (19,580 ) — (19,580 ) Reclassification of realized net losses to net income — 1,392 1,392 Balance as of January 31, 2017 $ (55,919 ) $ (20,180 ) $ (76,099 ) (1) The tax effect on the reclassifications of realized net losses was $0.3 million and $0.9 million for the three and nine months ended January 31, 2017, respectively.

Employee Stock Plans (Tables)

Employee Stock Plans (Tables)	9 Months Ended
	Jan. 31, 2018
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 January 31, Nine Months Ended January 31, 2018 2017 2018 2017 (in thousands) Restricted stock $ 5,263 $ 4,406 $ 14,977 $ 13,497 ESPP 254 175 823 604 Total stock-based compensation expense, pre-tax 5,517 4,581 15,800 14,101 Tax benefit from stock-based compensation expense (2,750 ) (1,111 ) (5,798 ) (3,778 ) Total stock-based compensation expense, net of tax $ 2,767 $ 3,470 $ 10,002 $ 10,323
Restricted Stock Activity	Restricted stock activity during the nine months ended January 31, 2018 is summarized below: Shares Weighted- (in thousands, except per share data) Non-vested, 1,581 $ 29.74 Granted 623 $ 37.46 Vested (419 ) $ 26.01 Forfeited (68 ) $ 33.28 Non-vested, 1,717 $ 33.31

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Jan. 31, 2018
Financial Instruments and Balance Sheet Classification	The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2018 and April 30, 2017: January 31, 2018 Fair Value Measurement Balance Sheet Classification Cost Unrealized Unrealized Fair Value Cash and Marketable Marketable Non-current Income Other (in thousands) Level 1: Cash $ 388,962 $ — $ — $ 388,962 $ 388,962 $ — $ — $ — $ — Money market funds 1,028 — — 1,028 1,028 — — — — Mutual funds (1) 124,202 15,489 (688 ) 139,003 — 14,807 124,196 — — Total $ 514,192 $ 15,489 $ (688 ) $ 528,993 $ 389,990 $ 14,807 $ 124,196 $ — $ — Level 2: Foreign currency forward contracts $ — $ 814 $ (1,992 ) $ (1,178 ) $ — $ — $ — $ 78 $ (1,256 ) Interest rate swap $ — $ 1,390 $ — $ 1,390 $ — $ — $ — $ 1,390 $ — April 30, 2017 Fair Value Measurement Balance Sheet Classification Cost Unrealized Unrealized Fair Value Cash and Marketable Marketable Non-current Income Other (in thousands) Level 1: Cash $ 409,824 $ — $ — $ 409,824 $ 409,824 $ — $ — $ — $ — Money market funds 1,058 — — 1,058 1,058 — — — — Mutual funds (1) 113,818 6,697 (578 ) 119,937 — 4,363 115,574 — — Total $ 524,700 $ 6,697 $ (578 ) $ 530,819 $ 410,882 $ 4,363 $ 115,574 $ — $ — Level 2: Foreign currency forward contracts $ — $ 129 $ (846 ) $ (717 ) $ — $ — $ — $ — $ (717 ) Interest rate swap $ — $ — $ (947 ) $ (947 ) $ — $ — $ — $ — $ (947 ) (1) These investments are held in trust for settlement of the Company’s vested obligations of $122.3 million and $99.5 million as of January 31, 2018 and April 30, 2017, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans
Financial Instruments and Balance Sheet Classification	The following tables show the Company’s financial instruments and balance sheet classification as of January 31, 2018 and April 30, 2017: January 31, 2018 Fair Value Measurement Balance Sheet Classification Cost Unrealized Unrealized Fair Value Cash and Marketable Marketable Non-current Income Other (in thousands) Level 1: Cash $ 388,962 $ — $ — $ 388,962 $ 388,962 $ — $ — $ — $ — Money market funds 1,028 — — 1,028 1,028 — — — — Mutual funds (1) 124,202 15,489 (688 ) 139,003 — 14,807 124,196 — — Total $ 514,192 $ 15,489 $ (688 ) $ 528,993 $ 389,990 $ 14,807 $ 124,196 $ — $ — Level 2: Foreign currency forward contracts $ — $ 814 $ (1,992 ) $ (1,178 ) $ — $ — $ — $ 78 $ (1,256 ) Interest rate swap $ — $ 1,390 $ — $ 1,390 $ — $ — $ — $ 1,390 $ — April 30, 2017 Fair Value Measurement Balance Sheet Classification Cost Unrealized Unrealized Fair Value Cash and Marketable Marketable Non-current Income Other (in thousands) Level 1: Cash $ 409,824 $ — $ — $ 409,824 $ 409,824 $ — $ — $ — $ — Money market funds 1,058 — — 1,058 1,058 — — — — Mutual funds (1) 113,818 6,697 (578 ) 119,937 — 4,363 115,574 — — Total $ 524,700 $ 6,697 $ (578 ) $ 530,819 $ 410,882 $ 4,363 $ 115,574 $ — $ — Level 2: Foreign currency forward contracts $ — $ 129 $ (846 ) $ (717 ) $ — $ — $ — $ — $ (717 ) Interest rate swap $ — $ — $ (947 ) $ (947 ) $ — $ — $ — $ — $ (947 ) (1) These investments are held in trust for settlement of the Company’s vested obligations of $122.3 million and $99.5 million as of January 31, 2018 and April 30, 2017, respectively, under the ECAP (see Note 7 — Deferred Compensation and Retirement Plans
Summary of Gains and Losses on Interest Rate Swap	During the three and nine months ended January 31, 2018, the Company recognized the following gains and losses on the interest rate swap: Three Months Nine Months January 31, 2018 (in thousands) Gains recognized in other comprehensive income (net of tax effects of $553 and $609, respectively) $ 973 $ 1,061 Losses reclassified from accumulated other comprehensive income into interest expense, net $ 167 $ 667
Cash Flow Hedge
Fair Value of Derivative Designated as Cash Flow Hedge Instrument	The fair value of the derivative designated as a cash flow hedge instrument is as follows: January 31, 2018 April 30, 2017 (in thousands) Derivative asset: Interest rate swap contract $ 1,390 $ — Derivative liability: Interest rate swap contract $ — $ 947
Not Designated as Hedge Instrument
Fair Value of Liabilities Derivatives	The fair value of derivatives not designated as hedge instruments are as follows: January 31, 2018 April 30, 2017 (in thousands) Derivative assets: Total gross amount of foreign currency forward contracts $ 814 $ — Gross derivatives offset on the balance sheet (1) (736 ) — Net amounts presented on the balance sheet $ 78 $ — Derivative liabilities: Total gross amount of foreign currency forward contracts $ 1,992 $ 846 Gross derivatives offset on the balance sheet (1) (736 ) (129 ) Net amounts presented on the balance sheet $ 1,256 $ 717 (1) These amounts represent the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement exists and fair value of adjustments related to our counterparty credit risk.
Fair Value of Assets Derivatives	he fair value of derivatives not designated as hedge instruments are as follows: January 31, 2018 April 30, 2017 (in thousands) Derivative assets: Total gross amount of foreign currency forward contracts $ 814 $ — Gross derivatives offset on the balance sheet (1) (736 ) — Net amounts presented on the balance sheet $ 78 $ — Derivative liabilities: Total gross amount of foreign currency forward contracts $ 1,992 $ 846 Gross derivatives offset on the balance sheet (1) (736 ) (129 ) Net amounts presented on the balance sheet $ 1,256 $ 717 (1) These amounts represent the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement exists and fair value of adjustments related to our counterparty credit risk.

