You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: The last several months are unlike anything most of us have experienced in our life times.
With long overdue calls for social equality, persistent global pandemic and recovery curves, the only certainty today is uncertainty.
But amid all this change, we'd be remiss not to recognize all the heroes.
It's been truly uplifting to see the humanity around us, our healthcare workers and other first responders and all of those who are committed to making our world a safer, better and more equal plains.
I've never been more proud of our firm and how we've responded during these times.
At the beginning of this pandemic, we adopted a framework of safety, caution and agility to navigate the crisis.
That included mobilizing almost all of our global colleagues to a work from home environment in really the course of days.
And we sized our business to the current reality while preserving tremendous muscle, which we believe will allow us to accelerate through the term.
We took a strong voice in the world, hosting multiple COVID-19 webinars, which were attended by over 20,000 leaders and we led Race Matters webinars for colleagues and clients that attracted more than 100,000 leaders from global organizations.
And we're continuing to engage with clients in these discussions, given our large diversity and inclusion consulting business.
And we appointed Mike Hyter as our Chief Diversity Officer, elevating our ongoing focus on and continuing commitment to not only diversity, but much more importantly, inclusion.
Diversity is a fact, inclusion is a behavior, and we're committed to continuing that conversation beyond the pledge through action.
Now let me comment briefly on our fiscal fourth quarter.
Fee revenues were down about 7.9% at constant currency as the impact of the virus accelerated through the quarter.
Our adjusted EBITDA margin was almost 16% and we delivered $0.60 of adjusted EPS.
Full year revenues were $1.9 billion and we delivered approximately $300 million of adjusted EBITDA and $2.92 of adjusted EPS.
Now for the future.
There is no question that the magnitude of the humanitarian and economic impact brought on by the virus far outweighs with anyone could have expected a few short months ago.
The pace and magnitude of the decline caused by this global health crisis is unprecedented, at least in the last 100 years.
But with the crisis there is also tremendous opportunity.
And we believe that includes real tangible opportunities for Korn Ferry.
Almost every company on the planet is and will have to reimagine their business.
And I believe in the next two years, there is going to be more change than in the last 10.
Quite simply, different work needs to get done and work needs to get done differently.
And to get work done differently, companies will need to rethink their org structure, roles and responsibilities.
How they compensate, engage and develop their workforce, let alone the type of talent they hire and how they hire that talent in a virtual world, which will depend to even a greater extent on assessment.
And as a reminder, our assessment and learning business is almost 25% of the company.
So these are Korn Ferry's businesses and this is on top of our M&A change management, virtual sales effectiveness and customer experience services, let alone the D&I services that we offer to the marketplace.
That's real opportunity for us.
And as an organizational consulting firm, we enable people and organizations to exceed their potential.
And to exceed potential, people need in abundance of opportunity, development and sponsorship, which is absolutely foundational to our service offerings.
We're also using this time of change as an opportunity to reimagine our business.
For example, we're moving from analog to digital delivery of our assessment and learning business, which as I just mentioned, it's 25% of the company in a way that makes our IT more relevant and scalable.
On the recruiting side, we're further refining our platform processes, such as AI, video and technology.
And on the administrative front, we're continuing to further consolidate our activities, adopting a One Korn Ferry approach to deliver greater efficiencies across the entire organization.
When I look back during the Great Recession, our revenue was up almost 60% four quarters from the trough, eventually growing 5x to almost $2.1 billion revenue run rate, annual revenue run rate a few months ago.
We believe the opportunity to grow after the pandemic subsides lies in front of us.
We're a much different company today.
Our firm's recovery could be substantially different with a pronounced upswing based on a broader and deeper mix of business.
To undertake this journey, we're going to be agile, flexible and responsive to the environment and our clients.
Fortunately, we're facing this crisis from a position of strength when we consider we have a solid balance sheet with high levels of cash and liquidity and we've taken swift and decisive actions to protect the company, and more importantly, preserve its muscle.
We've also seen some green shoots in new business and client wins.
April, May and June stabilized, down approximately 30% year-over-year.
And sequentially, June was up approximately 18% over May.
So June was better than May and was better than June in terms of new business.
We've also set operational guardrails in our business, designed to preserve our position of strength and enable the firm to invest into the recovery.
We're committed to maintaining at least neutral EBITDA.
This preserves the muscle of the firm and our ability to fully harness the opportunities and the recovery and we will maintain our dividend this quarter.
As we discussed in the last earnings call, we continue to assess the changing health and economic environment and the impact it has on our forward visibility.
As city, states and countries reopen their economies, there has been a significant resurgence of COVID-19 cases in a number of places.
In some cases this has resulted in the delay or even cancellation of plans to reopen.
Despite the recent positive data indicating that our new business trends may be stabilizing as well as the resilience that our clients and colleagues are demonstrating, the near-term predictability of our business remains clouded.
As a result, we will not be providing specific revenue and earnings guidance for the first quarter of FY '21.
In wrapping up my remarks, I want to leave you with this.
You know at some point, we'll be looking at this virus through the rearview mirror.
And I truly believe that we have the right strategy with the right people at the right time to accelerate further through the turn like we've done before.
We have a demonstrated track record of doing that.
So now, I'm joined virtually by Bob Rozek and Gregg Kvochak.
