Korn Ferry Announces First Quarter Fiscal 2026 Results of Operations

LOS ANGELES--( BUSINESS WIRE)--Korn Ferry (NYSE: KFY), a global consulting firm, today announced first quarter fee revenue of $708.6 million. In addition, first quarter diluted earnings per share was $1.26 and adjusted diluted earnings per share was $1.31.

“I am pleased with our company’s performance. When looking at our results over the last few quarters—even amid all of the choppiness that has encircled the labor and economic environment—it’s clear that our strategy is working,” said Gary D. Burnison, CEO, Korn Ferry. “Today we are driving performance with a far more sophisticated, holistic approach that brings together our expertise, robust IP and relevant solutions in every major region of the world to solve our clients’ most pressing challenges. When one considers our diversification strategy and the demographic shifts alone, the opportunity for Korn Ferry is immense.”

Selected Financial Results

(dollars in millions, except per share amounts) (a)

First Quarter

FY’26

FY’25

Fee revenue

708.6

674.9

Total revenue

715.5

682.8

Estimated remaining fees under existing contracts (b)

1,674.1

1,532.6

Net income attributable to Korn Ferry

66.6

62.6

Net income attributable to Korn Ferry margin

9.4

9.3

Basic earnings per share

1.28

1.19

Diluted earnings per share

1.26

1.17

Adjusted Results (c):

First Quarter

FY’26

FY’25

Adjusted EBITDA

120.4

111.2

Adjusted EBITDA margin

17.0

16.5

Adjusted net income attributable to Korn Ferry (d)

69.2

63.1

Adjusted basic earnings per share (d)

1.33

1.20

Adjusted diluted earnings per share (d)

1.31

1.18

(a)

Numbers may not total due to rounding.

(b)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

Adjusted EBITDA refers to earnings before interest, taxes, depreciation and amortization, further adjusted to exclude integration/acquisition costs, impairment of fixed assets, impairment of right-of-use assets, restructuring charges, net and management separation charges when applicable. Adjusted results on a consolidated basis are non-GAAP financial measures that adjust for the following, as applicable (see attached reconciliations):

First Quarter

FY’26

FY’25

Integration/acquisition costs

1.5

1.1

(d)

Excludes $2.0 million of accelerated depreciation associated with the decision to sunset our Digital platform once our Korn Ferry Talent Suite platform is introduced, which we expect in the third quarter of fiscal 2026. Amount is included in the Company's US GAAP results but excluded from the Adjusted results.

The Company reported fee revenue in Q1 FY'26 of $708.6 million, an increase of 5% year-over-year (up 4.0% at constant currency).

Net income attributable to Korn Ferry was $66.6 million with a margin of 9.4% in Q1 FY'26, compared to net income attributable to Korn Ferry of $62.6 million with a margin of 9.3%, in Q1 FY'25, an increase of 10bps compared to the year-ago quarter. Net income attributable to Korn Ferry increased from the year-ago quarter primarily due to an increase in fee revenue.

Adjusted EBITDA was $120.4 million in Q1 FY'26 compared to $111.2 million in Q1 FY'25. Adjusted EBITDA margin was 17.0% in Q1 FY'26, an increase of 50bps compared to the year-ago quarter, also primarily due to an increase in fee revenue.

Results by Solution

Selected Consulting Data

(dollars in millions) (a)

First Quarter

FY’26

FY’25

Fee revenue

170.0

167.9

Total revenue

172.7

170.8

Estimated remaining fees under existing contracts (b)

372.3

349.3

Ending number of consultants and execution staff (c)

1,550

1,663

Hours worked in thousands (d)

367

395

Average bill rate (e)

463

425

Adjusted Results:

First Quarter

FY’26

FY’25

Adjusted EBITDA

28.8

29.3

Adjusted EBITDA margin

17.0

17.5

(a)

Numbers may not total due to rounding.

(b)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(c)

Represents number of employees originating, delivering and executing consulting services.

(d)

The number of hours worked by consultant and execution staff during the period.

(e)

The amount of fee revenue divided by the number of hours worked by consultants and execution staff.

