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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

OR

 ☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number: 0-25837
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 36-2681268
(State or Other Jurisdiction of
Incorporation or Organization)		 (I.R.S. Employer
Identification Number)
233 South Wacker Drive-Suite 4900
Chicago, Illinois
60606-6303
(Address of Principal Executive Offices)

(312) 496-1200
(Registrant’s Telephone Number, Including Area Code)

Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.01 par valueHSIIThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer 
¨
  Accelerated filer 
☒
Non-Accelerated filer 
¨
  Smaller reporting company 
☐
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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of August 1, 2025, there were 20,736,302 shares of the Company’s common stock outstanding.


HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
INDEX
 
  PAGE
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 6.



PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 

HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
June 30,
2025		December 31,
2024
 (Unaudited) 
Current assets
Cash and cash equivalents$211,172 $515,627 
Marketable securities188,355 47,896 
Accounts receivable, net of allowances of $8,426 and $7,296, respectively
210,577 134,331 
Prepaid expenses30,436 28,718 
Other current assets48,200 39,935 
Income taxes recoverable10,868 6,470 
Total current assets699,608 772,977 
Non-current assets
Property and equipment, net54,687 51,685 
Operating lease right-of-use assets82,282 83,518 
Assets designated for retirement and pension plans11,361 9,976 
Investments69,160 58,290 
Other non-current assets26,395 25,500 
Goodwill142,635 137,861 
Other intangible assets, net10,539 12,483 
Deferred income taxes44,378 41,898 
Total non-current assets441,437 421,211 
Total assets$1,141,045 $1,194,188 
Current liabilities
Accounts payable$25,834 $25,088 
Accrued salaries and benefits251,668 353,531 
Deferred revenue58,859 51,085 
Operating lease liabilities18,225 17,653 
Other current liabilities65,898 21,369 
Income taxes payable9,402 14,287 
Total current liabilities429,886 483,013 
Non-current liabilities
Accrued salaries and benefits40,789 58,547 
Retirement and pension plans84,999 72,138 
Operating lease liabilities86,914 83,152 
Other non-current liabilities4,527 42,905 
Deferred income taxes1,439 1,616 
Total non-current liabilities218,668 258,358 
Total liabilities648,554 741,371 
Commitments and contingencies (Note 17)
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued at June 30, 2025 and December 31, 2024
— — 
Common stock, $0.01 par value, 100,000,000 shares authorized, 20,730,409 and 20,414,915 shares issued, 20,725,329 and 20,409,835 shares outstanding at June 30, 2025 and December 31, 2024, respectively
207 204 
Treasury stock at cost, 5,080 shares at June 30, 2025 and December 31, 2024
(110)(110)
Additional paid in capital263,611 260,893 
Retained earnings233,807 205,875 
Accumulated other comprehensive loss(5,024)(14,045)
Total stockholders’ equity492,491 452,817 
Total liabilities and stockholders’ equity$1,141,045 $1,194,188 
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
1


HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands, except per share amounts)
(Unaudited)
 
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Revenue
Revenue before reimbursements (net revenue)$317,248 $278,626 $600,826 $543,823 
Reimbursements4,660 4,251 8,524 8,152 
Total revenue321,908 282,877 609,350 551,975 
Operating expenses
Salaries and benefits209,203 177,892 398,678 352,305 
General and administrative expenses42,184 46,453 83,608 87,816 
Cost of services34,594 29,696 64,653 57,128 
Research and development6,037 5,605 12,429 11,320 
Impairment charges— 16,224 — 16,224 
Restructuring charges— 6,939 — 6,939 
Reimbursed expenses4,660 4,251 8,524 8,152 
Total operating expenses296,678 287,060 567,892 539,884 
Operating income (loss)25,230 (4,183)41,458 12,091 
Non-operating income
Interest, net2,639 2,612 6,594 6,698 
Other, net3,276 997 710 3,568 
Net non-operating income5,915 3,609 7,304 10,266 
Income (loss) before income taxes31,145 (574)48,762 22,357 
Provision for income taxes10,072 4,583 14,383 13,482 
Net income (loss)21,073 (5,157)34,379 8,875 
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment6,526 (2,103)9,067 (6,161)
Net unrealized gain (loss) on available-for-sale investments(7)9 (46)(24)
Other comprehensive income (loss), net of tax6,519 (2,094)9,021 (6,185)
Comprehensive income (loss)$27,592 $(7,251)$43,400 $2,690 
Weighted-average common shares outstanding
Basic20,649 20,259 20,557 20,202 
Diluted21,215 20,259 21,333 21,061 
Earnings (loss) per common share
Basic$1.02 $(0.25)$1.67 $0.44 
Diluted$0.99 $(0.25)$1.61 $0.42 
Cash dividends paid per share$0.15 $0.15 $0.30 $0.30 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

2


HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands, except per share amounts)
(Unaudited)

   Additional
Paid in
Capital		Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)		Total
Common StockTreasury Stock
SharesAmountSharesAmount
Balance at December 31, 202420,415 $204 5 $(110)$260,893 $205,875 $(14,045)$452,817 
Net income— — — — — 13,306 — 13,306 
Other comprehensive income, net of tax— — — — — — 2,502 2,502 
Common and treasury stock transactions:
Stock-based compensation— — — — 2,510 — — 2,510 
Vesting of equity awards, net of tax withholding211 2 — — (2,891)— — (2,889)
Cash dividends declared ($0.15 per share)
— — — — — (3,094)— (3,094)
Dividend equivalents on restricted stock units— — — — — (102)— (102)
Balance at March 31, 202520,626 $206 5 $(110)$260,512 $215,985 $(11,543)$465,050 
Net income— — — — — 21,073 — 21,073 
Other comprehensive income, net of tax— — — — — — 6,519 6,519 
Common and treasury stock transactions:
Stock-based compensation— — — — 3,987 — — 3,987 
Issuance of common stock7 — — — — — — — 
Vesting of equity awards, net of tax withholding98 1 — — (888)— — (887)
Cash dividends declared ($0.15 per share)
— — — — — (3,094)— (3,094)
Dividend equivalents on restricted stock units— — — — — (157)— (157)
Balance at June 30, 202520,731 $207 5 $(110)$263,611 $233,807 $(5,024)$492,491 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
3


HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands, except per share amounts)
(Unaudited)

   Additional
Paid in
Capital		Retained EarningsAccumulated
Other
Comprehensive
Income (Loss)		Total
Common StockTreasury Stock
SharesAmountSharesAmount
Balance at December 31, 202320,127 $201 5 $(110)$251,988 $210,070 $129 $462,278 
Net income— — — — — 14,032 — 14,032 
Other comprehensive loss, net of tax— — — — — — (4,091)(4,091)
Common and treasury stock transactions:
Stock-based compensation— — — — 2,644 — — 2,644 
Vesting of equity awards, net of tax withholding127 1 — — (2,863)— — (2,862)
Cash dividends declared ($0.15 per share)
— — — — — (3,018)— (3,018)
Dividend equivalents on restricted stock units— — — — — (198)— (198)
Balance at March 31, 202420,254 $202 5 $(110)$251,769 $220,886 $(3,962)$468,785 
Net loss— — — — — (5,157)— (5,157)
Other comprehensive loss, net of tax— — — — — — (2,094)(2,094)
Common and treasury stock transactions:
Stock-based compensation— — — — 3,465 — — 3,465 
Issuance of common stock13 — — — — — — — 
Vesting of equity awards, net of tax withholding55 1 — — (886)— — (885)
Cash dividends declared ($0.15 per share)
— — — — — (3,039)— (3,039)
Dividend equivalents on restricted stock units— — — — — (143)— (143)
Balance at June 30, 202420,322 $203 5 $(110)$254,348 $212,547 $(6,056)$460,932 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.




4


HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
 Six Months Ended
June 30,
 20252024
Cash flows - operating activities
Net income$34,379 $8,875 
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization9,862 8,700 
Deferred income taxes(1,374)(2,333)
Stock-based compensation expense6,497 6,109 
Accretion expense related to earnout payments1,017 935 
Gain on marketable securities(2,650)(980)
Loss on disposal of property and equipment26 261 
Impairment charges— 16,224 
Changes in assets and liabilities:
Accounts receivable(68,787)(55,842)
Accounts payable(1,530)(2,324)
Accrued expenses(127,064)(124,747)
Restructuring accrual(1,425)4,386 
Deferred revenue5,975 (673)
Income taxes recoverable and payable, net(9,625)5,368 
Retirement and pension plan assets and liabilities6,030 5,800 
Prepaid expenses(576)(4,652)
Other assets and liabilities, net(14,369)(6,009)
Net cash used in operating activities(163,614)(140,902)
Cash flows - investing activities
Capital expenditures(6,640)(16,538)
Purchases of marketable securities and investments(296,206)(115,262)
Proceeds from sales of marketable securities and investments152,431 66,574 
Net cash used in investing activities(150,415)(65,226)
Cash flows - financing activities
Debt issuance costs(360)— 
Cash dividends paid(6,447)(6,398)
Payment of employee tax withholdings on equity transactions(3,776)(3,747)
Net cash used in financing activities(10,583)(10,145)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash20,241 (6,423)
Net decrease in cash, cash equivalents and restricted cash(304,371)(222,696)
Cash, cash equivalents and restricted cash at beginning of period515,813 412,618 
Cash, cash equivalents and restricted cash at end of period$211,442 $189,922 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

5


HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(All tables in thousands, except per share figures and percentages)
(Unaudited) 

1.    Basis of Presentation of Interim Financial Information

The accompanying unaudited Condensed Consolidated Financial Statements of Heidrick & Struggles International, Inc. and subsidiaries (the "Company") have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Significant items subject to estimates and assumptions include revenue recognition, allowances for deferred tax assets and liabilities, interim effective tax rates, contingent consideration liabilities, and the assessment of goodwill for impairment. Estimates are subject to a degree of uncertainty and actual results could differ from these estimates. In the opinion of management, all adjustments necessary to fairly present the financial position of the Company at June 30, 2025, and December 31, 2024, the results of operations for the three and six months ended June 30, 2025, and 2024, and its cash flows for the six months ended June 30, 2025, and 2024, have been included and are of a normal, recurring nature except as otherwise disclosed. These financial statements and notes are to be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025.

2.    Summary of Significant Accounting Policies

A complete listing of the Company’s significant accounting policies is discussed in Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Revenue Recognition

See Note 3, Revenue.

Cost of Services

Cost of services consists of costs related to the delivery of various services in the Company's On-Demand Talent and Heidrick Consulting operating segments.

Research and Development

Research and development expense consists of payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with new product development.

Marketable Securities

The Company’s marketable securities consist of available-for-sale debt securities with original maturities exceeding three months.

6


Restricted Cash

The following table provides a reconciliation of the cash and cash equivalents between the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows as of June 30, 2025 and 2024, and December 31, 2024 and 2023, respectively:
June 30,December 31,
2025202420242023
Cash and cash equivalents$211,172 $189,922 $515,627 $412,618 
Restricted cash included within other non-current assets270 — 186 — 
Total cash, cash equivalents and restricted cash$211,442 $189,922 $515,813 $412,618 

Earnings (loss) per Common Share

Basic earnings (loss) per common share are computed by dividing net income (loss) by weighted average common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Common equivalent shares are excluded from the determination of diluted earnings (loss) per share in periods in which they have an anti-dilutive effect.

The following table sets forth the computation of basic and diluted earnings (loss) per share:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net income (loss)$21,073 $(5,157)$34,379 $8,875 
Weighted average shares outstanding:
Basic20,649 20,259 20,557 20,202 
Effect of dilutive securities:
Restricted stock units401 — 537 615 
Performance stock units165 — 239 244 
Diluted21,215 20,259 21,333 21,061 
Basic earnings (loss) per share$1.02 $(0.25)$1.67 $0.44 
Diluted earnings (loss) per share$0.99 $(0.25)$1.61 $0.42 

Weighted average restricted stock units and performance stock units outstanding that could be converted into approximately 474,000 and 132,000 common shares, respectively, for the three months ended June 30, 2024, were not included in the computation of diluted earnings (loss) per share because the effects would be anti-dilutive.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets, Current liabilities - Operating lease liabilities and Non-current liabilities - Operating lease liabilities in the Company's Condensed Consolidated Balance Sheets. The Company does not have any leases that meet the finance lease criteria.

Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, an incremental borrowing rate based on the information available at the commencement date is used in determining the present value of lease payments. The operating lease right-of-use asset also includes any lease payments made in advance and any accrued rent expense balances. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

7


The Company has lease agreements with lease and non-lease components. For office leases, the Company accounts for the lease and non-lease components as a single lease component. For equipment leases, such as vehicles and office equipment, the Company accounts for the lease and non-lease components separately.

Goodwill

Goodwill represents the difference between the purchase price of acquired businesses and the related fair value of the net assets acquired, which is accounted for by the acquisition method of accounting. The Company performs assessments of the carrying value of its goodwill at least annually and whenever events occur or circumstances indicate that a carrying amount of goodwill may not be recoverable. These circumstances include a significant change in business climate, attrition of key personnel, changes in financial condition or results of operations, prolonged decline in the Company’s stock price and market capitalization, competition, and other factors.

The goodwill impairment test compares the fair value of a reporting unit to its carrying amount, including goodwill. The Company operates five reporting units: Americas, Europe (which includes Africa), Asia Pacific (which includes the Middle East), On-Demand Talent and Heidrick Consulting. The fair value of each of the Company’s reporting units is determined using a discounted cash flow methodology. An impairment charge is recognized for the amount by which the carrying value of the reporting unit exceeds its fair value; however, the loss recognized is not to exceed the total amount of goodwill allocated to that reporting unit.

Recently Issued Financial Accounting Standards

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard is intended to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements.

In November 2024, the FASB issued ASU No. 2024-03 "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)." The standard requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. The amendment in this update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its financial statements.

3.    Revenue

Executive Search

Revenue is recognized as performance obligations are satisfied by transferring a good or service to a client. Generally, each executive search contract contains one performance obligation which is the process of identifying potentially qualified candidates for a specific client position. In most contracts, the transaction price includes both fixed and variable consideration. Fixed consideration is comprised of a retainer, equal to approximately one-third of the estimated first year compensation for the position to be filled, and indirect expenses, equal to a specified percentage of the retainer, as defined in the contract. The Company generally bills clients for the retainer and indirect expenses in one-third increments over a three-month period commencing in the month of a client’s acceptance of the contract. If actual compensation of a placed candidate exceeds the original compensation estimate, the Company is often authorized to bill the client for one-third of the excess compensation. The Company refers to this additional billing as uptick revenue. In most contracts, variable consideration is comprised of uptick revenue and direct expenses. The Company bills its clients for uptick revenue upon completion of the executive search, and direct expenses are billed as incurred.

The Company estimates uptick revenue at contract inception, based on a portfolio approach, utilizing the expected value method based on a historical analysis of uptick revenue realized in the Company’s geographic regions and industry practices, and initially records a contract’s uptick revenue in an amount that is probable not to result in a significant reversal of cumulative revenue recognized when the actual amount of uptick revenue for the contract is known. Differences between the estimated and actual amounts of variable consideration are recorded when known. The Company does not estimate revenue for direct expenses as it is not materially different than recognizing revenue as direct expenses are incurred.

8


Revenue from executive search engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. Revenue from executive search engagements is recognized over the expected average period of performance, in proportion to the estimated personnel time incurred to fulfill the obligations under the executive search contract. Revenue is generally recognized over a period of approximately six months.

The Company's executive search contracts contain a replacement guarantee which provides for an additional search to be completed, free of charge except for expense reimbursements, should the candidate presented by the Company be hired by the client and subsequently terminated by the client for performance reasons within a specified period of time. The replacement guarantee is an assurance warranty, which is not a performance obligation under the terms of the executive search contract, as the Company does not provide any services under the terms of the guarantee that transfer benefits to the client in excess of assuring that the identified candidate complies with the agreed-upon specifications. The Company accounts for the replacement guarantee under the relevant warranty guidance in Accounting Standards Codification 460 - Guarantees.

On-Demand Talent

The Company enters into contracts with clients that outline the general terms and conditions of the assignment to provide on-demand consultants for various types of consulting projects, which consultants may be independent contractors or temporary employees. The consideration the Company expects to receive under each contract is dependent on the time-based fees specified in the contract. Revenue from on-demand engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. The Company has applied the practical expedient to recognize revenue for these services in the amount to which the Company has a right to invoice the client, as this amount corresponds directly with the value provided to the client for the performance completed to date. For transactions where a third-party contractor is involved in providing the services to the client, the Company reports the revenue and the related direct costs on a gross basis as it has determined that it is the principal in the transaction. The Company is primarily responsible for fulfilling the promise to provide consulting services to its clients and the Company has discretion in establishing the prices charged to clients for the consulting services and is able to contractually obligate the independent service provider to deliver services and deliverables that the Company has agreed to provide to its clients.

Heidrick Consulting

Revenue is recognized as performance obligations are satisfied by transferring a good or service to a client. Heidrick Consulting enters into contracts with clients that outline the general terms and conditions of the assignment to provide succession planning, executive assessment, top team and board effectiveness and culture shaping programs. The consideration the Company expects to receive under each contract is generally fixed. Most of the Company's consulting contracts contain one performance obligation, which is the overall process of providing the consulting service requested by the client. The majority of our consulting revenue is recognized over time utilizing input methods. Revenue recognition over time for the majority of our consulting engagements is measured by total cost or time incurred as a percentage of the total estimated cost or time on the consulting engagement.
Contract Balances

Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities are classified as current due to the nature of the Company's contracts, which are completed within one year. Contract assets are included within Other current assets on the Condensed Consolidated Balance Sheets.

Unbilled receivables: Unbilled receivables represents contract assets from revenue recognized over time in excess of the amount billed to the client and the amount billed to the client is solely dependent upon the passage of time. This amount includes revenue recognized in excess of billed Executive Search retainers, Heidrick Consulting fees, and On-Demand Talent fees.

Contract assets: Contract assets represent revenue recognized over time in excess of the amount billed to the client, and the amount billed to the client is not solely subject to the passage of time. This amount primarily includes revenue recognized for upticks and contingent placement fees in executive search contracts.

Deferred revenue: Contract liabilities consist of deferred revenue, which is equal to billings in excess of revenue recognized.
9



The following table outlines the changes in the contract asset and liability balances from December 31, 2024, to June 30, 2025:
June 30,
2025		December 31,
2024		Change
Contract assets
Unbilled receivables, net$24,881 $17,610 $7,271 
Contract assets16,678 15,540 1,138 
Total contract assets
41,559 33,150 8,409 
Contract liabilities
Deferred revenue$58,859 $51,085 $7,774 

Contract assets were recorded within Current Assets - Other current assets in the Condensed Consolidated Balance Sheets at both June 30, 2025 and December 31, 2024.

During the six months ended June 30, 2025, the Company recognized revenue of $42.7 million that was included in the contract liabilities balance at the beginning of the period. The amount of revenue recognized during the six months ended June 30, 2025, from performance obligations partially satisfied in previous periods as a result of changes in the estimates of variable consideration was $22.0 million.

Each of the Company's contracts has an expected duration of one year or less. Accordingly, the Company has elected to utilize the available practical expedient related to the disclosure of the transaction price allocated to the remaining performance obligations under its contracts. The Company has also elected the available practical expedients related to adjusting for the effects of a significant financing component and the capitalization of contract acquisition costs. The Company charges and collects from its clients sales tax and value added taxes as required by certain jurisdictions. The Company has made an accounting policy election to exclude these items from the transaction price in its contracts.

4.    Credit Losses

The Company is exposed to credit losses primarily through the provision of its executive search, consulting, and on-demand talent services. The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of clients' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is primarily based on historical loss-rate experience. When required, the Company adjusts the loss-rate methodology to account for current conditions and reasonable and supportable expectations of future economic and market conditions. The Company generally assesses future economic conditions for a period of sixty to ninety days, which corresponds with the contractual life of its accounts receivables. Additionally, specific allowance amounts are established to record the appropriate provision for clients that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of clients' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible.

The activity in the allowance for credit losses on the Company's trade receivables is as follows:
Balance at December 31, 2024
$7,296 
Provision for credit losses5,290 
Write-offs(4,426)
Foreign currency translation266 
Balance at June 30, 2025
$8,426 

10


The fair value and unrealized losses on available for sale debt securities, aggregated by investment category and the length of time the security has been in an unrealized loss position, are as follows:
Less Than 12 MonthsBalance Sheet Classification
Balance at June 30, 2025
Fair ValueUnrealized LossMarketable Securities
U.S. Treasury securities$39,526 $2 $39,526 

The unrealized losses on two investments in U.S. Treasury securities at June 30, 2025 was caused by fluctuations in market interest rates. The contractual cash flows of these investments are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the investments would not be settled at a price less than the amortized cost basis. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of the amortized cost basis. There were no investments with unrealized losses at December 31, 2024.

5.    Property and Equipment, net

The components of the Company’s property and equipment are as follows:
June 30,
2025		December 31,
2024
Leasehold improvements$54,232 $49,744 
Office furniture, fixtures and equipment15,295 14,384 
Computer equipment and software51,199 47,649 
Property and equipment, gross120,726 111,777 
Accumulated depreciation(66,039)(60,092)
Property and equipment, net$54,687 $51,685 

Depreciation expense for the three months ended June 30, 2025, and 2024, was $3.4 million and $2.0 million, respectively. Depreciation expense for the six months ending June 30, 2025, and 2024, was $6.6 million and $4.5 million, respectively.

6.    Leases

The Company's lease portfolio is comprised of operating leases for office space and equipment. The majority of the Company's leases include both lease and non-lease components, which the Company accounts for differently depending on the underlying class of asset. Certain of the Company's leases include one or more options to renew or terminate the lease at the Company's discretion. Generally, the renewal and termination options are not included in the right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal and termination options and, when they are reasonably certain of exercise, includes the renewal or termination option in the lease term.

As most of the Company's leases do not provide an implicit interest rate, the Company utilizes an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. The Company has a centrally managed treasury function and, therefore, a portfolio approach is applied in determining the incremental borrowing rate. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a fully collateralized basis over a similar term in an amount equal to the total lease payments in a similar economic environment.

As of June 30, 2025, office leases have remaining lease terms that range from less than one year to 12.3 years, some of which also include options to extend or terminate the lease. Most office leases contain both fixed and variable lease payments. Variable lease costs consist primarily of rent escalations based on an established index or rate and taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor. The Company has elected to utilize the available practical expedient to not separate lease and non-lease components for office leases.

As of June 30, 2025, equipment leases, which are comprised of vehicle and office equipment leases, have remaining terms that range from less than one year to 4.9 years, some of which also include options to extend or terminate the lease. The Company's equipment leases do not contain variable lease payments. The Company separates the lease and non-lease components for its equipment leases. Equipment leases do not comprise a significant portion of the Company's lease portfolio.

11


Lease cost components included within Operating expenses - General and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income (Loss) were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Operating lease cost$5,262 $6,719 $10,384 $12,356 
Variable lease cost3,553 2,570 5,823 5,025 
Total lease cost$8,815 $9,289 $16,207 $17,381 

Supplemental cash flow information related to the Company's operating leases is as follows for the six months ended June 30:
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$9,276 $11,807 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$6,124 $7,447 

The weighted average remaining lease term and weighted average discount rate for operating leases as of June 30, are as follows:
20252024
Weighted Average Remaining Lease Term
Operating leases7.6 years7.4 years
Weighted Average Discount Rate
Operating leases5.31 %5.01 %

The future maturities of the Company's operating lease liabilities as of June 30, 2025, for the years ended December 31, are as follows:
Operating Lease Maturity
2025$9,247 
202618,351 
202718,362 
202816,301 
202914,498 
Thereafter53,970 
Total lease payments130,729 
Less: Interest25,590 
Present value of lease liabilities$105,139 

7.    Financial Instruments and Fair Value

Cash, Cash Equivalents and Marketable Securities

The Company's investments in marketable debt securities, which consist of U.S. Treasury bills, are classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument's underlying contractual maturity date. Unrealized gains and losses on marketable debt securities classified as available-for-sale are recognized in Accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets until realized.

12


The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows:
Amortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Balance at June 30, 2025
Cash$190,457 $— 
Level 1(1):
Money market funds20,715 — 
U.S. Treasury securities$188,347 $10 $(2)$188,355 — 188,355 
Total Level 1188,347 10 (2)188,355 20,715 188,355 
Total$188,347 $10 $(2)$188,355 $211,172 $188,355 

Amortized CostUnrealized GainsFair ValueCash and Cash EquivalentsMarketable Securities
Balance at December 31, 2024
Cash$256,638 $— 
Level 1(1):
Money market funds36,781 — 
U.S. Treasury securities$270,050 $54 $270,104 222,208 47,896 
Total Level 1270,050 54 270,104 258,989 47,896 
Total$270,050 $54 $270,104 $515,627 $47,896 

(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.

Investments, Assets Designated for Retirement and Pension Plans and Associated Liabilities

The Company has a U.S. non-qualified deferred compensation plan that consists primarily of U.S. marketable securities and mutual funds. The aggregate cost basis for these investments was $51.8 million and $45.3 million as of June 30, 2025, and December 31, 2024, respectively.

The Company also maintains a pension plan for certain current and former employees in Germany. The pensions are individually fixed Euro amounts that vary depending on the function and the eligible years of service of the employee. The Company’s investment strategy is to support its pension obligations through reinsurance contracts. The BaFin—German Federal Financial Supervisory Authority—supervises the insurance companies and the reinsurance contracts. The BaFin requires each reinsurance contract to guarantee a fixed minimum return. The Company’s pension benefits are fully reinsured by group insurance contracts with ERGO Lebensversicherung AG, and the group insurance contracts are measured in accordance with BaFin guidelines (including mortality tables and discount rates) which are considered Level 2 inputs.

