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Segment Information (Tables)

6 Months Ended

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.

X

- Definition

Tabular disclosure of reconciliation of other items from reportable segments to their consolidated amount. Excludes reconciliation of revenue, profit (loss), and assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

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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
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