Fee revenue was $170.0 million in Q1 FY'26 compared to $167.9 million in Q1 FY'25, an increase of $2.1 million or 1%. The year-over-year increase in Consulting fee revenue was primarily driven by a 9% increase in average bill rates, resulting from the continuing shift to larger and longer duration engagements, partially offset by slower client consumption of backlog engagements.

Adjusted EBITDA was $28.8 million in Q1 FY'26 compared to $29.3 million in the year-ago quarter. Adjusted EBITDA margin in the quarter decreased year-over-year by 50bps to 17.0%.

Selected Digital Data

(dollars in millions) (a)

First Quarter

FY’26

FY’25

Fee revenue

89.2

88.2

Total revenue

89.2

88.2

Estimated remaining fees under existing contracts (b)

398.0

372.1

Ending number of consultants

225

259

Subscription & License fee revenue

37.2

34.1

Adjusted Results:

First Quarter

FY’26

FY’25

Adjusted EBITDA

27.6

26.6

Adjusted EBITDA margin

31.0

30.2

(a)

Numbers may not total due to rounding.

(b)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

Fee revenue was $89.2 million in Q1 FY'26 compared to $88.2 million in Q1 FY'25, up 1% year-over-year while down 1% at constant currency.

Adjusted EBITDA was $27.6 million in Q1 FY'26, compared to $26.6 million in the year-ago quarter. Adjusted EBITDA margin in the quarter increased year-over-year by 80bps to 31.0%.

Selected Executive Search Data (a)

(dollars in millions) (b)

First Quarter

FY’26

FY’25

Fee revenue

224.3

208.6

Total revenue

226.3

210.4

Estimated remaining fees under existing contracts (c)

66.6

61.5

Ending number of consultants

574

559

Average number of consultants

567

551

Engagements billed

3,751

3,448

New engagements (d)

1,596

1,556

Adjusted Results (e):

First Quarter

FY’26

FY’25

Adjusted EBITDA

57.5

49.4

Adjusted EBITDA margin

25.6

23.7

(a)

Executive Search is the sum of the individual Executive Search Reporting Segments described in our annual and quarterly reporting on Forms 10-K and 10-Q and is presented on a consolidated basis as it is consistent with the Company’s discussion of its Solutions, and financial metrics used by the Company’s investor base.

(b)

Numbers may not total due to rounding.

(c)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(d)

Represents new engagements opened in the respective period.

(e)

Executive Search Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures for which no adjustments have been made in the periods shown in this table.

Fee revenue was $224.3 million in Q1 FY'26 compared to $208.6 million in Q1 FY'25, an increase of $15.7 million or 8% (up 6% at constant currency). The year-over-year increase in fee revenue was primarily driven by an increase in the number of engagements billed. The Company experienced fee revenue growth in EMEA, North America and APAC regions.

Adjusted EBITDA was $57.5 million in Q1 FY'26 compared to $49.4 million in the year-ago quarter, an increase of 16% year-over-year. Adjusted EBITDA margin increased by 190bps to 25.6% in Q1 FY'26. The increase in Adjusted EBITDA and Adjusted EBITDA margin was due to higher fee revenue.

Selected Professional Search & Interim Data

(dollars in millions) (a)

First Quarter

FY’26

FY’25

Fee revenue

133.9

121.7

Total revenue

135.1

122.7

Permanent Placement:

Fee revenue

54.7

52.2

Estimated remaining fees under existing contracts (b)

15.2

14.2

Engagements billed

1,853

1,820

New engagements (c)

963

972

Ending number of consultants

299

319

Interim:

Fee revenue

79.2

69.5

Estimated remaining fees under existing contracts (b)

93.3

79.4

Average bill rate (d)

138

133

Average weekly billable consultants (e)

1,219

1,068

Adjusted Results (f):

First Quarter

FY’26

FY’25

Adjusted EBITDA

28.0

25.7

Adjusted EBITDA margin

20.9

21.1

(a)

Numbers may not total due to rounding.

(b)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(c)

Represents new engagements opened in the respective period.

(d)

Fee revenue from interim divided by the number of hours worked by consultants.

