Heidrick & Struggles International, Inc. Financial Ratios — HSII

Profitability (USD)

	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Return on Common Equity (%)	7.47	-43.66	11.65	12.62	14.41	34.82	27.77	- -	- -	63.54	-56.93	101.82	58.93	28.74	4.19
Return on Assets (%)	1.47	-6.36	1.23	1.21	1.21	3	2.67	-8.32	7.66	6.07	-4.62	7.66	6.97	4.7	0.75
Return on Capital (%)	7.47	- -	11.65	9.33	8.53	26.79	27.77	- -	176.92	36.35	- -	42.28	36.33	19.39	2.83
Return on Invested Capital (%)	2.84	- -	2.52	2.77	2.67	6.98	5.6	- -	19.69	13.26	- -	17.39	16.9	9.64	3.75
Gross Margin (%)	33.72	32.78	33.45	33.58	34.25	32.63	33.42	32.16	31.17	30.24	27.73	23.63	25.42	26.52	25.2
EBITDA Margin (%)	5.99	7.59	6.72	6.62	8.18	8.71	8.6	8.54	11.06	10.75	12.15	12.06	11.34	9.71	8.32
Operating Margin (%)	3.73	5.74	4.4	3.24	5.19	6.21	5.86	6.23	9.36	9.32	7.91	10.12	10.36	7.93	6.63
Incremental Operating Margin (%)	19.42	31.05	12.76	-30.69	34.39	21.13	2.23	11.83	30.33	12.11	18.52	13.78	13.59	69.95	-11.62
Pretax Margin (%)	3.3	-2.67	4.36	2.78	4.71	5.75	6.28	-4.6	9.58	9.55	-4.99	10.51	10.63	8.52	2.75
Profit Margin (%)	1.46	-6.09	1.34	1.32	1.32	3.12	2.56	-7.6	6.7	6.46	-5.99	7.2	7.34	5.23	0.78
Net Income to Common Margin (%)	1.46	-6.09	1.34	1.32	1.32	3.12	2.56	-7.6	6.7	6.46	-5.99	7.2	7.34	5.23	0.78
Effective Tax Rate (%)	55.79	- -	69.2	52.59	71.9	45.71	59.19	- -	30.07	32.36	- -	31.55	31.02	38.64	71.53
Dvd Payout Ratio (%)	129.4	-28.83	192.16	114.38	145.12	58.32	64.59	-20.79	20.65	25.25	-31.99	17.05	15.68	23.04	148.06
Sustainable Growth Rate (%)	-2.2	-56.25	-10.74	-1.81	-6.5	14.51	9.83	- -	- -	47.5	-75.15	84.45	49.69	22.12	-2.02

Credit (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Total Debt	- -	- -	- -	36	30	- -	- -	- -	- -	110	116	85	83	100	101
ST Debt	- -	- -	- -	6	6	- -	- -	- -	- -	31	29	19	20	21	18
LT Debt	- -	- -	- -	30	24	- -	- -	- -	- -	79	87	66	63	78	83
Total Debt/EBITDA	- -	- -	- -	1.11	0.7	- -	- -	- -	- -	1.41	1.51	0.7	0.67	0.99	1.09
Net Debt/EBITDA	-5.89	-4.41	-3.76	-4.59	-4.33	-3.99	-3.19	-3.8	-3.44	-3.48	-4.14	-4.48	-2.89	-4.08	-5.56
Total Debt/EBIT	- -	- -	- -	2.28	1.11	- -	- -	- -	- -	1.63	2.32	0.83	0.74	1.21	1.36
Net Debt/EBIT	-9.46	-5.83	-5.75	-9.39	-6.82	-5.59	-4.68	-5.21	-4.07	-4.02	-6.35	-5.34	-3.17	-5	-6.97
EBITDA to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA-CapEx/Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBIT to Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Interest Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Common Equity/Total Assets	18.21	10.71	10.49	8.8	8.02	9.21	10.01	-0.09	8.03	10.81	5.23	9.16	14.32	18.42	17.26
Long-Term Debt/Equity (%)	- -	- -	- -	11.9	9.61	- -	- -	- -	- -	25.68	32.44	19.53	15.41	16.92	18.36
Long-Term Debt/Capital (%)	- -	- -	- -	35.03	31.28	- -	- -	- -	- -	39.37	55.3	35.22	25.19	25.23	27.1
Long-Term Debt/Total Assets (%)	- -	- -	- -	5.33	4.13	- -	- -	- -	- -	9.4	11.02	5.93	5.38	6.85	6.96
Total Debt/Equity (%)	- -	- -	- -	14.32	12.06	- -	- -	- -	- -	35.7	43.27	25.28	20.18	21.57	22.26
Total Debt/Capital (%)	- -	- -	- -	42.16	39.27	- -	- -	- -	- -	54.73	73.77	45.59	32.98	32.16	32.85
Total Debt/Total Assets (%)	- -	- -	- -	6.42	5.19	- -	- -	- -	- -	13.07	14.7	7.68	7.05	8.73	8.44
Net Debt to Equity	-61.49	-73.77	-47.36	-58.96	-74.33	-74.75	-63.81	-97.57	-104.77	-87.9	-118.26	-162.26	-86.56	-89.26	-113.87
Net Debt/Capital (%)	221.23	142.43	178.99	149.99	133.49	138.33	154.53	99.75	125.15	387.63	198.42	151.92	341.13	401.99	247.02
EBITDA	31	42	31	32	42	48	52	55	81	78	76	122	123	101	93
EBITDA-CapEx	31	42	31	32	42	48	52	55	81	78	76	122	123	101	93
Operating Income (Loss)	19	32	20	16	27	34	35	40	69	68	50	102	112	83	74