Deferred Compensation and Ret25

Deferred Compensation and Retirement Plans (Tables)	9 Months Ended
	Jan. 31, 2018
Components of Net Periodic Benefits Costs	The components of net periodic benefit costs are as follows: Three Months Ended January 31, Nine Months Ended January 31, 2018 2017 2018 2017 (in thousands) Service cost $ 3,235 $ 1,793 $ 8,526 $ 3,981 Interest cost 958 1,062 2,876 3,185 Amortization of actuarial loss 577 763 1,731 2,289 Expected return on plan assets (1) (398 ) (389 ) (1,195 ) (1,169 ) Net periodic benefit costs $ 4,372 $ 3,229 $ 11,938 $ 8,286 (1) The expected long-term rate of return on plan assets is 6.50% for January 31, 2018 and 2017.

Restructuring Charges, Net (Tab

Restructuring Charges, Net (Tables)	9 Months Ended
	Jan. 31, 2018
Restructuring Charges, Net	Changes in the restructuring liability during the three months ended January 31, 2018 are as follows: Severance Facilities Total (in thousands) Liability as of October 31, 2017 $ 1,541 $ 4,716 $ 6,257 Reductions for cash payments (231 ) (1,063 ) (1,294 ) Exchange rate fluctuations 123 55 178 Liability as of January 31, 2018 $ 1,433 $ 3,708 $ 5,141 Changes in the restructuring liability during the nine months ended January 31, 2018 are as follows: Severance Facilities Total (in thousands) Liability as of April 30, 2017 $ 5,341 $ 8,354 $ 13,695 Restructuring charges, net — 78 78 Reductions for cash payments (4,178 ) (5,328 ) (9,506 ) Exchange rate fluctuations 270 604 874 Liability as of January 31, 2018 $ 1,433 $ 3,708 $ 5,141
Summary of Restructuring Liability by Segment	The restructuring liability by segment is summarized below: January 31, 2018 Severance Facilities Total (in thousands) Executive Search North America $ — $ 262 $ 262 Asia Pacific — 5 5 Total Executive Search — 267 267 Hay Group 1,433 3,340 4,773 Futurestep — 101 101 Liability as of January 31, 2018 $ 1,433 $ 3,708 $ 5,141 April 30, 2017 Severance Facilities Total (in thousands) Executive Search North America $ 134 $ 250 $ 384 Europe, Middle East and Africa (“EMEA”) 393 — 393 Asia Pacific — 6 6 Latin America — 87 87 Total Executive Search 527 343 870 Hay Group 4,814 7,879 12,693 Futurestep — 132 132 Liability as of April 30, 2017 $ 5,341 $ 8,354 $ 13,695

Business Segments (Tables)

