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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Heidrick and Struggles International Inc | NASDAQ:HSII | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.48 | 1.61% | 30.31 | 28.37 | 33.00 | 30.44 | 29.56 | 29.81 | 84,751 | 21:04:52 |
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Delaware
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36-2681268
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification Number)
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Large accelerated filer
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¨
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Accelerated filer
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x
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Non-Accelerated filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
|
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o
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PAGE
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PART I.
|
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|
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Item 1.
|
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Item 2.
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Item 3.
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Item 4.
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PART II.
|
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Item 1.
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||
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Item 6.
|
||
|
|
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|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
|
|
(Unaudited)
|
|
|
||||
Current assets
|
|
|
|
|
||||
Cash and cash equivalents
|
|
$
|
105,314
|
|
|
$
|
279,906
|
|
Marketable securities
|
|
38,698
|
|
|
—
|
|
||
Accounts receivable, net
|
|
146,982
|
|
|
114,977
|
|
||
Prepaid expenses
|
|
23,193
|
|
|
22,766
|
|
||
Other current assets
|
|
30,082
|
|
|
29,598
|
|
||
Income taxes recoverable
|
|
6,171
|
|
|
3,620
|
|
||
Total current assets
|
|
350,440
|
|
|
450,867
|
|
||
|
|
|
|
|
||||
Non-current assets
|
|
|
|
|
||||
Property and equipment, net
|
|
30,788
|
|
|
33,871
|
|
||
Operating lease right-of-use assets
|
|
104,449
|
|
|
—
|
|
||
Assets designated for retirement and pension plans
|
|
14,909
|
|
|
15,035
|
|
||
Investments
|
|
23,647
|
|
|
19,442
|
|
||
Other non-current assets
|
|
21,725
|
|
|
22,276
|
|
||
Goodwill
|
|
122,070
|
|
|
122,092
|
|
||
Other intangible assets, net
|
|
1,730
|
|
|
2,216
|
|
||
Deferred income taxes
|
|
34,252
|
|
|
34,830
|
|
||
Total non-current assets
|
|
353,570
|
|
|
249,762
|
|
||
|
|
|
|
|
||||
Total assets
|
|
$
|
704,010
|
|
|
$
|
700,629
|
|
|
|
|
|
|
||||
Current liabilities
|
|
|
|
|
||||
Accounts payable
|
|
$
|
8,107
|
|
|
$
|
9,166
|
|
Accrued salaries and benefits
|
|
124,923
|
|
|
227,653
|
|
||
Deferred revenue
|
|
37,424
|
|
|
40,673
|
|
||
Operating lease liabilities
|
|
31,895
|
|
|
—
|
|
||
Other current liabilities
|
|
26,186
|
|
|
33,219
|
|
||
Income taxes payable
|
|
6,779
|
|
|
8,240
|
|
||
Total current liabilities
|
|
235,314
|
|
|
318,951
|
|
||
|
|
|
|
|
||||
Non-current liabilities
|
|
|
|
|
||||
Accrued salaries and benefits
|
|
47,852
|
|
|
57,234
|
|
||
Retirement and pension plans
|
|
43,922
|
|
|
39,865
|
|
||
Operating lease liabilities
|
|
84,156
|
|
|
—
|
|
||
Other non-current liabilities
|
|
4,317
|
|
|
17,423
|
|
||
Total non-current liabilities
|
|
180,247
|
|
|
114,522
|
|
||
|
|
|
|
|
||||
Total liabilities
|
|
415,561
|
|
|
433,473
|
|
||
|
|
|
|
|
||||
Commitments and contingencies (Note 17)
|
|
|
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|
||||
|
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|
||||
Stockholders’ equity
|
|
|
|
|
||||
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued at June 30, 2019 and December 31, 2018
|
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 100,000,000 shares authorized, 19,585,777 shares issued, 19,127,401 and 18,954,275 shares outstanding at June 30, 2019 and December 31, 2018, respectively
|
|
196
|
|
|
196
|
|
||
Treasury stock at cost, 458,376 and 631,502 shares at June 30, 2019 and December 31, 2018, respectively
|
|
(14,795
|
)
|
|
(20,298
|
)
|
||
Additional paid in capital
|
|
222,148
|
|
|
227,147
|
|
||
Retained earnings
|
|
76,513
|
|
|
56,049
|
|
||
Accumulated other comprehensive income
|
|
4,387
|
|
|
4,062
|
|
||
Total stockholders’ equity
|
|
288,449
|
|
|
267,156
|
|
||
|
|
|
|
|
||||
Total liabilities and stockholders’ equity
|
|
$
|
704,010
|
|
|
$
|
700,629
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Revenue before reimbursements (net revenue)
|
$
|
173,122
|
|
|
$
|
183,059
|
