0001066605-24-000045 | 10-Q | XBRL Viewer | Heidrick Struggles International INC

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Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [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 purchase price adjustment payment of $12.1 million in the fourth quarter of 2023. 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 $11.3 million for customer relationships, $5.4 million for software, $2.5 million for a trade name and $62.4 million of goodwill. Goodwill is primarily related to the acquired workforce and strategic fit and is not deductible for tax purposes. 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 purchase price adjustment payment 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.

Guarantees	9 Months Ended
Guarantees	Sep. 30, 2024
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 $4.9 million as of September 30, 2024. The Company has not accrued for these arrangements as no event of default exists or is expected to exist.

- Definition

The 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.

+ References + Details

Financial Instruments and Fair Value - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Aggregate cost basis for non-qualified deferred compensation plan		$ 43,200,000	$ 37,200,000
Acquisition earnout accruals, non-current		41,832,000	38,601,000
Impairment		16,224,000
Equity investment without readily determinable fair value, amount		11,000,000	0
On-Demand Talent Reporting Unit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment	$ 14,800,000	14,800,000
Europe Reporting Unit
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment	$ 1,500,000	1,500,000
Earnout \| Fair Value, Inputs, Level 3 \| Non-Current and Other Non-Current Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Acquisition earnout accruals, non-current		41,800,000	38,600,000
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		4,300,000	6,000,000
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		$ 17,800,000	$ 12,900,000

Goodwill and Other Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Total other intangible assets, net	$ 15,110	$ 20,842
Executive Search
Finite-Lived Intangible Assets [Line Items]
Total other intangible assets, net	61	117
On-Demand Talent
Finite-Lived Intangible Assets [Line Items]
Total other intangible assets, net	12,789	17,689
Heidrick Consulting
Finite-Lived Intangible Assets [Line Items]
Total other intangible assets, net	2,260	3,036
Americas \| Executive Search
Finite-Lived Intangible Assets [Line Items]
Total other intangible assets, net	7	22
Europe \| Executive Search
Finite-Lived Intangible Assets [Line Items]
Total other intangible assets, net	$ 54	$ 95

- Definition

Line 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.

+ References + Details

Segment Information - Schedule of Revenue and Operating Income by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue before reimbursements (net revenue)	$ 278,559	$ 263,160	$ 822,382	$ 773,702
Reimbursements	4,256	4,736	12,408	10,090
Total revenue	282,815	267,896	834,790	783,792
Adjusted EBITDA	30,415	29,349	85,094	89,860
Total Segments
Segment Reporting Information [Line Items]
Adjusted EBITDA	51,472	48,037	146,611	145,757
Executive Search
Segment Reporting Information [Line Items]
Revenue before reimbursements (net revenue)	204,389	198,814	615,837	596,080
Adjusted EBITDA	50,734	51,008	151,845	151,945
Executive Search \| Americas
Segment Reporting Information [Line Items]
Revenue before reimbursements (net revenue)	134,545	132,320	418,302	398,210
Adjusted EBITDA	40,465	39,354	130,448	127,557
Executive Search \| Europe
Segment Reporting Information [Line Items]
Revenue before reimbursements (net revenue)	43,143	44,606	124,706	129,104
Adjusted EBITDA	5,022	8,950	11,215	16,487
Executive Search \| Asia Pacific
Segment Reporting Information [Line Items]
Revenue before reimbursements (net revenue)	26,701	21,888	72,829	68,766
Adjusted EBITDA	5,247	2,704	10,182	7,901
On-Demand Talent
Segment Reporting Information [Line Items]
Revenue before reimbursements (net revenue)	46,231	41,053	125,983	111,410
Adjusted EBITDA	1,763	(580)	(787)	660
Heidrick Consulting
Segment Reporting Information [Line Items]
Revenue before reimbursements (net revenue)	27,939	23,293	80,562	66,212
Adjusted EBITDA	(1,025)	(2,391)	(4,447)	(6,848)
Research And Development Segment
Segment Reporting Information [Line Items]
Adjusted EBITDA	(4,606)	(4,927)	(14,312)	(15,396)
Global Operations Support
Segment Reporting Information [Line Items]
Adjusted EBITDA	$ (16,451)	$ (13,761)	$ (47,205)	$ (40,501)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends declared (in dollars per share)	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15	$ 0.15

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company reported income before taxes of $21.1 million and an income tax provision of $6.3 million for the three months ended September 30, 2024. 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 effective tax rates for the three months ended September 30, 2024, and 2023, were 29.7% and 37.5%, respectively. The effective tax rates for the three months ended September 30, 2024, and 2023, were impacted by the mix of income and the tax effect on discrete items. The Company reported income before taxes of $43.5 million and an income tax provision of $19.8 million for the nine months ended September 30, 2024. 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 effective tax rates for the nine months ended September 30, 2024, and 2023, were 45.5% and 37.9%, respectively. The effective tax rate for the nine months ended September 30, 2024, was impacted by the tax effect on goodwill impairment, the mix of income and the tax effect on discrete items. The effective tax rate for the nine months ended September 30, 2023, was impacted by the mix of income and the tax effect on discrete items.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Financial Instruments and Fair Value - Schedule of Fair Value, Separate Account Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	$ 57,049	$ 45,265
Other Current Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	1,300	1,289
Assets Designated for Retirement and Pension Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	11,203	11,105
Investments
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	59,089	47,287
Other Current Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	(1,300)	(1,289)
Retirement and Pension Plans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total	(13,243)	(13,127)
Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
U.S. non-qualified deferred compensation plan	59,089	47,287
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	59,089	47,287
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	12,503	12,394
Pension benefit obligation	(14,543)	(14,416)
Total	(2,040)	(2,022)
Fair Value, Inputs, Level 2 \| Other Current Assets
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Retirement and pension plan assets	1,300	1,289
Pension benefit obligation	0	0
Total	1,300	1,289
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	11,203	11,105
Pension benefit obligation	0	0
Total	11,203	11,105
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	(1,300)	(1,289)
Total	(1,300)	(1,289)
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	(13,243)	(13,127)
Total	$ (13,243)	$ (13,127)

Other Current and Non-current Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		December 31, 2023
Contract assets	$	41,091	$	32,092
Other	7,837		15,831
Total other current assets	$	48,928	$	47,923

Schedule of Other Noncurrent Liabilities

The components of other non-current liabilities are as follows:


	September 30, 2024		December 31, 2023
Earnout liability	$	41,832	$	38,601
Other	4,326		3,207
Total other non-current liabilities	$	46,158	$	41,808

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, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit related to stock-based compensation included in net income	$ 1,506	$ 864	$ 3,413	$ 2,024
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based payment arrangement, expense (income)	1,700	100	2,500	100
Salaries and benefits
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salaries and benefits	5,262	2,934	11,132	6,337
General and administrative expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Salaries and benefits	$ 202	$ 203	$ 1,252	$ 1,013

- Definition

Line 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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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Other Current and Non-current Assets and Liabilities - Schedule of Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Contract assets	$ 41,091	$ 32,092
Other	7,837	15,831
Other current assets	$ 48,928	$ 47,923

Line of Credit	9 Months Ended
Line of Credit	Sep. 30, 2024
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 changed 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 Amended Credit Agreement provides the Company with a committed unsecured revolving credit facility in an aggregate amount of $200 million, increased in the Second Amendment from $175 million as set forth in the original version of 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. 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, 2024, and December 31, 2023, 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)(1)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: 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 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 30
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) reportingUnit	Sep. 30, 2023 USD ($)
Significant Accounting Policies [Line Items]
Number of reporting units \| reportingUnit			5
Impairment			$ 16,224
On-Demand Talent Reporting Unit
Significant Accounting Policies [Line Items]
Impairment	$ 14,800		14,800
Europe Reporting Unit
Significant Accounting Policies [Line Items]
Impairment	$ 1,500		$ 1,500
Heidrick Consulting Reporting Unit
Significant Accounting Policies [Line Items]
Impairment		$ 7,200		$ 7,200

Other Current and Non-current Assets and Liabilities - Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Earnout liability	$ 41,832	$ 38,601
Other	4,326	3,207
Other non-current liabilities	$ 46,158	$ 41,808

Financial Instruments and Fair Value

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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, 2024
Cash							$	192,641	$	—

Level 1(1):
Money market funds							27,921		—
U.S. Treasury securities	$	188,828	$	38	$	188,866	142,860		46,005
Total Level 1	188,828		38		188,866		170,781		46,005




Total	$	188,828	$	38	$	188,866	$	363,422	$	46,005



	Amortized Cost		Unrealized Gains		Fair Value		Cash and Cash Equivalents		Marketable Securities
Balance at December 31, 2023
Cash							$	221,980	$	—

Level 1(1):
Money market funds							13,906		—
U.S. Treasury securities	$	242,228	$	42	$	242,270	176,732		65,538
Total Level 1	242,228		42		242,270		190,638		65,538

Total	$	242,228	$	42	$	242,270	$	412,618	$	65,538

(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 $43.2 million and $37.2 million as of September 30, 2024, and December 31, 2023, 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, 2024

Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan	$	59,089	$	—	$	—	$	59,089	$	—	$	—

Level 2(2):
Retirement and pension plan assets	12,503		1,300		11,203		—		—		—
Pension benefit obligation	(14,543)		—		—		—		(1,300)		(13,243)

Total Level 2	(2,040)		1,300		11,203		—		(1,300)		(13,243)





Total	$	57,049	$	1,300	$	11,203	$	59,089	$	(1,300)	$	(13,243)


			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, 2023

Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan	$	47,287	$	—	$	—	$	47,287	$	—	$	—

Level 2(2):
Retirement and pension plan assets	12,394		1,289		11,105		—		—		—
Pension benefit obligation	(14,416)		—		—		—		(1,289)		(13,127)
Total Level 2	(2,022)		1,289		11,105		—		(1,289)		(13,127)





Total	$	45,265	$	1,289	$	11,105	$	47,287	$	(1,289)	$	(13,127)

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

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

Contingent Consideration and Compensation

The former owners of certain of the Company's acquired businesses are eligible to receive additional cash consideration based on the attainment of certain operating metrics in the periods subsequent to acquisition. Contingent consideration and compensation are valued using significant inputs that are not observable in the market, which are defined as Level 3 inputs pursuant to fair value measurement accounting. The Company determines the fair value of contingent consideration and compensation using a variation of the income approach, known as the real options method. The significant unobservable inputs utilized in the real options method include (1) revenue forecasts; (2) operating expense forecasts; (3) the discount rate; and (4) volatility.