Business Segments (Tables)	9 Months Ended
	Jan. 31, 2018
Financial Highlights by Business Segment	Financial highlights by business segment are as follows: Three Months Ended January 31, 2018 Executive Search North EMEA Asia Pacific Latin Subtotal Hay Group Futurestep Corporate Consolidated (in thousands) Fee revenue $ 102,716 $ 46,782 $ 24,493 $ 6,425 $ 180,416 $ 198,056 $ 69,109 $ — $ 447,581 Total revenue $ 106,332 $ 47,763 $ 24,942 $ 6,456 $ 185,493 $ 201,961 $ 73,316 $ — $ 460,770 Net income attributable to Korn/Ferry International $ 27,247 Net income attributable to noncontrolling interest 180 Other income, net (7,689 ) Interest expense, net 2,665 Equity in earnings of unconsolidated (97 ) Income tax provision 26,316 Operating income (loss) $ 21,313 $ 7,329 $ 5,289 $ 408 $ 34,339 $ 27,079 $ 10,056 $ (22,852 ) 48,622 Depreciation and 990 458 361 113 1,922 7,882 733 1,688 12,225 Other income, net 585 37 185 40 847 370 2 6,470 7,689 Equity in earnings of unconsolidated 97 — — — 97 — — — 97 EBITDA 22,985 7,824 5,835 561 37,205 35,331 10,791 (14,694 ) 68,633 Integration/acquisition — — — — — 1,593 — 80 1,673 Adjusted EBITDA $ 22,985 $ 7,824 $ 5,835 $ 561 $ 37,205 $ 36,924 $ 10,791 $ (14,614 ) $ 70,306 Three Months Ended January 31, 2017 Executive Search North EMEA Asia Pacific Latin Subtotal Hay Group Futurestep Corporate Consolidated (in thousands) Fee revenue $ 84,827 $ 39,147 $ 21,012 $ 7,835 $ 152,821 $ 175,662 $ 53,435 $ — $ 381,918 Total revenue $ 87,975 $ 39,965 $ 21,336 $ 7,856 $ 157,132 $ 178,962 $ 58,101 $ — $ 394,195 Net income attributable to Korn/Ferry International $ 23,897 Net income attributable to noncontrolling interest 481 Other income, net (4,200 ) Interest expense, net 2,402 Equity in earnings of unconsolidated (113 ) Income tax provision 8,075 Operating income (loss) $ 17,718 $ 8,175 $ 2,086 $ 1,352 $ 29,331 $ 15,988 $ 6,549 $ (21,326 ) 30,542 Depreciation and 996 226 268 (21 ) 1,469 8,061 789 1,455 11,774 Other income (loss), net 316 19 60 61 456 122 (2 ) 3,624 4,200 Equity in earnings of unconsolidated 113 — — — 113 — — — 113 EBITDA 19,143 8,420 2,414 1,392 31,369 24,171 7,336 (16,247 ) 46,629 Restructuring charges, net — — 893 309 1,202 2,519 80 — 3,801 Integration/acquisition — — — — — 3,364 — 1,466 4,830 Adjusted EBITDA $ 19,143 $ 8,420 $ 3,307 $ 1,701 $ 32,571 $ 30,054 $ 7,416 $ (14,781 ) $ 55,260 Nine Months Ended January 31, 2018 Executive Search North EMEA Asia Pacific Latin Subtotal Hay Group Futurestep Corporate Consolidated (in thousands) Fee revenue $ 296,093 $ 128,249 $ 71,983 $ 22,048 $ 518,373 $ 577,462 $ 196,018 $ — $ 1,291,853 Total revenue $ 305,866 $ 130,894 $ 73,009 $ 22,114 $ 531,883 $ 589,093 $ 210,179 $ — $ 1,331,155 Net income attributable to Korn/Ferry International $ 92,619 Net income attributable to noncontrolling interest 969 Other income, net (14,847 ) Interest expense, net 7,904 Equity in earnings of unconsolidated (187 ) Income tax provision 54,145 Operating income (loss) $ 66,253 $ 20,349 $ 12,811 $ 2,961 $ 102,374 $ 72,532 $ 27,702 $ (62,005 ) 140,603 Depreciation and 2,923 1,345 1,052 331 5,651 24,110 2,313 4,807 36,881 Other income, net 1,157 136 384 99 1,776 459 10 12,602 14,847 Equity in earnings of unconsolidated 187 — — — 187 — — — 187 EBITDA 70,520 21,830 14,247 3,391 109,988 97,101 30,025 (44,596 ) 192,518 Restructuring charges (recoveries), net — — 313 — 313 (241 ) 6 — 78 Integration/acquisition — — — — — 6,455 — 199 6,654 Adjusted EBITDA $ 70,520 $ 21,830 $ 14,560 $ 3,391 $ 110,301 $ 103,315 $ 30,031 $ (44,397 ) $ 199,250 Nine Months Ended January 31, 2017 Executive Search North EMEA Asia Pacific Latin Subtotal Hay Group Futurestep Corporate Consolidated (in thousands) Fee revenue $ 259,361 $ 109,296 $ 60,108 $ 26,645 $ 455,410 $ 539,086 $ 164,960 $ — $ 1,159,456 Deferred revenue — — — — — 3,535 — — 3,535 Adjusted fee revenue $ 259,361 $ 109,296 $ 60,108 $ 26,645 $ 455,410 $ 542,621 $ 164,960 — $ 1,162,991 Total revenue $ 269,302 $ 111,721 $ 61,445 $ 26,766 $ 469,234 $ 552,822 $ 180,026 $ — $ 1,202,082 Net income attributable to Korn/Ferry International $ 57,257 Net income attributable to noncontrolling interest 2,245 Other income, net (7,580 ) Interest expense, net 8,199 Equity in earnings of (221 ) Income tax provision 21,706 Operating income (loss) $ 60,458 $ 21,049 $ 6,216 $ 5,966 $ 93,689 $ 31,188 $ 21,849 $ (65,120 ) 81,606 Depreciation and 2,816 666 757 267 4,506 24,102 2,081 4,281 34,970 Other income (loss), net 512 (37 ) 171 158 804 346 (4 ) 6,434 7,580 Equity in earnings of 221 — — — 221 — — — 221 EBITDA 64,007 21,678 7,144 6,391 99,220 55,636 23,926 (54,405 ) 124,377 Restructuring charges, net 1,706 128 1,515 669 4,018 24,007 80 216 28,321 Integration/acquisition — — — — — 11,993 — 6,684 18,677 Deferred revenue — — — — — 3,535 — — 3,535 Adjusted EBITDA $ 65,713 $ 21,806 $ 8,659 $ 7,060 $ 103,238 $ 95,171 $ 24,006 $ (47,505 ) $ 174,910

Organization and Summary of S28

Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2017
Organization And Summary Of Significant Accounting Policies [Line Items]
Investments in affiliated companies maximum	50.00%		50.00%
Deferred revenue	$ 110,900,000		$ 110,900,000		$ 95,800,000
Impairment of goodwill			0		0
Impairment of intangible assets			0		$ 0
Performance related bonus expenses	$ 56,800,000	$ 41,100,000	$ 155,200,000	$ 136,200,000
Minimum
Organization And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives			1 year
Amortization of long-term retention awards			4 years
Maximum
Organization And Summary Of Significant Accounting Policies [Line Items]
Intangible assets estimated useful lives			24 years
Amortization of long-term retention awards			5 years
Mexico Subsidiary
Organization And Summary Of Significant Accounting Policies [Line Items]
Percentage of Noncontrolling interest in subsidiary	51.00%		51.00%

Basic and Diluted Earnings Pe29

Basic and Diluted Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share, shares	0.6	0.5	0.6	0.6