|
|
$
|
344,716
|
|
|
$
|
343,130
|
|
Reimbursements
|
5,051
|
|
|
4,630
|
|
|
9,731
|
|
|
9,217
|
|
||||
Total revenue
|
178,173
|
|
|
187,689
|
|
|
354,447
|
|
|
352,347
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Salaries and benefits
|
120,601
|
|
|
127,679
|
|
|
241,419
|
|
|
239,088
|
|
||||
General and administrative expenses
|
34,168
|
|
|
36,919
|
|
|
68,553
|
|
|
72,460
|
|
||||
Reimbursed expenses
|
5,051
|
|
|
4,630
|
|
|
9,731
|
|
|
9,217
|
|
||||
Total operating expenses
|
159,820
|
|
|
169,228
|
|
|
319,703
|
|
|
320,765
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating income
|
18,353
|
|
|
18,461
|
|
|
34,744
|
|
|
31,582
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Non-operating income (expense)
|
|
|
|
|
|
|
|
||||||||
Interest, net
|
412
|
|
|
(2
|
)
|
|
1,220
|
|
|
237
|
|
||||
Other, net
|
708
|
|
|
(48
|
)
|
|
2,351
|
|
|
(496
|
)
|
||||
Net non-operating income (expense)
|
1,120
|
|
|
(50
|
)
|
|
3,571
|
|
|
(259
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Income before income taxes
|
19,473
|
|
|
18,411
|
|
|
38,315
|
|
|
31,323
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Provision for income taxes
|
5,193
|
|
|
6,948
|
|
|
11,948
|
|
|
9,692
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net income
|
14,280
|
|
|
11,463
|
|
|
26,367
|
|
|
21,631
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income (loss), net of tax
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
|
(7
|
)
|
|
(3,816
|
)
|
|
313
|
|
|
(2,226
|
)
|
||||
Net unrealized gain on available-for-sale investments
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
||||
Other comprehensive income (loss), net of tax
|
5
|
|
|
(3,816
|
)
|
|
325
|
|
|
(2,226
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
$
|
14,285
|
|
|
$
|
7,647
|
|
|
$
|
26,692
|
|
|
$
|
19,405
|
|
|
|
|
|
|
|
|
|
||||||||
Basic weighted average common shares outstanding
|
19,120
|
|
|
18,934
|
|
|
19,062
|
|
|
18,880
|
|
||||
Dilutive common shares
|
311
|
|
|
394
|
|
|
469
|
|
|
509
|
|
||||
Diluted weighted average common shares outstanding
|
19,431
|
|
|
19,328
|
|
|
19,531
|
|
|
19,389
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Basic net income per common share
|
$
|
0.75
|
|
|
$
|
0.61
|
|
|
$
|
1.38
|
|
|
$
|
1.15
|
|
Diluted net income per common share
|
$
|
0.73
|
|
|
$
|
0.59
|
|
|
$
|
1.35
|
|
|
$
|
1.12
|
|
Cash dividends paid per share
|
$
|
0.15
|
|
|
$
|
0.13
|
|
|
$
|
0.30
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional
Paid in
Capital
|
|
Retained Earnings
|
|
Accumulated
Other
Comprehensive
Income
|
|
Total
|
||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
|||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||
Balance at December 31, 2018
|
19,586
|
|
|
$
|
196
|
|
|
632
|
|
|
$
|
(20,298
|
)
|
|
$
|
227,147
|
|
|
$
|
56,049
|
|
|
$
|
4,062
|
|
|
$
|
267,156
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,087
|
|
|
—
|
|
|
12,087
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
320
|
|
|
320
|
|
||||||
Common and treasury stock transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,343
|
|
|
—
|
|
|
—
|
|
|
1,343
|
|
||||||
Vesting of equity, net of tax withholdings
|
—
|
|
|
—
|
|
|
(160
|
)
|
|
5,155
|
|
|
(9,707
|
)
|
|
—
|
|
|
—
|
|
|
(4,552
|
)
|
||||||
Cash dividends declared ($0.15 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,848
|
)
|
|
—
|
|
|
(2,848
|
)
|
||||||
Dividend equivalents on restricted stock units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(87
|
)
|
|
—
|
|
|
(87
|
)
|
||||||
Balance at March 31, 2019
|
19,586
|
|
|
$
|
196
|
|
|
472
|
|
|
$
|
(15,143
|
)
|
|
$
|
218,783
|
|
|
$
|
65,201
|
|
|
$
|
4,382
|
|
|
$
|
273,419
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,280
|
|
|
|
|
14,280
|
|
|||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
5
|
|
||||||
Common and treasury stock transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,368
|
|
|
—
|
|
|
—
|
|
|
3,368
|
|
||||||
Vesting of equity, net of tax withholdings
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Re-issuance of treasury stock
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
348
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
345
|
|
||||||
Cash dividends declared ($0.15 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,867
|
)
|
|
—
|
|
|
(2,867
|
)
|
||||||
Dividend equivalents on restricted stock units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(101
|
)
|
|
—
|
|
|
(101
|
)
|
||||||
Balance at June 30, 2019
|
19,586
|
|
|
$
|
196
|
|
|
458
|
|
|
$
|
(14,795
|
)
|
|
$
|
222,148
|
|
|
$
|
76,513
|
|
|
$
|
4,387
|
|
|
$
|
288,449
|
|
|
|
|
|
|
Additional
Paid in
Capital
|
|
Retained Earnings (Deficit)
|
|
Accumulated
Other
Comprehensive
Income
|
|
Total
|
