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Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.) Analytics, Extensive Financial Benchmarks, Metrics and Revenue Forecasts to 2027, NAIC 541600 Published May 26, 2021

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I. Introduction 2 A. Core Benefits to Customer: • Comprehensive overview of an industry's financial results, ratios, and vital metrics in one package (U.S. data) • Benchmarking of: 1. Deep financials of each of the leading companies in the industry 2. Multi-year financial averages for all companies in the industry 3. This industry’s financial ratios compared to all other industries • Historical revenues • Enterprise population • Multi-year employee count and sales per employee • Current and forecast revenues and CAGR to 2027 • Profiles of the industry's leading firms, with multi- year financial histories II. Industry Description for this NAIC Code 3 • Types of business activities III. Industry Summary, Current Year (U.S. data) 4 • Revenues and CAGR 2020 • Revenue forecast to 2027 with CAGR • Historical revenues • Historical CAGR • Top U.S. companies, by revenues • Employment within the industry, 2020 and historic IV. Employment and Establishment Count (U.S. data) 6 • Number of firms and establishments, 2013-2019 • Employees, 2013-2019, with growth rates • Average annual sales per firm and per establishment, 2013-2019 • Annual sales per employee, 2013-2019 V. This Industry's Financial Data, U.S., With Revenue 9 Projections to 2027 A. Revenues, Historical and Projected 10 • Historical revenues & CAGR growth rates, 2012-2020 • Projected revenues & CAGR growth rates, 2021-2027 Average Annual Operating Ratio Estimates For the 11 Latest 6 Years Combined (Publicly-Held Companies) This Industry Compared to All Industries and GDP 14 D. Table of Companies Used in Creating Industry 17 Averages • Detailed, alphabetical listing of companies, with revenues, location, ticker symbol and exchange E. Industry Results and Benchmarks for Publicly- 19 Held Companies • Income statement averages, 2014-2019 • All income statement items, including, cost of sales, SGA, R&D, salaries and wages, and EBITDA, with ratios • Chart showing key expenses as a percent of revenues • Balance sheet averages, 2014-2019 • All items, including property plant and equipment, accumulated depreciation, goodwill, and long term debt, including ratios • Cash flow averages, 2014-2019 • All cash flow items Top 10* Companies Profiled & Ranked 26 A. Top Companies Ranked for Key Items: 27 • Approximate market capitalization • Employees • Revenues • Net income • 3-Year revenue growth (%) • 3-Year income growth (%) • Return on assets (%) • Return on equity (%) • Return on invested capital (%) Compare Top Publicly-Held Companies to Industry 28 Average, 2019* C. Corporate Profiles (Descriptions of the Top 40 Companies Within the Industry, Including Executive Listings and Multi-Year Financial Results) • Contact information, executive lists • Business descriptions • Key financial data for 6 years • Brands and divisions • Top salaries • Corporate culture • Charts comparing revenues vs. net income VII. Data Description and Sources 65 Copyright, Terms of Use, Limited Warranty 66 © Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com

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Introduction

Copyright ©, Plunkett Research, Ltd., All Rights Reserved. www.plunkettresearch.com P. O. Drawer 541737, Houston, Texas, 77254-1737, USA voice: 713.932.0000, fax: 713.932.7080, email: [email protected]

The purpose of this report is to provide estimates of vital industry-specific data, within the United States. A description of data sources can be found in the back of this report. Video: How to Use Plunkett Analytics

Core Benefits to Customer: 1. Comprehensive overview of an industry's financial results, ratios, vital statistics and metrics in one package 2. Comparisons of a) deep financials of the leading companies within an industry, b) all companies (public and private) to publicly-held companies, and c) one industry’s ratios to all other industries. 3. Historical industry data going back several years for key figures including revenues, enterprises and sales per employee. 4. Current and projected revenues, including forecasts for several years into the future.

The primary sources are as follows:

Plunkett Research database of company fundamentals on 25,000 leading corporations Plunkett Research database of industry statistics Industry associations and professional societies Forecasts, Primary Research and Secondary Research by the Plunkett Research staff U.S. Government Agency databases—multiple sources.

Plunkett Research has unique capabilities for creating industry reports, due to the industry databases and research that Plunkett Research has been conducting for more than 20 years. Our access to hundreds of industry tables from our own databases, along with our databases of public and private company information, industry trends analysis and other resources, have been utilized fully in preparing this report.

The following types of data will be found in this report:

Revenues—current, historical and projected Revenues—CAGR (compound annual growth rate) Employee count—current and historical Leading companies—profiles, financial results, and operating ratios for up to 10 top corporations per industry Top Companies Ranked—companies ranked in order to list top 10 by revenues, net income, employees, market capitalization, return on assets, return on equity, return on invested capital, 3-year profit growth and 3-year revenues growth Benchmarks: Comparison of this industry to the total for all industries Employment and establishment counts, current and historical Income and Balance Sheet Ratios

Similar reports are available from Plunkett Research for nearly all U.S. industries, by subscription or by individual report. See a complete list: https://www.plunkettresearch.com/plunkett-industry-analytics/ Also, we offer custom market research, surveys and data sets on a U.S. and global basis, see: https://www.plunkettresearch.com/custom- industry-market-research-and-surveys/

Industry Description

541600 Management, Scientific, HR, Environmental and Technical Consulting Services

This is a broad industry sector that includes a wide variety of consulting services. (Computer systems consulting can be found elsewhere in 541512.)

Related subsectors include:

· 541610 Management Consulting Services

· 541611 Administrative Management and General Management Consulting Services

· 541612 Human Resources Consulting Services

· 541613 Marketing Consulting Services

· 541614 Process, Physical Distribution, and Logistics Consulting Services

· 541618 Telecommunications Management Consulting Services

· 541620 Environmental Consulting Services

· 541690 Energy, Energy Efficiency and Technical Consulting

Industry Summary

NAIC 541600 Title Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.)

Revenues (2020) $267,500,932,206

Employees (2020) 1,455,929

Annual Revenue Growth Rate (2020) -3.40 %

CAGR*, Estimated (2014 through 2020) 2.82 %

Revenues (2027) $355,991,981,000

CAGR*, Estimated (2021 through 2027) 4.01 % * Compound Annual Growth Rate

Top U.S. Companies Operating Within This Industy Include:

Company Revenues (Whole Numbers) 2020 or latest year available *

McKinsey & Company Inc $10,500,000,000

Deloitte Consulting LLP $10,000,000,000

Boston Consulting Group Inc (The, BCG) $8,500,000,000

Booz Allen Hamilton Holding Corporation $6,704,036,864

Mercer LLC $5,021,000,000

Bain & Company Inc $4,300,000,000

NERA Economic Consulting $2,940,000,000

Verisk Analytics Inc $2,607,099,904

RSM US LLP $2,440,000,000

FTI Consulting Inc $2,352,717,056

*Note: "Summary" data above includes only activities and employees specific to this NAIC industry code, and only activities and employees within the U.S. “Leading Companies” data includes top companies headquartered in the U.S. that are designated with this NAIC as a primary industry code. Consequently, the total revenues of these Leading Companies may be significantly higher than the revenues assigned to the Industry Summary. In many industries, leading U.S.-based firms generate a significant amount of revenues outside the U.S. or outside of their primary industry code. Likewise, a significant number of their employees may be offshore and therefore not counted here. This will be especially true in manufacturing-based industries, such as electronics and apparel. CAGR and forecasted revenues are computed based on nominal GDP growth rate forecasts as published by the International Monetary Fund (IMF), as adjusted by Plunkett Research for this specific industry, based on our overall understanding of industry trends.

Employment and Establishments

(Where Available)

NAIC 541600 Title Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.)

Industry Population Analyzed, U.S.

2011 2012 2013 2014 2015 2016 2017 2018 2019

Firms 142,375 143,716 148,770 155,167 161,374 167,667 174,039 180,826 188,377

Establishments (all major 150,718 152,323 158,836 165,666 172,293 179,012 185,814 193,061 201,123 business units)

Employees 1,070,200 1,121,100 1,180,300 1,231,053 1,280,295 1,330,227 1,380,775 1,434,626 1,494,530

Growth Rate, Employees -27.85 % 4.76 % 5.28 % 4.30 % 4.00 % 3.90 % 3.80 % 3.90 % 4.18 %

Data includes estimates and forecasts. See "Data Description and Sources" section for details. 6 © Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com Average Annual U.S. Sales (Whole Number)

Year Per Firm Per Establishment (all major business units)

2011 $1,309,612 $1,237,118

2012 $1,363,557 $1,286,510

2013 $1,457,680 $1,365,301

2014 $1,459,403 $1,366,916

2015 $1,459,116 $1,366,647

2016 $1,442,126 $1,350,733

2017 $1,450,793 $1,358,851

2018 $1,472,708 $1,379,377

2019 $1,470,011 $1,376,851

Data includes estimates and forecasts. See "Data Description and Sources" section for details. 7 © Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com Annual Sales Per U.S. Employee (Whole Number)

Year Per Employee

2011 $174,225

2012 $174,797

2013 $183,732

2014 $183,949

2015 $183,913

2016 $181,772

2017 $182,864

2018 $185,626

2019 $185,286

Industry Financial Data, U.S. Introduction

This section of this report provides estimates and forecasts of revenues, employees and other vital statistics for an industry sector, based on NAIC industry codes.

The historical and projected total revenues stated for an industry are for U.S. business operations specific to this NAIC (but not foreign subsidiaries of U.S.-based companies). This report used Plunkett Research algorithms and analysis to estimate and forecast revenues, both historical and for the future. Factors used include GDP growth, growth trends within the specific industry, government agency reports, the latest reported results of publicly-held companies, and industry analysis.

In addition, comparisons are provided between the industry sector for total companies and for publicly-held companies that have the same NAIC code as their primary industry code.

Publicly-held company revenues: You may see much higher total revenues for the public companies as a group than for the primary industry sector itself. This is due to the fact that many companies’ financial results include revenues from other industries. (That is, their revenues reflect operations in the primary sector, plus operations in other sectors.) Also, public companies’ results may include revenues generated outside of the U.S., in addition to U.S. revenues.

Publicly-held companies’ average operating metrics: This section provides average income statement, balance sheet and cash flow items, for several years, for publicly-held, U.S.-based companies. It includes companies that have recently reported at least $200,000 in annual revenues. (We use this criteria to better benchmark data on companies with actual operations, while eliminating shell companies, SPACs and emerging firms with insignificant revenues but high costs.)

Notes:

1) Publicly-held corporate data: Data availability will vary according to the reporting methods and reporting consistency of the companies involved. While publicly held companies are required by regulatory authorities to file financial reports on a continual basis, many companies fail to meet their reporting obligations in a timely manner due to various circumstances, including financial difficulties or disagreements with their auditors.

2) Industry Codes: NAIC codes (2012 North American Industry Classification codes) are used as a method of categorizing and organizing data for this report. For additional information regarding NAIC codes, see https://www.census.gov/naics .

3) Scope of Details Provided: Certain data, such as number of establishments within an industry, or line-item details on expenses for an entire industrial sector, rely heavily on U.S. government agency data. The more the industry is narrowed to a small niche, the less likely it becomes that line-items will be available. Complete details are most often available for higher level NAIC codes, such as 220000 Utilities, than for niche codes, such as 222232 Electric Bulk Power Transmission. Where we believe it will best serve the end user, we have used data from the nearest related NAIC. In such cases, we have noted the NAICs covered.

Revenues, Historical and Projected

NAIC 541600 Title Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.)

Revenues - Historical (Millions of $)

2012 2013 2014 2015 2016 2017 2018 2019 2020

Revenues $195,965 $216,859 $226,451 $235,463 $241,797 $252,494 $266,304 $276,916 $267,501

Growth Rate, Revenues 10.66 % 4.42 % 3.98 % 2.69 % 4.42 % 5.47 % 3.98 % -3.40 %

Revenues - Projected (Millions of $)

2021 2022 2023 2024 2025 2026 2027

Revenues $281,143 $293,233 $304,962 $316,856 $328,896 $341,723 $355,992

Growth Rate, Revenues 5.10 % 4.30 % 4.00 % 3.90 % 3.80 % 3.90 % 4.18 %

Average Annual Operating Ratio Estimates For the Latest 6 Years Combined (Publicly-Held Companies)

If data is not available for this specific industry sector, then calculations are made using data for the nearest related industry code.