Liquidity (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Cash Ratio	1.05	1	0.77	1.03	1.03	0.83	0.75	0.78	0.88	0.96	1.06	1.02	1.06	1.09	1.17
Current Ratio	1.81	1.68	1.48	1.65	1.55	1.35	1.35	1.29	1.41	1.43	1.49	1.39	1.4	1.58	1.6
Quick Ratio	1.65	1.53	1.33	1.51	1.38	1.18	1.19	1.18	1.32	1.36	1.41	1.34	1.29	1.42	1.46
CFO/Avg Current Liab	0.59	0.25	0.07	0.27	0.3	0.26	0.1	0.28	0.35	0.24	0.07	0.64	0.21	-0.05	0.33
Common Equity/Total Assets	18.21	10.71	10.49	8.8	8.02	9.21	10.01	-0.09	8.03	10.81	5.23	9.16	14.32	18.42	17.26
Long-Term Debt/Equity (%)	- -	- -	- -	11.9	9.61	- -	- -	- -	- -	25.68	32.44	19.53	15.41	16.92	18.36
Long-Term Debt/Capital (%)	- -	- -	- -	35.03	31.28	- -	- -	- -	- -	39.37	55.3	35.22	25.19	25.23	27.1
Long-Term Debt/Total Assets (%)	- -	- -	- -	5.33	4.13	- -	- -	- -	- -	9.4	11.02	5.93	5.38	6.85	6.96
Total Debt/Equity (%)	- -	- -	- -	14.32	12.06	- -	- -	- -	- -	35.7	43.27	25.28	20.18	21.57	22.26
Total Debt/Capital (%)	- -	- -	- -	42.16	39.27	- -	- -	- -	- -	54.73	73.77	45.59	32.98	32.16	32.85
Total Debt/Total Assets (%)	- -	- -	- -	6.42	5.19	- -	- -	- -	- -	13.07	14.7	7.68	7.05	8.73	8.44
CFO/Total Liabilities	33.65	16.94	5.07	14.42	17.52	18.11	6.79	17.88	23.74	14.7	4.49	35.21	15.59	-3.94	20.29
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	2.93	2.74	2.54	2.4	2.51	2.75	2.89	2.5	2.81	2.39	2.1	2.44	2.33	2.6	2.64