(e)

The number of billable consultants based on a weekly average in the respective period.

(f)

Adjusted results exclude the following:

First Quarter

FY’26

FY’25

Integration/acquisition costs

1.5

1.1

Fee revenue was $133.9 million in Q1 FY'26 compared to $121.7 million in Q1 FY'25, an increase of $12.2 million or 10% in both actual and constant currency. Fee revenue increased primarily due to higher fee revenue from Interim associated with the acquisition of Trilogy International effective November 1, 2024.

Adjusted EBITDA was $28.0 million in Q1 FY'26 compared to $25.7 million in the year-ago quarter. Adjusted EBITDA margin was 20.9%, essentially flat year-over-year.

Selected Recruitment Process Outsourcing ("RPO") Data

(dollars in millions) (a)

First Quarter

FY’26

FY’25

Fee revenue

91.3

88.5

Total revenue

92.2

90.7

Estimated remaining fees under existing contracts (b)

728.8

656.1

RPO new business (c)

99.3

103.6

Adjusted Results:

First Quarter

FY’26

FY’25

Adjusted EBITDA

14.3

12.5

Adjusted EBITDA margin

15.7

14.1

(a)

Numbers may not total due to rounding.

(b)

Estimated fee revenue associated with signed contracts for which revenue has not yet been recognized.

(c)

Estimated total value of a contract at the point of execution of the contract.

Fee revenue was $91.3 million in Q1 FY'26 compared to $88.5 million in Q1 FY'25, an increase of $2.8 million or 3% (up 1% at constant currency). RPO fee revenue increased primarily due to new logo clients in North America.

Adjusted EBITDA was $14.3 million in Q1 FY'26 compared to $12.5 million in the year-ago quarter. Adjusted EBITDA margin increased 160bps to 15.7% in Q1 FY'26. The increase in Adjusted EBITDA and Adjusted EBITDA margin both resulted from an increase in fee revenue.

Outlook

Assuming worldwide geopolitical conditions, economic conditions, financial markets and foreign exchange rates remain steady, on a consolidated basis:

On a consolidated adjusted basis:

Q2 FY’26

Earnings Per Share Outlook

Low

High

Consolidated diluted earnings per share

1.10

1.16

Integration/acquisition costs and accelerated depreciation on Digital platform

0.19

0.23

Tax rate impact

(0.06

)

(0.06

)

Consolidated adjusted diluted earnings per share (1)

1.23

1.33

(1)

Consolidated adjusted diluted earnings per share is a non-GAAP financial measure that excludes the items listed in the table.

Earnings Conference Call Webcast

The earnings conference call will be held today at 12:00 PM (EDT) and hosted by CEO Gary Burnison, CFO Robert Rozek, SVP Business Development & Analytics Gregg Kvochak and VP Investor Relations Tiffany Louder. The conference call will be webcast and available online at ir.kornferry.com. We will also post to the investor relations section of our website earnings slides, which will accompany our webcast, and other important information, and encourage you to review the information that we make available on our website.

About Korn Ferry

Korn Ferry is a global consulting firm that powers performance. We unlock the potential in your people and unleash transformation across your business—synchronizing strategy, operations, and talent to accelerate performance, fuel growth, and inspire a legacy of change. That’s why the world’s most forward-thinking companies across every major industry turn to us—for a shared commitment to lasting impact and the bold ambition to Be More Than.

