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Segment Information (Tables)

9 Months Ended

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 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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- 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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