Working Capital (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Accounts Receivable Turnover	6.96	7.27	6.73	6.83	7.33	7.59	7.1	6.67	6.89	6.47	6.38	9.09	8.33	8.02	8.34
Days Sales Outstanding	52.48	50.22	54.23	53.41	49.79	48.07	51.4	54.71	53.01	56.37	57.21	40.15	43.82	45.5	43.75
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	47.39	42.4	34.75	38.85	50.81	63.45	56.74	48.85	53.33	56.88	52.18	52.8	46.19	43.16	36.35
Accounts Payable Turnover Days	7.7	8.61	10.5	9.4	7.18	5.75	6.43	7.47	6.84	6.42	6.99	6.91	7.9	8.46	10.04
Cash Conversion Cycle	44.78	41.61	43.72	44.02	42.6	42.31	44.97	47.24	46.16	49.96	50.21	33.24	35.92	37.04	33.71
Inventory to Cash Days	52.48	50.22	54.23	53.41	49.79	48.07	51.4	54.71	53.01	56.37	57.21	40.15	43.82	45.5	43.75
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Market Capitalization	363	284	212	289	343	416	383	403	525	563	528	807	532	582	899
- Cash & Cash Equivalents	181	185	118	182	211	190	165	208	280	272	316	545	355	413	516
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	- -	- -	- -	36	30	- -	- -	- -	- -	110	116	85	83	100	101
Enterprise Value	181	99	94	143	161	226	218	196	245	340	308	346	-7	203	436
Total Capital	99	55	52	84	75	53	58	-1	56	202	157	186	251	310	307
Total Debt/Capital (%)	- -	- -	- -	42.16	39.27	- -	- -	- -	- -	54.73	73.77	45.59	32.98	32.16	32.85
Total Debt / EV	- -	- -	- -	0.25	0.18	- -	- -	- -	- -	0.32	0.38	0.25	-12.05	0.49	0.23
EV/Sales	0.35	0.18	0.2	0.3	0.31	0.41	0.36	0.31	0.33	0.47	0.49	0.34	- -	0.2	0.39
EV/EBITDA	5.9	2.35	3.02	4.48	3.83	4.73	4.23	3.58	3.02	4.36	4.02	2.85	- -	2.01	4.7
EV/EBIT	9.47	3.11	4.62	9.17	6.03	6.63	6.2	4.91	3.56	5.03	6.18	3.39	- -	2.46	5.9
EV/Cash Flow to Firm	2.15	2.21	7.56	3.24	2.83	3.92	9.96	2.92	2.38	4.33	13.17	1.28	- -	- -	2.9
EV/Free Cash Flow to Firm	2.15	2.21	7.56	3.24	2.83	3.92	9.96	2.92	2.38	4.33	13.17	1.28	- -	- -	2.9
Diluted Market Cap	371	284	214	291	347	425	394	403	542	576	528	839	555	603	939
Diluted Enterprise Value	190	99	96	145	165	234	229	196	262	415	328	379	282	290	524
EV per Share	10.4	5.55	5.26	7.9	8.82	12.31	11.78	10.45	12.97	17.82	15.94	17.74	- -	10.15	21.51
TTM Sales	513	554	465	481	513	548	601	640	736	726	629	1,008	1,084	1,041	1,116
TTM EBITDA	31	42	31	32	42	48	52	55	81	78	76	122	123	101	93
TTM Operating Income	19	32	20	16	27	34	35	40	69	68	50	102	112	83	74
TTM Cash Flow to Firm	84	45	12	44	57	58	22	67	103	79	23	271	119	-27	150
TTM Free Cash Flow to Firm	84	45	12	44	57	58	22	67	103	79	23	271	119	-27	150

Multiples (USD)

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	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
As of date	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024