I'll start with a few important highlights for the full year and the fourth quarter of fiscal year '20 before I address new business trends.
For the full year of fiscal '20, our fee revenue was $1.93 billion, which was essentially flat year-over-year.
Our adjusted EBITDA margin was -- our adjusted EBITDA, I should say, was $301 million and the adjusted EBITDA margin was 15.6%.
And as Gary indicated, adjusted fully diluted earnings per share were $2.92.
Now turning to the most recently completed quarter, our fourth quarter.
Fee revenue was $440.5 million, which was down 7.9% year-over-year measured at constant currency.
In the fourth quarter, fee revenue for Executive Search was down 10% globally, RPO and Pro Search was down 9%, Consulting down 14% and Digital grew 14%, and all of that's at constant currency.
Adjusted EBITDA in the fourth quarter was approximately $70 million with a 15.8% adjusted EBITDA margin, and our adjusted fully diluted earnings per share in the quarter were $0.60.
Our balance sheet and liquidity remained very strong at the end of the fourth quarter.
Cash and marketable securities totaled $863 million, and that's up about $95 million year-over-year.
And then when you pull out amounts reserved for deferred compensation and accrued bonuses, that's our -- what we define as our investable cash, that balance at the end of the fourth quarter was approximately $532 million, that's up about $150 million year-over-year.
At April 30, 2020, we have undrawn capacity of $646 million on our revolver.
So we have close to $1.2 billion in liquidity to manage our way through COVID-19, and as Gary indicated, to invest back into the business through the recovery.
Last, the firm had outstanding debt at the end of the fourth quarter of about $400 million.
Finally, due to the negative economic impact of COVID-19, we did take swift and decisive actions to downsize our cost base.
As previously announced, we took cost actions that were targeted at compensation as well as G&A spend.
And we have initially reduced our cost base by about $300 million on a run rate basis.
We believe these actions will help us manage the business to maintaining our minimum operating boundary of adjusted EBITDA neutrality throughout the COVID crisis.
And in the current environment, maintaining operational flexibility is critical for us and will allow us not only to preserve the franchise, but as I indicated, will allow us to invest into the recovery.
Gregg, do you want to go through some of the operating segment?
I'm going to start with the Digital segment.
Global fee revenue for KF Digital was $69 million in the fourth quarter and up approximately $7 million or 14% year-over-year measured at constant currency.
The subscription and licensing component of KF Digital's fee revenue in the fourth quarter was approximately $21 million, which was up $6 million year-over-year and was flat sequentially.
Adjusted EBITDA in the fourth quarter for KF Digital was $17 million with a 24.5% adjusted EBITDA margin.
Now shifting to the Consulting segment.
In the fourth quarter, Consulting generated $121 million of fee revenue, which was down approximately 14% year-over-year at constant currency.
In every region, Consulting fee revenue in the fourth quarter was negatively impacted by the sudden shift to work from home protocols, which limited our consultants' ability to execute and complete advisory assignments at client sites.
Adjusted EBITDA for Consulting in the fourth quarter was $11.1 million with an adjusted EBITDA margin of 9.2%.
RPO and Professional Search generated global fee revenue of $82 million in the fourth quarter with both components down approximately 9% year-over-year at constant currency.
Adjusted EBITDA for RPO and Professional Search in the fourth quarter was $12.7 million with adjusted EBITDA margin of 15.4%.
Finally for Executive Search, global fee revenue in the fourth quarter of fiscal '20 was approximately $168 million, which compared year-over-year and measured at constant currency was down approximately 10%.
At constant currency, North America and EMEA were each down 10% year-over-year and APAC was down 16%.
The total number of dedicated Executive Search consultants worldwide at the end of the fourth quarter was 556, down nine year-over-year and down 26 sequentially.
Annualized fee revenue production per consultant in the fourth quarter was $1.18 million.
And the number of new search assignments opened worldwide in the fourth quarter was 1,229, which was down approximately 28% year-over-year.
Adjusted EBITDA for Executive Search in the fourth quarter was approximately $47.5 million with an adjusted EBITDA margin of 28.3%.
So globally year-over-year decline in monthly business as we exited fiscal year '20 and entered fiscal year '21 appear to have stabilized.
Excluding new businesses for RPO, our global new business measured year-over-year was down approximately 20% in March and 34% in April.
Starting our new fiscal year, May was down approximately 32% year-over-year and June was down 26%.
And over the past two years, June has been sequentially better than May kind of in the 5% to 7% range.
In the current year, we're obviously seeing the same [Technical Issue] of improvement.
And obviously at this point, we still don't know July is new business yet.
With regards to the RPO, new business in the fourth quarter was once again strong with $109 million of global awards, which was comprised of $72 million of new clients and $37 million of renewals and extensions.
In the near-term, the new business pipeline for RPO remains strong.
We'd be glad to answer any questions that you have.

user
compname reports q4 adj earnings per share $0.60.
q4 adjusted earnings per share $0.60.
fee revenue was $440.5 million in q4 fy'20, a decrease of 10%.
will not issue any specific revenue or earnings guidance for q1 of fy'21.
plan to reassess suspension of our guidance once we are comfortable that coronavirus uncertainties have largely passed.

assistant