Financial highlights by business segment are as follows:


	Three Months Ended January 31, 2017
	Executive Search
	North America			EMEA		Asia Pacific			Latin America			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 subsidiaries, net																									(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 amortization		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 subsidiaries, net		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 cost		—			—		—			—			—			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


	Three Months Ended January 31, 2016
	Executive Search
	North America			EMEA		Asia Pacific			Latin America			Subtotal			Hay Group			Futurestep			Corporate			Consolidated
	(in thousands)
Fee revenue	$	93,520		$	35,498	$	19,094		$	6,541		$	154,653		$	140,508		$	48,997		$	—		$	344,158
Deferred revenue adjustment due to acquisition		—			—		—			—			—			5,871			—			—			5,871

Adjusted fee revenue	$	93,520		$	35,498	$	19,094		$	6,541		$	154,653		$	146,379		$	48,997		$	—		$	350,029

Total revenue	$	97,097		$	36,417	$	19,603		$	6,545		$	159,662		$	146,079		$	53,138		$	—		$	358,879

Net loss attributable to Korn/Ferry International																								$	(15,995	)
Net income attributable to noncontrolling interest																									—
Other loss, net																									7,092
Interest expense, net																									372
Equity in earnings of unconsolidated subsidiaries, net																									(181	)
Income tax benefit																									(5,355	)

Operating income (loss)	$	28,957		$	1,707	$	2,775		$	1,166		$	34,605		$	(21,559	)	$	6,630		$	(33,743	)	$	(14,067	)
Depreciation and amortization		812			213		235			73			1,333			6,722			609			1,666			10,330
Other (loss) income, net		(330	)		77		(114	)		9			(358	)		143			79			(6,956	)		(7,092	)
Equity in earnings of unconsolidated subsidiaries, net		26			—		—			—			26			—			—			155			181

EBITDA		29,465			1,997		2,896			1,248			35,606			(14,694	)		7,318			(38,878	)		(10,648	)
Restructuring charges, net		484			5,866		577			328			7,255			23,241			—			81			30,577
Integration/acquisition cost		—			—		—			—			—			8,413			—			12,734			21,147
Deferred revenue adjustment due to acquisition		—			—		—			—			—			5,871			—			—			5,871
Separation costs		—			—		—			—			—			—			—			744			744

Adjusted EBITDA	$	29,949		$	7,863	$	3,473		$	1,576		$	42,861		$	22,831		$	7,318		$	(25,319	)	$	47,691


	Nine Months Ended January 31, 2017
	Executive Search
	North America			EMEA			Asia Pacific			Latin America		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 adjustment due to acquisition		—			—			—			—		—			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 unconsolidated subsidiaries, net																									(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 amortization		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 unconsolidated subsidiaries, net		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 cost		—			—			—			—		—			11,993			—			6,684			18,677
Deferred revenue adjustment due to acquisition		—			—			—			—		—			3,535			—			—			3,535

Adjusted EBITDA	$	65,713		$	21,806		$	8,659		$	7,060	$	103,238		$	95,171		$	24,006		$	(47,505	)	$	174,910


	Nine Months Ended January 31, 2016
	Executive Search
	North America			EMEA			Asia Pacific			Latin America		Subtotal			Hay Group			Futurestep			Corporate			Consolidated
	(in thousands)
Fee revenue	$	276,667		$	108,158		$	59,307		$	19,083	$	463,215		$	283,350		$	145,587		$	—		$	892,152
Deferred revenue adjustment due to acquisition		—			—			—			—		—			5,871			—			—			5,871

Adjusted fee revenue	$	276,667		$	108,158		$	59,307		$	19,083	$	463,215		$	289,221		$	145,587		$	—		$	898,023

Total revenue	$	287,694		$	111,097		$	61,210		$	19,095	$	479,096		$	293,511		$	156,946		$	—		$	929,553

Net income attributable to Korn/Ferry International																								$	25,058
Net income attributable to noncontrolling interest																									—
Other loss, net																									9,812
Interest expense, net																									1,215
Equity in earnings of unconsolidated subsidiaries, net																									(1,446	)
Income tax provision																									13,211

Operating income (loss)	$	80,524		$	14,912		$	9,668		$	3,644	$	108,748		$	(6,286	)	$	19,715		$	(74,327	)	$	47,850
Depreciation and amortization		2,471			810			704			224		4,209			14,058			1,772			4,894			24,933
Other (loss) income, net		(425	)		227			(102	)		281		(19	)		(737	)		87			(9,143	)		(9,812	)
Equity in earnings of unconsolidated subsidiaries, net		252			—			—			—		252			—			—			1,194			1,446

EBITDA		82,822			15,949			10,270			4,149		113,190			7,035			21,574			(77,382	)		64,417
Restructuring charges, net		484			5,866			577			328		7,255			23,241			—			81			30,577
Integration/acquisition cost		—			—			—			—		—			12,052			—			21,763			33,815
Deferred revenue adjustment due to acquisition		—			—			—			—		—			5,871			—			—			5,871
Separation costs		—			—			—			—		—			—			—			744			744

Adjusted EBITDA	$	83,306		$	21,815		$	10,847		$	4,477	$	120,445		$	48,199		$	21,574		$	(54,794	)	$	135,424