Basic and Diluted Earnings pe30

Basic and Diluted Earnings per Common Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Earnings Per Share Disclosure [Line Items]
Net income attributable to Korn/Ferry International	$ 27,247	$ 23,897	$ 92,619	$ 57,257
Less: distributed and undistributed earnings to nonvested restricted stockholders	295	227	982	505
Basic net earnings attributable to common stockholders	26,952	23,670	91,637	56,752
Add: undistributed earnings to nonvested restricted stockholders	235	172	804	356
Less: reallocation of undistributed earnings to nonvested restricted stockholders	232	171	793	353
Diluted net earnings attributable to common stockholders	$ 26,955	$ 23,671	$ 91,648	$ 56,755
Basic weighted-average number of common shares outstanding	55,252	56,173	55,479	56,325
Diluted weighted-average number of common shares outstanding	55,997	56,702	56,236	56,917
Basic earnings per share	$ 0.49	$ 0.42	$ 1.65	$ 1.01
Diluted earnings per share	$ 0.48	$ 0.42	$ 1.63	$ 1
ESPP
Earnings Per Share Disclosure [Line Items]
Stock	4	4	7	28
Restricted Stock
Earnings Per Share Disclosure [Line Items]
Stock	738	505	744	540
Stock Options
Earnings Per Share Disclosure [Line Items]
Stock	3	20	6	24

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Beginning balance	$ 1,134,723	$ 1,054,144	$ 1,087,048	$ 1,047,301
Net income	27,427	24,378	93,588	59,502
Foreign currency translation adjustments	17,839	(1,583)	29,773	(20,016)
Deferred compensation and pension plan adjustments, net of tax	361	465	1,065	1,392
Unrealized gain on interest rate swap, net of tax	1,077		1,470
Dividends paid to shareholders	(5,705)	(5,796)	(17,242)	(17,546)
Dividends paid to noncontrolling interest		(1,229)	(1,558)	(1,229)
Purchase of stock	(3,503)	(9,578)	(36,225)	(20,695)
Issuance of stock	3,412	2,778	7,998	5,746
Stock-based compensation	5,263	4,406	14,977	13,497
Tax benefit from exercise of stock options and vesting of restricted stock		17		50
Balance as of January 31	1,180,894	1,068,002	1,180,894	1,068,002
Parent
Beginning balance	1,132,014	1,050,553	1,083,439	1,045,300
Net income	27,247	23,897	92,619	57,257
Foreign currency translation adjustments	17,793	(1,321)	29,858	(19,580)
Deferred compensation and pension plan adjustments, net of tax	361	465	1,065	1,392
Unrealized gain on interest rate swap, net of tax	1,077		1,470
Dividends paid to shareholders	(5,705)	(5,796)	(17,242)	(17,546)
Purchase of stock	(3,503)	(9,578)	(36,225)	(20,695)
Issuance of stock	3,412	2,778	7,998	5,746
Stock-based compensation	5,263	4,406	14,977	13,497
Tax benefit from exercise of stock options and vesting of restricted stock		17		50
Balance as of January 31	1,177,959	1,065,421	1,177,959	1,065,421
Noncontrolling Interest
Beginning balance	2,709	3,591	3,609	2,001
Net income	180	481	969	2,245
Foreign currency translation adjustments	46	(262)	(85)	(436)
Dividends paid to noncontrolling interest		(1,229)	(1,558)	(1,229)
Balance as of January 31	$ 2,935	$ 2,581	$ 2,935	$ 2,581

Comprehensive Income - Componen

Comprehensive Income - Components of Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Foreign currency translation adjustments	$ (25,501)	$ (55,359)
Deferred compensation and pension plan adjustments, net of tax	(14,062)	(15,127)
Interest rate swap unrealized gain (loss), net of taxes	892	(578)
Accumulated other comprehensive loss, net	$ (38,671)	$ (71,064)

Comprehensive Income - Changes

Comprehensive Income - Changes in Each Component of Accumulated Other Comprehensive Income (Loss), Net (Detail) - USD ($) $ in Thousands		3 Months Ended				9 Months Ended
		Jan. 31, 2018		Jan. 31, 2017		Jan. 31, 2018		Jan. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance						$ 1,083,439
Ending balance		$ 1,177,959				1,177,959
Accumulated Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(43,294)		$ (54,598)		(55,359)		$ (36,339)
Unrealized (losses) gains arising during the period		17,793		(1,321)		29,858		(19,580)
Ending balance		(25,501)		(55,919)		(25,501)		(55,919)
Accumulated Defined Benefit Plan Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(14,423)	[1]	(20,645)	[2]	(15,127)	[1]	(21,572)	[2]
Reclassification of realized net losses to net income		361	[1]	465	[2]	1,065	[1]	1,392	[2]
Ending balance		(14,062)	[1]	(20,180)	[2]	(14,062)	[1]	(20,180)	[2]
Unrealized (Losses) Gains on Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance	[3]	(185)				(578)
Unrealized (losses) gains arising during the period	[3]	973				1,061
Reclassification of realized net losses to net income	[3]	104				409
Ending balance	[3]	892				892
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance		(57,902)		(75,243)		(71,064)		(57,911)
Unrealized (losses) gains arising during the period		18,766		(1,321)		30,919		(19,580)
Reclassification of realized net losses to net income		465		465		1,474		1,392
Ending balance		$ (38,671)		$ (76,099)		$ (38,671)		$ (76,099)
[1]	The tax effect on the reclassifications of realized net losses was $0.0 million and $0.0 million for the three and nine months ended January 31, 2018, respectively.
[2]	The tax effect on the reclassifications of realized net losses was $0.3 million and $0.9 million for the three and nine months ended January 31, 2017, respectively.
[3]	The tax effect on unrealized gains was $0.0 million and $0.0 million for the three and nine months ended January 31, 2018, respectively. The tax effect on the reclassification of realized net losses to net income was $0.0 million and $0.0 million for the three and nine months ended January 31, 2018, respectively.

