KORN FERRY 10-K

Item 1. Business Company Overview Korn Ferry (referred to herein as the “Company” or in the first-person notations “we,” “our,” and “us”) is a global organizational consulting firm. Korn Ferry is a different firm today than when we were founded. We are a Company with a more diverse service and solution offering that is aligned with our clients’ desire to synchronize their strategy, operations, and talent to drive superior performance. Today, we believe we are the organizational consultancy that is uniquely positioned to help companies look at talent and strategy together, ensuring that they have the right people in the right places and are providing them with the right rewards. We bring their strategies to life by designing their organizational structure and helping them hire, motivate and hold on to the best people. And we help professionals navigate and advance their career. For fiscal 2022, our exceptional performance reflects the relevance of our strategy, the top-line synergies created by our end-to-end human capital solutions, the resilience of our colleagues, and increasing connection with our Korn Ferry brand. The past year has presented many challenges. However, with the commitment of our colleagues, we have concluded the year with strong, record results. During fiscal 2022, we partnered with almost 15,000 organizations. Our clients include the world’s largest and most prestigious public and private companies, middle-market and emerging growth companies, and government and non-profit organizations. We have built strong client loyalty, with nearly 90% of our engagements in fiscal 2022 completed on behalf of clients for whom we had conducted engagements in the previous three fiscal years. We work with: • 97% of the S&P 100 , and 85% of the S&P 500 • 92% of the Euronext 100 • 85% of the FTSE 100 • 89% of the S&P Europe 350 • 68% of the S&P Asia 50 • 73% of the S&P Latin America 40 In addition, we work with: • 2 in every 3 best companies to work for (Fortune Magazine) • 1 in every 2 of the fastest growing companies in the world (Fortune Magazine) • 80% of the top companies changing the world (Fortune Magazine) • 80% of the world’s top performing companies (Drucker Institute) • 96% of the top 50 world's most admired companies (Fortune Magazine) We also continued to make significant investments—in strategic acquisitions and the innovation and development of our assets, platforms, core capabilities, and solutions, all while we sought to attract, retain, and develop our people. These investments are intended to help us further differentiate our competitiveness in the marketplace. Today, as a result of our investments, innovation and growth, we believe we are uniquely positioned to address the most pressing human capital issues faced by organizations worldwide. We continue to transform ourselves and our clients. We are now a company with a more durable business, with greater and growing relevance, and a new sustainable level of business and profitability that is poised for further growth. We continue to replicate and scale our solutions and to lead innovation at the intersection of talent and strategy in the digitally enabled new world of work. The depth and breadth of our offerings across the talent lifecycle—from attraction to assessment to recruitment to development, management, and reward—place us in a distinctive position. We offer end-to-end solutions—a view into an organization’s entire talent ecosystem—to create positive client outcomes. Our deeply embedded intellectual property (“IP”), data, and content within our solutions are designed to help clients solve new and evolving issues within today’s dynamic work landscape. We continue to align to the most pressing issues for organizations: workforce transformation, diversity equity & inclusion ("DE&I”) initiatives, environmental, social & governance (“ESG”) matters, accelerating revenue growth (“ARG”) in a post-COVID-19 world, and new career trends like career nomads who are more frequently changing jobs. We think we are uniquely positioned to help clients and their people exceed their potential in this environment. We now place an even greater focus on driving a One Korn Ferry story. Partnering with internal and external stakeholders, this singular vision engages our employees, resonates in the broader market, and is a platform for 1 differentiation and sustainable growth. We develop and train nearly one million professionals a year and place on average a candidate every three minutes, each business hour. A critical driver of our success has been the evolution and maturation of our go-to-market (“GTM”) activities. We lead with our Marquee and Regional Accounts, approximately 350 accounts or 2% of our total clients which represent 36% of our total fee revenue. We continue to invest in Global Account Leaders (“GALs”), exiting the year with more than 60 colleagues in this role. Leveraging our acquisition of the Miller Heiman Group, we use our own sales effectiveness methodologies and discipline in our Marquee and Regional account programs to drive rates of top line growth in excess of the rest of our portfolio. We continue to capitalize on the top-line synergies created by our end-to-end core and integrated solutions that address every aspect of an employee’s engagement with their employer. This manifests itself in our ability to continue to increase fee revenues referred from one line of business to another, almost 30% for fiscal 2022. Fiscal 2022 Performance