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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment |
| December 31,
| 2023 |  | 2022 |  | 2021
Revenue before reimbursements (net revenue) | $ | 1,026,864 |  |  | $ | 1,073,464 |  |  | $ | 1,003,001 |
Net income | 54,410 |  |  | 79,486 |  |  | 72,572 |
Interest, net | (11,617) |  |  | (5,337) |  |  | (302) |
Other, net | (1,697) |  |  | 2,367 |  |  | (7,463) |
Provision for income taxes | 34,261 |  |  | 35,750 |  |  | 33,457 |
Operating income | 75,357 |  |  | 112,266 |  |  | 98,264 |
Adjustments |  |  |  |  |
Depreciation | 9,113 |  |  | 7,394 |  |  | 7,150 |
Intangible amortization | 9,395 |  |  | 3,209 |  |  | 2,898 |
Earnout accretion | 1,554 |  |  | 820 |  |  | 486 |
Earnout fair value adjustments | — |  |  | (464) |  |  | 11,368 |
Acquisition contingent consideration | 11,934 |  |  | 3,885 |  |  | 1,973 |
Deferred compensation plan | 6,132 |  |  | (6,232) |  |  | 3,057 |
Reorganization costs | 4,886 |  |  | — |  |  | — |
Impairment charges | 7,246 |  |  | — |  |  | — |
Restructuring charges | — |  |  | — |  |  | 3,792 |
Total adjustments | 50,260 |  |  | 8,612 |  |  | 30,724 |
Adjusted EBITDA | $ | 125,617 |  |  | $ | 120,878 |  |  | $ | 128,988 |
Adjusted EBITDA margin | 12.2 | % |  | 11.3 | % |  | 12.9 | %
The revenue, adjusted EBITDA, depreciation and amortization, and capital expenditures, by segment, are as follows:
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Revenue |  |  |  |  |  |
Executive Search |  |  |  |  |  |
Americas |  | $ | 522,988 |  |  | $ | 612,881 |  |  | $ | 581,440 |
Europe |  | 166,379 |  |  | 176,275 |  |  | 170,312 |
Asia Pacific |  | 90,678 |  |  | 112,766 |  |  | 117,008 |
Total Executive Search |  | 780,045 |  |  | 901,922 |  |  | 868,760 |
On-Demand Talent |  | 152,506 |  |  | 91,349 |  |  | 66,636 |
Heidrick Consulting |  | 94,313 |  |  | 80,193 |  |  | 67,605 |
Revenue before reimbursements |  | 1,026,864 |  |  | 1,073,464 |  |  | 1,003,001 |
Reimbursements |  | 14,318 |  |  | 10,122 |  |  | 5,473 |
Total revenue |  | $ | 1,041,182 |  |  | $ | 1,083,586 |  |  | $ | 1,008,474 |
Adjusted EBITDA |  |  |  |  |  |
Executive Search |  |  |  |  |  |
Americas |  | $ | 173,358 |  |  | $ | 164,193 |  |  | $ | 154,087 |
Europe |  | 22,246 |  |  | 22,150 |  |  | 20,219 |
Asia Pacific |  | 11,070 |  |  | 19,813 |  |  | 19,442 |
Total Executive Search |  | 206,674 |  |  | 206,156 |  |  | 193,748 |
On-Demand Talent |  | 1,434 |  |  | (336) |  |  | 4,592 |
Heidrick Consulting |  | (5,823) |  |  | (6,444) |  |  | (14,685) |
Total segments |  | 202,285 |  |  | 199,376 |  |  | 183,655 |
Research and development |  | (20,535) |  |  | (19,965) |  |  | — |
Global Operations Support |  | (56,133) |  |  | (58,533) |  |  | (54,667) |
Total adjusted EBITDA |  | $ | 125,617 |  |  | $ | 120,878 |  |  | $ | 128,988 |
Depreciation and amortization |  |  |  |  |  |
Executive Search |  |  |  |  |  |
Americas |  | $ | 3,092 |  |  | $ | 3,498 |  |  | $ | 12,843 |
Europe |  | 1,343 |  |  | 1,451 |  |  | 1,802 |
Asia Pacific |  | 976 |  |  | 1,126 |  |  | 1,399 |
Total Executive Search |  | 5,411 |  |  | 6,075 |  |  | 16,044 |
On-Demand Talent |  | 8,197 |  |  | 2,669 |  |  | 2,010 |
Heidrick Consulting |  | 2,179 |  |  | 878 |  |  | 1,045 |
Total segments |  | 15,787 |  |  | 9,622 |  |  | 19,099 |
Research and development |  | 2,073 |  |  | 524 |  |  | — |
Global Operations Support |  | 648 |  |  | 457 |  |  | 461 |
Total depreciation and amortization |  | $ | 18,508 |  |  | $ | 10,603 |  |  | $ | 19,560 |
Capital expenditures |  |  |  |  |  |
Executive Search |  |  |  |  |  |
Americas |  | $ | 2,351 |  |  | $ | 1,890 |  |  | $ | 4,487 |
Europe |  | 1,827 |  |  | 683 |  |  | 372 |
Asia Pacific |  | 618 |  |  | 1,497 |  |  | 209 |
Total Executive Search |  | 4,796 |  |  | 4,070 |  |  | 5,068 |
On-Demand Talent |  | 398 |  |  | 732 |  |  | — |
Heidrick Consulting |  | 559 |  |  | 128 |  |  | 174 |
Total segments |  | 5,753 |  |  | 4,930 |  |  | 5,242 |
Research and development |  | 7,170 |  |  | 4,878 |  |  | — |
Global Operations Support |  | 510 |  |  | 1,326 |  |  | 998 |
Total capital expenditures |  | $ | 13,433 |  |  | $ | 11,134 |  |  | $ | 6,240 |
Reconciliation of Assets from Segment to Consolidated | Identifiable assets, and goodwill and other intangible assets, net, by segment, are as follows:
|  | December 31,
|  | 2023 |  | 2022
Current assets |  |  |  |
Executive Search |  |  |  |
Americas |  | $ | 360,111 |  |  | $ | 566,015 |
Europe |  | 139,803 |  |  | 82,935 |
Asia Pacific |  | 92,071 |  |  | 104,445 |
Total Executive Search |  | 591,985 |  |  | 753,395 |
On-Demand Talent |  | 37,224 |  |  | 20,237 |
Heidrick Consulting |  | 53,334 |  |  | 47,154 |
Total segments |  | 682,543 |  |  | 820,786 |
Global Operations Support |  | 10,671 |  |  | 3,033 |
Total allocated current assets |  | 693,214 |  |  | 823,819 |
Unallocated non-current assets |  | 225,283 |  |  | 207,125 |
Goodwill and other intangible assets, net |  |  |  |
Executive Search |  |  |  |
Americas |  | 91,762 |  |  | 91,434 |
Europe |  | 1,589 |  |  | 1,665 |
Asia Pacific |  | — |  |  | 15 |
Total Executive Search |  | 93,351 |  |  | 93,114 |
On-Demand Talent |  | 126,707 |  |  | 51,580 |
Heidrick Consulting |  | 3,036 |  |  | — |
Total goodwill and other intangible assets, net |  | 223,094 |  |  | 144,694 |
Total assets |  | $ | 1,141,591 |  |  | $ | 1,175,638 |

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