NAIC 541600 Title Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.)

(Data is based on the nearest related industry, 54.)

Revenues (%)

This Industry All Industries

Total Revenues 100 % 100 %

Non-operating Receipts as % of total revenues:

--Interest 0.32 % 6.79 %

--Fees and Other Revenues -0.65 % -8.21 %

Expenses as a % of Total Revenues

This Industry All Industries

Cost of Revenue 29.88 % 57.04 %

Officers Compensation 7.11 % 1.82 %

Other Salaries and Wages 23.09 % 9.62 %

Pensions, Profit Sharing and Stock Plans 1.28 % 0.55 %

Other Employee Benefits and Health Plans 2.15 % 1.19 %

Taxes Paid, General 2.91 % 1.87 %

Repairs 0.35 % 0.64 %

Bad Debts 0.15 % 0.52 %

Rent, Leases 2.34 % 1.73 %

Interest 0.80 % 2.34 %

Charitable Contributions 0.03 % 0.07 %

Net Loss on Investments 0.10 % 0.16 %

Other Expenses 17.94 % 15.85 %

Amortization 0.46 % 0.63 %

Depreciation and Depletion 0.93 % 2.37 %

Data includes estimates and forecasts. See "Data Description and Sources" section for details. 11 © Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com Profits and Income Taxes as a % of Total Revenues

This Industry All Industries

EBIT (Operating Earnings Before Interest and Taxes) 6.94 % 5.44 %

EBITDA (Operating Earnings Before Interest, Taxes, Depreciation & Amortization) 10.78 % 7.62 %

Net Income Before Income Taxes 4.98 % 5.59 %

Income Taxes Paid 1.72 % 1.04 %

Net Income After Tax 3.26 % 4.48 %

Multiple benchmarking data sets are provided in section of the report that follows this page.

I. The first two pages in this section enable you to:

1. Compare this industry’s metrics to all industries, both in dollar amounts and as a percentage 2. Compare this industry to the total results of publicly-held, U.S.-based companies with the same primary NAIC code as this industry

II. The next portion of this section is comprised of a time series containing average operating results and financial data for publicly-held, U.S.-based firms in this industry. The data includes:

1. Six-year time series of Income Statement averages 2. Six-year time series of Balance Sheet averages 3. Six-year time series of Cash Flow statement averages

This Industry Compared to All Industries and GDP

(Latest year available 2019)

NAIC 541600 Title Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.)

Revenues (Millions of $) Publicly-Held, U.S. All Publicly-Held Based Companies U.S. Based with a Primary This Industry as a This Industry as a Companies in All NAIC 5416 All NAIC Industry Percent of All U.S. GDP Percent of U.S. Industries (Total of Companies Code of 5416(Total Publicly-Held U.S. GDP Domestic and of Domestic and based Companies International International Revenues) Revenues)*

Total $289,888 $21,433,220 1.35 % $20,574 $17,278,631 0.12 % Revenues

Data includes estimates and forecasts. See "Data Description and Sources" section for details. 14 © Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com Profits and Income Taxes (Millions of $)

All Publicly-Held Publicly-Held U.S. U.S. Based This Industry as a Percent of All Based Companies Companies in All Publicly-Held U.S. based Companies in NAIC 5416 Industries

EBITDA (Operating Earnings Before Interest, $2,632 $2,512,866 Taxes, Depreciation & Amortization)

Net Income Before Income Taxes $1,521 $1,805,924

Income Taxes Paid $415 $339,252

Net Income After Tax $1,104 $1,445,552

Data includes estimates and forecasts. See "Data Description and Sources" section for details. 15 © Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com Profits and Income Taxes as a Percentage of Revenue (%)

All Publicly-Held Publicly-Held U.S. U.S. Based Based Companies Companies in All in NAIC 5416 Industries

EBITDA (Operating Earnings Before Interest, Taxes, Depreciation & Amortization) 12.80 % 14.54 %

Net Income Before Income Taxes 7.39 % 10.45 %

Income Taxes Paid 2.02 % 1.96 %

Net Income After Tax 5.37 % 8.37 %

Revenues are estimates. Revenues, profits and income taxes for Publicly-Held companies represent the total for U.S.-based firms that Plunkett Research categorizes as having a primary industry code within this sector.

Companies Used in Creating This Study

NAIC 541600 Title Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.)

(Data are in whole numbers) Company Symbol Employees Revenue 2019 Revenue 2018 City State Country NAICS

United American Cannabis Company Inc PINX:AMMJ 9 $2,130,735 $982,348 Denver CO 541611 States

Booz Allen Hamilton Holding United NYS:BAH 27,200 $6,704,036,864 $6,171,852,800 McLean VA 541610 Corporation States

United Collectors Universe Inc NAS:CLCT 434 $72,453,000 $68,449,000 Santa Ana CA 541611 States

United comScore Inc NAS:SCOR 1,300 $388,644,992 $419,481,984 Reston VA 541613 States

United Cosmos Holdings Inc PINX:COSM 68 $39,676,384 $37,083,880 Chicago IL 541600 States

CRA International Inc (Charles United NAS:CRAI 779 $451,369,984 $417,648,000 Boston MA 541610 River Associates) States

United FTI Consulting Inc NYS:FCN 5,567 $2,352,717,056 $2,027,876,992 Washington DC 541610 States

United Hackett Group Inc (The) NAS:HCKT 1,143 $282,472,000 $285,887,008 Miami FL 541610 States

Heidrick & Struggles International United NAS:HSII 1,780 $725,614,016 $735,654,976 Chicago IL 541612 Inc States

United Hubilu Venture PINX:HBUV $442,965 $225,651 Beverly Hills CA 541618 States

United Huron Consulting Group Inc NAS:HURN 3,750 $965,473,984 $877,998,976 Chicago IL 541610 States

United ICF International Inc NAS:ICFI 7,000 $1,478,525,056 $1,337,972,992 Fairfax VA 541610 States

United Information Services Group Inc NAS:III 1,287 $265,763,008 $275,768,992 Stamford CT 541610 States

United Korn/Ferry International NYS:KFY 8,198 $1,973,862,016 $1,819,518,976 Los Angeles CA 541612 States

San United McorpCX Inc PINX:MCCX 20 $3,240,009 $3,987,199 CA 541613 Francisco States

United National Research Corp NAS:NRC 480 $127,982,000 $119,686,000 Lincoln NE 541613 States

Huntington United PHI Group Inc PINX:PHIL $1,672,659 CA 541611 Beach States

United R1 RCM Inc NAS:RCM 22,500 $1,186,099,968 $868,499,968 Chicago IL 541610 States

United Resources Connection Inc NAS:RGP 3,433 $728,998,976 $654,129,024 Irvine CA 541612 States

Company Symbol Employees Revenue 2019 Revenue 2018 City State Country NAICS

United Rokk3r Inc PINX:ROKK $2,301,939 Miami FL 541610 States

San United Servicesource International LLC NAS:SREV 3,200 $216,135,008 $238,340,000 CA 541613 Francisco States

United Umatrin Holding Ltd PINX:UMHL 11 $1,204,553 $410,823 Superior CO 541611 States

United Verisk Analytics Inc NAS:VRSK 9,300 $2,607,099,904 $2,395,099,904 Jersey City NJ 541612 States

Industry Results, Publicly-Held Companies (U.S.) Averages

Average of Companies Reporting $200,000 or More in Recent Revenues

NAIC 541600 Title Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.)

Income Statement (Whole $) Note: Delays in reporting may affect latest year.

$USD, In whole 2013 Average 2014 Average 2015 Average 2016 Average 2017 Average 2018 Average 2019 Average numbers, of 23 of 22 of 23 of 23 of 23 of 23 of 21 except marked * or % Companies Companies Companies Companies Companies Companies Companies

Total Revenue 632,998,194 669,617,589 644,091,945 695,541,058 733,964,211 815,675,221 979,711,547

Cost Of Revenue 334,157,924 363,469,949 343,040,468 389,792,107 398,353,089 448,137,612 495,595,616

% 43.61 49.35 48.63 53.60 51.91 54.94 50.59

Gross Profit 336,221,388 347,447,449 336,283,535 420,534,458 413,697,294 452,907,434 496,820,813

% 43.88 47.17 47.67 57.83 53.91 55.53 50.71

Operating Expenses

SGA Expense 230,557,321 245,597,860 239,921,989 265,502,948 291,099,263 311,317,278 373,281,349

% 30.09 33.34 34.01 36.51 37.94 38.17 38.10

R&D Expense 32,440,000 28,726,288 23,083,038 31,773,851 23,688,601 27,805,197 22,216,782

% 4.23 3.90 3.27 4.37 3.09 3.41 2.27

Other Operating 15,008,296 17,618,464 17,607,397 14,793,767 15,410,623 22,058,900 25,431,723 Expenses

% 1.96 2.39 2.50 2.03 2.01 2.70 2.60

Restructuring and Merger/Acquisition 1,821,286 1,766,000 3,814,750 8,953,800 10,326,750 5,402,429 5,682,571 Costs

% 0.24 0.24 0.54 1.23 1.35 0.66 0.58

Amortization 18,152,333 16,105,667 25,014,667 27,068,833 28,167,667 31,402,333 32,247,500

% 2.37 2.19 3.55 3.72 3.67 3.85 3.29

Total Operating 247,386,902 264,982,324 261,344,136 289,250,516 316,836,635 338,778,607 404,395,644 Expenses

% 32.28 35.97 37.05 39.78 41.29 41.53 41.28

Operating Income 80,510,577 74,208,037 69,536,951 84,288,374 70,733,593 87,211,754 103,320,087

% 10.51 10.07 9.86 11.59 9.22 10.69 10.55

Misc Other Special ------Charges

% ------

Interest Expense 11,786,028 13,804,422 16,438,346 15,063,700 13,984,271 16,823,201 19,057,406

% 1.54 1.87 2.33 2.07 1.82 2.06 1.95

Gain On Sale Of (364,940) (401,606) 16,696,097 1,611,508 895,083 563,366 (727,016) Security

% -0.05 -0.05 2.37 0.22 0.12 0.07 -0.07

Other Income (9,378,749) (8,073,438) 2,899,754 (660,632) (23,791,373) (1,401,565) (15,266,280) (expense)

% -1.22 -1.10 0.41 -0.09 -3.10 -0.17 -1.56

Pre-Tax Income 63,927,904 57,438,693 59,815,634 72,822,958 37,632,524 71,168,609 72,987,953

% 8.34 7.80 8.48 10.01 4.90 8.73 7.45

Income Taxes 29,099,007 24,446,248 25,023,225 28,560,168 16,898,151 22,891,966 23,032,212

% 3.80 3.32 3.55 3.93 2.20 2.81 2.35

Net Income from 37,450,984 34,202,228 38,151,131 46,817,197 22,218,259 51,275,468 53,260,867 Continuous Operations

% 4.89 4.64 5.41 6.44 2.90 6.29 5.44

Net Income for 37,316,811 35,388,637 37,883,430 47,693,355 21,191,411 50,045,305 52,010,196 Common Stockholders

% 4.87 4.80 5.37 6.56 2.76 6.14 5.31

Earnings per Share

Basic Earnings per -1.85 -2.24 -3.44 -2.80 -12.11 0.63 1.07 Share

Diluted Earnings per -1.86 -2.25 -3.45 -2.82 -12.13 0.59 1.03 Share

Weighted Average Shares

Basic Average 38,650,767 41,638,490 47,502,946 48,759,016 50,656,618 53,717,513 55,757,016 Shares

Diluted Average 39,604,740 42,422,758 48,209,702 49,351,060 51,200,501 54,380,433 56,371,399 Shares

Common Dividend 0.48 0.45 0.46 0.50 0.58 0.60 0.65

Other

Depreciation And 21,821,562 21,802,868 26,784,904 28,811,517 29,172,645 30,484,860 34,355,263 Amortization

