Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 22, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2022 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Filer Category | Large Accelerated Filer | |
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 | |
City Area Code | (312) | |
Local Phone Number | 496-1200 | |
Title of 12(b) Security | Common Stock, $0.01 par value | |
Trading Symbol | HSII | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 19,717,804 | |
Entity Central Index Key | 0001066605 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity Address, Address Line One | 233 South Wacker Drive | |
Entity Address, Address Line Two | Suite 4900 | |
Entity Address, City or Town | Chicago | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606-6303 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Information [Line Items] | ||
Entity Shell Company | false | |
Entity Emerging Growth Company | false |
Statement of Financial Position
Statement of Financial Position, Classified (Statement) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Assets, Current [Abstract] | ||
Cash and Cash Equivalents, at Carrying Value | $ 267,986,000 | $ 545,225,000 |
Accounts Receivable, after Allowance for Credit Loss, Current | 186,220,000 | 133,750,000 |
Prepaid Expense | 30,681,000 | 21,754,000 |
Other Assets, Current | 47,146,000 | 41,449,000 |
Income Taxes Receivable | 3,569,000 | 3,210,000 |
Assets, Current | 535,602,000 | 745,388,000 |
Assets, Noncurrent [Abstract] | ||
Property, Plant and Equipment, Net | 27,162,000 | 27,085,000 |
Operating Lease, Right-of-Use Asset | 69,344,000 | 72,320,000 |
Assets for Plan Benefits, Defined Benefit Plan | 12,372,000 | 12,715,000 |
Long-term Investments | 38,006,000 | 36,051,000 |
Other Assets, Noncurrent | 23,448,000 | 23,377,000 |
Goodwill | 139,017,000 | 138,524,000 |
Other Intangible Assets, Net | 8,462,000 | 9,169,000 |
Deferred Income Tax Assets, Net | 42,159,000 | 42,169,000 |
Assets, Noncurrent | 359,970,000 | 361,410,000 |
Assets | 895,572,000 | 1,106,798,000 |
Liabilities, Current [Abstract] | ||
Accounts Payable, Current | 16,350,000 | 20,374,000 |
Employee-related Liabilities, Current | 179,663,000 | 409,026,000 |
Deferred Revenue, Current | 55,364,000 | 51,404,000 |
Operating Lease, Liability, Current | 18,963,000 | 19,332,000 |
Other Liabilities, Current | 53,982,000 | 24,554,000 |
Accrued Income Taxes, Current | 15,397,000 | 10,004,000 |
Liabilities, Current | 339,719,000 | 534,694,000 |
Liabilities, Noncurrent [Abstract] | ||
Accrued Salaries and Benefits | 71,235,000 | 73,779,000 |
Liability, Defined Benefit Plan, Noncurrent | 57,076,000 | 55,593,000 |
Operating Lease, Liability, Noncurrent | 62,439,000 | 65,625,000 |
Other Liabilities, Noncurrent | 14,338,000 | 41,087,000 |
Liabilities, Noncurrent | 205,088,000 | 236,084,000 |
Liabilities | 544,807,000 | 770,778,000 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred Stock, Value, Issued | 0 | 0 |
Common Stock, Value, Issued | 197,000 | 196,000 |
Treasury Stock, Value | (191,000) | (191,000) |
Additional Paid in Capital, Common Stock | 233,641,000 | 233,163,000 |
Retained Earnings (Accumulated Deficit) | 116,525,000 | 101,177,000 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 593,000 | 1,675,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 350,765,000 | 336,020,000 |
Liabilities and Equity | $ 895,572,000 | $ 1,106,798,000 |
Statement of Income (Statement)
Statement of Income (Statement) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 283,861,000 | $ 193,656,000 |
Revenues | 285,537,000 | 194,731,000 |
Labor and Related Expense | 201,445,000 | 141,363,000 |
General and Administrative Expense | 29,794,000 | 27,368,000 |
Operating Expenses | 255,305,000 | 175,123,000 |
Operating Income (Loss) | 30,232,000 | 19,608,000 |
Interest Income (Expense), Net | 110,000 | 82,000 |
Other Nonoperating Income (Expense) | (2,471,000) | 3,082,000 |
Nonoperating Income (Expense) | (2,361,000) | 3,164,000 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 27,871,000 | 22,772,000 |
Income Tax Expense (Benefit) | 9,404,000 | 7,940,000 |
Net Income (Loss) Attributable to Parent | 18,467,000 | 14,832,000 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | (1,082,000) | (693,000) |
Other Comprehensive Income (Loss), Net of Tax | (1,082,000) | (693,000) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 17,385,000 | $ 14,139,000 |
Weighted Average Number of Shares Outstanding, Basic | 19,624,000 | 19,387,000 |
Weighted Average Number of Shares Outstanding, Diluted | 20,511,000 | 20,171,000 |
Earnings Per Share, Basic | $ 0.94 | $ 0.77 |
Earnings Per Share, Diluted | 0.90 | 0.74 |
Common Stock, Dividends, Per Share, Declared | $ 0.15 | $ 0.15 |
Restructuring Charges | $ 0 | $ 3,861,000 |