||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
|||||||||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||
Balance at December 31, 2017
|
19,586
|
|
|
$
|
196
|
|
|
805
|
|
|
$
|
(26,096
|
)
|
|
$
|
226,006
|
|
|
$
|
(716
|
)
|
|
$
|
13,315
|
|
|
$
|
212,705
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,168
|
|
|
—
|
|
|
10,168
|
|
||||||
Adoption of accounting standards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,043
|
|
|
(6,089
|
)
|
|
8,954
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,590
|
|
|
1,590
|
|
||||||
Common and treasury stock transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,776
|
|
|
—
|
|
|
—
|
|
|
1,776
|
|
||||||
Vesting of equity, net of tax withholdings
|
—
|
|
|
—
|
|
|
(138
|
)
|
|
4,614
|
|
|
(6,847
|
)
|
|
—
|
|
|
—
|
|
|
(2,233
|
)
|
||||||
Cash dividends declared ($0.13 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,460
|
)
|
|
—
|
|
|
(2,460
|
)
|
||||||
Dividend equivalents on restricted stock units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11
|
)
|
|
—
|
|
|
(11
|
)
|
||||||
Balance at March 31, 2018
|
19,586
|
|
|
$
|
196
|
|
|
667
|
|
|
$
|
(21,482
|
)
|
|
$
|
220,935
|
|
|
$
|
22,024
|
|
|
$
|
8,816
|
|
|
$
|
230,489
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,463
|
|
|
|
|
11,463
|
|
|||||||
Other comprehensive (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,816
|
)
|
|
(3,816
|
)
|
||||||
Common and treasury stock transactions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,076
|
|
|
—
|
|
|
—
|
|
|
2,076
|
|
||||||
Vesting of equity, net of tax withholdings
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
989
|
|
|
(989
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Re-issuance of treasury stock
|
—
|
|
|
—
|
|
|
(6
|
)
|
|
194
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
225
|
|
||||||
Cash dividends declared ($0.13 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,465
|
)
|
|
—
|
|
|
(2,465
|
)
|
||||||
Dividend equivalents on restricted stock units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(106
|
)
|
|
—
|
|
|
(106
|
)
|
||||||
Balance at June 30, 2018
|
19,586
|
|
|
$
|
196
|
|
|
632
|
|
|
$
|
(20,299
|
)
|
|
$
|
222,053
|
|
|
$
|
30,916
|
|
|
$
|
5,000
|
|
|
$
|
237,866
|
|
|
|
Six Months Ended
June 30, |
||||||
|
|
2019
|
|
2018
|
||||
Cash flows - operating activities
|
|
|
|
|
||||
Net income
|
|
$
|
26,367
|
|
|
$
|
21,631
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
|
||||
Depreciation and amortization
|
|
5,348
|
|
|
6,493
|
|
||
Deferred income taxes
|
|
512
|
|
|
(347
|
)
|
||
Stock-based compensation expense
|
|
4,711
|
|
|
3,852
|
|
||
Accretion expense related to earnout payments
|
|
327
|
|
|
647
|
|
||
Gain on marketable securities
|
|
(116
|
)
|
|
—
|
|
||
Changes in assets and liabilities, net of effects of acquisition:
|
|
|
|
|
||||
Accounts receivable
|
|
(32,093
|
)
|
|
(55,397
|
)
|
||
Accounts payable
|
|
(978
|
)
|
|
(1,797
|
)
|
||
Accrued expenses
|
|
(115,500
|
)
|
|
(60,116
|
)
|
||
Restructuring accrual
|
|
(1,189
|
)
|
|
(8,885
|
)
|
||
Deferred revenue
|
|
(3,240
|
)
|
|
(2,626
|
)
|
||
Income taxes recoverable and payable, net
|
|
(4,035
|
)
|
|
(3,066
|
)
|
||
Retirement and pension plan assets and liabilities
|
|
1,686
|
|
|
121
|
|
||
Prepaid expenses
|
|
(3,507
|
)
|
|
(5,879
|
)
|
||
Other assets and liabilities, net
|
|
(176
|
)
|
|
(1,691
|
)
|
||
Net cash used in operating activities
|
|
(121,883
|
)
|
|
(107,060
|
)
|
||
|
|
|
|
|
||||
Cash flows - investing activities
|
|
|
|
|
||||
Acquisition of business
|
|
—
|
|
|
(3,161
|
)
|
||
Capital expenditures
|
|
(1,793
|
)
|
|
(2,548
|
)
|
||
Purchases of available-for-sale investments and marketable securities
|
|
(40,477
|
)
|
|
(1,891
|
)
|
||
Proceeds from sales of available-for-sale investments and marketable securities
|
|
232
|
|
|
1,564
|
|
||
Net cash used in investing activities
|
|
(42,038
|
)
|
|
(6,036
|
)
|
||
|
|
|
|
|
||||
Cash flows - financing activities
|
|
|
|
|
||||
Proceeds from line of credit
|
|
—
|
|
|
20,000
|
|
||
Payments on line of credit
|
|
—
|
|
|
(20,000
|
)
|
||
Cash dividends paid
|
|
(5,903
|
)
|
|
(5,042
|
)
|
||
Payment of employee tax withholdings on equity transactions
|
|
(4,552
|
)
|
|
(2,233
|
)
|
||
Acquisition earnout payments
|
|
(407
|
)
|
|
—
|
|
||
Net cash used in financing activities
|
|
(10,862
|
)
|
|
(7,275
|
)
|
||
|
|
|
|
|
||||
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
|
|
(165
|
)
|
|
(1,359
|
)
|
||
|
|
|
|
|
||||
Net decrease in cash, cash equivalents and restricted cash
|
|
(174,948
|
)
|
|
(121,730
|
)
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
|
280,262
|
|
|
208,162
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
|
$
|
105,314
|
|
|
$
|
86,432
|
|
1
.