Promotion And ------Advertising

Research And 32,440,000 28,726,288 23,083,038 31,773,851 23,688,601 27,805,197 22,216,782 Development

Salaries And Wages 146,488,708 197,114,545 212,470,375 269,196,559 190,556,438 250,098,964 308,273,708

EBITDA 92,773,480 91,853,258 95,641,148 111,725,112 91,268,161 116,245,901 125,908,454

% = Percentage of Total Revenues

$USD, In whole 2013 Average 2014 Average 2015 Average 2016 Average 2017 Average 2018 Average 2019 Average of numbers, of 23 of 22 of 23 of 23 of 23 of 23 21 Companies except marked * or % Companies Companies Companies Companies Companies Companies

Assets

Current Assets

Cash 30,535,508 21,618,156 18,932,855 20,273,254 18,870,598 94,150,866 135,144,767

Cash And Cash 82,730,277 87,018,067 66,791,706 67,844,895 72,260,236 81,464,282 98,439,517 Equivalents

Short-Term 30,892,541 34,522,872 32,012,093 29,495,587 29,169,338 4,527,711 18,916,330 Investments

Total Cash 144,158,326 143,159,095 117,736,654 117,613,736 120,300,171 180,142,859 252,500,614

Receivables 151,108,832 153,172,569 140,992,777 146,817,192 163,473,530 176,443,029 217,569,627

Inventory 1,656,000 946,278 491,817 585,797 1,468,127 1,465,186 1,380,035

Deferred Income ------Taxes

Prepaid Expenses 11,365,464 12,812,401 14,557,886 17,034,389 16,047,262 17,462,371 17,164,361

Other Current 6,089,318 6,148,992 7,753,224 7,128,503 7,036,400 11,980,126 13,949,614 Assets

Total Current 236,024,506 249,740,861 215,257,076 228,451,317 245,397,550 271,218,118 332,999,457 Assets

% 39.48 38.91 29.42 29.64 29.07 30.53 30.78

Non-Current Assets

Gross Property, 112,065,884 124,948,842 132,265,317 128,978,158 147,127,445 160,227,803 224,611,054 Plant & Equipment

Accumulated (68,386,211) (77,999,816) (81,390,140) (84,076,127) (94,586,394) (101,559,992) (106,752,227) Depreciation

Net Property, 41,380,742 44,478,655 48,200,195 46,769,974 54,548,666 63,504,004 117,858,834 Plant & Equipment

% 6.92 6.93 6.59 6.07 6.46 7.15 10.89

Goodwill 369,998,069 391,153,065 563,403,431 563,727,534 620,796,662 599,536,120 582,660,920

Intangible Assets 64,524,196 61,847,686 136,190,875 135,975,244 156,316,557 127,820,882 143,527,997

Other Long Term ------Assets

Total Non Current 361,823,675 392,162,661 516,414,276 542,234,676 598,668,448 617,151,483 749,039,567 Assets

Total Assets 597,848,226 641,903,472 731,671,334 770,685,981 844,065,977 888,374,013 1,082,039,034

Liabilities and stockholders' equity

Current Liabilities

Short-Term Debt 9,174,099 45,846,414 93,462,111 25,605,392 91,797,410 79,068,962 60,473,859

Accounts 19,222,064 25,183,263 18,704,692 24,231,593 25,091,231 32,037,815 42,681,326 Payable

Deferred 42,540,772 39,078,827 41,100,152 39,735,192 44,129,777 39,904,646 46,674,540 Revenues

Accrued 25,190,978 10,313,829 9,991,216 20,755,154 22,165,567 18,729,047 31,239,814 Liabilities

Total Current 147,053,879 166,920,102 187,006,243 158,762,719 209,617,080 226,969,833 267,222,218 Liabilities

% ------

Non-Current Liabilities

Long Term Debt 337,040,063 329,071,698 515,902,745 458,554,689 509,458,153 329,596,499 422,383,772

Deferred Tax 3,338,200 1,858,250 8,004,000 - - - - Liability

Minority Interest 67,397 309,500 (291,779) 918,993 1,302,752 973,304 1,341,889

Pensions & 66,878,750 63,818,750 64,408,750 57,297,667 99,595,000 85,695,500 85,478,500 Other Benefits

Other Non 18,024,091 16,580,250 19,649,182 23,134,250 34,474,917 31,577,009 21,458,765 Current Liabilities

Total Non ------Current Liabilities

% ------

Total Liabilities ------

Stockholders' Equity

Common Stock 23,014,325 23,974,814 23,231,431 33,090,340 32,379,687 30,944,610 31,926,847

Additional Paid In 213,355,618 230,711,511 250,137,690 327,797,013 333,375,434 360,685,420 403,740,478 Capital

Retained Earnings 107,402,779 132,218,090 161,400,137 197,862,359 216,955,322 253,346,159 318,572,472

Preferred Stock 2 0 0 13,199,461 13,521,429 13,044,631 16,364,286

Treasury Stock (191,364,527) (251,706,607) (281,610,569) (306,222,442) (318,874,992) (375,377,189) (451,358,453)

Total Stockholders' 212,193,261 208,431,458 246,554,003 323,505,843 339,640,696 357,500,263 410,628,738 Equity

Total Liabilities & Shareholders' 212,193,261 208,431,458 246,554,003 323,505,843 339,640,696 357,500,263 410,628,738 Equity

% = Percentage of Total Assests or % of Total Liabilities

$USD, In whole 2013 Average 2014 Average 2015 Average 2016 Average 2017 Average 2018 Average 2019 Average numbers, of 21 of 20 of 21 of 21 of 21 of 21 of 21 except marked * or % Companies Companies Companies Companies Companies Companies Companies

Operating Cash Flow

Net Income ------

Depreciation And 23,033,843 22,950,388 26,784,904 28,811,517 29,172,645 31,936,443 34,355,263 Amortization

Investment/Asset 7,660,801 2,939,545 1,518,439 985,645 30,838,716 1,203,782 32,133,977 Impairment

Deferred Income 6,368,571 (3,168,929) (3,917,643) 9,944,643 (6,197,214) 1,479,857 (1,985,214) Taxes

Stock Based ------Compensation

Accounts Receivable (25,057) (2,236,986) (477,149) (5,205,248) (13,312,148) (21,678,179) (23,491,737)

Cash From Discontinued Operating (512,000) (569,000) (615,000) (440,000) (518,000) 582,000 (7,000) Activities

Change In Inventory 589,000 (165,278) (94,928) (139,759) (941,888) 262,381 41,018

Change In Account (781,750) 6,625,511 (1,485,609) 2,233,439 1,674,018 8,078,457 10,945,980 Payable

Prepaid Expenses (2,138,940) (536,169) (6,554) (2,218,011) (3,732,651) (3,256,053) (3,173,588)

Accrued Liabilities 5,029,922 3,466,318 1,029,257 1,541,639 3,058,963 10,758,842 2,386,954

Income Tax Payable (471,180) 1,687,618 (1,692,043) 316,302 (299,355) 8,209,221 173,985

Other Working 5,667,326 3,692,776 3,170,368 (25,982,703) 2,650,972 (2,817,680) 441,534 Capital

Other Non CashItems 1,435,682 2,444,231 7,797,821 2,728,044 11,000,176 4,234,055 6,564,481

Operating Cash Flow 81,474,875 72,402,596 78,246,316 64,227,339 85,277,347 101,603,514 121,139,231

% 8.30 7.04 7.99 6.56 8.70 10.37 12.36

Cash Flow from Investing

Capital Expenditure (16,637,624) (16,735,645) (18,600,909) (19,297,713) (23,319,732) (28,001,894) (28,847,459)

Acquisitions, net (31,436,751) (24,313,922) (269,565,253) 14,966,767 (93,271,657) (38,123,024) (55,969,921)

Purchase Of (31,343,143) (26,734,750) (25,217,000) (25,753,000) (11,838,500) (2,448,600) (30,173,600) Investments

Sales/Maturities of 19,611,857 30,587,000 51,148,600 26,766,429 25,805,500 37,956,714 12,398,103 Investments

Net Other Investing 463,832 262,237 (72,448) 5,564,238 (458,395) 199,857 (9,769,000) Changes

Cash Flow from (35,800,051) (37,292,365) (167,931,157) (6,592,055) (80,558,212) (44,048,400) (66,985,642) Investing

% -3.65 -3.63 -17.14 -0.67 -8.22 -4.50 -6.84

Financing Cash Flow

Issuance Of Debt 167,530,614 121,735,923 322,494,835 110,420,653 227,197,515 136,028,287 164,740,814

Repayment Of Debt (125,424,975) (78,222,616) (136,503,430) (126,137,306) (117,475,799) (120,424,979) (134,726,639)

Common Stock (28,879,667) (66,395,065) (24,352,800) (41,655,933) (47,984,831) (62,089,205) (66,484,437) Repurchased

Common Stock 4,793,014 2,600,250 117,283,152 3,739,654 1,076,742 4,234,857 6,409,400 Issued

Cash Dividends Paid (172,145,422) (72,778,667) (35,413,222) (25,822,375) (20,572,778) (22,384,000) (39,551,900)

Other Financing 6,955,991 3,189,069 2,791,519 1,954,234 (1,312,752) (5,274,934) (5,715,662) Activities

Financing Cash Flow (36,456,893) (35,648,493) 80,933,146 (61,591,512) (60,741) (47,682,563) (45,999,906)

% -3.71 -3.47 8.26 -6.29 -0.01 -4.87 -4.70

Other

Effect of Changes in Currency Exchange (454,731) (1,427,819) (2,676,527) (2,624,234) 1,082,295 (606,876) (586,182) Rates

Net Change in Cash 9,217,929 1,326,356 (8,751,691) (3,642,320) 4,658,394 9,872,551 10,344,156

Beginning Cash 81,737,761 95,126,106 90,941,554 80,149,361 74,596,528 80,244,575 89,654,747 Position

End Cash Position 90,609,229 95,381,599 80,150,605 74,507,624 80,079,527 89,654,747 99,538,003

% = Percentage of Total Revenues

Top 10* Companies Profiled & Ranked

This section consists of multiple data sets, designed to: 1) Help the user understand the financial results of the top firms within a sector, and 2) Compare the results of specific top firms to their peers and to industry averages.

The data sets include:

1) A rankings page (ranks for revenues, ROE, ROA, and six additional ranks)

2) A summary listing of all U.S. companies in the Plunkett Research database that have primary NAICs for this industry sector

3) Financial results comparisons for top companies

a) This data includes an income statement, balance sheet and cash flow statement for specific companies, latest year

b) It is separated into two groups of up to 5 companies each. The companies are listed in order of revenues.

c) The user may compare companies to each other, and to industry averages.

3) A profiles section (In-depth descriptions, executive listings and summary financial results)

*Note: For some NAIC codes, there are fewer than 10 major companies reporting results that include this NAIC as their primary industry codes. In such cases, a smaller number of companies will be shown.

Data includes estimates and forecasts. See "Data Description and Sources" section for details. 26 © Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com Top Companies Ranked, U.S. (2019 or latest year available data) This list may include private companies in the following categories: Total Revenue, Employee Count and Net Income. Also, the list may include companies in closely related sectors. NAIC 541600 Title Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.)

