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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 SEPTEMBER 30, 2023
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 Class | Trading Symbol | Name of Each Exchange on Which Registered |
| Common Stock, $0.01 par value | HSII | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant (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 October 23, 2023, there were 20,122,216 shares of the Company’s common stock outstanding.
HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
INDEX
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| PART I. | | |
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| Item 2. | | |
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| Item 3. | | |
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| Item 4. | | |
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| PART II. | | |
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| Item 1. | | |
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| Item 1A. | | |
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| Item 6. | | |
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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)
| | | | | | | | | | | | | | |
| | September 30,
2023 | | December 31,
2022 |
| | | (Unaudited) | | |
| Current assets | | | | |
| Cash and cash equivalents | | $ | 286,429 | | | $ | 355,447 | |
| Marketable securities | | 47,560 | | | 266,169 | |
Accounts receivable, net of allowances of $6,517 and $6,643, respectively | | 189,442 | | | 126,437 | |
| Prepaid expenses | | 28,333 | | | 24,098 | |
| Other current assets | | 50,611 | | | 40,722 | |
| Income taxes recoverable | | 10,799 | | | 10,946 | |
| Total current assets | | 613,174 | | | 823,819 | |
| | | | |
| Non-current assets | | | | |
| Property and equipment, net | | 34,034 | | | 30,207 | |
| Operating lease right-of-use assets | | 65,412 | | | 71,457 | |
| Assets designated for retirement and pension plans | | 11,195 | | | 11,332 | |
| Investments | | 43,154 | | | 34,354 | |
| Other non-current assets | | 19,528 | | | 25,788 | |
| Goodwill | | 198,241 | | | 138,361 | |
| Other intangible assets, net | | 22,509 | | | 6,333 | |
| Deferred income taxes | | 33,999 | | | 33,987 | |
| Total non-current assets | | 428,072 | | | 351,819 | |
| | | | |
| Total assets | | $ | 1,041,246 | | | $ | 1,175,638 | |
| | | | |
| Current liabilities | | | | |
| | | | |
| Accounts payable | | $ | 18,966 | | | $ | 14,613 | |
| Accrued salaries and benefits | | 264,625 | | | 451,161 | |
| Deferred revenue | | 41,502 | | | 43,057 | |
| Operating lease liabilities | | 20,994 | | | 19,554 | |
| Other current liabilities | | 33,171 | | | 56,016 | |
| Income taxes payable | | 12,709 | | | 4,076 | |
| Total current liabilities | | 391,967 | | | 588,477 | |
| | | | |
| Non-current liabilities | | | | |
| | | | |
| Accrued salaries and benefits | | 48,598 | | | 59,467 | |
| Retirement and pension plans | | 57,351 | | | 48,456 | |
| Operating lease liabilities | | 55,832 | | | 63,299 | |
| Other non-current liabilities | | 40,985 | | | 5,293 | |
| Deferred income taxes | | 7,365 | | | — | |
| Total non-current liabilities | | 210,131 | | | 176,515 | |
| | | | |
| Total liabilities | | 602,098 | | | 764,992 | |
| | | | |
| Commitments and contingencies (Note 18) | | | | |
| | | | |
| Stockholders’ equity | | | | |
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued at September 30, 2023 and December 31, 2022 | | — | | | — | |
Common stock, $0.01 par value, 100,000,000 shares authorized, 20,127,296 and 19,866,287 shares issued, 20,122,216 and 19,861,207 shares outstanding at September 30, 2023 and December 31, 2022, respectively | | 201 | | | 199 | |
Treasury stock at cost, 5,080 and 5,080 shares at September 30, 2023 and December 31, 2022, respectively | | (110) | | | (191) | |
| Additional paid in capital | | 248,510 | | | 246,630 | |
| Retained earnings | | 198,369 | | | 168,197 | |
| Accumulated other comprehensive loss | | (7,822) | | | (4,189) | |
| Total stockholders’ equity | | 439,148 | | | 410,646 | |
| | | | |
| Total liabilities and stockholders’ equity | | $ | 1,041,246 | | | $ | 1,175,638 | |
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| Revenue | | | | | | | |
| Revenue before reimbursements (net revenue) | $ | 263,160 | | | $ | 255,185 | | | $ | 773,702 | | | $ | 837,747 | |
| Reimbursements | 4,736 | | | 3,086 | | | 10,090 | | | 7,170 | |
| Total revenue | 267,896 | | | 258,271 | | | 783,792 | | | 844,917 | |
| | | | | | | |
| Operating expenses | | | | | | | |
| Salaries and benefits | 167,219 | | | 171,473 | | | 504,994 | | | 580,602 | |
| General and administrative expenses | 37,564 | | | 32,189 | | | 112,405 | | | 97,186 | |
| Cost of services | 30,680 | | | 17,801 | | | 78,818 | | | 53,192 | |
| Research and development | 5,560 | | | 5,400 | | | 16,746 | | | 14,347 | |
| Impairment charges | — | | | — | | | 7,246 | | | — | |
| | | | | | | |
| Reimbursed expenses | 4,736 | | | 3,086 | | | 10,090 | | | 7,170 | |
| Total operating expenses | 245,759 | | | 229,949 | | | 730,299 | | | 752,497 | |
| | | | | | | |
| Operating income | 22,137 | | | 28,322 | | | 53,493 | | | 92,420 | |
| | | | | | | |
| Non-operating income (expense) | | | | | | | |
| Interest, net | 2,505 | | | 1,255 | | | 7,667 | | | 1,664 | |
| Other, net | (649) | | | (43) | | | 2,537 | | | (1,740) | |
| Net non-operating income (expense) | 1,856 | | | 1,212 | | | 10,204 | | | (76) | |
| | | | | | | |
| Income before income taxes | 23,993 | | | 29,534 | | | 63,697 | | | 92,344 | |
| | | | | | | |
| Provision for income taxes | 9,006 | | | 8,708 | | | 24,142 | | | 28,902 | |
| | | | | | | |
| Net income | 14,987 | | | 20,826 | | | 39,555 | | | 63,442 | |
| | | | | | | |
| Other comprehensive income (loss), net of tax | | | | | | | |
| Foreign currency translation adjustment | (4,015) | | | (5,462) | | | (3,701) | | | (14,068) | |
| Net unrealized gain on available-for-sale investments | 14 | | | 8 | | | 68 | | | 8 | |
| | | | | | | |
| Other comprehensive loss, net of tax | (4,001) | | | (5,454) | | | (3,633) | | | (14,060) | |
| | | | | | | |
| Comprehensive income | $ | 10,986 | | | $ | 15,372 | | | $ | 35,922 | | | $ | 49,382 | |
| | | | | | | |
| Weighted-average common shares outstanding | | | | | | | |
| Basic | 20,076 | | | 19,816 | | | 19,998 | | | 19,723 | |
| | | | | | | |
| Diluted | 20,553 | | | 20,413 | | | 20,716 | | | 20,558 | |
| | | | | | | |
| Earnings per common share | | | | | | | |
| Basic | $ | 0.75 | | | $ | 1.05 | | | $ | 1.98 | | | $ | 3.22 | |
| Diluted | $ | 0.73 | | | $ | 1.02 | | | $ | 1.91 | | | $ | 3.09 | |
| | | | | | | |
| Cash dividends paid per share | $ | 0.15 | | | $ | 0.15 | | | $ | 0.45 | | | $ | 0.45 | |
| | | | | | | |
| | | | | | | |
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
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 Earnings | | Accumulated
Other
Comprehensive
Income (Loss) | | Total |
| Common Stock | | Treasury Stock | |
| Shares | | Amount | | Shares | | Amount | |
| Balance at December 31, 2022 | 19,866 | | | $ | 199 | | | 5 | | | $ | (191) | | | $ | 246,630 | | | $ | 168,197 | | | $ | (4,189) | | | $ | 410,646 | |
| Net income | — | | | — | | | — | | | — | | | — | | | 15,586 | | | — | | | 15,586 | |
| | | | | | | | | | | | | | | |
| Other comprehensive income, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | 443 | | | 443 | |
| Common and treasury stock transactions: | | | | | | | | | | | | | | | |
| Stock-based compensation | — | | | — | | | — | | | — | | | 1,853 | | | — | | | — | | | 1,853 | |
| Vesting of equity awards, net of tax withholding | 172 | | | 1 | | | — | | | — | | | (4,142) | | | — | | | — | | | (4,141) | |
| Clawback of equity awards | — | | | — | | | 5 | | | (163) | | | — | | | — | | | — | | | (163) | |
Cash dividends declared ($0.15 per share) | — | | | — | | | — | | | — | | | — | | | (3,006) | | | — | | | (3,006) | |
| Dividend equivalents on restricted stock units | — | | | — | | | — | | | — | | | — | | | (106) | | | — | | | (106) | |
| | | | | | | | | | | | | | | |
| Balance at March 31, 2023 | 20,038 | | | $ | 200 | | | 10 | | | $ | (354) | | | $ | 244,341 | | | $ | 180,671 | | | $ | (3,746) | | | $ | 421,112 | |
| Net income | — | | | — | | | — | | | — | | | — | | | 8,982 | | | — | | | 8,982 | |
| | | | | | | | | | | | | | | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | (75) | | | (75) | |
| Common and treasury stock transactions: | | | | | | | | | | | | | | | |
| Stock-based compensation | — | | | — | | | — | | | — | | | 2,324 | | | — | | | — | | | 2,324 | |
| | | | | | | | | | | | | | | |
| Repurchase of common stock | — | | | — | | | 36 | | | (904) | | | — | | | — | | | — | | | (904) | |
| Re-issuance of treasury stock | — | | | — | | | (16) | | | 439 | | | (439) | | | — | | | — | | | — | |
Cash dividends declared ($0.15 per share) | — | | | — | | | — | | | — | | | — | | | (3,003) | | | — | | | (3,003) | |
| Dividend equivalents on restricted stock units | — | | | — | | | — | | | — | | | — | | | (119) | | | — | | | (119) | |
| | | | | | | | | | | | | | | |
| Balance at June 30, 2023 | 20,038 | | | 200 | | | 30 | | | (819) | | | 246,226 | | | 186,531 | | | (3,821) | | | 428,317 | |
| Net income | — | | | — | | | — | | | — | | | — | | | 14,987 | | | — | | | 14,987 | |
| | | | | | | | | | | | | | | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | (4,001) | | | (4,001) | |
| Common and treasury stock transactions: | | | | | | | | | | | | | | | |
| Stock-based compensation | — | | | — | | | — | | | — | | | 3,154 | | | — | | | — | | | 3,154 | |
| Vesting of equity awards | 89 | | | 1 | | | — | | | — | | | (1) | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | |
| Clawback of equity awards | — | | | — | | | 5 | | | (144) | | | — | | | — | | | — | | | (144) | |
| Re-issuance of treasury stock | — | | | — | | | (30) | | | 853 | | | (869) | | | — | | | — | | | (16) | |
Cash dividends declared ($0.15 per share) | — | | | — | | | — | | | — | | | — | | | (3,014) | | | — | | | (3,014) | |
| Dividend equivalents on restricted stock units | — | | | — | | | — | | | — | | | — | | | (135) | | | — | | | (135) | |
| | | | | | | | | | | | | | | |
| Balance at September 30, 2023 | 20,127 | | | 201 | | | 5 | | | (110) | | | 248,510 | | | 198,369 | | | (7,822) | | | 439,148 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
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 Earnings | | Accumulated
Other
Comprehensive
Income (Loss) | | Total |
| Common Stock | | Treasury Stock | |
| Shares | | Amount | | Shares | | Amount | |
| Balance at December 31, 2021 | 19,597 | | | $ | 196 | | | 5 | | | $ | (191) | | | $ | 233,163 | | | $ | 101,177 | | | $ | 1,675 | | | $ | 336,020 | |
| Net income | — | | | — | | | — | | | — | | | — | | | 18,467 | | | — | | | 18,467 | |
| | | | | | | | | | | | | | | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | (1,082) | | | (1,082) | |
| Common and treasury stock transactions: | | | | | | | | | | | | | | | |
| Stock-based compensation | — | | | — | | | — | | | — | | | 3,698 | | | — | | | — | | | 3,698 | |
| Vesting of equity awards, net of tax withholding | 126 | | | 1 | | | — | | | — | | | (3,220) | | | — | | | — | | | (3,219) | |
| | | | | | | | | | | | | | | |
Cash dividends declared ($0.15 per share) | — | | | — | | | — | | | — | | | — | | | (2,940) | | | — | | | (2,940) | |
| Dividend equivalents on restricted stock units | — | | | — | | | — | | | — | | | — | | | (179) | | | — | | | (179) | |
| | | | | | | | | | | | | | | |
| Balance at March 31, 2022 | 19,723 | | | $ | 197 | | | 5 | | | $ | (191) | | | $ | 233,641 | | | $ | 116,525 | | | $ | 593 | | | $ | 350,765 | |
| Net income | — | | | — | | | — | | | — | | | — | | | 24,149 | | | — | | | 24,149 | |
| | | | | | | | | | | | | | | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | (7,524) | | | (7,524) | |
| Common and treasury stock transactions: | | | | | | | | | | | | | | | |
| Stock-based compensation | — | | | — | | | — | | | — | | | 3,784 | | | — | | | — | | | 3,784 | |
| Vesting of equity awards | 19 | | | — | | | — | | | — | | | 404 | | | — | | | — | | | 404 | |
| | | | | | | | | | | | | | | |
Cash dividends declared ($0.15 per share) | — | | | — | | | — | | | — | | | — | | | (2,957) | | | — | | | (2,957) | |
| Dividend equivalents on restricted stock units | — | | | — | | | — | | | — | | | — | | | (147) | | | — | | | (147) | |
| | | | | | | | | | | | | | | |
| Balance at June 30, 2022 | 19,742 | | | $ | 197 | | | 5 | | | $ | (191) | | | $ | 237,829 | | | $ | 137,570 | | | $ | (6,931) | | | $ | 368,474 | |
| Net income | — | | | — | | | — | | | — | | | — | | | 20,826 | | | — | | | 20,826 | |
| | | | | | | | | | | | | | | |
| Other comprehensive loss, net of tax | — | | | — | | | — | | | — | | | — | | | — | | | (5,454) | | | (5,454) | |
| Common and treasury stock transactions: | | | | | | | | | | | | | | | |
| Stock-based compensation | — | | | — | | | — | | | — | | | 3,805 | | | — | | | — | | | 3,805 | |
| Vesting of equity awards | 124 | | | 2 | | | — | | | — | | | (2) | | | — | | | — | | | — | |
| | | | | | | | | | | | | | | |
Cash dividends declared ($0.15 per share) | — | | | — | | | — | | | — | | | — | | | (2,980) | | | — | | | (2,980) | |
| Dividend equivalents on restricted stock units | — | | | — | | | — | | | — | | | — | | | (140) | | | — | | | (140) | |
| | | | | | | | | | | | | | | |
| Balance at September 30, 2022 | 19,866 | | | $ | 199 | | | 5 | | | $ | (191) | | | $ | 241,632 | | | $ | 155,276 | | | $ | (12,385) | | | $ | 384,531 | |
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | |
| | | Nine Months Ended
September 30, |
| | | 2023 | | 2022 |
| Cash flows - operating activities | | | | |
| Net income | | $ | 39,555 | | | $ | 63,442 | |
| Adjustments to reconcile net income to net cash used in operating activities: | | | | |
| Depreciation and amortization | | 13,432 | | | 7,824 | |
| Deferred income taxes | | (548) | | | (976) | |
| Stock-based compensation expense | | 7,331 | | | 11,691 | |
| Accretion expense related to earnout payments | | 1,097 | | | 820 | |
| Gain on marketable securities | | (2,040) | | | (113) | |
| Loss on disposal of property and equipment | | 192 | | | 376 | |
| Impairment charges | | 7,246 | | | — | |
| Changes in assets and liabilities: | | | | |
| Accounts receivable | | (52,205) | | | (64,753) | |
| Accounts payable | | (1,657) | | | (3,250) | |
| Accrued expenses | | (197,698) | | | (32,414) | |
| | | | |
| Deferred revenue | | (1,622) | | | (5,913) | |
| Income taxes recoverable and payable, net | | 6,617 | | | (5,661) | |
| Retirement and pension plan assets and liabilities | | 6,697 | | | 3,476 | |
| Prepaid expenses | | (3,771) | | | (6,637) | |
| Other assets and liabilities, net | | (3,243) | | | (8,960) | |
| Net cash used in operating activities | | (180,617) | | | (41,048) | |
| | | | |
| Cash flows - investing activities | | | | |
| Acquisition of businesses, net of cash acquired | | (37,953) | | | — | |
| Capital expenditures | | (9,619) | | | (8,176) | |
| | | | |
| Purchases of marketable securities and investments | | (75,464) | | | (186,097) | |
| Proceeds from sales of marketable securities and investments | | 289,689 | | | 1,216 | |
| Net cash provided by (used in) investing activities | | 166,653 | | | (193,057) | |
| | | | |
| Cash flows - financing activities | | | | |
| | | | |
| | | | |
| | | | |
| Repurchases of common stock | | (904) | | | — | |
| Cash dividends paid | | (9,383) | | | (9,343) | |
| Payment of employee tax withholdings on equity transactions | | (4,141) | | | (3,219) | |
| Acquisition earnout payments | | (37,984) | | | — | |
| Net cash used in financing activities | | (52,412) | | | (12,562) | |
| | | | |
| Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash | | (2,642) | | | (23,082) | |
| | | | |
| Net decrease in cash, cash equivalents and restricted cash | | (69,018) | | | (269,749) | |
| Cash, cash equivalents and restricted cash at beginning of period | | 355,489 | | | 545,259 | |
| Cash, cash equivalents and restricted cash at end of period | | $ | 286,471 | | | $ | 275,510 | |
| | | | |
| | | | |
| | | | |
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
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, income taxes, interim effective tax rate and the assessment of goodwill, other intangible assets and long-lived assets 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 September 30, 2023 and December 31, 2022, the results of operations for the three and nine months ended September 30, 2023 and 2022 and its cash flows for the nine months ended September 30, 2023 and 2022 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, 2022, as filed with the SEC on February 27, 2023.
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, 2022.
Revenue Recognition
See Note 3, Revenue.
Cost of Services
Cost of services consists of third-party contractor 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 (“R&D”) expense consists of payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with the development of new technologies to enhance existing products and services and to expand the range of the Company's offerings. The benefits from the Company's R&D efforts are intended to be utilized to develop and enhance new and existing services and products across the Company's current offerings in Executive Search, Heidrick Consulting and On-Demand Talent, and for products and services in new segments that the Company may embark upon in the future from time to time.
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 September 30, 2023, and 2022, and December 31, 2022, and 2021:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, | | December 31, |
| 2023 | | 2022 | | 2022 | | 2021 |
| Cash and cash equivalents | $ | 286,429 | | | $ | 275,468 | | | $ | 355,447 | | | $ | 545,225 | |
| | | | | | | |
| Restricted cash included within other non-current assets | 42 | | | 42 | | | 42 | | | 34 | |
| Total cash, cash equivalents and restricted cash | $ | 286,471 | | | $ | 275,510 | | | $ | 355,489 | | | $ | 545,259 | |
Earnings per Common Share
Basic earnings per common share are computed by dividing net income by weighted average common shares outstanding for the period. Diluted earnings 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 per share in periods in which they have an anti-dilutive effect.
The following table sets forth the computation of basic and diluted earnings per share:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| Net income | $ | 14,987 | | | $ | 20,826 | | | $ | 39,555 | | | $ | 63,442 | |
| Weighted average shares outstanding: | | | | | | | |
| Basic | 20,076 | | | 19,816 | | | 19,998 | | | 19,723 | |
| Effect of dilutive securities: | | | | | | | |
| Restricted stock units | 381 | | | 462 | | | 575 | | | 646 | |
| Performance stock units | 96 | | | 135 | | | 143 | | | 189 | |
| Diluted | 20,553 | | | 20,413 | | | 20,716 | | | 20,558 | |
| Basic earnings per share | $ | 0.75 | | | $ | 1.05 | | | $ | 1.98 | | | $ | 3.22 | |
| Diluted earnings per share | $ | 0.73 | | | $ | 1.02 | | | $ | 1.91 | | | $ | 3.09 | |
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 companies 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 goodwill at least annually and whenever events occur or circumstances indicate that a carrying value 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 or market capitalization, increased competition, and other factors.
The goodwill impairment test compares the fair value of a reporting unit to its carrying value, 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 value by which the carrying value of the reporting unit exceeds its fair value; however, the loss recognized is not to exceed the total value of goodwill allocated to that reporting unit.
On October 31, 2022, the Company conducted its annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the three months ended June 30, 2023, the Company acquired businessfourzero and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company evaluated the recent and anticipated future financial performance of the Heidrick Consulting reporting unit and 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, 2023.
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) working capital investments; (4) macroeconomic conditions; and (5) other factors.
Based on the results of the impairment evaluation, the Company determined that the goodwill within the Heidrick Consulting reporting unit was impaired, which resulted in an impairment charge of $7.2 million to write-off all of the associated goodwill. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2023, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023. The impairment was non-cash in nature and 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.
Recently Issued Financial Accounting Standards
In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance was intended to provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2024. The Company is currently evaluating the impact of this accounting guidance. The new guidance is not expected to have a material effect on the Company's 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 compensation 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 the Company's consulting revenue is recognized over time utilizing both input and output methods. Contracts that contain coaching sessions, training sessions or the completion of assessments are recognized using the output method as each session or assessment is delivered to the client. Contracts that contain general consulting work are recognized using the input method utilizing a measure of progress that is based on time incurred on the project.
The Company enters into enterprise agreements with clients to provide a license for online access, via the Company's Culture Connect platform, to training and other proprietary material related to the Company's culture shaping programs. The consideration the Company expects to receive under the terms of an enterprise agreement is comprised of a single fixed fee. The enterprise agreements contain multiple performance obligations, the delivery of materials via Culture Connect and material rights related to options to renew enterprise agreements at a significant discount. The Company allocates the transaction price to the performance obligations in the contract on a stand-alone selling price basis. The stand-alone selling price for the initial term of the enterprise agreement is outlined in the contract and is equal to the price paid by the client for the agreement over the initial term of the contract. The stand-alone selling price for the options to renew, or material right, are not directly observable and must be estimated. This estimate is required to reflect the discount the client would obtain when exercising the option to renew, adjusted for the likelihood that the option will be exercised. The Company estimates the likelihood of renewal using a historical analysis of client renewals. Access to Culture Connect represents a right to access the Company’s intellectual property that the client simultaneously receives and consumes as the Company performs under the agreement, and therefore the Company recognizes revenue over time. Given the continuous nature of this commitment, the Company utilizes straight-line ratable revenue recognition over the estimated subscription period as the Company's clients will receive and consume the benefits from Culture Connect equally throughout the contract period. Revenue related to client renewals of enterprise agreements is recognized over the term of the renewal, which is generally twelve months. Enterprise agreements do not comprise a significant portion of the Company's revenue.
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 Current assets - 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, 2022, to September 30, 2023:
| | | | | | | | | | | | | | | | | |
| September 30,
2023 | | December 31,
2022 | | Change |
| Contract assets | | | | | |
| Unbilled receivables, net | $ | 17,322 | | | $ | 13,940 | | | $ | 3,382 | |
| Contract assets | 18,808 | | | 21,348 | | | (2,540) | |
Total contract assets | 36,130 | | | 35,288 | | | 842 | |
| | | | | |
| Contract liabilities | | | | | |
| Deferred revenue | $ | 41,502 | | | $ | 43,057 | | | $ | (1,555) | |
During the nine months ended September 30, 2023, the Company recognized revenue of $37.5 million that was included in the contract liabilities balance at the beginning of the period. The amount of revenue recognized during the nine months ended September 30, 2023, from performance obligations partially satisfied in previous periods as a result of changes in the estimates of variable consideration was $19.3 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, 2022 | $ | 6,643 | |
| Provision for credit losses | 5,390 | |
| Write-offs | (5,460) | |
| Foreign currency translation | (56) | |
Balance at September 30, 2023 | $ | 6,517 | |
There were no investments with unrealized losses at September 30, 2023. At December 31, 2022, 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, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Less Than 12 Months | | Balance Sheet Classification |
| Balance at December 31, 2022 | Fair Value | | Unrealized Loss | | Cash and Cash Equivalents | | Marketable Securities |
| U.S. Treasury securities | $ | 194,056 | | | $ | 56 | | | $ | 11,918 | | | $ | 182,138 | |
The unrealized loss on one investment in U.S. Treasury securities at December 31, 2022 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.
5. Property and Equipment, net
The components of the Company’s property and equipment are as follows:
| | | | | | | | | | | |
| September 30,
2023 | | December 31,
2022 |
| Leasehold improvements | $ | 42,328 | | | $ | 40,829 | |
| Office furniture, fixtures and equipment | 14,546 | | | 14,322 | |
| Computer equipment and software | 36,743 | | | 30,085 | |
| Property and equipment, gross | 93,617 | | | 85,236 | |
| Accumulated depreciation | (59,583) | | | (55,029) | |
| Property and equipment, net | $ | 34,034 | | | $ | 30,207 | |
Depreciation expense for the three months ended September 30, 2023, and 2022 was $2.4 million and $1.8 million, respectively. Depreciation expense for the nine months ended September 30, 2023, and 2022 was $6.6 million and $5.4 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 September 30, 2023, office leases have remaining lease terms that range from less than one year to 10.0 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 September 30, 2023, equipment leases, which are comprised of vehicle and office equipment leases, have remaining terms that range from less than one year to 4.8 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 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
| Operating lease cost | $ | 4,751 | | | $ | 4,124 | | | $ | 13,843 | | | $ | 12,967 | |
| Variable lease cost | 2,213 | | | $ | 1,760 | | | 7,200 | | | 4,393 | |
| Total lease cost | $ | 6,964 | | | $ | 5,884 | | | $ | 21,043 | | | $ | 17,360 | |
Supplemental cash flow information related to the Company's operating leases is as follows for the nine months ended September 30:
| | | | | | | | | | | |
| 2023 | | 2022 |
| Cash paid for amounts included in the measurement of lease liabilities: | | | |
| Operating cash flows from operating leases | $ | 14,923 | | | $ | 13,572 | |
| Right-of-use assets obtained in exchange for lease obligations: | | | |
| Operating leases | $ | 7,944 | | | $ | 9,059 | |
The weighted average remaining lease term and weighted average discount rate for operating leases as of September 30, are as follows:
| | | | | | | | | | | |
| 2023 | | 2022 |
| Weighted Average Remaining Lease Term | | | |
| Operating leases | 6.2 years | | 6.5 years |
| Weighted Average Discount Rate | | | |
| Operating leases | 3.77 | % | | 3.31 | % |
The future maturities of the Company's operating lease liabilities as of September 30, 2023, for the years ended December 31 are as follows:
| | | | | |
| Operating Lease Maturity |
| 2023 | $ | 4,304 | |
| 2024 | 20,749 | |
| 2025 | 12,482 | |
| 2026 | 11,161 | |
| 2027 | 9,808 | |
| Thereafter | 27,610 | |
| Total lease payments | 86,114 | |
| Less: Interest | 9,288 | |
| Present value of lease liabilities | $ | 76,826 | |
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.