Highlights Our results reflect the dedication and hard work of our more than 10,770 talented colleagues. They focus on creating value that matters for all our stakeholders, the clients, shareholders, and the communities in which we operate. Our strategic growth reflects a more balanced and sustainable organization with solid revenue and earnings streams in fiscal 2022: • Our performance drove record-breaking results, generating $2,626.7 million in fee revenue, up 45.1% compared to fiscal 2021. • Diluted Earnings Per Share was $5.98 in fiscal 2022, a new high. • Net Income Attributable to Korn Ferry was $ 326.4 million (margin 12.4%), an increase of $211.9 million compared to fiscal 2021. Operating income and Adjusted EBITDA* were $470.1 million (margin of 17.9%) and $538.9 million (margin of 20.5%), respectively, an increase of $314.3 million and $252.6 million, respectively, compared to fiscal 2021. * Consolidated Adjusted EBITDA are non-GAAP financial measures and have limitations as analytical tools. See Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of why management believes the presentation of these non-GAAP financial measures provide meaningful supplemental information regarding Korn Ferry’s performance. During fiscal 2022, we continued with our balanced approach to capital allocation. We repurchased approximately 1,471,000 shares of stock for $98.8 million and paid dividends of $26.8 million. Recognizing the opportunities of a large addressable market and the shift from career employee to career nomad, we acquired The Lucas Group, which brings substantial professional search and interim expertise to Korn Ferry. We also recently completed the acquisition of Patina Solutions Group, an interim executive solutions firm that provides access to a network of C-suite, top-tier, and professional interim talent. Both additions are expected to enhance our industry-leading search portfolio. These two acquisitions were completed with $133.8 million of our capital. We reinvested $45.6 million of capital into the development of technology-enabled products and solutions. The Korn Ferry Story Our Strategy As the preeminent organizational consulting firm, we act as business advisors in talent and strategy and bring together solutions for our clients. Our approach is focused on the following priorities to increase our client and commercial impact: 1. Drive a One Korn Ferry go-to-market strategy through our Marquee and Regional Accounts and integration across solutions and geographies. 2. Create the Top-of-Mind Brand in Organizational Consulting - Lead innovation through relevant market offerings and evolve our thought leadership around talent strategy. 3. Deliver Client Excellence and Innovation and diversify our offerings into fully integrated, scalable and sustainable client engagements. 4. Advance Korn Ferry as a Premier Career Destination - Attract and retain top talent through continued investment in building a world-class organization through a capable, motivated, and agile workforce. 5. Pursue Transformational M&A Opportunities at the Intersection of Talent and Strategy. Our Core Capabilities We offer a unique set of capabilities tailored to the new world of work. These offerings cover the entirety of the talent 2 journey, strengthening our work and thinking in the next. Our five core capabilities include: • Organization Strategy: We map talent strategy to business strategy, designing operating models and organization structures that help companies put plans into action. • Assessment and Succession: We identify the talent organizations need, compare that to the talent they have, and help close the gaps. • Talent Acquisition: From executive search to recruitment process outsourcing ("RPO"), we help organizations attract and retain the right people across functions and levels. • Leadership and Professional Development: We develop leaders along every stage of their career journey with a spectrum of intensive high-touch and scalable high-tech development experiences. • Total Rewards: We help organizations pay their people fairly for doing the right things with rewards they value at a cost that the organization can afford. Our Integrated Solutions We deliver differentiated and integrated solutions, bringing together our best thinking from across our core capabilities to target specific client challenges: • Cost Optimization : There’s increased pressure to optimize costs and drive efficiency in this disruptive world. We work with leaders to manage cost drivers: organization, people and rewards. We put in place strategies designed to ensure they achieve cost reductions while maintaining performance and growth, making client organizations fit for the future. • Workforce Transformation : Our workforce transformation offers practical and pragmatic solutions to support organizations in re-shaping workforces for the future. • Accelerating Revenue Growth : Today's selling environment is more complex than ever, with sales teams challenged to deliver value. Sellers need the right tools, training, and approach to be successful. Korn Ferry combines our technology and methodology to help organizations achieve their top-line growth objectives. • ESG - Our people-focused approach for clients : ESG factors are high on the agenda for most of our partners. We have a unique set of capabilities to help organizations manage the issues transforming how we work and live. Our support can help accelerate their transition by taking a people-focused approach to ESG