13


The following tables provide a summary of the fair value measurements for each major category of investments, assets designated for retirement and pension plans and associated liabilities measured at fair value:
Balance Sheet Classification
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-current Liabilities
Fair ValueOther Current AssetsAssets Designated for Retirement and Pension PlansInvestmentsOther Current LiabilitiesRetirement and Pension Plans
Balance at June 30, 2025
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$69,160 $— $— $69,160 $— $— 
Level 2(2):
Retirement and pension plan assets12,654 1,293 11,361 — — — 
Pension benefit obligation(14,126)— — — (1,293)(12,833)
Total Level 2(1,472)1,293 11,361 — (1,293)(12,833)
Total$67,688 $1,293 $11,361 $69,160 $(1,293)$(12,833)


Balance Sheet Classification
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-current Liabilities
Fair ValueOther Current AssetsAssets Designated for Retirement and Pension PlansInvestmentsOther Current LiabilitiesRetirement and Pension Plans
Balance at December 31, 2024
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$58,290 $— $— $58,290 $— $— 
Level 2(2):
Retirement and pension plan assets11,112 1,136 9,976 — — — 
Pension benefit obligation(12,404)— — — (1,136)(11,268)
Total Level 2(1,292)1,136 9,976 — (1,136)(11,268)
Total$56,998 $1,136 $9,976 $58,290 $(1,136)$(11,268)

(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.
(2)Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

14


Contingent Consideration and Compensation

The former owners of certain of the Company's acquired businesses are eligible to receive additional cash consideration based on the attainment of certain operating metrics in the periods subsequent to acquisition. Contingent consideration and compensation are valued using significant inputs that are not observable in the market, which are defined as Level 3 inputs pursuant to fair value measurement accounting.

The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the six months ended June 30, 2025:
EarnoutContingent Compensation
Balance at December 31, 2024
$(38,648)$(22,901)
Earnout accretion(1,017)— 
Compensation expense— (4,387)
Fair value adjustment2,315 — 
Payments— 4,847 
Foreign currency translation(5,284)(2,591)
Balance at June 30, 2025
$(42,634)$(25,032)

Earnout accruals of $42.6 million were recorded within Current liabilities - Other current liabilities as of June 30, 2025, and earnout accruals of $38.6 million were recorded within Non-current liabilities - Other non-current liabilities as of December 31, 2024. Contingent compensation accruals of $25.0 million and $4.9 million are recorded within Current liabilities - Accrued salaries and benefits as of June 30, 2025, and December 31, 2024, respectively, and contingent compensation accruals of $18.0 million are recorded within Non-current liabilities - Accrued salaries and benefits as of December 31, 2024.

Other Investments

The Company holds an equity investment that does not have a readily determinable fair value for which the Company uses the measurement alternative prescribed in FASB Accounting Standards Codification Topic 321, Investments-Equity Securities. As of June 30, 2025 and December 31, 2024, the Company held the equity investment under the measurement alternative of $11.0 million which is presented in Other non-current assets in the Condensed Consolidated Balance Sheets. There were no impairments or changes resulting from observable transactions for these investments in the six months ended June 30, 2025 and no adjustments have been made to the carrying values as of June 30, 2025.


8.    Goodwill and Other Intangible Assets

Goodwill

The Company's goodwill by segment (for the segments that had recorded goodwill) is as follows:
June 30,
2025		December 31,
2024
Executive Search
Americas$91,346 $90,740 
Europe1,463 1,463 
Total Executive Search92,809 92,203 
On-Demand Talent109,304 105,136 
Heidrick Consulting7,246 7,246 
Goodwill, gross209,359 204,585 
Accumulated impairment(66,724)(66,724)
Total goodwill$142,635 $137,861 
15



Changes in the carrying amount of goodwill by segment (for the segments that had recorded goodwill) for the six months ended June 30, 2025, are as follows:
Executive SearchOn-Demand TalentHeidrick Consulting
AmericasEuropeTotal
Goodwill$90,740 $1,463 $105,136 $7,246 $204,585 
Accumulated impairment losses— (1,463)(58,015)(7,246)(66,724)
Balance at December 31, 2024
90,740 — 47,121 — 137,861 
Foreign currency translation606 — 4,168 — 4,774 
Goodwill91,346 1,463 109,304 7,246 209,359 
Accumulated impairment losses— (1,463)(58,015)(7,246)(66,724)
Balance at June 30, 2025
$91,346 $— $51,289 $— $142,635 

During the three months ended June 30, 2024, as a result of the Company's mid-year forecasting process, it was determined that a reduction in the On-Demand Talent reporting unit forecast was required. Due to the reduction in the forecasted results for the reporting unit, in addition to the 6% passing margin in the most recent impairment analysis conducted as of October 31, 2023, the Company determined that it was more likely than not that the fair value of the reporting unit was less than its carrying value. As a result, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the three months ended June 30, 2024.

Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions to evaluate the impact of operating and macroeconomic changes on each reporting unit. During the impairment evaluation process, the Company used a discounted cash flow methodology to estimate the fair value of each of its reporting units. The discounted cash flow approach is dependent on a number of factors, including estimates of future market growth and trends, forecasted revenue and costs, capital investments, appropriate discount rates, certain assumptions to allocate shared costs, assets and liabilities, historical and projected performance of the reporting unit, and the macroeconomic conditions affecting each of the Company’s reporting units. The assumptions used in the determination of fair value were (1) a forecast of growth in the near and long term; (2) the discount rate; (3) a forecast of operating expense growth in the near and long term. As part of the goodwill impairment evaluation, the Company performed a reconciliation of its market capitalization to the aggregated estimated fair value of all reporting units, including consideration of a control premium.

Based on the results of the 2024 interim impairment evaluation, the Company determined that the goodwill within the On-Demand Talent and Europe reporting units were impaired, which resulted in impairment charges of $14.8 million and $1.5 million, respectively. The impairment charges are recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024, and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024. The impairments were non-cash in nature and they did not affect the Company's current liquidity, cash flows, borrowing capability or operations; nor did it impact the debt covenants under the Company's credit agreement.

Other Intangible Assets, net

The Company’s other intangible assets, net by segment, are as follows:
June 30,
2025		December 31,
2024
Executive Search
Americas$2 $5 
Europe21 37 
Total Executive Search23 42 
On-Demand Talent8,980 10,592 
Heidrick Consulting1,536 1,849 
Total other intangible assets, net$10,539 $12,483 
16



The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows:
 Weighted
Average
Life (Years)		June 30, 2025December 31, 2024
 Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Client relationships10.8$27,583 $(18,656)$8,927 $25,188 $(15,371)$9,817 
Trade name3.05,248 (4,782)466 4,836 (4,039)797 
Software3.09,004 (7,858)1,146 8,285 (6,416)1,869 
Total intangible assets9.6$41,835 $(31,296)$10,539 $38,309 $(25,826)$12,483 

Intangible asset amortization expense for the three months ended June 30, 2025, and 2024, was $1.6 million and $1.9 million, respectively. Intangible asset amortization expense for the six months ended June 30, 2025, and 2024, was $3.3 million and $4.2 million, respectively.

The Company's estimated future amortization expense related to intangible assets as of June 30, 2025, for the following years ended December 31, is as follows:
2025$3,071 
20262,665 
20271,615 
2028940 
2029678 
Thereafter1,570 
Total$10,539 

9.    Other Current and Non-current Assets and Liabilities

The components of other current assets are as follows:
June 30,
2025		December 31,
2024
Contract assets$41,559 $33,150 
Other6,641 6,785 
Total other current assets$48,200 $39,935 

The components of other current liabilities are as follows:
June 30,
2025		December 31,
2024
Earnout liability$42,634 $— 
Other23,264 21,369 
Total other current liabilities$65,898 $21,369 

The components of other non-current liabilities are as follows:
June 30,
2025		December 31,
2024
Earnout liability$— $38,648 
Other4,527 4,257 
Total other non-current liabilities$4,527 $42,905 

17


10.    Line of Credit

On March 17, 2025, the Company entered into the Third Amendment (the “Third Amendment”) to the Credit Agreement, dated as of October 26, 2018 (the “Credit Agreement” and, as amended by the First Amendment to Credit Agreement, dated as of July 13, 2021, and the Second Amendment, dates as of February 24, 2023, the "Amended Credit Agreement") by and among the Company, Bank of America, N.A., as administrative agent, and the lenders party thereto. The Third Amendment provides that Lenders (as defined in the Third Amendment) will make available to the Borrowers (as defined in the Third Amendment) a committed revolving credit facility in an aggregate amount of $100 million, which includes a sublimit of $25 million for letters of credit and a sublimit of $10 million for swingline loans, with a $75 million expansion feature (collectively, the “Facility”). The Amended Credit Agreement matures on March 17, 2030, extended from July 13, 2026.

Borrowings under the Credit Agreement may be used for working capital, capital expenditures, permitted acquisitions, restricted payments and for other general corporate purposes of the Company and its subsidiaries. The obligations under the Credit Agreement are guaranteed by certain of the Company’s subsidiaries and from time to time may be secured by equity interests in certain of the Company’s subsidiaries.

As of June 30, 2025, and December 31, 2024, the Company had no outstanding borrowings. As of such dates, the Company was in compliance with the financial and other covenants under the Amended Credit Agreement and no event of default existed.
 
11.    Stock-Based Compensation and Common Stock

On May 23, 2024, the stockholders of the Company approved an amendment and restatement of the Company's Fourth Amended and Restated 2012 Heidrick & Struggles GlobalShare Program (as so amended and restated, the "Fifth A&R Program") to increase the number of shares of common stock reserved for issuance under the plan by 649,000 shares, among other things. The Fifth A&R Program provides for grants of stock options, stock appreciation rights, restricted stock units, performance stock units, and other stock-based compensation awards that are valued based upon the grant date fair value of the awards. These awards may be granted to directors, selected employees and independent contractors.

As of June 30, 2025, 5,149,536 awards have been issued under the Fifth A&R Program, including 955,362 forfeited awards, and 723,899 shares remain available for future awards assuming performance stock units vest at maximum levels. The Fifth A&R Program provides that no awards can be granted after the first annual meeting of the Company's stockholders to occur on or after May 23, 2034.

The Company measures its stock-based compensation costs based on the grant date fair value of the awards and recognizes these costs over the requisite service period.     

A summary of information with respect to stock-based compensation is as follows:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Salaries and benefits (1)$3,620 $2,429 $6,235 $5,870 
General and administrative expenses1,050 1,050 1,050 1,050 
Income tax benefit related to stock-based compensation included in net income (loss)1,271 958 1,982 1,907 

(1) Includes $0.7 million and $0.1 million of expense related to cash-settled restricted stock units for the three months ended June 30, 2025, and 2024, respectively, and $0.8 million and $0.9 million of expense related to cash-settled restricted stock units for the six months ended June 30, 2025, and 2024, respectively.

Restricted Stock Units

Restricted stock units granted to employees are subject to ratable vesting over a three-year or four-year period dependent upon the terms of the individual grant. Compensation expense related to service-based restricted stock units is recognized on a straight-line basis over the vesting period.

Non-employee members of the Board of Directors may elect to receive restricted stock units or shares of common stock annually pursuant to the Fifth A&R Program as part of their annual compensation. Based on their respective elections, the
Company issued 17,325 and 16,752 restricted stock units for services provided by the non-employee directors during the three months ended June 30, 2025, and 2024, respectively. Restricted stock units issued to non-employee directors remain unvested until the respective non-employee directors retire from the Board of Directors.

Restricted stock unit activity for the six months ended June 30, 2025, is as follows:
Number of
Restricted
Stock Units		Weighted-
Average
Grant-Date
Fair Value
Outstanding on December 31, 2024
675,411 $31.85 
Granted205,198 45.99 
Vested and converted to common stock(233,117)31.72 
Forfeited(25,662)31.01 
Outstanding on June 30, 2025
621,830 $36.59 

As of June 30, 2025, there was $12.4 million of pre-tax unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted average of 2.3 years.

Performance Stock Units

The Company grants performance stock units to certain of its senior executives. The majority of performance stock units are subject to cliff vesting at the end of a three-year period. The vesting will vary between 0% and 200% based on the attainment of certain performance and market conditions over the three-year vesting period. For the majority of granted performance stock units, half of the award is based on the achievement of adjusted operating margin or Adjusted EBITDA margin thresholds and half of the award is based on the Company's total shareholder return, relative to a peer group. The fair value of the awards subject to total shareholder return metrics is determined using a Monte Carlo simulation model. A Monte Carlo simulation model uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions and the resulting fair value of the award. The performance stock units are expensed on a straight-line basis over the three-year vesting period.

Certain of the Company's senior executives are granted performance stock units that are subject to ratable vesting over a four-year period. The vesting will vary between 0% and 100% of the shares subject to the performance stock units based on the attainment of specified stock price hurdles over the vesting period. The fair value of the awards subject to such stock price hurdles is determined using the Monte Carlo simulation model. The performance stock units are expensed on a straight-line basis over the derived service period, which ranges from one to four years.

Performance stock unit activity for the six months ended June 30, 2025, is as follows:
Number of
Performance
Stock Units		Weighted-
Average
Grant-Date
Fair Value
Outstanding on December 31, 2024
353,076 $34.17 
Granted132,944 53.37 
Vested and converted to common stock(160,636)43.57 
Forfeited(13,199)38.55 
Outstanding on June 30, 2025
312,185 $37.33 

As of June 30, 2025, there was $7.6 million of pre-tax unrecognized compensation expense related to unvested performance stock units, which is expected to be recognized over a weighted average of 2.2 years.

Phantom Stock Units

Phantom stock units are grants of phantom stock with respect to shares of the Company's common stock that are settled in cash and are subject to various restrictions, including restrictions on transferability, vesting and forfeiture provisions. Shares of phantom stock that do not vest for any reason will be forfeited by the recipient and will revert to the Company.

Phantom stock units are subject to vesting over a three-year or four-year period, and such vesting is subject to certain other conditions, including continued service to the Company. As a result of the cash-settlement feature of the awards, the Company
classifies the awards as liability awards, which are measured at fair value at each reporting date and the vested portion of the award is recognized as a liability to the extent that the service condition is deemed probable. The fair value of the phantom stock awards on the balance sheet date is determined using the closing share price of the Company's common stock on that date.

The Company recorded phantom stock-based compensation expense of $0.7 million and $0.1 million related to cash-settled restricted stock units for the three months ended June 30, 2025, and 2024, respectively, and $0.8 million and $0.9 million of expense related to cash-settled restricted stock units for the six months ended June 30, 2025, and 2024, respectively.

Phantom stock unit activity for the six months ended June 30, 2025, is as follows:
Number of
Phantom
Stock Units
Outstanding on December 31, 2024
131,177 
Granted22,049 
Vested(10,606)
Forfeited(2,046)
Outstanding on June 30, 2025
140,574 

As of June 30, 2025, there was $1.4 million of pre-tax unrecognized compensation expense related to unvested phantom stock units, which is expected to be recognized over a weighted average of 2.1 years.

Common Stock

Non-employee members of the Board of Directors may elect to receive restricted stock units or shares of common stock annually pursuant to the Fifth A&R Program as part of their annual compensation, which is typically issued in the second quarter each year. The Company issued 6,930 and 12,564 shares of common stock for services provided by the non-employee directors during the three months ended June 30, 2025, and 2024, respectively.

On February 11, 2008, the Company's Board of Directors authorized management to repurchase shares of the Company's common stock with an aggregate purchase price of up to $50.0 million (the "Repurchase Authorization"). From time to time and as business conditions warrant, the Company may purchase shares of its common stock on the open market or in negotiated or block trades. No time limit has been set for completion of this program. There were no repurchases of common stock in 2025 and 2024. Prior to 2024, the most recent purchase of the Company's shares of common stock occurred during the year ended December 31, 2023 when the Company purchased 36,000 shares of common stock for $0.9 million. As of June 30, 2025, the Company has purchased 1,074,670 shares of its common stock pursuant to the Repurchase Authorization for a total of $29.2 million and $20.8 million remains available for future purchases under the Repurchase Authorization.
 
18


12. Restructuring

During the year ended December 31, 2024, the Company implemented a restructuring plan (the "2024 Plan") to optimize future growth and profitability through a workforce reduction. The Company did not incur any such charges related to the implementation of the 2024 Plan during the six months ended June 30, 2025.

Restructuring charges incurred to date for the 2024 Plan by type of charge and reportable segment are as follows:
Executive Search
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingGlobal Operations SupportTotal
Employee related$1,277 $876 $157 $286 $3,367 $976 $6,939 


Changes in the restructuring accrual for the six months ended June 30, 2025, were as follows:
Employee Related
Accrual balance at December 31, 2024
2,506 
Cash payments(1,424)
Accrual balance at June 30, 2025
$1,082 
Restructuring accruals are recorded within current Accrued salaries and benefits in the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.

13.    Income Taxes

The Company reported income before taxes of $31.1 million and an income tax provision of $10.1 million for the three months ended June 30, 2025. The Company reported a loss before taxes of $0.6 million and an income tax provision of $4.6 million for the three months ended June 30, 2024. The effective tax rates for the three months ended June 30, 2025, and 2024, were 32.3% and (798.4)%, respectively. The effective tax rate for the three months ended June 30, 2025 was impacted by the mix of income and the tax effect on discrete items. The effective tax rate for the three months ended June 30, 2024 was impacted by the tax effect on goodwill impairment and the mix of income.

The Company reported income before taxes of $48.8 million and an income tax provision of $14.4 million for the six months ended June 30, 2025. The Company reported income before taxes of $22.4 million and an income tax provision of $13.5 million for the six months ended June 30, 2024. The effective tax rates for the six months ended June 30, 2025, and 2024, were 29.5% and 60.3%, respectively. The effective tax rate for the six months ended June 30, 2025, was impacted by the mix of income and the tax effect on discrete items. The effective tax rate for the six months ended June 30, 2024 was impacted by the tax effect on goodwill impairment and the mix of income.

On July 4, 2025, the "One Big Beautiful Bill Act" (OBBBA) was signed into law in the United States. The OBBBA contains several changes to corporate taxation, including the extension of multiple tax provisions from the 2017 Tax Cuts and Jobs Act that were scheduled to expire in 2025. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the results of operations.

19


14.    Changes in Accumulated Other Comprehensive Income (Loss)

The changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the six months ended June 30, 2025, are as follows:
Available-
for-
Sale
Securities		Foreign
Currency
Translation		PensionAOCI
Balance at December 31, 2024
$53 $(13,770)$(328)$(14,045)
Other comprehensive income (loss) before reclassification, net of tax(46)9,067 — 9,021 
Balance at June 30, 2025
$7 $(4,703)$(328)$(5,024)


15.    Segment Information

The Company has five operating segments. The Executive Search business operates in the Americas, Europe (which includes Africa) and Asia Pacific (which includes the Middle East), and the Heidrick Consulting and On-Demand Talent businesses operate globally. The Company's operating segments are based on the organizational structure for which financial results are regularly reviewed by our chief operating decision-maker to evaluate performance and allocate resources.

Executive Search partners with our clients - respected organizations across the globe - to help them build and sustain the best leadership teams in the world, with a specialized focus on the placement of top-level senior executives.

On-Demand Talent provides clients seamless on-demand access to top independent talent, including professionals with deep industry and functional expertise for interim leadership roles and critical, project-based initiatives.

Heidrick Consulting partners with organizations to unlock the power of their people. The Company's tools and experts use data and technology designed to bring science to the art of human capital development and organizational design. Our services allow our clients to accelerate their strategies and the effectiveness of individual leaders, teams and organizations as a whole.

The Company's chief operating decision-maker is its Chief Executive Officer. The Company evaluates performance and allocates resources based on the review of the chief operating decision maker ("CODM") of (1) net revenue and (2) 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"). Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of net revenue in the same period. The CODM considers actual to historical, actual to budgeted, and actual to forecasted results and variances on a monthly basis using net revenue and Adjusted EBITDA when making decisions about allocating resources to the segments and assessing performance. The CODM is not provided asset information by reportable segment.

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP (as defined below) financial measures. The following table presents a reconciliation of net income to Adjusted EBITDA and Adjusted EBITDA margin:

20


Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
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 taxes10,072 4,583 14,383 13,482 
Operating income (loss)25,230 (4,183)41,458 12,091 
Adjustments
Depreciation3,428 1,990 6,607 4,483 
Intangible amortization1,587 1,920 3,255 4,217 
Earnout accretion536 469 1,017 935 
Earnout fair value adjustments(3,257)1,211 (2,315)1,211 
Acquisition contingent consideration1,566 3,285 4,387 5,273 
Deferred compensation plan5,198 956 4,840 3,306 
Reorganization costs(436)— 3,725 — 
Impairment charges— 16,224 — 16,224 
Restructuring charges— 6,939 — 6,939 
Total adjustments8,622 32,994 21,516 42,588 
Adjusted EBITDA$33,852 $28,811 $62,974 $54,679 
Adjusted EBITDA margin10.7 %10.3 %10.5 %10.1 %


21


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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$160,170 $52,451 $25,553 $47,866 $31,208 $317,248 
Reimbursements4,660 
Total revenue321,908 
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 expenses113,515 47,063 23,046 46,838 30,653 261,115 
Segment Adjusted EBITDA46,655 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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$147,078 $40,082 $22,807 $41,895 $26,764 $278,626 
Reimbursements4,251 
Total revenue282,877 
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 expenses98,966 37,242 21,067 43,524 28,159 228,958 
Segment Adjusted EBITDA48,112 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 
22


Six Months Ended June 30, 2025
Executive Search
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$304,574 $97,842 $49,148 $90,430 $58,832 $600,826 
Reimbursements8,524 
Total revenue609,350 
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 expenses213,697 87,412 43,606 89,002 60,373 494,090 
Segment Adjusted EBITDA90,877 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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$283,757 $81,563 $46,128 $79,752 $52,623 $543,823 
Reimbursements8,152 
Total revenue551,975 
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 expenses193,774 75,370 41,193 82,302 56,045 448,684 
Segment Adjusted EBITDA89,983 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.
23


Depreciation and amortization, and capital expenditures, by segment, are as follows:
 Three Months Ended
June 30,		Six Months Ended June 30, 2025
 2025202420252024
Depreciation and amortization
Executive Search
Americas$647 $723 $1,170 $1,486 
Europe442 42 863 337 
Asia Pacific252 115 494 317 
Total Executive Search1,341 880 2,527 2,140 
On-Demand Talent1,474 1,651 2,974 3,616 
Heidrick Consulting530 449 1,105 1,091 
Total segments3,345 2,980 6,606 6,847 
Research and development1,501 809 2,938 1,563 
Global Operations Support169 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 
Europe639 4,418 1,034 6,387 
Asia Pacific25 581 97 1,006 
Total Executive Search1,878 5,518 2,731 8,425 
On-Demand Talent109 442 180 659 
Heidrick Consulting19 2,053 128 2,881 
Total segments2,006 8,013 3,039 11,965 
Research and development1,827 1,255 3,452 3,094 
Global Operations Support73 1,097 149 1,479 
Total capital expenditures$3,906 $10,365 $6,640 $16,538 

16.    Guarantees

The Company has utilized letters of credit to support certain obligations, primarily for its office lease agreements. The letters of credit were made to secure the respective agreements and are for the terms of the agreements, which extend through 2034. For each letter of credit issued, the Company would have to use cash to fulfill the obligation if there is a default on a payment. The maximum amount of undiscounted payments the Company would be required to make in the event of default on all outstanding letters of credit is approximately $4.7 million as of June 30, 2025. The Company has not accrued for these arrangements as no event of default exists or is expected to exist.
 
17.    Commitments and Contingencies

Litigation

The Company has contingent liabilities from various pending claims and litigation matters arising in the ordinary course of the Company’s business, some of which involve claims for damages that are substantial in amount. Some of these matters are covered in part by insurance. Based upon information currently available, the Company believes the ultimate resolution of such claims and litigation will not have a material adverse effect on its financial condition, results of operations or liquidity.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Management’s Discussion and Analysis of Financial Condition and Results of Operations as well as other sections of this quarterly report on Form 10-Q contain forward-looking statements within the meaning of the federal securities laws, including expectations regarding the Company's One Heidrick strategy and associated investment initiatives. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. Forward-looking statements are not historical facts or guarantees of future performance, but instead represent only our beliefs, assumptions, expectations, estimates, forecasts and projections regarding future events, many of which, by their nature, are inherently uncertain and outside our control. 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. These statements include statements other than historical information or statements of current condition and may relate to our future plans and objectives and results. By identifying these statements for you in this manner, we are alerting you to the possibility that our actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements.

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 the factors that could affect the outcome of forward-looking statements, refer to our Annual Report on Form 10-K for the year ended December 31, 2024, under the heading "Risk Factors" in Item 1A, and any subsequent Company filings with the Securities and Exchange Commission ("SEC"). We caution the reader that the list of factors may not be exhaustive. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Executive Overview

Our Business. Heidrick & Struggles International, Inc. (the "Company," "we," "us," or "our") is a human capital leadership advisory firm providing executive search, consulting and on-demand talent services to businesses and business leaders worldwide to help them improve the effectiveness of their leadership teams. We provide our services to a broad range of clients through the expertise of over 500 consultants located in major cities around the world. The Company and its predecessors have been leadership advisors for more than 70 years.

Our service offerings include the following:

Executive Search. We partner with our clients, respected organizations across the globe, to help them build and sustain the best leadership teams in the world, with a specialized focus on the placement of top-level senior executives. Through our unique relationship-based, data-driven approach, we help our clients find the right leaders, set them up for success, and accelerate their performance and that of their teams.

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We believe focusing on top-level senior executives offers several competitive advantages including access to and influence with key decision makers, increased potential for recurring search and consulting engagements, higher fees per search engagement, enhanced brand visibility, and a leveraged global footprint. Working at the top of client organizations also facilitates the attraction and retention of high-caliber consultants who desire to serve top industry executives and their leadership needs. Our executive search services derive revenue through the fees generated for each search engagement, which generally are based on the annual compensation for the placed executive. We provide our executive search services primarily on a retained basis.

We employ a global approach to executive search built on better insights, more data and faster decision making facilitated by the use of our Heidrick Leadership Framework and Heidrick Connect. Our Heidrick Leadership Framework allows clients to holistically evaluate a candidate's pivotal experience and expertise, leadership capabilities, agility and potential, and culture fit and impact, thereby allowing our clients to find the right person for the role. We supplement our Heidrick Leadership Framework through a series of additional online tools including our Leadership Accelerator, Leadership Signature and Culture Signature assessments. Heidrick Connect, a completely digital, always available client experience portal, allows our clients to access talent insights for each engagement, including the Heidrick Leadership Framework and other internally developed assessment tools. In response to working remotely, our Executive Search teams employed Heidrick Connect to operate effectively and efficiently while engaging virtually with our clients. Additionally, we have introduced upgrades to Heidrick Connect, resulting in greater flexibility, increased productivity and the ability to deliver more insights to our clients.