The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the nine months ended September 30, 2024:


	Earnout		Contingent Compensation
Balance at December 31, 2023	$	(38,601)	$	(18,878)

Earnout accretion	(1,413)		—
Compensation expense	—		(8,220)
Fair value adjustment	(1,211)		—
Payments	—		4,821
Foreign currency translation	(607)		166

Balance at September 30, 2024	$	(41,832)	$	(22,111)

Earnout accruals of $41.8 million and $38.6 million were recorded within Non-current liabilities - Other non-current liabilities as of September 30, 2024, and December 31, 2023, respectively. Contingent compensation accruals of $4.3 million and $6.0 million are recorded within Current liabilities - Accrued salaries and benefits as of September 30, 2024, and December 31, 2023, respectively, and contingent compensation accruals of $17.8 million and $12.9 million are recorded within Non-current liabilities - Accrued salaries and benefits as of September 30, 2024, and December 31, 2023, respectively.

Goodwill

Goodwill represents the difference between the purchase price of acquired businesses and the related fair value of the net assets acquired, which is accounted for by the acquisition method of accounting. The Company performs assessments of the carrying value of 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, 2024, an interim goodwill impairment evaluation was conducted to determine the fair value of the Company's reporting units. As a result of this evaluation, the Company recorded impairment charges in the On-Demand Talent and Europe reporting units of $14.8 million and $1.5 million, respectively. The fair value of the reporting units 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 its reporting units using discounted cash flow models.

Other Investments

The Company holds an equity investment that does not have a readily determinable fair value for which the Company uses the measurement alternative prescribed in FASB Accounting Standards Codification Topic 321, Investments-Equity Securities. As of September 30, 2024, the Company held the equity investment under the measurement alternative of $11.0 million which are presented in Other non-current assets in the Condensed Consolidated Balance Sheets. There were no impairments or changes resulting from observable transactions for these investments in the three and nine months ended September 30, 2024 and no adjustments have been made to the carrying values as of September 30, 2024. There were no equity investments as of December 31, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Financial Instruments and Fair Value - Schedule of Unrealized Gain (Loss) on Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	$ 188,828	$ 242,228
Unrealized Gains	38	42
Fair Value	188,866	242,270
Cash and cash equivalents	363,422	412,618	$ 286,429	$ 355,447
Marketable Securities	46,005	65,538
Fair Value, Inputs, Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	188,828	242,228
Unrealized Gains	38	42
Fair Value	188,866	242,270
Cash and cash equivalents	170,781	190,638
Marketable Securities	46,005	65,538
Fair Value, Inputs, Level 1 \| Money market funds
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	27,921	13,906
Marketable Securities	0	0
Fair Value, Inputs, Level 1 \| U.S. Treasury securities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amortized Cost	188,828	242,228
Unrealized Gains	38	42
Fair Value	188,866	242,270
Cash and cash equivalents	142,860	176,732
Marketable Securities	46,005	65,538
Cash
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	192,641	221,980
Marketable Securities	$ 0	$ 0

Property and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The components of the Company’s property and equipment are as follows:


	September 30, 2024		December 31, 2023
Leasehold improvements	$	54,864	$	45,050
Office furniture, fixtures and equipment	16,014		14,775
Computer equipment and software	45,719		38,798
Property and equipment, gross	116,597		98,623
Accumulated depreciation	(63,089)		(62,871)
Property and equipment, net	$	53,508	$	35,752

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of Cash and Cash Equivalents

The following table provides a reconciliation of the cash and cash equivalents between the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows as of September 30, 2024, and 2023, and December 31, 2023, and 2022:


	September 30,				December 31,
	2024		2023		2023		2022
Cash and cash equivalents	$	363,422	$	286,429	$	412,618	$	355,447

Restricted cash included within other non-current assets	—		42		—		42
Total cash, cash equivalents and restricted cash	$	363,422	$	286,471	$	412,618	$	355,489

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,
	2024		2023		2024		2023
Net income	$	14,829	$	14,987	$	23,704	$	39,555
Weighted average shares outstanding:
Basic	20,357		20,076		20,254		19,998
Effect of dilutive securities:
Restricted stock units	458		381		619		575
Performance stock units	209		96		271		143
Diluted	21,024		20,553		21,144		20,716
Basic earnings per share	$	0.73	$	0.75	$	1.17	$	1.98
Diluted earnings per share	$	0.71	$	0.73	$	1.12	$	1.91

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

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, 2023.

Revenue Recognition

See Note 3, Revenue.

Cost of Services

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

Marketable Securities

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

Restricted Cash


	September 30,				December 31,
	2024		2023		2023		2022
Cash and cash equivalents	$	363,422	$	286,429	$	412,618	$	355,447

Restricted cash included within other non-current assets	—		42		—		42
Total cash, cash equivalents and restricted cash	$	363,422	$	286,471	$	412,618	$	355,489

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,
	2024		2023		2024		2023
Net income	$	14,829	$	14,987	$	23,704	$	39,555
Weighted average shares outstanding:
Basic	20,357		20,076		20,254		19,998
Effect of dilutive securities:
Restricted stock units	458		381		619		575
Performance stock units	209		96		271		143
Diluted	21,024		20,553		21,144		20,716
Basic earnings per share	$	0.73	$	0.75	$	1.17	$	1.98
Diluted earnings per share	$	0.71	$	0.73	$	1.12	$	1.91

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

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

As a result of certain triggering events, including reduced forecasted results and the inclusion of goodwill in a reporting unit with a preexisting fair value shortfall, the Company performed interim goodwill impairment evaluations during the three months ended June 30, 2024, and 2023, respecitively, when the Company determined that it was more likely than not that the fair value of at least one of its reporting units was less than its respective carrying amount.

Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions to evaluate the impact of operating and macroeconomic changes on each reporting unit. During the impairment evaluation process, the Company used a discounted cash flow methodology to estimate the fair value of each of its reporting units. The discounted cash flow approach is dependent on a number of factors, including estimates of future market growth and trends, forecasted revenue and costs, capital investments, appropriate discount rates, certain assumptions to allocate shared costs, assets and liabilities, historical and projected performance of the reporting unit, and the macroeconomic conditions affecting each of the Company’s reporting units. The assumptions used in the determination of fair value were (1) a forecast of growth in the near and long term; (2) the discount rate; (3) working capital investments; (4) macroeconomic conditions; and (5) other factors. As part of the goodwill impairment evaluation, the Company performed a reconciliation of its market capitalization to the aggregated estimated fair value of all reporting units, including consideration of a control premium.

Based on the results of the 2024 impairment evaluation, the Company determined that the goodwill within the On-Demand Talent and Europe reporting units were impaired, which resulted in impairment charges of $14.8 million and $1.5 million, respectively. Based on the results of the 2023 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. The impairment charges are recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2024, and 2023 and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024, and 2023. The impairments were non-cash in nature and did not affect the Company's current liquidity, cash flows, borrowing capability or operations; nor did they impact the debt covenants under the Company's credit agreement.

Recently Issued Financial Accounting Standards

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

In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The standard is intended to improve reportable segment disclosure requirements for public business entities primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit (referred to as the “significant expense principle”). This guidance is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its financial statements.

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 new guidance is not expected to have a material effect on the Company's financial statements.

Credit Losses - Schedule of Accounts Receivable, Allowance for Credit Loss (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at December 31, 2023	$ 6,954
Provision for credit losses	6,419
Write-offs	(4,760)
Foreign currency translation	38
Balance at September 30, 2024	$ 8,651

Goodwill and Other Intangible Assets - Schedule of Acquired Finite-Lived Intangible Assets by Major Class (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (Years)	8 years 7 months 6 days
Gross Carrying Amount	$ 40,398	$ 39,891
Accumulated Amortization	(25,288)	(19,049)
Total other intangible assets, net	$ 15,110	20,842
Client relationships
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (Years)	10 years 3 months 18 days
Gross Carrying Amount	$ 26,637	26,195
Accumulated Amortization	(15,153)	(11,443)
Total other intangible assets, net	$ 11,484	14,752
Trade name
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (Years)	3 years
Gross Carrying Amount	$ 5,083	5,067
Accumulated Amortization	(3,932)	(3,069)
Total other intangible assets, net	$ 1,151	1,998
Software
Finite-Lived Intangible Assets [Line Items]
Weighted Average Life (Years)	3 years
Gross Carrying Amount	$ 8,678	8,629
Accumulated Amortization	(6,203)	(4,537)
Total other intangible assets, net	$ 2,475	$ 4,092

- Definition

Line 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.

+ References + Details

Stock-Based Compensation and Common Stock (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of 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,
	2024		2023		2024		2023
Salaries and benefits (1)	$	5,262	$	2,934	$	11,132	$	6,337
General and administrative expenses	202		203		1,252		1,013
Income tax benefit related to stock-based compensation included in net income	1,506		864		3,413		2,024

(1) Includes $1.7 million and less than $0.1 million of expense related to cash-settled restricted stock units for the three months ended September 30, 2024, and 2023, respectively, and $2.5 million and $0.1 million of expense related to cash-settled restricted stock units for the nine months ended September 30, 2024, and 2023, respectively.

