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Segment Information (Tables) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin | The following table presents a reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA margin:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Revenue before reimbursements (net revenue) |  | $ | 317,248 |  |  | $ | 278,626 |  |  | $ | 600,826 |  |  | $ | 543,823 |  |  |  |  |
Net income (loss) |  | 21,073 |  |  | (5,157) |  |  | 34,379 |  |  | 8,875 |  |  |  |  |
Interest, net |  | (2,639) |  |  | (2,612) |  |  | (6,594) |  |  | (6,698) |  |  |  |  |
Other, net |  | (3,276) |  |  | (997) |  |  | (710) |  |  | (3,568) |  |  |  |  |
Provision for income taxes |  | 10,072 |  |  | 4,583 |  |  | 14,383 |  |  | 13,482 |  |  |  |  |
Operating income (loss) |  | 25,230 |  |  | (4,183) |  |  | 41,458 |  |  | 12,091 |  |  |  |  |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 3,428 |  |  | 1,990 |  |  | 6,607 |  |  | 4,483 |  |  |  |  |
Intangible amortization |  | 1,587 |  |  | 1,920 |  |  | 3,255 |  |  | 4,217 |  |  |  |  |
Earnout accretion |  | 536 |  |  | 469 |  |  | 1,017 |  |  | 935 |  |  |  |  |
Earnout fair value adjustments |  | (3,257) |  |  | 1,211 |  |  | (2,315) |  |  | 1,211 |  |  |  |  |
Acquisition contingent consideration |  | 1,566 |  |  | 3,285 |  |  | 4,387 |  |  | 5,273 |  |  |  |  |
Deferred compensation plan |  | 5,198 |  |  | 956 |  |  | 4,840 |  |  | 3,306 |  |  |  |  |
Reorganization costs |  | (436) |  |  | — |  |  | 3,725 |  |  | — |  |  |  |  |
Impairment charges |  | — |  |  | 16,224 |  |  | — |  |  | 16,224 |  |  |  |  |
Restructuring charges |  | — |  |  | 6,939 |  |  | — |  |  | 6,939 |  |  |  |  |
Total adjustments |  | 8,622 |  |  | 32,994 |  |  | 21,516 |  |  | 42,588 |  |  |  |  |
Adjusted EBITDA |  | $ | 33,852 |  |  | $ | 28,811 |  |  | $ | 62,974 |  |  | $ | 54,679 |  |  |  |  |
Adjusted EBITDA margin |  | 10.7 | % |  | 10.3 | % |  | 10.5 | % |  | 10.1 | % |  |  |  |
Depreciation and amortization, and capital expenditures, by segment, are as follows:
|  | Three Months Ended June 30, |  | Six Months Ended June 30, 2025
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization |  |  |  |  |  |  |  |
Executive Search |  |  |  |  |  |  |  |
Americas |  | $ | 647 |  |  | $ | 723 |  |  | $ | 1,170 |  |  | $ | 1,486 |
Europe |  | 442 |  |  | 42 |  |  | 863 |  |  | 337 |
Asia Pacific |  | 252 |  |  | 115 |  |  | 494 |  |  | 317 |
Total Executive Search |  | 1,341 |  |  | 880 |  |  | 2,527 |  |  | 2,140 |
On-Demand Talent |  | 1,474 |  |  | 1,651 |  |  | 2,974 |  |  | 3,616 |
Heidrick Consulting |  | 530 |  |  | 449 |  |  | 1,105 |  |  | 1,091 |
Total segments |  | 3,345 |  |  | 2,980 |  |  | 6,606 |  |  | 6,847 |
Research and development |  | 1,501 |  |  | 809 |  |  | 2,938 |  |  | 1,563 |
Global Operations Support |  | 169 |  |  | 121 |  |  | 318 |  |  | 290 |
Total depreciation and amortization |  | $ | 5,015 |  |  | $ | 3,910 |  |  | $ | 9,862 |  |  | $ | 8,700 |
Capital expenditures |  |  |  |  |  |  |  |
Executive Search |  |  |  |  |  |  |  |
Americas |  | $ | 1,214 |  |  | $ | 519 |  |  | $ | 1,600 |  |  | $ | 1,032 |
Europe |  | 639 |  |  | 4,418 |  |  | 1,034 |  |  | 6,387 |
Asia Pacific |  | 25 |  |  | 581 |  |  | 97 |  |  | 1,006 |
Total Executive Search |  | 1,878 |  |  | 5,518 |  |  | 2,731 |  |  | 8,425 |
On-Demand Talent |  | 109 |  |  | 442 |  |  | 180 |  |  | 659 |
Heidrick Consulting |  | 19 |  |  | 2,053 |  |  | 128 |  |  | 2,881 |
Total segments |  | 2,006 |  |  | 8,013 |  |  | 3,039 |  |  | 11,965 |
Research and development |  | 1,827 |  |  | 1,255 |  |  | 3,452 |  |  | 3,094 |