Forward-Looking Statements

Statements in this press release and our conference call that relate to our outlook, projections, goals, strategies, future plans and expectations, including statements relating to expected impacts of sunsetting our Digital platform, expected labor market conditions, expected demand for and relevance of our products and services, expected results of our business diversification strategy, impact of global events on our business, and other statements of future events or conditions are forward-looking statements that involve a number of risks and uncertainties. Words such as “believes”, “expects”, “anticipates”, “goals”, “estimates”, “guidance”, “may”, “should”, “could”, “will” or “likely”, and variations of such words and similar expressions are intended to identify such forward-looking statements. Readers are cautioned not to place undue reliance on such statements. Such statements are based on current expectations; actual results in future periods may differ materially from those currently expected or desired because of a number of risks and uncertainties that are beyond the control of Korn Ferry. The potential risks and uncertainties include those relating to global and local political and or economic developments in or affecting countries where we have operations, such as inflation, trade wars, interest rates, labor market conditions, global slowdowns, or recessions, competition, geopolitical tensions, shifts in global trade patterns, changes in demand for our services as a result of automation, dependence on and costs of attracting and retaining qualified and experienced consultants, impact of inflationary pressures on our profitability, our ability to maintain relationships with customers and suppliers and retaining key employees, maintaining our brand name and professional reputation, potential legal liability and regulatory developments, portability of client relationships, consolidation of or within the industries we serve, changes and developments in government laws and regulations, evolving investor and customer expectations with regard to corporate responsibility matters, currency fluctuations in our international operations, risks related to growth, alignment of our cost structure, including as a result of recent workforce, real estate, and other restructuring initiatives, restrictions imposed by off-limits agreements, reliance on information processing systems, cyber security vulnerabilities or events, changes to data security, data privacy, and data protection laws, dependence on third parties for the execution of critical functions, limited protection of our intellectual property, our ability to enhance, develop and respond to new technology, including artificial intelligence, our ability to successfully recover from a disaster or other business continuity problems, employment liability risk, an impairment in the carrying value of goodwill and other intangible assets, treaties, or regulations on our business and our Company, deferred tax assets that we may not be able to use, our ability to develop new products and services, changes in our accounting estimates and assumptions, the utilization and billing rates of our consultants, seasonality, the expansion of social media platforms, the ability to effect acquisitions and integrate acquired businesses, resulting organizational changes, our indebtedness, and those relating to the ultimate magnitude and duration of any pandemic or outbreaks. For a detailed description of risks and uncertainties that could cause differences from our expectations, please refer to Korn Ferry’s periodic filings with the Securities and Exchange Commission. Korn Ferry disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

This press release contains financial information calculated other than in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). In particular, it includes:

This non-GAAP disclosure has limitations as an analytical tool, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP, nor is it necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Management believes the presentation of non-GAAP financial measures in this press release provides meaningful supplemental information regarding Korn Ferry’s performance by excluding certain charges that may not be indicative of Korn Ferry’s ongoing operating results. These non-GAAP financial measures are performance measures and are not indicative of the liquidity of Korn Ferry. These charges, which are described in the footnotes in the attached reconciliations, represent 1) costs we incurred to acquire and integrate a portion of our Professional Search & Interim business and 2) accelerated depreciation associated with the decision to sunset our Digital platform after introducing our Korn Ferry Talent Suite platform, which is expected in the third quarter of fiscal 2026. The use of non-GAAP financial measures facilitates comparisons to Korn Ferry’s historical performance. Korn Ferry includes non-GAAP financial measures because management believes they are useful to investors in allowing for greater transparency with respect to supplemental information used by management in its evaluation of Korn Ferry’s ongoing operations and financial and operational decision-making. Adjusted net income attributable to Korn Ferry, adjusted basic and diluted earnings per share and Consolidated and Executive Search Adjusted EBITDA, exclude certain charges that management does not consider on-going in nature and allows management and investors to make more meaningful period-to-period comparisons of the Company’s operating results. Management further believes that Consolidated and Executive Search Adjusted EBITDA is useful to investors because it is frequently used by investors and other interested parties to measure operating performance among companies with different capital structures, effective tax rates and tax attributes and capitalized asset values, all of which can vary substantially from company to company. In the case of constant currency percentages, management believes the presentation of such information provides useful supplemental information regarding Korn Ferry's performance as excluding the impact of exchange rate changes on Korn Ferry's financial performance allows investors to make more meaningful period-to-period comparisons of the Company’s operating results, to better identify operating trends that may otherwise be masked or distorted by exchange rate changes and to perform related trend analysis, and provides a higher degree of transparency of information used by management in its evaluation of Korn Ferry's ongoing operations and financial and operational decision-making.