Schedule of Share-based Payment Arrangement, Restricted Stock Unit, Activity

Restricted stock unit activity for the nine months ended September 30, 2024, is as follows:


	Number of Restricted Stock Units	Weighted- Average Grant-Date Fair Value
Outstanding on December 31, 2023	686,741	$	30.33
Granted	352,251	33.86
Vested and converted to common stock	(286,371)	30.76
Forfeited	(43,302)	31.63
Outstanding on September 30, 2024	709,319	$	31.83

Schedule of Performance Stock Unit Activity

Performance stock unit activity for the nine months ended September 30, 2024, is as follows:


	Number of Performance Stock Units	Weighted- Average Grant-Date Fair Value
Outstanding on December 31, 2023	239,625	$	41.91
Granted	273,536	32.64
Vested and converted to common stock	(104,154)	44.18
Forfeited	(55,931)	41.17
Outstanding on September 30, 2024	353,076	$	34.17

Schedule of Share-Based Compensation, Phantom Shares Award Outstanding Activity

Phantom stock unit activity for the nine months ended September 30, 2024, is as follows:


			Number of Phantom Stock Units
Outstanding on December 31, 2023			187,301
Granted			33,247
Vested			(87,538)
Forfeited			(1,833)
Outstanding on September 30, 2024			131,177

Revenue - Narrative (Details) $ in Millions	9 Months Ended
Revenue - Narrative (Details) $ in Millions	Sep. 30, 2024 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, performance obligation, description of timing	six months
Deferred revenue recognized	$ 39.7
Contract with customer, performance obligation satisfied in previous period	$ 22.7

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Changes in Contract Asset and Liability

The following table outlines the changes in the contract asset and liability balances from December 31, 2023, to September 30, 2024:


	September 30, 2024		December 31, 2023		Change
Contract assets
Unbilled receivables, net	$	23,455	$	15,318	$	8,137
Contract assets	17,636		16,774		862
Total contract assets	41,091		32,092		8,999

Contract liabilities
Deferred revenue	$	47,106	$	45,732	$	1,374

Property and Equipment, net

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, net

The components of the Company’s property and equipment are as follows:


	September 30, 2024		December 31, 2023
Leasehold improvements	$	54,864	$	45,050
Office furniture, fixtures and equipment	16,014		14,775
Computer equipment and software	45,719		38,798
Property and equipment, gross	116,597		98,623
Accumulated depreciation	(63,089)		(62,871)
Property and equipment, net	$	53,508	$	35,752

Depreciation expense for the three months ended September 30, 2024, and 2023, was $3.0 million and $2.4 million, respectively. Depreciation expense for the nine months ended September 30, and 2023, was $7.5 million and $6.6 million, respectively.

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

Schedule of 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,
	2024		2023		2024		2023
Operating lease cost	$	5,311	$	4,751	$	17,667	$	13,843
Variable lease cost	2,334		$	2,213	7,359		7,200
Total lease cost	$	7,645	$	6,964	$	25,026	$	21,043

Supplemental cash flow information related to the Company's operating leases is as follows for the nine months ended September 30:


	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,718	$	14,923
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	16,080	$	7,944

Schedule of Weighted Average Information Related to Leases

The weighted average remaining lease term and weighted average discount rate for operating leases as of September 30, are as follows:


	2024		2023
Weighted Average Remaining Lease Term
Operating leases	7.5 years		6.2 years
Weighted Average Discount Rate
Operating leases	5.15	%	3.77	%

Schedule of Future Maturities for Operating Leases

The future maturities of the Company's operating lease liabilities as of September 30, 2024, for the years ended December 31, are as follows:


	Operating Lease Maturity
2024	$	4,478
2025	18,969
2026	17,863
2027	17,668
2028	13,612
Thereafter	55,014
Total lease payments	127,604
Less: Interest	23,996
Present value of lease liabilities	$	103,608

Leases - Narrative (Details)	Sep. 30, 2024
Minimum \| Building
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	1 year
Minimum \| Equipment
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	1 year
Maximum \| Building
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	11 years 4 months 24 days
Maximum \| Equipment
Lessee, Lease, Description [Line Items]
Lessee, operating lease, term of contract (in years)	4 years 9 months 18 days

Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill by Segment (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 202,252
Impairment	(16,224)
Foreign currency translation	(628)
Goodwill, ending balance	185,400
Goodwill, gross	208,870	$ 209,498
Accumulated impairment losses	(23,470)	(7,246)
Executive Search
Goodwill [Roll Forward]
Goodwill, gross	92,786	93,234
On-Demand Talent
Goodwill [Roll Forward]
Goodwill, beginning balance	109,018
Impairment	(14,761)
Foreign currency translation	(180)
Goodwill, ending balance	94,077
Goodwill, gross	108,838	109,018
Accumulated impairment losses	(14,761)	0
Heidrick Consulting
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Impairment	0
Foreign currency translation	0
Goodwill, ending balance	0
Goodwill, gross	7,246	7,246
Accumulated impairment losses	(7,246)	(7,246)
Americas \| Executive Search
Goodwill [Roll Forward]
Goodwill, beginning balance	91,740
Impairment	0
Foreign currency translation	(417)
Goodwill, ending balance	91,323
Goodwill, gross	91,323	91,740
Accumulated impairment losses	0	0
Europe \| Executive Search
Goodwill [Roll Forward]
Goodwill, beginning balance	1,494
Impairment	(1,463)
Foreign currency translation	(31)
Goodwill, ending balance	0
Goodwill, gross	1,463	1,494
Accumulated impairment losses	$ (1,463)	$ 0

Changes in Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2024

Equity [Abstract]

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, 2024, are as follows:


	Available- for- Sale Securities		Foreign Currency Translation		Pension		AOCI
Balance at December 31, 2023	$	42	$	647	$	(560)	$	129
Other comprehensive income (loss) before reclassification, net of tax	(5)		816		—		811
Balance at September 30, 2024	$	37	$	1,463	$	(560)	$	940

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss, current	$ 8,651	$ 6,954
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)	20,414,339	20,127,872
Common stock, outstanding (in shares)	20,409,259	20,122,792
Treasury stock (in shares)	5,080	5,080

Leases - Schedule of Weighted Average Information Related to Leases (Details)	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Weighted Average Remaining Lease Term	7 years 6 months	6 years 2 months 12 days
Weighted Average Discount Rate	5.15%	3.77%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue
Revenue before reimbursements (net revenue)	$ 278,559,000	$ 263,160,000	$ 822,382,000	$ 773,702,000
Reimbursements	4,256,000	4,736,000	12,408,000	10,090,000
Total revenue	282,815,000	267,896,000	834,790,000	783,792,000
Operating expenses
Salaries and benefits	183,025,000	167,219,000	535,330,000	504,994,000
General and administrative expenses	39,740,000	37,564,000	127,556,000	112,405,000
Cost of services	31,030,000	30,680,000	88,158,000	78,818,000
Research and development	5,682,000	5,560,000	17,002,000	16,746,000
Impairment charges	0	0	16,224,000	7,246,000
Restructuring charges	0	0	6,939,000	0
Reimbursed expenses	4,256,000	4,736,000	12,408,000	10,090,000
Total operating expenses	263,733,000	245,759,000	803,617,000	730,299,000
Operating income	19,082,000	22,137,000	31,173,000	53,493,000
Non-operating income (expense)
Interest, net	2,570,000	2,505,000	9,268,000	7,667,000
Other, net	(555,000)	(649,000)	3,013,000	2,537,000
Net non-operating income	2,015,000	1,856,000	12,281,000	10,204,000
Income before income taxes	21,097,000	23,993,000	43,454,000	63,697,000
Provision for income taxes	6,268,000	9,006,000	19,750,000	24,142,000
Net income	14,829,000	14,987,000	23,704,000	39,555,000
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment	6,977,000	(4,015,000)	816,000	(3,701,000)
Net unrealized gain (loss) on available-for-sale investments	19,000	14,000	(5,000)	68,000
Other comprehensive income (loss), net of tax	6,996,000	(4,001,000)	811,000	(3,633,000)
Comprehensive income	$ 21,825,000	$ 10,986,000	$ 24,515,000	$ 35,922,000
Weighted-average common shares outstanding
Basic (in shares)	20,357	20,076	20,254	19,998
Diluted (in shares)	21,024	20,553	21,144	20,716
Earnings per common share
Basic (in dollars per share)	$ 0.73	$ 0.75	$ 1.17	$ 1.98
Diluted (in dollars per share)	0.71	0.73	1.12	1.91
Cash dividends paid per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45

Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 2,997	$ 2,387	$ 7,480	$ 6,563

Financial Instruments and Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of 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, 2024
Cash							$	192,641	$	—

Level 1(1):
Money market funds							27,921		—
U.S. Treasury securities	$	188,828	$	38	$	188,866	142,860		46,005
Total Level 1	188,828		38		188,866		170,781		46,005




Total	$	188,828	$	38	$	188,866	$	363,422	$	46,005



	Amortized Cost		Unrealized Gains		Fair Value		Cash and Cash Equivalents		Marketable Securities
Balance at December 31, 2023
Cash							$	221,980	$	—

Level 1(1):
Money market funds							13,906		—
U.S. Treasury securities	$	242,228	$	42	$	242,270	176,732		65,538
Total Level 1	242,228		42		242,270		190,638		65,538

Total	$	242,228	$	42	$	242,270	$	412,618	$	65,538

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

Schedule of Fair Value, Separate Account Investment


			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, 2024

Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan	$	59,089	$	—	$	—	$	59,089	$	—	$	—

Level 2(2):
Retirement and pension plan assets	12,503		1,300		11,203		—		—		—
Pension benefit obligation	(14,543)		—		—		—		(1,300)		(13,243)

Total Level 2	(2,040)		1,300		11,203		—		(1,300)		(13,243)





Total	$	57,049	$	1,300	$	11,203	$	59,089	$	(1,300)	$	(13,243)


			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, 2023

Measured on a recurring basis:
Level 1(1):
U.S. non-qualified deferred compensation plan	$	47,287	$	—	$	—	$	47,287	$	—	$	—

Level 2(2):
Retirement and pension plan assets	12,394		1,289		11,105		—		—		—
Pension benefit obligation	(14,416)		—		—		—		(1,289)		(13,127)
Total Level 2	(2,022)		1,289		11,105		—		(1,289)		(13,127)





Total	$	45,265	$	1,289	$	11,105	$	47,287	$	(1,289)	$	(13,127)

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

Schedule of Reconciliation of Level 3 Assets and Liabilities

The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the nine months ended September 30, 2024:


	Earnout		Contingent Compensation
Balance at December 31, 2023	$	(38,601)	$	(18,878)

Earnout accretion	(1,413)		—
Compensation expense	—		(8,220)
Fair value adjustment	(1,211)		—
Payments	—		4,821
Foreign currency translation	(607)		166

Balance at September 30, 2024	$	(41,832)	$	(22,111)

Goodwill and Other Intangible Assets - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Detail) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 1,877
2025	6,051
2026	2,561
2027	1,555
2028	909
Thereafter	2,157
Total other intangible assets, net	$ 15,110	$ 20,842