The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | |
| Amortized Cost | | Unrealized Gains | | | | Fair Value | | Cash and Cash Equivalents | | Marketable Securities |
Balance at September 30, 2023 | | | | | | | | | | | |
| Cash | | | | | | | | | $ | 171,155 | | | $ | — | |
| | | | | | | | | | | |
Level 1(1): | | | | | | | | | | | |
| Money market funds | | | | | | | | | 14,585 | | | — | |
| U.S. Treasury securities | $ | 148,221 | | | $ | 28 | | | | | $ | 148,249 | | | 100,689 | | | 47,560 | |
| Total Level 1 | 148,221 | | | 28 | | | | | 148,249 | | | 115,274 | | | 47,560 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| Total | $ | 148,221 | | | $ | 28 | | | | | $ | 148,249 | | | $ | 286,429 | | | $ | 47,560 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Marketable Securities |
Balance at December 31, 2022 | | | | | | | | | | | |
| Cash | | | | | | | | | $ | 247,198 | | | $ | — | |
| | | | | | | | | | | |
Level 1(1): | | | | | | | | | | | |
| Money market funds | | | | | | | | | 62,338 | | | — | |
| U.S. Treasury securities | $ | 312,121 | | | $ | 15 | | | $ | (56) | | | $ | 312,080 | | | 45,911 | | | 266,169 | |
| Total Level 1 | 312,121 | | | 15 | | | (56) | | | 312,080 | | | 108,249 | | | 266,169 | |
| | | | | | | | | | | |
| Total | $ | 312,121 | | | $ | 15 | | | $ | (56) | | | $ | 312,080 | | | $ | 355,447 | | | $ | 266,169 | |
(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 $35.9 million and $29.1 million as of September 30, 2023, and December 31, 2022, 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 Assets | | | | Non-Current Assets | | Current Liabilities | | Non-current Liabilities |
| | Fair Value | | Other Current Assets | | | | Assets Designated for Retirement and Pension Plans | | Investments | | Other Current Liabilities | | Retirement and Pension Plans |
Balance at September 30, 2023 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Measured on a recurring basis: | | | | | | | | | | | | | | |
Level 1(1): | | | | | | | | | | | | | | |
| U.S. non-qualified deferred compensation plan | | $ | 43,154 | | | $ | — | | | | | $ | — | | | $ | 43,154 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | |
Level 2(2): | | | | | | | | | | | | | | |
| Retirement and pension plan assets | | 12,432 | | | 1,237 | | | | | 11,195 | | | — | | | — | | | — | |
| Pension benefit obligation | | (13,783) | | | — | | | | | — | | | — | | | (1,237) | | | (12,546) | |
| Total Level 2 | | (1,351) | | | 1,237 | | | | | 11,195 | | | — | | | (1,237) | | | (12,546) | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Total | | $ | 41,803 | | | $ | 1,237 | | | | | $ | 11,195 | | | $ | 43,154 | | | $ | (1,237) | | | $ | (12,546) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Balance Sheet Classification |
| | | | Current Assets | | | | Non-Current Assets | | Current Liabilities | | Non-Current Liabilities |
| | Fair Value | | Other Current Assets | | | | Assets Designated for Retirement and Pension Plans | | Investments | | Other Current Liabilities | | Retirement and Pension Plans |
Balance at December 31, 2022 | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Measured on a recurring basis: | | | | | | | | | | | | | | |
Level 1(1): | | | | | | | | | | | | | | |
| U.S. non-qualified deferred compensation plan | | $ | 34,354 | | | $ | — | | | | | $ | — | | | $ | 34,354 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | | | |
Level 2(2): | | | | | | | | | | | | | | |
| Retirement and pension plan assets | | 12,584 | | | 1,252 | | | | | 11,332 | | | — | | | — | | | — | |
| Pension benefit obligation | | (13,951) | | | — | | | | | — | | | — | | | (1,252) | | | (12,699) | |
| Total Level 2 | | (1,367) | | | 1,252 | | | | | 11,332 | | | — | | | (1,252) | | | (12,699) | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Total | | $ | 32,987 | | | $ | 1,252 | | | | | $ | 11,332 | | | $ | 34,354 | | | $ | (1,252) | | | $ | (12,699) | |
(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.
(3)Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
Contingent Consideration and Compensation
The former owners of the Company's acquired businesses are eligible to receive contingent consideration or additional cash compensation based on the attainment of certain operating metrics or performance criteria 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 Company determines the fair value of contingent consideration and compensation using discounted cash flow models.
The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the nine months ended September 30, 2023:
| | | | | | | | | | | | | |
| | | Earnout | | Contingent Compensation |
Balance at December 31, 2022 | | | $ | (36,010) | | | $ | (8,192) | |
Purchase accounting (See Note 8, Acquisitions) | | | (36,266) | | | — | |
| Earnout accretion | | | (1,097) | | | — | |
| Compensation expense | | | — | | | (8,711) | |
| | | | | |
| Payments | | | 35,946 | | | 2,038 | |
| Foreign currency translation | | | 894 | | | (118) | |
| | | | | |
Balance at September 30, 2023 | | | $ | (36,533) | | | $ | (14,983) | |
Earnout accruals of zero and $36.0 million were recorded within Current liabilities - Other current liabilities as of September 30, 2023, and December 31, 2022, respectively, and earnout accruals of $36.5 million and zero were recorded within Non-current liabilities - Other non-current liabilities as of September 30, 2023, and December 31, 2022, respectively. Contingent compensation accruals of $5.3 million and $1.5 million are recorded within Current liabilities - Accrued salaries and benefits as of September 30, 2023 and December 31, 2022, respectively, and contingent compensation accruals of $9.6 million and $6.7 million are recorded within Non-current liabilities - Accrued salaries and benefits as of September 30, 2023 and December 31, 2022, respectively.
Goodwill
Goodwill represents the difference between the purchase price of acquired companies 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 goodwill at least annually and whenever events occur or circumstances indicate that a carrying amount of goodwill may not be recoverable. During the three months ended June 30, 2023, an interim goodwill impairment evaluation was conducted to determine the fair value of the Company's goodwill. Goodwill is 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 Company determines the fair value of goodwill using discounted cash flow models.
The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for the nine months ended September 30, 2023:
| | | | | |
| Goodwill |
| Balance at December 31, 2022 | $ | 138,361 | |
| Acquired goodwill | 68,338 | |
| Impairment | (7,246) | |
| Foreign currency translation | (1,212) | |
| Balance at September 30, 2023 | $ | 198,241 | |
8. Acquisitions
On February 1, 2023, the Company acquired Atreus Group GmbH ("Atreus"), a leading provider of executive interim management in Germany. The Company paid $33.4 million in the first quarter of 2023, with a subsequent estimated payment of between $9.0 million and $13.0 million to be paid in 2023 upon the completion of Atreus' statutory audit for the year ended December 31, 2022, for all of the outstanding equity of Atreus. The former owners of Atreus are eligible to receive additional cash consideration, which the Company estimated on the acquisition date to be between $30.0 million and $40.0 million, to be paid in 2026 based on the achievement of certain revenue and operating income milestones for the period from the acquisition date through 2025. When estimating the present value of future cash consideration, the Company accrued an estimated $32.0 million as of the acquisition date for the earnout liability. The Company recorded an estimated $11.3 million for customer relationships, $5.4 million for software, $2.5 million for a trade name and $61.3 million of goodwill. Goodwill is primarily related to the acquired workforce and strategic fit and is not deductible for tax purposes. The consideration transferred was allocated on a preliminary basis to the assets acquired and liabilities assumed on their estimated fair values at the date of acquisition. The measurement period for purchase price allocation ends when information on the facts and circumstances becomes available, not to exceed twelve months, and the Company expects to finalize its measurements for the acquisition during the fourth quarter of 2023 upon the evaluation of the statutory audit results and determination of the final payment amount. As of September 30, 2023, the allocations remain preliminary with regard to customer relationships, software, trade name, goodwill and earnout liability.
On April 1, 2023, the Company acquired businessfourzero, a next generation consultancy specializing in developing and implementing purpose-driven change. In connection with the acquisition, the Company paid $9.5 million in the second quarter of 2023 with a subsequent working capital settlement of $2.2 million paid in the third quarter of 2023. The former owners of businessfourzero are eligible to receive additional cash consideration, which the Company estimated on the acquisition date to be between $4.0 million and $8.0 million, to be paid in 2026 based on the achievement of certain revenue and operating income metrics for the period from the acquisition date through 2025. When estimating the present value of future cash consideration, the Company accrued an estimated $4.3 million as of the acquisition date for the earnout liability. The Company recorded $3.5 million for customer relationships, $0.5 million for a trade name, and $7.1 million of goodwill. The goodwill is primarily related to the acquired workforce and strategic fit.
9. Goodwill and Other Intangible Assets
Goodwill
The Company's goodwill by segment (for the segments that had recorded goodwill) is as follows:
| | | | | | | | | | | |
| September 30,
2023 | | December 31,
2022 |
| Executive Search | | | |
| Americas | $ | 91,519 | | | $ | 91,383 | |
| Europe | 1,432 | | | 1,449 | |
| | | |
| Total Executive Search | 92,951 | | | 92,832 | |
| On-Demand Talent | 105,290 | | | 45,529 | |
| Heidrick Consulting | 7,246 | | | — | |
| Goodwill, gross | 205,487 | | | 138,361 | |
| Accumulated impairment | (7,246) | | | — | |
| Total goodwill | $ | 198,241 | | | $ | 138,361 | |
Changes in the carrying amount of goodwill by segment (for the segments that had recorded goodwill) for the nine months ended September 30, 2023, are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Executive Search | | On-Demand Talent | | Heidrick Consulting | | |
| Americas | | Europe | | | | | | Total |
| Goodwill | $ | 91,383 | | | $ | 1,449 | | | | | $ | 45,529 | | | $ | — | | | $ | 138,361 | |
| Accumulated impairment losses | — | | | — | | | | | — | | | — | | | — | |
Balance at December 31, 2022 | 91,383 | | | 1,449 | | | | | 45,529 | | | — | | | 138,361 | |
| | | | | | | | | | | |
| Atreus acquisition | — | | | — | | | | | 61,265 | | | — | | | 61,265 | |
| businessfourzero acquisition | — | | | — | | | | | — | | | 7,073 | | | 7,073 | |
| Impairment | — | | | — | | | | | — | | | (7,246) | | | (7,246) | |
| Foreign currency translation | 136 | | | (17) | | | | | (1,504) | | | 173 | | | (1,212) | |
| | | | | | | | | | | |
| Goodwill | 91,519 | | | 1,432 | | | | | 105,290 | | | 7,246 | | | 205,487 | |
| Accumulated impairment losses | — | | | — | | | | | — | | | (7,246) | | | (7,246) | |
Balance at September 30, 2023 | $ | 91,519 | | | $ | 1,432 | | | | | $ | 105,290 | | | $ | — | | | $ | 198,241 | |
In February 2023, the Company acquired Atreus and recorded an estimated $61.3 million of goodwill related to the acquisition in the On-Demand Talent operating segment. In April 2023, the Company acquired businessfourzero and recorded an estimated $7.1 million of goodwill related to the acquisition in the Heidrick Consulting operating segment.
On October 31, 2022, the Company conducted its annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the three months ended June 30, 2023, the Company acquired businessfourzero and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company evaluated the recent and anticipated future financial performance of the Heidrick Consulting reporting unit and 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, 2023.
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) working capital investments; (4) macroeconomic conditions and (5) other factors.
Based on the results of the impairment evaluation, the Company determined that the goodwill within the Heidrick Consulting reporting unit was impaired, which resulted in an impairment charge of $7.2 million to write off all of the associated goodwill. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2023, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023. The impairment was non-cash in nature and 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:
| | | | | | | | | | | |
| September 30,
2023 | | December 31,
2022 |
| Executive Search | | | |
| Americas | $ | 25 | | | $ | 51 | |
| Europe | 111 | | | 216 | |
| Asia Pacific | 4 | | | 15 | |
| Total Executive Search | 140 | | | 282 | |
| | | |
| | | |
| Heidrick Consulting | 3,242 | | | — | |
| On-Demand Talent | 19,127 | | | 6,051 | |
| Total other intangible assets, net | $ | 22,509 | | | $ | 6,333 | |
In February 2023, the Company acquired Atreus and recorded estimated customer relationships short-term, customer relationships long-term, software and trade name intangible assets in the On-Demand Talent operating segment of $6.0 million, $5.3 million, $5.4 million and $2.5 million, respectively. The combined estimated weighted-average amortization period for the acquired intangible assets is 6.7 years with estimated amortization periods of 5.0, 14.0, 3.0 and 3.0 years for the customer relationships short-term, customer relationships long-term, software and trade name, respectively. In April 2023, the Company acquired businessfourzero and recorded estimated customer relationships and trade name intangible assets in the Heidrick Consulting operating segment of $3.5 million and $0.5 million, respectively. The combined estimated weighted-average amortization period for the acquired intangible assets is 8.3 years with estimated amortization periods of 9.0 and 3.0 years for the customer relationships and trade name intangible assets, respectively.
The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Weighted
Average
Life (Years) | | September 30, 2023 | | December 31, 2022 |
| | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount |
| Client relationships | 9.8 | | $ | 25,336 | | | $ | (9,771) | | | $ | 15,565 | | | $ | 10,720 | | | $ | (6,164) | | | $ | 4,556 | |
| Trade name | 3.0 | | 4,929 | | | (2,615) | | | 2,314 | | | 2,406 | | | (1,925) | | | 481 | |
| Software | 3.0 | | 8,397 | | | (3,767) | | | 4,630 | | | 3,110 | | | (1,814) | | | 1,296 | |
| Total intangible assets | 7.7 | | $ | 38,662 | | | $ | (16,153) | | | $ | 22,509 | | | $ | 16,236 | | | $ | (9,903) | | | $ | 6,333 | |
Intangible asset amortization expense for the three months ended September 30, 2023, and 2022 was $2.4 million and $0.8 million, respectively. Intangible asset amortization expense for the nine months ended September 30, 2023, and 2022 was $6.9 million and $2.4 million, respectively.
The Company's estimated future amortization expense related to intangible assets as of September 30, 2023, for the following years ended December 31 is as follows:
| | | | | |
| 2023 | $ | 2,394 | |
| 2024 | 7,499 | |
| 2025 | 5,750 | |
| 2026 | 2,441 | |
| 2027 | 1,486 | |
| Thereafter | 2,939 | |
| Total | $ | 22,509 | |
10. Other Current and Non-current Assets and Liabilities
The components of other current assets are as follows:
| | | | | | | | | | | |
| September 30,
2023 | | December 31,
2022 |
| Contract assets | $ | 36,130 | | | $ | 35,288 | |
| Other | 14,481 | | | 5,434 | |
| Total other current assets | $ | 50,611 | | | $ | 40,722 | |
The components of other current liabilities are as follows:
| | | | | | | | | | | |
| September 30,
2023 | | December 31,
2022 |
| Earnout liability | $ | — | | | $ | 36,010 | |
| | | |
| Other | 33,171 | | | 20,006 | |
| Total other current liabilities | $ | 33,171 | | | $ | 56,016 | |
The components of other non-current liabilities are as follows:
| | | | | | | | | | | |
| September 30,
2023 | | December 31,
2022 |
| Earnout liability | $ | 36,533 | | | $ | — | |
| Other | 4,452 | | | 5,293 | |
| Total other non-current liabilities | $ | 40,985 | | | $ | 5,293 | |
11. Line of Credit
On February 24, 2023, the Company entered into the Second Amendment (the “Second 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, the "Amended Credit Agreement") by and among the Company, Bank of America, N.A., as administrative agent, and the lenders party thereto. The Second Amendment replaced the interest rate benchmark, from LIBOR to the Secured Overnight Financing Rate (“SOFR”). At the Company's option, borrowings under the Amended Credit Agreement will bear interest at one-, three- or six-month term SOFR, or an alternate base rate as set forth in the Amended Credit Agreement, in each case plus an applicable margin. Additionally, the Second Amendment provided the Company with a committed unsecured revolving credit facility in an aggregate amount of $200 million, increased from $175 million as set forth in the Credit Agreement, 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. Other than the foregoing, the material terms of the Amended Credit Agreement remain unchanged. The Amended Credit Agreement matures on July 13, 2026.
Borrowings under the Amended 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 Amended Credit Agreement are guaranteed by certain of the Company’s subsidiaries.
As of September 30, 2023, and December 31, 2022, 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.
12. Stock-Based Compensation and Common Stock
On May 25, 2023, the stockholders of the Company approved an amendment to the Company's Third Amended and Restated 2012 Heidrick & Struggles GlobalShare Program (as so amended, the "Fourth A&R Program") to increase the number of shares of common stock reserved for issuance under the 2012 program by 1,060,000 shares. The Fourth 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 September 30, 2023, 4,166,113 awards have been issued under the Fourth A&R Program, including 784,325 forfeited awards, and 1,028,212 shares remain available for future awards. The Fourth A&R Program provides that no awards can be granted after May 25, 2033.
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
September 30, | | Nine Months Ended
September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| Salaries and benefits (1) | $ | 2,934 | | | $ | 3,535 | | | $ | 6,337 | | | $ | 7,713 | |
| General and administrative expenses | 203 | | | 405 | | | 1,013 | | | 810 | |
| Income tax benefit related to stock-based compensation included in net income | 864 | | | 1,072 | | | 2,024 | | | 2,320 | |
(1) Includes less than $0.1 million of expense and $0.2 million of income related to cash-settled restricted stock units for the three months ended September 30, 2023, and 2022, respectively, and $0.1 million of expense and $3.1 million of income related to cash-settled restricted stock units for the nine months ended September 30, 2023, and 2022, 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 Fourth A&R Program as part of their annual compensation. Based on their respective elections, the Company issued 23,620 and 11,850 restricted stock units for services provided by the non-employee directors during the nine months ended September 30, 2023, and 2022, 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 nine months ended September 30, 2023, is as follows:
| | | | | | | | | | | |
| Number of
Restricted
Stock Units | | Weighted-
Average
Grant-Date
Fair Value |
Outstanding on December 31, 2022 | 728,285 | | | $ | 31.97 | |
| Granted | 276,227 | | | 26.91 | |
| Vested and converted to common stock | (291,113) | | | 31.04 | |
| Forfeited | (25,693) | | | 31.54 | |
Outstanding on September 30, 2023 | 687,706 | | | $ | 30.35 | |
As of September 30, 2023, there was $8.3 million of pre-tax unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted average of 2.4 years.
Performance Stock Units
The Company grants performance stock units to certain of its senior executives. The performance stock units are generally 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. Half of the award is based on the achievement of adjusted operating 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 the 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.
Performance stock unit activity for the nine months ended September 30, 2023, is as follows:
| | | | | | | | | | | |
| Number of
Performance
Stock Units | | Weighted-
Average
Grant-Date
Fair Value |
Outstanding on December 31, 2022 | 260,452 | | | $ | 40.02 | |
| Granted | 103,916 | | | 34.14 | |
| Vested and converted to common stock | (124,743) | | | 31.51 | |
| Forfeited | — | | | |
Outstanding on September 30, 2023 | 239,625 | | | $ | 41.91 | |
As of September 30, 2023, there was $5.4 million of pre-tax unrecognized compensation expense related to unvested performance stock units, which is expected to be recognized over a weighted average of 1.9 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 period of four years, 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 less than $0.1 million and income of $0.2 million during the three months ended September 30, 2023, and 2022, respectively and $0.1 million of expense and $3.1 million of income related to phantom stock units during the nine months September 30, 2023, and 2022, respectively.
Phantom stock unit activity for the nine months ended September 30, 2023, is as follows:
| | | | | |
| Number of
Phantom
Stock Units |
Outstanding on December 31, 2022 | 321,155 | |
| Granted | — | |
| Vested | (115,180) | |
| Forfeited | (18,674) | |
Outstanding on September 30, 2023 | 187,301 | |
As of September 30, 2023, there was $1.0 million of pre-tax unrecognized compensation expense related to unvested phantom stock units, which is expected to be recognized over a weighted average of 2.5 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 Fourth A&R Program as part of their annual compensation. Based on their respective elections, the Company issued 16,134 and 11,850 shares of common stock for services provided by the non-employee directors during the nine months ended September 30, 2023, and 2022, 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 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. During the three months ended June 30, 2023, the Company purchased 36,000 shares of common stock for $0.9 million. There were no purchases of common stock during the three months ended September 30, 2023. There were no purchases of shares of common stock in 2022, and prior to the 2023 purchase, the most recent purchase of the Company's shares of common stock occurred during the year ended December 31,
2012. As of September 30, 2023, 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.
13. Restructuring
During the year ended December 31, 2020, the Company implemented a restructuring plan (the "2020 Plan") to optimize future growth and profitability. The primary components of the 2020 Plan included a workforce reduction, a reduction of the Company's real estate expenses and professional fees, and the elimination of certain deferred compensation programs. The Company did not incur any charges during the three and nine months ended September 30, 2023 and 2022 and does not anticipate incurring any future charges under the 2020 Plan.
Changes in the restructuring accrual for the nine months ended September 30, 2023, were as follows:
| | | | | | | | | | | | | | |
| | Employee Related | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Accrual balance at December 31, 2022 | | 3,422 | | | | | | | |
| | | | | | | | |
| Cash payments | | (3,516) | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Exchange rate fluctuations | | 94 | | | | | | | |
| Accrual balance at September 30, 2023 | | $ | — | | | | | | | |
Restructuring accruals associated with the elimination of certain deferred compensation programs of $3.4 million were recorded within Current liabilities - Accrued salaries and benefits in the Consolidated Balance Sheets as of December 31, 2022.
14. Income Taxes
The Company reported income before taxes of $24.0 million and an income tax provision of $9.0 million for the three months ended September 30, 2023. The Company reported income before taxes of $29.5 million and an income tax provision of $8.7 million for the three months ended September 30, 2022. The effective tax rates for the three months ended September 30, 2023, and 2022, were 37.5% and 29.5%, respectively. The effective tax rate for the three months ended September 30, 2023 was impacted by the tax effect on goodwill impairment and the inability to recognize losses. The effective tax rate for the three months ended September 30, 2022 was impacted by one-time items and the mix of income.
The Company reported income before taxes of $63.7 million and an income tax provision of $24.1 million for the nine months ended September 30, 2023. The Company reported income before taxes of $92.3 million and an income tax provision of $28.9 million for the nine months ended September 30, 2022. The effective tax rates for the nine months ended September 30, 2023, and 2022, were 37.9% and 31.3%, respectively. The effective tax rate for the nine months ended September 30, 2023 was impacted by the tax effect on goodwill impairment and the inability to recognize losses. The effective tax rate for the nine months ended September 30, 2022 was impacted by one-time items and the mix of income.
15. Changes in Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the nine months ended September 30, 2023, are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Available-
for-
Sale
Securities | | Foreign
Currency
Translation | | Pension | | AOCI |
Balance at December 31, 2022 | | $ | (41) | | | $ | (4,163) | | | $ | 15 | | | $ | (4,189) | |
| Other comprehensive income before reclassification, net of tax | | 68 | | | (3,701) | | | — | | | (3,633) | |
Balance at September 30, 2023 | | $ | 27 | | | $ | (7,864) | | | $ | 15 | | | $ | (7,822) | |
16. 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.
For segment purposes, reimbursements of out-of-pocket expenses classified as revenue and other operating income are reported separately and, therefore, are not included in the results of each segment. The Company believes that analyzing trends in revenue before reimbursements (net revenue) and analyzing operating expenses as a percentage of net revenue, more appropriately reflect its core operations.
Revenue and operating income by segment are as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| Revenue | | | | | | | |
| Executive Search | | | | | | | |
| Americas | $ | 132,320 | | | $ | 143,747 | | | $ | 398,210 | | | $ | 482,320 | |
| Europe | 44,606 | | | 41,141 | | | 129,104 | | | 139,017 | |
| Asia Pacific | 21,888 | | | 27,919 | | | 68,766 | | | 87,928 | |
| Total Executive Search | 198,814 | | | 212,807 | | | 596,080 | | | 709,265 | |
| On-Demand Talent | 41,053 | | | 23,247 | | | 111,410 | | | 68,981 | |
| Heidrick Consulting | 23,293 | | | 19,131 | | | 66,212 | | | 59,501 | |
| Revenue before reimbursements (net revenue) | 263,160 | | | 255,185 | | | 773,702 | | | 837,747 | |
| Reimbursements | 4,736 | | | 3,086 | | | 10,090 | | | 7,170 | |
| Total revenue | $ | 267,896 | | | $ | 258,271 | | | $ | 783,792 | | | $ | 844,917 | |
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| Operating income (loss) | | | | | | | |
| Executive Search | | | | | | | |
| Americas | $ | 39,285 | | | $ | 39,741 | | | $ | 121,128 | | | $ | 123,842 | |
| Europe | 8,519 | | | 5,652 | | | 12,663 | | | 15,661 | |
| Asia Pacific | 2,486 | | | 4,503 | | | 7,132 | | | 13,469 | |
| Total Executive Search | 50,290 | | | 49,896 | | | 140,923 | | | 152,972 | |
| On-Demand Talent | (4,595) | | | (276) | | | (11,821) | | | (1,207) | |
| Heidrick Consulting (1) | (4,075) | | | (2,000) | | | (17,877) | | | (4,492) | |
| Total segment operating income | 41,620 | | | 47,620 | | | 111,225 | | | 147,273 | |
| Research and Development | (5,560) | | | (5,400) | | | (16,746) | | | (14,347) | |
| Global Operations Support | (13,923) | | | (13,898) | | | (40,986) | | | (40,506) | |
| Total operating income | $ | 22,137 | | | $ | 28,322 | | | $ | 53,493 | | | $ | 92,420 | |
(1) Includes $7.2 million of impairment charges for the nine months ended September 30, 2023.
17. 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 2033. 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 $4.4 million as of September 30, 2023. The Company has not accrued for these arrangements as no event of default exists or is expected to exist.
18. 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.
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 statements regarding guidance for the fourth quarter of 2023 and the Company's expectations regarding its 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 and retain 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 increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks that could pose a risk to our systems, networks, solutions, services and data; the impacts, direct and indirect, of the COVID-19 pandemic (including the emergence of variant strains) or other highly infectious or contagious disease on our business, our consultants and employees, and the overall economy; the aggressive competition we face; the fact that our net revenue may be affected by adverse economic conditions including inflation, 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 and the conflict in Israel and the Gaza strip and the risks of an expansion or escalation of those conflicts; unfavorable tax law changes and tax authority rulings; the timing of the establishment or reversal of valuation allowance on 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 execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that could 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, 2022, 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 to 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 65 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 and their team’s performance.