matters. • DE&I : We help clients build diverse and inclusive organizations to deliver superior organizational performance. We achieve this through a systematic approach, unlocking the power and potential of their people. • Learning Development (“LDO”) : We believe businesses need to prepare for the future by creating a culture of learning that helps them quickly adapt to new trends and demands. Our LDO solution, leveraging our Korn Ferry Advance platform, takes our expertise in leadership coaching and combines it with technology to provide quality coaching at scale across organizations. Our Businesses We have seven reportable segments that operate through the following four lines of business, supported by a corporate center. This structure allows us to focus on our clients and partner with them to solve the challenges they face in their businesses. 1. Consulting aligns organization structure, culture, performance, and people to drive sustainable growth by addressing four fundamental talent needs: Organization Strategy, Assessment and Succession, Leadership and Professional Development, and Total Rewards. We support this work with a comprehensive range of best-in-class lP and data. The Consulting teams employ an integrated approach across our core capabilities and integrated solutions described above, each one intended to strengthen our work and thinking in the next, to help clients execute their strategy in a digitally enabled world. Summary of financial fiscal 2022 highlights: • Fee revenue was $650.2 million, an increase of 26.1% compared to fiscal 2021, representing 25% of total fee revenue. • Adjusted EBITDA and Adjusted EBITDA margin were $116.1 million and 17.9%, respectively. • The number of consulting and execution staff at year-end was 1,841, an increase of 276 compared to fiscal 2021 with an increase in the average bill rate (fee revenue divided by the number of hours worked by consultants and execution staff) of $38 per hour or 12% compared to fiscal 2021. Client Base —During fiscal 2022, the Consulting segment partnered with over 4,900 clients across the globe, and 28% of Consulting’s fiscal 2022 fee revenue was referred from Korn Ferry’s other lines of business. Our 3 clients come from the private, public , and not-for-profit sectors, across every major industry and represent diverse business challenges . Competition —The people and organizational consulting market is fragmented, with different company offers for our core solutions. Our competitors include consulting organizations affiliated with accounting, insurance, information systems, and strategy consulting firms such as McKinsey, Willis Towers Watson and Deloitte. We also compete with smaller boutique firms specializing in specific regional, industry, or functional leadership and HR consulting aspects. 2. Digital delivers scalable tech-enabled solutions designed to identify the best structures, roles, capabilities and behaviors to drive businesses forward. Our digital products give clients direct access to our proprietary data, client data and analytics to deliver clear insights with the training and tools needed to align organizational structure with business strategy. Summary of financial fiscal 2022 highlights: • Fee revenue was $349.0 million, an increase of 21.5% compared to fiscal 2021, representing 13% of total fee revenue. • Subscription and License fee revenue was $108.7 million, an increase of 21% compared to fiscal 2021. • Adjusted EBITDA and Adjusted EBITDA margin were $110.1 million and 31.5%, respectively. Client Base —During fiscal 2022, the Digital segment partnered with over 8,300 clients across the globe, and 34% of Digital’s fiscal 2022 fee revenue was referred from Korn Ferry’s other lines of business, primarily Consulting. Our clients come from the private, public and not-for-profit sectors, across every major industry and represent diverse business challenges. Competition —Again, there is fragmentation in this sector. We compete with specialist suppliers, and boutique and large consulting companies in each solution area such as AON, Mercer, Willis Towers Watson, SHL, Fuel 50, SkillSoft, Criteria, Predictive Index, Prevue Hire and Textlio. One of our advantages is linking our data, IP, and our technology platform across our solutions. This allows us to give organizations an end-to-end view of talent. 3. Executive Search helps organizations recruit board-level, chief executive, and other senior executive and general management talent to deliver lasting impact. Our approach to placing talent brings together our research-based IP, proprietary assessments and behavioral interviewing with our practical experience to determine the ideal organizational fit. Salary benchmarking then builds appropriate frameworks for compensation and retention. This business is managed and reported on a geographic basis and represents four of the Company’s reportable segments (Executive Search North America, Executive Search EMEA, Executive Search Asia Pacific and Executive Search Latin America). Summary of financial fiscal 2022 highlights: • Fee revenue was $935.6 million, an increase of 47% compared to fiscal 2021, representing 36% of total fee revenue. • Adjusted EBITDA and Adjusted EBITDA margin were $257.6 million and 27.5%, respectively. • In fiscal 2022, we opened more than 7,200 new engagements with an average of 555 consultants. Consultants are organized in six broad industry groups and bring an in-depth understanding of the market conditions and strategic management