Comprehensive Income - Change34

Comprehensive Income - Changes in Each Component of Accumulated Other Comprehensive Income (Loss), Net (Parenthetical) (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax effect on reclassifications of realized net losses	$ 0.2	$ 0.3	$ 0.7	$ 0.9
Unrealized (Losses) Gains on Interest Rate Swap
Accumulated Other Comprehensive Income (Loss) [Line Items]
Tax effect on unrealized gains	0.6		0.6
Tax effect on reclassifications of realized net losses	$ 0.1		$ 0.3

Employee Stock Plans - Componen

Employee Stock Plans - Components of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense, pre-tax	$ 5,517	$ 4,581	$ 15,800	$ 14,101
Tax benefit from stock-based compensation expense	(2,750)	(1,111)	(5,798)	(3,778)
Total stock-based compensation expense, net of tax	2,767	3,470	10,002	10,323
Restricted Stock
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense, pre-tax	5,263	4,406	14,977	13,497
ESPP
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense, pre-tax	$ 254	$ 175	$ 823	$ 604

Employee Stock Plans - Addition

Employee Stock Plans - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Jan. 31, 2018USD ($)$ / sharesshares	Jan. 31, 2017USD ($)$ / sharesshares	Jan. 31, 2018USD ($)$ / sharesshares	Jan. 31, 2017USD ($)$ / sharesshares	Apr. 30, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payments of tax withholdings on restricted stock | $			$ 3,657,000	$ 4,377,000
Shares repurchased during the period, value | $	$ 3,503,000	$ 9,578,000	$ 36,225,000	$ 20,695,000
Treasury Stock, Common
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares repurchased during the period	80,800	383,598	974,079	719,098
Shares repurchased during the period, value | $	$ 3,300,000	$ 9,400,000	$ 32,600,000	$ 16,300,000
Time Based Restricted Stock
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	700,000		700,000
Total unrecognized compensation cost related to non-vested awards | $	$ 9,900,000		$ 9,900,000
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 | $	$ 4,300,000		$ 4,300,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares outstanding	1,717,000		1,717,000		1,581,000
Total unrecognized compensation cost related to non-vested awards | $	$ 35,100,000		$ 35,100,000
Expected cost recognized over weighted-average period			2 years 4 months 24 days
Shares repurchased during the period to pay for taxes	4,653	7,151	105,024	193,668
Payments of tax withholdings on restricted stock | $	$ 200,000	$ 200,000	$ 3,600,000	$ 4,400,000
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 | $		$ 30,000	$ 600,000	$ 600,000
Stock Options | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued for stock options exercised	0	2,510	41,075	46,600
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plan, additional number of shares			5,500,000
Maximum number of shares reserved for issuance	11,200,000		11,200,000
Issuance of full-value stock awards limitation, required ratio to stock options	2.3		2.3
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	1,100,000		1,100,000
Employees stock purchased	82,464	93,130	198,749	207,141
Employees stock purchased, price per share | $ / shares	$ 35.17	$ 25.01	$ 31.77	$ 20.93

Employee Stock Plans - Restrict

Employee Stock Plans - Restricted Stock Activity (Detail) - Restricted Stock shares in Thousands	9 Months Ended
	Jan. 31, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Non-vested, beginning of year | shares	1,581
Shares, Granted | shares	623
Shares, Vested | shares	(419)
Shares, Forfeited | shares	(68)
Shares, Non-vested, end of year | shares	1,717
Weighted-Average Grant Date Fair Value, Non-vested, beginning of year | $ / shares	$ 29.74
Weighted-Average Grant Date Fair Value, Granted | $ / shares	37.46
Weighted-Average Grant Date Fair Value, Vested | $ / shares	26.01
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares	33.28
Weighted-Average Grant Date Fair Value, Non-vested, end of year | $ / shares	$ 33.31

Financial Instruments - Financi

Financial Instruments - Financial Instruments and Balance Sheet Classification (Detail) - USD ($) $ in Thousands		Jan. 31, 2018	Apr. 30, 2017	Jan. 31, 2017	Apr. 30, 2016
Investment Holdings [Line Items]
Income Taxes & Other Receivables		$ 25,985	$ 31,573
Other Accrued Liabilities		(163,784)	(148,464)
Cash and cash equivalents		389,990	410,882	$ 351,305	$ 273,252
Marketable Securities, Current		14,807	4,363
Marketable securities, non-current		124,196	115,574
Fair Value, Inputs, Level 1
Investment Holdings [Line Items]
Cost		514,192	524,700
Unrealized Gains		15,489	6,697
Unrealized Losses		(688)	(578)
Fair Value		528,993	530,819
Cash and cash equivalents		389,990	410,882
Marketable Securities, Current		14,807	4,363
Marketable securities, non-current		124,196	115,574
Fair Value, Inputs, Level 1 | Cash
Investment Holdings [Line Items]
Cash and cash equivalents		388,962	409,824
Cost		388,962	409,824
Fair Value		388,962	409,824
Fair Value, Inputs, Level 1 | Money Market Funds
Investment Holdings [Line Items]
Cash and cash equivalents		1,028	1,058
Fair Value		1,028	1,058
Cost		1,028	1,058
Fair Value, Inputs, Level 1 | Mutual Funds
Investment Holdings [Line Items]
Unrealized Gains	[1]	15,489	6,697
Unrealized Losses	[1]	(688)	(578)
Marketable Securities, Current	[1]	14,807	4,363
Marketable securities, non-current	[1]	124,196	115,574
Cost	[1]	124,202	113,818
Fair Value	[1]	139,003	119,937
Fair Value, Inputs, Level 2 | Foreign Exchange Forward Contracts
Investment Holdings [Line Items]
Income Taxes & Other Receivables		78
Other Accrued Liabilities		(1,256)	(717)
Unrealized Gains		814	129
Unrealized Losses		(1,992)	(846)
Fair Value		(1,178)	(717)
Fair Value, Inputs, Level 2 | Interest Rate Swap
Investment Holdings [Line Items]
Unrealized gains		1,390
Unrealized Losses			(947)
Fair Value		1,390	(947)
Income Taxes & Other Receivables		$ 1,390
Other Accrued Liabilities			$ (947)
[1]	These investments are held in trust for settlement of the Company's vested obligations of $122.3 million and $99.5 million as of January 31, 2018 and April 30, 2017, respectively, under the ECAP (see Note 7 - Deferred Compensation and Retirement Plans). During the three and nine months ended January 31, 2018, the fair value of the investments increased; therefore, the Company recognized income of $7.2 million and $14.0 million, respectively, which was recorded in other income, net. During the three and nine months ended January 31, 2017, the fair value of the investments increased; therefore, the Company recognized income of $3.9 million and $7.1 million, respectively, which was recorded in other income, net.