KORN FERRY AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share amounts)

Three Months Ended

July 31,

2025

2024

(unaudited)

Fee revenue

708,613

674,946

Reimbursed out-of-pocket engagement expenses

6,930

7,815

Total revenue

715,543

682,761

Compensation and benefits

461,411

451,775

General and administrative expenses

63,874

59,999

Reimbursed expenses

6,930

7,815

Cost of services

77,194

67,544

Depreciation and amortization

22,686

19,578

Total operating expenses

632,095

606,711

Operating income

83,448

76,050

Other income, net

12,752

14,505

Interest expense, net

(3,516

)

(3,945

)

Income before provision for income taxes

92,684

86,610

Income tax provision

25,250

22,354

Net income

67,434

64,256

Net income attributable to noncontrolling interest

(798

)

(1,652

)

Net income attributable to Korn Ferry

66,636

62,604

Earnings per common share attributable to Korn Ferry:

Basic

1.28

1.19

Diluted

1.26

1.17

Weighted-average common shares outstanding:

Basic

51,466

51,950

Diluted

52,368

52,745

KORN FERRY AND SUBSIDIARIES

FINANCIAL SUMMARY BY REPORTING SEGMENT

(dollars in thousands)

(unaudited)

Three Months Ended July 31,

2025

2024

% Change

Fee revenue:

Consulting

169,962

167,870

1.2

Digital

89,198

88,180

1.2

Executive Search:

North America

139,654

134,752

3.6

EMEA

53,781

45,981

17.0

Asia Pacific

24,701

20,579

20.0

Latin America

6,117

7,323

(16.5

Total Executive Search (a)

224,253

208,635

7.5

Professional Search & Interim

133,901

121,741

10.0

RPO

91,299

88,520

3.1

Total fee revenue

708,613

674,946

5.0

Reimbursed out-of-pocket engagement expenses

6,930

7,815

(11.3

Total revenue

715,543

682,761

4.8

(a)

Total Executive Search is the sum of the individual Executive Search Reporting Segments and is presented on a consolidated basis as it is consistent with the Company’s discussion of its Solutions, and financial metrics used by the Company’s investor base.

KORN FERRY AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

July 31,

2025

April 30,

2025 (1)

(unaudited)

ASSETS

Cash and cash equivalents

684,855

1,006,964

Marketable securities

36,277

36,388

Receivables due from clients, net of allowance for doubtful accounts of $41,497 and $40,461 at July 31, 2025 and April 30, 2025, respectively

600,362

565,255

Income taxes and other receivables

47,062

38,394

Unearned compensation

64,033

61,649

Prepaid expenses and other assets

58,313

41,488

Total current assets

1,490,902

1,750,138

Marketable securities, non-current

242,162

233,626

Property and equipment, net

179,491

173,610

Operating lease right-of-use assets, net

143,262

152,712

Cash surrender value of company-owned life insurance policies, net of loans

268,556

252,621

Deferred income taxes

139,212

144,560

Goodwill

948,659

948,832

Intangible assets, net

64,043

70,193

Unearned compensation, non-current

124,817

106,965

Investments and other assets

29,493

27,967

Total assets

3,630,597

3,861,224

LIABILITIES AND STOCKHOLDERS' EQUITY

Accounts payable

55,058

58,884

Income taxes payable

23,585

23,079

Compensation and benefits payable

266,671

530,473

Operating lease liability, current

36,318

38,573

Other accrued liabilities

292,768

304,589

Total current liabilities

674,400

955,598

Deferred compensation and other retirement plans

504,867

477,770

Operating lease liability, non-current

126,429

131,762

Long-term debt

397,939

397,736

Deferred tax liabilities

6,737

5,981

Other liabilities

21,412

20,238

Total liabilities

1,731,784

1,989,085

Stockholders' equity

Common stock: $0.01 par value, 150,000 shares authorized, 79,124 and 78,264 shares issued and 51,770 and 51,458 shares outstanding at July 31, 2025 and April 30, 2025, respectively

351,238

364,425

Retained earnings

1,628,701

1,588,274

Accumulated other comprehensive loss, net

(87,851

)

(86,243

)

Total Korn Ferry stockholders' equity

1,892,088

1,866,456

Noncontrolling interest

6,725

5,683

Total stockholders' equity

1,898,813

1,872,139

Total liabilities and stockholders' equity

3,630,597

3,861,224

(1)

Information is derived from audited financial statements included in our most recently filed Form 10-K.