Changes in Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024, are as follows:


	Available- for- Sale Securities		Foreign Currency Translation		Pension		AOCI
Balance at December 31, 2023	$	42	$	647	$	(560)	$	129
Other comprehensive income (loss) before reclassification, net of tax	(5)		816		—		811
Balance at September 30, 2024	$	37	$	1,463	$	(560)	$	940

Stock-Based Compensation and Common Stock - Schedule of Performance Stock Unit Activity (Details) - Performance stock units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Performance Stock Units
Outstanding on beginning balance (in shares) \| shares	239,625
Granted (in shares) \| shares	273,536
Vested and converted to common stock (in shares) \| shares	(104,154)
Forfeited (in shares) \| shares	(55,931)
Outstanding on ending balance (in shares) \| shares	353,076
Weighted- Average Grant-Date Fair Value
Outstanding on beginning balance (in dollars per share) \| $ / shares	$ 41.91
Granted (in dollars per share) \| $ / shares	32.64
Vested and converted to common stock (in dollars per share) \| $ / shares	44.18
Forfeited (in dollars per share) \| $ / shares	41.17
Outstanding on ending balance (in dollars per share) \| $ / shares	$ 34.17

Restructuring - Schedule of Restructuring Accrual (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Accrual balance at December 31, 2022			$ 0
Restructuring charges	$ 0	$ 0	6,939,000	$ 0
Cash payments			(3,960,000)
Non-cash write-offs			46,000
Exchange rate fluctuations			(33,000)
Accrual balance at December 31, 2022	$ 2,992,000		2,992,000
Employee Related
Restructuring Reserve [Roll Forward]
Restructuring charges			$ 6,939,000

Leases - Schedule Of Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating cash flows from operating leases	$ 16,718	$ 14,923
Right-of-use assets obtained in exchange for lease obligations:	$ 16,080	$ 7,944

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	0-25837
Entity Registrant Name	HEIDRICK & STRUGGLES INTERNATIONAL, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-2681268
Entity Address, Address Line One	233 South Wacker Drive
Entity Address, Address Line Two	Suite 4900
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606-6303
City Area Code	(312)
Local Phone Number	496-1200
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	HSII
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,409,259
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001066605
Current Fiscal Year End Date	--12-31

Restructuring

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

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

Restructuring charges for the nine months ended September 30, 2024, by type of charge and reportable segment are as follows:


	Executive Search
	Americas		Europe		Asia Pacific		On-Demand Talent		Heidrick Consulting		Global Operations Support		Total
Employee related	$	1,277	$	876	$	157	$	286	$	3,367	$	976	$	6,939

Changes in the restructuring accrual for the nine months ended September 30, 2024, were as follows:
































Accrual balance at December 31, 2023	$	—
Restructuring charges	6,939
Cash payments	(3,960)
Non-cash write-offs	46

Exchange rate fluctuations	(33)
Accrual balance at September 30, 2024	$	2,992

Restructuring accruals are recorded within current Accrued salaries and benefits in the Consolidated Balance Sheets as of September 30, 2024.

Stock-Based Compensation and Common Stock - Schedule of Phantom Stock Unit Activity (Details) - Phantom share units	9 Months Ended
	Sep. 30, 2024 shares
Number of Phantom Stock Units
Outstanding on beginning balance (in shares)	187,301
Granted (in shares)	33,247
Vested (in shares)	(87,538)
Forfeited (in shares)	(1,833)
Outstanding on ending balance (in shares)	131,177

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

The Company's goodwill by segment (for the segments that had recorded goodwill) is as follows:


	September 30, 2024		December 31, 2023
Executive Search
Americas	$	91,323	$	91,740
Europe	1,463		1,494

Total Executive Search	92,786		93,234
On-Demand Talent	108,838		109,018
Heidrick Consulting	7,246		7,246
Goodwill, gross	208,870		209,498
Accumulated impairment	(23,470)		(7,246)
Total goodwill	$	185,400	$	202,252

Changes in the carrying amount of goodwill by segment (for the segments that had recorded goodwill) for the nine months ended September 30, 2024, are as follows:


	Executive Search				On-Demand Talent	Heidrick Consulting
	Americas		Europe							Total
Goodwill	$	91,740	$	1,494		$	109,018	$	7,246	$	209,498
Accumulated impairment losses	—		—			—		(7,246)		(7,246)
Balance at December 31, 2023	91,740		1,494			109,018		—		202,252



Impairment	—		(1,463)			(14,761)		—		(16,224)
Foreign currency translation	(417)		(31)			(180)		—		(628)

Goodwill	91,323		1,463			108,838		7,246		208,870
Accumulated impairment losses	—		(1,463)			(14,761)		(7,246)		(23,470)
Balance at September 30, 2024	$	91,323	$	—		$	94,077	$	—	$	185,400

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

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 2024 impairment evaluation, the Company determined that the goodwill within the On-Demand Talent and Europe reporting units were impaired, which resulted in impairment charges of $14.8 million and $1.5 million, respectively, during the three months ended June 30, 2024. Based on the results of the 2023 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 during the three months ended June 30, 2023. The impairment charges are recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2024, and 2023, and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024, and 2023. The impairments were non-cash in nature and they did not affect the Company's current liquidity, cash flows, borrowing capability or operations; nor did they 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, 2024		December 31, 2023
Executive Search
Americas	$	7	$	22
Europe	54		95

Total Executive Search	61		117
On-Demand Talent	12,789		17,689
Heidrick Consulting	2,260		3,036
Total other intangible assets, net	$	15,110	$	20,842

The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows:


	Weighted Average Life (Years)	September 30, 2024						December 31, 2023
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Client relationships	10.3	$	26,637	$	(15,153)	$	11,484	$	26,195	$	(11,443)	$	14,752
Trade name	3.0	5,083		(3,932)		1,151		5,067		(3,069)		1,998
Software	3.0	8,678		(6,203)		2,475		8,629		(4,537)		4,092
Total intangible assets	8.6	$	40,398	$	(25,288)	$	15,110	$	39,891	$	(19,049)	$	20,842

Intangible asset amortization expense for the three months ended September 30, 2024, and 2023, was $2.0 million and $2.4 million, respectively. Intangible asset amortization expense for the nine months ended September 30, 2024, and 2023, was $6.2 million and $6.9 million, respectively.

The Company's estimated future amortization expense related to intangible assets as of September 30, 2024, for the following years ended December 31, is as follows:


2024	$	1,877
2025	6,051
2026	2,561
2027	1,555
2028	909
Thereafter	2,157
Total	$	15,110

Segment Information

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

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.

In 2023, the Company changed its measure of segment profitability from operating income to Adjusted EBITDA. The following tables include Adjusted EBITDA, which is the measure of segment profitability reported to the chief operating decision maker for purposes of allocating resources to the segments and assessing their performance. 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), analyzing operating expenses as a percentage of net revenue, and analyzing Adjusted EBITDA and Adjusted EBITDA margin more appropriately reflect its core operations.

The Company evaluates performance and allocates resources based on the chief operating decision maker’s review of (1) net revenue and (2) Adjusted EBITDA, which is defined as net income before interest, other income or expense, income taxes, depreciation and amortization, as adjusted, to the extent they occur, for earnout accretion, earnout fair value adjustments, contingent compensation, deferred compensation plan income or expense, certain reorganization costs, impairment charges and restructuring charges. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of revenue in the same period.


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenue before reimbursements (net revenue)	$	278,559		$	263,160		$	822,382		$	773,702

Net income	14,829			14,987			23,704			39,555
Interest, net	(2,570)			(2,505)			(9,268)			(7,667)
Other, net	555			649			(3,013)			(2,537)
Provision for income taxes	6,268			9,006			19,750			24,142
Operating income	19,082			22,137			31,173			53,493

Adjustments
Depreciation	2,997			2,387			7,480			6,563
Intangible amortization	1,953			2,353			6,170			6,869
Earnout accretion	478			455			1,413			1,097
Earnout fair value adjustments	—			—			1,211			—
Acquisition contingent consideration	2,947			3,268			8,220			8,711
Deferred compensation plan	2,958			(1,427)			6,264			2,309
Reorganization costs	—			176			—			3,572
Impairment charges	—			—			16,224			7,246
Restructuring charges	—			—			6,939			—
Total adjustments	11,333			7,212			53,921			36,367

Adjusted EBITDA	$	30,415		$	29,349		$	85,094		$	89,860
Adjusted EBITDA margin	10.9		%	11.2		%	10.3		%	11.6		%

Revenue and Adjusted EBITDA by segment are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue
Executive Search
Americas	$	134,545	$	132,320	$	418,302	$	398,210
Europe	43,143		44,606		124,706		129,104
Asia Pacific	26,701		21,888		72,829		68,766
Total Executive Search	204,389		198,814		615,837		596,080
On-Demand Talent	46,231		41,053		125,983		111,410
Heidrick Consulting	27,939		23,293		80,562		66,212
Revenue before reimbursements (net revenue)	278,559		263,160		822,382		773,702
Reimbursements	4,256		4,736		12,408		10,090
Total revenue	$	282,815	$	267,896	$	834,790	$	783,792


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Adjusted EBITDA
Executive Search
Americas	$	40,465	$	39,354	$	130,448	$	127,557
Europe	5,022		8,950		11,215		16,487
Asia Pacific	5,247		2,704		10,182		7,901
Total Executive Search	50,734		51,008		151,845		151,945
On-Demand Talent	1,763		(580)		(787)		660
Heidrick Consulting	(1,025)		(2,391)		(4,447)		(6,848)
Total segment Adjusted EBITDA	51,472		48,037		146,611		145,757
Research and Development	(4,606)		(4,927)		(14,312)		(15,396)
Global Operations Support	(16,451)		(13,761)		(47,205)		(40,501)
Total Adjusted EBITDA	$	30,415	$	29,349	$	85,094	$	89,860

- Definition

The 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.