|
Basis of Presentation of Interim Financial Information
|
2
.
|
Summary of Significant Accounting Policies
|
|
June 30,
|
|
December 31,
|
||||||||||||
|
2019
|
|
2018
|
|
2018
|
|
2017
|
||||||||
Cash and cash equivalents
|
$
|
105,314
|
|
|
$
|
85,825
|
|
|
$
|
279,906
|
|
|
$
|
207,534
|
|
Restricted cash included within other current assets
|
—
|
|
|
508
|
|
|
108
|
|
|
526
|
|
||||
Restricted cash included within other non-current assets
|
—
|
|
|
99
|
|
|
248
|
|
|
102
|
|
||||
Total cash, cash equivalents and restricted cash
|
$
|
105,314
|
|
|
$
|
86,432
|
|
|
$
|
280,262
|
|
|
$
|
208,162
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
14,280
|
|
|
$
|
11,463
|
|
|
$
|
26,367
|
|
|
$
|
21,631
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
19,120
|
|
|
18,934
|
|
|
19,062
|
|
|
18,880
|
|
||||
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||
Restricted stock units
|
202
|
|
|
250
|
|
|
300
|
|
|
355
|
|
||||
Performance stock units
|
109
|
|
|
144
|
|
|
169
|
|
|
153
|
|
||||
Diluted
|
19,431
|
|
|
19,328
|
|
|
19,531
|
|
|
19,389
|
|
||||
Basic earnings per share
|
$
|
0.75
|
|
|
$
|
0.61
|
|
|
$
|
1.38
|
|
|
$
|
1.15
|
|
Diluted earnings per share
|
$
|
0.73
|
|
|
$
|
0.59
|
|
|
$
|
1.35
|
|
|
$
|
1.12
|
|
3
.
|
Revenue
|
|
December 31,
2018 |
|
June 30,
2019 |
|
Change
|
||||||
Contract assets
|
|
|
|
|
|
||||||
Unbilled receivables
|
$
|
8,684
|
|
|
$
|
10,237
|
|
|
$
|
1,553
|
|
Contract assets
|
15,291
|
|
|
14,506
|
|
|
(785
|
)
|
|||
Total contract assets
|
23,975
|
|
|
24,743
|
|
|
768
|
|
|||
|
|
|
|
|
|
||||||
Contract liabilities
|
|
|
|
|
|
||||||
Deferred revenue
|
$
|
40,673
|
|
|
$
|
37,424
|
|
|
$
|
(3,249
|
)
|
4
.
|
Allowance for Doubtful Accounts
|
Balance at December 31, 2018
|
$
|
3,502
|
|
Provision charged to income
|
1,821
|
|
|
Write-offs, net of recoveries
|
(1,099
|
)
|
|
Balance at June 30, 2019
|
$
|
4,224
|
|
5
.
|
Property and Equipment, net
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Leasehold improvements
|
$
|
46,741
|
|
|
$
|
48,455
|
|
Office furniture, fixtures and equipment
|
17,586
|
|
|
17,919
|
|
||
Computer equipment and software
|
26,830
|
|
|
27,063
|
|
||
Property and equipment, gross
|
91,157
|
|
|
93,437
|
|
||
Accumulated depreciation
|
(60,369
|
)
|
|
(59,566
|
)
|
||
Property and equipment, net
|
$
|
30,788
|
|
|
$
|
33,871
|
|
6.
|
Leases
|
|
Three Months Ended
June 30, 2019 |
|
Six Months Ended
June 30, 2019 |
||||
Operating lease cost
|
$
|
5,907
|
|
|
$
|
12,480
|
|
Variable lease cost
|
2,057
|
|
|
3,914
|
|
||
Total lease cost
|
$
|
7,964
|
|
|
$
|
16,394
|
|
|
Six Months Ended
June 30, 2019 |
||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
||
Operating cash flows from operating leases
|
$
|
16,886
|
|
Right-of-use assets obtained in exchange for lease obligations:
|
|
||
Operating leases
|
$
|
11,441
|
|
|
Operating Lease Maturity
|
||
2019
|
$
|
15,392
|
|
2020
|
30,774
|
|
|
2021
|
25,991
|
|
|
2022
|
22,388
|
|
|
2023
|
19,429
|
|
|
Thereafter
|
13,455
|
|
|
Total lease payments
|
127,429
|
|
|
Less: Interest
|
(11,378
|
)
|
|
Present value of lease liabilities
|
$
|
116,051
|
|
7
.
|
Financial Instruments and Fair Value Measurements
|
•
|
Level 1 – Quoted prices in active markets for identical assets and liabilities.
|
•
|
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.
|
•
|
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
|
|
Fair Value
|
|
Balance Sheet Classification
|
||||||||||||||||||||
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Marketable Securities
|
||||||||||||
Balance at June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash
|
|
|
|
|
|
|
|
|
$
|
78,982
|
|
|
$
|
—
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 1
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
5,518
|
|
|
—
|
|
|
—
|
|
|
5,518
|
|
|
5,518
|
|
|
—
|
|
||||||
U.S. Treasury securities
|
57,501
|
|
|
12
|
|
|
—
|
|
|
57,513
|
|
|
18,815
|
|
|
38,698
|
|
||||||
Total Level 1
|
63,019
|
|
|
12
|
|
|
—
|
|
|
63,031
|
|
|
24,333
|
|
|
38,698
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 2
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial paper
|
1,999
|
|
|
—
|
|
|
—
|
|
|
1,999
|
|
|
1,999
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
65,018
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
65,030
|
|
|
$
|
105,314
|
|
|
$
|
38,698
|
|
|
Fair Value
|
|
Balance Sheet Classification
|
||||||||||||||||||||
|
Amortized Cost
|
|
Unrealized Gains
|
|
Unrealized Losses
|
|
Fair Value
|
|
Cash and Cash Equivalents
|
|
Marketable Securities
|
||||||||||||
Balance at December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash
|
|
|
|
|
|
|
|
|
$
|
279,829
|
|
|
$
|
—
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 1
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
77
|
|
|
—
|
|
|
—
|
|
|
77
|
|
|
77
|
|
|
—
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
$
|
77
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
77
|
|
|
$
|
279,906
|
|
|
$
|
—
|
|
(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.
|
|
|
|
|
Balance Sheet Classification
|
||||||||||||||||||||
|
|
Fair Value
|
|
Other Current Assets
|
|
Assets Designated for Retirement and Pension Plans
|
|
Investments
|
|
Other Current Liabilities
|
|
Retirement and Pension Plans
|
||||||||||||
Balance at June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 1
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. non-qualified deferred compensation plan
|
|
$
|
23,647
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23,647
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 2
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retirement and pension plan assets
|
|
16,246
|
|
|
1,337
|
|
|
14,909
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Pension benefit obligation
|
|
(20,275
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,338
|
)
|
|
(18,937
|
)
|
||||||
Total Level 2
|
|
(4,029
|
)
|
|
1,337
|
|
|
14,909
|
|
|
—
|
|
|
(1,338
|
)
|
|
(18,937
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
19,618
|
|
|
$
|
1,337
|
|
|
$
|
14,909
|
|
|
$
|
23,647
|
|
|
$
|
(1,338
|
)
|
|
$
|
(18,937
|
)
|
|
|
|
|
Balance Sheet Classification
|
||||||||||||||||||||
|
|
Fair Value
|
|
Other Current Assets
|
|
Assets Designated for Retirement and Pension Plans
|
|
Investments
|
|
Other Current Liabilities
|
|
Retirement and Pension Plans
|
||||||||||||
Balance at December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 1
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. non-qualified deferred compensation plan
|
|
$
|
19,442
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19,442
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Level 2
(2)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retirement and pension plan assets
|
|
16,384
|
|
|
1,349
|
|
|
15,035
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Pension benefit obligation
|
|
(20,908
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,349
|
)
|
|
(19,559
|
)
|
||||||
Total Level 2
|
|
(4,524
|
)
|
|
1,349
|
|
|
15,035
|
|
|
—
|
|
|
(1,349
|
)
|
|
(19,559
|
)
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total
|
|
$
|
14,918
|
|
|
$
|
1,349
|
|
|
$
|
15,035
|
|
|
$
|
19,442
|
|
|
$
|
(1,349
|
)
|
|
$
|
(19,559
|
)
|
(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.
|
|
Acquisition
Earnout Accruals |
||
Balance at December 31, 2018
|
$
|
(6,627
|
)
|
Earnout accretion
|
(327
|
)
|
|
Earnout payments
|
553
|
|
|
DSI earnout adjustment
|
(56
|
)
|
|
Foreign currency translation
|
20
|
|
|
Balance at June 30, 2019
|
$
|
(6,437
|
)
|
8
.