We believe focusing on top-level senior executives provides the opportunity for 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. As a complement and extension of our search services, we partner with organizations through Heidrick Consulting to provide advisory services related to leadership assessment and development, organization and team effectiveness, and culture shaping. 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, 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.
We continue to focus on increasing the scale and impact of our Heidrick Consulting business and expect to improve the operating margins of this important business as we do so. 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 pivoted to create new digital solutions for Leadership Assessments, Team Acceleration, and Organization and Culture Acceleration that can be delivered virtually in response to the hybrid work arrangements utilized by our clients around the world.
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 our One Heidrick strategy, and soon to include Heidrick Digital. Through these diversified solutions, we intend to meet our clients growing talent and human capital needs by providing a more comprehensive suite of offerings.
In addition to organic expansion efforts, on February 1, 2023, we acquired Atreus, a leading provider of executive interim management in Germany, allowing us to establish and grow our on-demand talent presence in continental Europe. On April 1, 2023, we acquired businessfourzero, a next generation consultancy specializing in developing and implementing purpose-driven change, which complements our existing culture shaping services to offer a broader, more robust set of leadership advisory solutions.
Key Performance Indicators
We manage and assess our performance through various means, with primary financial and operational measures including net revenue, operating income, operating margin, Adjusted EBITDA (non-GAAP) and Adjusted EBITDA margin (non-GAAP). Executive Search and Heidrick Consulting performance is also measured using consultant headcount. Specific to Executive Search, confirmation trends, consultant productivity and average revenue per search are used to measure performance. Productivity is 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 and consulting projects and the average revenue per search or project. With the exception of compensation expense and cost of services, incremental increases in revenue do not necessarily result in proportionate increases in costs, particularly operating and administrative expenses, thus creating the potential to improve operating margins.
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 and operating margin.
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.
Historically, a portion of the Company’s consultant and management cash bonuses were deferred and paid over a three-year vesting period. The portion of the bonus was approximately 15% depending on the employee’s level or position. The compensation expense related to the amounts being deferred was recognized on a graded vesting attribution method over the requisite service period. This service period began on January 1 of the respective fiscal year and continued through the deferral
date, which coincided with the Company’s bonus payments in the first half of the following year and for an additional three-year vesting period. The deferrals are recorded in Accrued salaries and benefits within both Current liabilities and Non-current liabilities in the Condensed Consolidated Balance Sheets.
In 2020, the Company terminated the cash bonus deferral for consultants and, in 2021, terminated the cash bonus deferral for management. The Company now pays 100% of the cash bonuses earned by consultants and management in the first half of the following year. Consultant and management cash bonuses earned prior to 2020 and 2021, respectively, will continue to be paid under the terms of the cash bonus deferral program. The deferrals are recorded in Accrued salaries and benefits within both Current liabilities and Non-current liabilities in the Consolidated Balance Sheets. The final cash bonus deferrals were paid during the nine months ended September 30, 2023.
Fourth Quarter 2023 Outlook
The Company expects 2023 fourth quarter consolidated net revenue of between $240 million and $260 million, while acknowledging that continued fluidity in external factors, such as foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions may impact quarterly results. In addition, this outlook is based on the average currency rates in September 2023 and reflects, among other factors, management's assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business, along with the current backlog.
The Company's 2023 fourth quarter guidance is subject to a number of risks and uncertainties, including those discussed under Item 1A - Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2022, as updated in our subsequent quarterly reports on Form 10-Q and in our other filings with the SEC. As such, actual results could vary from these projections.
Results of Operations
The following table summarizes, for the periods indicated, our results of operations as a percentage of revenue before reimbursements (net revenue):
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| Revenue | | | | | | | |
| Revenue before reimbursements (net revenue) | 100.0 | % | | 100.0 | % | | 100.0 | % | | 100.0 | % |
| Reimbursements | 1.8 | | | 1.2 | | | 1.3 | | | 0.9 | |
| Total revenue | 101.8 | | | 101.2 | | | 101.3 | | | 100.9 | |
| | | | | | | |
| Operating expenses | | | | | | | |
| Salaries and benefits | 63.5 | | | 67.2 | | | 65.3 | | | 69.3 | |
| General and administrative expenses | 14.3 | | | 12.6 | | | 14.5 | | | 11.6 | |
| Cost of services | 11.7 | | | 7.0 | | | 10.2 | | | 6.3 | |
| Research and development | 2.1 | | | 2.1 | | | 2.2 | | | 1.7 | |
| Impairment charges | — | | | — | | | 0.9 | | | — | |
| | | | | | | |
| Reimbursed expenses | 1.8 | | | 1.2 | | | 1.3 | | | 0.9 | |
| Total operating expenses | 93.4 | | | 90.1 | | | 94.4 | | | 89.8 | |
| | | | | | | |
| Operating income | 8.4 | | | 11.1 | | | 6.9 | | | 11.0 | |
| | | | | | | |
| Non-operating income (expense) | | | | | | | |
| Interest, net | 1.0 | | | 0.5 | | | 1.0 | | | 0.2 | |
| Other, net | (0.2) | | | — | | | 0.3 | | | (0.2) | |
| Net non-operating income | 0.7 | | | 0.5 | | | 1.3 | | | — | |
| | | | | | | |
| Income before income taxes | 9.1 | | | 11.6 | | | 8.2 | | | 11.0 | |
| | | | | | | |
| Provision for income taxes | 3.4 | | | 3.4 | | | 3.1 | | | 3.4 | |
| | | | | | | |
| Net income | 5.7 | % | | 8.2 | % | | 5.1 | % | | 7.6 | % |
Note: Totals and sub-totals may not equal the sum of individual line items due to rounding.
The following tables set forth, for the periods indicated, our revenue and operating income by segment (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | |
| | 2023 | | 2022 | | 2023 | | 2022 | | | | |
| Revenue | | | | | | | | | | | |
| Executive Search | | | | | | | | | | | |
| Americas | $ | 132,320 | | | $ | 143,747 | | | $ | 398,210 | | | $ | 482,320 | | | | | |
| Europe | 44,606 | | | 41,141 | | | 129,104 | | | 139,017 | | | | | |
| Asia Pacific | 21,888 | | | 27,919 | | | 68,766 | | | 87,928 | | | | | |
| Total Executive Search | 198,814 | | | 212,807 | | | 596,080 | | | 709,265 | | | | | |
| On-Demand Talent | 41,053 | | | 23,247 | | | 111,410 | | | 68,981 | | | | | |
| Heidrick Consulting | 23,293 | | | 19,131 | | | 66,212 | | | 59,501 | | | | | |
| Revenue before reimbursements (net revenue) | 263,160 | | | 255,185 | | | 773,702 | | | 837,747 | | | | | |
| Reimbursements | 4,736 | | | 3,086 | | | 10,090 | | | 7,170 | | | | | |
| Total revenue | $ | 267,896 | | | $ | 258,271 | | | $ | 783,792 | | | $ | 844,917 | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | |
| | 2023 | | 2022 | | 2023 | | 2022 | | | | |
| Operating income (loss) | | | | | | | | | | | |
| Executive Search | | | | | | | | | | | |
| Americas | $ | 39,285 | | | $ | 39,741 | | | $ | 121,128 | | | $ | 123,842 | | | | | |
| Europe | 8,519 | | | 5,652 | | | 12,663 | | | 15,661 | | | | | |
| Asia Pacific | 2,486 | | | 4,503 | | | 7,132 | | | 13,469 | | | | | |
| Total Executive Search | 50,290 | | | 49,896 | | | 140,923 | | | 152,972 | | | | | |
| On-Demand Talent | (4,595) | | | (276) | | | (11,821) | | | (1,207) | | | | | |
| Heidrick Consulting (1) | (4,075) | | | (2,000) | | | (17,877) | | | (4,492) | | | | | |
| Total segment operating income | 41,620 | | | 47,620 | | | 111,225 | | | 147,273 | | | | | |
| Research and Development | (5,560) | | | (5,400) | | | (16,746) | | | (14,347) | | | | | |
| Global Operations Support | (13,923) | | | (13,898) | | | (40,986) | | | (40,506) | | | | | |
| Total operating income | $ | 22,137 | | | $ | 28,322 | | | $ | 53,493 | | | $ | 92,420 | | | | | |
(1) Includes $7.2 million of impairment charges for the nine months ended September 30, 2023.
Three Months Ended September 30, 2023, Compared to the Three Months Ended September 30, 2022
Total revenue. Consolidated total revenue increased $9.6 million, or 3.7%, to $267.9 million for the three months ended September 30, 2023, from $258.3 million for the three months ended September 30, 2022. 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 $8.0 million, or 3.1%, to $263.2 million for the three months ended September 30, 2023, from $255.2 million for the three months ended September 30, 2022. Foreign exchange rate fluctuations positively impacted results by $5.1 million, or 2.0%. Executive Search net revenue was $198.8 million for the three months ended September 30, 2023, a decrease of $14.0 million, or 6.6%, compared to the three months ended September 30, 2022. The decrease in Executive Search net revenue was primarily due to a decrease in the volume of executive search confirmations. On-Demand Talent net revenue was $41.1 million for the three months ended September 30, 2023, an increase of $17.8 million, or 76.6%, compared to the three months ended September 30, 2022. The increase in On-Demand Talent revenue was primarily due to the acquisition of Atreus Group GmbH ("Atreus") in February 2023, partially offset by a decrease in the volume of legacy on-demand projects. Heidrick Consulting net revenue was $23.3 million for the three months ended September 30, 2023, an increase of $4.2 million, or 21.8%, compared to the three months ended September 30, 2022. The increase in Heidrick Consulting revenue was primarily due to the acquisition of businessfourzero in April 2023, and 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 417 and 90, respectively, as of September 30, 2023, compared to 389 and 72, respectively, as of September 30, 2022. Executive Search productivity, as measured by annualized net Executive Search revenue per consultant, was $1.9 million and $2.2 million for the three months ended September 30, 2023, and 2022, respectively, reflecting a higher number of consultants combined with a lower revenue. The average revenue per executive search was $153,000 and $155,000 for the three months ended September 30, 2023, and 2022, respectively.
Salaries and benefits. Consolidated salaries and benefits expense decreased $4.3 million, or 2.5%, to $167.2 million for the three months ended September 30, 2023, from $171.5 million for the three months ended September 30, 2022. Fixed compensation increased $9.2 million due to increases in base salaries and payroll taxes, expenses related to the deferred compensation plan, separation costs, and talent acquisition and retention costs, partially offset by decreases in stock compensation, and retirement and benefits. The increase in base salaries and payroll taxes was primarily due to the acquisitions of Atreus and businessfourzero. Variable compensation decreased $13.5 million due to lower bonus accruals related to decreased consultant productivity. Foreign exchange rate fluctuations negatively impacted results by $2.9 million, or 1.7%.
For the three months ended September 30, 2023, we had an average of 2,232 employees compared to an average of 2,036 employees for the three months ended September 30, 2022.
As a percentage of net revenue, salaries and benefits expense was 63.5% for the three months ended September 30, 2023, compared to 67.2% for the three months ended September 30, 2022.
General and administrative expenses. Consolidated general and administrative expenses increased $5.4 million, or 16.7%, to $37.6 million for the three months ended September 30, 2023, from $32.2 million for the three months ended September 30, 2022. The increase in general and administrative expenses was due to increases in intangible amortization, expenses related to office occupancy, and marketing, as well as the acquisition of Atreus and businessfourzero, partially offset by a decrease in business development travel. Foreign exchange rate fluctuations negatively impacted results by $0.7 million, or 2.1%.
As a percentage of net revenue, general and administrative expenses were 14.3% for the three months ended September 30, 2023, compared to 12.6% for the three months ended September 30, 2022.
Cost of services. Consolidated cost of services increased $12.9 million, or 72.3%, to $30.7 million for the three months ended September 30, 2023, from $17.8 million for the three months ended September 30, 2022. The increase in cost of services was primarily due to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus. Foreign exchange rate fluctuations negatively impacted results by $1.3 million, or 7.5%.
As a percentage of net revenue, cost of services was 11.7% for the three months ended September 30, 2023, compared to 7.0% for the three months ended September 30, 2022.
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. The results of our R&D efforts will be utilized to develop and enhance new and existing services and products across our current offerings in Executive Search, Heidrick Consulting and On-Demand Talent, and for products and services in new segments that we may embark upon in the future from time to time, such as our new digital product Heidrick Navigator, which we are beta testing. Accordingly, consolidated R&D expense increased $0.2 million, or 3.0%, to $5.6 million for the three months ended September 30, 2023, from $5.4 million for the three months ended September 30, 2022. R&D expense consists of payroll, employee benefits, stock-based compensation other employee expenses and third-party professional fees associated with new product development.
Operating income. Consolidated operating income was $22.1 million for the three months ended September 30, 2023, compared to $28.3 million, including a fair value adjustment to reduce the On-Demand Talent earnout by $0.5 million, for the three months ended September 30, 2022. Foreign exchange rate fluctuations positively impacted operating income by $0.2 million, or 0.8%.
Net non-operating income. Net non-operating income was $1.9 million for the three months ended September 30, 2023, compared to $1.2 million for the three months ended September 30, 2022.
Interest, net, was $2.5 million of income for the three months ended September 30, 2023, compared to $1.3 million for the three months ended September 30, 2022, primarily due to higher interest rates on a higher volume of short-term investments.
Other, net, was $0.6 million of expense for the three months ended September 30, 2023, compared to less than $0.1 million of expense for the three months ended September 30, 2022. The expense in both periods is primarily due to unrealized losses on the deferred compensation plan, partially offset by foreign exchange gains. The Company's investments, including those held in the Company’s deferred compensation plan, are recorded at fair value.
Income taxes. See Note 14, Income Taxes.
Executive Search
Americas
The Americas reported net revenue of $132.3 million for the three months ended September 30, 2023, a decrease of 7.9% from $143.7 million for the three months ended September 30, 2022. The decrease in net revenue was primarily due to a 13.7% decrease in the number of executive search engagements. All practice groups exhibited growth over the prior period, with the exception of the Global Technology and Services and Consumer practice groups. Foreign exchange rate fluctuations positively impacted results by $0.2 million, or 0.2%. There were 215 Executive Search consultants in the Americas segment at September 30, 2023, compared to 203 at September 30, 2022.
Salaries and benefits expense decreased $10.0 million, or 10.8%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022. Fixed compensation increased $0.1 million due to increases in expenses related to the deferred compensation plan, base salaries and payroll taxes, and stock compensation, partially offset by decreases in talent acquisition and retention costs, and retirement and benefits. Variable compensation decreased $10.1 million due to lower bonus accruals related to decreased consultant productivity.
General and administrative expenses decreased $1.0 million, or 8.6%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022, due to decrease in bad debt, expenses related to office occupancy, business development travel, professional fees, and hiring fees, partially offset by an increase in resource library.
The Americas reported operating income of $39.3 million for the three months ended September 30, 2023, a decrease of $0.5 million, or 1.1%, compared to $39.7 million for the three months ended September 30, 2022.
Europe
Europe reported net revenue of $44.6 million for the three months ended September 30, 2023, an increase of 8.4% from $41.1 million for the three months ended September 30, 2022. The increase in net revenue was primarily due to a 16.9% increase in the number of executive search confirmations. The Life Sciences practice group exhibited growth over the prior year period. Foreign exchange rate fluctuations positively impacted results by $3.1 million, or 7.5%. There were 127 Executive Search consultants in the Europe segment at September 30, 2023, compared to 113 at September 30, 2022.
Salaries and benefits expense decreased less than $0.1 million, or 0.1%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022. Fixed compensation increased $2.8 million due to increases in base salaries and payroll taxes, talent acquisition and retention costs, and retirement and benefits, partially offset by a decrease in stock compensation. Variable compensation decreased $2.8 million due to lower bonus accruals related to decreased consultant productivity.
General and administrative expense increased $0.6 million, or 9.6%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022, due to increases in professional fees, expenses related to office occupancy, taxes and licenses, and marketing, partially offset by a decrease in hiring fees.
Europe reported operating income of $8.5 million for the three months ended September 30, 2023, an increase of $2.9 million, or 50.7%, compared to $5.7 million for the three months ended September 30, 2022.
Asia Pacific
Asia Pacific reported net revenue of $21.9 million for the three months ended September 30, 2023, a decrease of 21.6% compared to $27.9 million for the three months ended September 30, 2022. The decrease in net revenue was primarily due to a 10.9% decrease in the number of executive search confirmations. The Life Sciences, Global Technology and Services, and Industrial practice groups exhibited growth over the prior year period. Foreign exchange rate fluctuations negatively impacted results by $0.5 million, or 1.8%. There were 75 Executive Search consultants in the Asia Pacific segment at September 30, 2023, compared to 73 at September 30, 2022.
Salaries and benefits expense decreased $3.7 million, or 19.4%, for the three months ended September 30, 2023, compared to the three months September 30, 2022. Fixed compensation decreased $0.8 million due to decreases in expenses related to retirement and benefits, and stock compensation, partially offset by increases in talent acquisition and retention costs, and base salaries and payroll taxes. Variable compensation decreased $2.9 million due to lower bonus accruals related to decreased consultant productivity.
General and administrative expenses decreased $0.4 million, or 7.8%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022, due to decreases in professional fees, office occupancy, and taxes and licenses, partially offset by increases in business development travel and bad debt.
Asia Pacific reported operating income of $2.5 million for the three months ended September 30, 2023, a decrease of $2.0 million, or 44.8%, compared to $4.5 million for the three months ended September 30, 2022.
On-Demand Talent
On-Demand Talent reported net revenue of $41.1 million for the three months ended September 30, 2023, an increase of 76.6% compared to $23.2 million for the three months ended September 30, 2022. The increase in On-Demand Talent revenue was primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects. Foreign exchange rate fluctuations positively impacted results by $1.7 million, or 7.4%.
Salaries and benefits expense increased $5.7 million, or 100.0%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022. Fixed compensation increased $3.1 million due to increases in base salaries and payroll taxes, including the acquisition of Atreus, and retirement and benefits. Variable compensation increased $2.6 million due to higher bonus accruals related to increased performance.
General and administrative expense increased $3.7 million, or 202.2%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022, due to increases in intangible amortization, in connection with the acquisition of Atreus, professional fees, resource library, marketing, and office occupancy, partially offset by a decrease in business development travel.
Cost of services increased $12.7 million, or 79.7%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022, primarily due to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
On-Demand Talent reported an operating loss of $4.6 million for the three months ended September 30, 2023, a decrease of $4.3 million compared to an operating loss of $0.3 million for the three months ended September 30, 2022.
Heidrick Consulting
Heidrick Consulting reported net revenue of $23.3 million for the three months ended September 30, 2023, an increase of 21.8% compared to $19.1 million for the three months ended September 30, 2022. The increase in net revenue was primarily due to the acquisition of businessfourzero, and increases in leadership assessment and development consulting engagements compared to the prior year period. Foreign exchange rate fluctuations positively impacted results by $0.6 million, or 3.1%. There were 90 Heidrick Consulting consultants at September 30, 2023 compared to 72 at September 30, 2022.
Salaries and benefits expense increased $4.0 million, or 24.7%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022. Fixed compensation increased $3.2 million due to increases in base salaries and payroll taxes, in connection with the acquisition of businessfourzero, retirement and benefits, and separation costs, partially offset by decreases in stock compensation, and talent acquisition and retention costs. Variable compensation increased $0.7 million due to higher bonus accruals related to increased performance.
General and administrative expenses increased $2.1 million, or 66.0%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022, due to increases in office occupancy, intangible amortization, in connection with the acquisition of businessfourzero, business development travel, and professional fees.
Cost of services increased $0.2 million, or 8.5%, for the three months ended September 30, 2023, compared to the three months ended September 30, 2022, due to an increase in the volume of consulting projects.
Heidrick Consulting reported an operating loss of $4.1 million, for the three months ended September 30, 2023, a decrease of $2.1 million, or 103.8%, compared to an operating loss of $2.0 million for the three months ended September 30, 2022.
Global Operations Support
Global Operations Support expenses for the three months ended September 30, 2023, remained consistent at $13.9 million from the three months ended September 30, 2022.
Salaries and benefits expense decreased $0.3 million, or 3.1%, for the three months ended September 30, 2023, due to decreases in variable compensation and stock compensation, partially offset by increases in base salaries and payroll taxes, separation costs, and retirement and benefits.
General and administrative expenses increased $0.3 million, or 6.8%, for the three months ended September 30, 2023, due to increases in expenses relating to information technology, insurance and bank fees, hiring fees, and marketing, partially offset by decreases in professional fees and business development travel.
Nine months Ended September 30, 2023, Compared to the Nine months Ended September 30, 2022
Total revenue. Consolidated total revenue decreased $61.1 million, or 7.2%, to $783.8 million for the nine months ended September 30, 2023, from $844.9 million for the nine months ended September 30, 2022. The decrease in total revenue was primarily due to the decrease in revenue before reimbursements (net revenue) described below.
Revenue before reimbursements (net revenue). Consolidated net revenue decreased $64.0 million, or 7.6%, to $773.7 million for the nine months ended September 30, 2023, from $837.7 million for the nine months ended September 30, 2022. Foreign exchange rate fluctuations negatively impacted results by $1.0 million, or 0.1%. Executive Search net revenue was $596.1 million for the nine months ended September 30, 2023, a decrease of $113.2 million, or 16.0%, compared to the nine months ended September 30, 2022. The decrease in Executive Search net revenue was primarily due to a decrease in the volume of executive search confirmations. On-Demand Talent net revenue was $111.4 million for the nine months ended September 30, 2023, an increase of $42.4 million, or 61.5%, compared to the nine months ended September 30, 2022. The increase in On-Demand Talent revenue was primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects. Heidrick Consulting net revenue was $66.2 million for the nine months ended September 30, 2023, an increase of $6.7 million, or 11.3%, compared to the nine months ended September 30, 2022. The increase in Heidrick Consulting revenue was primarily due to the acquisition of businessfourzero, and 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 417 and 90, respectively, as of September 30, 2023, compared to 389 and 72, respectively, as of September 30, 2022. Executive Search productivity, as measured by annualized net Executive Search revenue per consultant, was $1.9 million and $2.5 million for the nine months ended September 30, 2023, and 2022, respectively. The average revenue per executive search was $147,000 and $142,000 for the nine months ended September 30, 2023, and 2022, respectively.
Salaries and benefits. Consolidated salaries and benefits expense decreased $75.6 million, or 13.0%, to $505.0 million for the nine months ended September 30, 2023, from $580.6 million for the nine months ended September 30, 2022. Fixed compensation increased $41.4 million due to increases in base salaries and payroll taxes, expenses related to the deferred compensation plan, retirement and benefits, and separation costs, partially offset by decreases in stock compensation, and talent acquisition and retention costs. The increase in base salaries and payroll taxes was primarily due to the acquisitions of Atreus and businessfourzero. Variable compensation decreased $116.7 million due to lower bonus accruals related to decreased consultant productivity. Foreign exchange rate fluctuations positively impacted results by $1.2 million, or 0.2%.
For the nine months ended September 30, 2023, we had an average of 2,206 employees compared to an average of 1,969 employees for the nine months ended September 30, 2022.
As a percentage of net revenue, salaries and benefits expense was 65.3% for the nine months ended September 30, 2023, compared to 69.3% for the nine months ended September 30, 2022.
General and administrative expenses. Consolidated general and administrative expenses increased $15.2 million, or 15.7%, to $112.4 million for the nine months ended September 30, 2023, from $97.2 million for the nine months ended September 30, 2022. The increase in general and administrative expenses was due to increases in intangible amortization, earnout accretion, office occupancy, information technology, taxes and licenses, and the acquisitions of Atreus and businessfourzero, partially offset by a decrease in hiring fees. Foreign exchange rate fluctuations positively impacted results by less than $0.1 million, or less than 0.1%.
As a percentage of net revenue, general and administrative expenses were 14.5% for the nine months ended September 30, 2023, compared to 11.6% for the nine months ended September 30, 2022.
Cost of services. Consolidated cost of services increased $25.6 million, or 48.2%, to $78.8 million for the nine months ended September 30, 2023, from $53.2 million for the nine months ended September 30, 2022. The increase in cost of services was primarily due to the acquisition of Atreus. Foreign exchange rate fluctuations negatively impacted results by $1.1 million, or 2.1%.
As a percentage of net revenue, cost of services was 10.2% for the nine months ended September 30, 2023, compared to 6.3% for the nine months ended September 30, 2022.
Research and development. Consolidated R&D expense increased $2.4 million, or 16.7%, to $16.7 million for the nine months ended September 30, 2023, from $14.3 million for the nine months ended September 30, 2022. R&D expense consists of payroll, employee benefits, stock-based compensation other employee expenses and third-party professional fees associated with new product development.
Impairment charges. On October 31, 2022, the Company conducted its annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the three months ended June 30, 2023, the Company acquired businessfourzero and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company evaluated the recent and anticipated future financial performance of the Heidrick Consulting reporting unit and 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, 2023. Based on the results of the of the impairment evaluation, the Company recorded an impairment charge of $7.2 million in Heidrick Consulting to write-off all of the goodwill associated with that reporting unit. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statement of Comprehensive Income for the nine months ended September 30, 2023, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023. 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.
Operating income. Consolidated operating income was $53.5 million for the nine months ended September 30, 2023, including impairment charges of $7.2 million, compared to $92.4 million for the nine months ended September 30, 2022. Foreign exchange rate fluctuations negatively impacted operating income by $0.9 million, or 1.0%.
Net non-operating income (expense). Net non-operating income was $10.2 million for the nine months ended September 30, 2023, compared to an expense of less than $0.1 million for the nine months ended September 30, 2022.
Interest, net, was $7.7 million of income for the nine months ended September 30, 2023, compared to $1.7 million for the nine months ended September 30, 2022, primarily due to higher interest rates on a higher volume of short-term investments.
Other, net, was $2.5 million of income for the nine months ended September 30, 2023, compared to $1.7 million of expense for the nine months ended September 30, 2022. The income in the current year is primarily due to unrealized gains on the deferred compensation plan compared to unrealized losses in the prior period. The Company's investments, including those held in the Company’s deferred compensation plan, are recorded at fair value.
Income taxes. See Note 14, Income Taxes.
Executive Search
Americas
The Americas reported net revenue of $398.2 million for the nine months ended September 30, 2023, a decrease of 17.4% from $482.3 million for the nine months ended September 30, 2022. The decrease in net revenue was primarily due to a 19.0% decrease in the number of executive search engagements. The Social Impact and Industrial practice groups exhibited growth over the prior year period. Foreign exchange rate fluctuations negatively impacted results by $0.2 million, or less than 0.1%. There were 215 Executive Search consultants in the Americas segment at September 30, 2023, compared to 203 at September 30, 2022.