The executive search industry consists of several thousand executive search firms worldwide. Executive search firms are generally separated into two broad categories: retained search and contingency search. Retained executive search firms fulfill their clients’ senior leadership needs by identifying potentially qualified candidates and assisting clients in evaluating and assessing these candidates. Retained executive search firms generally are compensated for their services regardless of whether the client employs a candidate identified by the search firm and are generally retained on an exclusive basis. Typically, retained executive search firms are paid a retainer for their services equal to approximately one-third of the estimated first year compensation for the position to be filled. In addition, if the actual compensation of a placed candidate exceeds the estimated compensation, executive search firms often are authorized to bill the client for one-third of the excess. In contrast, contingency search firms are compensated only upon successfully placing a recommended candidate.

We are a retained executive search firm. Our search process typically consists of the following steps:

•Analyzing the client’s business needs in order to understand its organizational structure, relationships and culture, advising the client as to the required set of skills and experiences for the position, and identifying with the client the other characteristics desired of the successful candidate;

•Selecting, contacting, interviewing and evaluating candidates on the basis of experience and potential cultural fit with the client organization;

•Presenting confidential written reports on the candidates who potentially fit the position specification;

•Scheduling a mutually convenient meeting between the client and each candidate;

•Completing reference checks on the final candidate selected by the client; and

•Assisting the client in structuring compensation packages and supporting the successful candidate’s integration into the client team.

On-Demand Talent. Our on-demand talent services provide clients seamless on-demand access to top independent talent, including professionals with deep industry and functional expertise for interim leadership roles and critical, project-based initiatives. Our unique model delivers the right independent talent on demand by blending proprietary data and technology with a dedicated Talent Solutions team.

Heidrick Consulting. We partner with organizations through Heidrick Consulting to unlock the power of their people. Our tools and experts use data and technology designed to bring science to the art of human capital development and organizational design. Our services allow our clients to accelerate their strategies and the effectiveness of individual leaders, teams and organizations as a whole.

Heidrick Consulting offers our clients impactful approaches to human capital development through a myriad of solutions, ranging from leadership assessment and development, team and organization acceleration, digital acceleration and innovation,
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diversity and inclusion advisory services, and culture shaping. Applying our deep understanding of the behaviors and attributes of leaders across many of the world’s premier companies, we guide our clients as they build a thriving culture of future-ready leadership. These premium services and offerings, which complement our Executive Search expertise, significantly contribute to our ability to deliver a full-service human capital consulting solution to our clients.

Our consulting services generate revenue primarily through the professional fees generated for each engagement which are generally based on the size of the project and scope of services. Our Heidrick Consulting teams have integrated new digital solutions for Leadership Assessments, Team Acceleration, and Organization and Culture Acceleration that can be delivered virtually.

We also remain focused on expanding our revenue streams beyond our executive search business through the investment in the diversification of our product offerings, namely through aligning our financial and talent resources to our strategic priorities.

Key Performance Indicators

We manage and assess our performance through various means, with primary financial and operational measures including net revenue, Adjusted EBITDA and Adjusted EBITDA margin. These non-GAAP financial measures should be considered in addition to, and not as a substitute for or superior to, any measure of performance prepared in accordance with United States generally accepted accounting principles ("GAAP"). Executive Search and Heidrick Consulting performance is also measured using consultant headcount. Specific to Executive Search, confirmed search (confirmation) trends, consultant productivity and average revenue per search are used to measure performance. Productivity is as measured by annualized Executive Search net revenue per consultant.

Revenue is driven by market conditions and a combination of the number of executive search engagements, consulting projects, on-demand projects and the average revenue per search or project. With the exception of compensation expense and cost of sales, incremental increases in revenue do not necessarily result in proportionate increases in costs, particularly operating and administrative expenses, thus creating the potential to improve Adjusted EBITDA and Adjusted EBITDA margin.

The number of consultants, confirmation trends, number of searches or projects completed, productivity levels and the average revenue per search or project will vary from quarter to quarter, affecting net revenue, Adjusted EBITDA and Adjusted EBITDA margin.

The Company evaluates performance and allocates resources based on the CODM’s review of (1) net revenue and (2) 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, or Adjusted EBITDA. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue in the same period.

Consolidated and the subtotal of Executive Search Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures and have limitations as analytical tools. They should not be viewed as a substitute for financial information determined in accordance with GAAP and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. In addition, they may not necessarily be comparable to non-GAAP performance measures that may be presented by other companies.

We believe the presentation of these non-GAAP financial measures provides meaningful supplemental information and a more complete understanding of our ongoing operating results, including underlying trends. These non-GAAP financial measures are used by management in their financial and operating decision making because management believes they reflect our ongoing business in a manner that allows for meaningful period-to-period comparison and evaluation. We also believe that these non-GAAP financial measures, when considered together with our GAAP financial measures, provide management and investors with additional information for comparison of our operating results with the operating results of other companies.


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Our Compensation Model

At the consultant level, there are fixed and variable components of compensation. Individuals are rewarded for their performance based on a system that directly ties a portion of their compensation to the amount of net revenue for which they are responsible. A portion of the reward may be based upon individual performance against a series of non-financial measures. Credit towards the variable portion of a consultant’s compensation is earned by generating net revenue for winning and executing work. Each quarter, we review and update the expected annual performance of all consultants and accrue variable compensation accordingly. The amount of variable compensation that is accrued for each consultant is based on a tiered payout model. Overall, Company performance determines the amount available for total variable compensation. The more net revenue that is generated by the consultant, the higher the percentage credited towards the consultant’s variable compensation and thus accrued by our Company as expense.

The mix of individual consultants who generate revenue can significantly affect the total amount of compensation expense recorded, which directly impacts operating margin. As a result, the variable portion of the compensation expense may fluctuate significantly from quarter to quarter. The total variable compensation is discretionary and is based on Company-wide financial targets approved by the Human Resources and Compensation Committee of the Board of Directors. We pay annual bonuses in the first half of the year following the year in which they are earned.

Results of Operations

(In the following tables, totals and sub-totals may not equal the sum of individual line items due to rounding. All tables are in thousands, except percentages.)

The following table summarizes, for the periods indicated, our results of operations as a percentage of revenue before reimbursements (net revenue): 
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Revenue
Revenue before reimbursements (net revenue)100.0 %100.0 %100.0 %100.0%
Reimbursements1.5 1.5 1.4 1.5 
Total revenue101.5 101.5 101.4 101.5 
Operating expenses
Salaries and benefits65.9 63.8 66.4 64.8 
General and administrative expenses13.3 16.7 13.9 16.1 
Cost of services10.9 10.7 10.8 10.5 
Research and development1.9 2.0 2.1 2.1 
Impairment charges— 5.8 — 3.0 
Restructuring charges— 2.5 — 1.3 
Reimbursed expenses1.5 1.5 1.4 1.5 
Total operating expenses93.5 103.0 94.5 99.3 
Operating income (loss)8.0 (1.5)6.9 2.2 
Non-operating income
Interest, net0.8 0.9 1.1 1.2 
Other, net1.0 0.4 0.1 0.7 
Net non-operating income 1.9 1.3 1.2 1.9 
Income (loss) before income taxes9.8 (0.2)8.1 4.1 
Provision for income taxes3.2 1.6 2.4 2.5 
Net income (loss)6.6 %(1.9)%5.7 %1.6 %


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The following table sets forth, for the periods indicated, a reconciliation of Adjusted EBITDA to net income:

Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
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 taxes10,072 4,583 14,383 13,482 
Operating income (loss)25,230 (4,183)41,458 12,091 
Adjustments
Depreciation3,428 1,990 6,607 4,483 
Intangible amortization1,587 1,920 3,255 4,217 
Earnout accretion536 469 1,017 935 
Earnout fair value adjustments(3,257)1,211 (2,315)1,211 
Acquisition contingent consideration1,566 3,285 4,387 5,273 
Deferred compensation plan5,198 956 4,840 3,306 
Reorganization costs(436)— 3,725 — 
Impairment charges— 16,224 — 16,224 
Restructuring charges— 6,939 — 6,939 
Total adjustments8,622 32,994 21,516 42,588 
Adjusted EBITDA$33,852 $28,811 $62,974 $54,679 
Adjusted EBITDA margin10.7 %10.3 %10.5 %10.1 %

Revenue and Adjusted EBITDA by segment are as follows:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Revenue
Executive Search
Americas$160,170 $147,078 $304,574 $283,757 
Europe 52,451 40,082 97,842 81,563 
Asia Pacific25,553 22,807 49,148 46,128 
Total Executive Search238,174 209,967 451,564 411,448 
On-Demand Talent47,866 41,895 90,430 79,752 
Heidrick Consulting31,208 26,764 58,832 52,623 
Revenue before reimbursements (net revenue)317,248 278,626 600,826 543,823 
Reimbursements4,660 4,251 8,524 8,152 
Total revenue$321,908 $282,877 $609,350 $551,975 
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 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Adjusted EBITDA
Executive Search
Americas$46,655 $48,112 $90,877 $89,983 
Europe5,388 2,840 10,430 6,193 
Asia Pacific2,507 1,740 5,542 4,935 
Total Executive Search54,550 52,692 106,849 101,111 
On-Demand Talent1,028 (1,629)1,428 (2,550)
Heidrick Consulting555 (1,395)(1,541)(3,422)
Total segment Adjusted EBITDA56,133 49,668 106,736 95,139 
Research and Development(4,638)(4,781)(9,262)(9,706)
Global Operations Support(17,643)(16,076)(34,500)(30,754)
Total Adjusted EBITDA$33,852 $28,811 $62,974 $54,679 

Three Months Ended June 30, 2025, Compared to the Three Months Ended June 30, 2024

Total revenue. Consolidated total revenue increased $39.0 million, or 13.8%, to $321.9 million for the three months ended June 30, 2025, from $282.9 million for the three months ended June 30, 2024. The increase in total revenue was primarily due to the increase in revenue before reimbursements (net revenue) described below.

Revenue before reimbursements (net revenue). Consolidated net revenue increased $38.6 million, or 13.9%, to $317.2 million for the three months ended June 30, 2025, compared to $278.6 million for the three months ended June 30, 2024. Foreign exchange rate fluctuations positively impacted results by $4.1 million, or 1.5%. Executive Search net revenue was $238.2 million for the three months ended June 30, 2025, an increase of $28.2 million, or 13.4%, compared to the three months ended June 30, 2024. The increase in Executive Search net revenue was primarily due to a 5.2% increase in the number of executive search confirmations compared to the prior year period. On-Demand Talent net revenue was $47.9 million for the three months ended June 30, 2025, an increase of $6.0 million, or 14.3%, compared to the three months ended June 30, 2024. The increase in On-Demand Talent revenue was primarily due to an increase in the volume of On-Demand projects. Heidrick Consulting net revenue was $31.2 million for the three months ended June 30, 2025, an increase of $4.4 million, or 16.6%, compared to the three months ended June 30, 2024. The increase in Heidrick Consulting revenue was primarily due to an increase in leadership assessment consulting engagements compared to the prior year period.

The number of Executive Search and Heidrick Consulting consultants was 420 and 90, respectively, as of June 30, 2025, compared to 415 and 85, respectively, as of June 30, 2024. Executive Search productivity, as measured by annualized net Executive Search revenue per consultant, was $2.3 million and $2.0 million for the three months ended June 30, 2025, and 2024, respectively. The average revenue per executive search was $162,000 and $151,000 for the three months ended June 30, 2025, and 2024, respectively.

Salaries and benefits. Consolidated salaries and benefits expense increased $31.3 million, or 17.6%, to $209.2 million for the three months ended June 30, 2025, compared to $177.9 million for the three months ended June 30, 2024. Fixed compensation increased $14.1 million due to increases in base salaries and payroll taxes, expenses related to our deferred compensation plan, talent acquisition and retention costs, retirement and benefit costs, and stock compensation. Variable compensation increased $17.2 million due to higher bonus accruals related to increased consultant productivity. Foreign exchange rate fluctuations negatively impacted results by $2.5 million, or 1.4%.

For the three months ended June 30, 2025, we had an average of 2,221 employees compared to an average of 2,196 employees for the three months ended June 30, 2024.

As a percentage of net revenue, salaries and benefits expense was 65.9% for the three months ended June 30, 2025, compared to 63.8% for the three months ended June 30, 2024.

General and administrative expenses. Consolidated general and administrative expenses decreased $4.3 million, or 9.2%, to $42.2 million for the three months ended June 30, 2025, compared to $46.5 million for the three months ended June 30, 2024. The decrease in general and administrative expenses was due to an adjustment to decrease the earnout accrual related to our acquisition of Atreus Group GmbH ("Atreus"), decreased costs associated with the 2024 Global Partner Conference, professional fees, partially offset by increases in expenses related to information technology, bad debt, and business
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development travel. Fair value adjustments were made to decrease the Atreus earnout by $3.4 million and increase the businessfourzero earnout by $0.2 million during the three months ended June 30, 2025. Foreign exchange rate fluctuations negatively impacted results by $0.5 million, or 1.0%.

As a percentage of net revenue, general and administrative expenses were 13.3% for the three months ended June 30, 2025, compared to 16.7% for the three months ended June 30, 2024.

Cost of services. Consolidated cost of services increased $4.9 million, or 16.5%, to $34.6 million for the three months ended June 30, 2025, compared to $29.7 million for the three months ended June 30, 2024. The increase in cost of services was primarily due to an increase in the volume of On-Demand Talent and consulting projects. Foreign exchange rate fluctuations negatively impacted results by less than $0.9 million, or 3.0%.

As a percentage of net revenue, cost of services was 10.9% for the three months ended June 30, 2025, compared to 10.7% for the three months ended June 30, 2024.

Research and development. Due to the rapid pace of technological advances and digital disruption many of our clients are experiencing, we believe our ability to compete successfully depends increasingly upon our ability to provide clients with timely and relevant technology-enabled products and services. As such, we are focused on developing new technologies to enhance existing products and services, and to expand the range of our offerings through research and development (“R&D”), licensing of intellectual property and acquisition of third-party businesses and technology. We plan to utilize the results of our R&D efforts to develop and enhance new and existing services and products across our current offerings in Executive Search, Heidrick Consulting and On-Demand Talent. Consolidated R&D expense increased $0.4 million, or 7.7%, to $6.0 million for the three months ended June 30, 2025, compared to $5.6 million for the three months ended June 30, 2024. R&D expenses consist of expenses related to payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with new product development.

Impairment charges. During the three months ended June 30, 2024, as a result of the Company's mid-year forecasting process, it was determined that a reduction in the On-Demand Talent reporting unit forecast was required. Due to the reduction in the forecasted results for the reporting unit, in addition to the 6% passing margin in the most recent impairment analysis conducted as of October 31, 2023, the Company determined that it was more likely than not that the fair value of the reporting unit was less than its carrying value. As a result, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the three months ended June 30, 2024. Based on the results of the impairment evaluation of each of its reporting units, the Company recorded an impairment charge of $14.8 million in On-Demand Talent reporting unit, as well as an impairment charge of $1.5 million in the Europe reporting unit. The impairment charges are recorded within Impairment charges in the Condensed Consolidated Statement of Comprehensive Income (Loss) for the three months ended June 30, 2024, and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024. The impairment was non-cash in nature and did not affect our current liquidity, cash flows, borrowing capability or operations, nor did it impact the debt covenants under our credit agreement.

Restructuring charges. The Company incurred $6.9 million in restructuring charges during the three months ended June 30, 2024, related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2024.

Adjusted EBITDA. Consolidated Adjusted EBITDA was $33.9 million for the three months ended June 30, 2025, an increase of $5.0 million, or 17.5%, compared to $28.8 million for the three months ended June 30, 2024. Adjusted EBITDA margin was 10.7% for the three months ended June 30, 2025, compared to 10.3% for the three months ended June 30, 2024.

Net non-operating income. Net non-operating income was $5.9 million for the three months ended June 30, 2025, compared to $3.6 million for the three months ended June 30, 2024.

Interest, net, was $2.6 million of income for the three months ended June 30, 2025 and 2024, primarily due to lower interest rates on a higher volume of marketable securities.

Other, net, was $3.3 million of income for the three months ended June 30, 2025, compared to $1.0 million of income for the three months ended June 30, 2024. The income for the three months ended June 30, 2025, is primarily due to unrealized gains on our deferred compensation plan, partially offset by foreign exchange losses. The income for the three months ended June 30, 2024, is primarily due to unrealized gains on the deferred compensation plan and foreign exchange gains. The majority of the Company's investments, including those held in the Company’s deferred compensation plan, are recorded at fair value.
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Income taxes. See Note 13, Income Taxes, to the Company's Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q.

Executive Search

Americas

The Americas segment reported net revenue of $160.2 million for the three months ended June 30, 2025, an increase of 8.9% compared to $147.1 million for the three months ended June 30, 2024. The increase in net revenue was primarily due to a 3.7% increase in the number of executive search confirmations. All practice groups, with the exception of Consumer and Industrial, exhibited growth over the prior period. Foreign exchange rate fluctuations negatively impacted results by $0.6 million, or 0.4%. There were 216 Executive Search consultants in the Americas segment at both June 30, 2025 and 2024.

Salaries and benefits expense increased $17.4 million, or 19.7%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Fixed compensation increased $7.6 million due to increases in expenses related to our deferred compensation plan, and talent acquisition and retention costs. Variable compensation increased $9.8 million due to higher bonus accruals related to increased consultant productivity.

General and administrative expenses increased $0.9 million, or 7.1%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, due to increases in expenses related to information technology and bad debt, partially offset by a decrease related to costs associated with the 2024 Global Partner Conference.

Restructuring charges for the three months ended June 30, 2024, were $1.3 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2024.

The Americas segment reported Adjusted EBITDA of $46.7 million for the three months ended June 30, 2025, a decrease of $1.5 million, or 3.0%, compared to $48.1 million for the three months ended June 30, 2024. Adjusted EBITDA margin was 29.1% for the three months ended June 30, 2025, compared to 32.7% for the three months ended June 30, 2024.

Europe

The Europe segment reported net revenue of $52.5 million for the three months ended June 30, 2025, an increase of 30.9% compared to $40.1 million for the three months ended June 30, 2024. The increase in net revenue was primarily due to a 20.8% increase in the number of executive search confirmations. All practice groups, with the exception of Social Impact, exhibited growth over the prior year period. Foreign exchange rate fluctuations positively impacted results by $2.7 million, or 6.8%. There were 126 Executive Search consultants in the Europe segment at June 30, 2025, compared to 121 at June 30, 2024.

Salaries and benefits expense increased $9.6 million, or 32.9%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Fixed compensation increased $3.4 million due to increases in base salaries and payroll taxes. Variable compensation increased $6.1 million due to higher bonus accruals related to increased consultant productivity.

General and administrative expense increased $0.7 million, or 8.0%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, due to increases in office occupancy costs, bad debt, and business development travel.

Impairment charges for the three months ended June 30, 2024, were $1.5 million as a result of an interim goodwill impairment evaluation. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2024, and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024.

Restructuring charges for the three months ended June 30, 2024, were $0.9 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2024.

The Europe segment reported Adjusted EBITDA of $5.4 million for the three months ended June 30, 2025, an increase of $2.5 million, or 89.7%, compared to $2.8 million for the three months ended June 30, 2024. Adjusted EBITDA margin was 10.3% for the three months ended June 30, 2025, compared to 7.1% for the three months ended June 30, 2024.
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Asia Pacific

The Asia Pacific segment reported net revenue of $25.6 million for the three months ended June 30, 2025, an increase of 12.0% compared to $22.8 million for the three months ended June 30, 2024. The increase in net revenue was primarily due to a 10.6% increase in the number of executive search confirmations. All practice groups, with the exception of Industrial, exhibited growth over the prior period. Foreign exchange rate fluctuations positively impacted results by less than $0.1 million, or 0.2%. There were 78 Executive Search consultants in the Asia Pacific segment at June 30, 2025 and 2024.

Salaries and benefits expense increased $2.5 million, or 15.2%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Fixed compensation increased $1.2 million due to increases in base salaries and payroll taxes. Variable compensation increased $1.3 million due to higher bonus accruals related to increased consultant productivity.

General and administrative expenses decreased $0.4 million, or 9.8%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, due to decreases in bad debt, partially offset by increases in other operating expense and business development travel.

Restructuring charges for the three months ended June 30, 2024, were $0.2 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2024.

The Asia Pacific segment reported Adjusted EBITDA of $2.5 million for the three months ended June 30, 2025, an increase of $0.8 million, or 44.1%, compared to $1.7 million for the three months ended June 30, 2024. Adjusted EBITDA margin was 9.8% for the three months ended June 30, 2025, compared to 7.6% for the three months ended June 30, 2024.

On-Demand Talent

The On-Demand Talent segment reported net revenue of $47.9 million for the three months ended June 30, 2025, an increase of 14.3% compared to $41.9 million for the three months ended June 30, 2024. The increase in On-Demand Talent revenue was primarily due to an increase in the volume of On-Demand projects. Foreign exchange rate fluctuations positively impacted results by $1.2 million, or 2.9%.

Salaries and benefits expense decreased $2.7 million, or 20.2%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Fixed compensation decreased $0.6 million due to decreases in separation costs, and base salaries and payroll taxes, partially offset by an increase in retirement and benefit costs. Variable compensation decreased $2.1 million due to a fair value adjustment to reduce the Atreus contingent compensation accrual.

General and administrative expense decreased $4.7 million, or 59.8%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, due to a $3.4 million fair value adjustment to decrease the earnout accrual for Atreus and hiring fees, partially offset by an increase in bad debt.

During the three months ended June 30, 2024, as a result of the Company's mid-year forecasting process, it was determined that a reduction in the On-Demand Talent reporting unit forecast was required. Due to the reduction in the forecasted results for the reporting unit, in addition to the 6% passing margin in the most recent impairment analysis conducted as of October 31, 2023, the Company determined that it was more likely than not that the fair value of the reporting unit was less than its carrying value. As a result, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the three months ended June 30, 2024. Based on the results of the impairment evaluation of each of its reporting units, the Company recorded an impairment charge of $14.8 million in On-Demand Talent reporting unit. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2024, and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024.

Restructuring charges for the three months ended June 30, 2024, were $0.3 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2024.

Cost of services increased $3.5 million, or 12.8%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, primarily due to an increase in the volume of On-Demand Talent projects.
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The On-Demand Talent segment reported Adjusted EBITDA of $1.0 million for the three months ended June 30, 2025, an increase of $2.7 million compared to an Adjusted EBITDA loss of $1.6 million for the three months ended June 30, 2024. Adjusted EBITDA margin was 2.1% for the three months ended June 30, 2025, compared to (3.9)% for the three months ended June 30, 2024.

Heidrick Consulting

The Heidrick Consulting segment reported net revenue of $31.2 million for the three months ended June 30, 2025, an increase of 16.6% compared to $26.8 million for the three months ended June 30, 2024. The increase in net revenue was primarily due to increases in leadership assessment consulting engagements compared to the prior year period. Foreign exchange rate fluctuations positively impacted results by $0.7 million, or 2.8%. There were 90 Heidrick Consulting consultants at June 30, 2025 compared to 85 at June 30, 2024.

Salaries and benefits expense increased $2.6 million, or 12.2%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. Fixed compensation increased $1.4 million due to increases in talent acquisition and retention costs, base salaries and payroll taxes, and stock compensation. Variable compensation increased $1.2 million due to higher bonus accruals related to increased productivity.

General and administrative expenses decreased $1.2 million, or 18.7%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, due to decreases in business development travel and professional fees, partially offset by a $0.2 million fair value adjustment to increase the earnout accrual for businessfourzero, and bad debt.

Restructuring charges for the three months ended June 30, 2024, were $3.4 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2024.

Cost of services increased $1.4 million, or 60.5%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, due to an increase in the volume of consulting projects.

The Heidrick Consulting segment reported Adjusted EBITDA of $0.6 million for the three months ended June 30, 2025, an improvement of $2.0 million, or 139.8%, compared to an Adjusted EBITDA loss of $1.4 million for the three months ended June 30, 2024. Adjusted EBITDA margin was 1.8% for the three months ended June 30, 2025, compared to (5.2)% for the three months ended June 30, 2024.

Global Operations Support

Salaries and benefits expense increased $1.9 million, or 20.2%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, due to increases in variable compensation, separation costs, and retirement and benefit costs.

General and administrative expenses increased $0.5 million, or 7.1%, for the three months ended June 30, 2025, compared to the three months ended June 30, 2024, due to increases in expenses related to information technology, hiring fees, and marketing costs, partially offset by a decrease in professional fees.

Restructuring charges for the three months ended June 30, 2024, were $1.0 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended June 30, 2024.

Global Operations Support reported an Adjusted EBITDA loss of $17.6 million for the three months ended June 30, 2025, a decrease of $1.6 million, or 9.7%, compared to an Adjusted EBITDA loss of $16.1 million for the three months ended June 30, 2024. Adjusted EBITDA margin was (5.6)% for the three months ended June 30, 2025, compared to (5.8)% for the three months ended June 30, 2024.

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Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024

Total revenue. Consolidated total revenue increased $57.4 million, or 10.4%, to $609.4 million for the six months ended June 30, 2025, compared to $552.0 million for the six months ended June 30, 2024. The increase in total revenue was primarily due to the increase in revenue before reimbursements (net revenue) described below.

Revenue before reimbursements (net revenue). Consolidated net revenue increased $57.0 million, or 10.5%, to $600.8 million for the six months ended June 30, 2025, compared to $543.8 million for the six months ended June 30, 2024. Foreign exchange rate fluctuations positively impacted results by $0.9 million, or 0.2%. Executive Search net revenue was $451.6 million for the six months ended June 30, 2025, an increase of $40.1 million, or 9.7%, compared to the six months ended June 30, 2024. The increase in Executive Search net revenue was primarily due to a 5.2% increase in the number of executive search confirmations. On-Demand Talent net revenue was $90.4 million for the six months ended June 30, 2025, an increase of $10.7 million, or 13.4%, compared to the six months ended June 30, 2024. The increase in On-Demand Talent revenue was primarily due to an increase in the volume of On-Demand projects. Heidrick Consulting net revenue was $58.8 million for the six months ended June 30, 2025, an increase of $6.2 million, or 11.8%, compared to the six months ended June 30, 2024. The increase in Heidrick Consulting revenue was primarily due to an increase in leadership assessment and development consulting engagements compared to the prior year period.

The number of Executive Search and Heidrick Consulting consultants was 420 and 90, respectively, as of June 30, 2025, compared to 415 and 85, respectively, as of June 30, 2024. Executive Search productivity, as measured by annualized net Executive Search revenue per consultant, was $2.1 million and $2.0 million for the six months ended June 30, 2025, and 2024, respectively. The average revenue per executive search was $149,000 and $143,000 for the six months ended June 30, 2025, and 2024, respectively.

Salaries and benefits. Consolidated salaries and benefits expense increased $46.4 million, or 13.2%, to $398.7 million for the six months ended June 30, 2025, compared to $352.3 million for the six months ended June 30, 2024. Fixed compensation increased $18.3 million due to increases in base salaries and payroll taxes, retirement and benefit costs, separation costs, and talent acquisition and retention costs. Variable compensation increased $28.1 million due to higher bonus accruals related to increased consultant productivity. Foreign exchange rate fluctuations negatively impacted results by $0.5 million, or 0.1%.

For the six months ended June 30, 2025, we had an average of 2,217 employees compared to an average of 2,207 employees for the six months ended June 30, 2024.

As a percentage of net revenue, salaries and benefits expense was 66.4% for the six months ended June 30, 2025, compared to 64.8% for the six months ended June 30, 2024.

General and administrative expenses. Consolidated general and administrative expenses decreased $4.2 million, or 4.8%, to $83.6 million for the six months ended June 30, 2025, compared to $87.8 million for the six months ended June 30, 2024. The decrease in general and administrative expenses was due to a fair value adjustment to decrease the earnout accrual related to our acquisition of Atreus, decreased costs associated with the 2024 Global Partner Conference, and business development travel, partially offset by increased expenses related to information technology and bad debt. Fair value adjustments were made to decrease the Atreus earnout by $2.5 million and increase the businessfourzero earnout by $0.2 million during the six months ended June 30, 2025. Foreign exchange rate fluctuations negatively impacted results by $0.1 million, or 0.1%.

As a percentage of net revenue, general and administrative expenses were 13.9% for the six months ended June 30, 2025, compared to 16.1% for the six months ended June 30, 2024.

Cost of services. Consolidated cost of services increased $7.5 million, or 13.2%, to $64.7 million for the six months ended June 30, 2025, compared to $57.1 million for the six months ended June 30, 2024. The increase in cost of services was primarily due to an increase in the volume of On-Demand Talent and consulting projects. Foreign exchange rate fluctuations negatively impacted results by $0.4 million, or 0.8%.

As a percentage of net revenue, cost of services was 10.8% for the six months ended June 30, 2025, compared to 10.5% for the six months ended June 30, 2024.

Research and development. Due to the rapid pace of technological advances and digital disruption many of our clients are experiencing, we believe our ability to compete successfully depends increasingly upon our ability to provide clients with timely and relevant technology-enabled products and services. As such, we are focused on developing new technologies to
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enhance existing products and services, and to expand the range of our offerings through research and development (“R&D”), licensing of intellectual property and acquisition of third-party businesses and technology. We plan to utilize the results of our R&D efforts to develop and enhance new and existing services and products across our current offerings in Executive Search, Heidrick Consulting and On-Demand Talent. Consolidated R&D expense increased $1.1 million, or 9.8%, to $12.4 million for the six months ended June 30, 2025, compared to $11.3 million for the six months ended June 30, 2024. R&D expenses consist of expenses related to payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with new product development.

Impairment charges. During the three months ended June 30, 2024, as a result of the Company's mid-year forecasting process, it was determined that a reduction in the On-Demand Talent reporting unit forecast was required. Due to the reduction in the forecasted results for the reporting unit, in addition to the 6% passing margin in the most recent impairment analysis conducted as of October 31, 2023, the Company determined that it was more likely than not that the fair value of the reporting unit was less than its carrying value. As a result, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the three months ended June 30, 2024. Based on the results of the of the impairment evaluation of each of its reporting units, the Company recorded an impairment charge of $14.8 million in On-Demand Talent reporting unit, as well as an impairment charge of $1.5 million in the Europe reporting unit. The impairment charges are recorded within Impairment charges in the Condensed Consolidated Statement of Comprehensive Income (Loss) for the six months ended June 30, 2025 and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025. The impairment was non-cash in nature and did not affect our current liquidity, cash flows, borrowing capability or operations, nor did it impact the debt covenants under our credit agreement.

Restructuring charges. The Company incurred approximately $6.9 million in restructuring charges during the six months ended June 30, 2024, related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024.

Adjusted EBITDA. Consolidated Adjusted EBITDA was $63.0 million for the six months ended June 30, 2025, an increase of $8.3 million, or 15.2%, compared to $54.7 million for the six months ended June 30, 2024. Adjusted EBITDA margin was 10.5% for the six months ended June 30, 2025, compared to 10.1% for the six months ended June 30, 2024.

Net non-operating income. Net non-operating income was $7.3 million for the six months ended June 30, 2025, compared to $10.3 million for the six months ended June 30, 2024.

Interest, net, was $6.6 million of income for the six months ended June 30, 2025, compared to $6.7 million of income for the six months ended June 30, 2024, primarily due to lower interest rates on a higher volume of short-term investments.

Other, net, was $0.7 million of income for the six months ended June 30, 2025, compared to $3.6 million of income for the six months ended June 30, 2024. The income for the six months ended June 30, 2025, was primarily due to unrealized gains on the deferred compensation plan, partially offset by foreign exchange losses. The income for the six months ended June 30, 2024, was primarily due to unrealized gains on the deferred compensation plan and foreign exchange gains. The majority of the Company's investments, including those held in the Company’s deferred compensation plan, are recorded at fair value.

Income taxes. See Note 13, Income Taxes.

Executive Search

Americas

The Americas segment reported net revenue of $304.6 million for the six months ended June 30, 2025, an increase of 7.3% compared to $283.8 million for the six months ended June 30, 2024. The increase in net revenue was primarily due to an increase in the average revenue per engagement and a 3.6% increase in the number of executive search confirmations. All practice groups, with the exception of Consumer, exhibited growth over the prior period. Foreign exchange rate fluctuations negatively impacted results by $1.5 million, or less than 0.5%. There were 216 Executive Search consultants in the Americas segment at both June 30, 2025 and 2024.

Salaries and benefits expense increased $21.4 million, or 12.3%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Fixed compensation increased $6.6 million due to increases base salaries and payroll taxes, expenses related to our deferred compensation plan, and retirement and benefits costs. Variable compensation increased $14.8 million due to higher bonus accruals related to increased consultant productivity.
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General and administrative expenses increased $0.5 million, or 2.0%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to increased expenses related to information technology, partially offset by a decrease from costs associated with the 2024 Global Partner Conference.

Restructuring charges for the six months ended June 30, 2024, were $1.3 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024.

The Americas segment reported Adjusted EBITDA of $90.9 million for the six months ended June 30, 2025, an increase of $0.9 million, or 1.0%, compared to $90.0 million for the six months ended June 30, 2024. Adjusted EBITDA margin was 29.8% for the six months ended June 30, 2025, compared to 31.7% for the six months ended June 30, 2024.

Europe

The Europe segment reported net revenue of $97.8 million for the six months ended June 30, 2025, an increase of 20.0% compared to $81.6 million for the six months ended June 30, 2024. The increase in net revenue was primarily due to an increase in the average revenue per engagement and a 13.5% increase in the number of executive search confirmations. All practice groups, with the exception of Social Impact, exhibited growth over the prior period. Foreign exchange rate fluctuations positively impacted results by $1.9 million, or 2.3%. There were 126 Executive Search consultants in the Europe segment at June 30, 2025, compared to 121 at June 30, 2024.

Salaries and benefits expense increased $11.8 million, or 19.9%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Fixed compensation increased $3.9 million due to increases in base salaries and payroll taxes. Variable compensation increased $7.9 million due to higher bonus accruals related to increased consultant productivity.

General and administrative expense increased $0.8 million, or 4.7%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to increases in professional fees, partially offset by a decrease in business development travel.

Impairment charges for the six months ended June 30, 2024, were $1.5 million as a result of an interim goodwill impairment evaluation. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024, and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024.

Restructuring charges for the six months ended June 30, 2024, were $0.9 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024.

The Europe segment reported Adjusted EBITDA of $10.4 million for the six months ended June 30, 2025, an increase of $4.2 million, or 68.4%, compared to $6.2 million for the six months ended June 30, 2024. Adjusted EBITDA margin was 10.7% for the six months ended June 30, 2025, compared to 7.6% for the six months ended June 30, 2024.

Asia Pacific

The Asia Pacific segment reported net revenue of $49.1 million for the six months ended June 30, 2025, an increase of 6.5% compared to $46.1 million for the six months ended June 30, 2024. The increase in net revenue was primarily due to an increase in the average revenue per engagement. The Life Sciences, Financial Services, and Global Technology Services practice groups within the segment exhibited growth over the prior year. Foreign exchange rate fluctuations negatively impacted results by $0.5 million, or 1.1%. There were 78 Executive Search consultants in the Asia Pacific segment at both June 30, 2025 and 2024.

Salaries and benefits expense increased $3.6 million, or 11.0%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Fixed compensation increased $2.5 million due to increases in retirement and benefits costs, and base salaries and payroll taxes. Variable compensation increased $1.1 million due to higher bonus accruals related to increased consultant productivity.

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General and administrative expenses decreased $0.6 million, or 6.8%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to decreases in taxes and licenses, bad debt, and business development travel.

Restructuring charges for the three months ended June 30, 2024, were $0.2 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024.

The Asia Pacific segment reported Adjusted EBITDA of $5.5 million for the six months ended June 30, 2025, an increase of $0.6 million, or 12.3%, compared to $4.9 million for the six months ended June 30, 2024. Adjusted EBITDA margin was 11.3% for the six months ended June 30, 2025, compared to 10.7% for the six months ended June 30, 2024.

On-Demand Talent

The On-Demand Talent segment reported net revenue of $90.4 million for the six months ended June 30, 2025, an increase of 13.4% compared to $79.8 million for the six months ended June 30, 2024. The increase in On-Demand Talent revenue was primarily due to an increase in the volume and size of On-Demand projects. Foreign exchange rate fluctuations positively impacted results by $0.5 million, or 0.7%.

Salaries and benefits expense decreased $1.1 million, or 4.0%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Fixed compensation increased $0.4 million due to increases in separation costs, and retirement and benefit costs, partially offset by a decrease in base salaries and payroll taxes. Variable compensation decreased $1.4 million primarily due to a reduction in the Atreus contingent compensation accrual.

General and administrative expense decreased $3.6 million, or 26.8%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to a $2.5 million fair value adjustment to decrease the earnout accrual for Atreus, hiring fees, and intangible amortization, partially offset by increases in bad debt and professional fees.

Cost of services increased $6.3 million, or 12.1%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, primarily due to an increase in the volume of On-Demand Talent projects.

During the three months ended June 30, 2024, as a result of the Company's mid-year forecasting process, it was determined that a reduction in the On-Demand Talent reporting unit forecast was required. Due to the reduction in the forecasted results for the reporting unit, in addition to the 6% passing margin in the most recent impairment analysis conducted as of October 31, 2023, the Company determined that it was more likely than not that the fair value of the reporting unit was less than its carrying value. As a result, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the three months ended June 30, 2024. Based on the results of the impairment evaluation of each of its reporting units, the Company recorded an impairment charge of $14.8 million in On-Demand Talent reporting unit. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024, and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024.

Restructuring charges for the six months ended June 30, 2024, were $0.3 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024.

The On-Demand Talent segment reported Adjusted EBITDA of $1.4 million for the six months ended June 30, 2025, an increase of $4.0 million compared to an Adjusted EBITDA loss of $2.6 million for the six months ended June 30, 2024. Adjusted EBITDA margin was 1.6% for the six months ended June 30, 2025, compared to (3.2)% for the six months ended June 30, 2024.

Heidrick Consulting

The Heidrick Consulting segment reported net revenue of $58.8 million for the six months ended June 30, 2025, an increase of 11.8% compared to $52.6 million for the six months ended June 30, 2024. The increase in net revenue was primarily due to increases in leadership assessment and development consulting engagements compared to the prior year period. Foreign exchange rate fluctuations positively impacted results by $0.5 million, or 0.9%. There were 90 Heidrick Consulting consultants at June 30, 2025, compared to 85 at June 30, 2024.

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Salaries and benefits expense increased $5.4 million, or 12.9%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024. Fixed compensation increased $1.5 million due to increases in talent acquisition and retention costs, partially offset by a decrease in base salaries and payroll taxes. Variable compensation increased $3.9 million due to higher bonus accruals related to increased consultant productivity.

General and administrative expenses decreased $2.0 million, or 16.2%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to a decrease in business development travel, partially offset by a $0.2 million fair value adjustment to increase the earnout accrual for businessfourzero.

Cost of services increased $1.3 million, or 22.6%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to an increase in the volume of consulting projects.

Restructuring charges for the six months ended June 30, 2024, were $3.4 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024.

The Heidrick Consulting segment reported an Adjusted EBITDA loss of $1.5 million for the six months ended June 30, 2025, an improvement of $1.9 million, or 55.0%, compared to an Adjusted EBITDA loss of $3.4 million for the six months ended June 30, 2024. Adjusted EBITDA margin was (2.6)% for the six months ended June 30, 2025, compared to (6.5)% for the six months ended June 30, 2024.

Global Operations Support

Salaries and benefits expense increased $5.2 million, or 28.0%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to separation costs, variable compensation, base salaries and payroll taxes, and retirement and benefit costs.

General and administrative expenses increased $0.8 million, or 6.0%, for the six months ended June 30, 2025, compared to the six months ended June 30, 2024, due to increases in expenses related to information technology, marketing costs, and hiring fees, partially offset by a decrease in professional fees.

Restructuring charges for the six months ended June 30, 2024, were $1.0 million related to a workforce reduction. The charges are recorded within Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the six months ended June 30, 2024.

Global Operations Support reported an Adjusted EBITDA loss of $34.5 million for the six months ended June 30, 2025, a decrease of $3.7 million, or 12.2%, compared to an Adjusted EBITDA loss of $30.8 million for the six months ended June 30, 2024. Adjusted EBITDA margin was (5.7)% for the six months ended June 30, 2025 and 2024.

Liquidity and Capital Resources

General. We continually evaluate our liquidity requirements, capital needs and availability of capital resources based on our operating needs. We believe that our available cash balances, funds expected to be generated from operations and funds available under our committed revolving credit facility will be sufficient to finance our operations for at least the next 12 months and the foreseeable future, as well as to finance the cash payments associated with our cash dividends and stock repurchase program.

We pay annual bonuses in the first half of the year following the year in which they are earned. Employee bonuses are accrued throughout the year and are based on our performance and the performance of the individual employee.

Lines of credit. On March 17, 2025, the Company entered into the Third Amendment to the Credit Agreement, dated as of October 26, 2018 by and among the Company, Bank of America, N.A., as administrative agent, and the lenders party thereto. The Third Amendment provides that Lenders will make available to the Borrowers a committed revolving credit facility in an aggregate amount of $100 million, which includes a sublimit of $25 million for letters of credit and a sublimit of $10 million for swingline loans, with a $75 million expansion feature. The Amended Credit Agreement matures on March 17, 2030, extended from July 13, 2026.

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Borrowings under the Credit Agreement may be used for working capital, capital expenditures, permitted acquisitions, restricted payments and for other general corporate purposes of the Company and its subsidiaries. The obligations under the Credit Agreement are guaranteed by certain of the Company’s subsidiaries and from time to time may be secured by equity interests in certain of the Company’s subsidiaries.

As of June 30, 2025, and December 31, 2024, the Company had no outstanding borrowings. As of such dates, the Company was in compliance with the financial and other covenants under the Amended Credit Agreement and no event of default existed.

Cash, cash equivalents and marketable securities. Cash, cash equivalents and marketable securities at June 30, 2025, December 31, 2024, and June 30, 2024, were $399.5 million, $563.5 million and $296.9 million, respectively. The $399.5 million of cash, cash equivalents and marketable securities at June 30, 2025, includes $176.0 million held by our foreign subsidiaries. A portion of the $176.0 million is considered permanently reinvested in these foreign subsidiaries. If these funds were required to satisfy obligations in the U.S., the repatriation of these funds could cause us to incur additional U.S. income taxes or foreign withholding taxes.

Cash flows used in operating activities. Cash used in operating activities was $163.6 million for the six months ended June 30, 2025, primarily reflecting a decrease in accrued expenses of $127.1 million and an increase accounts receivable of $68.8 million, partially offset by net income net of non-cash charges of $47.8 million. The decrease in accrued expenses is primarily due to cash bonus payments related to 2024 of $317.8 million, partially offset by 2025 bonus accruals.

Cash used in operating activities was $140.9 million for the six months ended June 30, 2024, primarily reflecting a decrease in accrued expenses of $124.7 million and an increase in accounts receivable of $55.8 million, partially offset by net income net of non-cash charges of $37.8 million. The decrease in accrued expenses is primarily due to cash bonus payments related to 2023 of $289.8 million, partially offset by 2024 bonus accruals.

Cash flows used in investing activities. Cash used in investing activities was $150.4 million for the six months ended June 30, 2025, primarily due to purchases of marketable securities and investments of $296.2 million and capital expenditures of $6.6 million, partially offset by proceeds from the sale of marketable securities of $152.4 million.

Cash used in investing activities was $65.2 million for the six months ended June 30, 2024, primarily due to purchases of marketable securities and investments of $115.3 million, and capital expenditures of $16.5 million, partially offset by proceeds from the sale of marketable securities and investments of $66.6 million.

Cash flows used in financing activities. Cash used in financing activities was $10.6 million for the six months ended June 30, 2025, consisting of dividend payments of $6.4 million, employee tax withholding payments on equity transactions of $3.8 million, and debt issuance costs of $0.4 million.

Cash used in financing activities was $10.1 million for the six months ended June 30, 2024, consisting of dividend payments of $6.4 million and employee tax withholding payments on equity transactions of $3.7 million.

Contractual obligations. Our lease portfolio is comprised of operating leases for office space and equipment. As of June 30, 2025, we had aggregate future lease payment obligations of $130.7 million, with $18.2 million payable within 12 months. Associated with our lease portfolio, we have asset retirement obligations for the retirement of tangible long-lived assets related to our obligation at the end of the lease term to return office space to the landlord in its original condition. As of June 30, 2025, we had asset retirement obligations of $3.7 million, with less than $0.1 million payable within 12 months.

In addition to lease-related contractual obligations, we also have liabilities related to certain employee benefit plans. These liabilities are recorded in our Consolidated Balance Sheet at June 30, 2025. The obligations related to these employee benefit plans are described in Note 12, Employee Benefit Plans, and Note 13, Pension Plan and Life Insurance Contract, in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025. As of June 30, 2025, we did not have a liability for uncertain tax positions.

Application of Critical Accounting Policies and Estimates

Management’s Discussion and Analysis of Financial Condition and Results of Operations is based upon our Condensed Consolidated Financial Statements, which have been prepared using accounting principles generally accepted in the United States of America. Our significant accounting policies are discussed in Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31,
40


2024 as filed with the SEC on March 3, 2025, and in Note 2, Summary of Significant Accounting Policies, in the Notes to Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. If actual amounts are ultimately different from previous estimates, the revisions are included in our results of operations for the period in which the actual amounts become known.

An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or if changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the financial statements. Management believes its critical accounting policies that reflect its more significant estimates and assumptions relate to revenue recognition, income taxes, interim effective tax rate, assessment of goodwill for impairment, and contingent consideration. See Application of Critical Accounting Policies and Estimates in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025.

Recently Issued and Adopted Financial Accounting Standards

The information presented in Note 2, Summary of Significant Accounting Policies, to our Condensed Consolidated Financial Statements within this Quarterly Report on Form 10-Q is incorporated herein by reference.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Currency market risk. With our operations in the Americas, Europe, and Asia Pacific, we conduct business using various currencies. Revenue earned in each country is generally matched with the associated expenses incurred, thereby reducing currency risk to earnings. However, because certain assets and liabilities are denominated in currencies other than the U.S. dollar, changes in currency rates may cause fluctuations in the valuation of such assets and liabilities. As the local currency of our subsidiaries has generally been designated as the functional currency, we are affected by the translation of foreign currency financial statements into U.S. dollars. A 10% change in the average exchange rate for currencies of all foreign countries in which we operate would have increased or decreased our net income by approximately $0.7 million for the six months ended June 30, 2025. For financial information by segment, see Note 15, Segment Information, in the Notes to Condensed Consolidated Financial Statements within this Quarterly Report on Form 10-Q.

ITEM 4. CONTROLS AND PROCEDURES
 
(a)Evaluation of Disclosure Controls and Procedures

The Company maintains disclosure controls and procedures as defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”), Rules 13a-15(e) and 15d-15(e), that are designed to ensure that information required to be disclosed in the Company’s reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC rules and forms, and that such information is accumulated and communicated to the Company’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. Any system of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Management of the Company, with the participation of the principal executive officer and the principal financial officer, evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of June 30, 2025. Based on the evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2025.

(b) Changes in Internal Control Over Financial Reporting

There were no changes to our internal control over financial reporting as defined in the Exchange Act Rules 13a-15(f) and 15d-15(f) that occurred during the three months ended June 30, 2025, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
41



PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The information presented in Note 17, Commitments and Contingencies, to our Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report on Form 10-Q is incorporated herein by reference.

Item 1A. Risk Factors

The business, financial condition and operating results of the Company can be affected by a number of factors, whether currently known or unknown, including but not limited to those described in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024, under the heading “Risk Factors,” any one or more of which could, directly or indirectly, cause the Company’s actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect the Company’s business, financial condition, operating results and stock price. There have been no material changes to the Company’s risk factors from those set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025.


42


Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

None.
43


Item 6. Exhibits
Incorporated by Reference
Exhibit
No.		Exhibit DescriptionFormExhibitFiling Date/Period End Date
*31.1
*31.2
***†32.1
***†32.2
*101.INSInline XBRL Instance Document - the instance document does not appear in the Interactive Data Files because its XBRL tags are embedded within the Inline XBRL document
*101.SCHInline XBRL Taxonomy Extension Schema Document
*101.CALInline XBRL Taxonomy Calculation Linkbase Document
*101.DEFInline XBRL Taxonomy Extension Definition Linkbase Document
*101.LABInline XBRL Taxonomy Extension Label Linkbase Document
*101.PREInline XBRL Taxonomy Extension Presentation Linkbase Document
*104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*Filed herewith.
**Denotes a management contract or compensatory plan or arrangement.
†Certain portions of this exhibit have been redacted.
***†Furnished herewith.
44


SIGNATURE
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 thereunto duly authorized.
Date: August 4, 2025
 
Heidrick & Struggles International, Inc.
(Registrant)
/s/ Nirupam Sinha
Nirupam Sinha
Chief Financial Officer
(Duly authorized on behalf of the registrant and in his capacity as Principal Financial and Accounting Officer)
45

Exhibit 31.1
CERTIFICATION

I, Thomas L. Monahan, certify that:
 
1.    I have reviewed this quarterly report on Form 10-Q of Heidrick & Struggles International, Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Dated:August 4, 2025/s/ Thomas L. Monahan III
 Thomas L. Monahan III
 Chief Executive Officer

Exhibit 31.2
CERTIFICATION
I, Nirupam Sinha, certify that:

1.    I have reviewed this quarterly report on Form 10-Q of Heidrick & Struggles International, Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Dated:August 4, 2025 /s/ Nirupam Sinha
 Nirupam Sinha
 Chief Financial Officer

Exhibit 32.1
CERTIFICATION
Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Heidrick & Struggles International, Inc., a Delaware corporation (the “Company”), does hereby certify that:

The Annual Report on Form 10-Q for the quarter ended June 30, 2025 (the “Form 10-Q”) of the Company fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated:August 4, 2025 /s/ Thomas L. Monahan III
 Thomas L. Monahan III
 Chief Executive Officer

Exhibit 32.2
CERTIFICATION

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Heidrick & Struggles International, Inc., a Delaware corporation (the “Company”), does hereby certify that:

The Annual Report on Form 10-Q for the quarter ended June 30, 2025 (the “Form 10-K”) of the Company fully complies with the requirements of section 13 (a) or 15 (d) of the Securities Exchange Act of 1934 and the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
Dated:August 4, 2025/s/ Nirupam Sinha
 Nirupam Sinha
 Chief Financial Officer

v3.25.2
Cover - shares
 6 Months Ended
Jun. 30, 2025
Aug. 01, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2025  
Document Transition Report false  
Entity File Number 0-25837  
Entity Registrant Name HEIDRICK & STRUGGLES INTERNATIONAL, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-2681268  
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  
Entity Address, Postal Zip Code 60606-6303  
City Area Code (312)  
Local Phone Number 496-1200  
Title of 12(b) Security Common Stock, $0.01 par value  
Trading Symbol HSII  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   20,736,302
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001066605  
Current Fiscal Year End Date --12-31  

v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Current assets    
Cash and cash equivalents $ 211,172 $ 515,627
Marketable securities 188,355 47,896
Accounts receivable, net of allowances of $8,426 and $7,296, respectively 210,577 134,331
Prepaid expenses 30,436 28,718
Other current assets 48,200 39,935
Income taxes recoverable 10,868 6,470
Total current assets 699,608 772,977
Non-current assets    
Property and equipment, net 54,687 51,685
Operating lease right-of-use assets 82,282 83,518
Assets designated for retirement and pension plans 11,361 9,976
Investments 69,160 58,290
Other non-current assets 26,395 25,500
Goodwill 142,635 137,861
Other intangible assets, net 10,539 12,483
Deferred income taxes 44,378 41,898
Total non-current assets 441,437 421,211
Total assets 1,141,045 1,194,188
Current liabilities    
Accounts payable 25,834 25,088
Accrued salaries and benefits 251,668 353,531
Deferred revenue 58,859 51,085
Operating lease liabilities 18,225 17,653
Other current liabilities 65,898 21,369
Income taxes payable 9,402 14,287
Total current liabilities 429,886 483,013
Non-current liabilities    
Accrued salaries and benefits 40,789 58,547
Retirement and pension plans 84,999 72,138
Operating lease liabilities 86,914 83,152
Other non-current liabilities 4,527 42,905
Deferred income taxes 1,439 1,616
Total non-current liabilities 218,668 258,358
Total liabilities 648,554 741,371
Commitments and contingencies (Note 17)
Stockholders’ equity    
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued at June 30, 2025 and December 31, 2024 0 0
Common stock, $0.01 par value, 100,000,000 shares authorized, 20,730,409 and 20,414,915 shares issued, 20,725,329 and 20,409,835 shares outstanding at June 30, 2025 and December 31, 2024, respectively 207 204
Treasury stock at cost, 5,080 shares at June 30, 2025 and December 31, 2024 (110) (110)
Additional paid in capital 263,611 260,893
Retained earnings 233,807 205,875
Accumulated other comprehensive loss (5,024) (14,045)
Total stockholders’ equity 492,491 452,817
Total liabilities and stockholders’ equity $ 1,141,045 $ 1,194,188

v3.25.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Accounts receivable, net of allowances $ 8,426 $ 7,296
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, authorized (in shares) 10,000,000 10,000,000
Preferred stock, issued (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, authorized (in shares) 100,000,000 100,000,000
Common stock, issued (in shares) 20,730,409 20,414,915
Common stock, outstanding (in shares) 20,725,329 20,409,835
Treasury stock at cost (in shares) 5,080 5,080

v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Revenue        
Revenue before reimbursements (net revenue) $ 317,248,000 $ 278,626,000 $ 600,826,000 $ 543,823,000
Reimbursements 4,660,000 4,251,000 8,524,000 8,152,000
Total revenue 321,908,000 282,877,000 609,350,000 551,975,000
Operating expenses        
Salaries and benefits 209,203,000 177,892,000 398,678,000 352,305,000
General and administrative expenses 42,184,000 46,453,000 83,608,000 87,816,000
Cost of services 34,594,000 29,696,000 64,653,000 57,128,000
Research and development 6,037,000 5,605,000 12,429,000 11,320,000
Impairment charges 0 16,224,000 0 16,224,000
Restructuring charges 0 6,939,000 0 6,939,000
Reimbursed expenses 4,660,000 4,251,000 8,524,000 8,152,000
Total operating expenses 296,678,000 287,060,000 567,892,000 539,884,000
Operating income (loss) 25,230,000 (4,183,000) 41,458,000 12,091,000
Non-operating income        
Interest, net 2,639,000 2,612,000 6,594,000 6,698,000
Other, net 3,276,000 997,000 710,000 3,568,000
Net non-operating income 5,915,000 3,609,000 7,304,000 10,266,000
Income (loss) before income taxes 31,145,000 (574,000) 48,762,000 22,357,000
Provision for income taxes 10,072,000 4,583,000 14,383,000 13,482,000
Net income (loss) 21,073,000 (5,157,000) 34,379,000 8,875,000
Other comprehensive income (loss), net of tax        
Foreign currency translation adjustment 6,526,000 (2,103,000) 9,067,000 (6,161,000)
Net unrealized gain (loss) on available-for-sale investments (7,000) 9,000 (46,000) (24,000)
Other comprehensive income (loss), net of tax 6,519,000 (2,094,000) 9,021,000 (6,185,000)
Comprehensive income (loss) $ 27,592,000 $ (7,251,000) $ 43,400,000 $ 2,690,000
Weighted-average common shares outstanding        
Basic (in shares) 20,649 20,259 20,557 20,202
Diluted (in shares) 21,215 20,259 21,333 21,061
Earnings (loss) per common share        
Basic (in dollars per share) $ 1.02 $ (0.25) $ 1.67 $ 0.44
Diluted (in dollars per share) 0.99 (0.25) 1.61 0.42
Cash dividends paid per share (in dollars per share) $ 0.15 $ 0.15 $ 0.30 $ 0.30

v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Treasury Stock
Additional Paid in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2023   20,127,000        
Beginning balance at Dec. 31, 2023 $ 462,278 $ 201 $ (110) $ 251,988 $ 210,070 $ 129
Beginning balance (in shares) at Dec. 31, 2023     5,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 14,032       14,032  
Other comprehensive income (loss), net of tax (4,091)         (4,091)
Common and treasury stock transactions:            
Stock-based compensation 2,644     2,644    
Vesting of equity awards, net of tax withholding (in shares)   127,000        
Vesting of equity awards, net of tax withholding (2,862) $ 1   (2,863)    
Cash dividends declared ($0.15 per share) (3,018)       (3,018)  
Dividend equivalents on restricted stock units (198)       (198)  
Ending balance (in shares) at Mar. 31, 2024   20,254,000        
Ending balance at Mar. 31, 2024 468,785 $ 202 $ (110) 251,769 220,886 (3,962)
Ending balance (in shares) at Mar. 31, 2024     5,000      
Beginning balance (in shares) at Dec. 31, 2023   20,127,000        
Beginning balance at Dec. 31, 2023 462,278 $ 201 $ (110) 251,988 210,070 129
Beginning balance (in shares) at Dec. 31, 2023     5,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 8,875          
Other comprehensive income (loss), net of tax (6,185)          
Ending balance (in shares) at Jun. 30, 2024   20,322,000        
Ending balance at Jun. 30, 2024 460,932 $ 203 $ (110) 254,348 212,547 (6,056)
Ending balance (in shares) at Jun. 30, 2024     5,000      
Beginning balance (in shares) at Mar. 31, 2024   20,254,000        
Beginning balance at Mar. 31, 2024 468,785 $ 202 $ (110) 251,769 220,886 (3,962)
Beginning balance (in shares) at Mar. 31, 2024     5,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (5,157)       (5,157)  
Other comprehensive income (loss), net of tax (2,094)         (2,094)
Common and treasury stock transactions:            
Stock-based compensation 3,465     3,465    
Issuance of common stock (in shares)   13,000        
Vesting of equity awards, net of tax withholding (in shares)   55,000        
Vesting of equity awards, net of tax withholding (885) $ 1   (886)    
Cash dividends declared ($0.15 per share) (3,039)       (3,039)  
Dividend equivalents on restricted stock units (143)       (143)  
Ending balance (in shares) at Jun. 30, 2024   20,322,000        
Ending balance at Jun. 30, 2024 $ 460,932 $ 203 $ (110) 254,348 212,547 (6,056)
Ending balance (in shares) at Jun. 30, 2024     5,000      
Beginning balance (in shares) at Dec. 31, 2024 20,409,835 20,415,000        
Beginning balance at Dec. 31, 2024 $ 452,817 $ 204 $ (110) 260,893 205,875 (14,045)
Beginning balance (in shares) at Dec. 31, 2024 5,080   5,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) $ 13,306       13,306  
Other comprehensive income (loss), net of tax 2,502         2,502
Common and treasury stock transactions:            
Stock-based compensation 2,510     2,510    
Vesting of equity awards, net of tax withholding (in shares)   211,000        
Vesting of equity awards, net of tax withholding (2,889) $ 2   (2,891)    
Cash dividends declared ($0.15 per share) (3,094)       (3,094)  
Dividend equivalents on restricted stock units (102)       (102)  
Ending balance (in shares) at Mar. 31, 2025   20,626,000        
Ending balance at Mar. 31, 2025 $ 465,050 $ 206 $ (110) 260,512 215,985 (11,543)
Ending balance (in shares) at Mar. 31, 2025     5,000      
Beginning balance (in shares) at Dec. 31, 2024 20,409,835 20,415,000        
Beginning balance at Dec. 31, 2024 $ 452,817 $ 204 $ (110) 260,893 205,875 (14,045)
Beginning balance (in shares) at Dec. 31, 2024 5,080   5,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) $ 34,379          
Other comprehensive income (loss), net of tax $ 9,021          
Ending balance (in shares) at Jun. 30, 2025 20,725,329 20,731,000        
Ending balance at Jun. 30, 2025 $ 492,491 $ 207 $ (110) 263,611 233,807 (5,024)
Ending balance (in shares) at Jun. 30, 2025 5,080   5,000      
Beginning balance (in shares) at Mar. 31, 2025   20,626,000        
Beginning balance at Mar. 31, 2025 $ 465,050 $ 206 $ (110) 260,512 215,985 (11,543)
Beginning balance (in shares) at Mar. 31, 2025     5,000      
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 21,073       21,073  
Other comprehensive income (loss), net of tax 6,519         6,519
Common and treasury stock transactions:            
Stock-based compensation 3,987     3,987    
Issuance of common stock (in shares)   7,000        
Vesting of equity awards, net of tax withholding (in shares)   98,000        
Vesting of equity awards, net of tax withholding (887) $ 1   (888)    
Cash dividends declared ($0.15 per share) (3,094)       (3,094)  
Dividend equivalents on restricted stock units $ (157)       (157)  
Ending balance (in shares) at Jun. 30, 2025 20,725,329 20,731,000        
Ending balance at Jun. 30, 2025 $ 492,491 $ 207 $ (110) $ 263,611 $ 233,807 $ (5,024)
Ending balance (in shares) at Jun. 30, 2025 5,080   5,000      

v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]        
Cash dividends declared (in dollars per share) $ 0.15 $ 0.15 $ 0.15 $ 0.15

v3.25.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows - operating activities    
Net income $ 34,379 $ 8,875
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 9,862 8,700
Deferred income taxes (1,374) (2,333)
Stock-based compensation expense 6,497 6,109
Accretion expense related to earnout payments 1,017 935
Gain on marketable securities (2,650) (980)
Loss on disposal of property and equipment 26 261
Impairment charges 0 16,224
Changes in assets and liabilities:    
Accounts receivable (68,787) (55,842)
Accounts payable (1,530) (2,324)
Accrued expenses (127,064) (124,747)
Restructuring accrual (1,425) 4,386
Deferred revenue 5,975 (673)
Income taxes recoverable and payable, net (9,625) 5,368
Retirement and pension plan assets and liabilities 6,030 5,800
Prepaid expenses (576) (4,652)
Other assets and liabilities, net (14,369) (6,009)
Net cash used in operating activities (163,614) (140,902)
Cash flows - investing activities    
Capital expenditures (6,640) (16,538)
Purchases of marketable securities and investments (296,206) (115,262)
Proceeds from sales of marketable securities and investments 152,431 66,574
Net cash used in investing activities (150,415) (65,226)
Cash flows - financing activities    
Debt issuance costs (360) 0
Cash dividends paid (6,447) (6,398)
Payment of employee tax withholdings on equity transactions (3,776) (3,747)
Net cash used in financing activities (10,583) (10,145)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash 20,241 (6,423)
Net decrease in cash, cash equivalents and restricted cash (304,371) (222,696)
Cash, cash equivalents and restricted cash at beginning of period 515,813 412,618
Cash, cash equivalents and restricted cash at end of period $ 211,442 $ 189,922

v3.25.2
Basis of Presentation of Interim Financial Information
 6 Months Ended
Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation of Interim Financial Information Basis of Presentation of Interim Financial Information The accompanying unaudited Condensed Consolidated Financial Statements of Heidrick & Struggles International, Inc. and subsidiaries (the "Company") have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Significant items subject to estimates and assumptions include revenue recognition, allowances for deferred tax assets and liabilities, interim effective tax rates, contingent consideration liabilities, and the assessment of goodwill for impairment. Estimates are subject to a degree of uncertainty and actual results could differ from these estimates. In the opinion of management, all adjustments necessary to fairly present the financial position of the Company at June 30, 2025, and December 31, 2024, the results of operations for the three and six months ended June 30, 2025, and 2024, and its cash flows for the six months ended June 30, 2025, and 2024, have been included and are of a normal, recurring nature except as otherwise disclosed. These financial statements and notes are to be read in conjunction with the Company’s Consolidated Financial Statements and Notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on March 3, 2025.

v3.25.2
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
A complete listing of the Company’s significant accounting policies is discussed in Note 2, Summary of Significant Accounting Policies, in the Notes to Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Revenue Recognition

See Note 3, Revenue.

Cost of Services

Cost of services consists of costs related to the delivery of various services in the Company's On-Demand Talent and Heidrick Consulting operating segments.

Research and Development

Research and development expense consists of payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with new product development.

Marketable Securities

The Company’s marketable securities consist of available-for-sale debt securities with original maturities exceeding three months.
Restricted Cash

The following table provides a reconciliation of the cash and cash equivalents between the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows as of June 30, 2025 and 2024, and December 31, 2024 and 2023, respectively:
June 30,December 31,
2025202420242023
Cash and cash equivalents$211,172 $189,922 $515,627 $412,618 
Restricted cash included within other non-current assets270 — 186 — 
Total cash, cash equivalents and restricted cash$211,442 $189,922 $515,813 $412,618 

Earnings (loss) per Common Share

Basic earnings (loss) per common share are computed by dividing net income (loss) by weighted average common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Common equivalent shares are excluded from the determination of diluted earnings (loss) per share in periods in which they have an anti-dilutive effect.

The following table sets forth the computation of basic and diluted earnings (loss) per share:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net income (loss)$21,073 $(5,157)$34,379 $8,875 
Weighted average shares outstanding:
Basic20,649 20,259 20,557 20,202 
Effect of dilutive securities:
Restricted stock units401 — 537 615 
Performance stock units165 — 239 244 
Diluted21,215 20,259 21,333 21,061 
Basic earnings (loss) per share$1.02 $(0.25)$1.67 $0.44 
Diluted earnings (loss) per share$0.99 $(0.25)$1.61 $0.42 

Weighted average restricted stock units and performance stock units outstanding that could be converted into approximately 474,000 and 132,000 common shares, respectively, for the three months ended June 30, 2024, were not included in the computation of diluted earnings (loss) per share because the effects would be anti-dilutive.

Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets, Current liabilities - Operating lease liabilities and Non-current liabilities - Operating lease liabilities in the Company's Condensed Consolidated Balance Sheets. The Company does not have any leases that meet the finance lease criteria.

Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, an incremental borrowing rate based on the information available at the commencement date is used in determining the present value of lease payments. The operating lease right-of-use asset also includes any lease payments made in advance and any accrued rent expense balances. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components. For office leases, the Company accounts for the lease and non-lease components as a single lease component. For equipment leases, such as vehicles and office equipment, the Company accounts for the lease and non-lease components separately.

Goodwill

Goodwill represents the difference between the purchase price of acquired businesses and the related fair value of the net assets acquired, which is accounted for by the acquisition method of accounting. The Company performs assessments of the carrying value of its goodwill at least annually and whenever events occur or circumstances indicate that a carrying amount of goodwill may not be recoverable. These circumstances include a significant change in business climate, attrition of key personnel, changes in financial condition or results of operations, prolonged decline in the Company’s stock price and market capitalization, competition, and other factors.

The goodwill impairment test compares the fair value of a reporting unit to its carrying amount, including goodwill. The Company operates five reporting units: Americas, Europe (which includes Africa), Asia Pacific (which includes the Middle East), On-Demand Talent and Heidrick Consulting. The fair value of each of the Company’s reporting units is determined using a discounted cash flow methodology. An impairment charge is recognized for the amount by which the carrying value of the reporting unit exceeds its fair value; however, the loss recognized is not to exceed the total amount of goodwill allocated to that reporting unit.

Recently Issued Financial Accounting Standards

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard is intended to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements.

In November 2024, the FASB issued ASU No. 2024-03 "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)." The standard requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. The amendment in this update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its financial statements.

v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Executive Search

Revenue is recognized as performance obligations are satisfied by transferring a good or service to a client. Generally, each executive search contract contains one performance obligation which is the process of identifying potentially qualified candidates for a specific client position. In most contracts, the transaction price includes both fixed and variable consideration. Fixed consideration is comprised of a retainer, equal to approximately one-third of the estimated first year compensation for the position to be filled, and indirect expenses, equal to a specified percentage of the retainer, as defined in the contract. The Company generally bills clients for the retainer and indirect expenses in one-third increments over a three-month period commencing in the month of a client’s acceptance of the contract. If actual compensation of a placed candidate exceeds the original compensation estimate, the Company is often authorized to bill the client for one-third of the excess compensation. The Company refers to this additional billing as uptick revenue. In most contracts, variable consideration is comprised of uptick revenue and direct expenses. The Company bills its clients for uptick revenue upon completion of the executive search, and direct expenses are billed as incurred.

The Company estimates uptick revenue at contract inception, based on a portfolio approach, utilizing the expected value method based on a historical analysis of uptick revenue realized in the Company’s geographic regions and industry practices, and initially records a contract’s uptick revenue in an amount that is probable not to result in a significant reversal of cumulative revenue recognized when the actual amount of uptick revenue for the contract is known. Differences between the estimated and actual amounts of variable consideration are recorded when known. The Company does not estimate revenue for direct expenses as it is not materially different than recognizing revenue as direct expenses are incurred.
Revenue from executive search engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. Revenue from executive search engagements is recognized over the expected average period of performance, in proportion to the estimated personnel time incurred to fulfill the obligations under the executive search contract. Revenue is generally recognized over a period of approximately six months.

The Company's executive search contracts contain a replacement guarantee which provides for an additional search to be completed, free of charge except for expense reimbursements, should the candidate presented by the Company be hired by the client and subsequently terminated by the client for performance reasons within a specified period of time. The replacement guarantee is an assurance warranty, which is not a performance obligation under the terms of the executive search contract, as the Company does not provide any services under the terms of the guarantee that transfer benefits to the client in excess of assuring that the identified candidate complies with the agreed-upon specifications. The Company accounts for the replacement guarantee under the relevant warranty guidance in Accounting Standards Codification 460 - Guarantees.

On-Demand Talent

The Company enters into contracts with clients that outline the general terms and conditions of the assignment to provide on-demand consultants for various types of consulting projects, which consultants may be independent contractors or temporary employees. The consideration the Company expects to receive under each contract is dependent on the time-based fees specified in the contract. Revenue from on-demand engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. The Company has applied the practical expedient to recognize revenue for these services in the amount to which the Company has a right to invoice the client, as this amount corresponds directly with the value provided to the client for the performance completed to date. For transactions where a third-party contractor is involved in providing the services to the client, the Company reports the revenue and the related direct costs on a gross basis as it has determined that it is the principal in the transaction. The Company is primarily responsible for fulfilling the promise to provide consulting services to its clients and the Company has discretion in establishing the prices charged to clients for the consulting services and is able to contractually obligate the independent service provider to deliver services and deliverables that the Company has agreed to provide to its clients.

Heidrick Consulting

Revenue is recognized as performance obligations are satisfied by transferring a good or service to a client. Heidrick Consulting enters into contracts with clients that outline the general terms and conditions of the assignment to provide succession planning, executive assessment, top team and board effectiveness and culture shaping programs. The consideration the Company expects to receive under each contract is generally fixed. Most of the Company's consulting contracts contain one performance obligation, which is the overall process of providing the consulting service requested by the client. The majority of our consulting revenue is recognized over time utilizing input methods. Revenue recognition over time for the majority of our consulting engagements is measured by total cost or time incurred as a percentage of the total estimated cost or time on the consulting engagement.
Contract Balances

Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities are classified as current due to the nature of the Company's contracts, which are completed within one year. Contract assets are included within Other current assets on the Condensed Consolidated Balance Sheets.

Unbilled receivables: Unbilled receivables represents contract assets from revenue recognized over time in excess of the amount billed to the client and the amount billed to the client is solely dependent upon the passage of time. This amount includes revenue recognized in excess of billed Executive Search retainers, Heidrick Consulting fees, and On-Demand Talent fees.

Contract assets: Contract assets represent revenue recognized over time in excess of the amount billed to the client, and the amount billed to the client is not solely subject to the passage of time. This amount primarily includes revenue recognized for upticks and contingent placement fees in executive search contracts.

Deferred revenue: Contract liabilities consist of deferred revenue, which is equal to billings in excess of revenue recognized.
The following table outlines the changes in the contract asset and liability balances from December 31, 2024, to June 30, 2025:
June 30,
2025		December 31,
2024		Change
Contract assets
Unbilled receivables, net$24,881 $17,610 $7,271 
Contract assets16,678 15,540 1,138 
Total contract assets
41,559 33,150 8,409 
Contract liabilities
Deferred revenue$58,859 $51,085 $7,774 

Contract assets were recorded within Current Assets - Other current assets in the Condensed Consolidated Balance Sheets at both June 30, 2025 and December 31, 2024.

During the six months ended June 30, 2025, the Company recognized revenue of $42.7 million that was included in the contract liabilities balance at the beginning of the period. The amount of revenue recognized during the six months ended June 30, 2025, from performance obligations partially satisfied in previous periods as a result of changes in the estimates of variable consideration was $22.0 million.
Each of the Company's contracts has an expected duration of one year or less. Accordingly, the Company has elected to utilize the available practical expedient related to the disclosure of the transaction price allocated to the remaining performance obligations under its contracts. The Company has also elected the available practical expedients related to adjusting for the effects of a significant financing component and the capitalization of contract acquisition costs. The Company charges and collects from its clients sales tax and value added taxes as required by certain jurisdictions. The Company has made an accounting policy election to exclude these items from the transaction price in its contracts.

v3.25.2
Credit Losses
 6 Months Ended
Jun. 30, 2025
Credit Loss [Abstract]  
Credit Losses Credit Losses
The Company is exposed to credit losses primarily through the provision of its executive search, consulting, and on-demand talent services. The Company’s expected credit loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of clients' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is primarily based on historical loss-rate experience. When required, the Company adjusts the loss-rate methodology to account for current conditions and reasonable and supportable expectations of future economic and market conditions. The Company generally assesses future economic conditions for a period of sixty to ninety days, which corresponds with the contractual life of its accounts receivables. Additionally, specific allowance amounts are established to record the appropriate provision for clients that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of clients' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible.

The activity in the allowance for credit losses on the Company's trade receivables is as follows:
Balance at December 31, 2024
$7,296 
Provision for credit losses5,290 
Write-offs(4,426)
Foreign currency translation266 
Balance at June 30, 2025
$8,426 
The fair value and unrealized losses on available for sale debt securities, aggregated by investment category and the length of time the security has been in an unrealized loss position, are as follows:
Less Than 12 MonthsBalance Sheet Classification
Balance at June 30, 2025
Fair ValueUnrealized LossMarketable Securities
U.S. Treasury securities$39,526 $2 $39,526 

The unrealized losses on two investments in U.S. Treasury securities at June 30, 2025 was caused by fluctuations in market interest rates. The contractual cash flows of these investments are guaranteed by an agency of the U.S. government. Accordingly, it is expected that the investments would not be settled at a price less than the amortized cost basis. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before the recovery of the amortized cost basis. There were no investments with unrealized losses at December 31, 2024.

v3.25.2
Property and Equipment, net
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Property and Equipment, net Property and Equipment, net
The components of the Company’s property and equipment are as follows:
June 30,
2025		December 31,
2024
Leasehold improvements$54,232 $49,744 
Office furniture, fixtures and equipment15,295 14,384 
Computer equipment and software51,199 47,649 
Property and equipment, gross120,726 111,777 
Accumulated depreciation(66,039)(60,092)
Property and equipment, net$54,687 $51,685 

Depreciation expense for the three months ended June 30, 2025, and 2024, was $3.4 million and $2.0 million, respectively. Depreciation expense for the six months ending June 30, 2025, and 2024, was $6.6 million and $4.5 million, respectively.

v3.25.2
Leases
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Leases Leases
The Company's lease portfolio is comprised of operating leases for office space and equipment. The majority of the Company's leases include both lease and non-lease components, which the Company accounts for differently depending on the underlying class of asset. Certain of the Company's leases include one or more options to renew or terminate the lease at the Company's discretion. Generally, the renewal and termination options are not included in the right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal and termination options and, when they are reasonably certain of exercise, includes the renewal or termination option in the lease term.

As most of the Company's leases do not provide an implicit interest rate, the Company utilizes an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. The Company has a centrally managed treasury function and, therefore, a portfolio approach is applied in determining the incremental borrowing rate. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow on a fully collateralized basis over a similar term in an amount equal to the total lease payments in a similar economic environment.

As of June 30, 2025, office leases have remaining lease terms that range from less than one year to 12.3 years, some of which also include options to extend or terminate the lease. Most office leases contain both fixed and variable lease payments. Variable lease costs consist primarily of rent escalations based on an established index or rate and taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor. The Company has elected to utilize the available practical expedient to not separate lease and non-lease components for office leases.

As of June 30, 2025, equipment leases, which are comprised of vehicle and office equipment leases, have remaining terms that range from less than one year to 4.9 years, some of which also include options to extend or terminate the lease. The Company's equipment leases do not contain variable lease payments. The Company separates the lease and non-lease components for its equipment leases. Equipment leases do not comprise a significant portion of the Company's lease portfolio.
Lease cost components included within Operating expenses - General and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income (Loss) were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Operating lease cost$5,262 $6,719 $10,384 $12,356 
Variable lease cost3,553 2,570 5,823 5,025 
Total lease cost$8,815 $9,289 $16,207 $17,381 

Supplemental cash flow information related to the Company's operating leases is as follows for the six months ended June 30:
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$9,276 $11,807 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$6,124 $7,447 

The weighted average remaining lease term and weighted average discount rate for operating leases as of June 30, are as follows:
20252024
Weighted Average Remaining Lease Term
Operating leases7.6 years7.4 years
Weighted Average Discount Rate
Operating leases5.31 %5.01 %

The future maturities of the Company's operating lease liabilities as of June 30, 2025, for the years ended December 31, are as follows:
Operating Lease Maturity
2025$9,247 
202618,351 
202718,362 
202816,301 
202914,498 
Thereafter53,970 
Total lease payments130,729 
Less: Interest25,590 
Present value of lease liabilities$105,139 

v3.25.2
Financial Instruments and Fair Value
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Financial Instruments and Fair Value Financial Instruments and Fair Value
Cash, Cash Equivalents and Marketable Securities

The Company's investments in marketable debt securities, which consist of U.S. Treasury bills, are classified and accounted for as available-for-sale. The Company classifies its marketable debt securities as either short-term or long-term based on each instrument's underlying contractual maturity date. Unrealized gains and losses on marketable debt securities classified as available-for-sale are recognized in Accumulated other comprehensive income (loss) in the Condensed Consolidated Balance Sheets until realized.
The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows:
Amortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Balance at June 30, 2025
Cash$190,457 $— 
Level 1(1):
Money market funds20,715 — 
U.S. Treasury securities$188,347 $10 $(2)$188,355 — 188,355 
Total Level 1188,347 10 (2)188,355 20,715 188,355 
Total$188,347 $10 $(2)$188,355 $211,172 $188,355 

Amortized CostUnrealized GainsFair ValueCash and Cash EquivalentsMarketable Securities
Balance at December 31, 2024
Cash$256,638 $— 
Level 1(1):
Money market funds36,781 — 
U.S. Treasury securities$270,050 $54 $270,104 222,208 47,896 
Total Level 1270,050 54 270,104 258,989 47,896 
Total$270,050 $54 $270,104 $515,627 $47,896 

(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.

Investments, Assets Designated for Retirement and Pension Plans and Associated Liabilities

The Company has a U.S. non-qualified deferred compensation plan that consists primarily of U.S. marketable securities and mutual funds. The aggregate cost basis for these investments was $51.8 million and $45.3 million as of June 30, 2025, and December 31, 2024, respectively.

The Company also maintains a pension plan for certain current and former employees in Germany. The pensions are individually fixed Euro amounts that vary depending on the function and the eligible years of service of the employee. The Company’s investment strategy is to support its pension obligations through reinsurance contracts. The BaFin—German Federal Financial Supervisory Authority—supervises the insurance companies and the reinsurance contracts. The BaFin requires each reinsurance contract to guarantee a fixed minimum return. The Company’s pension benefits are fully reinsured by group insurance contracts with ERGO Lebensversicherung AG, and the group insurance contracts are measured in accordance with BaFin guidelines (including mortality tables and discount rates) which are considered Level 2 inputs.
The following tables provide a summary of the fair value measurements for each major category of investments, assets designated for retirement and pension plans and associated liabilities measured at fair value:
Balance Sheet Classification
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-current Liabilities
Fair ValueOther Current AssetsAssets Designated for Retirement and Pension PlansInvestmentsOther Current LiabilitiesRetirement and Pension Plans
Balance at June 30, 2025
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$69,160 $— $— $69,160 $— $— 
Level 2(2):
Retirement and pension plan assets12,654 1,293 11,361 — — — 
Pension benefit obligation(14,126)— — — (1,293)(12,833)
Total Level 2(1,472)1,293 11,361 — (1,293)(12,833)
Total$67,688 $1,293 $11,361 $69,160 $(1,293)$(12,833)


Balance Sheet Classification
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-current Liabilities
Fair ValueOther Current AssetsAssets Designated for Retirement and Pension PlansInvestmentsOther Current LiabilitiesRetirement and Pension Plans
Balance at December 31, 2024
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$58,290 $— $— $58,290 $— $— 
Level 2(2):
Retirement and pension plan assets11,112 1,136 9,976 — — — 
Pension benefit obligation(12,404)— — — (1,136)(11,268)
Total Level 2(1,292)1,136 9,976 — (1,136)(11,268)
Total$56,998 $1,136 $9,976 $58,290 $(1,136)$(11,268)

(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.
(2)Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Contingent Consideration and Compensation

The former owners of certain of the Company's acquired businesses are eligible to receive additional cash consideration based on the attainment of certain operating metrics in the periods subsequent to acquisition. Contingent consideration and compensation are valued using significant inputs that are not observable in the market, which are defined as Level 3 inputs pursuant to fair value measurement accounting.

The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the six months ended June 30, 2025:
EarnoutContingent Compensation
Balance at December 31, 2024
$(38,648)$(22,901)
Earnout accretion(1,017)— 
Compensation expense— (4,387)
Fair value adjustment2,315 — 
Payments— 4,847 
Foreign currency translation(5,284)(2,591)
Balance at June 30, 2025
$(42,634)$(25,032)

Earnout accruals of $42.6 million were recorded within Current liabilities - Other current liabilities as of June 30, 2025, and earnout accruals of $38.6 million were recorded within Non-current liabilities - Other non-current liabilities as of December 31, 2024. Contingent compensation accruals of $25.0 million and $4.9 million are recorded within Current liabilities - Accrued salaries and benefits as of June 30, 2025, and December 31, 2024, respectively, and contingent compensation accruals of $18.0 million are recorded within Non-current liabilities - Accrued salaries and benefits as of December 31, 2024.

Other Investments
The Company holds an equity investment that does not have a readily determinable fair value for which the Company uses the measurement alternative prescribed in FASB Accounting Standards Codification Topic 321, Investments-Equity Securities. As of June 30, 2025 and December 31, 2024, the Company held the equity investment under the measurement alternative of $11.0 million which is presented in Other non-current assets in the Condensed Consolidated Balance Sheets. There were no impairments or changes resulting from observable transactions for these investments in the six months ended June 30, 2025 and no adjustments have been made to the carrying values as of June 30, 2025.

v3.25.2
Goodwill and Other Intangible Assets
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets
Goodwill

The Company's goodwill by segment (for the segments that had recorded goodwill) is as follows:
June 30,
2025		December 31,
2024
Executive Search
Americas$91,346 $90,740 
Europe1,463 1,463 
Total Executive Search92,809 92,203 
On-Demand Talent109,304 105,136 
Heidrick Consulting7,246 7,246 
Goodwill, gross209,359 204,585 
Accumulated impairment(66,724)(66,724)
Total goodwill$142,635 $137,861 
Changes in the carrying amount of goodwill by segment (for the segments that had recorded goodwill) for the six months ended June 30, 2025, are as follows:
Executive SearchOn-Demand TalentHeidrick Consulting
AmericasEuropeTotal
Goodwill$90,740 $1,463 $105,136 $7,246 $204,585 
Accumulated impairment losses— (1,463)(58,015)(7,246)(66,724)
Balance at December 31, 2024
90,740 — 47,121 — 137,861 
Foreign currency translation606 — 4,168 — 4,774 
Goodwill91,346 1,463 109,304 7,246 209,359 
Accumulated impairment losses— (1,463)(58,015)(7,246)(66,724)
Balance at June 30, 2025
$91,346 $— $51,289 $— $142,635 

During the three months ended June 30, 2024, as a result of the Company's mid-year forecasting process, it was determined that a reduction in the On-Demand Talent reporting unit forecast was required. Due to the reduction in the forecasted results for the reporting unit, in addition to the 6% passing margin in the most recent impairment analysis conducted as of October 31, 2023, the Company determined that it was more likely than not that the fair value of the reporting unit was less than its carrying value. As a result, the Company identified a triggering event and performed an interim goodwill impairment evaluation during the three months ended June 30, 2024.

Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions to evaluate the impact of operating and macroeconomic changes on each reporting unit. During the impairment evaluation process, the Company used a discounted cash flow methodology to estimate the fair value of each of its reporting units. The discounted cash flow approach is dependent on a number of factors, including estimates of future market growth and trends, forecasted revenue and costs, capital investments, appropriate discount rates, certain assumptions to allocate shared costs, assets and liabilities, historical and projected performance of the reporting unit, and the macroeconomic conditions affecting each of the Company’s reporting units. The assumptions used in the determination of fair value were (1) a forecast of growth in the near and long term; (2) the discount rate; (3) a forecast of operating expense growth in the near and long term. As part of the goodwill impairment evaluation, the Company performed a reconciliation of its market capitalization to the aggregated estimated fair value of all reporting units, including consideration of a control premium.

Based on the results of the 2024 interim impairment evaluation, the Company determined that the goodwill within the On-Demand Talent and Europe reporting units were impaired, which resulted in impairment charges of $14.8 million and $1.5 million, respectively. The impairment charges are recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and six months ended June 30, 2024, and the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024. The impairments were non-cash in nature and they did not affect the Company's current liquidity, cash flows, borrowing capability or operations; nor did it impact the debt covenants under the Company's credit agreement.

Other Intangible Assets, net

The Company’s other intangible assets, net by segment, are as follows:
June 30,
2025		December 31,
2024
Executive Search
Americas$2 $5 
Europe21 37 
Total Executive Search23 42 
On-Demand Talent8,980 10,592 
Heidrick Consulting1,536 1,849 
Total other intangible assets, net$10,539 $12,483 
The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows:
 Weighted
Average
Life (Years)		June 30, 2025December 31, 2024
 Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Client relationships10.8$27,583 $(18,656)$8,927 $25,188 $(15,371)$9,817 
Trade name3.05,248 (4,782)466 4,836 (4,039)797 
Software3.09,004 (7,858)1,146 8,285 (6,416)1,869 
Total intangible assets9.6$41,835 $(31,296)$10,539 $38,309 $(25,826)$12,483 

Intangible asset amortization expense for the three months ended June 30, 2025, and 2024, was $1.6 million and $1.9 million, respectively. Intangible asset amortization expense for the six months ended June 30, 2025, and 2024, was $3.3 million and $4.2 million, respectively.

The Company's estimated future amortization expense related to intangible assets as of June 30, 2025, for the following years ended December 31, is as follows:
2025$3,071 
20262,665 
20271,615 
2028940 
2029678 
Thereafter1,570 
Total$10,539 

v3.25.2
Other Current and Non-current Assets and Liabilities
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current and Non-current Assets and Liabilities Other Current and Non-current Assets and Liabilities
The components of other current assets are as follows:
June 30,
2025		December 31,
2024
Contract assets$41,559 $33,150 
Other6,641 6,785 
Total other current assets$48,200 $39,935 

The components of other current liabilities are as follows:
June 30,
2025		December 31,
2024
Earnout liability$42,634 $— 
Other23,264 21,369 
Total other current liabilities$65,898 $21,369 

The components of other non-current liabilities are as follows:
June 30,
2025		December 31,
2024
Earnout liability$— $38,648 
Other4,527 4,257 
Total other non-current liabilities$4,527 $42,905 
Other Current and Non-current Assets and Liabilities Other Current and Non-current Assets and Liabilities
The components of other current assets are as follows:
June 30,
2025		December 31,
2024
Contract assets$41,559 $33,150 
Other6,641 6,785 
Total other current assets$48,200 $39,935 

The components of other current liabilities are as follows:
June 30,
2025		December 31,
2024
Earnout liability$42,634 $— 
Other23,264 21,369 
Total other current liabilities$65,898 $21,369 

The components of other non-current liabilities are as follows:
June 30,
2025		December 31,
2024
Earnout liability$— $38,648 
Other4,527 4,257 
Total other non-current liabilities$4,527 $42,905 

v3.25.2
Line of Credit
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Line of Credit Line of Credit
On March 17, 2025, the Company entered into the Third Amendment (the “Third Amendment”) to the Credit Agreement, dated as of October 26, 2018 (the “Credit Agreement” and, as amended by the First Amendment to Credit Agreement, dated as of July 13, 2021, and the Second Amendment, dates as of February 24, 2023, the "Amended Credit Agreement") by and among the Company, Bank of America, N.A., as administrative agent, and the lenders party thereto. The Third Amendment provides that Lenders (as defined in the Third Amendment) will make available to the Borrowers (as defined in the Third Amendment) a committed revolving credit facility in an aggregate amount of $100 million, which includes a sublimit of $25 million for letters of credit and a sublimit of $10 million for swingline loans, with a $75 million expansion feature (collectively, the “Facility”). The Amended Credit Agreement matures on March 17, 2030, extended from July 13, 2026.

Borrowings under the Credit Agreement may be used for working capital, capital expenditures, permitted acquisitions, restricted payments and for other general corporate purposes of the Company and its subsidiaries. The obligations under the Credit Agreement are guaranteed by certain of the Company’s subsidiaries and from time to time may be secured by equity interests in certain of the Company’s subsidiaries.

As of June 30, 2025, and December 31, 2024, the Company had no outstanding borrowings. As of such dates, the Company was in compliance with the financial and other covenants under the Amended Credit Agreement and no event of default existed.

v3.25.2
Stock-Based Compensation and Common Stock
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation and Common Stock Stock-Based Compensation and Common Stock
On May 23, 2024, the stockholders of the Company approved an amendment and restatement of the Company's Fourth Amended and Restated 2012 Heidrick & Struggles GlobalShare Program (as so amended and restated, the "Fifth A&R Program") to increase the number of shares of common stock reserved for issuance under the plan by 649,000 shares, among other things. The Fifth A&R Program provides for grants of stock options, stock appreciation rights, restricted stock units, performance stock units, and other stock-based compensation awards that are valued based upon the grant date fair value of the awards. These awards may be granted to directors, selected employees and independent contractors.

As of June 30, 2025, 5,149,536 awards have been issued under the Fifth A&R Program, including 955,362 forfeited awards, and 723,899 shares remain available for future awards assuming performance stock units vest at maximum levels. The Fifth A&R Program provides that no awards can be granted after the first annual meeting of the Company's stockholders to occur on or after May 23, 2034.

The Company measures its stock-based compensation costs based on the grant date fair value of the awards and recognizes these costs over the requisite service period.     

A summary of information with respect to stock-based compensation is as follows:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Salaries and benefits (1)$3,620 $2,429 $6,235 $5,870 
General and administrative expenses1,050 1,050 1,050 1,050 
Income tax benefit related to stock-based compensation included in net income (loss)1,271 958 1,982 1,907 

(1) Includes $0.7 million and $0.1 million of expense related to cash-settled restricted stock units for the three months ended June 30, 2025, and 2024, respectively, and $0.8 million and $0.9 million of expense related to cash-settled restricted stock units for the six months ended June 30, 2025, and 2024, respectively.

Restricted Stock Units

Restricted stock units granted to employees are subject to ratable vesting over a three-year or four-year period dependent upon the terms of the individual grant. Compensation expense related to service-based restricted stock units is recognized on a straight-line basis over the vesting period.

Non-employee members of the Board of Directors may elect to receive restricted stock units or shares of common stock annually pursuant to the Fifth A&R Program as part of their annual compensation. Based on their respective elections, the
Company issued 17,325 and 16,752 restricted stock units for services provided by the non-employee directors during the three months ended June 30, 2025, and 2024, respectively. Restricted stock units issued to non-employee directors remain unvested until the respective non-employee directors retire from the Board of Directors.

Restricted stock unit activity for the six months ended June 30, 2025, is as follows:
Number of
Restricted
Stock Units		Weighted-
Average
Grant-Date
Fair Value
Outstanding on December 31, 2024
675,411 $31.85 
Granted205,198 45.99 
Vested and converted to common stock(233,117)31.72 
Forfeited(25,662)31.01 
Outstanding on June 30, 2025
621,830 $36.59 

As of June 30, 2025, there was $12.4 million of pre-tax unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted average of 2.3 years.

Performance Stock Units

The Company grants performance stock units to certain of its senior executives. The majority of performance stock units are subject to cliff vesting at the end of a three-year period. The vesting will vary between 0% and 200% based on the attainment of certain performance and market conditions over the three-year vesting period. For the majority of granted performance stock units, half of the award is based on the achievement of adjusted operating margin or Adjusted EBITDA margin thresholds and half of the award is based on the Company's total shareholder return, relative to a peer group. The fair value of the awards subject to total shareholder return metrics is determined using a Monte Carlo simulation model. A Monte Carlo simulation model uses stock price volatility and other variables to estimate the probability of satisfying the performance conditions and the resulting fair value of the award. The performance stock units are expensed on a straight-line basis over the three-year vesting period.

Certain of the Company's senior executives are granted performance stock units that are subject to ratable vesting over a four-year period. The vesting will vary between 0% and 100% of the shares subject to the performance stock units based on the attainment of specified stock price hurdles over the vesting period. The fair value of the awards subject to such stock price hurdles is determined using the Monte Carlo simulation model. The performance stock units are expensed on a straight-line basis over the derived service period, which ranges from one to four years.

Performance stock unit activity for the six months ended June 30, 2025, is as follows:
Number of
Performance
Stock Units		Weighted-
Average
Grant-Date
Fair Value
Outstanding on December 31, 2024
353,076 $34.17 
Granted132,944 53.37 
Vested and converted to common stock(160,636)43.57 
Forfeited(13,199)38.55 
Outstanding on June 30, 2025
312,185 $37.33 

As of June 30, 2025, there was $7.6 million of pre-tax unrecognized compensation expense related to unvested performance stock units, which is expected to be recognized over a weighted average of 2.2 years.

Phantom Stock Units

Phantom stock units are grants of phantom stock with respect to shares of the Company's common stock that are settled in cash and are subject to various restrictions, including restrictions on transferability, vesting and forfeiture provisions. Shares of phantom stock that do not vest for any reason will be forfeited by the recipient and will revert to the Company.

Phantom stock units are subject to vesting over a three-year or four-year period, and such vesting is subject to certain other conditions, including continued service to the Company. As a result of the cash-settlement feature of the awards, the Company
classifies the awards as liability awards, which are measured at fair value at each reporting date and the vested portion of the award is recognized as a liability to the extent that the service condition is deemed probable. The fair value of the phantom stock awards on the balance sheet date is determined using the closing share price of the Company's common stock on that date.

The Company recorded phantom stock-based compensation expense of $0.7 million and $0.1 million related to cash-settled restricted stock units for the three months ended June 30, 2025, and 2024, respectively, and $0.8 million and $0.9 million of expense related to cash-settled restricted stock units for the six months ended June 30, 2025, and 2024, respectively.

Phantom stock unit activity for the six months ended June 30, 2025, is as follows:
Number of
Phantom
Stock Units
Outstanding on December 31, 2024
131,177 
Granted22,049 
Vested(10,606)
Forfeited(2,046)
Outstanding on June 30, 2025
140,574 

As of June 30, 2025, there was $1.4 million of pre-tax unrecognized compensation expense related to unvested phantom stock units, which is expected to be recognized over a weighted average of 2.1 years.

Common Stock

Non-employee members of the Board of Directors may elect to receive restricted stock units or shares of common stock annually pursuant to the Fifth A&R Program as part of their annual compensation, which is typically issued in the second quarter each year. The Company issued 6,930 and 12,564 shares of common stock for services provided by the non-employee directors during the three months ended June 30, 2025, and 2024, respectively.

On February 11, 2008, the Company's Board of Directors authorized management to repurchase shares of the Company's common stock with an aggregate purchase price of up to $50.0 million (the "Repurchase Authorization"). From time to time and as business conditions warrant, the Company may purchase shares of its common stock on the open market or in negotiated or block trades. No time limit has been set for completion of this program. There were no repurchases of common stock in 2025 and 2024. Prior to 2024, the most recent purchase of the Company's shares of common stock occurred during the year ended December 31, 2023 when the Company purchased 36,000 shares of common stock for $0.9 million. As of June 30, 2025, the Company has purchased 1,074,670 shares of its common stock pursuant to the Repurchase Authorization for a total of $29.2 million and $20.8 million remains available for future purchases under the Repurchase Authorization.

v3.25.2
Restructuring
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
During the year ended December 31, 2024, the Company implemented a restructuring plan (the "2024 Plan") to optimize future growth and profitability through a workforce reduction. The Company did not incur any such charges related to the implementation of the 2024 Plan during the six months ended June 30, 2025.

Restructuring charges incurred to date for the 2024 Plan by type of charge and reportable segment are as follows:
Executive Search
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingGlobal Operations SupportTotal
Employee related$1,277 $876 $157 $286 $3,367 $976 $6,939 


Changes in the restructuring accrual for the six months ended June 30, 2025, were as follows:
Employee Related
Accrual balance at December 31, 2024
2,506 
Cash payments(1,424)
Accrual balance at June 30, 2025
$1,082 
Restructuring accruals are recorded within current Accrued salaries and benefits in the Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.

v3.25.2
Income Taxes
 6 Months Ended
Jun. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company reported income before taxes of $31.1 million and an income tax provision of $10.1 million for the three months ended June 30, 2025. The Company reported a loss before taxes of $0.6 million and an income tax provision of $4.6 million for the three months ended June 30, 2024. The effective tax rates for the three months ended June 30, 2025, and 2024, were 32.3% and (798.4)%, respectively. The effective tax rate for the three months ended June 30, 2025 was impacted by the mix of income and the tax effect on discrete items. The effective tax rate for the three months ended June 30, 2024 was impacted by the tax effect on goodwill impairment and the mix of income.

The Company reported income before taxes of $48.8 million and an income tax provision of $14.4 million for the six months ended June 30, 2025. The Company reported income before taxes of $22.4 million and an income tax provision of $13.5 million for the six months ended June 30, 2024. The effective tax rates for the six months ended June 30, 2025, and 2024, were 29.5% and 60.3%, respectively. The effective tax rate for the six months ended June 30, 2025, was impacted by the mix of income and the tax effect on discrete items. The effective tax rate for the six months ended June 30, 2024 was impacted by the tax effect on goodwill impairment and the mix of income.

On July 4, 2025, the "One Big Beautiful Bill Act" (OBBBA) was signed into law in the United States. The OBBBA contains several changes to corporate taxation, including the extension of multiple tax provisions from the 2017 Tax Cuts and Jobs Act that were scheduled to expire in 2025. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the results of operations.

v3.25.2
Changes in Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Changes in Accumulated Other Comprehensive Income (Loss) Changes in Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the six months ended June 30, 2025, are as follows:
Available-
for-
Sale
Securities		Foreign
Currency
Translation		PensionAOCI
Balance at December 31, 2024
$53 $(13,770)$(328)$(14,045)
Other comprehensive income (loss) before reclassification, net of tax(46)9,067 — 9,021 
Balance at June 30, 2025
$7 $(4,703)$(328)$(5,024)

v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company has five operating segments. The Executive Search business operates in the Americas, Europe (which includes Africa) and Asia Pacific (which includes the Middle East), and the Heidrick Consulting and On-Demand Talent businesses operate globally. The Company's operating segments are based on the organizational structure for which financial results are regularly reviewed by our chief operating decision-maker to evaluate performance and allocate resources.

Executive Search partners with our clients - respected organizations across the globe - to help them build and sustain the best leadership teams in the world, with a specialized focus on the placement of top-level senior executives.

On-Demand Talent provides clients seamless on-demand access to top independent talent, including professionals with deep industry and functional expertise for interim leadership roles and critical, project-based initiatives.

Heidrick Consulting partners with organizations to unlock the power of their people. The Company's tools and experts use data and technology designed to bring science to the art of human capital development and organizational design. Our services allow our clients to accelerate their strategies and the effectiveness of individual leaders, teams and organizations as a whole.

The Company's chief operating decision-maker is its Chief Executive Officer. The Company evaluates performance and allocates resources based on the review of the chief operating decision maker ("CODM") of (1) net revenue and (2) 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"). Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of net revenue in the same period. The CODM considers actual to historical, actual to budgeted, and actual to forecasted results and variances on a monthly basis using net revenue and Adjusted EBITDA when making decisions about allocating resources to the segments and assessing performance. The CODM is not provided asset information by reportable segment.

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP (as defined below) financial measures. 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,
2025202420252024
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 taxes10,072 4,583 14,383 13,482 
Operating income (loss)25,230 (4,183)41,458 12,091 
Adjustments
Depreciation3,428 1,990 6,607 4,483 
Intangible amortization1,587 1,920 3,255 4,217 
Earnout accretion536 469 1,017 935 
Earnout fair value adjustments(3,257)1,211 (2,315)1,211 
Acquisition contingent consideration1,566 3,285 4,387 5,273 
Deferred compensation plan5,198 956 4,840 3,306 
Reorganization costs(436)— 3,725 — 
Impairment charges— 16,224 — 16,224 
Restructuring charges— 6,939 — 6,939 
Total adjustments8,622 32,994 21,516 42,588 
Adjusted EBITDA$33,852 $28,811 $62,974 $54,679 
Adjusted EBITDA margin10.7 %10.3 %10.5 %10.1 %
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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$160,170 $52,451 $25,553 $47,866 $31,208 $317,248 
Reimbursements4,660 
Total revenue321,908 
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 expenses113,515 47,063 23,046 46,838 30,653 261,115 
Segment Adjusted EBITDA46,655 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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$147,078 $40,082 $22,807 $41,895 $26,764 $278,626 
Reimbursements4,251 
Total revenue282,877 
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 expenses98,966 37,242 21,067 43,524 28,159 228,958 
Segment Adjusted EBITDA48,112 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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$304,574 $97,842 $49,148 $90,430 $58,832 $600,826 
Reimbursements8,524 
Total revenue609,350 
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 expenses213,697 87,412 43,606 89,002 60,373 494,090 
Segment Adjusted EBITDA90,877 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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$283,757 $81,563 $46,128 $79,752 $52,623 $543,823 
Reimbursements8,152 
Total revenue551,975 
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 expenses193,774 75,370 41,193 82,302 56,045 448,684 
Segment Adjusted EBITDA89,983 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.
Depreciation and amortization, and capital expenditures, by segment, are as follows:
 Three Months Ended
June 30,		Six Months Ended June 30, 2025
 2025202420252024
Depreciation and amortization
Executive Search
Americas$647 $723 $1,170 $1,486 
Europe442 42 863 337 
Asia Pacific252 115 494 317 
Total Executive Search1,341 880 2,527 2,140 
On-Demand Talent1,474 1,651 2,974 3,616 
Heidrick Consulting530 449 1,105 1,091 
Total segments3,345 2,980 6,606 6,847 
Research and development1,501 809 2,938 1,563 
Global Operations Support169 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 
Europe639 4,418 1,034 6,387 
Asia Pacific25 581 97 1,006 
Total Executive Search1,878 5,518 2,731 8,425 
On-Demand Talent109 442 180 659 
Heidrick Consulting19 2,053 128 2,881 
Total segments2,006 8,013 3,039 11,965 
Research and development1,827 1,255 3,452 3,094 
Global Operations Support73 1,097 149 1,479 
Total capital expenditures$3,906 $10,365 $6,640 $16,538 

v3.25.2
Guarantees
 6 Months Ended
Jun. 30, 2025
Guarantees and Product Warranties [Abstract]  
Guarantees Guarantees
The Company has utilized letters of credit to support certain obligations, primarily for its office lease agreements. The letters of credit were made to secure the respective agreements and are for the terms of the agreements, which extend through 2034. For each letter of credit issued, the Company would have to use cash to fulfill the obligation if there is a default on a payment. The maximum amount of undiscounted payments the Company would be required to make in the event of default on all outstanding letters of credit is approximately $4.7 million as of June 30, 2025. The Company has not accrued for these arrangements as no event of default exists or is expected to exist.

v3.25.2
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation

The Company has contingent liabilities from various pending claims and litigation matters arising in the ordinary course of the Company’s business, some of which involve claims for damages that are substantial in amount. Some of these matters are covered in part by insurance. Based upon information currently available, the Company believes the ultimate resolution of such claims and litigation will not have a material adverse effect on its financial condition, results of operations or liquidity.

v3.25.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Pay vs Performance Disclosure            
Net income $ 21,073 $ 13,306 $ (5,157) $ 14,032 $ 34,379 $ 8,875

v3.25.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false

v3.25.2
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Cost of Services
Cost of Services

Cost of services consists of costs related to the delivery of various services in the Company's On-Demand Talent and Heidrick Consulting operating segments.
Research and Development
Research and Development
Research and development expense consists of payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with new product development.
Marketable Securities
Marketable Securities

The Company’s marketable securities consist of available-for-sale debt securities with original maturities exceeding three months.
Earnings (loss) per Common Share
Earnings (loss) per Common Share

Basic earnings (loss) per common share are computed by dividing net income (loss) by weighted average common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted. Common equivalent shares are excluded from the determination of diluted earnings (loss) per share in periods in which they have an anti-dilutive effect.
Leases
Leases

The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating lease right-of-use assets, Current liabilities - Operating lease liabilities and Non-current liabilities - Operating lease liabilities in the Company's Condensed Consolidated Balance Sheets. The Company does not have any leases that meet the finance lease criteria.

Right-of-use assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized on the commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, an incremental borrowing rate based on the information available at the commencement date is used in determining the present value of lease payments. The operating lease right-of-use asset also includes any lease payments made in advance and any accrued rent expense balances. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The Company has lease agreements with lease and non-lease components. For office leases, the Company accounts for the lease and non-lease components as a single lease component. For equipment leases, such as vehicles and office equipment, the Company accounts for the lease and non-lease components separately.
Goodwill
Goodwill

Goodwill represents the difference between the purchase price of acquired businesses and the related fair value of the net assets acquired, which is accounted for by the acquisition method of accounting. The Company performs assessments of the carrying value of its goodwill at least annually and whenever events occur or circumstances indicate that a carrying amount of goodwill may not be recoverable. These circumstances include a significant change in business climate, attrition of key personnel, changes in financial condition or results of operations, prolonged decline in the Company’s stock price and market capitalization, competition, and other factors.

The goodwill impairment test compares the fair value of a reporting unit to its carrying amount, including goodwill. The Company operates five reporting units: Americas, Europe (which includes Africa), Asia Pacific (which includes the Middle East), On-Demand Talent and Heidrick Consulting. The fair value of each of the Company’s reporting units is determined using a discounted cash flow methodology. An impairment charge is recognized for the amount by which the carrying value of the reporting unit exceeds its fair value; however, the loss recognized is not to exceed the total amount of goodwill allocated to that reporting unit.
Recently Issued Financial Accounting Standards
Recently Issued Financial Accounting Standards

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard is intended to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements.

In November 2024, the FASB issued ASU No. 2024-03 "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40)." The standard requires public companies to disclose, in the notes to financial statements, specified information about certain costs and expenses at each interim and annual reporting period. The amendment in this update is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its financial statements.
Revenue Recognition
Executive Search

Revenue is recognized as performance obligations are satisfied by transferring a good or service to a client. Generally, each executive search contract contains one performance obligation which is the process of identifying potentially qualified candidates for a specific client position. In most contracts, the transaction price includes both fixed and variable consideration. Fixed consideration is comprised of a retainer, equal to approximately one-third of the estimated first year compensation for the position to be filled, and indirect expenses, equal to a specified percentage of the retainer, as defined in the contract. The Company generally bills clients for the retainer and indirect expenses in one-third increments over a three-month period commencing in the month of a client’s acceptance of the contract. If actual compensation of a placed candidate exceeds the original compensation estimate, the Company is often authorized to bill the client for one-third of the excess compensation. The Company refers to this additional billing as uptick revenue. In most contracts, variable consideration is comprised of uptick revenue and direct expenses. The Company bills its clients for uptick revenue upon completion of the executive search, and direct expenses are billed as incurred.

The Company estimates uptick revenue at contract inception, based on a portfolio approach, utilizing the expected value method based on a historical analysis of uptick revenue realized in the Company’s geographic regions and industry practices, and initially records a contract’s uptick revenue in an amount that is probable not to result in a significant reversal of cumulative revenue recognized when the actual amount of uptick revenue for the contract is known. Differences between the estimated and actual amounts of variable consideration are recorded when known. The Company does not estimate revenue for direct expenses as it is not materially different than recognizing revenue as direct expenses are incurred.
Revenue from executive search engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. Revenue from executive search engagements is recognized over the expected average period of performance, in proportion to the estimated personnel time incurred to fulfill the obligations under the executive search contract. Revenue is generally recognized over a period of approximately six months.

The Company's executive search contracts contain a replacement guarantee which provides for an additional search to be completed, free of charge except for expense reimbursements, should the candidate presented by the Company be hired by the client and subsequently terminated by the client for performance reasons within a specified period of time. The replacement guarantee is an assurance warranty, which is not a performance obligation under the terms of the executive search contract, as the Company does not provide any services under the terms of the guarantee that transfer benefits to the client in excess of assuring that the identified candidate complies with the agreed-upon specifications. The Company accounts for the replacement guarantee under the relevant warranty guidance in Accounting Standards Codification 460 - Guarantees.

On-Demand Talent

The Company enters into contracts with clients that outline the general terms and conditions of the assignment to provide on-demand consultants for various types of consulting projects, which consultants may be independent contractors or temporary employees. The consideration the Company expects to receive under each contract is dependent on the time-based fees specified in the contract. Revenue from on-demand engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. The Company has applied the practical expedient to recognize revenue for these services in the amount to which the Company has a right to invoice the client, as this amount corresponds directly with the value provided to the client for the performance completed to date. For transactions where a third-party contractor is involved in providing the services to the client, the Company reports the revenue and the related direct costs on a gross basis as it has determined that it is the principal in the transaction. The Company is primarily responsible for fulfilling the promise to provide consulting services to its clients and the Company has discretion in establishing the prices charged to clients for the consulting services and is able to contractually obligate the independent service provider to deliver services and deliverables that the Company has agreed to provide to its clients.

Heidrick Consulting

Revenue is recognized as performance obligations are satisfied by transferring a good or service to a client. Heidrick Consulting enters into contracts with clients that outline the general terms and conditions of the assignment to provide succession planning, executive assessment, top team and board effectiveness and culture shaping programs. The consideration the Company expects to receive under each contract is generally fixed. Most of the Company's consulting contracts contain one performance obligation, which is the overall process of providing the consulting service requested by the client. The majority of our consulting revenue is recognized over time utilizing input methods. Revenue recognition over time for the majority of our consulting engagements is measured by total cost or time incurred as a percentage of the total estimated cost or time on the consulting engagement.
Contract Balances

Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities are classified as current due to the nature of the Company's contracts, which are completed within one year. Contract assets are included within Other current assets on the Condensed Consolidated Balance Sheets.

Unbilled receivables: Unbilled receivables represents contract assets from revenue recognized over time in excess of the amount billed to the client and the amount billed to the client is solely dependent upon the passage of time. This amount includes revenue recognized in excess of billed Executive Search retainers, Heidrick Consulting fees, and On-Demand Talent fees.

Contract assets: Contract assets represent revenue recognized over time in excess of the amount billed to the client, and the amount billed to the client is not solely subject to the passage of time. This amount primarily includes revenue recognized for upticks and contingent placement fees in executive search contracts.

Deferred revenue: Contract liabilities consist of deferred revenue, which is equal to billings in excess of revenue recognized.

v3.25.2
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Schedule of Reconciliation of Cash and Cash Equivalents
The following table provides a reconciliation of the cash and cash equivalents between the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows as of June 30, 2025 and 2024, and December 31, 2024 and 2023, respectively:
June 30,December 31,
2025202420242023
Cash and cash equivalents$211,172 $189,922 $515,627 $412,618 
Restricted cash included within other non-current assets270 — 186 — 
Total cash, cash equivalents and restricted cash$211,442 $189,922 $515,813 $412,618 
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share
The following table sets forth the computation of basic and diluted earnings (loss) per share:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Net income (loss)$21,073 $(5,157)$34,379 $8,875 
Weighted average shares outstanding:
Basic20,649 20,259 20,557 20,202 
Effect of dilutive securities:
Restricted stock units401 — 537 615 
Performance stock units165 — 239 244 
Diluted21,215 20,259 21,333 21,061 
Basic earnings (loss) per share$1.02 $(0.25)$1.67 $0.44 
Diluted earnings (loss) per share$0.99 $(0.25)$1.61 $0.42 

v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Changes in Contract Asset and Liability Balances
The following table outlines the changes in the contract asset and liability balances from December 31, 2024, to June 30, 2025:
June 30,
2025		December 31,
2024		Change
Contract assets
Unbilled receivables, net$24,881 $17,610 $7,271 
Contract assets16,678 15,540 1,138 
Total contract assets
41,559 33,150 8,409 
Contract liabilities
Deferred revenue$58,859 $51,085 $7,774 

v3.25.2
Credit Losses (Tables)
 6 Months Ended
Jun. 30, 2025
Credit Loss [Abstract]  
Schedule of Activity in Allowance for Credit Losses
The activity in the allowance for credit losses on the Company's trade receivables is as follows:
Balance at December 31, 2024
$7,296 
Provision for credit losses5,290 
Write-offs(4,426)
Foreign currency translation266 
Balance at June 30, 2025
$8,426 
Schedule of Fair Value and Unrealized Losses on Available for Sale Debt Securities, Aggregated by Investment Category The fair value and unrealized losses on available for sale debt securities, aggregated by investment category and the length of time the security has been in an unrealized loss position, are as follows:
Less Than 12 MonthsBalance Sheet Classification
Balance at June 30, 2025
Fair ValueUnrealized LossMarketable Securities
U.S. Treasury securities$39,526 $2 $39,526 

v3.25.2
Property and Equipment, net (Tables)
 6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Components of Property and Equipment
The components of the Company’s property and equipment are as follows:
June 30,
2025		December 31,
2024
Leasehold improvements$54,232 $49,744 
Office furniture, fixtures and equipment15,295 14,384 
Computer equipment and software51,199 47,649 
Property and equipment, gross120,726 111,777 
Accumulated depreciation(66,039)(60,092)
Property and equipment, net$54,687 $51,685 

v3.25.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Lease Cost Components and Supplemental Cash Flow Information Related to Operating Leases
Lease cost components included within Operating expenses - General and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income (Loss) were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Operating lease cost$5,262 $6,719 $10,384 $12,356 
Variable lease cost3,553 2,570 5,823 5,025 
Total lease cost$8,815 $9,289 $16,207 $17,381 

Supplemental cash flow information related to the Company's operating leases is as follows for the six months ended June 30:
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$9,276 $11,807 
Right-of-use assets obtained in exchange for lease obligations:
Operating leases$6,124 $7,447 
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases
The weighted average remaining lease term and weighted average discount rate for operating leases as of June 30, are as follows:
20252024
Weighted Average Remaining Lease Term
Operating leases7.6 years7.4 years
Weighted Average Discount Rate
Operating leases5.31 %5.01 %
Schedule of Future Maturities of Operating Leases Liabilities
The future maturities of the Company's operating lease liabilities as of June 30, 2025, for the years ended December 31, are as follows:
Operating Lease Maturity
2025$9,247 
202618,351 
202718,362 
202816,301 
202914,498 
Thereafter53,970 
Total lease payments130,729 
Less: Interest25,590 
Present value of lease liabilities$105,139 

v3.25.2
Financial Instruments and Fair Value (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Cash, Cash Equivalents, and Marketable Securities by Significant Investment Category
The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows:
Amortized CostUnrealized GainsUnrealized LossesFair ValueCash and Cash EquivalentsMarketable Securities
Balance at June 30, 2025
Cash$190,457 $— 
Level 1(1):
Money market funds20,715 — 
U.S. Treasury securities$188,347 $10 $(2)$188,355 — 188,355 
Total Level 1188,347 10 (2)188,355 20,715 188,355 
Total$188,347 $10 $(2)$188,355 $211,172 $188,355 

Amortized CostUnrealized GainsFair ValueCash and Cash EquivalentsMarketable Securities
Balance at December 31, 2024
Cash$256,638 $— 
Level 1(1):
Money market funds36,781 — 
U.S. Treasury securities$270,050 $54 $270,104 222,208 47,896 
Total Level 1270,050 54 270,104 258,989 47,896 
Total$270,050 $54 $270,104 $515,627 $47,896 

(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.
Schedule of Fair Value Measurements for Each Major Category of Investments
The following tables provide a summary of the fair value measurements for each major category of investments, assets designated for retirement and pension plans and associated liabilities measured at fair value:
Balance Sheet Classification
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-current Liabilities
Fair ValueOther Current AssetsAssets Designated for Retirement and Pension PlansInvestmentsOther Current LiabilitiesRetirement and Pension Plans
Balance at June 30, 2025
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$69,160 $— $— $69,160 $— $— 
Level 2(2):
Retirement and pension plan assets12,654 1,293 11,361 — — — 
Pension benefit obligation(14,126)— — — (1,293)(12,833)
Total Level 2(1,472)1,293 11,361 — (1,293)(12,833)
Total$67,688 $1,293 $11,361 $69,160 $(1,293)$(12,833)


Balance Sheet Classification
Current AssetsNon-Current AssetsCurrent LiabilitiesNon-current Liabilities
Fair ValueOther Current AssetsAssets Designated for Retirement and Pension PlansInvestmentsOther Current LiabilitiesRetirement and Pension Plans
Balance at December 31, 2024
Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan$58,290 $— $— $58,290 $— $— 
Level 2(2):
Retirement and pension plan assets11,112 1,136 9,976 — — — 
Pension benefit obligation(12,404)— — — (1,136)(11,268)
Total Level 2(1,292)1,136 9,976 — (1,136)(11,268)
Total$56,998 $1,136 $9,976 $58,290 $(1,136)$(11,268)

(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.
(2)Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
Schedule of Reconciliation of Beginning and Ending Balance of Level 3 Liabilities
The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the six months ended June 30, 2025:
EarnoutContingent Compensation
Balance at December 31, 2024
$(38,648)$(22,901)
Earnout accretion(1,017)— 
Compensation expense— (4,387)
Fair value adjustment2,315 — 
Payments— 4,847 
Foreign currency translation(5,284)(2,591)
Balance at June 30, 2025
$(42,634)$(25,032)

v3.25.2
Goodwill and Other Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Segment
The Company's goodwill by segment (for the segments that had recorded goodwill) is as follows:
June 30,
2025		December 31,
2024
Executive Search
Americas$91,346 $90,740 
Europe1,463 1,463 
Total Executive Search92,809 92,203 
On-Demand Talent109,304 105,136 
Heidrick Consulting7,246 7,246 
Goodwill, gross209,359 204,585 
Accumulated impairment(66,724)(66,724)
Total goodwill$142,635 $137,861 
Schedule of Changes in Carrying Amount of Goodwill by Segment
Changes in the carrying amount of goodwill by segment (for the segments that had recorded goodwill) for the six months ended June 30, 2025, are as follows:
Executive SearchOn-Demand TalentHeidrick Consulting
AmericasEuropeTotal
Goodwill$90,740 $1,463 $105,136 $7,246 $204,585 
Accumulated impairment losses— (1,463)(58,015)(7,246)(66,724)
Balance at December 31, 2024
90,740 — 47,121 — 137,861 
Foreign currency translation606 — 4,168 — 4,774 
Goodwill91,346 1,463 109,304 7,246 209,359 
Accumulated impairment losses— (1,463)(58,015)(7,246)(66,724)
Balance at June 30, 2025
$91,346 $— $51,289 $— $142,635 
Schedule of Other Intangible Assets, Net by Segment
The Company’s other intangible assets, net by segment, are as follows:
June 30,
2025		December 31,
2024
Executive Search
Americas$2 $5 
Europe21 37 
Total Executive Search23 42 
On-Demand Talent8,980 10,592 
Heidrick Consulting1,536 1,849 
Total other intangible assets, net$10,539 $12,483 
Schedule of Carrying Amount of Amortizable Intangible Assets and Related Accumulated Amortization
The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows:
 Weighted
Average
Life (Years)		June 30, 2025December 31, 2024
 Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Client relationships10.8$27,583 $(18,656)$8,927 $25,188 $(15,371)$9,817 
Trade name3.05,248 (4,782)466 4,836 (4,039)797 
Software3.09,004 (7,858)1,146 8,285 (6,416)1,869 
Total intangible assets9.6$41,835 $(31,296)$10,539 $38,309 $(25,826)$12,483 
Schedule of Estimated Future Amortization Expense Related to Intangible Assets The Company's estimated future amortization expense related to intangible assets as of June 30, 2025, for the following years ended December 31, is as follows:
2025$3,071 
20262,665 
20271,615 
2028940 
2029678 
Thereafter1,570 
Total$10,539 

v3.25.2
Other Current and Non-current Assets and Liabilities (Tables)
 6 Months Ended
Jun. 30, 2025
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Components of Other Current Assets
The components of other current assets are as follows:
June 30,
2025		December 31,
2024
Contract assets$41,559 $33,150 
Other6,641 6,785 
Total other current assets$48,200 $39,935 
Schedule of Components of Other Current Liabilities
The components of other current liabilities are as follows:
June 30,
2025		December 31,
2024
Earnout liability$42,634 $— 
Other23,264 21,369 
Total other current liabilities$65,898 $21,369 
Schedule of Components of Other Noncurrent Liabilities
The components of other non-current liabilities are as follows:
June 30,
2025		December 31,
2024
Earnout liability$— $38,648 
Other4,527 4,257 
Total other non-current liabilities$4,527 $42,905 

v3.25.2
Stock-Based Compensation and Common Stock (Tables)
 6 Months Ended
Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Information Related to Stock-Based Compensation
A summary of information with respect to stock-based compensation is as follows:
 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Salaries and benefits (1)$3,620 $2,429 $6,235 $5,870 
General and administrative expenses1,050 1,050 1,050 1,050 
Income tax benefit related to stock-based compensation included in net income (loss)1,271 958 1,982 1,907 

(1) Includes $0.7 million and $0.1 million of expense related to cash-settled restricted stock units for the three months ended June 30, 2025, and 2024, respectively, and $0.8 million and $0.9 million of expense related to cash-settled restricted stock units for the six months ended June 30, 2025, and 2024, respectively.
Schedule of Restricted Stock Unit Activity
Restricted stock unit activity for the six months ended June 30, 2025, is as follows:
Number of
Restricted
Stock Units		Weighted-
Average
Grant-Date
Fair Value
Outstanding on December 31, 2024
675,411 $31.85 
Granted205,198 45.99 
Vested and converted to common stock(233,117)31.72 
Forfeited(25,662)31.01 
Outstanding on June 30, 2025
621,830 $36.59 
Schedule of Performance Stock Unit Activity
Performance stock unit activity for the six months ended June 30, 2025, is as follows:
Number of
Performance
Stock Units		Weighted-
Average
Grant-Date
Fair Value
Outstanding on December 31, 2024
353,076 $34.17 
Granted132,944 53.37 
Vested and converted to common stock(160,636)43.57 
Forfeited(13,199)38.55 
Outstanding on June 30, 2025
312,185 $37.33 
Schedule of Phantom Stock Unit Activity
Phantom stock unit activity for the six months ended June 30, 2025, is as follows:
Number of
Phantom
Stock Units
Outstanding on December 31, 2024
131,177 
Granted22,049 
Vested(10,606)
Forfeited(2,046)
Outstanding on June 30, 2025
140,574 

v3.25.2
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Charges by Type of Charge and Reportable Segment
Restructuring charges incurred to date for the 2024 Plan by type of charge and reportable segment are as follows:
Executive Search
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingGlobal Operations SupportTotal
Employee related$1,277 $876 $157 $286 $3,367 $976 $6,939 
Schedule of Changes in Restructuring Accrual
Changes in the restructuring accrual for the six months ended June 30, 2025, were as follows:
Employee Related
Accrual balance at December 31, 2024
2,506 
Cash payments(1,424)
Accrual balance at June 30, 2025
$1,082 

v3.25.2
Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the six months ended June 30, 2025, are as follows:
Available-
for-
Sale
Securities		Foreign
Currency
Translation		PensionAOCI
Balance at December 31, 2024
$53 $(13,770)$(328)$(14,045)
Other comprehensive income (loss) before reclassification, net of tax(46)9,067 — 9,021 
Balance at June 30, 2025
$7 $(4,703)$(328)$(5,024)

v3.25.2
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,
2025202420252024
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 taxes10,072 4,583 14,383 13,482 
Operating income (loss)25,230 (4,183)41,458 12,091 
Adjustments
Depreciation3,428 1,990 6,607 4,483 
Intangible amortization1,587 1,920 3,255 4,217 
Earnout accretion536 469 1,017 935 
Earnout fair value adjustments(3,257)1,211 (2,315)1,211 
Acquisition contingent consideration1,566 3,285 4,387 5,273 
Deferred compensation plan5,198 956 4,840 3,306 
Reorganization costs(436)— 3,725 — 
Impairment charges— 16,224 — 16,224 
Restructuring charges— 6,939 — 6,939 
Total adjustments8,622 32,994 21,516 42,588 
Adjusted EBITDA$33,852 $28,811 $62,974 $54,679 
Adjusted EBITDA margin10.7 %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
 2025202420252024
Depreciation and amortization
Executive Search
Americas$647 $723 $1,170 $1,486 
Europe442 42 863 337 
Asia Pacific252 115 494 317 
Total Executive Search1,341 880 2,527 2,140 
On-Demand Talent1,474 1,651 2,974 3,616 
Heidrick Consulting530 449 1,105 1,091 
Total segments3,345 2,980 6,606 6,847 
Research and development1,501 809 2,938 1,563 
Global Operations Support169 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 
Europe639 4,418 1,034 6,387 
Asia Pacific25 581 97 1,006 
Total Executive Search1,878 5,518 2,731 8,425 
On-Demand Talent109 442 180 659 
Heidrick Consulting19 2,053 128 2,881 
Total segments2,006 8,013 3,039 11,965 
Research and development1,827 1,255 3,452 3,094 
Global Operations Support73 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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$160,170 $52,451 $25,553 $47,866 $31,208 $317,248 
Reimbursements4,660 
Total revenue321,908 
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 expenses113,515 47,063 23,046 46,838 30,653 261,115 
Segment Adjusted EBITDA46,655 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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$147,078 $40,082 $22,807 $41,895 $26,764 $278,626 
Reimbursements4,251 
Total revenue282,877 
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 expenses98,966 37,242 21,067 43,524 28,159 228,958 
Segment Adjusted EBITDA48,112 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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$304,574 $97,842 $49,148 $90,430 $58,832 $600,826 
Reimbursements8,524 
Total revenue609,350 
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 expenses213,697 87,412 43,606 89,002 60,373 494,090 
Segment Adjusted EBITDA90,877 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
AmericasEuropeAsia PacificOn-Demand TalentHeidrick ConsultingTotal
Revenue
Revenue before reimbursements$283,757 $81,563 $46,128 $79,752 $52,623 $543,823 
Reimbursements8,152 
Total revenue551,975 
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 expenses193,774 75,370 41,193 82,302 56,045 448,684 
Segment Adjusted EBITDA89,983 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.

v3.25.2
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Accounting Policies [Abstract]        
Cash and cash equivalents $ 211,172 $ 515,627 $ 189,922 $ 412,618
Restricted cash included within other non-current assets 270 186 0 0
Total cash, cash equivalents and restricted cash $ 211,442 $ 515,813 $ 189,922 $ 412,618

v3.25.2
Summary of Significant Accounting Policies - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]            
Net income (loss) $ 21,073 $ 13,306 $ (5,157) $ 14,032 $ 34,379 $ 8,875
Weighted average shares outstanding:            
Basic (in shares) 20,649   20,259   20,557 20,202
Diluted (in shares) 21,215   20,259   21,333 21,061
Basic earnings (loss) per share (in dollars per share) $ 1.02   $ (0.25)   $ 1.67 $ 0.44
Diluted earnings (loss) per share (in dollars per share) $ 0.99   $ (0.25)   $ 1.61 $ 0.42
Restricted stock units            
Weighted average shares outstanding:            
Effect of dilutive securities: 401   0   537 615
Performance stock units            
Weighted average shares outstanding:            
Effect of dilutive securities: 165   0   239 244

v3.25.2
Summary of Significant Accounting Policies - Narrative (Details)
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 30, 2025
reportingUnit
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Number of reporting units | reportingUnit   5
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings (in shares) 474  
Performance stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings (in shares) 132  

v3.25.2
Revenue - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2025
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue, performance obligation, description of timing six months
Revenue recognized $ 42.7
Contract with customer, performance obligation satisfied in previous period $ 22.0

v3.25.2
Revenue - Schedule of Changes in Contract Asset and Liability Balances (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Contract assets    
Unbilled receivables, net $ 24,881 $ 17,610
Contract assets 16,678 15,540
Total contract assets 41,559 33,150
Contract liabilities    
Deferred revenue 58,859 $ 51,085
Change in contract assets    
Unbilled receivables, net 7,271  
Contract assets 1,138  
Total contract assets 8,409  
Change in contract liabilities    
Deferred revenue $ 7,774  

v3.25.2
Credit Losses - Schedule of Activity in Allowance for Credit Losses (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]  
Balance at December 31, 2024 $ 7,296
Provision for credit losses 5,290
Write-offs (4,426)
Foreign currency translation 266
Balance at June 30, 2025 $ 8,426

v3.25.2
Credit Losses - Schedule of Fair Value and Unrealized Losses on Available for Sale Debt Securities, Aggregated by Investment Category (Details) - U.S. Treasury securities
$ in Thousands
Jun. 30, 2025
USD ($)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]  
Fair Value $ 39,526
Unrealized Loss 2
Marketable Securities  
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]  
Marketable Securities $ 39,526

v3.25.2
Credit Losses - Narrative (Details)
Jun. 30, 2025
investment
Dec. 31, 2024
position
Credit Loss [Abstract]    
Number of positions in unrealized loss 2 0

v3.25.2
Property and Equipment, net - Schedule of Components of Property and Equipment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 120,726 $ 111,777
Accumulated depreciation (66,039) (60,092)
Property and equipment, net 54,687 51,685
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 54,232 49,744
Office furniture, fixtures and equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross 15,295 14,384
Computer equipment and software    
Property, Plant and Equipment [Line Items]    
Property and equipment, gross $ 51,199 $ 47,649

v3.25.2
Property and Equipment, net - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Property, Plant and Equipment [Abstract]        
Depreciation expense $ 3,428 $ 1,990 $ 6,607 $ 4,483

v3.25.2
Leases - Narrative (Details)
Jun. 30, 2025
Minimum | Building  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, term of contract (in years) 1 year
Minimum | Equipment  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, term of contract (in years) 1 year
Maximum | Building  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, term of contract (in years) 12 years 3 months 18 days
Maximum | Equipment  
Lessee, Lease, Description [Line Items]  
Lessee, operating lease, term of contract (in years) 4 years 10 months 24 days

v3.25.2
Leases - Schedule of Lease Cost Components (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Leases [Abstract]        
Operating lease cost $ 5,262 $ 6,719 $ 10,384 $ 12,356
Variable lease cost 3,553 2,570 5,823 5,025
Total lease cost $ 8,815 $ 9,289 $ 16,207 $ 17,381