Approximate Market Cap Employee Count

1. Verisk Analytics 30,643,850,000 1. Deloitte Consulting LLP 70,000 2. Booz Allen Hamilton 12,134,890,000 2. McKinsey & Company Inc 30,000 3. FTI Consulting 4,724,837,000 3. Aon Hewitt 29,000 4. Korn Ferry 3,822,248,000 4. Booz Allen Hamilton Holding Corporation 27,200 5. R1 RCM 2,647,755,000 5. Mercer LLC 25,300 6. comScore 2,322,585,000 6. R1 RCM Inc 22,500 7. Huron Consulting Group 1,754,375,000 7. Boston Consulting Group Inc (The, BCG) 18,500 8. ICF International 1,728,645,000 8. RSM US LLP 9,979 9. National Research 1,688,197,000 9. Verisk Analytics Inc 9,300 10. ServiceSource Intl 1,244,577,000 10. Korn/Ferry International 8,198

Total Revenue Net Income

1. McKinsey & Company Inc 10,500,000,000 1. Booz Allen Hamilton Holding Corporation 482,603,000 2. Deloitte Consulting LLP 10,000,000,000 2. Verisk Analytics Inc 449,900,000 3. Boston Consulting Group Inc (The, BCG) 8,500,000,000 3. FTI Consulting Inc 216,726,000 4. Booz Allen Hamilton Holding Corporation 6,704,036,864 4. Korn/Ferry International 104,946,000 5. Bain & Company Inc 4,300,000,000 5. ICF International Inc 68,938,000 6. NERA Economic Consulting 2,940,000,000 6. Heidrick & Struggles International Inc 46,869,000 7. RSM US LLP 2,440,000,000 7. Huron Consulting Group Inc 41,743,000 8. FTI Consulting Inc 2,352,717,056 8. National Research Corp 32,406,000 9. Oliver Wyman Group 2,122,000,000 9. Resources Connection Inc 28,285,000 10. ICF International Inc 1,478,525,056 10. Hackett Group Inc (The) 23,277,000

3-Year Revenue Growth (%) 3-Year Income Growth (%)

1. Hubilu Venture 526.66 1. Heidrick & Struggles International Inc 44.88 2. R1 RCM Inc 26.03 2. FTI Consulting Inc 36.34 3. CRA International Inc (Charles River Associates) 11.60 3. Booz Allen Hamilton Holding Corporation 24.10 4. American Cannabis Company Inc 10.93 4. CRA International Inc (Charles River Associates) 17.20 5. Verisk Analytics Inc 9.33 5. National Research Corp 16.46 6. FTI Consulting Inc 9.13 6. Resources Connection Inc 14.89 7. Booz Allen Hamilton Holding Corporation 8.74 7. ICF International Inc 13.96 8. ICF International Inc 7.65 8. Collectors Universe Inc 9.30 9. Information Services Group Inc 7.07 9. Korn/Ferry International 7.63 10. Korn/Ferry International 6.83 10. Huron Consulting Group Inc 3.53

Return on Assets (%) Return on Equity (%)

1. National Research 0.30 1. National Research 1.24 2. Collectors Universe 0.29 2. Booz Allen Hamilton 0.63 3. First Physicians Capital 0.16 3. Collectors Universe 0.60 4. The Hackett Group 0.12 4. Verisk Analytics 0.21 5. Booz Allen Hamilton 0.11 5. The Hackett Group 0.18 6. FTI Consulting 0.08 6. Heidrick & Struggles Intl 0.16 7. Verisk Analytics 0.07 7. FTI Consulting 0.15 8. Heidrick & Struggles Intl 0.06 8. CRA International 0.10 9. Resources Connection 0.06 9. ICF International 0.10 10. ICF International 0.05 10. Resources Connection 0.10

Return on Invested Capital (%)

1. National Research 0.55 2. Collectors Universe 0.52 3. Booz Allen Hamilton 0.19 4. The Hackett Group 0.17 5. FTI Consulting 0.13 6. Heidrick & Struggles Intl 0.12 7. Verisk Analytics 0.11 8. ICF International 0.08 9. Resources Connection 0.08 10. Korn Ferry 0.07

Compare Top Publicly-Held Companies to Industry Average, 2019*

NAIC 541600 Management, Scientific, HR, Environmental and Technical Consulting Services Title Industry (U.S.)

* Note: If 2019 data is not available, we are providing the previous year instead.

Group Number 1 Income Statement (Whole $), % = Percent of Total Revenues

ICF $USD, In whole numbers, Booz Allen Hamilton Verisk FTI Consulting Korn/Ferry Industry Average of International except marked * or % Holding Corporation Analytics Inc Inc International 20 Companies Inc

Total Revenue 6,704,036,864 2,607,099,904 2,352,717,056 1,973,862,016 1,478,525,056 1,028,729,845

Cost Of Revenue 3,100,465,920 976,800,000 1,534,896,000 123,316,000 953,187,008 550,645,233

Gross Profit 3,603,570,944 1,630,300,032 817,820,992 1,850,546,048 525,337,984 551,948,160

Operating Expenses

General & 2,932,602,112 - - 1,663,230,976 - 496,310,272 Administrative Costs

SGA Expense 2,932,602,112 603,500,032 504,073,984 1,663,230,976 395,763,008 392,144,063

R&D Expense - - - - - 22,216,782

Other Operating 68,574,976 329,899,968 8,152,000 46,489,088 28,181,984 26,984,028 Expenses

Restructuring and - - - 0 - 5,682,571 Merger/Acquisition Costs

Amortization - 138,000,000 8,152,000 - 8,083,000 32,247,500

Total Operating 3,001,177,088 933,400,000 512,225,984 1,709,720,064 423,944,992 424,810,663 Expenses

Operating Income 602,393,984 696,899,968 305,595,008 140,826,000 101,393,000 108,338,482

Misc Other Special ------Charges

Interest Expense 84,465,000 126,800,000 19,206,000 16,891,000 10,719,000 20,314,857

Gain On Sale Of Security - (1,700,000) (3,056,000) - - (827,301)

Other Income (expense) 2,526,000 (1,700,000) (2,700,000) 10,094,000 (501,000) (15,277,393)

Pre-Tax Income 515,403,008 568,400,000 288,449,984 134,029,000 90,173,000 76,488,967

Income Taxes 96,874,000 118,500,000 71,724,000 29,544,000 21,235,000 23,032,212

Net Income from 418,528,992 449,900,000 216,726,000 104,796,000 68,938,000 55,775,526 Continuous Operations

Net Income for Common 416,664,000 449,900,000 216,726,000 101,585,000 68,938,000 54,466,427 Stockholders

Earnings per Share

Basic Earnings per 2.94 2.75 5.89 1.84 3.66 0.82 Share

Diluted Earnings per 2.91 2.70 5.69 1.81 3.59 0.79 Share

Weighted Average Shares

Basic Average Shares 141,910,800 163,535,440 36,774,000 55,311,000 18,816,000 48,150,934

Diluted Average Shares 143,156,176 166,560,112 38,111,000 56,096,000 19,224,000 48,796,036

Common Dividend 0.80 1.00 - 0.40 0.56 0.65

Balance Sheet (Whole $), % = Percent of Total Assets or Total Liabilities

ICF $USD, In whole numbers, Booz Allen Hamilton Verisk Analytics FTI Consulting Korn/Ferry Industry Average of International except marked * or % Holding Corporation Inc Inc International 20 Companies Inc

Assets

Current Assets

Cash - - - 579,998,016 - 135,503,485

Cash And Cash 283,990,016 184,600,000 369,372,992 626,360,000 6,482,000 103,460,524 Equivalents

Short-Term - - - 8,288,000 - 18,916,330 Investments

Total Cash 283,990,016 184,600,000 369,372,992 1,214,646,016 6,482,000 257,880,339

Receivables 1,330,364,032 467,500,000 736,638,976 431,624,000 410,832,992 217,573,464

Inventory - - - - - 1,830,843

Deferred Income ------Taxes

Prepaid Expenses 84,986,000 60,900,000 39,740,000 28,535,000 17,402,000 18,089,604

Other Current Assets - 17,800,000 32,909,000 42,003,000 - 13,949,614

Total Current Assets 1,699,340,032 744,899,968 1,178,660,992 1,136,809,984 434,716,992 349,770,997

Non-Current Assets

Gross Property, 495,636,000 1,498,599,936 420,575,008 348,601,984 279,640,992 224,528,936 Plant & Equipment

Accumulated (323,183,008) (731,900,032) (167,126,000) (217,096,992) (87,439,000) (112,330,129) Depreciation

Net Property, 172,452,992 766,700,032 253,448,992 131,505,000 192,202,000 117,815,320 Plant & Equipment

Goodwill 1,581,159,936 3,864,300,032 1,202,766,976 578,297,984 719,934,016 582,660,920

Intangible Assets 287,051,008 1,398,899,968 38,432,000 82,948,000 25,829,000 143,527,997

Other Long Term ------Assets

Total Non Current 2,132,500,992 6,310,300,160 1,604,481,024 1,198,041,984 962,499,968 786,127,704 Assets

Total Assets 3,831,841,024 7,055,200,256 2,783,141,888 2,334,852,096 1,397,217,024 1,135,898,711

Liabilities and stockholders' equity

Liabilities

Current Liabilities

Short-Term Debt 57,924,000 495,000,000 - - - 67,171,778

Accounts Payable 417,648,000 80,000,000 18,346,000 39,156,000 134,578,000 44,925,419

Deferred Revenues - 440,100,000 36,698,000 - 37,413,000 43,930,155

Accrued Liabilities 130,814,000 129,900,000 20,214,000 - 12,308,000 31,239,814

Total Current 1,179,239,040 1,491,800,064 612,537,024 550,958,016 337,982,016 280,489,741 Liabilities

Non-Current Liabilities

Long Term Debt 1,701,837,056 2,648,300,032 275,608,992 222,878,000 165,444,000 492,161,340

Deferred Tax ------Liability

Minority Interest - - - 2,731,000 - 2,731,000

Pensions & Other 124,925,000 - - - - 85,478,500 Benefits

Other Non Current 27,069,000 48,800,000 78,124,000 58,891,000 22,369,000 23,241,972 Liabilities

Total Non Current ------Liabilities

Total Liabilities ------

Stockholders' Equity

Common Stock 1,599,000 100,000 374,000 656,462,976 23,000 33,522,294

Additional Paid In 401,596,000 2,369,100,032 216,162,000 - 346,795,008 430,191,221 Capital

Retained Earnings 994,811,008 4,228,400,128 1,413,453,056 660,844,992 544,840,000 330,995,656

Preferred Stock - - 0 - 0 16,364,286

Treasury Stock (711,449,984) (3,849,900,032) 0 0 (164,963,008) (451,358,453)

Total Stockholders' 675,366,016 2,260,800,000 1,489,142,016 1,240,656,000 714,550,976 431,279,035 Equity

Total Liabilities & 675,366,016 2,260,800,000 1,489,142,016 1,240,656,000 714,550,976 431,279,035 Shareholders' Equity

Cash Flow (Whole $), % = Percent of Total Assets or Total Liabilities

ICF $USD, In whole numbers, Booz Allen Hamilton Verisk FTI Korn/Ferry Industry Average International except marked * or % Holding Corporation Analytics Inc Consulting Inc International of 20 Companies Inc

Operating Cash Flow 499,609,984 956,300,032 217,886,000 258,804,992 91,440,000 126,981,739

Net Income ------

Depreciation And 68,575,000 323,700,000 38,305,000 46,489,000 28,182,000 36,066,723 Amortization

Investment/Asset - - - 106,555,000 2,352,000 29,456,146 Impairment

Deferred Income Taxes 23,006,000 (29,300,000) (3,712,000) (27,796,000) (123,000) (1,985,214)

Stock Based ------Compensation

Accounts Receivable (196,452,992) (70,300,000) (131,449,000) (29,216,000) (31,300,000) (23,523,452)

Cash From Discontinued Operating - - - - - (7,000) Activities

Change In Inventory - - - - - 57,747

Change In Account 107,515,000 - - 28,398,000 31,949,000 11,682,359 Payable

Prepaid Expenses (2,328,000) (19,700,000) (22,648,000) (148,000) 1,997,000 (3,379,317)

Accrued Liabilities (7,878,000) 20,900,000 - - 144,000 (1,587,099)

Income Tax Payable - - - 213,000 - 173,985

Other Working Capital (34,888,000) 152,600,000 (85,302,000) 5,410,000 (22,894,000) 410,296

Other Non CashItems 9,354,000 10,100,000 14,289,000 - (559,000) 6,564,916

Operating Cash Flow 499,609,984 956,300,032 217,886,000 258,804,992 91,440,000 126,981,739

Cash Flow from Investing (89,212,000) (927,900,032) (60,606,000) (69,467,000) (30,470,000) (70,328,413)