Salaries and benefits expense decreased $81.3 million, or 25.0%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022. Fixed compensation increased $8.2 million due to increases in expenses related to the deferred compensation plan, stock compensation, retirement and benefits, and separation costs, partially offset by decreases in talent acquisition and retention costs, and base salaries and payroll taxes. Variable compensation decreased $89.5 million due to lower bonus accruals related to decreased consultant productivity.
General and administrative expenses decreased $0.1 million, or 0.2%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, due to decreases in business development travel, professional fees,
marketing, and communication services, partially offset by increases in expenses related to office occupancy, resource library, bad debt, and information technology.
The Americas reported operating income of $121.1 million for the nine months ended September 30, 2023, a decrease of $2.7 million, or 2.2%, compared to $123.8 million for the nine months ended September 30, 2022.
Europe
Europe reported net revenue of $129.1 million for the nine months ended September 30, 2023, a decrease of 7.1% from $139.0 million for the nine months ended September 30, 2022. The decrease in net revenue was primarily due to a 17.2% decrease in the number of executive search confirmations. The Consumer, Social Impact, and Industrial practice groups exhibited growth over the prior year period. Foreign exchange rate fluctuations positively impacted results by $0.8 million, or 0.6%. There were 127 Executive Search consultants in the Europe segment at September 30, 2023, compared to 113 at September 30, 2022.
Salaries and benefits expense decreased $7.8 million, or 7.5%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022. Fixed compensation increased $12.3 million due to increases in base salaries and payroll taxes, talent acquisition and retention costs, retirement and benefits, and separation costs. Variable compensation decreased $20.1 million due to lower bonus accruals related to decreased consultant productivity.
General and administrative expense increased $0.8 million, or 4.2%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, due to increases in expenses related to office occupancy, taxes and licenses, and marketing, partially offset by a decrease in hiring fees.
Europe reported operating income of $12.7 million for the nine months ended September 30, 2023, a decrease of $3.0 million, or 19.1%, compared to $15.7 million for the nine months ended September 30, 2022.
Asia Pacific
Asia Pacific reported net revenue of $68.8 million for the nine months ended September 30, 2023, a decrease of 21.8% compared to $87.9 million for the nine months ended September 30, 2022. The decrease in net revenue was primarily due to a 19.5% decrease in the number of executive search confirmations. The Industrial practice group exhibited growth over the prior year period. Foreign exchange rate fluctuations negatively impacted results by $2.8 million, or 3.2%. There were 75 Executive Search consultants in the Asia Pacific segment at September 30, 2023, compared to 73 at September 30, 2022.
Salaries and benefits expense decreased $12.3 million, or 19.9%, for the nine months ended September 30, 2023, compared to the nine months September 30, 2022. Fixed compensation increased $1.3 million due to increases in base salaries and payroll taxes, and talent acquisition and retention costs, partially offset by a decrease in retirement and benefits. Variable compensation decreased $13.6 million due to lower bonus accruals related to decreased consultant productivity.
General and administrative expenses decreased $0.6 million, or 4.4%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, due to decreases in expenses related to office occupancy, professional fees, business development travel, bad debt, and taxes and licenses, partially offset by increases in marketing.
Asia Pacific reported operating income of $7.1 million for the nine months ended September 30, 2023, a decrease of $6.3 million, or 47.0%, compared to $13.5 million for the nine months ended September 30, 2022.
On-Demand Talent
On-Demand Talent reported net revenue of $111.4 million for the nine months ended September 30, 2023, an increase of 61.5% compared to $69.0 million for the nine months ended September 30, 2022. The increase in On-Demand Talent revenue was primarily due to the acquisition of Atreus, partially offset by a decrease in the volume of legacy on-demand projects. Foreign exchange rate fluctuations positively impacted results by $1.5 million, or 2.2%.
Salaries and benefits expense increased $18.2 million, or 112.0%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022. Fixed compensation increased $11.6 million due to increases in base salaries and payroll taxes, in connection with the acquisition of Atreus, retirement and benefits, and separation costs. Variable compensation increased $6.6 million due to higher bonus accruals related to increased performance.
General and administrative expense increased $9.0 million, or 143.0%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, due to intangible amortization, in connection with the acquisition of Atreus, professional fees, office occupancy, marketing, resource library, and business development travel.
Cost of services increased $25.9 million, or 54.3%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, primarily due to an increase in the volume of On-Demand Talent projects driven by the acquisition of Atreus.
On-Demand Talent reported an operating loss of $11.8 million for the nine months ended September 30, 2023, a decrease of $10.6 million compared to an operating loss of $1.2 million for the nine months ended September 30, 2022.
Heidrick Consulting
Heidrick Consulting reported net revenue of $66.2 million for the nine months ended September 30, 2023, an increase of 11.3% compared to $59.5 million for the nine months ended September 30, 2022. The increase in net revenue was primarily due to the acquisition of businessfourzero, and an increase in leadership assessment and development consulting engagements compared to the prior year period. Foreign exchange rate fluctuations negatively impacted results by $0.2 million, or 0.3%. There were 90 Heidrick Consulting consultants at September 30, 2023 compared to 72 at September 30, 2022.
Salaries and benefits expense increased $8.9 million, or 18.5%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022. Fixed compensation increased $8.0 million due to increases in base salaries and payroll taxes, in connection with the acquisition of businessfourzero, retirement and benefits, expenses related to the deferred compensation plan, and separation costs, partially offset by decreases in stock compensation, and talent acquisition and retention costs. Variable compensation increased $0.9 million due to higher bonus accruals related to increased performance.
General and administrative expenses increased $4.2 million, or 40.6%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, due to increases in expense related to office occupancy, intangible amortization, in connection with the acquisition of businessfourzero, business development travel, professional fees, information technology, and marketing.
Cost of services decreased $0.2 million, or 4.2%, for the nine months ended September 30, 2023, compared to the nine months ended September 30, 2022, due to a decrease in the volume of consulting projects utilizing external third-party consultants, partially offset by the acquisition of businessfourzero.
Impairment charges for the nine months ended September 30, 2023, were $7.2 million as a result of an interim impairment evaluation on the goodwill of the Heidrick Consulting reporting unit. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023.
Heidrick Consulting reported an operating loss of $17.9 million, including impairment charges of $7.2 million, for the nine months ended September 30, 2023, a decrease of $13.4 million compared to an operating loss of $4.5 million for the nine months ended September 30, 2022.
Global Operations Support
Global Operations Support expenses for the nine months ended September 30, 2023, increased $0.5 million, or 1.2%, to $41.0 million from $40.5 million for the nine months ended September 30, 2022.
Salaries and benefits expense decreased $1.4 million, or 5.2%, for the nine months ended September 30, 2023, due to decreases in expenses related to stock compensation and variable compensation, partially offset by increases in base salaries and payroll taxes, retirement and benefits, separation costs, and talent acquisition and retention costs.
General and administrative expenses increased $1.9 million, or 13.7%, for the nine months ended September 30, 2023, due to increases in expenses related to information technology, taxes and licenses, insurance and bank fees, office occupancy, and marketing, partially offset by decreases in professional fees, hiring fees, and business development travel.
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 the non-deferred portion of 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 February 24, 2023, the Company entered into the Second Amendment (the “Second 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, the "Amended Credit Agreement") by and among the Company, Bank of America, N.A., as administrative agent, and the lenders party thereto. The Second Amendment replaced the interest rate benchmark, from the London Interbank Offered Rate to the Secured Overnight Financing Rate (“SOFR”). At the Company's option, borrowings under the Amended Credit Agreement will bear interest at one-, three- or six-month term SOFR, or an alternate base rate as set forth in the Amended Credit Agreement, in each case plus an applicable margin. Additionally, the Second Amendment provided the Company with a committed unsecured revolving credit facility in an aggregate amount of $200 million, increased from $175 million as set forth in the Credit Agreement, 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. Other than the foregoing, the material terms of the Amended Credit Agreement remain unchanged. The Amended Credit Agreement matures on July 13, 2026.
Borrowings under the Amended 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 Amended Credit Agreement are guaranteed by certain of the Company’s subsidiaries.
As of September 30, 2023, and December 31, 2022, 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 September 30, 2023, December 31, 2022, and September 30, 2022 were $334.0 million, $621.6 million and $456.0 million, respectively. The $334.0 million of cash, cash equivalents and marketable securities at September 30, 2023 includes $147.9 million held by our foreign subsidiaries. A portion of the $147.9 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 $180.6 million for the nine months ended September 30, 2023, primarily reflecting a decrease in accrued expenses of $197.7 million and an increase in accounts receivable of $52.2 million, partially offset by net income net of non-cash charges of $66.3 million. The decrease in accrued expenses is primarily due to cash bonus payments related to 2022 and prior year cash bonus deferrals of $422.0 million, partially offset by 2023 bonus accruals.
Cash used in operating activities was $41.0 million for the nine months ended September 30, 2022, primarily reflecting increases in accounts receivable of $64.8 million, and a decrease in accrued expenses of $32.4 million, partially offset by net income net of non-cash charges of $83.1 million. The decrease in accrued expenses is primarily due to cash bonus payments related to 2021 and prior year cash bonus deferrals of $383.1 million, partially offset by 2022 bonus accruals.
Cash flows provided by (used in) investing activities. Cash provided by investing activities was $166.7 million for the nine months ended September 30, 2023, due to proceeds from sales of marketable securities and investments of $289.7 million, partially offset by purchases of marketable securities and investments of $75.5 million, payments for the acquisitions of Atreus and businessfourzero of $38.0 million, and capital expenditures of $9.6 million.
Cash used in investing activities was $193.1 million for the nine months ended September 30, 2022, due to purchases of marketable securities and investments of $186.1 million, and capital expenditures of $8.2 million related to office build-outs, partially offset by the proceeds from sales of marketable securities and investments of $1.2 million.
Cash flows used in financing activities. Cash used in financing activities was $52.4 million for the nine months ended September 30, 2023, due to earnout payments of $38.0 million related to our 2021 acquisitions of Business Talent Group and Heidrick & Struggles Finland OY, dividend payments of $9.4 million, and employee tax withholding payments on equity transactions of $4.1 million.
Cash used in financing activities was $12.6 million for the nine months ended September 30, 2022, due to dividend payments of $9.3 million and employee tax withholding payments on equity transactions of $3.2 million.
Off-Balance Sheet Arrangements. We do not have material off-balance sheet arrangements, special purpose entities, trading activities of non-exchange traded contracts or transactions with related parties.
Contractual obligations. Our lease portfolio is comprised of operating leases for office space and equipment. As of September 30, 2023, we had aggregate future lease payment obligations of $76.8 million, with $21.0 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 September 30, 2023, we had asset retirement obligations of $3.0 million, with $0.2 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 September 30, 2023. 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, 2022, as filed with the SEC on February 27, 2023. As of September 30, 2023, 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, 2022 as filed with the SEC on February 27, 2023, and in Note 2, Summary of Significant Accounting Policies, in the Notes to Condensed Consolidated Financial Statements included in Item 1. 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 and assessment of goodwill and other intangible assets for impairment. 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, 2022, as filed with the SEC on February 27, 2023.
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 $0.8 million for the nine months ended September 30, 2023. For financial information by segment, see Note 16, Segment Information, in the Notes to Condensed Consolidated Financial Statements.
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 September 30, 2023. 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 September 30, 2023.
(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 September 30, 2023, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
The information presented in Note 18, Commitments and Contingencies, to our Condensed Consolidated Financial Statements within 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, 2022, 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, 2022, as filed with the SEC on February 27, 2023.
Item 6. Exhibits
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Incorporated by Reference |
Exhibit
No. | | Exhibit Description | | Form | | Exhibit | | Filing Date/Period End Date |
| | | | | | | | |
| *31.1 | | | | | | | | |
| | | | | | | |
| *31.2 | | | | | | | | |
| | | | | | | |
| †32.1 | | | | | | | | |
| | | | | | | |
| †32.2 | | | | | | | | |
| | | | | | | | |
| *101.INS | | Inline 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 | | | | | | |
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| *101.SCH | | Inline XBRL Taxonomy Extension Schema Document | | | | | | |
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| *101.CAL | | Inline XBRL Taxonomy Calculation Linkbase Document | | | | | | |
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| *101.DEF | | Inline XBRL Taxonomy Extension Definition Linkbase Document | | | | | | |
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| *101.LAB | | Inline XBRL Taxonomy Extension Label Linkbase Document | | | | | | |
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| *101.PRE | | Inline XBRL Taxonomy Extension Presentation Linkbase Document | | | | | | |
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| *104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | | | | | | |
| | | | | |
| |
| * | Filed herewith. |
| |
| † | Furnished herewith. |
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: October 25, 2023
| | | | | |
| |
| Heidrick & Struggles International, Inc. |
| (Registrant) |
| |
| |
| /s/ Stephen A. Bondi |
| Stephen A. Bondi |
| Vice President, Controller
(Duly authorized on behalf of the registrant and in his capacity as Chief Accounting Officer) |
CERTIFICATION
I, Krishnan Rajagopalan, 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: | October 25, 2023 | | /s/ Krishnan Rajagopalan |
| | | Krishnan Rajagopalan |
| | | President and Chief Executive Officer |
CERTIFICATION
I, Mark R. Harris, 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: | October 25, 2023 | | /s/ Mark R. Harris |
| | | Mark R. Harris |
| | | Executive Vice President and Chief Financial Officer |
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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (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: | October 25, 2023 | | /s/ Krishnan Rajagopalan |
| | | Krishnan Rajagopalan |
| | | President and Chief Executive Officer |
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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (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: | October 25, 2023 | | /s/ Mark R. Harris |
| | | Mark R. Harris |
| | | Executive Vice President and Chief Financial Officer |
Cover - shares
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v3.23.3
Condensed Consolidated Balance Sheets - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Current assets |
|
|
| Cash and cash equivalents |
$ 286,429
|
$ 355,447
|
| Marketable securities |
47,560
|
266,169
|
| Accounts receivable, net of allowances of $6,517 and $6,643, respectively |
189,442
|
126,437
|
| Prepaid expenses |
28,333
|
24,098
|
| Other current assets |
50,611
|
40,722
|
| Income taxes recoverable |
10,799
|
10,946
|
| Total current assets |
613,174
|
823,819
|
| Non-current assets |
|
|
| Property and equipment, net |
34,034
|
30,207
|
| Operating lease right-of-use assets |
65,412
|
71,457
|
| Assets designated for retirement and pension plans |
11,195
|
11,332
|
| Investments |
43,154
|
34,354
|
| Other non-current assets |
19,528
|
25,788
|
| Goodwill |
198,241
|
138,361
|
| Other intangible assets, net |
22,509
|
6,333
|
| Deferred income taxes |
33,999
|
33,987
|
| Total non-current assets |
428,072
|
351,819
|
| Total assets |
1,041,246
|
1,175,638
|
| Current liabilities |
|
|
| Accounts payable |
18,966
|
14,613
|
| Accrued salaries and benefits |
264,625
|
451,161
|
| Deferred revenue |
41,502
|
43,057
|
| Operating lease liabilities |
20,994
|
19,554
|
| Other current liabilities |
33,171
|
56,016
|
| Income taxes payable |
12,709
|
4,076
|
| Total current liabilities |
391,967
|
588,477
|
| Non-current liabilities |
|
|
| Accrued salaries and benefits |
48,598
|
59,467
|
| Retirement and pension plans |
57,351
|
48,456
|
| Operating lease liabilities |
55,832
|
63,299
|
| Other non-current liabilities |
40,985
|
5,293
|
| Deferred income taxes |
7,365
|
0
|
| Total non-current liabilities |
210,131
|
176,515
|
| Total liabilities |
602,098
|
764,992
|
| Commitments and contingencies (Note 18) |
|
|
| Stockholders’ equity |
|
|
| Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued at September 30, 2023 and December 31, 2022 |
0
|
0
|
| Common stock, $0.01 par value, 100,000,000 shares authorized, 20,127,296 and 19,866,287 shares issued, 20,122,216 and 19,861,207 shares outstanding at September 30, 2023 and December 31, 2022, respectively |
201
|
199
|
| Treasury stock at cost, 5,080 and 5,080 shares at September 30, 2023 and December 31, 2022, respectively |
(110)
|
(191)
|
| Additional paid in capital |
248,510
|
246,630
|
| Retained earnings |
198,369
|
168,197
|
| Accumulated other comprehensive loss |
(7,822)
|
(4,189)
|
| Total stockholders’ equity |
439,148
|
410,646
|
| Total liabilities and stockholders’ equity |
$ 1,041,246
|
$ 1,175,638
|
| Common stock, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, authorized (in shares) |
100,000,000
|
100,000,000
|
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Statement of Financial Position [Abstract] |
|
|
| Accounts receivable, allowance for credit loss, current |
$ 6,517
|
$ 6,643
|
| 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) |
20,127,296
|
19,866,287
|
| Common stock, outstanding (in shares) |
20,122,216
|
19,861,207
|
| Treasury stock (in shares) |
5,080
|
5,080
|
| X |
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v3.23.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenue |
|
|
|
|
| Revenue before reimbursements (net revenue) |
$ 263,160
|
$ 255,185
|
$ 773,702
|
$ 837,747
|
| Reimbursements |
4,736
|
3,086
|
10,090
|
7,170
|
| Total revenue |
267,896
|
258,271
|
783,792
|
844,917
|
| Operating expenses |
|
|
|
|
| Salaries and benefits |
167,219
|
171,473
|
504,994
|
580,602
|
| General and administrative expenses |
37,564
|
32,189
|
112,405
|
97,186
|
| Cost of services |
30,680
|
17,801
|
78,818
|
53,192
|
| Research and development |
5,560
|
5,400
|
16,746
|
14,347
|
| Impairment charges |
0
|
0
|
7,246
|
0
|
| Reimbursed expenses |
4,736
|
3,086
|
10,090
|
7,170
|
| Total operating expenses |
245,759
|
229,949
|
730,299
|
752,497
|
| Operating income |
22,137
|
28,322
|
53,493
|
92,420
|
| Non-operating income (expense) |
|
|
|
|
| Interest, net |
2,505
|
1,255
|
7,667
|
1,664
|
| Other, net |
(649)
|
(43)
|
2,537
|
(1,740)
|
| Net non-operating income (expense) |
1,856
|
1,212
|
10,204
|
(76)
|
| Income before income taxes |
23,993
|
29,534
|
63,697
|
92,344
|
| Provision for income taxes |
9,006
|
8,708
|
24,142
|
28,902
|
| Net income |
14,987
|
20,826
|
39,555
|
63,442
|
| Other comprehensive income (loss), net of tax |
|
|
|
|
| Foreign currency translation adjustment |
(4,015)
|
(5,462)
|
(3,701)
|
(14,068)
|
| Net unrealized gain on available-for-sale investments |
14
|
8
|
68
|
8
|
| Other comprehensive loss, net of tax |
(4,001)
|
(5,454)
|
(3,633)
|
(14,060)
|
| Comprehensive income |
$ 10,986
|
$ 15,372
|
$ 35,922
|
$ 49,382
|
| Weighted-average common shares outstanding |
|
|
|
|
| Basic (in shares) |
20,076,000
|
19,816,000
|
19,998,000
|
19,723,000
|
| Diluted (in shares) |
20,553,000
|
20,413,000
|
20,716,000
|
20,558,000
|
| Earnings per common share |
|
|
|
|
| Basic (in dollars per share) |
$ 0.75
|
$ 1.05
|
$ 1.98
|
$ 3.22
|
| Diluted (in dollars per share) |
0.73
|
1.02
|
1.91
|
3.09
|
| Cash dividends paid per share (in dollars per share) |
$ 0.15
|
$ 0.15
|
$ 0.45
|
$ 0.45
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 1B
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 5
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 42
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 22
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (b)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 22
-Subparagraph (a)
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-Subparagraph (a)
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-Subparagraph (a)
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-Paragraph 1
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-Paragraph 3
-Subparagraph (c)
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-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(1))
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Section 50
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-Subparagraph (a)
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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v3.23.3
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, 2021 |
|
19,597,000
|
|
|
|
|
| Beginning balance at Dec. 31, 2021 |
$ 336,020
|
$ 196
|
$ (191)
|
$ 233,163
|
$ 101,177
|
$ 1,675
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2021 |
|
|
5,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
18,467
|
|
|
|
18,467
|
|
| Other comprehensive income (loss), net of tax |
(1,082)
|
|
|
|
|
(1,082)
|
| Common and treasury stock transactions: |
|
|
|
|
|
|
| Stock-based compensation |
3,698
|
|
|
3,698
|
|
|
| Vesting of equity awards, net of tax withholding (in shares) |
|
126,000
|
|
|
|
|
| Vesting of equity awards, net of tax withholding |
(3,219)
|
$ 1
|
|
(3,220)
|
|
|
| Cash dividends declared ($0.15 per share) |
(2,940)
|
|
|
|
(2,940)
|
|
| Dividend equivalents on restricted stock units |
(179)
|
|
|
|
(179)
|
|
| Ending balance (in shares) at Mar. 31, 2022 |
|
19,723,000
|
|
|
|
|
| Ending balance at Mar. 31, 2022 |
350,765
|
$ 197
|
$ (191)
|
233,641
|
116,525
|
593
|
| Treasury stock, ending balance (in shares) at Mar. 31, 2022 |
|
|
5,000
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2021 |
|
19,597,000
|
|
|
|
|
| Beginning balance at Dec. 31, 2021 |
336,020
|
$ 196
|
$ (191)
|
233,163
|
101,177
|
1,675
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2021 |
|
|
5,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
63,442
|
|
|
|
|
|
| Other comprehensive income (loss), net of tax |
(14,060)
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2022 |
|
19,866,000
|
|
|
|
|
| Ending balance at Sep. 30, 2022 |
384,531
|
$ 199
|
$ (191)
|
241,632
|
155,276
|
(12,385)
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2022 |
|
|
5,000
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2021 |
|
19,597,000
|
|
|
|
|
| Beginning balance at Dec. 31, 2021 |
$ 336,020
|
$ 196
|
$ (191)
|
233,163
|
101,177
|
1,675
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2021 |
|
|
5,000
|
|
|
|
| Common and treasury stock transactions: |
|
|
|
|
|
|
| Repurchase of common stock (in shares) |
0
|
|
|
|
|
|
| Ending balance (in shares) at Dec. 31, 2022 |
19,861,207
|
19,866,000
|
|
|
|
|
| Ending balance at Dec. 31, 2022 |
$ 410,646
|
$ 199
|
$ (191)
|
246,630
|
168,197
|
(4,189)
|
| Treasury stock, ending balance (in shares) at Dec. 31, 2022 |
5,080
|
|
5,000
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2022 |
|
19,723,000
|
|
|
|
|
| Beginning balance at Mar. 31, 2022 |
$ 350,765
|
$ 197
|
$ (191)
|
233,641
|
116,525
|
593
|
| Treasury stock, beginning balance (in shares) at Mar. 31, 2022 |
|
|
5,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
24,149
|
|
|
|
24,149
|
|
| Other comprehensive income (loss), net of tax |
(7,524)
|
|
|
|
|
(7,524)
|
| Common and treasury stock transactions: |
|
|
|
|
|
|
| Stock-based compensation |
3,784
|
|
|
3,784
|
|
|
| Vesting of equity awards, net of tax withholding (in shares) |
|
19,000
|
|
|
|
|
| Vesting of equity awards, net of tax withholding |
404
|
|
|
404
|
|
|
| Cash dividends declared ($0.15 per share) |
(2,957)
|
|
|
|
(2,957)
|
|
| Dividend equivalents on restricted stock units |
(147)
|
|
|
|
(147)
|
|
| Ending balance (in shares) at Jun. 30, 2022 |
|
19,742,000
|
|
|
|
|
| Ending balance at Jun. 30, 2022 |
368,474
|
$ 197
|
$ (191)
|
237,829
|
137,570
|
(6,931)
|
| Treasury stock, ending balance (in shares) at Jun. 30, 2022 |
|
|
5,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
20,826
|
|
|
|
20,826
|
|
| Other comprehensive income (loss), net of tax |
(5,454)
|
|
|
|
|
(5,454)
|
| Common and treasury stock transactions: |
|
|
|
|
|
|
| Stock-based compensation |
3,805
|
|
|
3,805
|
|
|
| Vesting of equity awards, net of tax withholding (in shares) |
|
124,000
|
|
|
|
|
| Vesting of equity awards, net of tax withholding |
0
|
$ 2
|
|
(2)
|
|
|
| Cash dividends declared ($0.15 per share) |
(2,980)
|
|
|
|
(2,980)
|
|
| Dividend equivalents on restricted stock units |
(140)
|
|
|
|
(140)
|
|
| Ending balance (in shares) at Sep. 30, 2022 |
|
19,866,000
|
|
|
|
|
| Ending balance at Sep. 30, 2022 |
$ 384,531
|
$ 199
|
$ (191)
|
241,632
|
155,276
|
(12,385)
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2022 |
|
|
5,000
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2022 |
19,861,207
|
19,866,000
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 410,646
|
$ 199
|
$ (191)
|
246,630
|
168,197
|
(4,189)
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2022 |
5,080
|
|
5,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
$ 15,586
|
|
|
|
15,586
|
|
| Other comprehensive income (loss), net of tax |
443
|
|
|
|
|
443
|
| Common and treasury stock transactions: |
|
|
|
|
|
|
| Stock-based compensation |
1,853
|
|
|
1,853
|
|
|
| Vesting of equity awards, net of tax withholding (in shares) |
|
172,000
|
|
|
|
|
| Vesting of equity awards, net of tax withholding |
(4,141)
|
$ 1
|
|
(4,142)
|
|
|
| Clawback of equity awards (in shares) |
|
|
5,000
|
|
|
|
| Clawback of equity awards |
(163)
|
|
$ (163)
|
|
|
|
| Cash dividends declared ($0.15 per share) |
(3,006)
|
|
|
|
(3,006)
|
|
| Dividend equivalents on restricted stock units |
(106)
|
|
|
|
(106)
|
|
| Ending balance (in shares) at Mar. 31, 2023 |
|
20,038,000
|
|
|
|
|
| Ending balance at Mar. 31, 2023 |
$ 421,112
|
$ 200
|
$ (354)
|
244,341
|
180,671
|
(3,746)
|
| Treasury stock, ending balance (in shares) at Mar. 31, 2023 |
|
|
10,000
|
|
|
|
| Beginning balance (in shares) at Dec. 31, 2022 |
19,861,207
|
19,866,000
|
|
|
|
|
| Beginning balance at Dec. 31, 2022 |
$ 410,646
|
$ 199
|
$ (191)
|
246,630
|
168,197
|
(4,189)
|
| Treasury stock, beginning balance (in shares) at Dec. 31, 2022 |
5,080
|
|
5,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
$ 39,555
|
|
|
|
|
|
| Other comprehensive income (loss), net of tax |
$ (3,633)
|
|
|
|
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
20,122,216
|
20,127,000
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
$ 439,148
|
$ 201
|
$ (110)
|
248,510
|
198,369
|
(7,822)
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2023 |
5,080
|
|
5,000
|
|
|
|
| Beginning balance (in shares) at Mar. 31, 2023 |
|
20,038,000
|
|
|
|
|
| Beginning balance at Mar. 31, 2023 |
$ 421,112
|
$ 200
|
$ (354)
|
244,341
|
180,671
|
(3,746)
|
| Treasury stock, beginning balance (in shares) at Mar. 31, 2023 |
|
|
10,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
8,982
|
|
|
|
8,982
|
|
| Other comprehensive income (loss), net of tax |
(75)
|
|
|
|
|
(75)
|
| Common and treasury stock transactions: |
|
|
|
|
|
|
| Stock-based compensation |
$ 2,324
|
|
|
2,324
|
|
|
| Repurchase of common stock (in shares) |
36,000
|
|
36,000
|
|
|
|
| Repurchase of common stock |
$ (904)
|
|
$ (904)
|
|
|
|
| Re-Issuance of treasury stock (in shares) |
|
|
(16,000)
|
|
|
|
| Re-issuance of treasury stock |
0
|
|
$ 439
|
(439)
|
|
|
| Cash dividends declared ($0.15 per share) |
(3,003)
|
|
|
|
(3,003)
|
|
| Dividend equivalents on restricted stock units |
(119)
|
|
|
|
(119)
|
|
| Ending balance (in shares) at Jun. 30, 2023 |
|
20,038,000
|
|
|
|
|
| Ending balance at Jun. 30, 2023 |
428,317
|
$ 200
|
$ (819)
|
246,226
|
186,531
|
(3,821)
|
| Treasury stock, ending balance (in shares) at Jun. 30, 2023 |
|
|
30,000
|
|
|
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
| Net income |
14,987
|
|
|
|
14,987
|
|
| Other comprehensive income (loss), net of tax |
(4,001)
|
|
|
|
|
(4,001)
|
| Common and treasury stock transactions: |
|
|
|
|
|
|
| Stock-based compensation |
3,154
|
|
|
3,154
|
|
|
| Vesting of equity awards, net of tax withholding (in shares) |
|
89,000
|
|
|
|
|
| Vesting of equity awards, net of tax withholding |
$ 0
|
$ 1
|
|
(1)
|
|
|
| Repurchase of common stock (in shares) |
0
|
|
|
|
|
|
| Clawback of equity awards (in shares) |
|
|
5,000
|
|
|
|
| Clawback of equity awards |
$ (144)
|
|
$ (144)
|
|
|
|
| Re-Issuance of treasury stock (in shares) |
|
|
(30,000)
|
|
|
|
| Re-issuance of treasury stock |
(16)
|
|
$ 853
|
(869)
|
|
|
| Cash dividends declared ($0.15 per share) |
(3,014)
|
|
|
|
(3,014)
|
|
| Dividend equivalents on restricted stock units |
$ (135)
|
|
|
|
(135)
|
|
| Ending balance (in shares) at Sep. 30, 2023 |
20,122,216
|
20,127,000
|
|
|
|
|
| Ending balance at Sep. 30, 2023 |
$ 439,148
|
$ 201
|
$ (110)
|
$ 248,510
|
$ 198,369
|
$ (7,822)
|
| Treasury stock, ending balance (in shares) at Sep. 30, 2023 |
5,080
|
|
5,000
|
|
|
|
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
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-Section S99
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-Publisher FASB
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (f)
-Publisher FASB
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
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v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Cash flows - operating activities |
|
|
| Net income |
$ 39,555
|
$ 63,442
|
| Adjustments to reconcile net income to net cash used in operating activities: |
|
|
| Depreciation and amortization |
13,432
|
7,824
|
| Deferred income taxes |
(548)
|
(976)
|
| Stock-based compensation expense |
7,331
|
11,691
|
| Accretion expense related to earnout payments |
1,097
|
820
|
| Gain on marketable securities |
(2,040)
|
(113)
|
| Loss on disposal of property and equipment |
192
|
376
|
| Impairment charges |
7,246
|
0
|
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
(52,205)
|
(64,753)
|
| Accounts payable |
(1,657)
|
(3,250)
|
| Accrued expenses |
(197,698)
|
(32,414)
|
| Deferred revenue |
(1,622)
|
(5,913)
|
| Income taxes recoverable and payable, net |
6,617
|
(5,661)
|
| Retirement and pension plan assets and liabilities |
6,697
|
3,476
|
| Prepaid expenses |
(3,771)
|
(6,637)
|
| Other assets and liabilities, net |
(3,243)
|
(8,960)
|
| Net cash used in operating activities |
(180,617)
|
(41,048)
|
| Cash flows - investing activities |
|
|
| Acquisition of businesses, net of cash acquired |
(37,953)
|
0
|
| Capital expenditures |
(9,619)
|
(8,176)
|
| Purchases of marketable securities and investments |
(75,464)
|
(186,097)
|
| Proceeds from sales of marketable securities and investments |
289,689
|
1,216
|
| Net cash provided by (used in) investing activities |
166,653
|
(193,057)
|
| Cash flows - financing activities |
|
|
| Repurchases of common stock |
(904)
|
0
|
| Cash dividends paid |
(9,383)
|
(9,343)
|
| Payment of employee tax withholdings on equity transactions |
(4,141)
|
(3,219)
|
| Acquisition earnout payments |
(37,984)
|
0
|
| Net cash used in financing activities |
(52,412)
|
(12,562)
|
| Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash |
(2,642)
|
(23,082)
|
| Net decrease in cash, cash equivalents and restricted cash |
(69,018)
|
(269,749)
|
| Cash, cash equivalents and restricted cash at beginning of period |
355,489
|
545,259
|
| Cash, cash equivalents and restricted cash at end of period |
$ 286,471
|
$ 275,510
|
| X |
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-Topic 420
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-Section 35
-Paragraph 4
-Publisher FASB
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-SubTopic 10
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-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
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v3.23.3
Basis of Presentation of Interim Financial Information
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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, income taxes, interim effective tax rate and the assessment of goodwill, other intangible assets and long-lived assets 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 September 30, 2023 and December 31, 2022, the results of operations for the three and nine months ended September 30, 2023 and 2022 and its cash flows for the nine months ended September 30, 2023 and 2022 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, 2022, as filed with the SEC on February 27, 2023.
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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, 2022.
Revenue Recognition
See Note 3, Revenue.
Cost of Services
Cost of services consists of third-party contractor 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 (“R&D”) expense consists of payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with the development of new technologies to enhance existing products and services and to expand the range of the Company's offerings. The benefits from the Company's R&D efforts are intended to be utilized to develop and enhance new and existing services and products across the Company's current offerings in Executive Search, Heidrick Consulting and On-Demand Talent, and for products and services in new segments that the Company may embark upon in the future from time to time.
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 September 30, 2023, and 2022, and December 31, 2022, and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, | | December 31, | | 2023 | | 2022 | | 2022 | | 2021 | | Cash and cash equivalents | $ | 286,429 | | | $ | 275,468 | | | $ | 355,447 | | | $ | 545,225 | | | | | | | | | | | Restricted cash included within other non-current assets | 42 | | | 42 | | | 42 | | | 34 | | | Total cash, cash equivalents and restricted cash | $ | 286,471 | | | $ | 275,510 | | | $ | 355,489 | | | $ | 545,259 | |
Earnings per Common Share
Basic earnings per common share are computed by dividing net income by weighted average common shares outstanding for the period. Diluted earnings 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 per share in periods in which they have an anti-dilutive effect.
The following table sets forth the computation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | Net income | $ | 14,987 | | | $ | 20,826 | | | $ | 39,555 | | | $ | 63,442 | | | Weighted average shares outstanding: | | | | | | | | | Basic | 20,076 | | | 19,816 | | | 19,998 | | | 19,723 | | | Effect of dilutive securities: | | | | | | | | | Restricted stock units | 381 | | | 462 | | | 575 | | | 646 | | | Performance stock units | 96 | | | 135 | | | 143 | | | 189 | | | Diluted | 20,553 | | | 20,413 | | | 20,716 | | | 20,558 | | | Basic earnings per share | $ | 0.75 | | | $ | 1.05 | | | $ | 1.98 | | | $ | 3.22 | | | Diluted earnings per share | $ | 0.73 | | | $ | 1.02 | | | $ | 1.91 | | | $ | 3.09 | |
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 companies 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 goodwill at least annually and whenever events occur or circumstances indicate that a carrying value 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 or market capitalization, increased competition, and other factors.
The goodwill impairment test compares the fair value of a reporting unit to its carrying value, 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 value by which the carrying value of the reporting unit exceeds its fair value; however, the loss recognized is not to exceed the total value of goodwill allocated to that reporting unit.
On October 31, 2022, the Company conducted its annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the three months ended June 30, 2023, the Company acquired businessfourzero and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company evaluated the recent and anticipated future financial performance of the Heidrick Consulting reporting unit and 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, 2023.
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) working capital investments; (4) macroeconomic conditions; and (5) other factors.
Based on the results of the impairment evaluation, the Company determined that the goodwill within the Heidrick Consulting reporting unit was impaired, which resulted in an impairment charge of $7.2 million to write-off all of the associated goodwill. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2023, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023. The impairment was non-cash in nature and 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.
Recently Issued Financial Accounting Standards
In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance was intended to provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2024. The Company is currently evaluating the impact of this accounting guidance. The new guidance is not expected to have a material effect on the Company's financial statements.
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v3.23.3
Revenue
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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 compensation 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 the Company's consulting revenue is recognized over time utilizing both input and output methods. Contracts that contain coaching sessions, training sessions or the completion of assessments are recognized using the output method as each session or assessment is delivered to the client. Contracts that contain general consulting work are recognized using the input method utilizing a measure of progress that is based on time incurred on the project. The Company enters into enterprise agreements with clients to provide a license for online access, via the Company's Culture Connect platform, to training and other proprietary material related to the Company's culture shaping programs. The consideration the Company expects to receive under the terms of an enterprise agreement is comprised of a single fixed fee. The enterprise agreements contain multiple performance obligations, the delivery of materials via Culture Connect and material rights related to options to renew enterprise agreements at a significant discount. The Company allocates the transaction price to the performance obligations in the contract on a stand-alone selling price basis. The stand-alone selling price for the initial term of the enterprise agreement is outlined in the contract and is equal to the price paid by the client for the agreement over the initial term of the contract. The stand-alone selling price for the options to renew, or material right, are not directly observable and must be estimated. This estimate is required to reflect the discount the client would obtain when exercising the option to renew, adjusted for the likelihood that the option will be exercised. The Company estimates the likelihood of renewal using a historical analysis of client renewals. Access to Culture Connect represents a right to access the Company’s intellectual property that the client simultaneously receives and consumes as the Company performs under the agreement, and therefore the Company recognizes revenue over time. Given the continuous nature of this commitment, the Company utilizes straight-line ratable revenue recognition over the estimated subscription period as the Company's clients will receive and consume the benefits from Culture Connect equally throughout the contract period. Revenue related to client renewals of enterprise agreements is recognized over the term of the renewal, which is generally twelve months. Enterprise agreements do not comprise a significant portion of the Company's revenue.
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 Current assets - 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, 2022, to September 30, 2023: | | | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Change | | Contract assets | | | | | | | Unbilled receivables, net | $ | 17,322 | | | $ | 13,940 | | | $ | 3,382 | | | Contract assets | 18,808 | | | 21,348 | | | (2,540) | | Total contract assets | 36,130 | | | 35,288 | | | 842 | | | | | | | | | Contract liabilities | | | | | | | Deferred revenue | $ | 41,502 | | | $ | 43,057 | | | $ | (1,555) | |
During the nine months ended September 30, 2023, the Company recognized revenue of $37.5 million that was included in the contract liabilities balance at the beginning of the period. The amount of revenue recognized during the nine months ended September 30, 2023, from performance obligations partially satisfied in previous periods as a result of changes in the estimates of variable consideration was $19.3 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.
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v3.23.3
Credit Losses
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9 Months Ended |
Sep. 30, 2023 |
|---|
| Credit Loss [Abstract] |
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| 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, 2022 | $ | 6,643 | | | Provision for credit losses | 5,390 | | | Write-offs | (5,460) | | | Foreign currency translation | (56) | | Balance at September 30, 2023 | $ | 6,517 | |
There were no investments with unrealized losses at September 30, 2023. At December 31, 2022, 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, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | Balance Sheet Classification | | Balance at December 31, 2022 | Fair Value | | Unrealized Loss | | Cash and Cash Equivalents | | Marketable Securities | | U.S. Treasury securities | $ | 194,056 | | | $ | 56 | | | $ | 11,918 | | | $ | 182,138 | |
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v3.23.3
Property and Equipment, net
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9 Months Ended |
Sep. 30, 2023 |
|---|
| 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: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Leasehold improvements | $ | 42,328 | | | $ | 40,829 | | | Office furniture, fixtures and equipment | 14,546 | | | 14,322 | | | Computer equipment and software | 36,743 | | | 30,085 | | | Property and equipment, gross | 93,617 | | | 85,236 | | | Accumulated depreciation | (59,583) | | | (55,029) | | | Property and equipment, net | $ | 34,034 | | | $ | 30,207 | |
Depreciation expense for the three months ended September 30, 2023, and 2022 was $2.4 million and $1.8 million, respectively. Depreciation expense for the nine months ended September 30, 2023, and 2022 was $6.6 million and $5.4 million, respectively.
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v3.23.3
Leases
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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 September 30, 2023, office leases have remaining lease terms that range from less than one year to 10.0 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 September 30, 2023, equipment leases, which are comprised of vehicle and office equipment leases, have remaining terms that range from less than one year to 4.8 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 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | Operating lease cost | $ | 4,751 | | | $ | 4,124 | | | $ | 13,843 | | | $ | 12,967 | | | Variable lease cost | 2,213 | | | $ | 1,760 | | | 7,200 | | | 4,393 | | | Total lease cost | $ | 6,964 | | | $ | 5,884 | | | $ | 21,043 | | | $ | 17,360 | |
Supplemental cash flow information related to the Company's operating leases is as follows for the nine months ended September 30: | | | | | | | | | | | | | 2023 | | 2022 | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | Operating cash flows from operating leases | $ | 14,923 | | | $ | 13,572 | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | Operating leases | $ | 7,944 | | | $ | 9,059 | |
The weighted average remaining lease term and weighted average discount rate for operating leases as of September 30, are as follows: | | | | | | | | | | | | | 2023 | | 2022 | | Weighted Average Remaining Lease Term | | | | | Operating leases | 6.2 years | | 6.5 years | | Weighted Average Discount Rate | | | | | Operating leases | 3.77 | % | | 3.31 | % |
The future maturities of the Company's operating lease liabilities as of September 30, 2023, for the years ended December 31 are as follows: | | | | | | | Operating Lease Maturity | | 2023 | $ | 4,304 | | | 2024 | 20,749 | | | 2025 | 12,482 | | | 2026 | 11,161 | | | 2027 | 9,808 | | | Thereafter | 27,610 | | | Total lease payments | 86,114 | | | Less: Interest | 9,288 | | | Present value of lease liabilities | $ | 76,826 | |
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v3.23.3
Financial Instruments and Fair Value
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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 Cost | | Unrealized Gains | | | | Fair Value | | Cash and Cash Equivalents | | Marketable Securities | Balance at September 30, 2023 | | | | | | | | | | | | | Cash | | | | | | | | | $ | 171,155 | | | $ | — | | | | | | | | | | | | | | Level 1(1): | | | | | | | | | | | | | Money market funds | | | | | | | | | 14,585 | | | — | | | U.S. Treasury securities | $ | 148,221 | | | $ | 28 | | | | | $ | 148,249 | | | 100,689 | | | 47,560 | | | Total Level 1 | 148,221 | | | 28 | | | | | 148,249 | | | 115,274 | | | 47,560 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | 148,221 | | | $ | 28 | | | | | $ | 148,249 | | | $ | 286,429 | | | $ | 47,560 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Marketable Securities | Balance at December 31, 2022 | | | | | | | | | | | | | Cash | | | | | | | | | $ | 247,198 | | | $ | — | | | | | | | | | | | | | | Level 1(1): | | | | | | | | | | | | | Money market funds | | | | | | | | | 62,338 | | | — | | | U.S. Treasury securities | $ | 312,121 | | | $ | 15 | | | $ | (56) | | | $ | 312,080 | | | 45,911 | | | 266,169 | | | Total Level 1 | 312,121 | | | 15 | | | (56) | | | 312,080 | | | 108,249 | | | 266,169 | | | | | | | | | | | | | | | Total | $ | 312,121 | | | $ | 15 | | | $ | (56) | | | $ | 312,080 | | | $ | 355,447 | | | $ | 266,169 | |
(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 $35.9 million and $29.1 million as of September 30, 2023, and December 31, 2022, 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 Assets | | | | Non-Current Assets | | Current Liabilities | | Non-current Liabilities | | | Fair Value | | Other Current Assets | | | | Assets Designated for Retirement and Pension Plans | | Investments | | Other Current Liabilities | | Retirement and Pension Plans | Balance at September 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Measured on a recurring basis: | | | | | | | | | | | | | | | Level 1(1): | | | | | | | | | | | | | | | | U.S. non-qualified deferred compensation plan | | $ | 43,154 | | | $ | — | | | | | $ | — | | | $ | 43,154 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | Level 2(2): | | | | | | | | | | | | | | | | Retirement and pension plan assets | | 12,432 | | | 1,237 | | | | | 11,195 | | | — | | | — | | | — | | | Pension benefit obligation | | (13,783) | | | — | | | | | — | | | — | | | (1,237) | | | (12,546) | | | Total Level 2 | | (1,351) | | | 1,237 | | | | | 11,195 | | | — | | | (1,237) | | | (12,546) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 41,803 | | | $ | 1,237 | | | | | $ | 11,195 | | | $ | 43,154 | | | $ | (1,237) | | | $ | (12,546) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Classification | | | | | Current Assets | | | | Non-Current Assets | | Current Liabilities | | Non-Current Liabilities | | | Fair Value | | Other Current Assets | | | | Assets Designated for Retirement and Pension Plans | | Investments | | Other Current Liabilities | | Retirement and Pension Plans | Balance at December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Measured on a recurring basis: | | | | | | | | | | | | | | | Level 1(1): | | | | | | | | | | | | | | | | U.S. non-qualified deferred compensation plan | | $ | 34,354 | | | $ | — | | | | | $ | — | | | $ | 34,354 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | Level 2(2): | | | | | | | | | | | | | | | | Retirement and pension plan assets | | 12,584 | | | 1,252 | | | | | 11,332 | | | — | | | — | | | — | | | Pension benefit obligation | | (13,951) | | | — | | | | | — | | | — | | | (1,252) | | | (12,699) | | | Total Level 2 | | (1,367) | | | 1,252 | | | | | 11,332 | | | — | | | (1,252) | | | (12,699) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 32,987 | | | $ | 1,252 | | | | | $ | 11,332 | | | $ | 34,354 | | | $ | (1,252) | | | $ | (12,699) | |
(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. (3)Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
Contingent Consideration and Compensation
The former owners of the Company's acquired businesses are eligible to receive contingent consideration or additional cash compensation based on the attainment of certain operating metrics or performance criteria 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 Company determines the fair value of contingent consideration and compensation using discounted cash flow models.
The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the nine months ended September 30, 2023: | | | | | | | | | | | | | | | | | Earnout | | Contingent Compensation | Balance at December 31, 2022 | | | $ | (36,010) | | | $ | (8,192) | | Purchase accounting (See Note 8, Acquisitions) | | | (36,266) | | | — | | | Earnout accretion | | | (1,097) | | | — | | | Compensation expense | | | — | | | (8,711) | | | | | | | | | Payments | | | 35,946 | | | 2,038 | | | Foreign currency translation | | | 894 | | | (118) | | | | | | | | Balance at September 30, 2023 | | | $ | (36,533) | | | $ | (14,983) | |
Earnout accruals of zero and $36.0 million were recorded within Current liabilities - Other current liabilities as of September 30, 2023, and December 31, 2022, respectively, and earnout accruals of $36.5 million and zero were recorded within Non-current liabilities - Other non-current liabilities as of September 30, 2023, and December 31, 2022, respectively. Contingent compensation accruals of $5.3 million and $1.5 million are recorded within Current liabilities - Accrued salaries and benefits as of September 30, 2023 and December 31, 2022, respectively, and contingent compensation accruals of $9.6 million and $6.7 million are recorded within Non-current liabilities - Accrued salaries and benefits as of September 30, 2023 and December 31, 2022, respectively.
Goodwill
Goodwill represents the difference between the purchase price of acquired companies 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 goodwill at least annually and whenever events occur or circumstances indicate that a carrying amount of goodwill may not be recoverable. During the three months ended June 30, 2023, an interim goodwill impairment evaluation was conducted to determine the fair value of the Company's goodwill. Goodwill is 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 Company determines the fair value of goodwill using discounted cash flow models.
The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for the nine months ended September 30, 2023:
| | | | | | | Goodwill | | Balance at December 31, 2022 | $ | 138,361 | | | Acquired goodwill | 68,338 | | | Impairment | (7,246) | | | Foreign currency translation | (1,212) | | | Balance at September 30, 2023 | $ | 198,241 | |
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-Topic 820
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-Section 50
-Paragraph 2
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v3.23.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Business Combination and Asset Acquisition [Abstract] |
|
| Acquisitions |
Acquisitions On February 1, 2023, the Company acquired Atreus Group GmbH ("Atreus"), a leading provider of executive interim management in Germany. The Company paid $33.4 million in the first quarter of 2023, with a subsequent estimated payment of between $9.0 million and $13.0 million to be paid in 2023 upon the completion of Atreus' statutory audit for the year ended December 31, 2022, for all of the outstanding equity of Atreus. The former owners of Atreus are eligible to receive additional cash consideration, which the Company estimated on the acquisition date to be between $30.0 million and $40.0 million, to be paid in 2026 based on the achievement of certain revenue and operating income milestones for the period from the acquisition date through 2025. When estimating the present value of future cash consideration, the Company accrued an estimated $32.0 million as of the acquisition date for the earnout liability. The Company recorded an estimated $11.3 million for customer relationships, $5.4 million for software, $2.5 million for a trade name and $61.3 million of goodwill. Goodwill is primarily related to the acquired workforce and strategic fit and is not deductible for tax purposes. The consideration transferred was allocated on a preliminary basis to the assets acquired and liabilities assumed on their estimated fair values at the date of acquisition. The measurement period for purchase price allocation ends when information on the facts and circumstances becomes available, not to exceed twelve months, and the Company expects to finalize its measurements for the acquisition during the fourth quarter of 2023 upon the evaluation of the statutory audit results and determination of the final payment amount. As of September 30, 2023, the allocations remain preliminary with regard to customer relationships, software, trade name, goodwill and earnout liability.On April 1, 2023, the Company acquired businessfourzero, a next generation consultancy specializing in developing and implementing purpose-driven change. In connection with the acquisition, the Company paid $9.5 million in the second quarter of 2023 with a subsequent working capital settlement of $2.2 million paid in the third quarter of 2023. The former owners of businessfourzero are eligible to receive additional cash consideration, which the Company estimated on the acquisition date to be between $4.0 million and $8.0 million, to be paid in 2026 based on the achievement of certain revenue and operating income metrics for the period from the acquisition date through 2025. When estimating the present value of future cash consideration, the Company accrued an estimated $4.3 million as of the acquisition date for the earnout liability. The Company recorded $3.5 million for customer relationships, $0.5 million for a trade name, and $7.1 million of goodwill. The goodwill is primarily related to the acquired workforce and strategic fit.
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v3.23.3
Goodwill and Other Intangible Assets
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Executive Search | | | | | Americas | $ | 91,519 | | | $ | 91,383 | | | Europe | 1,432 | | | 1,449 | | | | | | | Total Executive Search | 92,951 | | | 92,832 | | | On-Demand Talent | 105,290 | | | 45,529 | | | Heidrick Consulting | 7,246 | | | — | | | Goodwill, gross | 205,487 | | | 138,361 | | | Accumulated impairment | (7,246) | | | — | | | Total goodwill | $ | 198,241 | | | $ | 138,361 | |
Changes in the carrying amount of goodwill by segment (for the segments that had recorded goodwill) for the nine months ended September 30, 2023, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Executive Search | | On-Demand Talent | | Heidrick Consulting | | | | Americas | | Europe | | | | | | Total | | Goodwill | $ | 91,383 | | | $ | 1,449 | | | | | $ | 45,529 | | | $ | — | | | $ | 138,361 | | | Accumulated impairment losses | — | | | — | | | | | — | | | — | | | — | | Balance at December 31, 2022 | 91,383 | | | 1,449 | | | | | 45,529 | | | — | | | 138,361 | | | | | | | | | | | | | | | Atreus acquisition | — | | | — | | | | | 61,265 | | | — | | | 61,265 | | | businessfourzero acquisition | — | | | — | | | | | — | | | 7,073 | | | 7,073 | | | Impairment | — | | | — | | | | | — | | | (7,246) | | | (7,246) | | | Foreign currency translation | 136 | | | (17) | | | | | (1,504) | | | 173 | | | (1,212) | | | | | | | | | | | | | | | Goodwill | 91,519 | | | 1,432 | | | | | 105,290 | | | 7,246 | | | 205,487 | | | Accumulated impairment losses | — | | | — | | | | | — | | | (7,246) | | | (7,246) | | Balance at September 30, 2023 | $ | 91,519 | | | $ | 1,432 | | | | | $ | 105,290 | | | $ | — | | | $ | 198,241 | |
In February 2023, the Company acquired Atreus and recorded an estimated $61.3 million of goodwill related to the acquisition in the On-Demand Talent operating segment. In April 2023, the Company acquired businessfourzero and recorded an estimated $7.1 million of goodwill related to the acquisition in the Heidrick Consulting operating segment.
On October 31, 2022, the Company conducted its annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the three months ended June 30, 2023, the Company acquired businessfourzero and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company evaluated the recent and anticipated future financial performance of the Heidrick Consulting reporting unit and 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, 2023.
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) working capital investments; (4) macroeconomic conditions and (5) other factors.