Global Operations Support |  | 73 |  |  | 1,097 |  |  | 149 |  |  | 1,479 |
Total capital expenditures |  | $ | 3,906 |  |  | $ | 10,365 |  |  | $ | 6,640 |  |  | $ | 16,538 |
Schedule of Segment Information, Including Significant Segment Expenses | The following tables present our segment information, including significant segment expenses, for the three and six months ended June 30, 2025, and 2024:
| Three Months Ended June 30, 2025
| Executive Search |  |  |  |  |  |
| Americas |  | Europe |  | Asia Pacific |  | On-Demand Talent |  | Heidrick Consulting |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue before reimbursements | $ | 160,170 |  |  | $ | 52,451 |  |  | $ | 25,553 |  |  | $ | 47,866 |  |  | $ | 31,208 |  |  | $ | 317,248 |
Reimbursements |  |  |  |  |  |  |  |  |  |  | 4,660 |
Total revenue |  |  |  |  |  |  |  |  |  |  | 321,908 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits (1) | 100,394 |  |  | 38,588 |  |  | 19,308 |  |  | 11,246 |  |  | 22,710 |  |  | 192,246 |
General and administrative (2) | 13,121 |  |  | 8,475 |  |  | 3,738 |  |  | 4,643 |  |  | 4,298 |  |  | 34,275 |
Cost of services | — |  |  | — |  |  | — |  |  | 30,949 |  |  | 3,645 |  |  | 34,594 |
Total segment operating expenses | 113,515 |  |  | 47,063 |  |  | 23,046 |  |  | 46,838 |  |  | 30,653 |  |  | 261,115 |
Segment Adjusted EBITDA | 46,655 |  |  | 5,388 |  |  | 2,507 |  |  | 1,028 |  |  | 555 |  |  | 56,133 |
Less: Reconciling Items |  |  |  |  |  |  |  |  |  |  |
Research and development expenses (3) |  |  |  |  |  |  |  |  |  |  | 4,638 |
Global Operations Support expenses (3) |  |  |  |  |  |  |  |  |  |  | 17,643 |
Total reconciling expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 22,281 |
Adjusted EBITDA | $ | 46,655 |  |  | $ | 5,388 |  |  | $ | 2,507 |  |  | $ | 1,028 |  |  | $ | 555 |  |  | $ | 33,852 |
| Three Months Ended June 30, 2024
| Executive Search |  |  |  |  |  |
| Americas |  | Europe |  | Asia Pacific |  | On-Demand Talent |  | Heidrick Consulting |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue before reimbursements | $ | 147,078 |  |  | $ | 40,082 |  |  | $ | 22,807 |  |  | $ | 41,895 |  |  | $ | 26,764 |  |  | $ | 278,626 |
Reimbursements |  |  |  |  |  |  |  |  |  |  | 4,251 |
Total revenue |  |  |  |  |  |  |  |  |  |  | 282,877 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits (1) | 86,833 |  |  | 29,029 |  |  | 16,762 |  |  | 11,375 |  |  | 20,276 |  |  | 164,275 |
General and administrative (2) | 12,133 |  |  | 8,213 |  |  | 4,305 |  |  | 4,724 |  |  | 5,612 |  |  | 34,987 |
Cost of services | — |  |  | — |  |  | — |  |  | 27,425 |  |  | 2,271 |  |  | 29,696 |
Total segment operating expenses | 98,966 |  |  | 37,242 |  |  | 21,067 |  |  | 43,524 |  |  | 28,159 |  |  | 228,958 |
Segment Adjusted EBITDA | 48,112 |  |  | 2,840 |  |  | 1,740 |  |  | (1,629) |  |  | (1,395) |  |  | 49,668 |
Less: Reconciling Items |  |  |  |  |  |  |  |  |  |  |
Research and development expenses (3) |  |  |  |  |  |  |  |  |  |  | 4,781 |
Global Operations Support expenses (3) |  |  |  |  |  |  |  |  |  |  | 16,076 |
Total reconciling expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,857 |
Adjusted EBITDA | $ | 48,112 |  |  | $ | 2,840 |  |  | $ | 1,740 |  |  | $ | (1,629) |  |  | $ | (1,395) |  |  | $ | 28,811 |
| Six Months Ended June 30, 2025
| Executive Search |  |  |  |  |  |
| Americas |  | Europe |  | Asia Pacific |  | On-Demand Talent |  | Heidrick Consulting |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue before reimbursements | $ | 304,574 |  |  | $ | 97,842 |  |  | $ | 49,148 |  |  | $ | 90,430 |  |  | $ | 58,832 |  |  | $ | 600,826 |
