XML 49 R38.htm IDEA: XBRL DOCUMENT
v3.24.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue before reimbursements (net revenue) |  | $ | 278,626 |  |  | $ | 271,225 |  |  | $ | 543,823 |  |  | $ | 510,542 |
Net income (loss) |  | (5,157) |  |  | 8,982 |  |  | 8,875 |  |  | 24,568 |
Interest, net |  | (2,612) |  |  | (1,913) |  |  | (6,698) |  |  | (5,162) |
Other, net |  | (997) |  |  | (1,377) |  |  | (3,568) |  |  | (3,186) |
Provision for income taxes |  | 4,583 |  |  | 7,893 |  |  | 13,482 |  |  | 15,136 |
Operating income (loss) |  | (4,183) |  |  | 13,585 |  |  | 12,091 |  |  | 31,356 |
Adjustments |  |  |  |  |  |  |  |
Depreciation |  | 1,990 |  |  | 2,172 |  |  | 4,483 |  |  | 4,176 |
Intangible amortization |  | 1,920 |  |  | 2,647 |  |  | 4,217 |  |  | 4,516 |
Earnout accretion |  | 469 |  |  | 451 |  |  | 935 |  |  | 642 |
Earnout fair value adjustments |  | 1,211 |  |  | — |  |  | 1,211 |  |  | — |
Acquisition contingent consideration |  | 3,285 |  |  | 3,784 |  |  | 5,273 |  |  | 5,443 |
Deferred compensation plan |  | 956 |  |  | 1,603 |  |  | 3,306 |  |  | 3,736 |
Reorganization costs |  | — |  |  | 3,396 |  |  | — |  |  | 3,396 |
Impairment charges |  | 16,224 |  |  | 7,246 |  |  | 16,224 |  |  | 7,246 |
Restructuring charges |  | 6,939 |  |  | — |  |  | 6,939 |  |  | — |
Total adjustments |  | 32,994 |  |  | 21,299 |  |  | 42,588 |  |  | 29,155 |
Adjusted EBITDA |  | $ | 28,811 |  |  | $ | 34,884 |  |  | $ | 54,679 |  |  | $ | 60,511 |
Adjusted EBITDA margin |  | 10.3 | % |  | 12.9 | % |  | 10.1 | % |  | 11.9 | %
Revenue and Adjusted EBITDA by segment are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Revenue |  |  |  |  |  |  |  |
Executive Search |  |  |  |  |  |  |  |
Americas |  | $ | 147,078 |  |  | $ | 138,563 |  |  | $ | 283,757 |  |  | $ | 265,890 |
Europe |  | 40,082 |  |  | 45,567 |  |  | 81,563 |  |  | 84,498 |
Asia Pacific |  | 22,807 |  |  | 22,649 |  |  | 46,128 |  |  | 46,878 |
Total Executive Search |  | 209,967 |  |  | 206,779 |  |  | 411,448 |  |  | 397,266 |
On-Demand Talent |  | 41,895 |  |  | 39,240 |  |  | 79,752 |  |  | 70,357 |
Heidrick Consulting |  | 26,764 |  |  | 25,206 |  |  | 52,623 |  |  | 42,919 |
Revenue before reimbursements (net revenue) |  | 278,626 |  |  | 271,225 |  |  | 543,823 |  |  | 510,542 |
Reimbursements |  | 4,251 |  |  | 2,552 |  |  | 8,152 |  |  | 5,354 |
Total revenue |  | $ | 282,877 |  |  | $ | 273,777 |  |  | $ | 551,975 |  |  | $ | 515,896 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
Adjusted EBITDA |  |  |  |  |  |  |  |
Executive Search |  |  |  |  |  |  |  |
Americas |  | $ | 48,112 |  |  | $ | 46,079 |  |  | $ | 89,983 |  |  | $ | 88,203 |
Europe |  | 2,840 |  |  | 5,456 |  |  | 6,193 |  |  | 7,537 |
Asia Pacific |  | 1,740 |  |  | 1,630 |  |  | 4,935 |  |  | 5,197 |
Total Executive Search |  | 52,692 |  |  | 53,165 |  |  | 101,111 |  |  | 100,937 |
On-Demand Talent |  | (1,629) |  |  | 2,587 |  |  | (2,550) |  |  | 1,240 |
Heidrick Consulting |  | (1,395) |  |  | (1,662) |  |  | (3,422) |  |  | (4,457) |
Total segment operating income |  | 49,668 |  |  | 54,090 |  |  | 95,139 |  |  | 97,720 |
Research and Development |  | (4,781) |  |  | (5,218) |  |  | (9,706) |  |  | (10,469) |
Global Operations Support |  | (16,076) |  |  | (13,988) |  |  | (30,754) |  |  | (26,740) |
Total Adjusted EBITDA |  | $ | 28,811 |  |  | $ | 34,884 |  |  | $ | 54,679 |  |  | $ | 60,511 |

X
- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration