000106660500010666052025-05-052025-05-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K

 CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2025 

HEIDRICK & STRUGGLES INTERNATIONAL, INC.
(Exact name of registrant as specified in its charter)
Delaware0-2583736-2681268
(State or Other Jurisdiction of
Incorporation or Organization)
(Commission File Number)(I.R.S. Employer
Identification Number)
233 South Wacker Drive, Suite 4900, Chicago, Illinois
 60606-6303
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (312496-1200

N/A
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act: 
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $0.01 par value HSII The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐



Item 2.02 Results of Operations and Financial Condition.

On May 5, 2025, Heidrick & Struggles International, Inc. (“Heidrick & Struggles” or the “Company”) reported its earnings for the quarter ended March 31, 2025. A copy of the Company’s press release containing the information is being furnished as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of Heidrick & Struggles under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

The following exhibits are being furnished as part of this Report on Form 8-K:
Exhibit No.Description
99.1
104Inline XBRL for the cover page of this Current Report on Form 8-K (included as Exhibit 101)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Heidrick & Struggles International, Inc.
(Registrant)
Dated: May 5, 2025/s/ Tracey Heaton
Name: Tracey Heaton
Title: Chief Legal Officer & Corporate Secretary



 




Exhibit 99.1
imagea.jpg
FOR IMMEDIATE RELEASE

Heidrick & Struggles Delivers 7% Revenue Growth in Q1, Driving Strong Profitability

Q1 Revenue Exceeds High End of Outlook

All Business Segments Contribute to Consolidated Revenue Growth


First Quarter 2025 Financial Highlights:

Net revenue of $283.6 million increased 6.9% year over year
Adjusted EBITDA was $29.1 million with adjusted EBITDA margin of 10.3%
Adjusted net income was $14.2 million with adjusted diluted earnings per share of $0.67
Q2 2025 revenue outlook between $285 million and $305 million versus $278.6 million in year-ago period
The Board of Directors declared a $0.15 per share cash dividend

CHICAGO, May 5, 2025 – Heidrick & Struggles International, Inc. (Nasdaq: HSII) (“Heidrick & Struggles”, “Heidrick” or the “Company”), a premier provider of global leadership advisory and on-demand talent solutions, today announced financial results for its first quarter ended March 31, 2025.

“Our first quarter results exceeded the high end of our outlook, a testament to our resilient business model, our team’s intense focus, and the deep trust that clients place in Heidrick,” said Tom Monahan, CEO of Heidrick & Struggles. “When navigating economic uncertainty, we remain committed to serving as a highly strategic advisor, helping organizations turn complexity into opportunity. In addition, our new leadership team is focused on sharpening execution and ensuring our professionals have the resources to deliver exceptional results.

While mindful of current macroeconomic conditions, we know that by staying close to our clients and enabling our exceptional professionals with new tools and solutions, we can continue to engineer differentiated, deep and durable client partnerships. We are confident in our ability to create lasting value for our clients, our people and our shareholders.”



Selected Consolidated Results
(Dollars in millions, except per share amounts, and average revenue per executive search in thousands)
Three Months Ended
March 31,
20252024
Revenue before reimbursements (net revenue)$283.6 $265.2 
Adjusted results (a):
Adjusted EBITDA$29.1 $25.9 
Adjusted EBITDA margin10.3 %9.8 %
Adjusted net income$14.2 $14.0 
Adjusted diluted earnings per share$0.67 $0.67 
Selected Executive Search Data
Revenue before reimbursements (net revenue)$213.4 $201.5 
Ending number of consultants427424
Consultant productivity$2.0 $1.9 
Average revenue per executive search$137 $136 
Confirmations (% increase/decrease)5.3 %(3.2)%
Selected On-Demand Talent Data
Revenue before reimbursements (net revenue)$42.6 $37.9 
Selected Heidrick Consulting Data
Revenue before reimbursements (net revenue)$27.6 $25.9 
Ending number of consultants9195
(a) Non-GAAP financial measures. See Non-GAAP Financial Measures, Reconciliations of Net Income (Loss) and Adjusted Net Income, and Reconciliations of Operating Income (Loss) to Adjusted EBITDA at the end of this press release for more information.

2025 First Quarter Results

Consolidated net revenue increased 6.9% to $283.6 million in the 2025 first quarter compared to consolidated net revenue of $265.2 million in the 2024 first quarter (up 8.1%, or $21.6M on a constant currency basis). The revenue increase was driven by year-over-year growth in each of the Company’s lines of business — Executive Search, On-Demand Talent, and Heidrick Consulting.

2025 first quarter net income was $13.3 million and diluted earnings per share was $0.62 which included an acquisition-related earnout and contingent compensation fair value adjustment of $1.3 million related to the On-Demand Talent segment. Excluding this charge, 2025 first quarter adjusted net income was $14.2 million compared to adjusted net income of $14.0 million in the 2024 first quarter. 2025 first quarter adjusted diluted earnings per share was $0.67, consistent with the prior year period.

Adjusted EBITDA increased $3.3 million to $29.1 million in the 2025 first quarter compared to $25.9 million in the 2024 first quarter, and 2025 first quarter adjusted EBITDA margin expanded 50 basis points to 10.3% compared to 9.8% in the 2024 first quarter.




Executive Search net revenue was $213.4 million in the 2025 first quarter compared to net revenue of $201.5 million in the 2024 first quarter, an increase of $11.9 million, or 5.9% (up 7.0% on a constant currency basis). The higher revenue versus the year-ago period was driven by increases in all regions including 5.7% in the Americas (up 6.3% on a constant currency basis), 9.4% in Europe (up 11.4% on a constant currency basis), and 1.2% in Asia Pacific (up 3.5% on a constant currency basis) when compared to the prior year first quarter.

Adjusted EBITDA increased $3.9 million to $52.3 million in the 2025 first quarter compared to $48.4 million in the 2024 first quarter, and 2025 first quarter adjusted EBITDA margin grew to 24.5% compared to 24.0% in the 2024 first quarter.

On-Demand Talent net revenue increased $4.7 million, or 12.4%, to $42.6 million in the 2025 first quarter compared to net revenue of $37.9 million in the 2024 first quarter (up $5.4 million, or 14.3% on a constant currency basis).

Adjusted EBITDA was $0.4 million in the 2025 first quarter compared to a loss of $0.9 million in the 2024 first quarter, and Adjusted EBITDA margin was 0.9% compared to (2.4)% in the 2024 first quarter.

Heidrick Consulting net revenue increased $1.8 million, or 6.8%, to $27.6 million in the 2025 first quarter compared to net revenue of $25.9 million in the 2024 first quarter (up $2.0 million, or 7.8% on a constant currency basis).

Adjusted EBITDA loss was $2.1 million in the 2025 first quarter compared to a loss of $2.0 million in the 2024 first quarter, and Adjusted EBITDA margin was (7.6)% compared to (7.8)% in the 2024 first quarter.

Dividend

The Board of Directors declared a 2025 first quarter cash dividend of $0.15 per share payable on May 29, 2025, to shareholders of record at the close of business on May 15, 2025.

2025 Second Quarter Outlook

The Company expects 2025 second quarter consolidated net revenue between $285 million and $305 million, which may be impacted by external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions. In addition, this outlook is based on the average currency rates in March 2025 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, and consultant retention along with the current backlog.

Quarterly Webcast and Conference Call

Heidrick & Struggles will host a conference call to review its first quarter results today, May 5, 2025, at 5:00 pm Eastern Time. Participants may access the Company’s call and supporting slides through its website at www.heidrick.com or by dialing (800) 715-9871 or (646) 307-1963, conference ID# 4805686. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.

About Heidrick & Struggles International, Inc.

Heidrick & Struggles (Nasdaq: HSII) is the world’s foremost advisor on executive leadership, driving superior client performance through premier human capital leadership advisory services. For more than 70 years, we’ve delivered value for our clients by leveraging unrivaled expertise to help organizations discover and enable outstanding leaders and teams. Learn more at www.heidrick.com.




Non-GAAP Financial Measures

To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Heidrick & Struggles presents certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.

Non-GAAP financial measures used within this earnings release are adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate, adjusted EBITDA, adjusted EBITDA margin, and net revenue excluding the impact of exchange rate fluctuations (referred to as constant currency). These measures are presented because management uses this information to monitor and evaluate financial results and allocate resources. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.

Adjusted net income and adjusted diluted earnings per share are net income and diluted earnings per share excluding goodwill impairment, restructuring charges and earnout and acquisition contingent compensation fair value adjustments, net of tax.

Adjusted effective tax rate is effective tax rate excluding goodwill impairment, restructuring charges and earnout and acquisition contingent compensation fair value adjustments, net of tax.

Adjusted EBITDA refers to net income before interest, taxes, depreciation and amortization, as adjusted, to the extent they occur, for earnout accretion, earnout fair value adjustments, contingent compensation, deferred compensation plan income or expense, certain reorganization costs, impairment charges and restructuring charges.

Adjusted EBITDA margin refers to adjusted EBITDA as a percentage of net revenue in the same period.

The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the second quarter of 2025. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook,” “projects,” “forecasts,” “aim” and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage, retain and motivate qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients’ ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the fact that increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks could pose a risk to our systems, networks, solutions, services and data; the fact that our net revenue may be affected by adverse macroeconomic or labor market conditions, including impacts of inflation and effects of geopolitical instability;



the aggressive competition we face; the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine, the conflict between Israel and Hamas and any broader regional conflict in the Middle East, the risks of an expansion or escalation of those conflicts and our ability to quickly and completely recover from any disruption to our business; the impact from actions by the U.S. presidential administration and Congress; unfavorable tax law changes and tax authority rulings; our ability to realize the benefit of our net deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to maintain an effective system of disclosure controls and internal control over our financial reporting and produce accurate and timely financial statements; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2024, under the heading "Risk Factors" in Item 1A. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:

Investors & Analysts:
Vance Edelson
Vance.Edelson@icrinc.com

Media:
Bianca Wilson, Global Director, Public Relations
bwilson@heidrick.com


Heidrick & Struggles International, Inc.
Consolidated Statements of Comprehensive Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
March 31,
20252024$ Change% Change
Revenue
Revenue before reimbursements (net revenue)$283,578 $265,197 $18,381 6.9 %
Reimbursements3,864 3,901 (37)(0.9)%
Total revenue287,442 269,098 18,344 6.8 %
Operating expenses
Salaries and benefits189,475 174,413 15,062 8.6 %
General and administrative expenses41,424 41,363 61 0.1 %
Cost of services30,059 27,432 2,627 9.6 %
Research and development6,392 5,715 677 11.8 %
Reimbursed expenses3,864 3,901 (37)(0.9)%
Total operating expenses271,214 252,824 18,390 7.3 %
Operating income16,228 16,274 (46)(0.3)%
Non-operating income (loss)
Interest, net3,955 4,086 
Other, net(2,566)2,571 
Net non-operating income1,389 6,657 
Income before income taxes17,617 22,931 
Provision for income taxes4,311 8,899 
Net income13,306 14,032 
Other comprehensive income (loss), net of tax2,502 (4,091)
Comprehensive income$15,808 $9,941 
Weighted-average common shares outstanding
Basic20,464 20,144 
Diluted21,318 21,040 
Earnings (loss) per common share
Basic$0.65 $0.70 
Diluted$0.62 $0.67 
Salaries and benefits as a % of net revenue66.8 %65.8 %
General and administrative expenses as a % of net revenue14.6 %15.6 %
Cost of services as a % of net revenue10.6 %10.3 %
Research and development as a % of net revenue2.3 %2.2 %
Operating margin5.7 %6.1 %


Heidrick & Struggles International, Inc.
Segment Information
(In thousands)
(Unaudited)
Three Months Ended March 31,
20252024$
Change
% Change
Revenue
Executive Search
Americas$144,404 $136,679 $7,725 5.7 %
Europe45,391 41,481 3,910 9.4 %
Asia Pacific23,595 23,321 274 1.2 %
Total Executive Search213,390 201,481 11,909 5.9 %
On-Demand Talent42,564 37,857 4,707 12.4 %
Heidrick Consulting27,624 25,859 1,765 6.8 %
Revenue before reimbursements (net revenue)283,578 265,197 18,381 6.9 %
Reimbursements3,864 3,901 (37)(0.9)%
Total revenue$287,442 $269,098 $18,344 6.8 %
Adjusted EBITDA
Executive Search
Americas$44,222 $41,871 $2,351 5.6 %
Europe5,042 3,353 1,689 50.4 %
Asia Pacific3,035 3,195 (160)(5.0)%
Total Executive Search52,299 48,419 3,880 8.0 %
On-Demand Talent
400 (921)1,321 143.4 %
Heidrick Consulting(2,096)(2,027)(69)(3.4)%
Total segments50,603 45,471 5,132 11.3 %
Research and Development(4,624)(4,925)301 6.1 %
Global Operations Support(16,857)(14,678)(2,179)(14.8)%
Total Adjusted EBITDA$29,122 $25,868 $3,254 12.6 %

1 Margin based on revenue before reimbursements (net revenue).








Heidrick & Struggles International, Inc.
Reconciliation of Net Income and Adjusted Net Income (Non-GAAP)
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
March 31,
20252024
Net income (loss)$13,306 $14,032 
Adjustments
Acquisition related earnout and contingent compensation fair value adjustments, net of tax(1)
885 — 
Total adjustments885 — 
Adjusted net income$14,191 $14,032 
Weighted-average common shares outstanding
Basic20,464 20,144 
Diluted21,318 21,040 
Earnings (loss) per common share
Basic$0.65 $0.70 
Diluted$0.62 $0.67 
Adjusted earnings per common share
Basic$0.69 $0.70 
Diluted$0.67 $0.67 

1 The Company recorded a fair value adjustment to increase the On-Demand Talent earnout and contingent compensation accrual by $1.3 million for the three months ended March 31, 2025.




Heidrick & Struggles International, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
March 31,
2025
December 31,
2024
Current assets
Cash and cash equivalents$211,944 $515,627 
Marketable securities112,715 47,896 
Accounts receivable, net182,136 134,331 
Prepaid expenses33,970 28,718 
Other current assets47,421 39,935 
Income taxes recoverable6,964 6,470 
Total current assets595,150 772,977 
Non-current assets
Property and equipment, net51,938 51,685 
Operating lease right-of-use assets80,863 83,518 
Assets designated for retirement and pension plans10,424 9,976 
Investments64,434 58,290 
Other non-current assets26,113 25,500 
Goodwill139,447 137,861 
Other intangible assets, net11,304 12,483 
Deferred income taxes44,018 41,898 
Total non-current assets428,541 421,211 
Total assets$1,023,691 $1,194,188 
Current liabilities
Accounts payable$23,103 $25,088 
Accrued salaries and benefits171,155 353,531 
Deferred revenue55,957 51,085 
Operating lease liabilities17,652 17,653 
Other current liabilities64,869 21,369 
Income taxes payable16,804 14,287 
Total current liabilities349,540 483,013 
Non-current liabilities
Accrued salaries and benefits41,826 58,547 
Retirement and pension plans79,118 72,138 
Operating lease liabilities82,436 83,152 
Other non-current liabilities4,318 42,905 
Deferred income taxes1,403 1,616 
Total non-current liabilities209,101 258,358 
Total liabilities558,641 741,371 
Stockholders’ equity465,050 452,817 
Total liabilities and stockholders’ equity$1,023,691 $1,194,188 


Heidrick & Struggles International, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
March 31,
20252024
Cash flows - operating activities
Net income$13,306 $14,032 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization4,847 4,790 
Deferred income taxes(1,883)(87)
Stock-based compensation expense2,510 2,644 
Accretion expense related to earnout payments481 466 
Gain on marketable securities(948)(539)
Loss on disposal of property and equipment14 
Changes in assets and liabilities, net of effects of acquisition:
Accounts receivable(45,609)(41,125)
Accounts payable(2,510)(2,069)
Accrued expenses(199,320)(182,590)
Restructuring accrual(964)— 
Deferred revenue4,347 1,951 
Income taxes recoverable and payable, net1,846 4,723 
Retirement and pension plan assets and liabilities6,732 5,453 
Prepaid expenses(4,673)(7,991)
Other assets and liabilities, net(10,393)(3,096)
Net cash used in operating activities(232,224)(203,424)
Cash flows - investing activities
Capital expenditures(2,734)(6,173)
Purchases of marketable securities and investments(118,719)(5,400)
Proceeds from sales of marketable securities and investments48,325 66,285 
Net cash provided by (used in) investing activities(73,128)54,712 
Cash flows - financing activities
Debt issuance costs(360)— 
Cash dividends paid(3,196)(3,216)
Payment of employee tax withholdings on equity transactions(2,889)(2,862)
Net cash used in financing activities(6,445)(6,078)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash8,122 (4,997)
Net decrease in cash, cash equivalents and restricted cash(303,675)(159,787)
Cash, cash equivalents and restricted cash at beginning of period515,813 412,618 
Cash, cash equivalents and restricted cash at end of period$212,138 $252,831 