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+ Details

Segment Information - Adjusted EBITDA (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Revenue before reimbursements (net revenue)	$ 278,559,000			$ 263,160,000			$ 822,382,000	$ 773,702,000
Net income	14,829,000	$ (5,157,000)	$ 14,032,000	14,987,000	$ 8,982,000	$ 15,586,000	23,704,000	39,555,000
Interest, net	(2,570,000)			(2,505,000)			(9,268,000)	(7,667,000)
Other, net	555,000			649,000			(3,013,000)	(2,537,000)
Provision for income taxes	6,268,000			9,006,000			19,750,000	24,142,000
Operating income	19,082,000			22,137,000			31,173,000	53,493,000
Depreciation	2,997,000			2,387,000			7,480,000	6,563,000
Intangible amortization	1,953,000			2,353,000			6,170,000	6,869,000
Earnout accretion	478,000			455,000			1,413,000	1,097,000
Earnout fair value adjustments	0			0			1,211,000	0
Acquisition contingent consideration	2,947,000			3,268,000			8,220,000	8,711,000
Deferred compensation plan	2,958,000			(1,427,000)			6,264,000	2,309,000
Reorganization costs	0			176,000			0	3,572,000
Impairment charges	0			0			16,224,000	7,246,000
Restructuring charges	0			0			6,939,000	0
Total adjustments	11,333,000			7,212,000			53,921,000	36,367,000
Adjusted EBITDA	$ 30,415,000			$ 29,349,000			$ 85,094,000	$ 89,860,000
Adjusted EBITDA margin	10.90%			11.20%			10.30%	11.60%

Financial Instruments and Fair Value - Schedule of Reconciliation of Level 3 Assets and Liabilities (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Earnout
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2023	$ (38,601)
Earnout accretion	(1,413)
Compensation expense	0
Fair value adjustment	(1,211)
Payments	0
Foreign currency translation	(607)
Balance at September 30, 2024	(41,832)
Contingent Compensation
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2023	(18,878)
Earnout accretion	0
Compensation expense	(8,220)
Fair value adjustment	0
Payments	4,821
Foreign currency translation	166
Balance at September 30, 2024	$ (22,111)

Line of Credit (Details) - The Credit Agreement - Line of Credit - USD ($)	Feb. 24, 2023	Sep. 30, 2024	Dec. 31, 2023	Feb. 23, 2023
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

- Definition

Line 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
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-Paragraph 8
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-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

The 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.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows - operating activities
Net income (loss)	$ 23,704	$ 39,555
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization	13,650	13,432
Deferred income taxes	(2,060)	(548)
Stock-based compensation expense	9,901	7,331
Accretion expense related to earnout payments	1,413	1,097
Gain on marketable securities	(2,323)	(2,040)
Loss on disposal of property and equipment	264	192
Impairment charges	16,224	7,246
Changes in assets and liabilities:
Accounts receivable	(51,707)	(52,205)
Accounts payable	(13,292)	(1,657)
Accrued expenses	(41,372)	(197,698)
Non-cash write-offs	2,990	0
Deferred revenue	1,163	(1,622)
Income taxes recoverable and payable, net	347	6,617
Retirement and pension plan assets and liabilities	6,385	6,697
Prepaid expenses	(4,057)	(3,771)
Other assets and liabilities, net	(987)	(3,243)
Net cash used in operating activities	(39,757)	(180,617)
Cash flows - investing activities
Acquisition of businesses, net of cash acquired	0	(37,953)
Capital expenditures	(9,647)	(9,619)
Purchases of marketable securities and investments	(115,608)	(75,464)
Proceeds from sales of marketable securities and investments	129,070	289,689
Net cash provided by investing activities	3,815	166,653
Cash flows - financing activities
Repurchases of common stock	0	(904)
Cash dividends paid	(9,609)	(9,383)
Payment of employee tax withholdings on equity transactions	(3,800)	(4,141)
Acquisition earnout payments	0	(37,984)
Net cash used in financing activities	(13,409)	(52,412)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash	155	(2,642)
Net decrease in cash, cash equivalents and restricted cash	(49,196)	(69,018)
Cash, cash equivalents and restricted cash at beginning of period	412,618	355,489
Cash, cash equivalents and restricted cash at end of period	$ 363,422	$ 286,471

Changes in Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 462,278
Other comprehensive income (loss) before reclassification, net of tax	811
Ending balance	483,285
Available- for- Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	42
Other comprehensive income (loss) before reclassification, net of tax	(5)
Ending balance	37
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	647
Other comprehensive income (loss) before reclassification, net of tax	816
Ending balance	1,463
Pension
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(560)
Other comprehensive income (loss) before reclassification, net of tax	0
Ending balance	(560)
AOCI
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	129
Ending balance	$ 940

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section S99
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Leases - Schedule of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 5,311	$ 4,751	$ 17,667	$ 13,843
Variable lease cost	2,334	2,213	7,359	7,200
Total lease cost	$ 7,645	$ 6,964	$ 25,026	$ 21,043

Acquisitions (Details) - USD ($) $ in Thousands			3 Months Ended				9 Months Ended
Acquisitions (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Feb. 01, 2023	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition [Line Items]
Payments to acquire businesses, gross							$ 0	$ 37,953
Goodwill			$ 202,252				$ 185,400
Atreus
Business Acquisition [Line Items]
Payments to acquire businesses, gross			$ 12,100			$ 33,400
Future consideration, minimum		$ 30,000
Future consideration, maximum		40,000
Goodwill		62,400
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
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
BusinessFourZero \| Trade name
Business Acquisition [Line Items]
Finite-lived intangibles acquired	$ 500

Credit Losses - Narrative (Details) - position	Sep. 30, 2024	Dec. 31, 2023
Credit Loss [Abstract]
Number of positions in unrealized loss	0	0

Restructuring (Tables)

9 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges Reportable Segment

Restructuring charges for the nine months ended September 30, 2024, by type of charge and reportable segment are as follows:


	Executive Search
	Americas		Europe		Asia Pacific		On-Demand Talent		Heidrick Consulting		Global Operations Support		Total
Employee related	$	1,277	$	876	$	157	$	286	$	3,367	$	976	$	6,939

Schedule of Restructuring Accrual

Changes in the restructuring accrual for the nine months ended September 30, 2024, were as follows:
































Accrual balance at December 31, 2023	$	—
Restructuring charges	6,939
Cash payments	(3,960)
Non-cash write-offs	46

Exchange rate fluctuations	(33)
Accrual balance at September 30, 2024	$	2,992

Restructuring accruals are recorded within current Accrued salaries and benefits in the Consolidated Balance Sheets as of September 30, 2024.

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill by Segment

The Company's goodwill by segment (for the segments that had recorded goodwill) is as follows:


	September 30, 2024		December 31, 2023
Executive Search
Americas	$	91,323	$	91,740
Europe	1,463		1,494

Total Executive Search	92,786		93,234
On-Demand Talent	108,838		109,018
Heidrick Consulting	7,246		7,246
Goodwill, gross	208,870		209,498
Accumulated impairment	(23,470)		(7,246)
Total goodwill	$	185,400	$	202,252

Schedule of Changes in Carrying Amount of Goodwill by Segment

Changes in the carrying amount of goodwill by segment (for the segments that had recorded goodwill) for the nine months ended September 30, 2024, are as follows:


	Executive Search				On-Demand Talent	Heidrick Consulting
	Americas		Europe							Total
Goodwill	$	91,740	$	1,494		$	109,018	$	7,246	$	209,498
Accumulated impairment losses	—		—			—		(7,246)		(7,246)
Balance at December 31, 2023	91,740		1,494			109,018		—		202,252



Impairment	—		(1,463)			(14,761)		—		(16,224)
Foreign currency translation	(417)		(31)			(180)		—		(628)

Goodwill	91,323		1,463			108,838		7,246		208,870
Accumulated impairment losses	—		(1,463)			(14,761)		(7,246)		(23,470)
Balance at September 30, 2024	$	91,323	$	—		$	94,077	$	—	$	185,400

Schedule of Indefinite-Lived Intangible Assets

The Company’s other intangible assets, net by segment, are as follows:


	September 30, 2024		December 31, 2023
Executive Search
Americas	$	7	$	22
Europe	54		95

Total Executive Search	61		117
On-Demand Talent	12,789		17,689
Heidrick Consulting	2,260		3,036
Total other intangible assets, net	$	15,110	$	20,842

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows:


	Weighted Average Life (Years)	September 30, 2024						December 31, 2023
		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Client relationships	10.3	$	26,637	$	(15,153)	$	11,484	$	26,195	$	(11,443)	$	14,752
Trade name	3.0	5,083		(3,932)		1,151		5,067		(3,069)		1,998
Software	3.0	8,678		(6,203)		2,475		8,629		(4,537)		4,092
Total intangible assets	8.6	$	40,398	$	(25,288)	$	15,110	$	39,891	$	(19,049)	$	20,842

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

The Company's estimated future amortization expense related to intangible assets as of September 30, 2024, for the following years ended December 31, is as follows:


2024	$	1,877
2025	6,051
2026	2,561
2027	1,555
2028	909
Thereafter	2,157
Total	$	15,110

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: 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 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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-Paragraph 1
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-Publisher FASB
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Publisher FASB
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-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

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 363,422	$ 412,618
Marketable securities	46,005	65,538
Accounts receivable, net of allowances of $8,651 and $6,954, respectively	186,252	133,128
Prepaid expenses	27,682	23,597
Other current assets	48,928	47,923
Income taxes recoverable	10,795	10,410
Total current assets	683,084	693,214
Non-current assets
Property and equipment, net	53,508	35,752
Operating lease right-of-use assets	83,262	86,063
Assets designated for retirement and pension plans	11,203	11,105
Investments	59,089	47,287
Other non-current assets	25,507	17,071
Goodwill	185,400	202,252
Other intangible assets, net	15,110	20,842
Deferred income taxes	29,617	28,005
Total non-current assets	462,696	448,377
Total assets	1,145,780	1,141,591
Current liabilities
Accounts payable	21,517	20,837
Accrued salaries and benefits	277,498	322,744
Deferred revenue	47,106	45,732
Operating lease liabilities	18,985	21,498
Other current liabilities	23,394	21,823
Income taxes payable	6,891	6,057
Total current liabilities	395,391	438,691
Non-current liabilities
Accrued salaries and benefits	55,338	52,108
Retirement and pension plans	75,048	62,100
Operating lease liabilities	84,623	78,204
Other non-current liabilities	46,158	41,808
Deferred income taxes	5,937	6,402
Total non-current liabilities	267,104	240,622
Total liabilities	662,495	679,313
Commitments and contingencies (Note 18)
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued at September 30, 2024 and December 31, 2023	0	0
Common stock, $0.01 par value, 100,000,000 shares authorized, 20,414,339 and 20,127,872 shares issued, 20,409,259 and 20,122,792 shares outstanding at September 30, 2024 and December 31, 2023, respectively	204	201
Treasury stock at cost, 5,080 shares at September 30, 2024 and December 31, 2023	(110)	(110)
Additional paid in capital	258,086	251,988
Retained earnings	224,165	210,070
Accumulated other comprehensive income	940	129
Total stockholders’ equity	483,285	462,278
Total liabilities and stockholders’ equity	$ 1,145,780	$ 1,141,591

Revenue - Summary of Changes in Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Contract assets
Unbilled receivables, net	$ 23,455	$ 15,318
Contract assets	17,636	16,774
Total contract assets	41,091	32,092
Contract liabilities
Deferred revenue	47,106	$ 45,732
Change in contract assets
Unbilled receivables, net	8,137
Contract assets	862
Total contract assets	8,999
Change in contract liabilities
Deferred revenue	$ 1,374

Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenue before reimbursements (net revenue)	$	278,559		$	263,160		$	822,382		$	773,702

Net income	14,829			14,987			23,704			39,555
Interest, net	(2,570)			(2,505)			(9,268)			(7,667)
Other, net	555			649			(3,013)			(2,537)
Provision for income taxes	6,268			9,006			19,750			24,142
Operating income	19,082			22,137			31,173			53,493

Adjustments
Depreciation	2,997			2,387			7,480			6,563
Intangible amortization	1,953			2,353			6,170			6,869
Earnout accretion	478			455			1,413			1,097
Earnout fair value adjustments	—			—			1,211			—
Acquisition contingent consideration	2,947			3,268			8,220			8,711
Deferred compensation plan	2,958			(1,427)			6,264			2,309
Reorganization costs	—			176			—			3,572
Impairment charges	—			—			16,224			7,246
Restructuring charges	—			—			6,939			—
Total adjustments	11,333			7,212			53,921			36,367

Adjusted EBITDA	$	30,415		$	29,349		$	85,094		$	89,860
Adjusted EBITDA margin	10.9		%	11.2		%	10.3		%	11.6		%

Revenue and Adjusted EBITDA by segment are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue
Executive Search
Americas	$	134,545	$	132,320	$	418,302	$	398,210
Europe	43,143		44,606		124,706		129,104
Asia Pacific	26,701		21,888		72,829		68,766
Total Executive Search	204,389		198,814		615,837		596,080
On-Demand Talent	46,231		41,053		125,983		111,410
Heidrick Consulting	27,939		23,293		80,562		66,212
Revenue before reimbursements (net revenue)	278,559		263,160		822,382		773,702
Reimbursements	4,256		4,736		12,408		10,090
Total revenue	$	282,815	$	267,896	$	834,790	$	783,792


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Adjusted EBITDA
Executive Search
Americas	$	40,465	$	39,354	$	130,448	$	127,557
Europe	5,022		8,950		11,215		16,487
Asia Pacific	5,247		2,704		10,182		7,901
Total Executive Search	50,734		51,008		151,845		151,945
On-Demand Talent	1,763		(580)		(787)		660
Heidrick Consulting	(1,025)		(2,391)		(4,447)		(6,848)
Total segment Adjusted EBITDA	51,472		48,037		146,611		145,757
Research and Development	(4,606)		(4,927)		(14,312)		(15,396)
Global Operations Support	(16,451)		(13,761)		(47,205)		(40,501)
Total Adjusted EBITDA	$	30,415	$	29,349	$	85,094	$	89,860

Guarantees (Details) $ in Millions	Sep. 30, 2024 USD ($)
Guarantees and Product Warranties [Abstract]
Guarantor obligations, maximum exposure, undiscounted	$ 4.9

Stock-Based Compensation and Common Stock - Narrative (Details) - USD ($)		3 Months Ended			9 Months Ended
	May 23, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 11, 2008
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized (in shares)	649,000
Awards issued to date (in shares)		4,804,464			4,804,464
Awards forfeited to date (in shares)		883,558			883,558
Awards available for grant (in shares)		920,911			920,911
Shares issued for services (in shares)					12,564	16,134
Stock repurchase program, authorized amount							$ 50,000,000
Repurchase of common stock (in shares)		0			0	36,000
Repurchase of common stock				$ 904,000		$ 900,000
Total shares acquired to date (in shares)		1,074,670			1,074,670
Total shares acquired to date		$ 29,200,000			$ 29,200,000
Remaining authorized repurchase amount		20,800,000			$ 20,800,000
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for services (in shares)					22,126	23,620
Unrecognized compensation expense		9,900,000			$ 9,900,000
Period for recognition (in years)					2 years 3 months 18 days
Share-based payment arrangement, expense (income)		1,700,000	$ 100,000		$ 2,500,000	$ 100,000
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
Performance stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					4 years
Unrecognized compensation expense		7,400,000			$ 7,400,000
Period for recognition (in years)					2 years 4 months 24 days
Performance stock units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage					0.00%
Award service period					1 year
Performance stock units \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage					100.00%
Award service period					4 years
Phantom share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense		$ 1,500,000			$ 1,500,000
Period for recognition (in years)					2 years 3 months 18 days
Phantom share units \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)					3 years
Phantom share 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%

Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 116,597	$ 98,623
Accumulated depreciation	(63,089)	(62,871)
Property and equipment, net	53,508	35,752
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	54,864	45,050
Office furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	16,014	14,775
Computer equipment and software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 45,719	$ 38,798

Leases

9 Months Ended

Sep. 30, 2024

Leases [Abstract]

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, 2024, office leases have remaining lease terms that range from less than one year to 11.4 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, 2024, 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,
	2024		2023		2024		2023
Operating lease cost	$	5,311	$	4,751	$	17,667	$	13,843
Variable lease cost	2,334		$	2,213	7,359		7,200
Total lease cost	$	7,645	$	6,964	$	25,026	$	21,043

Supplemental cash flow information related to the Company's operating leases is as follows for the nine months ended September 30:


	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	16,718	$	14,923
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	16,080	$	7,944

The weighted average remaining lease term and weighted average discount rate for operating leases as of September 30, are as follows:


	2024		2023
Weighted Average Remaining Lease Term
Operating leases	7.5 years		6.2 years
Weighted Average Discount Rate
Operating leases	5.15	%	3.77	%

The future maturities of the Company's operating lease liabilities as of September 30, 2024, for the years ended December 31, are as follows:


	Operating Lease Maturity
2024	$	4,478
2025	18,969
2026	17,863
2027	17,668
2028	13,612
Thereafter	55,014
Total lease payments	127,604
Less: Interest	23,996
Present value of lease liabilities	$	103,608

Leases - Schedule of Future Maturities for Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases [Abstract]
2024	$ 4,478
2025	18,969
2026	17,863
2027	17,668
2028	13,612
Thereafter	55,014
Total lease payments	127,604
Less: Interest	23,996
Present value of lease liabilities	$ 103,608

Goodwill and Other Intangible Assets - Schedule of Goodwill by Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Goodwill [Line Items]
Goodwill, gross	$ 208,870	$ 209,498
Accumulated impairment losses	(23,470)	(7,246)
Goodwill	185,400	202,252
Executive Search
Goodwill [Line Items]
Goodwill, gross	92,786	93,234
Executive Search \| Americas
Goodwill [Line Items]
Goodwill, gross	91,323	91,740
Accumulated impairment losses	0	0
Goodwill	91,323	91,740
Executive Search \| Europe
Goodwill [Line Items]
Goodwill, gross	1,463	1,494
Accumulated impairment losses	(1,463)	0
Goodwill	0	1,494
On-Demand Talent
Goodwill [Line Items]
Goodwill, gross	108,838	109,018
Accumulated impairment losses	(14,761)	0
Goodwill	94,077	109,018
Heidrick Consulting
Goodwill [Line Items]
Goodwill, gross	7,246	7,246
Accumulated impairment losses	(7,246)	(7,246)
Goodwill	$ 0	$ 0

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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- Definition