Based on the results of the impairment evaluation, the Company determined that the goodwill within the Heidrick Consulting reporting unit was impaired, which resulted in an impairment charge of $7.2 million to write off all of the associated goodwill. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2023, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023. The impairment was non-cash in nature and 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: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Executive Search | | | | | Americas | $ | 25 | | | $ | 51 | | | Europe | 111 | | | 216 | | | Asia Pacific | 4 | | | 15 | | | Total Executive Search | 140 | | | 282 | | | | | | | | | | | Heidrick Consulting | 3,242 | | | — | | | On-Demand Talent | 19,127 | | | 6,051 | | | Total other intangible assets, net | $ | 22,509 | | | $ | 6,333 | |
In February 2023, the Company acquired Atreus and recorded estimated customer relationships short-term, customer relationships long-term, software and trade name intangible assets in the On-Demand Talent operating segment of $6.0 million, $5.3 million, $5.4 million and $2.5 million, respectively. The combined estimated weighted-average amortization period for the acquired intangible assets is 6.7 years with estimated amortization periods of 5.0, 14.0, 3.0 and 3.0 years for the customer relationships short-term, customer relationships long-term, software and trade name, respectively. In April 2023, the Company acquired businessfourzero and recorded estimated customer relationships and trade name intangible assets in the Heidrick Consulting operating segment of $3.5 million and $0.5 million, respectively. The combined estimated weighted-average amortization period for the acquired intangible assets is 8.3 years with estimated amortization periods of 9.0 and 3.0 years for the customer relationships and trade name intangible assets, respectively.
The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted
Average
Life (Years) | | September 30, 2023 | | December 31, 2022 | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Client relationships | 9.8 | | $ | 25,336 | | | $ | (9,771) | | | $ | 15,565 | | | $ | 10,720 | | | $ | (6,164) | | | $ | 4,556 | | | Trade name | 3.0 | | 4,929 | | | (2,615) | | | 2,314 | | | 2,406 | | | (1,925) | | | 481 | | | Software | 3.0 | | 8,397 | | | (3,767) | | | 4,630 | | | 3,110 | | | (1,814) | | | 1,296 | | | Total intangible assets | 7.7 | | $ | 38,662 | | | $ | (16,153) | | | $ | 22,509 | | | $ | 16,236 | | | $ | (9,903) | | | $ | 6,333 | |
Intangible asset amortization expense for the three months ended September 30, 2023, and 2022 was $2.4 million and $0.8 million, respectively. Intangible asset amortization expense for the nine months ended September 30, 2023, and 2022 was $6.9 million and $2.4 million, respectively.
The Company's estimated future amortization expense related to intangible assets as of September 30, 2023, for the following years ended December 31 is as follows: | | | | | | | 2023 | $ | 2,394 | | | 2024 | 7,499 | | | 2025 | 5,750 | | | 2026 | 2,441 | | | 2027 | 1,486 | | | Thereafter | 2,939 | | | Total | $ | 22,509 | |
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v3.23.3
Other Current and Non-current Assets and Liabilities
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Contract assets | $ | 36,130 | | | $ | 35,288 | | | Other | 14,481 | | | 5,434 | | | Total other current assets | $ | 50,611 | | | $ | 40,722 | |
The components of other current liabilities are as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Earnout liability | $ | — | | | $ | 36,010 | | | | | | | Other | 33,171 | | | 20,006 | | | Total other current liabilities | $ | 33,171 | | | $ | 56,016 | |
The components of other non-current liabilities are as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Earnout liability | $ | 36,533 | | | $ | — | | | Other | 4,452 | | | 5,293 | | | Total other non-current liabilities | $ | 40,985 | | | $ | 5,293 | |
|
| 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: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Contract assets | $ | 36,130 | | | $ | 35,288 | | | Other | 14,481 | | | 5,434 | | | Total other current assets | $ | 50,611 | | | $ | 40,722 | |
The components of other current liabilities are as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Earnout liability | $ | — | | | $ | 36,010 | | | | | | | Other | 33,171 | | | 20,006 | | | Total other current liabilities | $ | 33,171 | | | $ | 56,016 | |
The components of other non-current liabilities are as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Earnout liability | $ | 36,533 | | | $ | — | | | Other | 4,452 | | | 5,293 | | | Total other non-current liabilities | $ | 40,985 | | | $ | 5,293 | |
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-Topic 210
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v3.23.3
Line of Credit
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt Disclosure [Abstract] |
|
| Line of Credit |
Line of Credit On February 24, 2023, the Company entered into the Second Amendment (the “Second 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, the "Amended Credit Agreement") by and among the Company, Bank of America, N.A., as administrative agent, and the lenders party thereto. The Second Amendment replaced the interest rate benchmark, from LIBOR to the Secured Overnight Financing Rate (“SOFR”). At the Company's option, borrowings under the Amended Credit Agreement will bear interest at one-, three- or six-month term SOFR, or an alternate base rate as set forth in the Amended Credit Agreement, in each case plus an applicable margin. Additionally, the Second Amendment provided the Company with a committed unsecured revolving credit facility in an aggregate amount of $200 million, increased from $175 million as set forth in the Credit Agreement, 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. Other than the foregoing, the material terms of the Amended Credit Agreement remain unchanged. The Amended Credit Agreement matures on July 13, 2026.
Borrowings under the Amended 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 Amended Credit Agreement are guaranteed by certain of the Company’s subsidiaries.
As of September 30, 2023, and December 31, 2022, 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.
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v3.23.3
Stock-Based Compensation and Common Stock
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Stock-Based Compensation and Common Stock |
Stock-Based Compensation and Common Stock On May 25, 2023, the stockholders of the Company approved an amendment to the Company's Third Amended and Restated 2012 Heidrick & Struggles GlobalShare Program (as so amended, the "Fourth A&R Program") to increase the number of shares of common stock reserved for issuance under the 2012 program by 1,060,000 shares. The Fourth 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 September 30, 2023, 4,166,113 awards have been issued under the Fourth A&R Program, including 784,325 forfeited awards, and 1,028,212 shares remain available for future awards. The Fourth A&R Program provides that no awards can be granted after May 25, 2033.
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
September 30, | | Nine Months Ended
September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | Salaries and benefits (1) | $ | 2,934 | | | $ | 3,535 | | | $ | 6,337 | | | $ | 7,713 | | | General and administrative expenses | 203 | | | 405 | | | 1,013 | | | 810 | | | Income tax benefit related to stock-based compensation included in net income | 864 | | | 1,072 | | | 2,024 | | | 2,320 | |
(1) Includes less than $0.1 million of expense and $0.2 million of income related to cash-settled restricted stock units for the three months ended September 30, 2023, and 2022, respectively, and $0.1 million of expense and $3.1 million of income related to cash-settled restricted stock units for the nine months ended September 30, 2023, and 2022, 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 Fourth A&R Program as part of their annual compensation. Based on their respective elections, the Company issued 23,620 and 11,850 restricted stock units for services provided by the non-employee directors during the nine months ended September 30, 2023, and 2022, 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 nine months ended September 30, 2023, is as follows: | | | | | | | | | | | | | Number of
Restricted
Stock Units | | Weighted-
Average
Grant-Date
Fair Value | Outstanding on December 31, 2022 | 728,285 | | | $ | 31.97 | | | Granted | 276,227 | | | 26.91 | | | Vested and converted to common stock | (291,113) | | | 31.04 | | | Forfeited | (25,693) | | | 31.54 | | Outstanding on September 30, 2023 | 687,706 | | | $ | 30.35 | |
As of September 30, 2023, there was $8.3 million of pre-tax unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted average of 2.4 years.
Performance Stock Units
The Company grants performance stock units to certain of its senior executives. The performance stock units are generally 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. Half of the award is based on the achievement of adjusted operating 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 the 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.
Performance stock unit activity for the nine months ended September 30, 2023, is as follows: | | | | | | | | | | | | | Number of
Performance
Stock Units | | Weighted-
Average
Grant-Date
Fair Value | Outstanding on December 31, 2022 | 260,452 | | | $ | 40.02 | | | Granted | 103,916 | | | 34.14 | | | Vested and converted to common stock | (124,743) | | | 31.51 | | | Forfeited | — | | | | Outstanding on September 30, 2023 | 239,625 | | | $ | 41.91 | |
As of September 30, 2023, there was $5.4 million of pre-tax unrecognized compensation expense related to unvested performance stock units, which is expected to be recognized over a weighted average of 1.9 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 period of four years, 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 less than $0.1 million and income of $0.2 million during the three months ended September 30, 2023, and 2022, respectively and $0.1 million of expense and $3.1 million of income related to phantom stock units during the nine months September 30, 2023, and 2022, respectively.
Phantom stock unit activity for the nine months ended September 30, 2023, is as follows: | | | | | | | Number of
Phantom
Stock Units | Outstanding on December 31, 2022 | 321,155 | | | Granted | — | | | Vested | (115,180) | | | Forfeited | (18,674) | | Outstanding on September 30, 2023 | 187,301 | |
As of September 30, 2023, there was $1.0 million of pre-tax unrecognized compensation expense related to unvested phantom stock units, which is expected to be recognized over a weighted average of 2.5 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 Fourth A&R Program as part of their annual compensation. Based on their respective elections, the Company issued 16,134 and 11,850 shares of common stock for services provided by the non-employee directors during the nine months ended September 30, 2023, and 2022, 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 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. During the three months ended June 30, 2023, the Company purchased 36,000 shares of common stock for $0.9 million. There were no purchases of common stock during the three months ended September 30, 2023. There were no purchases of shares of common stock in 2022, and prior to the 2023 purchase, the most recent purchase of the Company's shares of common stock occurred during the year ended December 31, 2012. As of September 30, 2023, 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.
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v3.23.3
Restructuring
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Restructuring and Related Activities [Abstract] |
|
| Restructuring |
Restructuring During the year ended December 31, 2020, the Company implemented a restructuring plan (the "2020 Plan") to optimize future growth and profitability. The primary components of the 2020 Plan included a workforce reduction, a reduction of the Company's real estate expenses and professional fees, and the elimination of certain deferred compensation programs. The Company did not incur any charges during the three and nine months ended September 30, 2023 and 2022 and does not anticipate incurring any future charges under the 2020 Plan.
Changes in the restructuring accrual for the nine months ended September 30, 2023, were as follows: | | | | | | | | | | | | | | | | | Employee Related | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Accrual balance at December 31, 2022 | | 3,422 | | | | | | | | | | | | | | | | | | Cash payments | | (3,516) | | | | | | | | | | | | | | | | | | | | | | | | | | | Exchange rate fluctuations | | 94 | | | | | | | | | Accrual balance at September 30, 2023 | | $ | — | | | | | | | |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes The Company reported income before taxes of $24.0 million and an income tax provision of $9.0 million for the three months ended September 30, 2023. The Company reported income before taxes of $29.5 million and an income tax provision of $8.7 million for the three months ended September 30, 2022. The effective tax rates for the three months ended September 30, 2023, and 2022, were 37.5% and 29.5%, respectively. The effective tax rate for the three months ended September 30, 2023 was impacted by the tax effect on goodwill impairment and the inability to recognize losses. The effective tax rate for the three months ended September 30, 2022 was impacted by one-time items and the mix of income.
The Company reported income before taxes of $63.7 million and an income tax provision of $24.1 million for the nine months ended September 30, 2023. The Company reported income before taxes of $92.3 million and an income tax provision of $28.9 million for the nine months ended September 30, 2022. The effective tax rates for the nine months ended September 30, 2023, and 2022, were 37.9% and 31.3%, respectively. The effective tax rate for the nine months ended September 30, 2023 was impacted by the tax effect on goodwill impairment and the inability to recognize losses. The effective tax rate for the nine months ended September 30, 2022 was impacted by one-time items and the mix of income.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.4-08(h)(2))
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v3.23.3
Changes in Accumulated Other Comprehensive Income (Loss)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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 nine months ended September 30, 2023, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Available-
for-
Sale
Securities | | Foreign
Currency
Translation | | Pension | | AOCI | Balance at December 31, 2022 | | $ | (41) | | | $ | (4,163) | | | $ | 15 | | | $ | (4,189) | | | Other comprehensive income before reclassification, net of tax | | 68 | | | (3,701) | | | — | | | (3,633) | | Balance at September 30, 2023 | | $ | 27 | | | $ | (7,864) | | | $ | 15 | | | $ | (7,822) | |
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- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Segment Information
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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. For segment purposes, reimbursements of out-of-pocket expenses classified as revenue and other operating income are reported separately and, therefore, are not included in the results of each segment. The Company believes that analyzing trends in revenue before reimbursements (net revenue) and analyzing operating expenses as a percentage of net revenue, more appropriately reflect its core operations.
Revenue and operating income by segment are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | Revenue | | | | | | | | | Executive Search | | | | | | | | | Americas | $ | 132,320 | | | $ | 143,747 | | | $ | 398,210 | | | $ | 482,320 | | | Europe | 44,606 | | | 41,141 | | | 129,104 | | | 139,017 | | | Asia Pacific | 21,888 | | | 27,919 | | | 68,766 | | | 87,928 | | | Total Executive Search | 198,814 | | | 212,807 | | | 596,080 | | | 709,265 | | | On-Demand Talent | 41,053 | | | 23,247 | | | 111,410 | | | 68,981 | | | Heidrick Consulting | 23,293 | | | 19,131 | | | 66,212 | | | 59,501 | | | Revenue before reimbursements (net revenue) | 263,160 | | | 255,185 | | | 773,702 | | | 837,747 | | | Reimbursements | 4,736 | | | 3,086 | | | 10,090 | | | 7,170 | | | Total revenue | $ | 267,896 | | | $ | 258,271 | | | $ | 783,792 | | | $ | 844,917 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | Operating income (loss) | | | | | | | | | Executive Search | | | | | | | | | Americas | $ | 39,285 | | | $ | 39,741 | | | $ | 121,128 | | | $ | 123,842 | | | Europe | 8,519 | | | 5,652 | | | 12,663 | | | 15,661 | | | Asia Pacific | 2,486 | | | 4,503 | | | 7,132 | | | 13,469 | | | Total Executive Search | 50,290 | | | 49,896 | | | 140,923 | | | 152,972 | | | On-Demand Talent | (4,595) | | | (276) | | | (11,821) | | | (1,207) | | | Heidrick Consulting (1) | (4,075) | | | (2,000) | | | (17,877) | | | (4,492) | | | Total segment operating income | 41,620 | | | 47,620 | | | 111,225 | | | 147,273 | | | Research and Development | (5,560) | | | (5,400) | | | (16,746) | | | (14,347) | | | Global Operations Support | (13,923) | | | (13,898) | | | (40,986) | | | (40,506) | | | Total operating income | $ | 22,137 | | | $ | 28,322 | | | $ | 53,493 | | | $ | 92,420 | |
(1) Includes $7.2 million of impairment charges for the nine months ended September 30, 2023.
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 32
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
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-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
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-Section 50
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-Subparagraph (a)
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-Paragraph 21
-Subparagraph (b)
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-Topic 280
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-Paragraph 32
-Subparagraph (e)
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v3.23.3
Guarantees
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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 2033. 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 $4.4 million as of September 30, 2023. The Company has not accrued for these arrangements as no event of default exists or is expected to exist.
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- DefinitionThe entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 4
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482425/460-10-50-4
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-Paragraph 4
-Subparagraph (e)
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-URI https://asc.fasb.org//1943274/2147482425/460-10-50-4
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-URI https://asc.fasb.org//460/tableOfContent
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| 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.
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
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-URI https://asc.fasb.org//450/tableOfContent
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v3.23.3
Summary of Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Cost of Services |
Cost of Services
Cost of services consists of third-party contractor 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 (“R&D”) expense consists of payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with the development of new technologies to enhance existing products and services and to expand the range of the Company's offerings. The benefits from the Company's R&D efforts are intended to be utilized to develop and enhance new and existing services and products across the Company's current offerings in Executive Search, Heidrick Consulting and On-Demand Talent, and for products and services in new segments that the Company may embark upon in the future from time to time.
|
| Marketable Securities |
Marketable Securities
The Company’s marketable securities consist of available-for-sale debt securities with original maturities exceeding three months.
|
| Restricted Cash |
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 September 30, 2023, and 2022, and December 31, 2022, and 2021:
|
| Earnings per Common Share |
Earnings per Common Share
Basic earnings per common share are computed by dividing net income by weighted average common shares outstanding for the period. Diluted earnings 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 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 companies 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 goodwill at least annually and whenever events occur or circumstances indicate that a carrying value 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 or market capitalization, increased competition, and other factors.
The goodwill impairment test compares the fair value of a reporting unit to its carrying value, 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 value by which the carrying value of the reporting unit exceeds its fair value; however, the loss recognized is not to exceed the total value of goodwill allocated to that reporting unit.
On October 31, 2022, the Company conducted its annual goodwill impairment evaluation, which indicated that the carrying value of the Heidrick Consulting reporting unit was less than its fair value. During the three months ended June 30, 2023, the Company acquired businessfourzero and recorded approximately $7.1 million of goodwill in the Heidrick Consulting reporting unit. Due to the inclusion of goodwill in a reporting unit with a pre-existing fair value shortfall, the Company evaluated the recent and anticipated future financial performance of the Heidrick Consulting reporting unit and 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, 2023.
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) working capital investments; (4) macroeconomic conditions; and (5) other factors.
Based on the results of the impairment evaluation, the Company determined that the goodwill within the Heidrick Consulting reporting unit was impaired, which resulted in an impairment charge of $7.2 million to write-off all of the associated goodwill. The impairment charge is recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2023, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023. The impairment was non-cash in nature and 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.
|
| Recently Issued Financial Accounting Standards |
Recently Issued Financial Accounting Standards
In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance was intended to provide temporary optional expedients and exceptions to the guidance on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from the London Interbank Offered Rate ("LIBOR") and other interbank offered rates to alternative reference rates. This guidance is effective March 12, 2020, and the Company may elect to apply the amendments prospectively through December 31, 2024. The Company is currently evaluating the impact of this accounting guidance. The new guidance is not expected to have a material effect on the Company's 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 compensation 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 the Company's consulting revenue is recognized over time utilizing both input and output methods. Contracts that contain coaching sessions, training sessions or the completion of assessments are recognized using the output method as each session or assessment is delivered to the client. Contracts that contain general consulting work are recognized using the input method utilizing a measure of progress that is based on time incurred on the project. The Company enters into enterprise agreements with clients to provide a license for online access, via the Company's Culture Connect platform, to training and other proprietary material related to the Company's culture shaping programs. The consideration the Company expects to receive under the terms of an enterprise agreement is comprised of a single fixed fee. The enterprise agreements contain multiple performance obligations, the delivery of materials via Culture Connect and material rights related to options to renew enterprise agreements at a significant discount. The Company allocates the transaction price to the performance obligations in the contract on a stand-alone selling price basis. The stand-alone selling price for the initial term of the enterprise agreement is outlined in the contract and is equal to the price paid by the client for the agreement over the initial term of the contract. The stand-alone selling price for the options to renew, or material right, are not directly observable and must be estimated. This estimate is required to reflect the discount the client would obtain when exercising the option to renew, adjusted for the likelihood that the option will be exercised. The Company estimates the likelihood of renewal using a historical analysis of client renewals. Access to Culture Connect represents a right to access the Company’s intellectual property that the client simultaneously receives and consumes as the Company performs under the agreement, and therefore the Company recognizes revenue over time. Given the continuous nature of this commitment, the Company utilizes straight-line ratable revenue recognition over the estimated subscription period as the Company's clients will receive and consume the benefits from Culture Connect equally throughout the contract period. Revenue related to client renewals of enterprise agreements is recognized over the term of the renewal, which is generally twelve months. Enterprise agreements do not comprise a significant portion of the Company's revenue.
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 Current assets - 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.
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- DefinitionDisclosure of accounting policy for costs it has incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 730
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- DefinitionDisclosure of accounting policy for revenue from contract with customer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 17
-Publisher FASB
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-Subparagraph (a)
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-Paragraph 18
-Subparagraph (b)
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-Section 50
-Paragraph 20
-Subparagraph (a)
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-Section 50
-Paragraph 20
-Subparagraph (b)
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-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 20
-Subparagraph (d)
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
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-SubTopic 10
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v3.23.3
Summary of Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Restrictions on 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 September 30, 2023, and 2022, and December 31, 2022, and 2021: | | | | | | | | | | | | | | | | | | | | | | | | | September 30, | | December 31, | | 2023 | | 2022 | | 2022 | | 2021 | | Cash and cash equivalents | $ | 286,429 | | | $ | 275,468 | | | $ | 355,447 | | | $ | 545,225 | | | | | | | | | | | Restricted cash included within other non-current assets | 42 | | | 42 | | | 42 | | | 34 | | | Total cash, cash equivalents and restricted cash | $ | 286,471 | | | $ | 275,510 | | | $ | 355,489 | | | $ | 545,259 | |
|
| Schedule of Earnings Per Share, Basic and Diluted |
The following table sets forth the computation of basic and diluted earnings per share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | Net income | $ | 14,987 | | | $ | 20,826 | | | $ | 39,555 | | | $ | 63,442 | | | Weighted average shares outstanding: | | | | | | | | | Basic | 20,076 | | | 19,816 | | | 19,998 | | | 19,723 | | | Effect of dilutive securities: | | | | | | | | | Restricted stock units | 381 | | | 462 | | | 575 | | | 646 | | | Performance stock units | 96 | | | 135 | | | 143 | | | 189 | | | Diluted | 20,553 | | | 20,413 | | | 20,716 | | | 20,558 | | | Basic earnings per share | $ | 0.75 | | | $ | 1.05 | | | $ | 1.98 | | | $ | 3.22 | | | Diluted earnings per share | $ | 0.73 | | | $ | 1.02 | | | $ | 1.91 | | | $ | 3.09 | |
|
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- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
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-Section 50
-Paragraph 1
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- DefinitionTabular disclosure of cash and cash equivalents restricted as to withdrawal or usage. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
-Publisher FASB
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(1)(a))
-Publisher FASB
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v3.23.3
Revenue (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Contract with Customer, Contract Asset, Contract Liability, and Receivable |
The following table outlines the changes in the contract asset and liability balances from December 31, 2022, to September 30, 2023: | | | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Change | | Contract assets | | | | | | | Unbilled receivables, net | $ | 17,322 | | | $ | 13,940 | | | $ | 3,382 | | | Contract assets | 18,808 | | | 21,348 | | | (2,540) | | Total contract assets | 36,130 | | | 35,288 | | | 842 | | | | | | | | | Contract liabilities | | | | | | | Deferred revenue | $ | 41,502 | | | $ | 43,057 | | | $ | (1,555) | |
|
| X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
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v3.23.3
Credit Losses (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Credit Loss [Abstract] |
|
| Accounts Receivable, Allowance for Credit Loss |
The activity in the allowance for credit losses on the Company's trade receivables is as follows: | | | | | | Balance at December 31, 2022 | $ | 6,643 | | | Provision for credit losses | 5,390 | | | Write-offs | (5,460) | | | Foreign currency translation | (56) | | Balance at September 30, 2023 | $ | 6,517 | |
|
| Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value |
There were no investments with unrealized losses at September 30, 2023. At December 31, 2022, 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, were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Less Than 12 Months | | Balance Sheet Classification | | Balance at December 31, 2022 | Fair Value | | Unrealized Loss | | Cash and Cash Equivalents | | Marketable Securities | | U.S. Treasury securities | $ | 194,056 | | | $ | 56 | | | $ | 11,918 | | | $ | 182,138 | |
|
| X |
- DefinitionTabular disclosure of allowance for credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
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- DefinitionTabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
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-Section 55
-Paragraph 8
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-URI https://asc.fasb.org//1943274/2147479081/326-30-55-8
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
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-Section 50
-Paragraph 4
-Publisher FASB
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v3.23.3
Property and Equipment, net (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Property and Equipment |
The components of the Company’s property and equipment are as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Leasehold improvements | $ | 42,328 | | | $ | 40,829 | | | Office furniture, fixtures and equipment | 14,546 | | | 14,322 | | | Computer equipment and software | 36,743 | | | 30,085 | | | Property and equipment, gross | 93,617 | | | 85,236 | | | Accumulated depreciation | (59,583) | | | (55,029) | | | Property and equipment, net | $ | 34,034 | | | $ | 30,207 | |
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-Name Accounting Standards Codification
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v3.23.3
Leases (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Leases [Abstract] |
|
| Lease, Cost |
Lease cost components included within Operating expenses - General and administrative expenses in the Condensed Consolidated Statements of Comprehensive Income were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | Operating lease cost | $ | 4,751 | | | $ | 4,124 | | | $ | 13,843 | | | $ | 12,967 | | | Variable lease cost | 2,213 | | | $ | 1,760 | | | 7,200 | | | 4,393 | | | Total lease cost | $ | 6,964 | | | $ | 5,884 | | | $ | 21,043 | | | $ | 17,360 | |
Supplemental cash flow information related to the Company's operating leases is as follows for the nine months ended September 30: | | | | | | | | | | | | | 2023 | | 2022 | | Cash paid for amounts included in the measurement of lease liabilities: | | | | | Operating cash flows from operating leases | $ | 14,923 | | | $ | 13,572 | | | Right-of-use assets obtained in exchange for lease obligations: | | | | | Operating leases | $ | 7,944 | | | $ | 9,059 | |
|
| Assets and Liabilities, Lessee |
The weighted average remaining lease term and weighted average discount rate for operating leases as of September 30, are as follows: | | | | | | | | | | | | | 2023 | | 2022 | | Weighted Average Remaining Lease Term | | | | | Operating leases | 6.2 years | | 6.5 years | | Weighted Average Discount Rate | | | | | Operating leases | 3.77 | % | | 3.31 | % |
|
| Lessee, Operating Lease, Liability, Maturity |
The future maturities of the Company's operating lease liabilities as of September 30, 2023, for the years ended December 31 are as follows: | | | | | | | Operating Lease Maturity | | 2023 | $ | 4,304 | | | 2024 | 20,749 | | | 2025 | 12,482 | | | 2026 | 11,161 | | | 2027 | 9,808 | | | Thereafter | 27,610 | | | Total lease payments | 86,114 | | | Less: Interest | 9,288 | | | Present value of lease liabilities | $ | 76,826 | |
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- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Topic 842
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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v3.23.3
Financial Instruments and Fair Value (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Unrealized Gain (Loss) on Investments |
The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Unrealized Gains | | | | Fair Value | | Cash and Cash Equivalents | | Marketable Securities | Balance at September 30, 2023 | | | | | | | | | | | | | Cash | | | | | | | | | $ | 171,155 | | | $ | — | | | | | | | | | | | | | | Level 1(1): | | | | | | | | | | | | | Money market funds | | | | | | | | | 14,585 | | | — | | | U.S. Treasury securities | $ | 148,221 | | | $ | 28 | | | | | $ | 148,249 | | | 100,689 | | | 47,560 | | | Total Level 1 | 148,221 | | | 28 | | | | | 148,249 | | | 115,274 | | | 47,560 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | 148,221 | | | $ | 28 | | | | | $ | 148,249 | | | $ | 286,429 | | | $ | 47,560 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Unrealized Gains | | Unrealized Losses | | Fair Value | | Cash and Cash Equivalents | | Marketable Securities | Balance at December 31, 2022 | | | | | | | | | | | | | Cash | | | | | | | | | $ | 247,198 | | | $ | — | | | | | | | | | | | | | | Level 1(1): | | | | | | | | | | | | | Money market funds | | | | | | | | | 62,338 | | | — | | | U.S. Treasury securities | $ | 312,121 | | | $ | 15 | | | $ | (56) | | | $ | 312,080 | | | 45,911 | | | 266,169 | | | Total Level 1 | 312,121 | | | 15 | | | (56) | | | 312,080 | | | 108,249 | | | 266,169 | | | | | | | | | | | | | | | Total | $ | 312,121 | | | $ | 15 | | | $ | (56) | | | $ | 312,080 | | | $ | 355,447 | | | $ | 266,169 | |
(1)Level 1 – Quoted prices in active markets for identical assets and liabilities.
|
| Fair Value, by Balance Sheet Grouping |
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 Assets | | | | Non-Current Assets | | Current Liabilities | | Non-current Liabilities | | | Fair Value | | Other Current Assets | | | | Assets Designated for Retirement and Pension Plans | | Investments | | Other Current Liabilities | | Retirement and Pension Plans | Balance at September 30, 2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Measured on a recurring basis: | | | | | | | | | | | | | | | Level 1(1): | | | | | | | | | | | | | | | | U.S. non-qualified deferred compensation plan | | $ | 43,154 | | | $ | — | | | | | $ | — | | | $ | 43,154 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | Level 2(2): | | | | | | | | | | | | | | | | Retirement and pension plan assets | | 12,432 | | | 1,237 | | | | | 11,195 | | | — | | | — | | | — | | | Pension benefit obligation | | (13,783) | | | — | | | | | — | | | — | | | (1,237) | | | (12,546) | | | Total Level 2 | | (1,351) | | | 1,237 | | | | | 11,195 | | | — | | | (1,237) | | | (12,546) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 41,803 | | | $ | 1,237 | | | | | $ | 11,195 | | | $ | 43,154 | | | $ | (1,237) | | | $ | (12,546) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance Sheet Classification | | | | | Current Assets | | | | Non-Current Assets | | Current Liabilities | | Non-Current Liabilities | | | Fair Value | | Other Current Assets | | | | Assets Designated for Retirement and Pension Plans | | Investments | | Other Current Liabilities | | Retirement and Pension Plans | Balance at December 31, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Measured on a recurring basis: | | | | | | | | | | | | | | | Level 1(1): | | | | | | | | | | | | | | | | U.S. non-qualified deferred compensation plan | | $ | 34,354 | | | $ | — | | | | | $ | — | | | $ | 34,354 | | | $ | — | | | $ | — | | | | | | | | | | | | | | | | | Level 2(2): | | | | | | | | | | | | | | | | Retirement and pension plan assets | | 12,584 | | | 1,252 | | | | | 11,332 | | | — | | | — | | | — | | | Pension benefit obligation | | (13,951) | | | — | | | | | — | | | — | | | (1,252) | | | (12,699) | | | Total Level 2 | | (1,367) | | | 1,252 | | | | | 11,332 | | | — | | | (1,252) | | | (12,699) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | $ | 32,987 | | | $ | 1,252 | | | | | $ | 11,332 | | | $ | 34,354 | | | $ | (1,252) | | | $ | (12,699) | |
(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. (3)Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
|
| Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the nine months ended September 30, 2023: | | | | | | | | | | | | | | | | | Earnout | | Contingent Compensation | Balance at December 31, 2022 | | | $ | (36,010) | | | $ | (8,192) | | Purchase accounting (See Note 8, Acquisitions) | | | (36,266) | | | — | | | Earnout accretion | | | (1,097) | | | — | | | Compensation expense | | | — | | | (8,711) | | | | | | | | | Payments | | | 35,946 | | | 2,038 | | | Foreign currency translation | | | 894 | | | (118) | | | | | | | | Balance at September 30, 2023 | | | $ | (36,533) | | | $ | (14,983) | |
|
| Schedule of Goodwill |
The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for the nine months ended September 30, 2023:
| | | | | | | Goodwill | | Balance at December 31, 2022 | $ | 138,361 | | | Acquired goodwill | 68,338 | | | Impairment | (7,246) | | | Foreign currency translation | (1,212) | | | Balance at September 30, 2023 | $ | 198,241 | |
Changes in the carrying amount of goodwill by segment (for the segments that had recorded goodwill) for the nine months ended September 30, 2023, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Executive Search | | On-Demand Talent | | Heidrick Consulting | | | | Americas | | Europe | | | | | | Total | | Goodwill | $ | 91,383 | | | $ | 1,449 | | | | | $ | 45,529 | | | $ | — | | | $ | 138,361 | | | Accumulated impairment losses | — | | | — | | | | | — | | | — | | | — | | Balance at December 31, 2022 | 91,383 | | | 1,449 | | | | | 45,529 | | | — | | | 138,361 | | | | | | | | | | | | | | | Atreus acquisition | — | | | — | | | | | 61,265 | | | — | | | 61,265 | | | businessfourzero acquisition | — | | | — | | | | | — | | | 7,073 | | | 7,073 | | | Impairment | — | | | — | | | | | — | | | (7,246) | | | (7,246) | | | Foreign currency translation | 136 | | | (17) | | | | | (1,504) | | | 173 | | | (1,212) | | | | | | | | | | | | | | | Goodwill | 91,519 | | | 1,432 | | | | | 105,290 | | | 7,246 | | | 205,487 | | | Accumulated impairment losses | — | | | — | | | | | — | | | (7,246) | | | (7,246) | | Balance at September 30, 2023 | $ | 91,519 | | | $ | 1,432 | | | | | $ | 105,290 | | | $ | — | | | $ | 198,241 | |
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v3.23.3
Goodwill and Other Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Schedule of Intangible Assets and Goodwill |
The Company's goodwill by segment (for the segments that had recorded goodwill) is as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Executive Search | | | | | Americas | $ | 91,519 | | | $ | 91,383 | | | Europe | 1,432 | | | 1,449 | | | | | | | Total Executive Search | 92,951 | | | 92,832 | | | On-Demand Talent | 105,290 | | | 45,529 | | | Heidrick Consulting | 7,246 | | | — | | | Goodwill, gross | 205,487 | | | 138,361 | | | Accumulated impairment | (7,246) | | | — | | | Total goodwill | $ | 198,241 | | | $ | 138,361 | |
|
| Schedule of Goodwill |
The following table provides a reconciliation of the beginning and ending balance of Level 3 assets for the nine months ended September 30, 2023:
| | | | | | | Goodwill | | Balance at December 31, 2022 | $ | 138,361 | | | Acquired goodwill | 68,338 | | | Impairment | (7,246) | | | Foreign currency translation | (1,212) | | | Balance at September 30, 2023 | $ | 198,241 | |
Changes in the carrying amount of goodwill by segment (for the segments that had recorded goodwill) for the nine months ended September 30, 2023, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Executive Search | | On-Demand Talent | | Heidrick Consulting | | | | Americas | | Europe | | | | | | Total | | Goodwill | $ | 91,383 | | | $ | 1,449 | | | | | $ | 45,529 | | | $ | — | | | $ | 138,361 | | | Accumulated impairment losses | — | | | — | | | | | — | | | — | | | — | | Balance at December 31, 2022 | 91,383 | | | 1,449 | | | | | 45,529 | | | — | | | 138,361 | | | | | | | | | | | | | | | Atreus acquisition | — | | | — | | | | | 61,265 | | | — | | | 61,265 | | | businessfourzero acquisition | — | | | — | | | | | — | | | 7,073 | | | 7,073 | | | Impairment | — | | | — | | | | | — | | | (7,246) | | | (7,246) | | | Foreign currency translation | 136 | | | (17) | | | | | (1,504) | | | 173 | | | (1,212) | | | | | | | | | | | | | | | Goodwill | 91,519 | | | 1,432 | | | | | 105,290 | | | 7,246 | | | 205,487 | | | Accumulated impairment losses | — | | | — | | | | | — | | | (7,246) | | | (7,246) | | Balance at September 30, 2023 | $ | 91,519 | | | $ | 1,432 | | | | | $ | 105,290 | | | $ | — | | | $ | 198,241 | |
|
| Schedule of Finite-Lived Intangible Assets |
The Company’s other intangible assets, net by segment, are as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Executive Search | | | | | Americas | $ | 25 | | | $ | 51 | | | Europe | 111 | | | 216 | | | Asia Pacific | 4 | | | 15 | | | Total Executive Search | 140 | | | 282 | | | | | | | | | | | Heidrick Consulting | 3,242 | | | — | | | On-Demand Talent | 19,127 | | | 6,051 | | | Total other intangible assets, net | $ | 22,509 | | | $ | 6,333 | |
The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Weighted
Average
Life (Years) | | September 30, 2023 | | December 31, 2022 | | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Gross Carrying Amount | | Accumulated Amortization | | Net Carrying Amount | | Client relationships | 9.8 | | $ | 25,336 | | | $ | (9,771) | | | $ | 15,565 | | | $ | 10,720 | | | $ | (6,164) | | | $ | 4,556 | | | Trade name | 3.0 | | 4,929 | | | (2,615) | | | 2,314 | | | 2,406 | | | (1,925) | | | 481 | | | Software | 3.0 | | 8,397 | | | (3,767) | | | 4,630 | | | 3,110 | | | (1,814) | | | 1,296 | | | Total intangible assets | 7.7 | | $ | 38,662 | | | $ | (16,153) | | | $ | 22,509 | | | $ | 16,236 | | | $ | (9,903) | | | $ | 6,333 | |
|
| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense |
The Company's estimated future amortization expense related to intangible assets as of September 30, 2023, for the following years ended December 31 is as follows: | | | | | | | 2023 | $ | 2,394 | | | 2024 | 7,499 | | | 2025 | 5,750 | | | 2026 | 2,441 | | | 2027 | 1,486 | | | Thereafter | 2,939 | | | Total | $ | 22,509 | |
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v3.23.3
Other Current and Non-current Assets and Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
| Schedule of Other Current Assets |
The components of other current assets are as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Contract assets | $ | 36,130 | | | $ | 35,288 | | | Other | 14,481 | | | 5,434 | | | Total other current assets | $ | 50,611 | | | $ | 40,722 | |
|
| Other Current Liabilities |
The components of other current liabilities are as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Earnout liability | $ | — | | | $ | 36,010 | | | | | | | Other | 33,171 | | | 20,006 | | | Total other current liabilities | $ | 33,171 | | | $ | 56,016 | |
|
| Other Noncurrent Liabilities |
The components of other non-current liabilities are as follows: | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Earnout liability | $ | 36,533 | | | $ | — | | | Other | 4,452 | | | 5,293 | | | Total other non-current liabilities | $ | 40,985 | | | $ | 5,293 | |
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v3.23.3
Stock-Based Compensation and Common Stock (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount |
A summary of information with respect to stock-based compensation is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | Salaries and benefits (1) | $ | 2,934 | | | $ | 3,535 | | | $ | 6,337 | | | $ | 7,713 | | | General and administrative expenses | 203 | | | 405 | | | 1,013 | | | 810 | | | Income tax benefit related to stock-based compensation included in net income | 864 | | | 1,072 | | | 2,024 | | | 2,320 | |
(1) Includes less than $0.1 million of expense and $0.2 million of income related to cash-settled restricted stock units for the three months ended September 30, 2023, and 2022, respectively, and $0.1 million of expense and $3.1 million of income related to cash-settled restricted stock units for the nine months ended September 30, 2023, and 2022, respectively.
|
| Share-based Payment Arrangement, Restricted Stock Unit, Activity |
Restricted stock unit activity for the nine months ended September 30, 2023, is as follows: | | | | | | | | | | | | | Number of
Restricted
Stock Units | | Weighted-
Average
Grant-Date
Fair Value | Outstanding on December 31, 2022 | 728,285 | | | $ | 31.97 | | | Granted | 276,227 | | | 26.91 | | | Vested and converted to common stock | (291,113) | | | 31.04 | | | Forfeited | (25,693) | | | 31.54 | | Outstanding on September 30, 2023 | 687,706 | | | $ | 30.35 | |
|
| Share-based Payment Arrangement, Performance Shares, Outstanding Activity |
Performance stock unit activity for the nine months ended September 30, 2023, is as follows: | | | | | | | | | | | | | Number of
Performance
Stock Units | | Weighted-
Average
Grant-Date
Fair Value | Outstanding on December 31, 2022 | 260,452 | | | $ | 40.02 | | | Granted | 103,916 | | | 34.14 | | | Vested and converted to common stock | (124,743) | | | 31.51 | | | Forfeited | — | | | | Outstanding on September 30, 2023 | 239,625 | | | $ | 41.91 | |
|
| Share-Based Compensation, Phantom Shares Award Outstanding Activity |
Phantom stock unit activity for the nine months ended September 30, 2023, is as follows: | | | | | | | Number of
Phantom
Stock Units | Outstanding on December 31, 2022 | 321,155 | | | Granted | — | | | Vested | (115,180) | | | Forfeited | (18,674) | | Outstanding on September 30, 2023 | 187,301 | |
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| X |
- DefinitionTabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
Changes in Accumulated Other Comprehensive Income (Loss) (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Schedule of Accumulated Other Comprehensive Income (Loss) |
The changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the nine months ended September 30, 2023, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Available-
for-
Sale
Securities | | Foreign
Currency
Translation | | Pension | | AOCI | Balance at December 31, 2022 | | $ | (41) | | | $ | (4,163) | | | $ | 15 | | | $ | (4,189) | | | Other comprehensive income before reclassification, net of tax | | 68 | | | (3,701) | | | — | | | (3,633) | | Balance at September 30, 2023 | | $ | 27 | | | $ | (7,864) | | | $ | 15 | | | $ | (7,822) | |
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v3.23.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Reporting Information, by Segment |
Revenue and operating income by segment are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | Revenue | | | | | | | | | Executive Search | | | | | | | | | Americas | $ | 132,320 | | | $ | 143,747 | | | $ | 398,210 | | | $ | 482,320 | | | Europe | 44,606 | | | 41,141 | | | 129,104 | | | 139,017 | | | Asia Pacific | 21,888 | | | 27,919 | | | 68,766 | | | 87,928 | | | Total Executive Search | 198,814 | | | 212,807 | | | 596,080 | | | 709,265 | | | On-Demand Talent | 41,053 | | | 23,247 | | | 111,410 | | | 68,981 | | | Heidrick Consulting | 23,293 | | | 19,131 | | | 66,212 | | | 59,501 | | | Revenue before reimbursements (net revenue) | 263,160 | | | 255,185 | | | 773,702 | | | 837,747 | | | Reimbursements | 4,736 | | | 3,086 | | | 10,090 | | | 7,170 | | | Total revenue | $ | 267,896 | | | $ | 258,271 | | | $ | 783,792 | | | $ | 844,917 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | Operating income (loss) | | | | | | | | | Executive Search | | | | | | | | | Americas | $ | 39,285 | | | $ | 39,741 | | | $ | 121,128 | | | $ | 123,842 | | | Europe | 8,519 | | | 5,652 | | | 12,663 | | | 15,661 | | | Asia Pacific | 2,486 | | | 4,503 | | | 7,132 | | | 13,469 | | | Total Executive Search | 50,290 | | | 49,896 | | | 140,923 | | | 152,972 | | | On-Demand Talent | (4,595) | | | (276) | | | (11,821) | | | (1,207) | | | Heidrick Consulting (1) | (4,075) | | | (2,000) | | | (17,877) | | | (4,492) | | | Total segment operating income | 41,620 | | | 47,620 | | | 111,225 | | | 147,273 | | | Research and Development | (5,560) | | | (5,400) | | | (16,746) | | | (14,347) | | | Global Operations Support | (13,923) | | | (13,898) | | | (40,986) | | | (40,506) | | | Total operating income | $ | 22,137 | | | $ | 28,322 | | | $ | 53,493 | | | $ | 92,420 | |
(1) Includes $7.2 million of impairment charges for the nine months ended September 30, 2023.
|
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v3.23.3
Summary of Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents between Balance Sheet and Cash Flow Statements (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
| Accounting Policies [Abstract] |
|
|
|
|
| Cash and cash equivalents |
$ 286,429
|
$ 355,447
|
$ 275,468
|
$ 545,225
|
| Restricted cash included within other non-current assets |
42
|
42
|
42
|
34
|
| Total cash, cash equivalents and restricted cash |
$ 286,471
|
$ 355,489
|
$ 275,510
|
$ 545,259
|
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v3.23.3
Summary of Significant Accounting Policies - Schedule of Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
|
|
|
|
|
|
| Net income |
$ 14,987
|
$ 8,982
|
$ 15,586
|
$ 20,826
|
$ 24,149
|
$ 18,467
|
$ 39,555
|
$ 63,442
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
| Basic (in shares) |
20,076,000
|
|
|
19,816,000
|
|
|
19,998,000
|
19,723,000
|
| Diluted (in shares) |
20,553,000
|
|
|
20,413,000
|
|
|
20,716,000
|
20,558,000
|
| Basic earnings per share (in dollars per share) |
$ 0.75
|
|
|
$ 1.05
|
|
|
$ 1.98
|
$ 3.22
|
| Diluted earnings per share (in dollars per share) |
$ 0.73
|
|
|
$ 1.02
|
|
|
$ 1.91
|
$ 3.09
|
| Restricted stock units |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
| Effect of dilutive securities: |
381,000
|
|
|
462,000
|
|
|
575,000
|
646,000
|
| Performance stock units |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
| Effect of dilutive securities: |
96,000
|
|
|
135,000
|
|
|
143,000
|
189,000
|
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-Section 50
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v3.23.3
Summary of Significant Accounting Policies - Narrative (Details)
$ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Apr. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
reporting_unit
|
| Significant Accounting Policies [Line Items] |
|
|
|
| Number of reporting units | reporting_unit |
|
|
5
|
| Goodwill, acquired during period |
|
|
$ 68,338
|
| Impairment |
|
|
7,246
|
| Heidrick Consulting |
|
|
|
| Significant Accounting Policies [Line Items] |
|
|
|
| Impairment |
|
|
7,246
|
| BusinessFourZero |
|
|
|
| Significant Accounting Policies [Line Items] |
|
|
|
| Goodwill, acquired during period |
$ 7,100
|
$ 7,100
|
7,073
|
| BusinessFourZero | Heidrick Consulting |
|
|
|
| Significant Accounting Policies [Line Items] |
|
|
|
| Goodwill, acquired during period |
|
|
$ 7,073
|
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v3.23.3
Revenue - Summary of Changes in Contract Assets and Liabilities (Details) - USD ($)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Contract assets |
|
|
| Unbilled receivables, net |
$ 17,322
|
$ 13,940
|
| Contract assets |
18,808
|
21,348
|
| Total contract assets |
36,130
|
35,288
|
| Contract liabilities |
|
|
| Deferred revenue |
41,502
|
$ 43,057
|
| Change in contract assets |
|
|
| Unbilled receivables, net |
3,382
|
|
| Contract assets |
(2,540)
|
|
| Total contract assets |
842
|
|
| Change in contract liabilities |
|
|
| Deferred revenue |
$ (1,555)
|
|
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v3.23.3
Revenue - Narrative (Details)
$ in Millions |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
|
|---|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
| Revenue, performance obligation, description of timing |
six months
|
| Deferred revenue recognized |
$ 37.5
|
| Contract with customer, performance obligation satisfied in previous period |
$ 19.3
|
| Heidrick Consulting |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
| Revenue, performance obligation, description of timing |
twelve months
|
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v3.23.3
Credit Losses - Fair Value and Unrealized Losses on Available-for-Sale Debt Securities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] |
|
|
| Fair Value |
$ 148,249
|
$ 312,080
|
| U.S. Treasury securities |
|
|
| Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] |
|
|
| Fair Value |
|
194,056
|
| Unrealized Loss |
|
56
|
| Cash and Cash Equivalents | U.S. Treasury securities |
|
|
| Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] |
|
|
| Fair Value |
|
11,918
|
| Marketable Securities | U.S. Treasury securities |
|
|
| Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] |
|
|
| Fair Value |
|
$ 182,138
|
| X |
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v3.23.3
Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment, gross |
$ 93,617
|
$ 85,236
|
| Accumulated depreciation |
(59,583)
|
(55,029)
|
| Property and equipment, net |
34,034
|
30,207
|
| Leasehold improvements |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment, gross |
42,328
|
40,829
|
| Office furniture, fixtures and equipment |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment, gross |
14,546
|
14,322
|
| Computer equipment and software |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment, gross |
$ 36,743
|
$ 30,085
|
| X |
- DefinitionAmount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Section S99
-Paragraph 1
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
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-Section S99
-Paragraph 1
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-Publisher FASB
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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (c)
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-Topic 944
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-Topic 944
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
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-Topic 942
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-Section 50
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v3.23.3
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v3.23.3
Leases - Narrative (Details)
|
Sep. 30, 2023 |
| Minimum | Equipment |
|
| Lessee, Lease, Description [Line Items] |
|
| Lessee, operating lease, term of contract (in years) |
1 year
|
| Minimum | Building |
|
| Lessee, Lease, Description [Line Items] |
|
| Lessee, operating lease, term of contract (in years) |
1 year
|
| Maximum | Equipment |
|
| Lessee, Lease, Description [Line Items] |
|
| Lessee, operating lease, term of contract (in years) |
4 years 9 months 18 days
|
| Maximum | Building |
|
| Lessee, Lease, Description [Line Items] |
|
| Lessee, operating lease, term of contract (in years) |
10 years
|
| X |
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-Section 50
-Paragraph 3
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v3.23.3
Leases - Lease Cost (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Leases [Abstract] |
|
|
|
|
| Operating lease cost |
$ 4,751
|
$ 4,124
|
$ 13,843
|
$ 12,967
|
| Variable lease cost |
2,213
|
1,760
|
7,200
|
4,393
|
| Total lease cost |
$ 6,964
|
$ 5,884
|
$ 21,043
|
$ 17,360
|
| X |
- DefinitionAmount of lease cost recognized by lessee for lease contract. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 53
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
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-Section 50
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-URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
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-Section 55
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 842
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-Topic 842
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
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-Topic 842
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-Section 55
-Paragraph 53
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-Topic 842
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v3.23.3
Leases - Future Maturities of Operating Lease Liabilities (Details)
$ in Thousands |
Sep. 30, 2023
USD ($)
|
| Leases [Abstract] |
|
| 2023 |
$ 4,304
|
| 2024 |
20,749
|
| 2025 |
12,482
|
| 2026 |
11,161
|
| 2027 |
9,808
|
| Thereafter |
27,610
|
| Total lease payments |
86,114
|
| Less: Interest |
9,288
|
| Present value of lease liabilities |
$ 76,826
|
| X |
- DefinitionLessee, Operating Lease, Liability, to be Paid, After Year Four
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-Topic 842
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-Section 50
-Paragraph 6
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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-Topic 842
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-Section 50
-Paragraph 6
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-Topic 842
-SubTopic 20
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-Section 50
-Paragraph 6
-Publisher FASB
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
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-Topic 842
-SubTopic 20
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-Section 50
-Paragraph 6
-Publisher FASB
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
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-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
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|
v3.23.3
Financial Instruments and Fair Value - Cash, Cash Equivalents, and Marketable Securities by Significant Investment Category (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
| Cash and cash equivalents |
$ 286,429
|
$ 355,447
|
$ 275,468
|
$ 545,225
|
| Amortized Cost |
148,221
|
312,121
|
|
|
| Unrealized Gains |
28
|
15
|
|
|
| Unrealized Losses |
|
(56)
|
|
|
| Fair Value |
148,249
|
312,080
|
|
|
| Marketable Securities |
47,560
|
266,169
|
|
|
| Cash |
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
| Marketable Securities |
0
|
0
|
|
|
| Fair Value, Inputs, Level 1 |
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
| Cash and cash equivalents |
115,274
|
108,249
|
|
|
| Amortized Cost |
148,221
|
312,121
|
|
|
| Unrealized Gains |
28
|
15
|
|
|
| Unrealized Losses |
|
(56)
|
|
|
| Fair Value |
148,249
|
312,080
|
|
|
| Marketable Securities |
47,560
|
266,169
|
|
|
| Fair Value, Inputs, Level 1 | Money market funds |
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
| Cash and cash equivalents |
14,585
|
62,338
|
|
|
| Marketable Securities |
0
|
0
|
|
|
| Fair Value, Inputs, Level 1 | U.S. Treasury securities |
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
| Cash and cash equivalents |
100,689
|
45,911
|
|
|
| Amortized Cost |
148,221
|
312,121
|
|
|
| Unrealized Gains |
28
|
15
|
|
|
| Unrealized Losses |
|
(56)
|
|
|
| Fair Value |
148,249
|
312,080
|
|
|
| Marketable Securities |
47,560
|
266,169
|
|
|
| Cash |
|
|
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
|
|
| Cash and cash equivalents |
$ 171,155
|
$ 247,198
|
|
|
| X |
- DefinitionAmount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
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-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
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-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03.4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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|
v3.23.3
Financial Instruments and Fair Value - Narrative (Details) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Aggregate cost basis for non-qualified deferred compensation plan |
$ 35,900,000
|
$ 29,100,000
|
| Acquisition earnout accruals, current |
0
|
36,010,000
|
| Acquisition earnout accruals, non-current |
36,533,000
|
0
|
| Earnout | Fair Value, Inputs, Level 3 | Other current liabilities |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Acquisition earnout accruals, current |
0
|
36,000,000
|
| Earnout | Fair Value, Inputs, Level 3 | Other liabilities |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Acquisition earnout accruals, non-current |
36,500,000
|
0
|
| Contingent Compensation | Fair Value, Inputs, Level 3 | Current accrued salaries and benefits |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Acquisition earnout accruals, current |
5,300,000
|
1,500,000
|
| Contingent Compensation | Fair Value, Inputs, Level 3 | Non-current accrued salaries and benefits |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Acquisition earnout accruals, non-current |
$ 9,600,000
|
$ 6,700,000
|
| X |
- DefinitionAcquisition Earnout Accruals, Current
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionAcquisition Earnout Accruals, Non-Current
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAggregate Cost Basis for Non-Qualified Deferred Compensation Plan
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
|
|
v3.23.3
Financial Instruments and Fair Value - Fair Value by Balance Sheet Grouping (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total |
$ 41,803
|
$ 32,987
|
| Other Current Assets |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total |
1,237
|
1,252
|
| Assets Designated for Retirement and Pension Plans |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total |
11,195
|
11,332
|
| Investments |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total |
43,154
|
34,354
|
| Other Current Liabilities |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total |
(1,237)
|
(1,252)
|
| Retirement and Pension Plans |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Total |
(12,546)
|
(12,699)
|
| Fair Value, Inputs, Level 1 |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| U.S. non-qualified deferred compensation plan |
43,154
|
34,354
|
| 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 |
43,154
|
34,354
|
| 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 |
12,432
|
12,584
|
| Pension benefit obligation |
(13,783)
|
(13,951)
|
| Total |
(1,351)
|
(1,367)
|
| Fair Value, Inputs, Level 2 | Other Current Assets |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Retirement and pension plan assets |
1,237
|
1,252
|
| Pension benefit obligation |
0
|
0
|
| Total |
1,237
|
1,252
|
| 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 |
11,195
|
11,332
|
| Pension benefit obligation |
0
|
0
|
| Total |
11,195
|
11,332
|
| 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 |
(1,237)
|
(1,252)
|
| Total |
(1,237)
|
(1,252)
|
| 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 |
(12,546)
|
(12,699)
|
| Total |
$ (12,546)
|
$ (12,699)
|
| X |