Purchase of Property, - - (42,072,000) (46,682,000) - (14,086,863) Plants & Equipment

Net Investment Purchase - 0 - 4,305,000 - (8,010,160) & Sale

Acquisitions, net 5,469,000 (703,699,968) (18,791,000) 0 (3,569,000) (51,972,069)

Purchase Of Investments - - - (9,476,000) - (30,173,600)

Sales/Maturities of - 0 - 13,781,000 - 12,398,103 Investments

Net Other Investing - (7,400,000) 257,000 (27,230,000) - (9,769,000) Changes

Cash Flow from Investing (89,212,000) (927,900,032) (60,606,000) (69,467,000) (30,470,000) (70,328,413)

Financing Cash Flow (413,366,016) 10,900,000 (103,311,000) (64,625,000) (67,640,000) (48,095,831)

Issuance Of Debt 102,071,000 699,699,968 45,000,000 258,744,992 686,830,016 155,050,178

Repayment Of Debt (170,512,000) (250,000,000) (45,000,000) (244,222,000) (721,809,024) (134,727,555)

Common Stock Issued 11,266,000 - - - - 5,963,730

Cash Dividends Paid (114,514,000) (163,500,000) - (23,459,000) (10,540,000) (39,551,900)

Other Financing Activities (969,000) (27,700,000) (685,000) (25,589,000) (1,621,000) (6,522,143)

Effect of Changes in - 6,100,000 3,335,000 (19,201,000) 166,000 (625,415) Currency Exchange Rates

Net Change in Cash (2,968,000) 39,300,000 53,969,000 124,713,000 (6,670,000) 10,962,288

Beginning Cash Position 286,958,016 139,500,000 312,068,992 520,848,000 12,986,000 94,135,547

End Cash Position 283,990,016 184,600,000 369,372,992 626,360,000 6,482,000 104,613,774

Free Cash Flow

Operating Cash Flow 499,609,984 956,300,032 217,886,000 258,804,992 91,440,000 126,981,739

Capital Expenditure (94,681,000) (216,800,000) (42,072,000) (46,682,000) (26,901,000) (30,358,892)

Free Cash Flow 404,928,992 739,500,032 175,814,000 212,123,008 64,539,000 98,140,793

Income Statement (Whole $), % = Percent of Total Revenues

Huron Heidrick & CRA International Inc $USD, In whole numbers, Resources Industry Average R1 RCM Inc Consulting Struggles (Charles River except marked * or % Connection Inc of 20 Companies Group Inc International Inc Associates)

Total Revenue 1,186,099,968 965,473,984 728,998,976 725,614,016 451,369,984 1,028,729,845

Cost Of Revenue 987,800,000 664,297,984 446,560,000 - 317,760,992 550,645,233

Gross Profit 198,300,000 301,176,000 282,439,008 - 133,609,000 551,948,160

Operating Expenses

General & - - - 657,972,992 - 496,310,272 Administrative Costs

SGA Expense 104,400,000 203,071,008 223,802,000 657,972,992 93,613,000 392,144,063

R&D Expense - - - - - 22,216,782

Other Operating (16,600,000) 31,885,000 8,478,000 (4,130,000) 10,648,000 26,984,028 Expenses

Restructuring and 26,400,000 1,855,000 - 4,130,000 - 5,682,571 Merger/Acquisition Costs

Amortization - 5,375,000 3,799,000 - - 32,247,500

Total Operating 114,200,000 236,811,008 232,280,000 657,972,992 104,261,000 424,810,663 Expenses

Operating Income 84,100,000 64,365,000 50,159,000 67,641,000 29,348,000 108,338,482

Misc Other Special ------Charges

Interest Expense - - 2,190,000 - 1,254,000 20,314,857

Gain On Sale Of Security - - - - (1,297,000) (827,301)

Other Income (expense) (45,200,000) 3,774,000 - (1,232,000) (1,297,000) (15,277,393)

Pre-Tax Income 9,800,000 52,491,000 47,969,000 69,289,000 26,797,000 76,488,967

Income Taxes (2,200,000) 10,512,000 16,499,000 22,420,000 6,050,000 23,032,212

Net Income from 12,000,000 41,979,000 31,470,000 46,869,000 20,747,000 55,775,526 Continuous Operations

Net Income for Common (8,700,000) 41,743,000 31,470,000 46,869,000 20,692,000 54,466,427 Stockholders

Earnings per Share

Basic Earnings per -0.08 1.90 1.00 2.45 2.63 0.82 Share

Diluted Earnings per -0.08 1.85 0.98 2.40 2.53 0.79 Share

Weighted Average Shares

Basic Average Shares 111,505,992 21,993,000 31,596,000 19,103,000 7,866,000 48,150,934

Diluted Average 111,505,992 22,507,000 32,207,000 19,551,000 8,167,000 48,796,036 Shares

Common Dividend - - 0.52 0.60 0.83 0.65

Balance Sheet (Whole $), % = Percent of Total Assets or Total Liabilities

$USD, In whole Huron Heidrick & CRA International Inc Resources Industry Average numbers, R1 RCM Inc Consulting Struggles (Charles River Connection Inc of 20 Companies except marked * or % Group Inc International Inc Associates)

Assets

Current Assets

Cash - - - 177,492,992 - 135,503,485

Cash And Cash 92,000,000 11,604,000 43,045,000 271,719,008 25,639,000 103,460,524 Equivalents

Short-Term - - 5,981,000 61,153,000 - 18,916,330 Investments

Total Cash 92,000,000 11,604,000 49,026,000 510,365,000 25,639,000 257,880,339

Receivables 88,200,000 198,884,000 135,528,000 135,834,000 151,160,992 217,573,464

Inventory - - - - - 1,830,843

Deferred Income ------Taxes

Prepaid Expenses 21,800,000 14,248,000 7,103,000 20,185,000 7,277,000 18,089,604

Other Current Assets 10,700,000 - - 5,591,000 - 13,949,614

Total Current 216,700,000 224,736,000 191,656,992 494,481,984 184,076,992 349,770,997 Assets

Non-Current Assets

Gross Property, 296,700,000 173,718,000 67,603,000 191,931,008 230,752,000 224,528,936 Plant & Equipment

Accumulated (101,900,000) (80,351,000) (40,971,000) (63,890,000) (39,284,000) (112,330,129) Depreciation

Net Property, 194,800,000 93,367,000 26,632,000 128,041,000 191,468,000 117,815,320 Plant & Equipment

Goodwill 253,200,000 646,680,000 190,815,008 126,831,000 88,504,000 582,660,920

Intangible Assets 164,700,000 31,625,000 14,589,000 1,935,000 6,476,000 143,527,997

Other Long Term ------Assets

Total Non Current 712,400,000 879,534,976 236,712,992 349,691,008 349,166,016 786,127,704 Assets

Total Assets 929,100,032 1,104,270,976 428,369,984 844,172,992 533,243,008 1,135,898,711

Liabilities and stockholders' equity

Liabilities

Current Liabilities

Short-Term Debt 16,300,000 529,000 - - - 67,171,778

Accounts Payable 20,200,000 7,944,000 21,634,000 8,633,000 26,069,000 44,925,419

Deferred 48,100,000 28,443,000 - 41,267,000 11,193,000 43,930,155 Revenues

Accrued Liabilities - - 11,154,000 26,253,000 - 31,239,814

Total Current 232,500,000 204,544,000 91,416,000 345,342,016 171,410,000 280,489,741 Liabilities

Non-Current Liabilities

Long Term Debt 337,700,000 208,324,000 43,000,000 - - 492,161,340

Deferred Tax ------Liability

Minority Interest - - - - - 2,731,000

Pensions & Other - - - 46,032,000 - 85,478,500 Benefits

Other Non Current 10,400,000 - 6,412,000 4,634,000 - 23,241,972 Liabilities

Total Non ------Current Liabilities

Total Liabilities ------

Stockholders' Equity

Common Stock 1,300,000 247,000 631,000 196,000 9,265,000 33,522,294

Additional Paid In 372,700,000 460,780,992 460,225,984 228,807,008 - 430,191,221 Capital

Retained Earnings (277,800,000) 237,848,992 350,230,016 91,083,000 200,248,992 330,995,656

Preferred Stock 229,100,000 - 0 0 0 16,364,286

Treasury Stock (73,600,000) (128,348,000) (516,103,008) (14,795,000) 0 (451,358,453)

Total Stockholders' 247,200,000 585,465,024 282,396,000 309,115,008 197,751,008 431,279,035 Equity

Total Liabilities & 247,200,000 585,465,024 282,396,000 309,115,008 197,751,008 431,279,035 Shareholders' Equity

Cash Flow (Whole $), % = Percent of Total Assets or Total Liabilities

Operating Cash Flow 113,900,000 132,220,000 43,621,000 78,645,000 27,832,000 126,981,739

Net Income ------

Depreciation And 55,700,000 34,405,000 8,478,000 10,371,000 21,268,000 36,066,723 Amortization

Investment/Asset - 0 1,540,000 0 0 29,456,146 Impairment

Deferred Income Taxes (5,100,000) 8,795,000 6,452,000 1,644,000 (1,159,000) (1,985,214)

Stock Based ------Compensation

Accounts Receivable 11,500,000 (20,392,000) (10,014,000) 6,899,000 (13,111,000) (23,523,452)

Cash From Discontinued Operating - - - - - (7,000) Activities

Change In Inventory - - - - - 57,747

Change In Account 9,900,000 (6,884,000) (1,469,000) (994,000) - 11,682,359 Payable

Prepaid Expenses (17,900,000) - 109,000 (455,000) (2,120,000) (3,379,317)

Accrued Liabilities (11,800,000) - 1,549,000 - (6,162,000) (1,587,099)

Income Tax Payable - - - - - 173,985

Other Working Capital (2,100,000) 7,643,000 (10,425,000) 9,390,000 (16,691,000) 410,296

Other Non CashItems 13,000,000 15,171,000 (590,000) 668,000 117,000 6,564,916

Operating Cash Flow 113,900,000 132,220,000 43,621,000 78,645,000 27,832,000 126,981,739

Cash Flow from (61,000,000) (35,002,000) (12,877,000) (69,315,000) (16,693,000) (70,328,413) Investing

Purchase of Property, (61,000,000) (13,240,000) (6,896,000) - (16,693,000) (14,086,863) Plants & Equipment

Net Investment - (5,000,000) (5,981,000) (62,443,000) - (8,010,160) Purchase & Sale

Acquisitions, net 0 (2,500,000) 0 (3,520,000) 0 (51,972,069)

Purchase Of - (5,000,000) (5,981,000) (130,411,000) - (30,173,600) Investments

Sales/Maturities of - - 0 67,968,000 - 12,398,103 Investments

Net Other Investing - (4,703,000) - - - (9,769,000) Changes

Cash Flow from Investing (61,000,000) (35,002,000) (12,877,000) (69,315,000) (16,693,000) (70,328,413)

Financing Cash Flow (25,300,000) (118,836,000) (43,601,000) (18,240,000) (23,818,000) (48,095,831)

Issuance Of Debt 381,800,000 347,000,000 0 0 54,000,000 155,050,178

Repayment Of Debt (409,800,000) (442,515,008) (20,000,000) 0 (54,000,000) (134,727,555)

Common Stock Issued 0 - - - - 5,963,730

Cash Dividends Paid - - (16,158,000) (11,835,000) (6,539,000) (39,551,900)

Other Financing (11,000,000) (6,198,000) (1,860,000) (6,405,000) (2,422,000) (6,522,143) Activities

Effect of Changes in (200,000) 115,000 (568,000) 367,000 290,000 (625,415) Currency Exchange Rates

Net Change in Cash 27,600,000 (21,618,000) (12,857,000) (8,910,000) (12,679,000) 10,962,288

Beginning Cash Position 65,100,000 33,107,000 56,470,000 280,262,016 38,028,000 94,135,547

End Cash Position 92,500,000 11,604,000 43,045,000 271,719,008 25,639,000 104,613,774

Free Cash Flow

Operating Cash Flow 113,900,000 132,220,000 43,621,000 78,645,000 27,832,000 126,981,739

Capital Expenditure (61,000,000) (23,552,000) (6,896,000) (3,352,000) (16,693,000) (30,358,892)

Free Cash Flow 52,900,000 108,668,000 36,725,000 75,293,000 11,139,000 98,140,793

Data includes estimates and forecasts. See "Data Description and Sources" section for details. 39 © Plunkett Research, Ltd. All Rights Reserved. www.plunkettresearch.com Top Companies, Profiles and Financials

NAIC 541600 Title Management, Scientific, HR, Environmental and Technical Consulting Services Industry (U.S.)