issues clients face within their industries and geographies. In addition, we regularly look to expand our specialized expertise through internal development and strategic hiring in targeted growth areas. Functional Expertise — We also have organized executive search centers of functional expertise. Members of functional groups are located throughout our regions and across our industry groups. These consultants have extensive backgrounds in placing executives in particular functions, such as board directors, CEOs, and other senior executive officers. Most assignments for fiscal 2022 were for our Board & CEO Services group, which focuses exclusively on placing CEOs and board directors in organizations worldwide. They are a dedicated team from the most senior ranks of the Company. Their work is with CEOs and the boardroom, and their expertise is in organizational leadership and governance. They conduct hundreds of engagements every year, tapping talent from every corner of the globe. This work spans across ranges of corporate scale 4 and purpose. Percentage of Fiscal 2022 Assignments Opened by Functional Expertise Board Level/CEO/CFO/Senior Executive and General Management 76 % Finance and Control 7 % Information Systems 6 % Marketing and Sales 4 % Manufacturing/Engineering/Research and Development/Technology 4 % Human Resources and Administration 3 % Client Base —Our more than 4,300 Executive Search engagement clients in fiscal 2022 include many of the world’s largest and most prestigious public and private companies . Competition— Our Executive Search line of business competes with specialist global executive search firms, such as Egon Zehnder, Heidrick & Struggles International, Inc., Russell Reynolds Associates and Spencer Stuart. We also compete with smaller boutique firms specializing in regional, industry, or functional searches. We believe our brand name, differentiated business model, systematic approach to client service, innovative technology, unique IP, global network, prestigious clientele, strong specialty practices and high-caliber colleagues are recognized worldwide. We also believe our long-term incentive compensation arrangements and other executive benefits distinguish us from most of our competitors and are essential in attracting and retaining our top consultants. 4. RPO and Professional Search focuses on delivering enterprise talent acquisition solutions to our clients, at the professional level. We leverage the power of people, process expertise, IP-enabled technology and compensation information to do this. Transaction sizes range from single professional searches to team, department, line of business projects and global outsource recruiting solutions. During fiscal 2022, we acquired The Lucas Group, which brings substantial professional search and interim placement expertise to Korn Ferry and has enhanced our industry-leading search portfolio. We also acquired the Patina Solutions Group, an interim executive search firm that is expected to bring access to a vast network of C-suite, top-tier and professional interim talent. Summary of financial fiscal 2022 highlights: • Fee revenue was $691.9 million, an increase of 87% compared to fiscal 2021, representing 26% of total fee revenue. • Adjusted EBITDA and Adjusted EBITDA margin were $165.1 million and 23.9%, respectively. Client Base —During fiscal 2022, the RPO & Professional Search segment partnered with more than 3,500 clients across the globe, and 50% of RPO & Professional Search’s fiscal 2022 fee revenue was referred from Korn Ferry’s other lines of business. Competition —We primarily compete for RPO business with other global RPO providers such as Cielo, Alexander Mann Solutions, IBM, Allegis, Kelly Services and Randstad and professional search assignments with regional contingency and large national retained recruitment firms such as Robert Half, Michael Page, Harvey Nash, Robert Walters and BTG. We believe our competitive advantage is distinct. We are strategic, collaborating with clients to hire best-fit candidates using our assessment IP, proprietary technology and professional recruiters. Our Talent Delivery Centers provide our teams with increased scalability, multilingual capabilities, global reach and functional specialization. We also work under the One Korn Ferry umbrella to help clients plan for their broader talent acquisition needs as part of their business strategy planning. Finally, our corporate center manages finance, legal, technology/IT, human resources, marketing, and our research arm, the Korn Ferry Institute. We help clients in four geographic markets: North America, Latin America, EMEA, and APAC. Our geographic markets bring together capabilities from across the organization—infusing industry and functional expertise and skills—to deliver value to our partners. We operate in 105 offices in 53 countries, helping us deliver our solutions globally, wherever our clients do business. We continue our commitment to diversity and inclusion, hiring, promoting, and extending opportunities to women and underrepresented groups. As of April 30, 2022, 72% of our workforce in the U.S. is female or from an underrepresented group. Broken down further, 64% of our workforce in the U.S. is female, and 65% of our global workforce is female. Our global age demographic is 62% Millennials (ages 26-41) , G en Z/ Centennials (ages 25 and below). As of April 30, 2022, we had 10,779 full-time employees: 5 Consultants and execution staff 1 Support staff 2 Total