Price/Free Cash Flow	4.41	6.35	17.11	6.62	6.11	7.38	17.96	6.02	5.27	7.33	22.62	3.09	4.65	-22.52	6.24
EV/EBIT	9.47	3.11	4.62	9.17	6.03	6.63	6.2	4.91	3.56	5.03	6.18	3.39	- -	2.46	5.9
Enterprise Value	181	99	94	143	161	226	218	196	245	340	308	346	-7	203	436
Low Price	16.29	15.57	11.12	12.2	15.52	17.98	16.23	17.9	20.95	23.55	17.99	28.44	22.79	22.52	26.52
EV/Sales	0.35	0.18	0.2	0.3	0.31	0.41	0.36	0.31	0.33	0.47	0.49	0.34	- -	0.2	0.39
EV/EBITDA	5.9	2.35	3.02	4.48	3.83	4.73	4.23	3.58	3.02	4.36	4.02	2.85	- -	2.01	4.7
Price/Earnings	48.38	- -	33.98	45.51	50.39	24.29	24.88	- -	10.66	12.01	- -	11.11	6.69	10.69	103.02
Price/Earnings Average	40.26	-8.76	36.27	36.18	42.39	21.26	21.21	-7.45	11.5	11.75	-11.13	10.34	7.95	9.87	82.02
Price/Earnings High	74.82	-15.85	68.98	58.73	63.98	32.77	32.95	-10.44	17.38	18.2	-17	13.45	11.65	12.94	113.97
Price/Earnings Low	37.91	-8.21	32.03	34.75	41.58	19.24	19.52	-6.9	8.04	9.6	-9.21	7.65	5.66	8.29	61.66
Price/Book Value	3.65	5.14	4.09	5.93	7.51	7.89	6.58	-775.7	9.34	6.17	12.83	7.96	3.16	2.77	4.36
Price/Book Value Average	3.04	5.35	4.36	4.71	6.31	6.9	5.61	-697.2	10.08	6.03	10.19	7.4	3.75	2.55	3.47
Price/Book Value High	5.65	9.68	8.29	7.65	9.53	10.64	8.72	-976.38	15.23	9.35	15.57	9.63	5.5	3.35	4.83
Price/Book Value Low	2.86	5.01	3.85	4.53	6.19	6.25	5.17	-644.92	7.05	4.93	8.43	5.47	2.67	2.15	2.61
Price/Tangible Book Value	2.03	1.8	2.22	2.95	3.37	3.96	4.46	4.4	3.68	3.12	3.02	4.28	2	2.43	2.97
Price/Tangible Book Value Average	1.69	1.87	2.37	2.34	2.84	3.47	3.8	3.96	3.97	3.05	2.4	3.98	2.37	2.24	2.37
Price/Tangible Book Value High	3.15	3.38	4.51	3.81	4.28	5.35	5.9	5.54	6	4.73	3.67	5.18	3.48	2.94	3.29
Price/Tangible Book Value Low	1.59	1.75	2.1	2.25	2.78	3.14	3.5	3.66	2.77	2.49	1.99	2.95	1.69	1.89	1.78
Price/Sales	0.71	0.51	0.46	0.6	0.67	0.76	0.64	0.63	0.71	0.78	0.84	0.8	0.49	0.56	0.81
Price/Sales Average	0.59	0.53	0.49	0.48	0.56	0.66	0.54	0.57	0.77	0.76	0.67	0.74	0.58	0.52	0.64
Price/Sales High	1.09	0.96	0.93	0.77	0.85	1.02	0.85	0.79	1.16	1.18	1.02	0.97	0.85	0.68	0.89
Price/Sales Low	0.55	0.5	0.43	0.46	0.55	0.6	0.5	0.52	0.54	0.62	0.55	0.55	0.42	0.43	0.48
Price/Cash Flow	4.3	6.35	16.97	6.56	6.03	7.23	17.49	6.02	5.11	7.16	22.62	2.97	4.46	-21.72	5.98
Price/Cash Flow Average	3.58	6.6	18.12	5.21	5.08	6.33	14.91	5.41	5.51	7	17.98	2.76	5.29	-20.04	4.76
Price/Cash Flow High	6.65	11.94	34.45	8.47	7.66	9.75	23.16	7.58	8.33	10.85	27.45	3.6	7.76	-26.28	6.61
Price/Cash Flow Low	3.37	6.18	16	5.01	4.98	5.72	13.72	5.01	3.85	5.72	14.87	2.04	3.77	-16.84	3.58
Price/Free Cash Flow Average	3.67	6.6	18.27	5.26	5.14	6.46	15.31	5.41	5.69	7.17	17.98	2.87	5.53	-20.78	4.97
Price/Free Cash Flow High	6.82	11.94	34.74	8.54	7.75	9.95	23.78	7.58	8.6	11.1	27.45	3.74	8.1	-27.24	6.9
Price/Free Cash Flow Low	3.45	6.18	16.13	5.05	5.04	5.84	14.09	5.01	3.98	5.85	14.87	2.13	3.94	-17.45	3.74
EV/Sales Average	0.23	0.2	0.23	0.17	0.21	0.32	0.27	0.24	0.39	0.54	0.35	0.29	0.33	0.22	0.27
EV/Sales High	0.74	0.63	0.67	0.47	0.49	0.68	0.57	0.47	0.78	0.95	0.7	0.51	0.6	0.38	0.52
EV/Sales Low	0.2	0.17	0.18	0.15	0.2	0.25	0.23	0.2	0.16	0.4	0.23	0.09	0.16	0.13	0.11
EV/EBITDA Average	3.92	2.61	3.48	2.62	2.53	3.64	3.13	2.84	3.52	4.99	2.87	2.38	2.92	2.22	3.24
EV/EBITDA High	12.35	8.3	10.01	7.12	6.03	7.77	6.63	5.49	7.09	8.87	5.76	4.24	5.32	3.87	6.25
EV/EBITDA Low	3.35	2.17	2.63	2.34	2.4	2.91	2.63	2.34	1.43	3.7	1.92	0.78	1.45	1.37	1.33
EV/EBIT Average	6.3	3.46	5.32	5.36	3.99	5.1	4.6	3.89	4.16	5.76	4.4	2.84	3.2	2.71	4.07
EV/EBIT High	19.82	10.98	15.3	14.56	9.49	10.89	9.73	7.53	8.38	10.23	8.84	5.06	5.82	4.73	7.84
EV/EBIT Low	5.38	2.88	4.02	4.78	3.78	4.09	3.86	3.21	1.69	4.27	2.94	0.93	1.58	1.67	1.67
Last Price	20.79	15.98	11.8	15.98	18.81	22.7	20.68	21.53	27.77	29.47	27.37	41.33	26.92	29.05	44.31
High Price	32.15	30.06	23.95	20.62	23.88	30.62	27.39	27.1	45.29	44.66	33.21	50.03	46.85	35.15	49.02
Enterprise Value Average	121	110	109	83	106	174	162	155	287	389	219	290	359	224	301
Enterprise Value High	379	349	313	227	253	371	343	300	577	692	440	516	653	391	580
Enterprise Value Low	103	91	82	74	101	139	136	128	116	288	147	95	178	138	123