Top Companies Include:

Rank Company Ticker ExchangeID Revenues (Whole Numbers) 2019 or latest year available 1 McKinsey & Company Inc Private $10,500,000,000 2 Deloitte Consulting LLP Subsidiary $10,000,000,000 3 Boston Consulting Group Inc (The, BCG) Private $8,500,000,000 4 Booz Allen Hamilton Holding Corporation BAH NYS $6,704,036,864 5 Mercer LLC Subsidiary $5,021,000,000 6 Bain & Company Inc Private $4,300,000,000 7 NERA Economic Consulting Subsidiary $2,940,000,000 8 Verisk Analytics Inc VRSK NAS $2,607,099,904 9 RSM US LLP Private $2,440,000,000 10 FTI Consulting Inc FCN NYS $2,352,717,056

Company Profile

MCKINSEY & COMPANY INC (HTTP://WWW.MCKINSEY.COM)

Ticker: Private Phone: 212-446-7000 Exchange: Fax: 212-446-8575 Employees: 30,000 Address: 55 E. 52nd St., Fl. 21 Fiscal Year Ends in N/A New York, NY 10022 United States

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541610 1. McKinsey & Company Inc 10,500,000,000 2. Deloitte Consulting LLP 10,000,000,000 3. Boston Consulting Group Inc (The, BCG) 8,500,000,000 Management Consulting 4. Booz Allen Hamilton Holding Corporation 6,704,036,864 Strategic & Logistics Consulting 5. Bain & Company Inc 4,300,000,000 Industry-Specific Consulting 6. NERA Economic Consulting 2,940,000,000 Business Research 7. RSM US LLP 2,440,000,000 Business Publications 8. FTI Consulting Inc 2,352,717,056 9. Oliver Wyman Group 2,122,000,000 10. ICF International Inc 1,478,525,056

Contacts Description

McKinsey & Company, Inc. is a privately-held international management Kevin Sneader Managing Dir. consulting firm established in 1926. Headquartered in New York, the firm maintains approximately 130 offices in 65 countries. McKinsey provides consulting services for leading businesses, governments, non-governmental organizations and non-profits. The company helps clients make improvements to their performance at every level of their organization. Business functions include analytics, diagnostics, business technology, digital technology, implementation, learning programs for clients, marketing and sales, operations, organization, recover and transformation services, risk, strategy and corporate finance, as well as sustainability and resource productivity. Industries served by McKinsey include advanced electronics, aerospace and defense, automotive and assembly, chemicals, consumer packaged goods, electric power and natural gas, financial services, healthcare systems and services, high tech, infrastructure, media and entertainment, metals and mining, oil and gas, paper and forest products, pharmaceuticals and medical products, private equity and principal investors, public sector, retail, semiconductors, social sector, telecommunications and travel/transport /logistics. The McKinsey Global Institute helps leaders in multiple sectors develop deeper understanding of the global economy. The firm’s flagship business publication, McKinsey Quarterly, has been defining and informing the senior-management agenda since 1964.

Financials

$USD, In whole numbers 2019 2018 2017 2016 2015 2014 2013 Sales 10,500,000,000 10,000,000,000 8,800,000,000 8,590,500,000 8,300,000,000 8,000,000,000 7,150,000,000 Profits

Brands Top Salaries

McKinsey Global Institute McKinsey Quarterly Salary Bonus

Company Profile

DELOITTE CONSULTING LLP (HTTP://WWW2.DELOITTE.COM/US/EN/SERVICES /CONSULTING.HTML)

Ticker: Subsidiary Phone: 212-492-4000 Exchange: Fax: 212-489-1687 Employees: 70,000 Address: 30 Rockefeller Plaza Fiscal Year Ends in N/A New York, NY 10112 United States

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541610 1. McKinsey & Company Inc 10,500,000,000 2. Deloitte Consulting LLP 10,000,000,000 Parent Company: Deloitte Touche Tohmatsu 3. Boston Consulting Group Inc (The, BCG) 8,500,000,000 4. Booz Allen Hamilton Holding Corporation 6,704,036,864 Management Consulting 5. Bain & Company Inc 4,300,000,000 Technology Integration Consulting 6. NERA Economic Consulting 2,940,000,000 Human Resources Consulting 7. RSM US LLP 2,440,000,000 Business Strategy Consulting 8. FTI Consulting Inc 2,352,717,056 Outsourcing Services 9. Oliver Wyman Group 2,122,000,000 Strategic Consulting 10. ICF International Inc 1,478,525,056 Software

Contacts Description

Deloitte Consulting LLP offers a range of expert consulting services from Janet Foutty CEO offices worldwide. The company is a subsidiary of Deloitte LLP, which is Janet Foutty Chmn. itself a subsidiary of Deloitte Touche Tohmatsu. Deloitte Consulting operates through three service categories: human capital, strategy & operations and technology. The human capital division’s services leverage research, analytics and industry insights to help design and execute critical programs from business-driven human resources to innovative talent, leadership and change programs. Its services include actuarial, rewards, analytics, research-based membership programs, advisory services, HR transformation organization transformation & talent, employee experience enhancement and management consulting. Strategy & operations works with senior executives to help solve complex problems by bringing an approach to executable strategy that combines deep industry knowledge, rigorous analysis and insight to enable confident action. This division offers business model transformation, finance, mergers & acquisitions, service operations, social impact, supply chain operations and manufacturing operations consulting. The technology category transforms business via technology from strategy to implementation, this division delivers technology solutions that help drive transformation, improve productivity and streamline business operations. Solutions include application management services, digital engagement solutions, digital marketing, analytics, information management, application upgrades, financial transformation, product lifecycle management, supply chain management, cloud services, systems integration, systems development, IT mergers & acquisitions, IT strategy and technology infrastructure transformation.

Financials

$USD, In whole numbers 2019 2018 2017 2016 2015 2014 2013 Sales 10,000,000,000 8,800,000,000 8,478,712,000 7,815,148,000 7,111,116,000 6,200,000,000 Profits

Brands Top Salaries

Deloitte Touche Tohmatsu Deloitte LLP Salary Bonus

Other Thoughts Corporate Culture

Deloitte LLP offers employees medical, dental and prescription coverage; short- and long-term disability; tuition and employee assistance; emergency backup daycare; and flexible spending accounts.

Company Profile

BOSTON CONSULTING GROUP INC (THE, BCG) (HTTP://WWW.BCG.COM)

Ticker: Private Phone: 617-973-1200 Exchange: Fax: 617-973-1399 Employees: 18,500 Address: 200 Pier 4 Blvd. Fiscal Year Ends in N/A Boston, MA 02210 United States

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541610 1. McKinsey & Company Inc 10,500,000,000 2. Deloitte Consulting LLP 10,000,000,000 3. Boston Consulting Group Inc (The, BCG) 8,500,000,000 Management Consulting 4. Booz Allen Hamilton Holding Corporation 6,704,036,864 Marketing Consulting 5. Bain & Company Inc 4,300,000,000 Corporate Strategy Research 6. NERA Economic Consulting 2,940,000,000 7. RSM US LLP 2,440,000,000 8. FTI Consulting Inc 2,352,717,056 9. Oliver Wyman Group 2,122,000,000 10. ICF International Inc 1,478,525,056

Contacts Description

The Boston Consulting Group, Inc. (BCG) is a global management Rich Lesser CEO/Pres. consulting firm as well as a world-leading advisor on business strategy. Debbie Simpson CFO BCG partners with clients from the private, public and nonprofit sectors Jeremy Barton General Counsel/Head-Risk Mgmt. in all regions to identify their highest-value opportunities, address critical challenges and transform their enterprises. The company’s Miki Tsusaka Sr. Partner/Managing Dir.-Tokyo capabilities include big data, advanced analytics, diversity/inclusion, Sharon Marcil Sr. Partner/Managing Dir.-Washington, D.C. growth, marketing, sales, people/organization, procurement, strategy, Matthew Krentz Sr. Partner/Managing Dir.-Chicago transformation, restructuring, change management, enablement, innovation, product development, mergers/acquisitions, post-merger Paul Tranter Chief of Staff integration, smart simplicity, sustainability, corporate development, Hans-Paul Burkner Chmn. finance, globalization, manufacturing, operations, pricing, social impact Vaishali Rastogi Partner/Managing Dir.-Singapore and technology/digital. Industries served by BCG include automotive, mobility, biopharmaceuticals, consumer products, education, energy, environment, engineered products, infrastructure, financial institutions, health care payers/providers/services, insurance, media, entertainment, medical devices, technology, metals, mining, principal investors, private equity, process industrial materials, building materials, public sector, retail, technology industries, telecommunications, transportation, travel and tourism. BCG has offices in more than 90 cities in 50 countries.

Financials

$USD, In whole numbers 2019 2018 2017 2016 2015 2014 2013 Sales 8,500,000,000 7,500,000,000 6,300,000,000 5,600,000,000 5,000,000,000 4,200,000,000 3,710,000,000 Profits

Brands Top Salaries

Salary Bonus

Company Profile

BOOZ ALLEN HAMILTON HOLDING CORPORATION (HTTP://WWW.BOOZALLEN.COM)

Ticker: BAH Phone: 703 902-5000 Exchange: NYS Fax: 703 902-3333 Year Established: 2008 Address: 8283 Greensboro Drive Employees: 27,200 Hamilton Building Fiscal Year Ends in March McLean, VA 22102 United States

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541610 1. McKinsey & Company Inc 10,500,000,000 2. Deloitte Consulting LLP 10,000,000,000 3. Boston Consulting Group Inc (The, BCG) 8,500,000,000 Strategy Consulting 4. Booz Allen Hamilton Holding Corporation 6,704,036,864 Engineering & IT Consulting 5. Bain & Company Inc 4,300,000,000 Supply Chain Management 6. NERA Economic Consulting 2,940,000,000 Industry Research & Publications 7. RSM US LLP 2,440,000,000 War Gaming & Strategic Simulation 8. FTI Consulting Inc 2,352,717,056 9. Oliver Wyman Group 2,122,000,000 10. ICF International Inc 1,478,525,056

Contacts Description

Booz Allen Hamilton Holding Corporation (BAH), founded in 1914, Horacio Rozanski CEO/Director/Pres. provides management and technology consulting, engineering, analytics, Lloyd Howell CFO/Executive VP/Treasurer digital solutions, mission operations and cyber expertise to U.S. and Ralph Shrader Chairman of the Board/Chairman of the international governments, major corporations and nonprofit Board, Subsidiary/Director organizations. Specific markets served by BAH include civil government, commercial, defense, intelligence, international, energy, resources, Nancy Laben Chief Legal Officer/Executive VP/Secretary utilities, financial services, health, homeland security, law enforcement Melody Barnes Director and transportation. In addition, BAH is engaged in incubating and Ian Fujiyama Director developing digital, cyber, artificial intelligent (AI) and immersive solutions in order to solve future problems via technology, software and Arthur Johnson Director other solutions for its clients. Investment firm, The Carlyle Group, Charles Rossotti Director maintains a majority interest in the company. Gretchen McClain Director Joan Amble Director Peter Clare Director Mark Gaumond Director Ellen Jewett Director Michele Flournoy Director Gary Labovich Executive VP Kristine Anderson Executive VP Christopher Ling Executive VP Karen Dahut Executive VP Joseph Mahaffee Executive VP/Chief Administrative Officer Angela Messer Executive VP/Other Executive Officer Susan Penfield Executive VP/Other Executive Officer Elizabeth Thompson Executive VP/Other Executive Officer