employees Executive Search 587 1,174 1,761 Consulting 1,841 396 2,237 Digital 305 985 1,290 RPO & Professional Search 738 4,544 5,282 Corporate — 209 209 Total 3,471 7,308 10,779 1 consultants and execution staff, primarily responsible for originating client services 2 Support staff includes associates, researchers, administrative, and support staff Business challenges we solve Our judgment and expertise are built from decades of experience and insight into the business challenges companies are grappling with across industries. We work to understand the relevant macro trends impacting society and the future of work. A s the world/workforce emerges from COVID-19, we believe it is even more evident that the world of work has permanently changed. We support our clients amid a time of enormous transition and change, with these specific business challenges: • Transforming businesses while delivering robust performance. • Solving leadership challenges arising from the new landscape of hybrid and remote working. • Delivering for people, planet, and profit, and assisting with ESG and other corporate strategic initiatives. • Finding the right talent in a dynamic and dislocated labor market. • Engaging and motivating employees so companies can retain and reward their talent. • Supporting the work-scape transition from a place of work to collaboration spaces. • Building work environments that are inclusive and free from bias. Korn Ferry Intelligence Cloud Korn Ferry Intelligence Cloud powers our capabilities, integrated solutions and products. With four billion data points, Intelligence Cloud blends our proprietary insight and consultancy with market data and AI-technology to accurately provide insights and actions. Intelligence Cloud is the digital platform that underpins our solutions; helping global organizations advance a talent strategy that results in reduced time to hire, cheaper cost per acquisition, improved mobility and retention and better sales performance. Organizations can access the data and insight within the platform—which focuses on talent mobility, talent management, talent acquisition and sales effectiveness—via a suite of specialist enterprise applications or via tailored tech-enabled consultancy: Talent mobility : using our Success Profiles™, organizations can benchmark people—leaders, teams and individuals—and create career paths to build a future-ready workforce. Talent management : Intelligence Cloud is designed to pinpoint the skillsets and mindsets needed to deliver against future goals and identify gaps, while robust talent assessment and development tools upskill and reskill existing employees. Talent acquisition & strategy : using AI, Intelligence Cloud helps make sense of external talent market data to identify candidates for critical roles to solve talent shortages and skills gaps. Sales effectiveness : we bring together the Miller Heiman™ sales methodology, AI-powered technology and seamless integration with Salesforce and Microsoft CRMs, to improve sales performance and predictability through actionable insights for sellers. Our Knowledge in Data Our vast wealth of data, IP, and insights include the following: • More than five billion data points collected • Over 86 million assessments taken • Almost six million employee engagement survey responses over recent 3 years period. And we hold: • Rewards data for over 23 million people • Organizational benchmark data on 12,000 entities • More than 5,000 individual success profiles covering more than 30,000 job titles • Management data on more than 150 countries. 6 Innovation & Intellectual Property Korn Ferry is dedicated to developing leading-edge services and leveraging innovation. We are transforming how clients address their talent management needs. We have evolved from a mono-line business to a multi-faceted consultancy, giving our consultants more opportunities to engage with clients. The expansion of our business into larger markets offers higher growth potential and more durable and visible revenue streams. In addition, we have made investments in technology, learning platforms, virtual coaching, individual learning journeys, data insights, and intellectual property that permeates all our solutions. The Korn Ferry Institute The Korn Ferry Institute is our research and analytics arm. The Korn Ferry Institute develops robust research, innovative IP, and advanced analytics to enable Korn Ferry employees to partner with people and organizations to activate their potential and succeed. We have built the Korn Ferry Institute on three core pillars: 1. Robust Research and Thought Leadership to anticipate and innovate : We explore trends and define leadership and human and organizational performance for a fast-changing economy. Some project examples from fiscal 2022 include: • Board and investor ESG research • CEO of the future • Enterprise Leader research • Climate change thought leadership series • Neuroscience and work thought leadership series • ESG field guide and analysis of ESG regulations and reporting practices. 2. Science-Based IP to enable growth: We develop and measure what is required for success at work in the new economy. Examples from fiscal 2022 include: • Personal purpose inventory and coaching guide • Persona report and talent grid • Mobile-friendly assessment enhancement design • Continued expansion of Korn Ferry's robust success profiles. 