Korn Ferry (NYSE:KFY) Q1 2021 Earnings Conference Call - Final Transcript

Sep 03, 2020 • 12:00 pm ET

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Korn Ferry (NYSE:KFY) Q1 2021 Earnings Conference Call - Final Transcript

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Presentation
Executive
Robert Rozek

new business was up 3% year-over-year in June, down 5% year-over-year in July and up 10% in August. Likewise, Consulting new business was down 28% year-over-year in June, rebounding to up 34% in July and up 10% in August. For Executive Search, new business was down 34% year-over-year in June, improving to down 27% in July and was down 19% in August. And finally, Professional Search new business was down 15% year-over-year, falling to down 23% in July and August. With regards to RPO, a strong quarter of new business with $56 million of global awards and that was comprised of $32 million of new clients and $24 million of renewals and extensions. And we continue to have a strong pipeline of new business in the RPO world [Phonetic].

Approximately two months have passed since our last earnings call, yet there remains significant uncertainty about the ultimate impact of COVID-19 on society and global economies. Currently, governments are struggling to balance reopening and reengaging in an effective way against the maintenance of an environment that fosters the health and safety of everyone. There really is no playbook. This effort takes on many forms, and there's not a clear path to success. Further, it's unclear whether certain governmental a programs that were put in place to provide financial assistance to impact the businesses and individuals, whether they will remain in place or for how long. The unprecedented nature of the current environment, combined with many unanswered questions and rapidly changing data points, like the recent acceleration of corporate layoffs and the potential outcome of the US presidential election, that really continues to cloud the near-term predictability of our business. And consistent with our approach in the last two earnings calls, we will not issue any specific revenue or earnings guidance for the second quarter of fiscal year '21.

That concludes our prepared remarks. We're glad to take any questions you may have.