Auditor: EY Legal Advisor:

Financials

$USD, In whole numbers, 2020 2019 2018 2017 2016 2015 except marked * or % Financials Revenue 7,463,841,000 6,704,037,000 6,171,853,000 5,804,284,000 5,405,738,000 5,274,770,000 Cost of Revenue 3,379,180,000 3,100,466,000 2,867,103,000 2,691,982,000 2,580,026,000 2,593,849,000 Gross Margin % 54.73 53.75 53.55 53.62 52.27 50.83 R&D Expense ------Operating Income 669,202,000 602,394,000 520,085,000 484,247,000 444,584,000 458,822,000 Operating Margin % 8.97 8.99 8.43 8.34 8.22 8.70 SGA Expense 3,334,378,000 2,932,602,000 2,719,909,000 2,568,511,000 2,319,592,000 2,159,439,000 Net Income 482,603,000 418,529,000 305,111,000 252,490,000 294,094,000 232,569,000 Earnings Per Share 3.43 2.94 2.08 1.69 1.98 1.58 Dividends 1.04 0.80 0.70 0.62 0.54 0.46 Book Value Per Share - 5.99 4.58 3.70 3.44 1.81 Operating Cash Flow 551,428,000 499,610,000 369,143,000 382,277,000 249,234,000 309,958,000 Capital Expenditure 128,079,000 94,681,000 78,437,000 53,919,000 66,635,000 36,041,000 Free Cash Flow 423,349,000 404,929,000 290,706,000 328,358,000 182,599,000 273,917,000 Profitability EBITDA 750,693,000 668,443,000 579,668,000 533,742,000 511,813,000 520,410,000 Return on Assets % 11.15 11.21 8.69 7.84 9.87 7.87 Return on Equity % 62.82 67.75 53.75 50.96 97.66 127.94 Net Margin % 6.45 6.22 4.91 4.31 5.37 4.34 Assets Turnover 1.73 1.80 1.77 1.82 1.84 1.81 Financial Leverage 5.60 5.67 6.50 5.88 7.37 15.43

Brands Top Salaries

Carlyle Group (The) Name Title Salary (US$) Bonus (US$) Horacio Rozanski President/CEO 1,500,000 - Karen Dahut Executive VP 1,025,000 - Lloyd Howell Executive VP/CFO 1,025,000 - /Treasurer Susan Penfield Executive VP/Other 800,000 - Executive Officer Nancy Laben Chief Legal 650,000 - Officer/Executive VP

Other Thoughts Corporate Culture

Apparent Female Officers or Directors: Booz Allen Hamilton offers employees dental, medical and vision insurance; life insurance; medical flexible spending accounts; tuition assistance; an employee assistance program; and health and wellness programs.

Company Profile

MERCER LLC (HTTP://WWW.MERCER.COM)

Ticker: Subsidiary Phone: 212-345-7000 Exchange: Fax: 212-345-7414 Employees: 25,300 Address: 1166 Ave. of the Americas Fiscal Year Ends in N/A New York, NY 10036 United States

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541612 1. Mercer LLC 5,021,000,000 2. Verisk Analytics Inc 2,607,099,904 Parent Company: Marsh & McLennan Companies Inc 3. BGRS LLC 2,000,000,000 4. Korn/Ferry International 1,973,862,016 Consulting-Human Resources 5. Resources Connection Inc 728,998,976 Investment/Financial Consulting 6. Heidrick & Struggles International Inc 725,614,016 Health and Benefits Management 7. Alight-NGA Human Resources - Human Capital Consulting 8. Allegiant Physician Services, Inc. - Outsourced Human Resources Services (BPO) 9. Kelly Outsourcing & Consulting Group - Investment Management 10. Segal Group Inc (The) - Retirement Plan Administration Merger/Acquisition Consulting Contacts Description

Mercer, LLC, a subsidiary of Marsh & McLennan Companies, Inc., offers a Martine Ferland CEO/Pres. broad range of human resource advice and solutions to clients in 130 Rian Miller General Counsel markets worldwide. The firm divides its services into four categories: David Rahill Pres., Health & Benefits health and benefits, investments and retirement, workforce and careers, and mergers and acquisitions. Health and benefits include private health Phil de Cristo Pres., Investments exchange, employee benefits, global benefits, health benefits Patricia Milligan Pres., North America administration and affinity benefits. Investments and retirement include Orlando Ashford Pres., Talent investments, retirement and benefit plan administration, defined benefit pension plans, pension risk management, defined contribution plans, Simon O'Regan Pres., EuroPac employee financial wellness, endowments and foundations, and the MercerInsight platform which offers investment insights and analytics. Workforce and careers include talent strategy, executive compensation, workforce rewards, talent mobility, human resource transformation and employee communication. Mergers and acquisitions (MA) include M&A due diligence, M&A project management office, post-merger integration and private equity consulting and advisory. Mercer provides its solutions and services for those in business roles such as CEOs, boards, CFOs, talent leaders, benefits managers, financial advisors, trustees and fiduciaries and employees; for organizations such as corporations, multinational corporations, endowments and foundations, affinity, public sector, wealth management and private equity; and for industries such as energy, insurance, healthcare, financial services, higher education and retail. Based in New York, USA, the firm has offices throughout the world, including North America, Latin America, Europe, the Middle East, Africa, Asia-Pacific, Australia and New Zealand.

Financials

$USD, In whole numbers 2019 2018 2017 2016 2015 2014 2013 Sales 5,021,000,000 4,745,300,000 4,487,680,000 4,359,630,000 4,313,000,000 4,350,000,000 4,241,000,000 Profits

Brands Top Salaries

Marsh & McLennan Companies Inc MercerInsight Salary Bonus

Other Thoughts Corporate Culture

Mercer offers its employees comprehensive health benefits, retirement and savings options and a variety of assistance programs, which may vary across locations.

Company Profile

BAIN & COMPANY INC (HTTP://WWW.BAIN.COM)

Ticker: Private Phone: 617-572-2000 Exchange: Fax: 617-572-2427 Employees: 8,000 Address: 131 Dartmouth St. Fiscal Year Ends in N/A Boston, MA 02116 United States

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541610 1. McKinsey & Company Inc 10,500,000,000 2. Deloitte Consulting LLP 10,000,000,000 3. Boston Consulting Group Inc (The, BCG) 8,500,000,000 Management Consulting 4. Booz Allen Hamilton Holding Corporation 6,704,036,864 Technology Consulting 5. Bain & Company Inc 4,300,000,000 Merger & Acquisition Consulting 6. NERA Economic Consulting 2,940,000,000 Analytics 7. RSM US LLP 2,440,000,000 Digital Media Strategies 8. FTI Consulting Inc 2,352,717,056 9. Oliver Wyman Group 2,122,000,000 10. ICF International Inc 1,478,525,056

Contacts Description

Bain & Company, Inc. is a global provider of management consulting Manny Maceda CEO services. The firm advises clients on their most critical issues and Dave Johnson Managing Dir.-The Americas opportunities, including strategy, marketing, organization, operations, Dale Cottrell Managing Dir.-Asia Pacific information technology (IT), digital transformation, digital strategy, advanced analytics, transformations, sustainability, corporate finance Orit Gadiesh Chmn. and mergers and acquisitions, across all industries and geographies. Paul Meehan Managing Dir.-EMEA Bain & Company’s approach to change management is through its Results Delivery platform, which helps clients measure and manage risk and overcome the odds to realize results. The company has worked with the majority of the Global 500, as well as major regional and local organizations, nonprofits and private equity funds representing 75% of global equity capital. Bain Media Lab is the firm’s business unit engaged in creating digital products and related services, combining breakthrough technologies with powerful data sets. In April 2020, Bain & Company and Qvartz created a joint venture, Bain Nordics, to provide strategic management consulting services in Denmark, Finland, Norway and Sweden.

Financials

$USD, In whole numbers 2019 2018 2017 2016 2015 2014 2013 Sales 4,300,000,000 3,800,000,000 2,700,000,000 2,500,000,000 2,300,000,000 2,100,000,000 2,086,000,000 Profits

Brands Top Salaries

Results Delivery Bain Media Lab Salary Bonus Bain Nordics

Other Thoughts Corporate Culture

Bain tends to hire college graduates with either liberal arts degrees, MBA degrees or both. Positions often involve extensive travel and sometimes major relocation, the costs of which are reimbursed by Bain.

Company Profile

NERA ECONOMIC CONSULTING (HTTP://WWW.NERA.COM)

Ticker: Subsidiary Phone: 212-345-3000 Exchange: Fax: 212-345-4650 Employees: 600 Address: 1166 Avenue of the Americas, 24/Fl Fiscal Year Ends in N/A New York, NY 10036 United States

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541610 1. McKinsey & Company Inc 10,500,000,000 2. Deloitte Consulting LLP 10,000,000,000 Parent Company: Marsh & McLennan Companies Inc 3. Boston Consulting Group Inc (The, BCG) 8,500,000,000 4. Booz Allen Hamilton Holding Corporation 6,704,036,864 Consulting-Economic & Financial 5. Bain & Company Inc 4,300,000,000 Antitrust Consulting 6. NERA Economic Consulting 2,940,000,000 Employment & Labor Consulting 7. RSM US LLP 2,440,000,000 Energy Consulting 8. FTI Consulting Inc 2,352,717,056 Financial Risk Management Consulting 9. Oliver Wyman Group 2,122,000,000 Intellectual Property Consulting 10. ICF International Inc 1,478,525,056 Postal Services Consulting Transport Consulting Contacts Description

NERA Economic Consulting provides advice to corporations, firms, courts Lawrence Wu Pres. and other government agencies about the economics of competition, Sumanth Addanki Sr. VP regulation, quantitative principles and finance. A subsidiary of Oliver Lucy P. Allen Sr. VP Wyman Group, which is itself a subsidiary of Marsh & McLennan Companies, Inc., NERA consists of a team of more than 500 economists Elizabeth Becker Sr. VP-Employment & Labor Practice operating from more than 25 offices worldwide. The company’s consultants provide independent research and analysis to achieve practical solutions to highly complex business and legal issues relating to competition, regulation, public policy, strategy, finance and litigation. Its clients include corporations, governments, law firms, regulatory agencies, trade associations and international agencies. NERA’s 30+ practice areas include antitrust, competition, auctions, bankruptcy, financial distress litigation, class actions, class certifications, commercial litigation/damages, communications, media, internet, consumer protection in financial services, corporate governance, corporate compliance, energy, environment economics, financial institutions, banking, financial risk management, healthcare, insurance, intellectual property, international arbitration, labor/employment, life sciences, postal services, product liability, mass torts, radio spectrum, regulatory economics, risk advisory services, securities, finance, statistical sampling and analysis, survey research/design/analysis, transfer pricing, transport, valuation, water, white collar, investigations and enforcement.

