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Segment Information (Tables) | 9 Months Ended
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Sep. 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 September 30, |  | Nine Months Ended September 30, |  |
|  | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Revenue before reimbursements (net revenue) |  | $ | 322,837 |  |  | $ | 278,559 |  |  | $ | 923,663 |  |  | $ | 822,382 |  |  |  |  |
Net income |  | 17,646 |  |  | 14,829 |  |  | 52,025 |  |  | 23,704 |  |  |  |  |
Interest, net |  | (3,436) |  |  | (2,570) |  |  | (10,030) |  |  | (9,268) |  |  |  |  |
Other, net |  | (3,884) |  |  | 555 |  |  | (4,594) |  |  | (3,013) |  |  |  |  |
Provision for income taxes |  | 8,835 |  |  | 6,268 |  |  | 23,218 |  |  | 19,750 |  |  |  |  |
Operating income |  | 19,161 |  |  | 19,082 |  |  | 60,619 |  |  | 31,173 |  |  |  |  |
Adjustments |  |  |  |  |  |  |  |  |  |  |  |
Depreciation |  | 3,760 |  |  | 2,997 |  |  | 10,367 |  |  | 7,480 |  |  |  |  |
Intangible amortization |  | 1,623 |  |  | 1,953 |  |  | 4,878 |  |  | 6,170 |  |  |  |  |
Earnout accretion |  | 517 |  |  | 478 |  |  | 1,534 |  |  | 1,413 |  |  |  |  |
Earnout fair value adjustments |  | — |  |  | — |  |  | (2,315) |  |  | 1,211 |  |  |  |  |
Acquisition contingent compensation |  | 2,627 |  |  | 2,947 |  |  | 7,014 |  |  | 8,220 |  |  |  |  |
Deferred compensation plan |  | 3,895 |  |  | 2,958 |  |  | 8,735 |  |  | 6,264 |  |  |  |  |
Reorganization costs |  | 911 |  |  | — |  |  | 4,636 |  |  | — |  |  |  |  |
Transaction fees |  | 1,750 |  |  | — |  |  | 1,750 |  |  | — |  |  |  |  |
Impairment charges |  | — |  |  | — |  |  | — |  |  | 16,224 |  |  |  |  |
Restructuring charges |  | — |  |  | — |  |  | — |  |  | 6,939 |  |  |  |  |
Total adjustments |  | 15,083 |  |  | 11,333 |  |  | 36,599 |  |  | 53,921 |  |  |  |  |
Adjusted EBITDA |  | $ | 34,244 |  |  | $ | 30,415 |  |  | $ | 97,218 |  |  | $ | 85,094 |  |  |  |  |
Adjusted EBITDA margin |  | 10.6 | % |  | 10.9 | % |  | 10.5 | % |  | 10.3 | % |  |  |  |
Depreciation and amortization, and capital expenditures, by segment, are as follows:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, 2025
|  | 2025 |  | 2024 |  | 2025 |  | 2024
Depreciation and amortization |  |  |  |  |  |  |  |
Executive Search |  |  |  |  |  |  |  |
Americas |  | $ | 718 |  |  | $ | 746 |  |  | $ | 1,888 |  |  | $ | 2,232 |
Europe |  | 411 |  |  | 409 |  |  | 1,274 |  |  | 746 |
Asia Pacific |  | 254 |  |  | 252 |  |  | 748 |  |  | 569 |
Total Executive Search |  | 1,383 |  |  | 1,407 |  |  | 3,910 |  |  | 3,547 |
On-Demand Talent |  | 1,521 |  |  | 1,735 |  |  | 4,495 |  |  | 5,351 |
Heidrick Consulting |  | 602 |  |  | 603 |  |  | 1,707 |  |  | 1,694 |
Total segments |  | 3,506 |  |  | 3,745 |  |  | 10,112 |  |  | 10,592 |
Research and development |  | 1,737 |  |  | 1,029 |  |  | 4,675 |  |  | 2,592 |
Global Operations Support |  | 140 |  |  | 176 |  |  | 458 |  |  | 466 |
Total depreciation and amortization |  | $ | 5,383 |  |  | $ | 4,950 |  |  | $ | 15,245 |  |  | $ | 13,650 |
Capital expenditures |  |  |  |  |  |  |  |
Executive Search |  |  |  |  |  |  |  |
Americas |  | $ | 1,873 |  |  | $ | 2,647 |  |  | $ | 3,473 |  |  | $ | 3,679 |
Europe |  | 840 |  |  | 768 |  |  | 1,874 |  |  | 11,512 |
Asia Pacific |  | 103 |  |  | 707 |  |  | 200 |  |  | 1,713 |
Total Executive Search |  | 2,816 |  |  | 4,122 |  |  | 5,547 |  |  | 16,904 |
On-Demand Talent |  | 159 |  |  | 196 |  |  | 339 |  |  | 376 |