Financial Instruments - Finan39

Financial Instruments - Financial Instruments and Balance Sheet Classification (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2017
Investment Holdings [Line Items]
Obligations for which assets are held in trust	$ 122,300		$ 122,300		$ 99,500
Gain (loss) on marketable securities	$ 7,200	$ 3,900	$ 14,022	$ 7,090

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2017
Maximum
Financial Instrument [Line Items]
Amount included in accumulated other comprehensive income reclassified into interest income (expense), net				$ 100,000
Not Designated as Hedge Instrument | Foreign Exchange Forward Contracts
Financial Instrument [Line Items]
Foreign currency gains (losses)		$ (1,900,000)	$ 1,100,000	(4,200,000)	$ 1,300,000
Not Designated as Hedge Instrument | Foreign Exchange Forward Contracts | Other Accrued Liabilities | Derivatives Purchased
Financial Instrument [Line Items]
Derivative notional amount		19,700,000		19,700,000		$ 19,400,000
Not Designated as Hedge Instrument | Foreign Exchange Forward Contracts | Other Accrued Liabilities | Derivatives Sold
Financial Instrument [Line Items]
Derivative notional amount		57,200,000		57,200,000		$ 70,000,000
Designated as Hedge Instrument | Interest Rate Swap | Cash Flow Hedge
Financial Instrument [Line Items]
Derivative notional amount	$ 129,800,000	$ 122,000,000		$ 122,000,000
Derivative, Maturity Date	Jun. 15, 2021
Interest rate	1.919%

Financial Instruments - Fair Va

Financial Instruments - Fair Value of Derivative Designated as Cash Flow Hedge Instrument (Detail) - Designated as Hedge Instrument - Interest Rate Swap - USD ($) $ in Thousands	Jan. 31, 2018	Apr. 30, 2017
Derivative asset:
Interest rate swap contract	$ 1,390
Derivative liability:
Interest rate swap contract		$ 947

Financial Instruments - Summary

Financial Instruments - Summary of Gains and Losses on Interest Rate Swap (Detail) - Interest Rate Swap - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2018
Derivative [Line Items]
Gains recognized in other comprehensive income (net of tax effects of $553 and $609, respectively)	$ 973	$ 1,061
Losses reclassified from accumulated other comprehensive income into interest expense, net	$ 167	$ 667

Financial Instruments - Summa43

Financial Instruments - Summary of Gains and Losses on Interest Rate Swap (Parenthetical) (Detail) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2018
Interest Rate Swap
Derivative [Line Items]
Gains recognized in OCI, tax effects	$ 553	$ 609

Financial Instruments - Fair 44

Financial Instruments - Fair Value of Derivatives Not Designated as Hedge Instruments (Detail) - Not Designated as Hedge Instrument - USD ($) $ in Thousands		Jan. 31, 2018	Apr. 30, 2017
Derivative assets:
Gross derivatives offset on the balance sheet	[1]	$ (736)
Net amounts presented on the balance sheet		78
Derivative liabilities:
Gross derivatives offset on the balance sheet	[1]	(736)	$ (129)
Net amounts presented on the balance sheet		1,256	717
Foreign Exchange Forward Contracts
Derivative assets:
Total gross amount of foreign currency forward contracts		814
Derivative liabilities:
Total gross amount of foreign currency forward contracts		$ 1,992	$ 846
[1]	These amounts represent the impact of netting derivative assets and derivative liabilities when a legally enforceable master netting agreement exists and fair value of adjustments related to our counterparty credit risk.

Deferred Compensation and Ret45

Deferred Compensation and Retirement Plans - Components of Net Periodic Benefits Costs (Detail) - Deferred Compensation Plan - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Service cost		$ 3,235	$ 1,793	$ 8,526	$ 3,981
Interest cost		958	1,062	2,876	3,185
Amortization of actuarial loss		577	763	1,731	2,289
Expected return on plan assets	[1]	(398)	(389)	(1,195)	(1,169)
Net periodic benefit costs		$ 4,372	$ 3,229	$ 11,938	$ 8,286
[1]	The expected long-term rate of return on plan assets is 6.50% for January 31, 2018 and 2017.

Deferred Compensation and Ret46

Deferred Compensation and Retirement Plans - Components of Net Periodic Benefits Costs (Parenthetical) (Detail)	9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017
Defined Benefit Plan Disclosure [Line Items]
Expected long-term rate of return on plan assets	6.50%	6.50%

Deferred Compensation and Ret47

Deferred Compensation and Retirement Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017	Apr. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Increase in market value of the underlying COLI investments			$ 6,020	$ 3,316
Recognized investment income(expense)	$ 7,200	$ 3,900	14,022	7,090
CSV of COLI Contracts
Defined Benefit Plan Disclosure [Line Items]
Gross CSV	185,000		185,000		$ 180,300
Outstanding policy loans	66,800		66,800		$ 67,200
Increase in market value of the underlying COLI investments	1,800	100	6,000	3,300
Executive Capital Accumulation Plan
Defined Benefit Plan Disclosure [Line Items]
Gain (loss) on deferred compensation plan	$ 7,200	$ 4,100	$ 14,400	$ 6,700
Executive Capital Accumulation Plan | Minimum
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation arrangement vesting period			4 years
Executive Capital Accumulation Plan | Maximum
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation arrangement vesting period			5 years

Restructuring Charges, Net - Ch

Restructuring Charges, Net - Changes In Restructuring Liability (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Restructuring Cost and Reserve [Line Items]
Liability, Beginning period	$ 6,257		$ 13,695
Restructuring charges, net		$ 3,801	78	$ 28,321
Reductions for cash payments	(1,294)		(9,506)
Exchange rate fluctuations	178		874
Liability, Ending period	5,141		5,141
Severance
Restructuring Cost and Reserve [Line Items]
Liability, Beginning period	1,541		5,341
Reductions for cash payments	(231)		(4,178)
Exchange rate fluctuations	123		270
Liability, Ending period	1,433		1,433
Facilities
Restructuring Cost and Reserve [Line Items]
Liability, Beginning period	4,716		8,354
Restructuring charges, net			78
Reductions for cash payments	(1,063)		(5,328)
Exchange rate fluctuations	55		604
Liability, Ending period	$ 3,708		$ 3,708