Financials

$USD, In whole numbers 2019 2018 2017 2016 2015 2014 2013 Sales 2,940,000,000 2,800,000,000 2,700,000,000 2,510,090,000 Profits

Brands Top Salaries

Marsh & McLennan Companies Inc Olivery Wyman Group Salary Bonus

Company Profile

VERISK ANALYTICS INC (HTTP://WWW.VERISK.COM)

Ticker: VRSK Phone: 201 469-2000 Exchange: NAS Fax: Year Established: 2008 Address: 545 Washington Boulevard Employees: 9,300 Jersey City, NJ 07310-1686 United States Fiscal Year Ends in December

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541612 1. Mercer LLC 5,021,000,000 2. Verisk Analytics Inc 2,607,099,904 3. BGRS LLC 2,000,000,000 Actuarial & Insurance Underwriting Consulting 4. Korn/Ferry International 1,973,862,016 Risk Assessment 5. Resources Connection Inc 728,998,976 Loss Prediction & Quantification 6. Heidrick & Struggles International Inc 725,614,016 Fraud Identification & Detection 7. Alight-NGA Human Resources - 8. Allegiant Physician Services, Inc. - 9. Kelly Outsourcing & Consulting Group - 10. Segal Group Inc (The) -

Contacts Description

Verisk Analytics, Inc. is a leading data analytics provider serving Scott Stephenson CEO/Chairman of the Board/Director customers in insurance, energy and specialized markets and financial /President services. The firm offers predictive analytics and decision support Lee Shavel CFO/Executive VP solution to customers in rating, underwriting, claims, catastrophe and David Grover Chief Accounting Officer/Controller/Vice weather risk, natural resources intelligence, economic forecasting and President other fields. The firm operates in three segments: insurance, energy and specialized markets and finance. The insurance segment serves property Mark Anquillare COO/Executive VP and casualty (P&C) insurance customers and focuses on the prediction Frank Coyne Director of loss, the selection and pricing of risk and compliance with reporting Christopher Foskett Director requirement in each U.S. state. This segment also develops predictive models to forecast scenarios and produce both standard and customized Andrew Mills Director analytics. The energy and specialized markets segment provides Constantine Iordanou Director research and consulting focusing on exploration strategies and Samuel Liss Director screening, asset development and acquisition, commodity markets and corporate analysis. The financial services segment maintains a large Therese Vaughan Director bank account consortia to provide competitive benchmarking, David Wright Director decisioning algorithms, business intelligence and customized analytical Bruce Hansen Director services to financial institutions, payment networks and processors, Annell Bay Director alternative lenders, regulators and merchants. This segment’s teams are located in the U.S., the U.K., Canada, Australia, New Zealand, the United Kathleen Hogenson Director Arab Emirates, Mexico and India. In December 2018, the firm acquired Kenneth Thompson Executive VP/General Counsel/Secretary Rulebook, a proprietary pricing engine for internal pricing and Vincent McCarthy President, Divisional underwriting. In 2019 the firm agreed to acquire PASCO’s Aerial Survey business; and Genscape, a global provider of real-time data and intelligence for commodity and energy markets. Auditor: Deloitte & Touche LLP Legal Advisor: Davis Polk & Wardwell LLP

Financials

$USD, In whole numbers, 2019 2018 2017 2016 2015 2014 except marked * or % Financials Revenue 2,607,100,000 2,395,100,000 2,145,200,000 1,995,200,000 2,068,010,000 1,746,726,000 Cost of Revenue 976,800,000 886,200,000 783,800,000 714,400,000 803,274,000 716,598,000 Gross Margin % 62.53 63.00 63.46 64.19 61.16 58.97 R&D Expense ------Operating Income 696,900,000 834,100,000 801,200,000 767,600,000 736,562,000 660,446,000 Operating Margin % 26.73 34.83 37.35 38.47 35.62 37.81 SGA Expense 603,500,000 378,700,000 322,800,000 301,600,000 312,690,000 227,306,000 Net Income 449,900,000 598,700,000 555,100,000 591,200,000 507,577,000 400,042,000 Earnings Per Share 2.75 3.63 3.36 3.51 3.07 2.41 Dividends 1.00 - - - - - Book Value Per Share 12.65 13.06 10.14 8.84 7.75 4.60 Operating Cash Flow 956,300,000 934,400,000 743,500,000 546,100,000 623,687,000 489,452,000 Capital Expenditure 216,800,000 231,000,000 183,500,000 156,500,000 166,138,000 146,818,000 Free Cash Flow 739,500,000 703,400,000 560,000,000 389,600,000 457,549,000 342,634,000 Profitability EBITDA 1,018,900,000 1,145,500,000 1,047,800,000 998,300,000 1,054,236,000 804,087,000 Return on Assets % 6.95 10.04 10.42 11.54 12.75 16.50 Return on Equity % 20.77 29.97 34.08 43.72 64.13 105.46 Net Margin % 17.26 25.00 25.88 29.63 24.54 22.90 Assets Turnover 0.40 0.40 0.40 0.39 0.52 0.72 Financial Leverage 3.12 2.85 3.13 3.48 4.09 11.11

Brands Top Salaries

Rulebook Genscape Name Title Salary (US$) Bonus (US$) Scott CEO/Chairman of the 1,000,000 - Stephenson Board/President Lee Shavel CFO/Executive VP 650,000 - Mark Anquillare COO/Executive VP 650,000 - Kenneth Executive VP/General 470,800 - Thompson Counsel/Secretary Vincent McCarthy President, Divisional 455,000 -

Other Thoughts Corporate Culture

Apparent Female Officers or Directors:

Company Profile

RSM US LLP (HTTP://RSMUS.COM)

Ticker: Private Phone: 312-634-3400 Exchange: Fax: Employees: 9,979 Address: One S. Wacker Dr., Ste. 800 Fiscal Year Ends in N/A Chicago, IL 60606 United States

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541610 1. McKinsey & Company Inc 10,500,000,000 2. Deloitte Consulting LLP 10,000,000,000 Parent Company: RSM International 3. Boston Consulting Group Inc (The, BCG) 8,500,000,000 4. Booz Allen Hamilton Holding Corporation 6,704,036,864 Business & Tax Consulting 5. Bain & Company Inc 4,300,000,000 Wealth Management 6. NERA Economic Consulting 2,940,000,000 Human Resources Services 7. RSM US LLP 2,440,000,000 Payroll Services 8. FTI Consulting Inc 2,352,717,056 Business Process Consulting 9. Oliver Wyman Group 2,122,000,000 Strategic Consulting 10. ICF International Inc 1,478,525,056 Tax & Accounting Consulting IT Services Contacts Description

RSM US, LLP is an audit, tax and consulting firm focused on the middle Joe Adams CEO/Managing Partner market in the U.S. RSM US is part of global accounting network, RSM Doug Opheim CFO International (RSMi). RSM US has offices in approximately 90 cities Katie Lamkin National Leader-Human Resources nationwide, offering audit, tax, consulting, risk advisory, financial advisory, outsourcing, transaction advisory, technology consulting, Troy Cardinal CIO management consulting and wealth management services. The firm Rick Miller General Counsel provides its services to more than 120 countries. It serves the following Bruce Jorth Chief Risk Officer industries: business and professional services, consumer products, education, financial institutions, financial services, gaming, government, Jim Morton National Leader-Assurance government contracting, healthcare, manufacturing, life sciences, native Gary Sturisky National Leader-Bus. Consulting American, non-profit, private clubs, private equity, real estate and Jeff Johannesen National Leader-Tax technology companies. RSM US aims to help companies at every level of its organization in order to develop customized services that will result Bill Gorman COO in confident business decisions. The firm’s RSM First-Choice Advisor Matt Bradvica Chmn. Center was designed to equip its professionals to consistently deliver the power of being understood to clients in every interaction provided.

Financials

$USD, In whole numbers 2019 2018 2017 2016 2015 2014 2013 Sales 2,440,000,000 2,140,000,000 1,979,000,000 1,846,000,000 2,636,900,000 1,470,740,000 1,335,000,000 Profits

Brands Top Salaries

RSM International RSM First-Choice Advisor Center Salary Bonus

Company Profile

FTI CONSULTING INC (HTTP://WWW.FTICONSULTING.COM)

Ticker: FCN Phone: 202-312-9100 Exchange: NYS Fax: 202-312-9101 Year Established: 1982 Address: 555 12th Street North West Employees: 5,567 Suite 700 Fiscal Year Ends in December Washington, DC 20004 United States

Types Of Business Industry Rank for Total Revenue

Industry NAICS code: 541610 1. McKinsey & Company Inc 10,500,000,000 2. Deloitte Consulting LLP 10,000,000,000 3. Boston Consulting Group Inc (The, BCG) 8,500,000,000 Bankruptcy & Restructuring Consulting 4. Booz Allen Hamilton Holding Corporation 6,704,036,864 Interim Management Staffing 5. Bain & Company Inc 4,300,000,000 Performance, Change and Operational Consulting 6. NERA Economic Consulting 2,940,000,000 Legal & Compliance Consulting 7. RSM US LLP 2,440,000,000 Accounting & Advisory Services 8. FTI Consulting Inc 2,352,717,056 Reputational Consulting 9. Oliver Wyman Group 2,122,000,000 Technology Consulting 10. ICF International Inc 1,478,525,056 Software Development

Contacts Description

FTI Consulting, Inc. is a global consulting firm that provides turnaround, Steven Gunby CEO/Pres./Director technology, change management and many other high-level consulting Ajay Sabherwal CFO/Chief Accounting Officer services. The firm works across a myriad of industries, including Gerard Holthaus Chairman of the Board/Director aerospace, defense, agriculture, automotive, construction, energy/power, environmental, financial institutions, healthcare, life Brendan Keating Chief Accounting Officer/Controller sciences, hospitality, gaming, leisure, insurance, mining, public sector, Matthew Pachman Chief Risk Officer/Other Executive government contracts, real estate, retail, consumer products, Officer/Vice President transportation, telecommunications, media and technology. FTI Laureen Seeger Director Consulting operates through five segments: corporate finance & restructuring (including bankruptcy), forensic and litigation consulting, Claudio Costamagna Director economic consulting, technology, and strategic communications. Nicholas Fanandakis Director Collectively, these business segments offer a comprehensive suite of Vernon Ellis Director services designed to assist FTI’s clients across the business cycle, from proactive risk management to rapid response to unexpected events and Mark Bartlett Director dynamic environments. FTI works closely with its clients to help them Brenda Bacon Director anticipate, illuminate and overcome complex business challenges and Curtis Lu General Counsel make the most of opportunities arising from factors such as the Paul Linton Other Executive Officer economy, financial and credit markets, governmental legislation and regulation, and litigation. FTI operates offices in 27 major nations on six Holly Paul Other Executive Officer continents.

Auditor: KPMG LLP Legal Advisor: Financials

$USD, In whole numbers, 2019 2018 2017 2016 2015 2014 except marked * or % Financials Revenue 2,352,717,000 2,027,877,000 1,807,732,000 1,810,394,000 1,779,149,000 1,756,212,000 Cost of Revenue 1,534,896,000 1,328,074,000 1,215,560,000 1,210,771,000 1,171,444,000 1,144,757,000 Gross Margin % 34.76 34.51 32.76 33.12 34.16 34.82 R&D Expense ------Operating Income 305,595,000 226,005,000 151,887,000 154,765,000 163,311,000 162,089,000 Operating Margin % 12.99 11.14 8.40 8.55 9.18 9.23 SGA Expense 504,074,000 465,636,000 429,722,000 434,552,000 432,668,000 433,845,000 Net Income 216,726,000 150,611,000 107,962,000 85,520,000 66,053,000 58,807,000 Earnings Per Share 5.89 4.06 2.79 2.09 1.62 1.48 Dividends ------Book Value Per Share 39.08 35.43 29.98 29.30 28.19 27.03 Operating Cash Flow 217,886,000 230,672,000 147,625,000 233,488,000 139,920,000 135,401,000 Capital Expenditure 42,072,000 32,270,000 32,004,000 28,935,000 31,399,000 39,256,000 Free Cash Flow 175,814,000 198,402,000 115,621,000 204,553,000 108,521,000 96,145,000 Profitability EBITDA 345,961,000 274,639,000 154,203,000 201,628,000 191,272,000 202,743,000 Return on Assets % 8.40 6.50 4.82 3.84 2.84 2.45 Return on Equity % 15.27 11.86 9.00 7.26 5.87 5.48 Net Margin % 9.21 7.43 5.97 4.72 3.71 3.35 Assets Turnover 0.91 0.87 0.81 0.81 0.76 0.73 Financial Leverage 1.87 1.76 1.89 1.84 1.94 2.20

Brands Top Salaries

Name Title Salary (US$) Bonus (US$) Steven Gunby CEO/President 1,000,000 - Ajay Sabherwal CFO 550,000 - Curtis Lu General Counsel 550,000 - Holly Paul Other Executive Officer 550,000 - Paul Linton Other Executive Officer 550,000 -

Other Thoughts Corporate Culture

Apparent Female Officers or Directors: FTI offers its employees comprehensive benefits, retirement options and a variety of employee assistance programs.

Appendix: Assumptions

U.S. GDP Growth Forecasts

(In Bil. Current US$)

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