Korn Ferry delivered a strong fourth quarter to close fiscal year 2024, underscored by sustained profitability and a diversified growth engine. Adjusted EBITDA reached $112 million with a margin of 16.3%, marking the fourth consecutive quarter of margin expansion and a roughly 300 basis point improvement versus pre-pandemic levels when adjusted for mix. Revenue for the quarter was $691 million of fee revenue, with total quarterly revenue of $699.9 million reported in GAAP terms, reflecting a resilient model amid cyclical headwinds in the talent acquisition market.
Innovation and portfolio breadth drove results: Consulting and Digital generated all-time high fee revenue, while marquee and regional accounts (representing ~37% of FY24 fee revenue) continued to outpace the rest of the business. Cross-line referrals approached 26% of total fee revenue for the year, highlighting a scalable, integrated solutions approach that supports revenue stability despite cyclical activity in traditional staffing. The company reported continued strong cash generation, a net cash position, and an active capital allocation program (annual dividend increase and stock repurchases). Guidance for fiscal Q1 2025 calls for revenue of $655-$675 million and adjusted EBITDA margin of ~15.8%-16.2%, with adjusted EPS of $1.07-$1.17. In the near term, management emphasizes growth through digital IP, cross-line collaboration, and multi-year, high-value engagements, while maintaining discipline on cost and productivity. The longer-term backdrop remains favorable due to demographic megatrends and a disciplined focus on integrated client solutions.