Heidrick & Struggles Reports Third Quarter 2016 Financial Results
Heidrick & Struggles International, Inc. announced financial results for its third quarter ended September 30, 2016.
- Consolidated net revenue (revenue before reimbursements) increased 3.7 percent, or $5.1 million, to $143.5 million from $138.4 million in the 2015 third quarter. Net revenue increased 4.1 percent on a constant currency basis.
- The number of Executive Search and Leadership Consulting consultants was 356 at September 30, 2016 compared to 336 at June 30, 2016, and 334 at September 30, 2015.
- Operating income of $12.0 million and operating margin of 8.4 percent, compares to operating income of $12.9 million and operating margin of 9.3 percent in the 2015 third quarter. Adjusted EBITDA(1) of $17.5 million and adjusted EBITDA margin of 12.2 percent, compares to Adjusted EBITDA of $18.2 million and EBITDA margin of 13.1 percent in the 2015 third quarter.
- Reflecting the addition of 30 new consultants in the third quarter, productivity, as measured by annualized Executive Search and Leadership Consulting net revenue per consultant, was $1.5 million in the 2016 third quarter, compared to $1.6 million in the 2015 third quarter.
- Completed the acquisitions of JCA Group, a distinguished London-based executive search advisory firm, and Philosophy IB, a boutique management consultancy firm based in New Jersey.
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