Line 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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Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Cost of Services	Cost of Services Cost of services consists of 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 expense consists of payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with new product development.
Marketable Securities	Marketable Securities The Company’s marketable securities consist of available-for-sale debt securities with original maturities exceeding three months.
Earnings 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 businesses and the related fair value of the net assets acquired, which is accounted for by the acquisition method of accounting. The Company performs assessments of the carrying value of its goodwill at least annually and whenever events occur or circumstances indicate that a carrying amount of goodwill may not be recoverable. These circumstances include a significant change in business climate, attrition of key personnel, changes in financial condition or results of operations, prolonged decline in the Company’s stock price and market capitalization, competition, and other factors. The goodwill impairment test compares the fair value of a reporting unit to its carrying amount, including goodwill. The Company operates five reporting units: Americas, Europe (which includes Africa), Asia Pacific (which includes the Middle East), On-Demand Talent and Heidrick Consulting. The fair value of each of the Company’s reporting units is determined using a discounted cash flow methodology. An impairment charge is recognized for the amount by which the carrying value of the reporting unit exceeds its fair value; however, the loss recognized is not to exceed the total amount of goodwill allocated to that reporting unit. As a result of certain triggering events, including reduced forecasted results and the inclusion of goodwill in a reporting unit with a preexisting fair value shortfall, the Company performed interim goodwill impairment evaluations during the three months ended June 30, 2024, and 2023, respecitively, when the Company determined that it was more likely than not that the fair value of at least one of its reporting units was less than its respective carrying amount. Determining the fair value of a reporting unit is judgmental in nature and involves the use of significant estimates and assumptions to evaluate the impact of operating and macroeconomic changes on each reporting unit. During the impairment evaluation process, the Company used a discounted cash flow methodology to estimate the fair value of each of its reporting units. The discounted cash flow approach is dependent on a number of factors, including estimates of future market growth and trends, forecasted revenue and costs, capital investments, appropriate discount rates, certain assumptions to allocate shared costs, assets and liabilities, historical and projected performance of the reporting unit, and the macroeconomic conditions affecting each of the Company’s reporting units. The assumptions used in the determination of fair value were (1) a forecast of growth in the near and long term; (2) the discount rate; (3) working capital investments; (4) macroeconomic conditions; and (5) other factors. As part of the goodwill impairment evaluation, the Company performed a reconciliation of its market capitalization to the aggregated estimated fair value of all reporting units, including consideration of a control premium. Based on the results of the 2024 impairment evaluation, the Company determined that the goodwill within the On-Demand Talent and Europe reporting units were impaired, which resulted in impairment charges of $14.8 million and $1.5 million, respectively. Based on the results of the 2023 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. The impairment charges are recorded within Impairment charges in the Condensed Consolidated Statements of Comprehensive Income for the nine months ended September 30, 2024, and 2023 and the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024, and 2023. The impairments were non-cash in nature and did not affect the Company's current liquidity, cash flows, borrowing capability or operations; nor did they impact the debt covenants under the Company's credit agreement.
Recently Issued Financial Accounting Standards	Recently Issued Financial Accounting Standards In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures." The standard is intended to expand the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The standard is intended to improve reportable segment disclosure requirements for public business entities primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit (referred to as the “significant expense principle”). This guidance is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its financial statements. 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 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 consideration is comprised of a retainer, equal to approximately one-third of the estimated first year compensation for the position to be filled, and indirect expenses, equal to a specified percentage of the retainer, as defined in the contract. The Company generally bills clients for the retainer and indirect expenses in one-third increments over a three-month period commencing in the month of a client’s acceptance of the contract. If actual compensation of a placed candidate exceeds the original compensation estimate, the Company is often authorized to bill the client for one-third of the excess compensation. The Company refers to this additional billing as uptick revenue. In most contracts, variable consideration is comprised of uptick revenue and direct expenses. The Company bills its clients for uptick revenue upon completion of the executive search, and direct expenses are billed as incurred. The Company estimates uptick revenue at contract inception, based on a portfolio approach, utilizing the expected value method based on a historical analysis of uptick revenue realized in the Company’s geographic regions and industry practices, and initially records a contract’s uptick revenue in an amount that is probable not to result in a significant reversal of cumulative revenue recognized when the actual amount of uptick revenue for the contract is known. Differences between the estimated and actual amounts of variable consideration are recorded when known. The Company does not estimate revenue for direct expenses as it is not materially different than recognizing revenue as direct expenses are incurred. Revenue from executive search engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. Revenue from executive search engagements is recognized over the expected average period of performance, in proportion to the estimated personnel time incurred to fulfill the obligations under the executive search contract. Revenue is generally recognized over a period of approximately six months. The Company's executive search contracts contain a replacement guarantee which provides for an additional search to be completed, free of charge except for expense reimbursements, should the candidate presented by the Company be hired by the client and subsequently terminated by the client for performance reasons within a specified period of time. The replacement guarantee is an assurance warranty, which is not a performance obligation under the terms of the executive search contract, as the Company does not provide any services under the terms of the guarantee that transfer benefits to the client in excess of assuring that the identified candidate complies with the agreed-upon specifications. The Company accounts for the replacement guarantee under the relevant warranty guidance in Accounting Standards Codification 460 - Guarantees. On-Demand Talent The Company enters into contracts with clients that outline the general terms and conditions of the assignment to provide on-demand consultants for various types of consulting projects, which consultants may be independent contractors or temporary employees. The consideration the Company expects to receive under each contract is dependent on the time-based fees specified in the contract. Revenue from on-demand engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. The Company has applied the practical expedient to recognize revenue for these services in the amount to which the Company has a right to invoice the client, as this amount corresponds directly with the value provided to the client for the performance completed to date. For transactions where a third-party contractor is involved in providing the services to the client, the Company reports the revenue and the related direct costs on a gross basis as it has determined that it is the principal in the transaction. The Company is primarily responsible for fulfilling the promise to provide consulting services to its clients and the Company has discretion in establishing the prices charged to clients for the consulting services and is able to contractually obligate the independent service provider to deliver services and deliverables that the Company has agreed to provide to its clients. Heidrick Consulting Revenue is recognized as performance obligations are satisfied by transferring a good or service to a client. Heidrick Consulting enters into contracts with clients that outline the general terms and conditions of the assignment to provide succession planning, executive assessment, top team and board effectiveness and culture shaping programs. The consideration the Company expects to receive under each contract is generally fixed. Most of the Company's consulting contracts contain one performance obligation, which is the overall process of providing the consulting service requested by the client. The majority of the Company's consulting revenue is recognized over time utilizing input methods. Revenue recognition over time for the majority of the Company's consulting engagements is measured by total cost or time incurred as a percentage of the total estimated cost or time on the consulting engagement. Contract Balances Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities are classified as current due to the nature of the Company's contracts, which are completed within one year. Contract assets are included within Other current assets on the Condensed Consolidated Balance Sheets. Unbilled receivables: Unbilled receivables represents contract assets from revenue recognized over time in excess of the amount billed to the client and the amount billed to the client is solely dependent upon the passage of time. This amount includes revenue recognized in excess of billed Executive Search retainers, Heidrick Consulting fees, and On-Demand Talent fees. Contract assets: Contract assets represent revenue recognized over time in excess of the amount billed to the client, and the amount billed to the client is not solely subject to the passage of time. This amount primarily includes revenue recognized for upticks and contingent placement fees in executive search contracts. Deferred revenue: Contract liabilities consist of deferred revenue, which is equal to billings in excess of revenue recognized.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 19
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 18
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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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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Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Summary of Significant Accounting Policies - Reconciliation of Cash and Cash Equivalents between Balance Sheet and Cash Flow Statements (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 363,422	$ 412,618	$ 286,429	$ 355,447
Restricted cash included within other non-current assets	0	0	42	42
Total cash, cash equivalents and restricted cash	$ 363,422	$ 412,618	$ 286,471	$ 355,489

Summary of Significant Accounting Policies - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 14,829	$ (5,157)	$ 14,032	$ 14,987	$ 8,982	$ 15,586	$ 23,704	$ 39,555
Weighted average shares outstanding:
Basic (in shares)	20,357			20,076			20,254	19,998
Diluted (in shares)	21,024			20,553			21,144	20,716
Basic earnings (loss) per share (in dollars per share)	$ 0.73			$ 0.75			$ 1.17	$ 1.98
Diluted earnings (loss) per share (in dollars per share)	$ 0.71			$ 0.73			$ 1.12	$ 1.91
Restricted stock units
Weighted average shares outstanding:
Effect of dilutive securities:	458			381			619	575
Performance stock units
Weighted average shares outstanding:
Effect of dilutive securities:	209			96			271	143

Basis of Presentation of Interim Financial Information	9 Months Ended
Basis of Presentation of Interim Financial Information	Sep. 30, 2024
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 rates 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, 2024, and December 31, 2023, the results of operations for the three and nine months ended September 30, 2024, and 2023, and its cash flows for the nine months ended September 30, 2024, and 2023, 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, 2023, as filed with the SEC on March 4, 2024.

Restructuring - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Restructuring - Narrative (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 0	$ 0	$ 6,939,000	$ 0

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Oct. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Impairment					$ 16,224
Intangible amortization	$ 1,953		$ 2,353		6,170	$ 6,869
On-Demand Talent Reporting Unit
Finite-Lived Intangible Assets [Line Items]
Goodwill forecast margin, percentage							6.00%
Impairment		$ 14,800			14,800
Europe Reporting Unit
Finite-Lived Intangible Assets [Line Items]
Impairment		$ 1,500			$ 1,500
Heidrick Consulting Reporting Unit
Finite-Lived Intangible Assets [Line Items]
Impairment				$ 7,200		$ 7,200
BusinessFourZero
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired				$ 7,100

- Definition

Line 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.

+ References + Details

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income before income taxes	$ 21,097	$ 23,993	$ 43,454	$ 63,697
Provision for income taxes	$ 6,268	$ 9,006	$ 19,750	$ 24,142
Effective income tax rate reconciliation, percent	29.70%	37.50%	45.50%	37.90%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

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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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Topic 740
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-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Stock-Based Compensation and Common Stock - Schedule of Restricted Stock Unit Activity (Details) - Restricted stock units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Restricted Stock Units
Outstanding on beginning balance (in shares) \| shares	686,741
Granted (in shares) \| shares	352,251
Vested and converted to common stock (in shares) \| shares	(286,371)
Forfeited (in shares) \| shares	(43,302)
Outstanding on ending balance (in shares) \| shares	709,319
Weighted- Average Grant-Date Fair Value
Outstanding on beginning balance (in dollars per share) \| $ / shares	$ 30.33
Granted (in dollars per share) \| $ / shares	33.86
Vested and converted to common stock (in dollars per share) \| $ / shares	30.76
Forfeited (in dollars per share) \| $ / shares	31.63
Outstanding on ending balance (in dollars per share) \| $ / shares	$ 31.83

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2024
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.

Restructuring - Schedule of Restructuring Charges Reportable Segment (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 0	$ 0	$ 6,939,000	$ 0
Employee Related
Restructuring Cost and Reserve [Line Items]
Restructuring charges			6,939,000
Employee Related \| On-Demand Talent
Restructuring Cost and Reserve [Line Items]
Restructuring charges			286,000
Employee Related \| Heidrick Consulting
Restructuring Cost and Reserve [Line Items]
Restructuring charges			3,367,000
Employee Related \| Global Operations Support
Restructuring Cost and Reserve [Line Items]
Restructuring charges			976,000
Americas \| Employee Related \| Executive Search
Restructuring Cost and Reserve [Line Items]
Restructuring charges			1,277,000
Europe \| Employee Related \| Executive Search
Restructuring Cost and Reserve [Line Items]
Restructuring charges			876,000
Asia Pacific \| Employee Related \| Executive Search
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 157,000

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2024 operatingSegment
Segment Reporting [Abstract]
Number of operating segments	5

Stock-Based Compensation and Common Stock

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation and Common Stock

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

As of September 30, 2024, 4,804,464 awards have been issued under the Fifth A&R Program, including 883,558 forfeited awards, and 920,911 shares remain available for future awards assuming performance stock units vest at maximum levels. The Fifth A&R Program provides that no awards can be granted after the first annual meeting of the Company's stockholders to occur on or after May 23, 2034.