3. Client Advanced Analytics and Data Management to generate insights: We integrate and build upon our datasets and external data using advanced modeling and artificial intelligence. This allows us to produce predictive insights and deliver demonstrable client impact. During fiscal 2022, we: • Supported over 190 advanced analytic client projects to generate insights • Enabled over 45 analytics ambassadors globally to support client analytics projects • Expanded on internal AI/ML capabilities to analyze text • Developed data management, architecture, storage, mining, and compliance best practices. In the fiscal year ahead, we intend to continue innovating to drive even greater business and societal impact by: • Focusing on the changing society and technology-led landscape so that our science, research and IP remain innovative and relevant. • Revamping and 'technologizing' our internal processes to improve how we enable and engage with our business partners and provide increasingly agile, responsive, and collaborative services. • Driving a step-change in value through effective collecting, organizing, structuring, and delivering our rich data, IP, and analytics. We are achieving this in collaboration with IT, Digital, and solutions for faster, easier access to insights, outcomes, and benchmarks. Global Delivery Capability We believe a key differentiator for us is our global delivery capability. This allows us to support all parts of our business to give clients value-added services and solutions across the globe. We can bring the right people from anywhere in the world to our clients at the right time both in physical and virtual working environments, which is a capability that is particularly crucial as business needs and conditions continue to change rapidly. 7 Competition Korn Ferry operates in a rapidly changing global marketplace with a diverse range of organizations that offer services and solutions like those we offer. However, we believe no other company provides the same full range of services, uniquely positioning us for success in this highly fragmented, competitive landscape. And we believe we are poised for even more sustainable growth over the next fiscal year. Our Market and Approach Industry Recognition Our company culture and excellent work within the industry are widely recognized. Some highlights from fiscal 2022 include global industry awards and accolades in recognition of performance and achievements: • Recognized by Seramount (formerly Working Mother Media) as the No. 1 company for female hires and promotions and one of the 100 Best Companies for Parents 2021 • Best Places to Work for LGBTQ Equality from the Human Rights Campaign in 2021 • Leader in 2022 Gartner Magic Quadrant for Sales Training Providers • Pacesetter in ALM Intelligence’s Workforce Management Services Research Report for 2021 • Pacesetter in ALM Intelligence’s Employee Well-being Research Report for 2022 • Leader & Star Performer in Recruitment Process Outsourcing, 2021 Everest Group • Listed in INC.’s Best-Led companies of 2021 in America Our Go-To-Market Approach Our go-to-market strategy brings together Korn Ferry’s core solutions to drive more integrated, scalable client relationships. Our goal is to drive topline synergies by increasing growth in crossline business referrals. This has been successful as during fiscal 2022, approximately 70% of revenue came from clients using multiple lines of our business, consistent with fiscal 2021. We intend to continue evolving integrated solutions along industry lines to drive cross-geography and cross-solution referrals. Our Marquee and Regional Accounts program is a pillar of our growth strategy, which now comprises more than one-third of our revenue, yet only 2% of our clients. Its success has been realized by using our own IP and by following a disciplined approach to account planning and management with the addition of Global Account Leaders, resulting in more enduring relationships with clients. Building long-term client relationships of scale delivers less cyclical, more resilient revenue and new business through structured, programmatic account planning and strategic investments in account management talent. Elevating our Voice Collaboration with sales and marketing teams has enabled a deeper connection with our customers through our thought leadership and best practices. We evolved our brand and value proposition to focus on enabling people and organizations to exceed their potential. We have helped them solve their biggest people challenges around performance, leadership, recruitment, culture, team, future of work, and talent management trends. We continue to focus on timely, news-driven issues pertinent to our clients that help them set their talent agenda. We publish whitepapers, research, trend analysis, and insights around relevant talent and people topics. Our People Culture and Workforce Our culture has evolved tremendously over the years with a team spirit of working together across different offices, regions, and practices. We strive to foster a supportive, respectful culture where everyone feels valued for their contribution, can do their best work and exceed their potential. Our approach to talent acquisition, development, recognition, engagement and benefits are designed to support this approach. Our priority is to hire without bias and provide under-represented talent with equal opportunity across the firm. We work hard to build an environment of recognition by acknowledging others and appreciating their contributions and achievements. Our global talent promotion process recognizes colleagues for