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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment |
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Revenue before reimbursements (net revenue) |  | $ | 265,197 |  |  | $ | 239,317 |  |  |  |  |
Net income |  | 14,032 |  |  | 15,586 |  |  |  |  |
Interest, net |  | (4,086) |  |  | (3,249) |  |  |  |  |
Other, net |  | (2,571) |  |  | (1,809) |  |  |  |  |
Provision for income taxes |  | 8,899 |  |  | 7,243 |  |  |  |  |
Operating income |  | 16,274 |  |  | 17,771 |  |  |  |  |
Adjustments |  |  |  |  |  |  |  |
Depreciation |  | 2,493 |  |  | 2,004 |  |  |  |  |
Intangible amortization |  | 2,297 |  |  | 1,869 |  |  |  |  |
Earnout accretion |  | 466 |  |  | 191 |  |  |  |  |
Acquisition contingent consideration |  | 1,988 |  |  | 1,659 |  |  |  |  |
Deferred compensation plan |  | 2,350 |  |  | 2,133 |  |  |  |  |
Total adjustments |  | 9,594 |  |  | 7,856 |  |  |  |  |
Adjusted EBITDA |  | $ | 25,868 |  |  | $ | 25,627 |  |  |  |  |
Adjusted EBITDA margin |  | 9.8 | % |  | 10.7 | % |  |  |  |
Revenue and Adjusted EBITDA by segment are as follows:
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Revenue |  |  |  |  |  |  |  |
Executive Search |  |  |  |  |  |  |  |
Americas |  | $ | 136,679 |  |  | $ | 127,327 |  |  |  |  |
Europe |  | 41,481 |  |  | 38,931 |  |  |  |  |
Asia Pacific |  | 23,321 |  |  | 24,229 |  |  |  |  |
Total Executive Search |  | 201,481 |  |  | 190,487 |  |  |  |  |
On-Demand Talent |  | 37,857 |  |  | 31,117 |  |  |  |  |
Heidrick Consulting |  | 25,859 |  |  | 17,713 |  |  |  |  |
Revenue before reimbursements (net revenue) |  | 265,197 |  |  | 239,317 |  |  |  |  |
Reimbursements |  | 3,901 |  |  | 2,802 |  |  |  |  |
Total revenue |  | $ | 269,098 |  |  | $ | 242,119 |  |  |  |  |
|  | Three Months Ended March 31, |  |
|  | 2024 |  | 2023 |  |  |  |
Adjusted EBITDA |  |  |  |  |  |  |  |
Executive Search |  |  |  |  |  |  |  |
Americas |  | $ | 41,871 |  |  | $ | 42,124 |  |  |  |  |
Europe |  | 3,353 |  |  | 2,081 |  |  |  |  |
Asia Pacific |  | 3,195 |  |  | 3,567 |  |  |  |  |
Total Executive Search |  | 48,419 |  |  | 47,772 |  |  |  |  |
On-Demand Talent |  | (921) |  |  | (1,347) |  |  |  |  |
Heidrick Consulting |  | (2,027) |  |  | (2,795) |  |  |  |  |
Total segment operating income |  | 45,471 |  |  | 43,630 |  |  |  |  |
Research and Development |  | (4,925) |  |  | (5,251) |  |  |  |  |
Global Operations Support |  | (14,678) |  |  | (12,752) |  |  |  |  |
Total Adjusted EBITDA |  | $ | 25,868 |  |  | $ | 25,627 |  |  |  |  |

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