Heidrick & Struggles International, Inc.
Reconciliation of Net Income to Adjusted EBITDA (Non-GAAP)
(In thousands)
(Unaudited)
Three Months Ended
March 31,
20252024
Revenue before reimbursements (net revenue)$283,578 $265,197 
Net income13,306 14,032 
Interest, net(3,955)(4,086)
Other, net2,566 (2,571)
Provision for income taxes4,311 8,899 
Operating income16,228 16,274 
Adjustments
Depreciation3,179 2,493 
Intangible amortization1,668 2,297 
Earnout accretion481 466 
Earnout fair value adjustments942 — 
Acquisition contingent consideration2,821 1,988 
Deferred compensation plan(358)2,350 
Reorganization costs4,161 — 
Total adjustments12,894 9,594 
Adjusted EBITDA$29,122 $25,868 
Adjusted EBITDA margin10.3 %9.8 %


Heidrick & Struggles International, Inc.
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Line of Business (Non-GAAP)
(In thousands)
(Unaudited)
Three Months Ended March 31, 2025
Executive SearchOn-Demand TalentHeidrick ConsultingResearch & DevelopmentGlobal Operations SupportTotal
Revenue before reimbursements (net revenue)$213,390 $42,564 $27,624 $— $— $283,578 
Operating income (loss)1
50,508 (5,634)(3,827)(6,392)(18,427)16,228 
Adjustments
Depreciation1,176 208 208 1,437 150 3,179 
Intangible amortization11 1,290 367 — — 1,668 
Earnout accretion— 427 54 — — 481 
Earnout fair value adjustments— 942 — — — 942 
Acquisition contingent compensation— 1,917 904 — — 2,821 
Deferred compensation plan(349)— (4)(5)— (358)
Reorganization costs953 1,250 202 336 1,420 4,161 
Total adjustments1,791 6,034 1,731 1,768 1,570 12,894 
Adjusted EBITDA$52,299 $400 $(2,096)$(4,624)$(16,857)$29,122 
Adjusted EBITDA margin24.5 %0.9 %(7.6)%(1.6)%(5.9)%10.3 %
Three Months Ended March 31, 2024
Executive SearchOn-Demand TalentHeidrick ConsultingResearch & DevelopmentGlobal Operations SupportTotal
Revenue before reimbursements (net revenue)$201,481 $37,857 $25,859 $— $— $265,197 
Operating income (loss)1
45,532 (4,849)(3,842)(5,715)(14,852)16,274 
Adjustments
Depreciation1,241 131 197 754 170 2,493 
Intangible amortization17 1,835 445 — — 2,297 
Earnout accretion— 406 60 — — 466 
Earnout fair value adjustments— — — — — — 
Acquisition contingent compensation(630)1,556 1,062 — — 1,988 
Deferred compensation plan2,259 — 51 36 2,350 
Total adjustments2,887 3,928 1,815 790 174 9,594 
Adjusted EBITDA$48,419 $(921)$(2,027)$(4,925)$(14,678)$25,868 
Adjusted EBITDA margin24.0 %(2.4 %)(7.8 %)(1.9)%(5.5)%9.8 %

1 The Company does not allocate interest income or expense, other income or expense, and the provision for income taxes to the Company’s reportable operating segments. As such, the Company has concluded that operating income (loss) represents the most directly comparable measure of financial performance presented in accordance with U.S. GAAP for the reconciliation of Adjusted EBITDA in this presentation.

v3.25.1
Cover
May 05, 2025
Cover [Abstract]  
City Area Code 312
Local Phone Number 496-1200
Document Type 8-K
Entity File Number 0-25837
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 36-2681268
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol HSII
Security Exchange Name NASDAQ
Entity Registrant Name HEIDRICK & STRUGGLES INTERNATIONAL, INC.
Written Communications false
Soliciting Material false
Entity Address, Postal Zip Code 60606-6303
Entity Central Index Key 0001066605
Document Period End Date May 05, 2025
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Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Address, Address Line One 233 South Wacker Drive
Entity Address, Address Line Two Suite 4900
Entity Address, City or Town Chicago
Entity Address, State or Province IL

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