Restructuring Charges, Net - Ad

Restructuring Charges, Net - Additional Information (Detail) - USD ($) $ in Millions	Jan. 31, 2018	Apr. 30, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring liability included in other long-term liabilities	$ 1.6	$ 4.6

Restructuring Charges, Net - Su

Restructuring Charges, Net - Summary of Restructuring Liability by Segment (Detail) - USD ($) $ in Thousands	Jan. 31, 2018	Oct. 31, 2017	Apr. 30, 2017
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 5,141	$ 6,257	$ 13,695
Operating Segments | Executive Search
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	267		870
Operating Segments | Executive Search | North America
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	262		384
Operating Segments | Executive Search | EMEA
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve			393
Operating Segments | Executive Search | Asia Pacific
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	5		6
Operating Segments | Executive Search | Latin America
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve			87
Operating Segments | Hay Group
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	4,773		12,693
Operating Segments | Futurestep
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	101		132
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1,433	1,541	5,341
Severance | Operating Segments | Executive Search
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve			527
Severance | Operating Segments | Executive Search | North America
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve			134
Severance | Operating Segments | Executive Search | EMEA
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve			393
Severance | Operating Segments | Hay Group
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	1,433		4,814
Facilities
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	3,708	$ 4,716	8,354
Facilities | Operating Segments | Executive Search
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	267		343
Facilities | Operating Segments | Executive Search | North America
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	262		250
Facilities | Operating Segments | Executive Search | Asia Pacific
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	5		6
Facilities | Operating Segments | Executive Search | Latin America
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve			87
Facilities | Operating Segments | Hay Group
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	3,340		7,879
Facilities | Operating Segments | Futurestep
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	$ 101		$ 132

Business Segments - Additional

Business Segments - Additional Information (Detail)	9 Months Ended
	Jan. 31, 2018Segment
Segment Reporting Information [Line Items]
Number of business segments	3

Business Segments - Business Se

Business Segments - Business Segments (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2018	Jan. 31, 2017
Segment Reporting Information [Line Items]
Fee revenue	$ 447,581	$ 381,918	$ 1,291,853	$ 1,159,456
Deferred revenue adjustment due to acquisition				3,535
Adjusted fee revenue				1,162,991
Total revenue	460,770	394,195	1,331,155	1,202,082
Net income attributable to Korn/Ferry International	27,247	23,897	92,619	57,257
Net income attributable to noncontrolling interest	180	481	969	2,245
Other income, net	(7,689)	(4,200)	(14,847)	(7,580)
Interest expense, net	2,665	2,402	7,904	8,199
Equity in earnings of unconsolidated subsidiaries, net	(97)	(113)	(187)	(221)
Income tax provision	26,316	8,075	54,145	21,706
Operating income (loss)	48,622	30,542	140,603	81,606
Depreciation and amortization	12,225	11,774	36,881	34,970
Other income (loss), net	7,689	4,200	14,847	7,580
Equity in earnings of unconsolidated subsidiaries, net	97	113	187	221
EBITDA	68,633	46,629	192,518	124,377
Restructuring charges (recoveries), net		3,801	78	28,321
Integration/acquisition costs	1,673	4,830	6,654	18,677
Deferred revenue adjustment due to acquisition				3,535
Adjusted EBITDA	70,306	55,260	199,250	174,910
Operating Segments | Executive Search
Segment Reporting Information [Line Items]
Fee revenue	180,416	152,821	518,373	455,410
Adjusted fee revenue				455,410
Total revenue	185,493	157,132	531,883	469,234
Operating income (loss)	34,339	29,331	102,374	93,689
Depreciation and amortization	1,922	1,469	5,651	4,506
Other income (loss), net	847	456	1,776	804
Equity in earnings of unconsolidated subsidiaries, net	97	113	187	221
EBITDA	37,205	31,369	109,988	99,220
Restructuring charges (recoveries), net		1,202	313	4,018
Adjusted EBITDA	37,205	32,571	110,301	103,238
Operating Segments | Executive Search | North America
Segment Reporting Information [Line Items]
Fee revenue	102,716	84,827	296,093	259,361
Adjusted fee revenue				259,361
Total revenue	106,332	87,975	305,866	269,302
Operating income (loss)	21,313	17,718	66,253	60,458
Depreciation and amortization	990	996	2,923	2,816
Other income (loss), net	585	316	1,157	512
Equity in earnings of unconsolidated subsidiaries, net	97	113	187	221
EBITDA	22,985	19,143	70,520	64,007
Restructuring charges (recoveries), net				1,706
Adjusted EBITDA	22,985	19,143	70,520	65,713
Operating Segments | Executive Search | EMEA
Segment Reporting Information [Line Items]
Fee revenue	46,782	39,147	128,249	109,296
Adjusted fee revenue				109,296
Total revenue	47,763	39,965	130,894	111,721
Operating income (loss)	7,329	8,175	20,349	21,049
Depreciation and amortization	458	226	1,345	666
Other income (loss), net	37	19	136	(37)
EBITDA	7,824	8,420	21,830	21,678
Restructuring charges (recoveries), net				128
Adjusted EBITDA	7,824	8,420	21,830	21,806
Operating Segments | Executive Search | Asia Pacific
Segment Reporting Information [Line Items]
Fee revenue	24,493	21,012	71,983	60,108
Adjusted fee revenue				60,108
Total revenue	24,942	21,336	73,009	61,445
Operating income (loss)	5,289	2,086	12,811	6,216
Depreciation and amortization	361	268	1,052	757
Other income (loss), net	185	60	384	171
EBITDA	5,835	2,414	14,247	7,144
Restructuring charges (recoveries), net		893	313	1,515
Adjusted EBITDA	5,835	3,307	14,560	8,659
Operating Segments | Executive Search | Latin America
Segment Reporting Information [Line Items]
Fee revenue	6,425	7,835	22,048	26,645
Adjusted fee revenue				26,645
Total revenue	6,456	7,856	22,114	26,766
Operating income (loss)	408	1,352	2,961	5,966
Depreciation and amortization	113	(21)	331	267
Other income (loss), net	40	61	99	158
EBITDA	561	1,392	3,391	6,391
Restructuring charges (recoveries), net		309		669
Adjusted EBITDA	561	1,701	3,391	7,060
Operating Segments | Hay Group
Segment Reporting Information [Line Items]
Fee revenue	198,056	175,662	577,462	539,086
Deferred revenue adjustment due to acquisition				3,535
Adjusted fee revenue				542,621
Total revenue	201,961	178,962	589,093	552,822
Operating income (loss)	27,079	15,988	72,532	31,188
Depreciation and amortization	7,882	8,061	24,110	24,102
Other income (loss), net	370	122	459	346
EBITDA	35,331	24,171	97,101	55,636
Restructuring charges (recoveries), net		2,519	(241)	24,007
Integration/acquisition costs	1,593	3,364	6,455	11,993
Deferred revenue adjustment due to acquisition				3,535
Adjusted EBITDA	36,924	30,054	103,315	95,171
Operating Segments | Futurestep
Segment Reporting Information [Line Items]
Fee revenue	69,109	53,435	196,018	164,960
Adjusted fee revenue				164,960
Total revenue	73,316	58,101	210,179	180,026
Operating income (loss)	10,056	6,549	27,702	21,849
Depreciation and amortization	733	789	2,313	2,081
Other income (loss), net	2	(2)	10	(4)
EBITDA	10,791	7,336	30,025	23,926
Restructuring charges (recoveries), net		80	6	80
Adjusted EBITDA	10,791	7,416	30,031	24,006
Corporate
Segment Reporting Information [Line Items]
Operating income (loss)	(22,852)	(21,326)	(62,005)	(65,120)
Depreciation and amortization	1,688	1,455	4,807	4,281
Other income (loss), net	6,470	3,624	12,602	6,434
EBITDA	(14,694)	(16,247)	(44,596)	(54,405)
Restructuring charges (recoveries), net				216
Integration/acquisition costs	80	1,466	199	6,684
Adjusted EBITDA	$ (14,614)	$ (14,781)	$ (44,397)	$ (47,505)