Heidrick Consulting |  | 361 |  |  | — |  |  | 489 |  |  | 12 |
Total segments |  | 3,336 |  |  | 4,318 |  |  | 6,375 |  |  | 17,292 |
Research and development |  | 2,145 |  |  | 2,171 |  |  | 5,597 |  |  | 5,265 |
Global Operations Support |  | 20 |  |  | 15 |  |  | 169 |  |  | 485 |
Total capital expenditures |  | $ | 5,501 |  |  | $ | 6,504 |  |  | $ | 12,141 |  |  | $ | 23,042 |
Schedule of Segment Information, Including Significant Segment Expenses | The following tables present our segment information, including significant segment expenses, for the three and nine months ended September 30, 2025, and 2024:
| Three Months Ended September 30, 2025
| Executive Search |  |  |  |  |  |
| Americas |  | Europe |  | Asia Pacific |  | On-Demand Talent |  | Heidrick Consulting |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue before reimbursements | $ | 162,508 |  |  | $ | 50,927 |  |  | $ | 25,648 |  |  | $ | 50,910 |  |  | $ | 32,844 |  |  | $ | 322,837 |
Reimbursements |  |  |  |  |  |  |  |  |  |  | 5,059 |
Total revenue |  |  |  |  |  |  |  |  |  |  | 327,896 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits (1) | 102,085 |  |  | 36,842 |  |  | 19,804 |  |  | 12,342 |  |  | 24,945 |  |  | 196,018 |
General and administrative (2) | 11,530 |  |  | 7,507 |  |  | 4,084 |  |  | 2,506 |  |  | 5,344 |  |  | 30,971 |
Cost of services | — |  |  | — |  |  | — |  |  | 33,225 |  |  | 4,419 |  |  | 37,644 |
Total segment operating expenses | 113,615 |  |  | 44,349 |  |  | 23,888 |  |  | 48,073 |  |  | 34,708 |  |  | 264,633 |
Segment Adjusted EBITDA | 48,893 |  |  | 6,578 |  |  | 1,760 |  |  | 2,837 |  |  | (1,864) |  |  | 58,204 |
Less: Reconciling Items |  |  |  |  |  |  |  |  |  |  |
Research and development expenses (3) |  |  |  |  |  |  |  |  |  |  | 4,615 |
Global Operations Support expenses (3) |  |  |  |  |  |  |  |  |  |  | 19,345 |
Total reconciling expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 23,960 |
Adjusted EBITDA | $ | 48,893 |  |  | $ | 6,578 |  |  | $ | 1,760 |  |  | $ | 2,837 |  |  | $ | (1,864) |  |  | $ | 34,244 |
| Three Months Ended September 30, 2024
| Executive Search |  |  |  |  |  |
| Americas |  | Europe |  | Asia Pacific |  | On-Demand Talent |  | Heidrick Consulting |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue before reimbursements | $ | 134,545 |  |  | $ | 43,143 |  |  | $ | 26,701 |  |  | $ | 46,231 |  |  | $ | 27,939 |  |  | $ | 278,559 |
Reimbursements |  |  |  |  |  |  |  |  |  |  | 4,256 |
Total revenue |  |  |  |  |  |  |  |  |  |  | 282,815 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits (1) | 83,814 |  |  | 31,511 |  |  | 17,752 |  |  | 11,751 |  |  | 21,317 |  |  | 166,145 |
General and administrative (2) | 10,266 |  |  | 6,610 |  |  | 3,702 |  |  | 3,745 |  |  | 5,589 |  |  | 29,912 |
Cost of services | — |  |  | — |  |  | — |  |  | 28,972 |  |  | 2,058 |  |  | 31,030 |
Total segment operating expenses | 94,080 |  |  | 38,121 |  |  | 21,454 |  |  | 44,468 |  |  | 28,964 |  |  | 227,087 |
Segment Adjusted EBITDA | 40,465 |  |  | 5,022 |  |  | 5,247 |  |  | 1,763 |  |  | (1,025) |  |  | 51,472 |
Less: Reconciling Items |  |  |  |  |  |  |  |  |  |  |
Research and development expenses (3) |  |  |  |  |  |  |  |  |  |  | 4,606 |
Global Operations Support expenses (3) |  |  |  |  |  |  |  |  |  |  | 16,451 |
Total reconciling expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 21,057 |
Adjusted EBITDA | $ | 40,465 |  |  | $ | 5,022 |  |  | $ | 5,247 |  |  | $ | 1,763 |  |  | $ | (1,025) |  |  | $ | 30,415 |
