HSII · As filed with the SEC

Heidrick & Struggles International cash flow statement, by quarter

The statement as Heidrick & Struggles International presents it in its 10-Q and 10-K: its own lines, labels and order. Tables over time lines up standardized figures across every filing.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS · USD thousands

USD thousands	Q3 2025^† 3 months ended Sep 30, 2025	Q2 2025^† 3 months ended Jun 30, 2025	Q1 2025 3 months ended Mar 31, 2025	Q4 2024^† 3 months ended Dec 31, 2024	Q3 2024^† 3 months ended Sep 30, 2024	Q2 2024^† 3 months ended Jun 30, 2024	Q1 2024 3 months ended Mar 31, 2024	Q4 2023^† 3 months ended Dec 31, 2023
Cash flows - operating activities
Net income	17,646^†	21,073^†	13,306	(14,976)^†	14,829^†	(5,157)^†	14,032	14,855^†
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	5,383^†	5,015^†	4,847	5,207^†	4,950^†	3,910^†	4,790	5,076^†
Deferred income taxes	—	—	—	—	273^†	(2,246)^†	(87)	—
Deferred income taxes	(198)^†	509^†	(1,883)	(17,361)^†	273^†	(2,246)^†	—	—
Stock-based compensation expense	2,919^†	3,987^†	2,510	2,824^†	3,792^†	3,465^†	2,644	3,499^†
Accretion expense related to earnout payments	517^†	536^†	481	513^†	478^†	469^†	466	457^†
Gain on marketable securities	(1,810)^†	(1,702)^†	(948)	(340)^†	(1,343)^†	(441)^†	(539)	(878)^†
Loss on disposal of property and equipment	16^†	19^†	7	190^†	3^†	247^†	14	17^†
Impairment charges	0^†	—	—	43,254^†	0^†	—	—	0^†
Changes in assets and liabilities:
Accounts receivable	5,226^†	(23,178)^†	(45,609)	47,187^†	4,135^†	(14,717)^†	(41,125)	59,118^†
Accounts payable	(4,804)^†	980^†	(2,510)	4,522^†	(10,968)^†	(255)^†	(2,069)	1,526^†
Accrued expenses	114,826^†	72,256^†	(199,320)	88,403^†	83,375^†	57,843^†	(182,590)	52,580^†
Non-cash write-offs	—	—	—	—	(1,396)^†	—	—	0^†
Restructuring accrual	(456)^†	(461)^†	(964)	(484)^†	(1,396)^†	4,386^†	—	—
Deferred revenue	(2,343)^†	1,628^†	4,347	5,109^†	1,836^†	(2,624)^†	1,951	3,657^†
Income taxes recoverable and payable, net	2,328^†	(11,471)^†	1,846	11,979^†	(5,021)^†	645^†	4,723	(13,309)^†
Retirement and pension plan assets and liabilities	(701)^†	(702)^†	6,732	(364)^†	585^†	347^†	5,453	796^†
Prepaid expenses	(1,346)^†	4,097^†	(4,673)	(1,479)^†	595^†	3,339^†	(7,991)	5,004^†
Other assets and liabilities, net	(2,524)^†	(3,976)^†	(10,393)	2,609^†	5,022^†	(2,913)^†	(3,096)	8,979^†
Net cash used in operating activities	134,679^†	68,610^†	(232,224)	176,793^†	101,145^†	62,522^†	(203,424)	153,825^†
Cash flows - investing activities
Acquisition of businesses, net of cash acquired	—	—	—	0^†	0^†	0^†	0	(11,905)^†
Capital expenditures	(5,501)^†	(3,906)^†	(2,734)	(3,273)^†	6,891^†	(10,365)^†	(6,173)	(3,814)^†
Purchases of marketable securities and investments	(66,089)^†	(177,487)^†	(118,719)	(48,003)^†	(346)^†	(109,862)^†	(5,400)	(65,518)^†
Proceeds from sales of marketable securities and investments	183,408^†	104,106^†	48,325	46,237^†	62,496^†	289^†	66,285	48,183^†
Net cash used in investing activities	111,818^†	(77,287)^†	(73,128)	(5,039)^†	69,041^†	(119,938)^†	54,712	(33,054)^†
Cash flows - financing activities
Debt issuance costs	0^†	0^†	(360)	—	0^†	0^†	—	—
Cash dividends paid	(3,258)^†	(3,251)^†	(3,196)	(3,314)^†	(3,211)^†	(3,182)^†	(3,216)	(3,154)^†
Payment of employee tax withholdings on equity transactions	(317)^†	(887)^†	(2,889)	(17)^†	(53)^†	(885)^†	(2,862)	0^†
Repurchases of common stock	—	—	—	0^†	0^†	—	—	0^†
Acquisition earnout payments	—	—	—	0^†	0^†	0^†	0	2,038^†
Net cash used in financing activities	(3,575)^†	(4,138)^†	(6,445)	(3,331)^†	(3,264)^†	(4,067)^†	(6,078)	(1,116)^†
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash	545^†	12,119^†	8,122	(16,032)^†	6,578^†	(1,426)^†	(4,997)	6,492^†
Net decrease in cash, cash equivalents and restricted cash	243,467^†	(696)^†	(303,675)	152,391^†	173,500^†	(62,909)^†	(159,787)	126,147^†
Cash, cash equivalents and restricted cash at beginning of period	211,442	212,138	515,813	363,422	189,922	252,831	412,618	286,471
Cash, cash equivalents and restricted cash at end of period	454,909	211,442	212,138	515,813	363,422	189,922	252,831	412,618

† Derived: worked out from the filings, not stated in them. A fourth quarter is the 10-K year less the nine months in the third-quarter 10-Q; a quarter of cash flows is year to date less the prior year to date.

As filed on EDGAR · Not affiliated with the U.S. SEC · Not investment advice. Each column links to its filing.