|
Goodwill and Other Intangible Assets
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Executive Search
|
|
|
|
||||
Americas
|
$
|
88,547
|
|
|
$
|
88,410
|
|
Europe
|
24,782
|
|
|
24,924
|
|
||
Asia Pacific
|
8,741
|
|
|
8,758
|
|
||
Total Executive Search
|
122,070
|
|
|
122,092
|
|
||
Heidrick Consulting
|
36,257
|
|
|
36,257
|
|
||
Goodwill, gross
|
158,327
|
|
|
158,349
|
|
||
Accumulated impairment
|
(36,257
|
)
|
|
(36,257
|
)
|
||
Goodwill, net
|
$
|
122,070
|
|
|
$
|
122,092
|
|
|
Executive Search
|
|
|
|
|
||||||||||||||
|
Americas
|
|
Europe
|
|
Asia Pacific
|
|
Heidrick Consulting
|
|
Total
|
||||||||||
Gross goodwill at December 31, 2018
|
$
|
88,410
|
|
|
$
|
24,924
|
|
|
$
|
8,758
|
|
|
$
|
36,257
|
|
|
$
|
158,349
|
|
Accumulated impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,257
|
)
|
|
(36,257
|
)
|
|||||
Net goodwill at December 31, 2018
|
88,410
|
|
|
24,924
|
|
|
8,758
|
|
|
—
|
|
|
122,092
|
|
|||||
Foreign currency translation
|
137
|
|
|
(142
|
)
|
|
(17
|
)
|
|
—
|
|
|
(22
|
)
|
|||||
Net goodwill at June 30, 2019
|
$
|
88,547
|
|
|
$
|
24,782
|
|
|
$
|
8,741
|
|
|
$
|
—
|
|
|
$
|
122,070
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Executive Search
|
|
|
|
||||
Americas
|
$
|
13
|
|
|
$
|
52
|
|
Europe
|
1,645
|
|
|
2,086
|
|
||
Asia Pacific
|
72
|
|
|
78
|
|
||
Total Executive Search
|
1,730
|
|
|
2,216
|
|
||
Heidrick Consulting
|
—
|
|
|
—
|
|
||
Total other intangible assets, net
|
$
|
1,730
|
|
|
$
|
2,216
|
|
|
Weighted
Average Life (Years) |
|
June 30, 2019
|
|
December 31, 2018
|
||||||||||||||||||||
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Net Carrying Amount
|
||||||||||||||
Client relationships
|
6.7
|
|
$
|
15,905
|
|
|
$
|
(14,175
|
)
|
|
$
|
1,730
|
|
|
$
|
15,910
|
|
|
$
|
(13,694
|
)
|
|
$
|
2,216
|
|
Total intangible assets
|
6.7
|
|
$
|
15,905
|
|
|
$
|
(14,175
|
)
|
|
$
|
1,730
|
|
|
$
|
15,910
|
|
|
$
|
(13,694
|
)
|
|
$
|
2,216
|
|
9
.
|
Other Current Assets and Liabilities and Non-Current Liabilities
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Contract assets
|
$
|
24,743
|
|
|
$
|
23,975
|
|
Other
|
5,339
|
|
|
5,623
|
|
||
Total other current assets
|
$
|
30,082
|
|
|
$
|
29,598
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Restructuring charges
|
$
|
89
|
|
|
$
|
1,286
|
|
Other
|
26,097
|
|
|
31,933
|
|
||
Total other current liabilities
|
$
|
26,186
|
|
|
$
|
33,219
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Premise related costs
|
$
|
2,421
|
|
|
$
|
15,473
|
|
Other
|
1,896
|
|
|
1,950
|
|
||
Total other non-current liabilities
|
$
|
4,317
|
|
|
$
|
17,423
|
|
10
.
|
Line of Credit
|
11
.
|
Stock-Based Compensation
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Salaries and benefits (1)
|
$
|
2,976
|
|
|
$
|
1,513
|
|
|
$
|
4,647
|
|
|
$
|
3,289
|
|
General and administrative expenses
|
460
|
|
|
563
|
|
|
460
|
|
|
563
|
|
||||
Income tax benefit related to stock-based compensation included in net income
|
908
|
|
|
550
|
|
|
1,349
|
|
|
1,021
|
|
|
Number of
Restricted Stock Units |
|
Weighted-
Average Grant-Date Fair Value |
|||
Outstanding on December 31, 2018
|
512,446
|
|
|
$
|
28.83
|
|
Granted
|
109,298
|
|
|
39.57
|
|
|
Vested and converted to common stock
|
(175,792
|
)
|
|
24.19
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding on June 30, 2019
|
445,952
|
|
|
$
|
33.10
|
|
|
Number of
Performance
Stock Units
|
|
Weighted-
Average Grant-Date Fair Value |
|||
Outstanding on December 31, 2018
|
197,117
|
|
|
$
|
27.58
|
|
Granted
|
64,701
|
|
|
37.62
|
|
|
Vested and converted to common stock
|
(99,219
|
)
|
|
25.04
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Outstanding on June 30, 2019
|
162,599
|
|
|
$
|
33.13
|
|
|
Number of
Phantom
Stock Units
|
|
Outstanding on December 31, 2018
|
111,673
|
|
Granted
|
—
|
|
Vested and converted to common stock
|
—
|
|
Forfeited
|
—
|
|
Outstanding on June 30, 2019
|
111,673
|
|
|
Employee Related
|
|
Other
|
|
Total
|
||||||
Outstanding on December 31, 2018
|
$
|
1,269
|
|
|
$
|
17
|
|
|
$
|
1,286
|
|
Cash payments
|
(1,127
|
)
|
|
—
|
|
|
(1,127
|
)
|
|||
Other
|
(67
|
)
|
|
—
|
|
|
(67
|
)
|
|||
Exchange rate fluctuations
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||
Outstanding on June 30, 2019
|
$
|
72
|
|
|
$
|
17
|
|
|
$
|
89
|
|
13
.
|
Income Taxes
|
14
.
|
Changes in Accumulated Other Comprehensive Income
|
|
|
Available-
for- Sale Securities |
|
Foreign
Currency Translation |
|
Pension
|
|
AOCI
|
||||||||
Balance at December 31, 2018
|
|
$
|
—
|
|
|
$
|
5,258
|
|
|
$
|
(1,196
|
)
|
|
$
|
4,062
|
|
Other comprehensive income before classification, net of tax
|
|
12
|
|
|
313
|
|
|
—
|
|
|
325
|
|
||||
Amount reclassified from AOCI
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net current period other comprehensive income
|
|
12
|
|
|
313
|
|
|
—
|
|
|
325
|
|
||||
Balance at June 30, 2019
|
|
$
|
12
|
|
|
$
|
5,571
|
|
|
$
|
(1,196
|
)
|
|
$
|
4,387
|
|
15
.
|
Segment Information
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Executive Search
|
|
|
|
|
|
|
|
|
|||||||
Americas
|
$
|
100,517
|
|
|
$
|
102,692
|
|
|
$
|
199,822
|
|
|
$
|
188,995
|
|
Europe
|
34,864
|
|
|
37,286
|
|
|
68,417
|
|
|
72,967
|
|
||||
Asia Pacific
|
23,163
|
|
|
26,517
|
|
|
48,610
|
|
|
50,365
|
|
||||
Total Executive Search
|
158,544
|
|
|
166,495
|
|
|
316,849
|
|
|
312,327
|
|
||||
Heidrick Consulting
|
14,578
|
|
|
16,564
|
|
|
27,867
|
|
|
30,803
|
|
||||
Revenue before reimbursements (net revenue)
|
173,122
|
|
|
183,059
|
|
|
344,716
|
|
|
343,130
|
|
||||
Reimbursements
|
5,051
|
|
|
4,630
|
|
|
9,731
|
|
|
9,217
|
|
||||
Total revenue
|
$
|
178,173
|
|
|
$
|
187,689
|
|
|
$
|
354,447
|
|
|
$
|
352,347
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating income (loss)
|
|
|
|
|
|
|
|
||||||||
Executive Search
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
28,551
|
|
|
$
|
26,012
|
|
|
$
|
51,000
|
|
|
$
|
46,647
|
|
Europe
|
1,157
|
|
|
2,295
|
|
|
3,322
|
|
|
5,549
|
|
||||
Asia Pacific
|
3,315
|
|
|
2,891
|
|
|
8,221
|
|
|
7,194
|
|
||||
Total Executive Search
|
33,023
|
|
|
31,198
|
|
|
62,543
|
|
|
59,390
|
|
||||
Heidrick Consulting
|
(4,793
|
)
|
|
(3,997
|
)
|
|
(9,620
|
)
|
|
(9,227
|
)
|
||||
Total segment operating income
|
28,230
|
|
|
27,201
|
|
|
52,923
|
|
|
50,163
|
|
||||
Global Operations Support
|
(9,877
|
)
|
|
(8,740
|
)
|
|
(18,179
|
)
|
|
(18,581
|
)
|
||||
Total operating income
|
$
|
18,353
|
|
|
$
|
18,461
|
|
|
$
|
34,744
|
|
|
$
|
31,582
|
|
16
.
|
Guarantees
|
17
.