exceptional dedication and service to clients, embracing our firm's purpose and values, outstanding collaboration and stretching to meet expectations. We believe diversity drives innovation and connects us to our customers and communities. We are committed to building strong teams of people with diverse experiences, backgrounds, and perspectives. Our Beliefs and Behaviors Our culture starts with our values of Inclusion, Honesty, Knowledge, and Performance . Our values set the standard 8 for what we expect of all our people. They also reflect the experience we want our clients to have when they work with us. We seek to embrace people with different points of view. We actively help our colleagues grow and develop with mentoring and support. We strive to learn, grow, to be better today than we were yesterday , a nd always do our best for our clients, colleagues, and shareholders. As a global corporation, our commitment is to act ethically, which begins with each of us. This thinking is embedded in our core values and guides how we work together and with others. We strongly believe in a radically human approach, striving for empathy, honesty and authenticity across our interactions. Developing and Rewarding Our People We focus on making Korn Ferry a firm that energizes, develops, rewards and empowers people to pursue their passions and help our business succeed. Our global talent promotion process recognizes colleagues for exceptional dedication and service to clients. We run promotion cycles twice a year to allow us to appreciate the contribution of colleagues more frequently. In fiscal 2022, we promoted almost 2,000 people in our four lines of business and Corporate. We offer competitive benefits across the globe customized to each country we operate in based on market prevalence and cultural relevance. The Korn Ferry Cares benefits strategy focuses on keeping our colleagues and their families healthy – physically, emotionally, financially, and socially. Our progressive benefit offerings in the U.S. helped us earn top recognitions by Seramount (formerly Working Mother Media) as the No. 1 company for female hires and promotions in 2021, one of the 100 Best Companies for Parents 2021, and as one of the Human Rights Campaign’s Best Places to Work for LGBTQ Equality 2021. We believe in teaching and mentoring to support our colleagues’ career growth and success. These efforts have fostered stability and expertise in our workforce. Development happens broadly throughout the organization, from our formal mentoring program to direct training on our learning management platform, iAcademy. We also champion a range of career and leadership programs, such as our Mosaic program for diverse high-potentials, Leadership U for Korn Ferry, and Leadership U PLUS for Korn Ferry colleagues, an internal leadership development program. We also extended the use of our Korn Ferry Advance platform, used externally by clients for career coaching and career development, into an internal development program platform. We run a global colleague advisory council that offers feedback to senior leadership on the colleague experience within Korn Ferry. Also, our internal employee engagement program, the Korn Ferry Founder Awards, recognizes and celebrates exceptional performance. Employee Well-being The well-being of our employees is a significant focus, particularly given the last few years of unprecedented change due to COVID-19 and the need to support our people in different ways. We run a series of initiatives to support employee well-being and instill an organizational culture of health, including an Employee Assistance program, mental health awareness campaigns, well-being webinars, flexible work schedules and parental support for distance learning. Our employee safety We are committed to creating a place where people can be successful professionally and personally. In response to the pandemic, we developed and implemented new practices designed to prioritize the health and safety of our employees and clients. Available Information We file annual, quarterly, and current reports, proxy statements, and other documents with the Securities and Exchange Commission (the "SEC"), according to the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Our reports, proxy statements, and other documents filed electronically with the SEC are available at the website maintained by the SEC at https://www.sec.gov. We also make available, free of charge on the Investor Relations portion of our website at http://ir.kornferry.com, those annual, quarterly, and current reports, and, if applicable, amendments to those reports, filed or furnished under Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after we electronically file such reports with, or furnish them to, the SEC at www.sec.gov. Our Corporate Governance Guidelines, Code of Business Conduct and Ethics, and the charters of the Audit Committee, Compensation and Personnel Committee, and Nominating and Corporate Governance Committee of our Board of Directors are also posted on the Investor Relations portion of our website at http://ir.kornferry.com . Stockholders may request copies of these documents by writing to our Corporate Secretary at 1900 Avenue of the Stars, Suite 1500, Los Angeles, California 90067. 9 In addition, we make available on the Investor Relations portion of our website at http://ir.kornferry.com press releases and related earnings presentations and other essential information, which we encourage you to review.