Heidrick & Struggles Reports Fourth Quarter And 2013 Financial Results
Heidrick & Struggles International, Inc. has announced financial results for its fourth quarter and year ended December 31, 2013.
• Fourth quarter net revenue increased 13.6% (approximately 15% on a constant currency basis) to $118.0 million from $103.9 million in the 2012 fourth quarter.
• Adjusted EBITDA(1) in the fourth quarter improved to $7.4 million and Adjusted EBITDA margin(1) was 6.3%, compared to Adjusted EBITDA of $2.3 million and Adjusted EBITDA margin of 2.2% in the 2012 fourth quarter.
• For the year, net revenue of $462.0 million increased 4.1% (approximately 5% on a constant currency basis) from $443.8 million in 2012.
• Adjusted EBITDA for 2013 improved to $39.7 million and Adjusted EBITDA margin was 8.6%, compared to Adjusted EBITDA of $35.1 million and Adjusted EBITDA margin of 7.9% in 2012.
• Consultant productivity, as measured by net revenue per consultant, increased to $1.5 million in the fourth quarter and to $1.4 million for the year.
Tracy R. Wolstencroft, Heidrick & Struggles' President and Chief Executive Officer, said: "Our fourth quarter and full-year 2013 results reflect year-over-year improvements in revenue, adjusted EBITDA margin and productivity. The need for talent and leadership has never been greater, especially in a global economy that is growing increasingly more complex. With the caliber of this firm's brand, people and relationships, I see opportunities to create increasing value for our clients, our shareholders and our colleagues."
See www.heidrick.com for further details.
(1) Adjusted EBITDA refers to earnings before interest, taxes, depreciation, intangible amortization, stock-based compensation expense, compensation expense associated with Senn Delaney retention awards, Senn Delaney earnout accretion, restructuring charges, and other non-operating income (expense). Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures (see attached reconciliation.)
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