- DefinitionCarrying amount as of the balance sheet date of assets held under deferred compensation agreements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of actuarial present value of benefits attributed to service rendered by employee for defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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v3.23.3
Financial Instruments and Fair Value - Level 3 Liabilities (Details)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
|
|---|
| Earnout |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
| Balance at December 31, 2022 |
$ (36,010)
|
| Purchase accounting (See Note 8, Acquisitions) |
(36,266)
|
| Earnout accretion |
(1,097)
|
| Compensation expense |
0
|
| Payments |
35,946
|
| Foreign currency translation |
894
|
| Balance at September 30, 2023 |
(36,533)
|
| Contingent Compensation |
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
| Balance at December 31, 2022 |
(8,192)
|
| Purchase accounting (See Note 8, Acquisitions) |
0
|
| Earnout accretion |
0
|
| Compensation expense |
(8,711)
|
| Payments |
2,038
|
| Foreign currency translation |
(118)
|
| Balance at September 30, 2023 |
$ (14,983)
|
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|
v3.23.3
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-Section S99
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v3.23.3
Acquisitions (Details) - USD ($)
$ in Thousands |
|
|
3 Months Ended |
9 Months Ended |
|
|
|
Apr. 01, 2023 |
Feb. 01, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Apr. 30, 2023 |
Feb. 28, 2023 |
Dec. 31, 2022 |
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Payments to acquire businesses, gross |
|
|
|
|
|
$ 37,953
|
$ 0
|
|
|
|
| Goodwill |
|
|
$ 198,241
|
|
|
$ 198,241
|
|
|
|
$ 138,361
|
| Atreus |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Payments to acquire businesses, gross |
|
$ 33,400
|
|
|
|
|
|
|
|
|
| Future consideration, minimum |
|
30,000
|
|
|
|
|
|
|
|
|
| Future consideration, maximum |
|
40,000
|
|
|
|
|
|
|
|
|
| Goodwill |
|
61,300
|
|
|
|
|
|
|
|
|
| Atreus | Earnout | Fair Value, Inputs, Level 3 |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Acquisition earnout accrued |
|
32,000
|
|
|
|
|
|
|
|
|
| Atreus | Client relationships |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
|
11,300
|
|
|
|
|
|
|
|
|
| Atreus | Software |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
|
5,400
|
|
|
|
|
|
|
|
|
| Atreus | Trade name |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
|
$ 2,500
|
|
|
|
|
|
|
$ 2,500
|
|
| Atreus | Minimum | Forecast |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Payments to acquire businesses, gross |
|
|
|
|
$ 9,000
|
|
|
|
|
|
| Atreus | Maximum | Forecast |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Payments to acquire businesses, gross |
|
|
|
|
$ 13,000
|
|
|
|
|
|
| BusinessFourZero |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Payments to acquire businesses, gross |
|
|
$ 2,200
|
$ 9,500
|
|
|
|
|
|
|
| Future consideration, minimum |
$ 4,000
|
|
|
|
|
|
|
|
|
|
| Future consideration, maximum |
8,000
|
|
|
|
|
|
|
|
|
|
| Goodwill |
7,100
|
|
|
|
|
|
|
|
|
|
| BusinessFourZero | Earnout | Fair Value, Inputs, Level 3 |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Acquisition earnout accrued |
4,300
|
|
|
|
|
|
|
|
|
|
| BusinessFourZero | Client relationships |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
3,500
|
|
|
|
|
|
|
$ 3,500
|
|
|
| BusinessFourZero | Trade name |
|
|
|
|
|
|
|
|
|
|
| Business Acquisition [Line Items] |
|
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
$ 500
|
|
|
|
|
|
|
$ 500
|
|
|
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v3.23.3
Goodwill and Other Intangible Assets - Goodwill by Segment (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Goodwill [Line Items] |
|
|
| Goodwill, gross |
$ 205,487
|
$ 138,361
|
| Accumulated impairment losses |
(7,246)
|
0
|
| Goodwill |
198,241
|
138,361
|
| Executive Search |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill, gross |
92,951
|
92,832
|
| Executive Search | Americas |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill, gross |
91,519
|
91,383
|
| Accumulated impairment losses |
0
|
0
|
| Goodwill |
91,519
|
91,383
|
| Executive Search | Europe |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill, gross |
1,432
|
1,449
|
| Accumulated impairment losses |
0
|
0
|
| Goodwill |
1,432
|
1,449
|
| On-Demand Talent |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill, gross |
105,290
|
45,529
|
| Accumulated impairment losses |
0
|
0
|
| Goodwill |
105,290
|
45,529
|
| Heidrick Consulting |
|
|
| Goodwill [Line Items] |
|
|
| Goodwill, gross |
7,246
|
0
|
| Accumulated impairment losses |
(7,246)
|
0
|
| Goodwill |
$ 0
|
$ 0
|
| X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
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-Section 55
-Paragraph 10
-Publisher FASB
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-Topic 350
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482598/350-20-45-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
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-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2
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v3.23.3
Goodwill and Other Intangible Assets - Changes in the Carrying Amount of Goodwill (Details) - USD ($)
$ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Apr. 30, 2023 |
Feb. 28, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Goodwill [Roll Forward] |
|
|
|
|
|
| Goodwill, beginning balance |
|
|
|
$ 138,361
|
|
| Acquired goodwill |
|
|
|
68,338
|
|
| Impairment |
|
|
|
(7,246)
|
|
| Foreign currency translation |
|
|
|
(1,212)
|
|
| Goodwill, ending balance |
|
|
|
198,241
|
|
| Goodwill, gross |
|
|
|
205,487
|
$ 138,361
|
| Accumulated impairment losses |
|
|
|
(7,246)
|
0
|
| Atreus |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
|
$ 61,300
|
|
61,265
|
|
| BusinessFourZero |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
$ 7,100
|
|
$ 7,100
|
7,073
|
|
| Executive Search |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Goodwill, gross |
|
|
|
92,951
|
92,832
|
| On-Demand Talent |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Goodwill, beginning balance |
|
|
|
45,529
|
|
| Impairment |
|
|
|
0
|
|
| Foreign currency translation |
|
|
|
(1,504)
|
|
| Goodwill, ending balance |
|
|
|
105,290
|
|
| Goodwill, gross |
|
|
|
105,290
|
45,529
|
| Accumulated impairment losses |
|
|
|
0
|
0
|
| On-Demand Talent | Atreus |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
|
|
|
61,265
|
|
| On-Demand Talent | BusinessFourZero |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
|
|
|
0
|
|
| Heidrick Consulting |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Goodwill, beginning balance |
|
|
|
0
|
|
| Impairment |
|
|
|
(7,246)
|
|
| Foreign currency translation |
|
|
|
173
|
|
| Goodwill, ending balance |
|
|
|
0
|
|
| Goodwill, gross |
|
|
|
7,246
|
0
|
| Accumulated impairment losses |
|
|
|
(7,246)
|
0
|
| Heidrick Consulting | Atreus |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
|
|
|
0
|
|
| Heidrick Consulting | BusinessFourZero |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
|
|
|
7,073
|
|
| Americas | Executive Search |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Goodwill, beginning balance |
|
|
|
91,383
|
|
| Impairment |
|
|
|
0
|
|
| Foreign currency translation |
|
|
|
136
|
|
| Goodwill, ending balance |
|
|
|
91,519
|
|
| Goodwill, gross |
|
|
|
91,519
|
91,383
|
| Accumulated impairment losses |
|
|
|
0
|
0
|
| Americas | Executive Search | Atreus |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
|
|
|
0
|
|
| Americas | Executive Search | BusinessFourZero |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
|
|
|
0
|
|
| Europe | Executive Search |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Goodwill, beginning balance |
|
|
|
1,449
|
|
| Impairment |
|
|
|
0
|
|
| Foreign currency translation |
|
|
|
(17)
|
|
| Goodwill, ending balance |
|
|
|
1,432
|
|
| Goodwill, gross |
|
|
|
1,432
|
1,449
|
| Accumulated impairment losses |
|
|
|
0
|
$ 0
|
| Europe | Executive Search | Atreus |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
|
|
|
0
|
|
| Europe | Executive Search | BusinessFourZero |
|
|
|
|
|
| Goodwill [Roll Forward] |
|
|
|
|
|
| Acquired goodwill |
|
|
|
$ 0
|
|
| X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482598/350-20-45-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(10)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
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-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
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-Section 50
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v3.23.3
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($)
$ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
Apr. 30, 2023 |
Feb. 28, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Apr. 01, 2023 |
Feb. 01, 2023 |
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Goodwill, acquired during period |
|
|
|
|
|
$ 68,338
|
|
|
|
| Impairment |
|
|
|
|
|
7,246
|
|
|
|
| Amortization period (in years) |
|
|
7 years 8 months 12 days
|
|
|
|
|
|
|
| Amortization of intangible assets |
|
|
$ 2,400
|
|
$ 800
|
6,900
|
$ 2,400
|
|
|
| Software |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Amortization period (in years) |
|
|
3 years
|
|
|
|
|
|
|
| Trade name |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Amortization period (in years) |
|
|
3 years
|
|
|
|
|
|
|
| Client relationships |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Amortization period (in years) |
|
|
9 years 9 months 18 days
|
|
|
|
|
|
|
| Heidrick Consulting |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Impairment |
|
|
|
|
|
7,246
|
|
|
|
| Atreus |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Goodwill, acquired during period |
|
$ 61,300
|
|
|
|
61,265
|
|
|
|
| Amortization period (in years) |
|
6 years 8 months 12 days
|
|
|
|
|
|
|
|
| Atreus | Customer relationships, short-term |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
|
$ 6,000
|
|
|
|
|
|
|
|
| Amortization period (in years) |
|
5 years
|
|
|
|
|
|
|
|
| Atreus | Customer relationships, long-term |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
|
$ 5,300
|
|
|
|
|
|
|
|
| Amortization period (in years) |
|
14 years
|
|
|
|
|
|
|
|
| Atreus | Software |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
|
$ 5,400
|
|
|
|
|
|
|
|
| Amortization period (in years) |
|
3 years
|
|
|
|
|
|
|
|
| Atreus | Trade name |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
|
$ 2,500
|
|
|
|
|
|
|
$ 2,500
|
| Amortization period (in years) |
|
3 years
|
|
|
|
|
|
|
|
| Atreus | Client relationships |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
|
|
|
|
|
|
|
|
$ 11,300
|
| Atreus | Heidrick Consulting |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Goodwill, acquired during period |
|
|
|
|
|
0
|
|
|
|
| BusinessFourZero |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Goodwill, acquired during period |
$ 7,100
|
|
|
$ 7,100
|
|
7,073
|
|
|
|
| Amortization period (in years) |
8 years 3 months 18 days
|
|
|
|
|
|
|
|
|
| BusinessFourZero | Trade name |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
$ 500
|
|
|
|
|
|
|
$ 500
|
|
| Amortization period (in years) |
3 years
|
|
|
|
|
|
|
|
|
| BusinessFourZero | Client relationships |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Finite-lived intangibles acquired |
$ 3,500
|
|
|
|
|
|
|
$ 3,500
|
|
| Amortization period (in years) |
9 years
|
|
|
|
|
|
|
|
|
| BusinessFourZero | Heidrick Consulting |
|
|
|
|
|
|
|
|
|
| Goodwill [Line Items] |
|
|
|
|
|
|
|
|
|
| Goodwill, acquired during period |
|
|
|
|
|
$ 7,073
|
|
|
|
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v3.23.3
Goodwill and Other Intangible Assets - Other Intangible Assets by Segment (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total other intangible assets, net |
$ 22,509
|
$ 6,333
|
| Executive Search |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total other intangible assets, net |
140
|
282
|
| Heidrick Consulting |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total other intangible assets, net |
3,242
|
0
|
| On-Demand Talent |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total other intangible assets, net |
19,127
|
6,051
|
| Americas | Executive Search |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total other intangible assets, net |
25
|
51
|
| Europe | Executive Search |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total other intangible assets, net |
111
|
216
|
| Asia Pacific | Executive Search |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Total other intangible assets, net |
$ 4
|
$ 15
|
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v3.23.3
Goodwill and Other Intangible Assets - Finite-Lived Intangible Assets and Accumulated Amortization (Details) - USD ($)
$ in Thousands |
3 Months Ended |
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Weighted Average Life (Years) |
7 years 8 months 12 days
|
|
| Gross Carrying Amount |
$ 38,662
|
$ 16,236
|
| Accumulated Amortization |
(16,153)
|
(9,903)
|
| Total other intangible assets, net |
$ 22,509
|
6,333
|
| Client relationships |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Weighted Average Life (Years) |
9 years 9 months 18 days
|
|
| Gross Carrying Amount |
$ 25,336
|
10,720
|
| Accumulated Amortization |
(9,771)
|
(6,164)
|
| Total other intangible assets, net |
$ 15,565
|
4,556
|
| Trade name |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Weighted Average Life (Years) |
3 years
|
|
| Gross Carrying Amount |
$ 4,929
|
2,406
|
| Accumulated Amortization |
(2,615)
|
(1,925)
|
| Total other intangible assets, net |
$ 2,314
|
481
|
| Software |
|
|
| Finite-Lived Intangible Assets [Line Items] |
|
|
| Weighted Average Life (Years) |
3 years
|
|
| Gross Carrying Amount |
$ 8,397
|
3,110
|
| Accumulated Amortization |
(3,767)
|
(1,814)
|
| Total other intangible assets, net |
$ 4,630
|
$ 1,296
|
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v3.23.3
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
| 2023 |
$ 2,394
|
|
| 2024 |
7,499
|
|
| 2025 |
5,750
|
|
| 2026 |
2,441
|
|
| 2027 |
1,486
|
|
| Thereafter |
2,939
|
|
| Total other intangible assets, net |
$ 22,509
|
$ 6,333
|
| X |
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v3.23.3
Other Current and Non-current Assets and Liabilities - Components of Other Current Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
| Contract assets |
$ 36,130
|
$ 35,288
|
| Other |
14,481
|
5,434
|
| Other current assets |
$ 50,611
|
$ 40,722
|
| X |
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-Topic 606
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-Section 45
-Paragraph 3
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
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-Topic 606
-SubTopic 10
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-Section 50
-Paragraph 8
-Subparagraph (a)
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-Section S99
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v3.23.3
Other Current and Non-current Assets and Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
| Earnout liability |
$ 0
|
$ 36,010
|
| Other |
33,171
|
20,006
|
| Other current liabilities |
$ 33,171
|
$ 56,016
|
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- DefinitionObligations not otherwise itemized or categorized in the footnotes to the financial statements that are due within one year or operating cycle, if longer, from the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481573/470-10-45-10
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v3.23.3
Other Current and Non-current Assets and Liabilities - Schedule of Other Non-Current Liabilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
| Earnout liability |
$ 36,533
|
$ 0
|
| Other |
4,452
|
5,293
|
| Other non-current liabilities |
$ 40,985
|
$ 5,293
|
| X |
- DefinitionAcquisition Earnout Accruals, Non-Current
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.24)
-Publisher FASB
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(24))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(15))
-Publisher FASB
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v3.23.3
Line of Credit (Details) - The Credit Agreement - Line of Credit - USD ($)
|
Feb. 24, 2023 |
Sep. 30, 2023 |
Feb. 23, 2023 |
Dec. 31, 2022 |
| Revolving Credit Facility |
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
| Line of credit facility, maximum borrowing capacity |
$ 200,000,000
|
|
$ 175,000,000
|
|
| 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
|
|
|
|
| X |
- DefinitionLine of Credit Facility, Accordion Feature, Increase Limit
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| Namespace Prefix: |
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|
| X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
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-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Subparagraph (c)
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1E
-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
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-Section 50
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-Subparagraph (a)
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-Subparagraph (b)
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-SubTopic 20
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-Subparagraph (b)(1)
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-SubTopic 20
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-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
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| X |
- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Topic 944
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(16)(a)(2))
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(16))
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|
| X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19(b),22(b))
-Publisher FASB
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Balance Type: |
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| X |
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|
| X |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
v3.23.3
Stock-Based Compensation and Common Stock - Narrative (Details) - USD ($)
|
|
3 Months Ended |
9 Months Ended |
12 Months Ended |
|
May 25, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Feb. 11, 2008 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Additional shares authorized (in shares) |
1,060,000
|
|
|
|
|
|
|
|
| Awards issued to date (in shares) |
|
4,166,113
|
|
|
4,166,113
|
|
|
|
| Awards forfeited to date (in shares) |
|
784,325
|
|
|
784,325
|
|
|
|
| Awards available for grant (in shares) |
|
1,028,212
|
|
|
1,028,212
|
|
|
|
| Shares issued for services (in shares) |
|
|
|
|
16,134
|
11,850
|
|
|
| Share-based payment arrangement, expense (income) |
|
$ 100,000
|
|
$ (200,000)
|
$ 100,000
|
$ (3,100,000)
|
|
|
| Stock repurchase program, authorized amount |
|
|
|
|
|
|
|
$ 50,000,000
|
| Repurchase of common stock (in shares) |
|
0
|
36,000
|
|
|
|
0
|
|
| Repurchase of common stock |
|
|
$ 904,000
|
|
|
|
|
|
| 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
|
|
|
|
| Performance stock units |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Unrecognized compensation expense |
|
5,400,000
|
|
|
$ 5,400,000
|
|
|
|
| Period for recognition (in years) |
|
|
|
|
1 year 10 months 24 days
|
|
|
|
| Phantom share units |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award vesting period (in years) |
|
|
|
|
4 years
|
|
|
|
| Unrecognized compensation expense |
|
1,000,000
|
|
|
$ 1,000,000
|
|
|
|
| Period for recognition (in years) |
|
|
|
|
2 years 6 months
|
|
|
|
| Share-based payment arrangement, expense (income) |
|
100,000
|
|
$ (200,000)
|
|
|
|
|
| Restricted stock units |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Shares issued for services (in shares) |
|
|
|
|
23,620
|
11,850
|
|
|
| Unrecognized compensation expense |
|
$ 8,300,000
|
|
|
$ 8,300,000
|
|
|
|
| Period for recognition (in years) |
|
|
|
|
2 years 4 months 24 days
|
|
|
|
| Restricted stock units | Minimum |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award vesting period (in years) |
|
|
|
|
3 years
|
|
|
|
| Restricted stock units | Maximum |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award vesting period (in years) |
|
|
|
|
4 years
|
|
|
|
| Executive Officer | Performance stock units |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award vesting period (in years) |
|
|
|
|
3 years
|
|
|
|
| Executive Officer | Performance stock units | Minimum |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award vesting rights, percentage |
|
|
|
|
0.00%
|
|
|
|
| Executive Officer | Performance stock units | Maximum |
|
|
|
|
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
| Award vesting rights, percentage |
|
|
|
|
200.00%
|
|
|
|
| X |
- DefinitionShare-based Compensation Arrangement by Share-based Payment Award, Number of Shares Forfeited to Date
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hsii_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesForfeitedToDate |
| Namespace Prefix: |
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|
| X |
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| Period Type: |
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|
| X |
- DefinitionTreasury Stock, Shares, Acquired To Date
| Name: |
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| Namespace Prefix: |
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|
| X |
- DefinitionTreasury Stock, Value, Acquired To Date
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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v3.23.3
Stock-Based Compensation and Common Stock - Summary of Information Related to Stock-based Compensation (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Income tax benefit related to stock-based compensation included in net income |
$ 864
|
$ 1,072
|
$ 2,024
|
$ 2,320
|
| Share-based payment arrangement, expense (income) |
100
|
(200)
|
100
|
(3,100)
|
| Salaries and benefits |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Expensed and capitalized amount |
2,934
|
3,535
|
6,337
|
7,713
|
| General and Administrative Expense |
|
|
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
|
|
| Expensed and capitalized amount |
$ 203
|
$ 405
|
$ 1,013
|
$ 810
|
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Stock-Based Compensation and Common Stock - Restricted, Performance, and Phantom Stock Activity (Details)
|
9 Months Ended |
|
Sep. 30, 2023
$ / shares
shares
|
|---|
| Restricted stock units |
|
| Number of Units |
|
| Beginning balance (in shares) |
728,285
|
| Granted (in shares) |
276,227
|
| Vested (in shares) |
(291,113)
|
| Forfeited (in shares) |
(25,693)
|
| Ending balance (in shares) |
687,706
|
| Weighted- Average Grant-Date Fair Value |
|
| Beginning balance (in dollars per share) | $ / shares |
$ 31.97
|
| Granted (in dollars per share) | $ / shares |
26.91
|
| Vested (in dollars per share) | $ / shares |
31.04
|
| Forfeited (in dollars per share) | $ / shares |
31.54
|
| Ending balance (in dollars per share) | $ / shares |
$ 30.35
|
| Performance stock units |
|
| Number of Units |
|
| Beginning balance (in shares) |
260,452
|
| Granted (in shares) |
103,916
|
| Vested (in shares) |
(124,743)
|
| Forfeited (in shares) |
0
|
| Ending balance (in shares) |
239,625
|
| Weighted- Average Grant-Date Fair Value |
|
| Beginning balance (in dollars per share) | $ / shares |
$ 40.02
|
| Granted (in dollars per share) | $ / shares |
34.14
|
| Vested (in dollars per share) | $ / shares |
31.51
|
| Forfeited (in dollars per share) | $ / shares |
|
| Ending balance (in dollars per share) | $ / shares |
$ 41.91
|
| Phantom share units |
|
| Number of Units |
|
| Beginning balance (in shares) |
321,155
|
| Granted (in shares) |
0
|
| Vested (in shares) |
(115,180)
|
| Forfeited (in shares) |
(18,674)
|
| Ending balance (in shares) |
187,301
|
| X |
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v3.23.3
| X |
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-Name Accounting Standards Codification
-Section 45
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| X |
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v3.23.3
Income Taxes (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Income Tax Disclosure [Abstract] |
|
|
|
|
| Income before income taxes |
$ 23,993
|
$ 29,534
|
$ 63,697
|
$ 92,344
|
| Provision for income taxes |
$ 9,006
|
$ 8,708
|
$ 24,142
|
$ 28,902
|
| Effective income tax rate reconciliation, percent |
37.50%
|
29.50%
|
37.90%
|
31.30%
|
| X |
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-Topic 220
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-Publisher FASB
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v3.23.3
Changes in Accumulated Other Comprehensive Income (Loss) (Details)
$ in Thousands |
9 Months Ended |
|
Sep. 30, 2023
USD ($)
|
|---|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
| Beginning balance |
$ 410,646
|
| Other comprehensive income before reclassification, net of tax |
(3,633)
|
| Ending balance |
439,148
|
| Available-for-Sale Securities |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
| Beginning balance |
(41)
|
| Other comprehensive income before reclassification, net of tax |
68
|
| Ending balance |
27
|
| Foreign Currency Translation |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
| Beginning balance |
(4,163)
|
| Other comprehensive income before reclassification, net of tax |
(3,701)
|
| Ending balance |
(7,864)
|
| Pension |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
| Beginning balance |
15
|
| Other comprehensive income before reclassification, net of tax |
0
|
| Ending balance |
15
|
| Accumulated Other Comprehensive Income (Loss) |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
| Beginning balance |
(4,189)
|
| Ending balance |
$ (7,822)
|
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v3.23.3
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v3.23.3
Segment Information - Revenue and Operating Income by Segment (Details) - USD ($)
$ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenue |
|
|
|
|
| Revenue before reimbursements (net revenue) |
$ 263,160
|
$ 255,185
|
$ 773,702
|
$ 837,747
|
| Reimbursements |
4,736
|
3,086
|
10,090
|
7,170
|
| Total revenue |
267,896
|
258,271
|
783,792
|
844,917
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Operating income (loss) |
22,137
|
28,322
|
53,493
|
92,420
|
| Research and Development |
(5,560)
|
(5,400)
|
(16,746)
|
(14,347)
|
| Impairment |
|
|
7,246
|
|
| Executive Search | Americas |
|
|
|
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Impairment |
|
|
0
|
|
| Executive Search | Europe |
|
|
|
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Impairment |
|
|
0
|
|
| On-Demand Talent |
|
|
|
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Impairment |
|
|
0
|
|
| Heidrick Consulting |
|
|
|
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Impairment |
|
|
7,246
|
|
| Operating Segments |
|
|
|
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Operating income (loss) |
41,620
|
47,620
|
111,225
|
147,273
|
| Operating Segments | Executive Search |
|
|
|
|
| Revenue |
|
|
|
|
| Revenue before reimbursements (net revenue) |
198,814
|
212,807
|
596,080
|
709,265
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Operating income (loss) |
50,290
|
49,896
|
140,923
|
152,972
|
| Operating Segments | Executive Search | Americas |
|
|
|
|
| Revenue |
|
|
|
|
| Revenue before reimbursements (net revenue) |
132,320
|
143,747
|
398,210
|
482,320
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Operating income (loss) |
39,285
|
39,741
|
121,128
|
123,842
|
| Operating Segments | Executive Search | Europe |
|
|
|
|
| Revenue |
|
|
|
|
| Revenue before reimbursements (net revenue) |
44,606
|
41,141
|
129,104
|
139,017
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Operating income (loss) |
8,519
|
5,652
|
12,663
|
15,661
|
| Operating Segments | Executive Search | Asia Pacific |
|
|
|
|
| Revenue |
|
|
|
|
| Revenue before reimbursements (net revenue) |
21,888
|
27,919
|
68,766
|
87,928
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Operating income (loss) |
2,486
|
4,503
|
7,132
|
13,469
|
| Operating Segments | On-Demand Talent |
|
|
|
|
| Revenue |
|
|
|
|
| Revenue before reimbursements (net revenue) |
41,053
|
23,247
|
111,410
|
68,981
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Operating income (loss) |
(4,595)
|
(276)
|
(11,821)
|
(1,207)
|
| Operating Segments | Heidrick Consulting |
|
|
|
|
| Revenue |
|
|
|
|
| Revenue before reimbursements (net revenue) |
23,293
|
19,131
|
66,212
|
59,501
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Operating income (loss) |
(4,075)
|
(2,000)
|
(17,877)
|
(4,492)
|
| Global Operations Support |
|
|
|
|
| Operating Income (Loss) [Abstract] |
|
|
|
|
| Operating income (loss) |
$ (13,923)
|
$ (13,898)
|
$ (40,986)
|
$ (40,506)
|
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- DefinitionThe aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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