Reimbursements |  |  |  |  |  |  |  |  |  |  | 8,524 |
Total revenue |  |  |  |  |  |  |  |  |  |  | 609,350 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits (1) | 190,487 |  |  | 71,077 |  |  | 36,125 |  |  | 22,844 |  |  | 44,345 |  |  | 364,878 |
General and administrative (2) | 23,210 |  |  | 16,335 |  |  | 7,481 |  |  | 8,384 |  |  | 9,149 |  |  | 64,559 |
Cost of services | — |  |  | — |  |  | — |  |  | 57,774 |  |  | 6,879 |  |  | 64,653 |
Total segment operating expenses | 213,697 |  |  | 87,412 |  |  | 43,606 |  |  | 89,002 |  |  | 60,373 |  |  | 494,090 |
Segment Adjusted EBITDA | 90,877 |  |  | 10,430 |  |  | 5,542 |  |  | 1,428 |  |  | (1,541) |  |  | 106,736 |
Less: Reconciling Items |  |  |  |  |  |  |  |  |  |  |
Research and development expenses (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,262 |
Global Operations Support expenses (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 34,500 |
Total reconciling expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 43,762 |
Adjusted EBITDA | $ | 90,877 |  |  | $ | 10,430 |  |  | $ | 5,542 |  |  | $ | 1,428 |  |  | $ | (1,541) |  |  | $ | 62,974 |
| Six Months Ended June 30, 2024
| Executive Search |  |  |  |  |  |
| Americas |  | Europe |  | Asia Pacific |  | On-Demand Talent |  | Heidrick Consulting |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue before reimbursements | $ | 283,757 |  |  | $ | 81,563 |  |  | $ | 46,128 |  |  | $ | 79,752 |  |  | $ | 52,623 |  |  | $ | 543,823 |
Reimbursements |  |  |  |  |  |  |  |  |  |  | 8,152 |
Total revenue |  |  |  |  |  |  |  |  |  |  | 551,975 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits (1) | 170,859 |  |  | 59,283 |  |  | 32,954 |  |  | 22,968 |  |  | 39,160 |  |  | 325,224 |
General and administrative (2) | 22,915 |  |  | 16,087 |  |  | 8,239 |  |  | 7,819 |  |  | 11,272 |  |  | 66,332 |
Cost of services | — |  |  | — |  |  | — |  |  | 51,515 |  |  | 5,613 |  |  | 57,128 |
Total segment operating expenses | 193,774 |  |  | 75,370 |  |  | 41,193 |  |  | 82,302 |  |  | 56,045 |  |  | 448,684 |
Segment Adjusted EBITDA | 89,983 |  |  | 6,193 |  |  | 4,935 |  |  | (2,550) |  |  | (3,422) |  |  | 95,139 |
Less: Reconciling Items |  |  |  |  |  |  |  |  |  |  |
Research and development expenses (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,706 |
Global Operations Support expenses (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 30,754 |
Total reconciling expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 40,460 |
Adjusted EBITDA | $ | 89,983 |  |  | $ | 6,193 |  |  | $ | 4,935 |  |  | $ | (2,550) |  |  | $ | (3,422) |  |  | $ | 54,679 |
(1) Includes base salaries, payroll taxes, retirement benefits, separation and stock-based compensation. Excludes contingent compensation, deferred compensation plan income or expense and reorganization costs as these income/expense items are not included within the Company's measure of segment profitability. (2) Includes professional fees, business development travel, information technology, communication services, marketing, taxes and licenses, temporary labor, bad debt, and other operating expenses. Excludes depreciation, intangible amortization, earnout accretion and earnout fair value adjustments as these income/expense items are not included within the Company's measure of segment profitability. (3) Excludes depreciation expense and deferred compensation plan income expense as these income/expense items are not included within the Company's measure of segment profitability.

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