v3.25.2
Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows from operating leases $ 9,276 $ 11,807
Right-of-use assets obtained in exchange for lease obligations:    
Operating leases $ 6,124 $ 7,447

v3.25.2
Leases - Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases (Details)
Jun. 30, 2025
Jun. 30, 2024
Weighted Average Remaining Lease Term    
Operating leases (in years) 7 years 7 months 6 days 7 years 4 months 24 days
Weighted Average Discount Rate    
Operating leases (as percent) 5.31% 5.01%

v3.25.2
Leases - Schedule of Future Maturities of Operating Leases Liabilities (Details)
$ in Thousands
Jun. 30, 2025
USD ($)
Leases [Abstract]  
2025 $ 9,247
2026 18,351
2027 18,362
2028 16,301
2029 14,498
Thereafter 53,970
Total lease payments 130,729
Less: Interest 25,590
Present value of lease liabilities $ 105,139

v3.25.2
Financial Instruments and Fair Value - Schedule of Cash, Cash Equivalents, and Marketable Securities by Significant Investment Category (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Amortized Cost $ 188,347 $ 270,050    
Unrealized Gains 10 54    
Unrealized Losses (2)      
Fair Value 188,355 270,104    
Cash and Cash Equivalents 211,172 515,627 $ 189,922 $ 412,618
Marketable Securities 188,355 47,896    
Cash        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and Cash Equivalents 190,457 256,638    
Marketable Securities 0 0    
Fair Value, Inputs, Level 1        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Amortized Cost 188,347 270,050    
Unrealized Gains 10 54    
Unrealized Losses (2)      
Fair Value 188,355 270,104    
Cash and Cash Equivalents 20,715 258,989    
Marketable Securities 188,355 47,896    
Fair Value, Inputs, Level 1 | Money market funds        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Cash and Cash Equivalents 20,715 36,781    
Marketable Securities 0 0    
Fair Value, Inputs, Level 1 | U.S. Treasury securities        
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]        
Amortized Cost 188,347 270,050    
Unrealized Gains 10 54    
Unrealized Losses (2)      
Fair Value 188,355 270,104    
Cash and Cash Equivalents 0 222,208    
Marketable Securities $ 188,355 $ 47,896    

v3.25.2
Financial Instruments and Fair Value - Narrative (Details) - USD ($)
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Aggregate cost basis for investments $ 51,800,000 $ 45,300,000
Acquisition earnout accruals, non-current 0 38,648,000
Acquisition earnout accruals, current 42,634,000 0
Equity investment without readily determinable fair value, amount 11,000,000 11,000,000
Equity investment without readily determinable fair value, impairment loss 0  
Non-Current and Other Non-Current Liabilities | Fair Value, Inputs, Level 3 | Earnout    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Acquisition earnout accruals, non-current 42,600,000 38,600,000
Current Accrued Salaries and Benefits | Fair Value, Inputs, Level 3 | Contingent Compensation    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Acquisition earnout accruals, current $ 25,000,000 4,900,000
Non-Current Accrued Salaries and Benefits | Fair Value, Inputs, Level 3 | Contingent Compensation    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Acquisition earnout accruals, non-current   $ 18,000,000

v3.25.2
Financial Instruments and Fair Value - Schedule of Fair Value Measurements for Each Major Category of Investments (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 67,688 $ 56,998
Other Current Assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total 1,293 1,136
Assets Designated for Retirement and Pension Plans    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total 11,361 9,976
Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total 69,160 58,290
Other Current Liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total (1,293) (1,136)
Retirement and Pension Plans    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total (12,833) (11,268)
Fair Value, Inputs, Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
U.S. non-qualified deferred compensation plan 69,160 58,290
Fair Value, Inputs, Level 1 | Other Current Assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
U.S. non-qualified deferred compensation plan 0 0
Fair Value, Inputs, Level 1 | Assets Designated for Retirement and Pension Plans    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
U.S. non-qualified deferred compensation plan 0 0
Fair Value, Inputs, Level 1 | Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
U.S. non-qualified deferred compensation plan 69,160 58,290
Fair Value, Inputs, Level 1 | Other Current Liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
U.S. non-qualified deferred compensation plan 0 0
Fair Value, Inputs, Level 1 | Retirement and Pension Plans    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
U.S. non-qualified deferred compensation plan 0 0
Fair Value, Inputs, Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Retirement and pension plan assets 12,654 11,112
Pension benefit obligation (14,126) (12,404)
Total (1,472) (1,292)
Fair Value, Inputs, Level 2 | Other Current Assets    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Retirement and pension plan assets 1,293 1,136
Pension benefit obligation 0 0
Total 1,293 1,136
Fair Value, Inputs, Level 2 | Assets Designated for Retirement and Pension Plans    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Retirement and pension plan assets 11,361 9,976
Pension benefit obligation 0 0
Total 11,361 9,976
Fair Value, Inputs, Level 2 | Investments    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Retirement and pension plan assets 0 0
Pension benefit obligation 0 0
Total 0 0
Fair Value, Inputs, Level 2 | Other Current Liabilities    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Retirement and pension plan assets 0 0
Pension benefit obligation (1,293) (1,136)
Total (1,293) (1,136)
Fair Value, Inputs, Level 2 | Retirement and Pension Plans    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Retirement and pension plan assets 0 0
Pension benefit obligation (12,833) (11,268)
Total $ (12,833) $ (11,268)

v3.25.2
Financial Instruments and Fair Value - Schedule of Reconciliation of Beginning and Ending Balance of Level 3 Liabilities (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Earnout  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at December 31, 2024 $ (38,648)
Earnout accretion (1,017)
Compensation expense 0
Fair value adjustment 2,315
Payments 0
Foreign currency translation (5,284)
Balance at June 30, 2025 (42,634)
Contingent Compensation  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]  
Balance at December 31, 2024 (22,901)
Earnout accretion 0
Compensation expense (4,387)
Fair value adjustment 0
Payments 4,847
Foreign currency translation (2,591)
Balance at June 30, 2025 $ (25,032)

v3.25.2
Goodwill and Other Intangible Assets - Schedule of Goodwill by Segment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Goodwill [Line Items]    
Goodwill, gross $ 209,359 $ 204,585
Accumulated impairment (66,724) (66,724)
Total goodwill 142,635 137,861
Executive Search    
Goodwill [Line Items]    
Goodwill, gross 92,809 92,203
On-Demand Talent    
Goodwill [Line Items]    
Goodwill, gross 109,304 105,136
Accumulated impairment (58,015) (58,015)
Total goodwill 51,289 47,121
Heidrick Consulting    
Goodwill [Line Items]    
Goodwill, gross 7,246 7,246
Accumulated impairment (7,246) (7,246)
Total goodwill 0 0
Americas | Executive Search    
Goodwill [Line Items]    
Goodwill, gross 91,346 90,740
Accumulated impairment 0 0
Total goodwill 91,346 90,740
Europe | Executive Search    
Goodwill [Line Items]    
Goodwill, gross 1,463 1,463
Accumulated impairment (1,463) (1,463)
Total goodwill $ 0 $ 0

v3.25.2
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Segment (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 137,861  
Foreign currency translation 4,774  
Goodwill, ending balance 142,635  
Goodwill 209,359 $ 204,585
Accumulated impairment losses (66,724) (66,724)
Executive Search    
Goodwill [Roll Forward]    
Goodwill 92,809 92,203
On-Demand Talent    
Goodwill [Roll Forward]    
Goodwill, beginning balance 47,121  
Foreign currency translation 4,168  
Goodwill, ending balance 51,289  
Goodwill 109,304 105,136
Accumulated impairment losses (58,015) (58,015)
Heidrick Consulting    
Goodwill [Roll Forward]    
Goodwill, beginning balance 0  
Foreign currency translation 0  
Goodwill, ending balance 0  
Goodwill 7,246 7,246
Accumulated impairment losses (7,246) (7,246)
Americas | Executive Search    
Goodwill [Roll Forward]    
Goodwill, beginning balance 90,740  
Foreign currency translation 606  
Goodwill, ending balance 91,346  
Goodwill 91,346 90,740
Accumulated impairment losses 0 0
Europe | Executive Search    
Goodwill [Roll Forward]    
Goodwill, beginning balance 0  
Foreign currency translation 0  
Goodwill, ending balance 0  
Goodwill 1,463 1,463
Accumulated impairment losses $ (1,463) $ (1,463)

v3.25.2
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets, Net by Segment (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Total other intangible assets, net $ 10,539 $ 12,483
Executive Search    
Finite-Lived Intangible Assets [Line Items]    
Total other intangible assets, net 23 42
On-Demand Talent    
Finite-Lived Intangible Assets [Line Items]    
Total other intangible assets, net 8,980 10,592
Heidrick Consulting    
Finite-Lived Intangible Assets [Line Items]    
Total other intangible assets, net 1,536 1,849
Americas | Executive Search    
Finite-Lived Intangible Assets [Line Items]    
Total other intangible assets, net 2 5
Europe | Executive Search    
Finite-Lived Intangible Assets [Line Items]    
Total other intangible assets, net $ 21 $ 37

v3.25.2
Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Amortizable Intangible Assets and Related Accumulated Amortization (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Life (Years) 9 years 7 months 6 days  
Gross Carrying Amount $ 41,835 $ 38,309
Accumulated Amortization (31,296) (25,826)
Total other intangible assets, net $ 10,539 12,483
Client relationships    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Life (Years) 10 years 9 months 18 days  
Gross Carrying Amount $ 27,583 25,188
Accumulated Amortization (18,656) (15,371)
Total other intangible assets, net $ 8,927 9,817
Trade name    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Life (Years) 3 years  
Gross Carrying Amount $ 5,248 4,836
Accumulated Amortization (4,782) (4,039)
Total other intangible assets, net $ 466 797
Software    
Finite-Lived Intangible Assets [Line Items]    
Weighted Average Life (Years) 3 years  
Gross Carrying Amount $ 9,004 8,285
Accumulated Amortization (7,858) (6,416)
Total other intangible assets, net $ 1,146 $ 1,869

v3.25.2
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Oct. 31, 2023
Goodwill [Line Items]          
Intangible asset amortization expense $ 1,587 $ 1,920 $ 3,255 $ 4,217  
On-Demand Talent Reporting Unit          
Goodwill [Line Items]          
Percentage of fair value in excess of carrying value         6.00%
Impairment charges   14,800   14,800  
Europe Reporting Unit          
Goodwill [Line Items]          
Impairment charges   $ 1,500   $ 1,500  

v3.25.2
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization Expense Related to Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2025 $ 3,071  
2026 2,665  
2027 1,615  
2028 940  
2029 678  
Thereafter 1,570  
Total other intangible assets, net $ 10,539 $ 12,483

v3.25.2
Other Current and Non-current Assets and Liabilities - Schedule of Components of Other Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Contract assets $ 41,559 $ 33,150
Other 6,641 6,785
Total other current assets $ 48,200 $ 39,935

v3.25.2
Other Current and Non-current Assets and Liabilities - Schedule of Components of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Earnout liability $ 42,634 $ 0
Other 23,264 21,369
Total other current liabilities $ 65,898 $ 21,369

v3.25.2
Other Current and Non-current Assets and Liabilities - Schedule of Components of Other Non-Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Earnout liability $ 0 $ 38,648
Other 4,527 4,257
Total other non-current liabilities $ 4,527 $ 42,905

v3.25.2
Line of Credit (Details) - The Credit Agreement - Line of Credit - USD ($)
Mar. 17, 2025
Jun. 30, 2025
Dec. 31, 2024
Revolving Credit Facility      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity $ 100,000,000    
Expansion borrowing capacity 75,000,000    
Outstanding borrowings   $ 0 $ 0
Letter of Credit      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity 25,000,000    
Bridge Loan      
Debt Instrument [Line Items]      
Line of credit facility, maximum borrowing capacity $ 10,000,000    

v3.25.2
Stock-Based Compensation and Common Stock - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
May 23, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Feb. 11, 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Additional shares authorized (in shares) 649,000              
Awards issued to date (in shares)   5,149,536   5,149,536        
Awards forfeited to date (in shares)   955,362   955,362        
Awards available for grant (in shares)   723,899   723,899        
Shares issued for services (in shares)   6,930 16,752          
Stock repurchase program, authorized amount               $ 50,000,000
Repurchase of common stock (in shares)       0   0 36,000  
Repurchase of common stock             $ 900,000  
Total shares acquired to date (in shares)   1,074,670   1,074,670        
Total shares acquired to date   $ 29,200,000   $ 29,200,000        
Remaining authorized repurchase amount   $ 20,800,000   20,800,000        
Restricted stock units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Shares issued for services (in shares)   17,325 12,564          
Pre-tax unrecognized compensation expense   $ 12,400,000   $ 12,400,000        
Period for recognition (in years)       2 years 3 months 18 days        
Share-based payment arrangement, expense (income)   700,000 $ 100,000 $ 800,000 $ 900,000      
Performance stock units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)       4 years        
Pre-tax unrecognized compensation expense   7,600,000   $ 7,600,000        
Period for recognition (in years)       2 years 2 months 12 days        
Performance stock units | Executive Officer                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)       3 years        
Phantom share units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Pre-tax unrecognized compensation expense   $ 1,400,000   $ 1,400,000        
Period for recognition (in years)       2 years 1 month 6 days        
Minimum | Restricted stock units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)       3 years        
Minimum | Performance stock units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting rights (as percent)       0.00%        
Award service period (in years)       1 year        
Minimum | Performance stock units | Executive Officer                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting rights (as percent)       0.00%        
Minimum | Phantom share units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)       3 years        
Maximum | Restricted stock units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)       4 years        
Maximum | Performance stock units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting rights (as percent)       100.00%        
Award service period (in years)       4 years        
Maximum | Performance stock units | Executive Officer                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting rights (as percent)       200.00%        
Maximum | Phantom share units                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Award vesting period (in years)       4 years        

v3.25.2
Stock-Based Compensation and Common Stock - Schedule of Information Related to Stock-Based Compensation (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Income tax benefit related to stock-based compensation included in net income (loss) $ 1,271 $ 958 $ 1,982 $ 1,907
Restricted stock units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expense related to cash-settled restricted stock units 700 100 800 900
Salaries and benefits        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expensed and capitalized amount 3,620 2,429 6,235 5,870
General and administrative expenses        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expensed and capitalized amount $ 1,050 $ 1,050 $ 1,050 $ 1,050

v3.25.2
Stock-Based Compensation and Common Stock - Schedule of Restricted Stock Unit Activity (Details) - Restricted stock units
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Number of Restricted Stock Units  
Outstanding on beginning balance (in shares) | shares 675,411
Granted (in shares) | shares 205,198
Vested and converted to common stock (in shares) | shares (233,117)
Forfeited (in shares) | shares (25,662)
Outstanding on ending balance (in shares) | shares 621,830
Weighted- Average Grant-Date Fair Value  
Outstanding on beginning balance (in dollars per share) | $ / shares $ 31.85
Granted (in dollars per share) | $ / shares 45.99
Vested and converted to common stock (in dollars per share) | $ / shares 31.72
Forfeited (in dollars per share) | $ / shares 31.01
Outstanding on ending balance (in dollars per share) | $ / shares $ 36.59

v3.25.2
Stock-Based Compensation and Common Stock - Schedule of Performance Stock Unit Activity (Details) - Performance stock units
 6 Months Ended
Jun. 30, 2025
$ / shares
shares
Number of Performance Stock Units  
Outstanding on beginning balance (in shares) | shares 353,076
Granted (in shares) | shares 132,944
Vested and converted to common stock (in shares) | shares (160,636)
Forfeited (in shares) | shares (13,199)
Outstanding on ending balance (in shares) | shares 312,185
Weighted- Average Grant-Date Fair Value  
Outstanding on beginning balance (in dollars per share) | $ / shares $ 34.17
Granted (in dollars per share) | $ / shares 53.37
Vested and converted to common stock (in dollars per share) | $ / shares 43.57
Forfeited (in dollars per share) | $ / shares 38.55
Outstanding on ending balance (in dollars per share) | $ / shares $ 37.33

v3.25.2
Stock-Based Compensation and Common Stock - Schedule of Phantom Stock Unit Activity (Details) - Phantom share units
 6 Months Ended
Jun. 30, 2025
shares
Number of Phantom Stock Units  
Outstanding on beginning balance (in shares) 131,177
Granted (in shares) 22,049
Vested (in shares) (10,606)
Forfeited (in shares) (2,046)
Outstanding on ending balance (in shares) 140,574

v3.25.2
Restructuring - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Restructuring and Related Activities [Abstract]        
Restructuring charges $ 0 $ 6,939,000 $ 0 $ 6,939,000

v3.25.2
Restructuring - Schedule of Restructuring Charges by Type of Charge and Reportable Segment (Details) - Employee Related - 2024 Plan
$ in Thousands
Jun. 30, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, cost incurred to date $ 6,939
Operating Segments | On-Demand Talent  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, cost incurred to date 286
Operating Segments | Heidrick Consulting  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, cost incurred to date 3,367
Operating Segments | Americas | Executive Search  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, cost incurred to date 1,277
Operating Segments | Europe | Executive Search  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, cost incurred to date 876
Operating Segments | Asia Pacific | Executive Search  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, cost incurred to date 157
Global Operations Support  
Restructuring Cost and Reserve [Line Items]  
Restructuring and related cost, cost incurred to date $ 976

v3.25.2
Restructuring - Schedule of Changes in Restructuring Accrual (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
Restructuring Reserve [Roll Forward]  
Accrual balance at December 31, 2024 $ 2,506
Cash payments (1,424)
Accrual balance at June 30, 2025 $ 1,082

v3.25.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Income Tax Disclosure [Abstract]        
Income (loss) before income taxes $ 31,145 $ (574) $ 48,762 $ 22,357
Income tax provision $ 10,072 $ 4,583 $ 14,383 $ 13,482
Effective income tax rate (as percent) 32.30% (798.40%) 29.50% 60.30%

v3.25.2
Changes in Accumulated Other Comprehensive Income (Loss) (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance $ 452,817
Other comprehensive income (loss) before reclassification, net of tax 9,021
Ending balance 492,491
AOCI  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance (14,045)
Ending balance (5,024)
Available- for- Sale Securities  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance 53
Other comprehensive income (loss) before reclassification, net of tax (46)
Ending balance 7
Foreign Currency Translation  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance (13,770)
Other comprehensive income (loss) before reclassification, net of tax 9,067
Ending balance (4,703)
Pension  
AOCI Attributable to Parent, Net of Tax [Roll Forward]  
Beginning balance (328)
Other comprehensive income (loss) before reclassification, net of tax 0
Ending balance $ (328)

v3.25.2
Segment Information - Narrative (Details)
 6 Months Ended
Jun. 30, 2025
operatingSegment
Segment Reporting [Abstract]  
Number of operating segments 5

v3.25.2
Segment Information - Schedule of Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDA Margin (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting [Abstract]            
Revenue before reimbursements (net revenue) $ 317,248,000   $ 278,626,000   $ 600,826,000 $ 543,823,000
Net income (loss) 21,073,000 $ 13,306,000 (5,157,000) $ 14,032,000 34,379,000 8,875,000
Interest, net (2,639,000)   (2,612,000)   (6,594,000) (6,698,000)
Other, net (3,276,000)   (997,000)   (710,000) (3,568,000)
Provision for income taxes 10,072,000   4,583,000   14,383,000 13,482,000
Operating income (loss) 25,230,000   (4,183,000)   41,458,000 12,091,000
Depreciation 3,428,000   1,990,000   6,607,000 4,483,000
Intangible amortization 1,587,000   1,920,000   3,255,000 4,217,000
Earnout accretion 536,000   469,000   1,017,000 935,000
Earnout fair value adjustments (3,257,000)   1,211,000   (2,315,000) 1,211,000
Acquisition contingent consideration 1,566,000   3,285,000   4,387,000 5,273,000
Deferred compensation plan 5,198,000   956,000   4,840,000 3,306,000
Reorganization costs (436,000)   0   3,725,000 0
Impairment charges 0   16,224,000   0 16,224,000
Restructuring charges 0   6,939,000   0 6,939,000
Total adjustments 8,622,000   32,994,000   21,516,000 42,588,000
Adjusted EBITDA $ 33,852,000   $ 28,811,000   $ 62,974,000 $ 54,679,000
Adjusted EBITDA margin 10.70%   10.30%   10.50% 10.10%

v3.25.2
Segment Information - Schedule of Segment Information, Including Significant Segment Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Revenue before reimbursements $ 317,248 $ 278,626 $ 600,826 $ 543,823
Reimbursements 4,660 4,251 8,524 8,152
Total revenue 321,908 282,877 609,350 551,975
Salary and benefits 192,246 164,275 364,878 325,224
General and administrative 34,275 34,987 64,559 66,332
Cost of services 34,594 29,696 64,653 57,128
Adjusted EBITDA 33,852 28,811 62,974 54,679
Operating Segments        
Segment Reporting Information [Line Items]        
Total segment operating expenses 261,115 228,958 494,090 448,684
Adjusted EBITDA 56,133 49,668 106,736 95,139
Operating Segments | On-Demand Talent        
Segment Reporting Information [Line Items]        
Revenue before reimbursements 47,866 41,895 90,430 79,752
Salary and benefits 11,246 11,375 22,844 22,968
General and administrative 4,643 4,724 8,384 7,819
Cost of services 30,949 27,425 57,774 51,515
Total segment operating expenses 46,838 43,524 89,002 82,302
Adjusted EBITDA 1,028 (1,629) 1,428 (2,550)
Operating Segments | Heidrick Consulting        
Segment Reporting Information [Line Items]        
Revenue before reimbursements 31,208 26,764 58,832 52,623
Salary and benefits 22,710 20,276 44,345 39,160
General and administrative 4,298 5,612 9,149 11,272
Cost of services 3,645 2,271 6,879 5,613
Total segment operating expenses 30,653 28,159 60,373 56,045
Adjusted EBITDA 555 (1,395) (1,541) (3,422)
Operating Segments | Americas | Executive Search        
Segment Reporting Information [Line Items]        
Revenue before reimbursements 160,170 147,078 304,574 283,757
Salary and benefits 100,394 86,833 190,487 170,859
General and administrative 13,121 12,133 23,210 22,915
Cost of services 0 0 0 0
Total segment operating expenses 113,515 98,966 213,697 193,774
Adjusted EBITDA 46,655 48,112 90,877 89,983
Operating Segments | Europe | Executive Search        
Segment Reporting Information [Line Items]        
Revenue before reimbursements 52,451 40,082 97,842 81,563
Salary and benefits 38,588 29,029 71,077 59,283
General and administrative 8,475 8,213 16,335 16,087
Cost of services 0 0 0 0
Total segment operating expenses 47,063 37,242 87,412 75,370
Adjusted EBITDA 5,388 2,840 10,430 6,193
Operating Segments | Asia Pacific | Executive Search        
Segment Reporting Information [Line Items]        
Revenue before reimbursements 25,553 22,807 49,148 46,128
Salary and benefits 19,308 16,762 36,125 32,954
General and administrative 3,738 4,305 7,481 8,239
Cost of services 0 0 0 0
Total segment operating expenses 23,046 21,067 43,606 41,193
Adjusted EBITDA 2,507 1,740 5,542 4,935
Total reconciling expenses        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 22,281 20,857 43,762 40,460
Total reconciling expenses | On-Demand Talent        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0 0 0
Total reconciling expenses | Heidrick Consulting        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0 0 0
Total reconciling expenses | Americas | Executive Search        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0 0 0
Total reconciling expenses | Europe | Executive Search        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0 0 0
Total reconciling expenses | Asia Pacific | Executive Search        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0 0 0
Research and development        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 4,638 4,781 9,262 9,706
Research and development | On-Demand Talent        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0
Research and development | Heidrick Consulting        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0
Research and development | Americas | Executive Search        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0
Research and development | Europe | Executive Search        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0
Research and development | Asia Pacific | Executive Search        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0
Global Operations Support        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 17,643 16,076 34,500 30,754
Global Operations Support | On-Demand Talent        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0
Global Operations Support | Heidrick Consulting        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0
Global Operations Support | Americas | Executive Search        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0
Global Operations Support | Europe | Executive Search        
Segment Reporting Information [Line Items]        
Adjusted EBITDA 0 0
Global Operations Support | Asia Pacific | Executive Search        
Segment Reporting Information [Line Items]        
Adjusted EBITDA $ 0 $ 0

v3.25.2
Segment Information - Schedule of Segment Reporting Information, by Segment (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Segment Reporting Information [Line Items]        
Depreciation and amortization $ 5,015 $ 3,910 $ 9,862 $ 8,700
Capital expenditures 3,906 10,365 6,640 16,538
Operating Segments        
Segment Reporting Information [Line Items]        
Depreciation and amortization 3,345 2,980 6,606 6,847
Capital expenditures 2,006 8,013 3,039 11,965
Operating Segments | Executive Search        
Segment Reporting Information [Line Items]        
Depreciation and amortization 1,341 880 2,527 2,140
Capital expenditures 1,878 5,518 2,731 8,425
Operating Segments | On-Demand Talent        
Segment Reporting Information [Line Items]        
Depreciation and amortization 1,474 1,651 2,974 3,616
Capital expenditures 109 442 180 659
Operating Segments | Heidrick Consulting        
Segment Reporting Information [Line Items]        
Depreciation and amortization 530 449 1,105 1,091
Capital expenditures 19 2,053 128 2,881
Operating Segments | Americas | Executive Search        
Segment Reporting Information [Line Items]        
Depreciation and amortization 647 723 1,170 1,486
Capital expenditures 1,214 519 1,600 1,032
Operating Segments | Europe | Executive Search        
Segment Reporting Information [Line Items]        
Depreciation and amortization 442 42 863 337
Capital expenditures 639 4,418 1,034 6,387
Operating Segments | Asia Pacific | Executive Search        
Segment Reporting Information [Line Items]        
Depreciation and amortization 252 115 494 317
Capital expenditures 25 581 97 1,006
Research and development        
Segment Reporting Information [Line Items]        
Depreciation and amortization 1,501 809 2,938 1,563
Capital expenditures 1,827 1,255 3,452 3,094
Global Operations Support        
Segment Reporting Information [Line Items]        
Depreciation and amortization 169 121 318 290
Capital expenditures $ 73 $ 1,097 $ 149 $ 1,479

v3.25.2
Guarantees (Details)
$ in Millions
Jun. 30, 2025
USD ($)
Guarantees and Product Warranties [Abstract]  
Maximum amount of undiscounted payments $ 4.7 

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