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Jun. 15, 2016USD ($)	Jan. 31, 2018USD ($)	Jan. 31, 2017	Jan. 31, 2018USD ($)	Jan. 31, 2017USD ($)	Apr. 30, 2017USD ($)
Debt Instrument [Line Items]
Principal payment on term loan facility				$ 15,469,000	$ 150,313,000
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility borrowings		$ 0		0		$ 0
Standby Letters of Credit
Debt Instrument [Line Items]
Long-term debt arrangement		2,900,000		2,900,000		3,000,000
Other Financial Institutions | Standby Letters of Credit
Debt Instrument [Line Items]
Long-term debt arrangement		7,300,000		7,300,000		8,100,000
Credit Agreement
Debt Instrument [Line Items]
Credit agreement initiation date	Jun. 15, 2016
Line of credit facility, maximum borrowing capacity	$ 400,000,000
Line of credit facility borrowings	275,000,000
Principal payment on term loan facility	140,000,000
Unamortized debt issuance costs		$ 2,900,000		$ 2,900,000		3,500,000
Credit Agreement | Minimum
Debt Instrument [Line Items]
Pro forma domestic liquidity	$ 50,000,000
Credit Agreement | Maximum
Debt Instrument [Line Items]
Pro forma leverage ratio	2.5
Credit Agreement | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Applicable margin on variable interest rate				1.25%
Credit Agreement | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Applicable margin on variable interest rate				2.00%
Credit Agreement | Base Rate Loans | Minimum
Debt Instrument [Line Items]
Applicable margin on variable interest rate				0.25%
Credit Agreement | Base Rate Loans | Maximum
Debt Instrument [Line Items]
Applicable margin on variable interest rate				1.00%
Credit Agreement | Term Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 275,000,000
Term loan amortization percentage year one	7.50%
Term loan amortization percentage year two	7.50%
Term loan amortization percentage year three	10.00%
Term loan amortization percentage year four	10.00%
Term loan amortization percentage year five	10.00%
Principal payment on term loan facility				$ 15,500,000
Average interest rate		2.65%	2.06%	2.49%	2.29%
Long-term debt		$ 244,100,000		$ 244,100,000		$ 259,500,000
Line of credit facility, maturity date				Jun. 15, 2021
Credit Agreement | Term Facility | Minimum
Debt Instrument [Line Items]
Quarterly fee on average daily unused amount of Credit Facilities				0.20%
Credit Agreement | Term Facility | Maximum
Debt Instrument [Line Items]
Quarterly fee on average daily unused amount of Credit Facilities				0.35%
Credit Agreement | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 125,000,000
Line of credit facility, maturity date				Jun. 15, 2021

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	4 Months Ended	8 Months Ended	9 Months Ended	12 Months Ended
	Apr. 30, 2018	Dec. 31, 2018	Jan. 31, 2018	Apr. 30, 2018
Schedule Of Income Tax [Line Items]
U.S. corporate federal statutory income tax rate		35.00%
Provisional tax charge for the Transition Tax			$ 16.3
Provisional tax benefit from remeasurement of U.S. federal deferred tax assets and liabilities			$ 5.8
Scenario, Forecast
Schedule Of Income Tax [Line Items]
U.S. corporate federal statutory income tax rate	21.00%			30.40%
One-time tax on accumulated foreign earnings (Transition Tax), applicable rate on cash and other specified assets	15.50%
One-time tax on accumulated foreign earnings (Transition Tax), applicable rate on other residual earnings	8.00%

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event - Dividend Declared	Mar. 05, 2018$ / shares
Subsequent Event [Line Items]
Dividends payable, declared date	Mar. 5, 2018
Dividends payable, per share amount	$ 0.10
Dividends payable, payable date	Apr. 13, 2018
Dividends declared, record date	Mar. 26, 2018