|
Commitments and Contingencies
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Revenue
|
|
|
|
|
|
|
|
||||
Revenue before reimbursements (net revenue)
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
Reimbursements
|
2.9
|
|
|
2.5
|
|
|
2.8
|
|
|
2.7
|
|
Total revenue
|
102.9
|
|
|
102.5
|
|
|
102.8
|
|
|
102.7
|
|
|
|
|
|
|
|
|
|
||||
Operating expenses
|
|
|
|
|
|
|
|
||||
Salaries and benefits
|
69.7
|
|
|
69.7
|
|
|
70.0
|
|
|
69.7
|
|
General and administrative expenses
|
19.7
|
|
|
20.2
|
|
|
19.9
|
|
|
21.1
|
|
Reimbursed expenses
|
2.9
|
|
|
2.5
|
|
|
2.8
|
|
|
2.7
|
|
Total operating expenses
|
92.3
|
|
|
92.4
|
|
|
92.7
|
|
|
93.5
|
|
|
|
|
|
|
|
|
|
||||
Operating income
|
10.6
|
|
|
10.1
|
|
|
10.1
|
|
|
9.2
|
|
|
|
|
|
|
|
|
|
||||
Non-operating income (expense)
|
|
|
|
|
|
|
|
||||
Interest, net
|
0.2
|
|
|
—
|
|
|
0.4
|
|
|
0.1
|
|
Other, net
|
0.4
|
|
|
—
|
|
|
0.7
|
|
|
(0.1
|
)
|
Net non-operating income (expense)
|
0.6
|
|
|
—
|
|
|
1.0
|
|
|
(0.1
|
)
|
|
|
|
|
|
|
|
|
||||
Income before income taxes
|
11.2
|
|
|
10.1
|
|
|
11.1
|
|
|
9.1
|
|
|
|
|
|
|
|
|
|
||||
Provision for income taxes
|
3.0
|
|
|
3.8
|
|
|
3.5
|
|
|
2.8
|
|
|
|
|
|
|
|
|
|
||||
Net income
|
8.2
|
%
|
|
6.3
|
%
|
|
7.6
|
%
|
|
6.3
|
%
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
|
|
|
|
|
|
|
||||||||
Executive Search
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
100,517
|
|
|
$
|
102,692
|
|
|
$
|
199,822
|
|
|
$
|
188,995
|
|
Europe
|
34,864
|
|
|
37,286
|
|
|
68,417
|
|
|
72,967
|
|
||||
Asia Pacific
|
23,163
|
|
|
26,517
|
|
|
48,610
|
|
|
50,365
|
|
||||
Total Executive Search
|
158,544
|
|
|
166,495
|
|
|
316,849
|
|
|
312,327
|
|
||||
Heidrick Consulting
|
14,578
|
|
|
16,564
|
|
|
27,867
|
|
|
30,803
|
|
||||
Revenue before reimbursements (net revenue)
|
173,122
|
|
|
183,059
|
|
|
344,716
|
|
|
343,130
|
|
||||
Reimbursements
|
5,051
|
|
|
4,630
|
|
|
9,731
|
|
|
9,217
|
|
||||
Total revenue
|
$
|
178,173
|
|
|
$
|
187,689
|
|
|
$
|
354,447
|
|
|
$
|
352,347
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Operating income (loss)
|
|
|
|
|
|
|
|
||||||||
Executive Search
|
|
|
|
|
|
|
|
||||||||
Americas
|
$
|
28,551
|
|
|
$
|
26,012
|
|
|
$
|
51,000
|
|
|
$
|
46,647
|
|
Europe
|
1,157
|
|
|
2,295
|
|
|
3,322
|
|
|
5,549
|
|
||||
Asia Pacific
|
3,315
|
|
|
2,891
|
|
|
8,221
|
|
|
7,194
|
|
||||
Total Executive Search
|
33,023
|
|
|
31,198
|
|
|
62,543
|
|
|
59,390
|
|
||||
Heidrick Consulting
|
(4,793
|
)
|
|
(3,997
|
)
|
|
(9,620
|
)
|
|
(9,227
|
)
|
||||
Total segment operating income
|
28,230
|
|
|
27,201
|
|
|
52,923
|
|
|
50,163
|
|
||||
Global Operations Support
|
(9,877
|
)
|
|
(8,740
|
)
|
|
(18,179
|
)
|
|
(18,581
|
)
|
||||
Total operating income
|
$
|
18,353
|
|
|
$
|
18,461
|
|
|
$
|
34,744
|
|
|
$
|
31,582
|
|
(a)
|
Evaluation of Disclosure Controls and Procedures
|
(b)
|
Changes in Internal Control Over Financial Reporting
|
Exhibit
No.
|
|
Description
|
|
|
|
*31.1
|
|
|
|
|
|
*31.2
|
|
|
|
|
|
*32.1
|
|
|
|
|
|
*32.2
|
|
|
|
|
|
*10.1
|
|
|
|
|
|
*101.INS
|
|
XBRL Instance Document
|
|
|
|
*101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
*101.CAL
|
|
XBRL Taxonomy Calculation Linkbase Document
|
|
|
|
*101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
*101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
*101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
*
|
Filed herewith.
|
|
|
|
Heidrick & Struggles International, Inc.
|
|
(Registrant)
|
|
|
|
|
|
/s/ Stephen A. Bondi
|
|
Stephen A. Bondi
|
|
Vice President, Controller
|
1 Year Heidrick and Struggles Chart |
1 Month Heidrick and Struggles Chart |
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