| Nine Months Ended September 30, 2025
| Executive Search |  |  |  |  |  |
| Americas |  | Europe |  | Asia Pacific |  | On-Demand Talent |  | Heidrick Consulting |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue before reimbursements | $ | 467,082 |  |  | $ | 148,769 |  |  | $ | 74,796 |  |  | $ | 141,340 |  |  | $ | 91,676 |  |  | $ | 923,663 |
Reimbursements |  |  |  |  |  |  |  |  |  |  | 13,583 |
Total revenue |  |  |  |  |  |  |  |  |  |  | 937,246 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits (1) | 292,072 |  |  | 107,919 |  |  | 55,929 |  |  | 35,186 |  |  | 69,290 |  |  | 560,396 |
General and administrative (2) | 35,240 |  |  | 23,842 |  |  | 11,565 |  |  | 10,890 |  |  | 14,493 |  |  | 96,030 |
Cost of services | — |  |  | — |  |  | — |  |  | 90,999 |  |  | 11,298 |  |  | 102,297 |
Total segment operating expenses | 327,312 |  |  | 131,761 |  |  | 67,494 |  |  | 137,075 |  |  | 95,081 |  |  | 758,723 |
Segment Adjusted EBITDA | 139,770 |  |  | 17,008 |  |  | 7,302 |  |  | 4,265 |  |  | (3,405) |  |  | 164,940 |
Less: Reconciling Items |  |  |  |  |  |  |  |  |  |  |
Research and development expenses (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 13,877 |
Global Operations Support expenses (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 53,845 |
Total reconciling expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 67,722 |
Adjusted EBITDA | $ | 139,770 |  |  | $ | 17,008 |  |  | $ | 7,302 |  |  | $ | 4,265 |  |  | $ | (3,405) |  |  | $ | 97,218 |
| Nine Months Ended September 30, 2024
| Executive Search |  |  |  |  |  |
| Americas |  | Europe |  | Asia Pacific |  | On-Demand Talent |  | Heidrick Consulting |  | Total
Revenue |  |  |  |  |  |  |  |  |  |  |
Revenue before reimbursements | $ | 418,302 |  |  | $ | 124,706 |  |  | $ | 72,829 |  |  | $ | 125,983 |  |  | $ | 80,562 |  |  | $ | 822,382 |
Reimbursements |  |  |  |  |  |  |  |  |  |  | 12,408 |
Total revenue |  |  |  |  |  |  |  |  |  |  | 834,790 |
Operating Expenses |  |  |  |  |  |  |  |  |  |  |
Salaries and benefits (1) | 254,673 |  |  | 90,794 |  |  | 50,706 |  |  | 34,719 |  |  | 60,477 |  |  | 491,369 |
General and administrative (2) | 33,181 |  |  | 22,697 |  |  | 11,941 |  |  | 11,564 |  |  | 16,861 |  |  | 96,244 |
Cost of services | — |  |  | — |  |  | — |  |  | 80,487 |  |  | 7,671 |  |  | 88,158 |
Total segment operating expenses | 287,854 |  |  | 113,491 |  |  | 62,647 |  |  | 126,770 |  |  | 85,009 |  |  | 675,771 |
Segment Adjusted EBITDA | 130,448 |  |  | 11,215 |  |  | 10,182 |  |  | (787) |  |  | (4,447) |  |  | 146,611 |
Less: Reconciling Items |  |  |  |  |  |  |  |  |  |  |
Research and development expenses (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,312 |
Global Operations Support expenses (3) | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,205 |
Total reconciling expenses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 61,517 |
Adjusted EBITDA | $ | 130,448 |  |  | $ | 11,215 |  |  | $ | 10,182 |  |  | $ | (787) |  |  | $ | (4,447) |  |  | $ | 85,094 |
(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, deferred compensation plan income expense, and transaction fees as these income/expense items are not included within the Company's measure of segment profitability.

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- 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
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