Shares Outstanding	18	18	18	18	18	18	19	19	19	19	19	20	20	20	20
Diluted Weighted Avg Shares	18	18	18	18	18	19	19	19	20	20	19	20	21	21	21
Basic Weighted Avg Shares	17	18	18	18	18	18	19	19	19	19	19	20	20	20	20
Revenue per Share	29.43	31.16	25.88	26.61	28.18	29.91	32.41	34.16	38.89	37.98	32.61	51.68	54.84	51.98	54.98
EBITDA per Share	1.76	2.37	1.74	1.76	2.3	2.6	2.79	2.92	4.3	4.08	3.96	6.23	6.22	5.05	4.57
Operating Income per Share	1.1	1.79	1.14	0.86	1.46	1.86	1.9	2.13	3.64	3.54	2.58	5.23	5.68	4.12	3.64
Basic EPS, GAAP	0.43	-1.9	0.35	0.35	0.37	0.93	0.83	-2.6	2.61	2.45	-1.95	3.72	4.02	2.72	0.43
Basic EPS from Cont Ops	0.43	-1.9	0.35	0.35	0.37	0.93	0.83	-2.6	2.61	2.45	-1.95	3.72	4.02	2.72	0.43
Diluted EPS, GAAP	0.42	-1.9	0.34	0.35	0.37	0.92	0.81	-2.6	2.52	2.4	-1.95	3.58	3.86	2.62	0.41
Diluted EPS from Cont Ops	0.42	-1.9	0.34	0.35	0.37	0.92	0.81	-2.6	2.52	2.4	-1.95	3.58	3.86	2.62	0.41
Dividend per Share	0.56	0.55	0.67	0.4	0.54	0.54	0.54	0.54	0.54	0.62	0.62	0.63	0.63	0.63	0.64
Cash Flow per Share	4.83	2.52	0.7	2.44	3.12	3.14	1.18	3.57	5.44	4.12	1.21	13.91	6.04	-1.34	7.41
Free Cash Flow per Basic Share	4.83	2.52	0.7	2.44	3.12	3.14	1.18	3.57	5.44	4.12	1.21	13.91	6.04	-1.34	7.41
Cash & Equivalents per Share	10.39	10.43	6.54	10.05	11.61	10.39	8.9	11.08	14.8	17.43	17.43	27.94	31.46	23.87	27.77
Book Value per Share	5.69	3.11	2.89	2.69	2.51	2.88	3.14	-0.03	2.97	4.78	2.13	5.19	8.52	10.5	10.16
Tangible Book Value per Share	10.22	8.89	5.31	5.42	5.58	5.73	4.64	4.89	7.55	9.44	9.06	9.65	13.46	11.94	14.91

Heidrick & Struggles International, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)