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

A summary of information with respect to stock-based compensation is as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Salaries and benefits (1)	$	5,262	$	2,934	$	11,132	$	6,337
General and administrative expenses	202		203		1,252		1,013
Income tax benefit related to stock-based compensation included in net income	1,506		864		3,413		2,024

Restricted Stock Units

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

Non-employee members of the Board of Directors may elect to receive restricted stock units or shares of common stock annually pursuant to the Fifth A&R Program as part of their annual compensation. Based on their respective elections, the Company issued 22,126 and 23,620 restricted stock units for services provided by the non-employee directors during the nine months ended September 30, 2024, and 2023, 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, 2024, is as follows:


	Number of Restricted Stock Units	Weighted- Average Grant-Date Fair Value
Outstanding on December 31, 2023	686,741	$	30.33
Granted	352,251	33.86
Vested and converted to common stock	(286,371)	30.76
Forfeited	(43,302)	31.63
Outstanding on September 30, 2024	709,319	$	31.83

As of September 30, 2024, there was $9.9 million of pre-tax unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted average of 2.3 years.

Performance Stock Units

The Company grants performance stock units to certain of its senior executives. The majority of performance stock units are subject to cliff vesting at the end of a three-year period. The vesting will vary between 0% and 200% based on the attainment of certain performance and market conditions over the three-year vesting period. Half of the award is based on the achievement of adjusted operating margin or Adjusted EBITDA margin thresholds and half of the award is based on the Company's total shareholder return, relative to a peer group. The fair value of the awards subject to total shareholder return metrics is determined using 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.

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

Performance stock unit activity for the nine months ended September 30, 2024, is as follows:


	Number of Performance Stock Units	Weighted- Average Grant-Date Fair Value
Outstanding on December 31, 2023	239,625	$	41.91
Granted	273,536	32.64
Vested and converted to common stock	(104,154)	44.18
Forfeited	(55,931)	41.17
Outstanding on September 30, 2024	353,076	$	34.17

As of September 30, 2024, there was $7.4 million of pre-tax unrecognized compensation expense related to unvested performance stock units, which is expected to be recognized over a weighted average of 2.4 years.

Phantom Stock Units

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

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

The Company recorded phantom stock-based compensation expense of $1.7 million and less than $0.1 million related to cash-settled restricted stock units for the three months ended September 30, 2024, and 2023, respectively, and $2.5 million and $0.1 million of expense related to cash-settled restricted stock units for the nine months ended September 30, 2024, and 2023, respectively.

Phantom stock unit activity for the nine months ended September 30, 2024, is as follows:


			Number of Phantom Stock Units
Outstanding on December 31, 2023			187,301
Granted			33,247
Vested			(87,538)
Forfeited			(1,833)
Outstanding on September 30, 2024			131,177

As of September 30, 2024, there was $1.5 million of pre-tax unrecognized compensation expense related to unvested phantom stock units, which is expected to be recognized over a weighted average of 2.3 years.

Common Stock

Non-employee members of the Board of Directors may elect to receive restricted stock units or shares of common stock annually pursuant to the Fifth A&R Program as part of their annual compensation, which is typically issued in the second quarter each year. The Company issued 12,564 and 16,134 shares of common stock for services provided by the non-employee directors during the nine months ended September 30, 2024, and 2023, respectively.

On February 11, 2008, the Company's Board of Directors authorized management to repurchase shares of the Company's common stock with an aggregate purchase price of up to $50.0 million (the "Repurchase Authorization"). From time to time and as business conditions warrant, the Company may purchase shares of its common stock on the open market or in negotiated or block trades. No time limit has been set for completion of this program. There were no repurchases of common stock during the three or nine months ended September 30, 2024. During the nine months ended September 30, 2023, the Company purchased 36,000 shares of common stock for $0.9 million. Prior to 2023, the most recent purchase of the Company's shares of common stock occurred during the year ended December 31, 2012. As of September 30, 2024, 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.

Credit Losses (Tables)

9 Months Ended

Sep. 30, 2024

Credit Loss [Abstract]

Schedule of 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, 2023	$	6,954
Provision for credit losses	6,419
Write-offs	(4,760)
Foreign currency translation	38
Balance at September 30, 2024	$	8,651

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, 2022		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			5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	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		19,866,000
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			5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	39,555
Other comprehensive income (loss), net of tax	$ (3,633)
Common and treasury stock transactions:
Repurchase of common stock (in shares)	36,000
Repurchase of common stock	$ (900)
Ending balance (in shares) at Sep. 30, 2023		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			5,000
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 (loss)	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
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 (loss)	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)
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		20,127,000
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			5,000
Beginning balance (in shares) at Dec. 31, 2023	20,122,792	20,127,000
Beginning balance at Dec. 31, 2023	$ 462,278	$ 201	$ (110)	251,988	210,070	129
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	5,080		5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 14,032				14,032
Other comprehensive income (loss), net of tax	(4,091)					(4,091)
Common and treasury stock transactions:
Stock-based compensation	2,644			2,644
Vesting of equity awards, net of tax withholding (in shares)		127,000
Vesting of equity awards, net of tax withholding	(2,862)	$ 1		(2,863)
Cash dividends declared ($0.15 per share)	(3,018)				(3,018)
Dividend equivalents on restricted stock units	(198)				(198)
Ending balance (in shares) at Mar. 31, 2024		20,254,000
Ending balance at Mar. 31, 2024	$ 468,785	$ 202	$ (110)	251,769	220,886	(3,962)
Treasury stock, ending balance (in shares) at Mar. 31, 2024			5,000
Beginning balance (in shares) at Dec. 31, 2023	20,122,792	20,127,000
Beginning balance at Dec. 31, 2023	$ 462,278	$ 201	$ (110)	251,988	210,070	129
Treasury stock, beginning balance (in shares) at Dec. 31, 2023	5,080		5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 23,704
Other comprehensive income (loss), net of tax	$ 811
Common and treasury stock transactions:
Repurchase of common stock (in shares)	0
Ending balance (in shares) at Sep. 30, 2024	20,409,259	20,414,000
Ending balance at Sep. 30, 2024	$ 483,285	$ 204	$ (110)	258,086	224,165	940
Treasury stock, ending balance (in shares) at Sep. 30, 2024	5,080		5,000
Beginning balance (in shares) at Mar. 31, 2024		20,254,000
Beginning balance at Mar. 31, 2024	$ 468,785	$ 202	$ (110)	251,769	220,886	(3,962)
Treasury stock, beginning balance (in shares) at Mar. 31, 2024			5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(5,157)				(5,157)
Other comprehensive income (loss), net of tax	(2,094)					(2,094)
Common and treasury stock transactions:
Stock-based compensation	3,465			3,465
Issuance of common stock (in shares)		13,000
Vesting of equity awards, net of tax withholding (in shares)		55,000
Vesting of equity awards, net of tax withholding	(885)	$ 1		(886)
Cash dividends declared ($0.15 per share)	(3,039)				(3,039)
Dividend equivalents on restricted stock units	(143)				(143)
Ending balance (in shares) at Jun. 30, 2024		20,322,000
Ending balance at Jun. 30, 2024	460,932	$ 203	$ (110)	254,348	212,547	(6,056)
Treasury stock, ending balance (in shares) at Jun. 30, 2024			5,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14,829				14,829
Other comprehensive income (loss), net of tax	6,996					6,996
Common and treasury stock transactions:
Stock-based compensation	3,792			3,792
Vesting of equity awards, net of tax withholding (in shares)		92,000
Vesting of equity awards, net of tax withholding	$ (53)	$ 1		(54)
Repurchase of common stock (in shares)	0
Cash dividends declared ($0.15 per share)	$ (3,057)				(3,057)
Dividend equivalents on restricted stock units	$ (154)				(154)
Ending balance (in shares) at Sep. 30, 2024	20,409,259	20,414,000
Ending balance at Sep. 30, 2024	$ 483,285	$ 204	$ (110)	$ 258,086	$ 224,165	$ 940
Treasury stock, ending balance (in shares) at Sep. 30, 2024	5,080		5,000

Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Executive Search

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

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

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

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

On-Demand Talent

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

the prices charged to clients for the consulting services and is able to contractually obligate the independent service provider to deliver services and deliverables that the Company has agreed to provide to its clients.

Heidrick Consulting

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

Contract Balances

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

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

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

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

The following table outlines the changes in the contract asset and liability balances from December 31, 2023, to September 30, 2024:


	September 30, 2024		December 31, 2023		Change
Contract assets
Unbilled receivables, net	$	23,455	$	15,318	$	8,137
Contract assets	17,636		16,774		862
Total contract assets	41,091		32,092		8,999

Contract liabilities
Deferred revenue	$	47,106	$	45,732	$	1,374

Contract assets were recorded within Current Assets - Other current assets in the Condensed Consolidated Balance Sheets at both September 30, 2024 and December 31, 2023.

During the nine months ended September 30, 2024, the Company recognized revenue of $39.7 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, 2024, from performance obligations partially satisfied in previous periods as a result of changes in the estimates of variable consideration was $22.7 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Other Current and Non-current Assets and Liabilities

9 Months Ended

Sep. 30, 2024

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Current and Non-current Assets and Liabilities

The components of other current assets are as follows:


	September 30, 2024		December 31, 2023
Contract assets	$	41,091	$	32,092
Other	7,837		15,831
Total other current assets	$	48,928	$	47,923

The components of other non-current liabilities are as follows:


	September 30, 2024		December 31, 2023
Earnout liability	$	41,832	$	38,601
Other	4,326		3,207
Total other non-current liabilities	$	46,158	$	41,808

Other Current and Non-current Assets and Liabilities

The components of other current assets are as follows:


	September 30, 2024		December 31, 2023
Contract assets	$	41,091	$	32,092
Other	7,837		15,831
Total other current assets	$	48,928	$	47,923

The components of other non-current liabilities are as follows:


	September 30, 2024		December 31, 2023
Earnout liability	$	41,832	$	38,601
Other	4,326		3,207
Total other non-current liabilities	$	46,158	$	41,808

Credit Losses

9 Months Ended

Sep. 30, 2024

Credit Loss [Abstract]

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, 2023	$	6,954
Provision for credit losses	6,419
Write-offs	(4,760)
Foreign currency translation	38
Balance at September 30, 2024	$	8,651

There were no investments with unrealized losses at September 30, 2024, and December 31, 2023.