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(dollars in thousands)

(unaudited)

Three Months Ended

2025

2024

Net income attributable to Korn Ferry

66,636

62,604

Net income attributable to non-controlling interest

798

1,652

Net income

67,434

64,256

Income tax provision

25,250

22,354

Income before provision for income taxes

92,684

86,610

Interest expense, net

3,516

3,945

Depreciation and amortization

22,686

19,578

Integration/acquisition costs (1)

1,508

1,076

Adjusted EBITDA

120,394

111,209

Net income attributable to Korn Ferry margin

9.4

9.3

Net income attributable to non-controlling interest

0.1

0.2

Income tax provision

3.6

3.3

Interest expense, net

0.5

0.6

Depreciation and amortization

3.2

2.9

Integration/acquisition costs (1)

0.2

Adjusted EBITDA margin

17.0

16.5

Net income attributable to Korn Ferry

66,636

62,604

Integration/acquisition costs (1)

1,508

1,076

Accelerated depreciation on Digital platform (2)

1,977

—

Tax effect on the adjusted items (3)

(883

)

(560

)

Adjusted net income attributable to Korn Ferry

69,238

63,120

Basic earnings per common share

1.28

1.19

Integration/acquisition costs (1)

0.03

0.02

Accelerated depreciation on Digital platform (2)

0.04

—

Tax effect on the adjusted items (3)

(0.02

)

(0.01

)

Adjusted basic earnings per share

1.33

1.20

Diluted earnings per common share

1.26

1.17

Integration/acquisition costs (1)

0.03

0.02

Accelerated depreciation on Digital platform (2)

0.04

—

Tax effect on the adjusted items (3)

(0.02

)

(0.01

)

Adjusted diluted earnings per share

1.31

1.18

Explanation of Non-GAAP Adjustments

(1)

Costs associated with current and previous acquisitions, such as legal and professional fees, retention awards and the on-going integration expenses.

(2)

Costs associated with accelerated depreciation associated with the decision to sunset our Digital platform upon the introduction of our Korn Ferry Talent Suite platform, which is expected in the third quarter of fiscal 2026.

(3)

Tax effect on integration/acquisition costs and accelerated depreciation on Digital platform.

KORN FERRY AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES - CONTINUED

(dollars in thousands)

(unaudited)

Three Months Ended July 31,

2025

2024

Net income

attributable

Korn Ferry

Net income

attributable

Korn Ferry

margin

Net income

attributable

Korn Ferry

Net income

attributable

Korn Ferry

margin

Consolidated

66,636

9.4

62,604

9.3

Fee

revenue

Total

revenue

Adjusted

EBITDA

Adjusted

EBITDA

margin

Fee

revenue

Total

revenue

Adjusted

EBITDA

Adjusted

EBITDA

margin

Consulting

169,962

172,699

28,809

17.0

167,870

170,767

29,294

17.5

Digital

89,198

89,245

27,607

31.0

88,180

88,211

26,623

30.2

Executive Search:

North America

139,654

141,215

41,240

29.5

134,752

136,087

35,098

26.0

EMEA

53,781

54,081

9,143

17.0

45,981

46,276

7,265

15.8

Asia Pacific

24,701

24,839

5,535

22.4

20,579

20,704

4,218

20.5

Latin America

6,117

6,139

1,540

25.2

7,323

7,326

2,798

38.2

Total Executive Search

224,253

226,274

57,458

25.6

208,635

210,393

49,379

23.7

Professional Search & Interim

133,901

135,141

28,027

20.9

121,741

122,730

25,706

21.1

RPO

91,299

92,184

14,342

15.7

88,520

90,660

12,494

14.1

Corporate

—

(35,849

)

—

(32,287

)

Consolidated

708,613

715,543

120,394

17.0

674,946

682,761

111,209

16.5