Research and Development Expense | $ 4,402,000 | $ 0 |
Common Stock, Dividends, Per Share, Declared | $ 0.15 | $ 0.15 |
Common Stock, Shares, Outstanding | 19,717,804 | |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 350,765,000 | $ 278,570,000 |
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | 3,698,000 | 2,991,000 |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | (3,090,000) | |
Dividends, Cash | (2,940,000) | (2,905,000) |
Dividend, Share-based Payment Arrangement, Cash | $ (179,000) | $ (167,000) |
Common Stock Including Additional Paid in Capital | ||
Common Stock, Shares, Outstanding | 19,723,000 | 19,586,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 197,000 | $ 196,000 |
Treasury Stock | ||
Common Stock, Shares, Outstanding | 5,000 | 88,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (191,000) | $ (3,090,000) |
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | (138,000) | |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | $ 4,951,000 | |
Additional Paid-in Capital | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 233,641,000 | 225,998,000 |
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | 3,698,000 | 2,991,000 |
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | (8,041,000) | |
Retained Earnings | ||
Net Income (Loss) Attributable to Parent | 18,467,000 | 14,832,000 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 116,525,000 | 52,742,000 |
Dividends, Cash | 2,940,000 | 2,905,000 |
Dividend, Share-based Payment Arrangement, Cash | 179,000 | 167,000 |
AOCI Attributable to Parent | ||
Other Comprehensive Income (Loss), Net of Tax | (1,082,000) | (693,000) |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 593,000 | 2,724,000 |
Reimbursements | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,676,000 | 1,075,000 |
Cost of Goods and Services Sold | 1,676,000 | 1,075,000 |
Cost of Services | ||
Cost of Goods and Services Sold | $ 17,988,000 | $ 1,456,000 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Statement) - USD ($) | Total | Common Stock Including Additional Paid in Capital | Treasury Stock | Additional Paid-in Capital | Retained Earnings | AOCI Attributable to Parent | Common Stock |
Common Stock, Shares, Outstanding | 19,586,000 | 226,000 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 267,602,000 | $ 196,000 | $ (8,041,000) | $ 231,048,000 | $ 40,982,000 | $ 3,417,000 | |
Net Income (Loss) Attributable to Parent | 14,832,000 | 14,832,000 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 14,139,000 | ||||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | 2,991,000 | 2,991,000 | |||||
Restricted Stock, Value, Shares Issued Net of Tax Withholdings | (3,090,000) | $ 4,951,000 | (8,041,000) | ||||
Restricted Stock, Shares Issued Net of Shares for Tax Withholdings | (138,000) | ||||||
Dividends, Cash | (2,905,000) | 2,905,000 | |||||
Dividend, Share-based Payment Arrangement, Cash | $ (167,000) | 167,000 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ (693,000) | (693,000) | |||||
Common Stock, Shares, Outstanding | 19,586,000 | 88,000 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 278,570,000 | $ 196,000 | $ (3,090,000) | 225,998,000 | 52,742,000 | 2,724,000 | |
Common Stock, Shares, Outstanding | 19,591,527 | 19,597,000 | 5,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 336,020,000 | $ 196,000 | $ (191,000) | 233,163,000 | 101,177,000 | 1,675,000 | |
Net Income (Loss) Attributable to Parent | 18,467,000 | 18,467,000 | |||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 17,385,000 | ||||||
APIC, Share-based Payment Arrangement, Restricted Stock Unit, Increase for Cost Recognition | 3,698,000 | 3,698,000 | |||||
Stock Issued During Period, Value, New Issues | (3,219,000) | (3,220,000) | $ 1,000 | ||||
Stock Issued During Period, Shares, New Issues | 126,000 | ||||||
Dividends, Cash | (2,940,000) | 2,940,000 | |||||
Dividend, Share-based Payment Arrangement, Cash | $ (179,000) | 179,000 | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.15 | ||||||
Other Comprehensive Income (Loss), Net of Tax | $ (1,082,000) | (1,082,000) | |||||
Common Stock, Shares, Outstanding | 19,717,804 | 19,723,000 | 5,000 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 350,765,000 | $ 197,000 | $ (191,000) | $ 233,641,000 | $ 116,525,000 | $ 593,000 |
Statement of Cash Flows (Statem
Statement of Cash Flows (Statement) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net Income (Loss) Attributable to Parent | $ 18,467,000 | $ 14,832,000 |
Depreciation, Depletion and Amortization | 2,620 | 6,068,000 |
Deferred Income Tax Expense (Benefit) | (477) | (495,000) |
Share-based Payment Arrangement, Noncash Expense | 3,698 | 2,991,000 |
Accretion Expense | 271 | 0 |
Marketable Securities, Gain (Loss) | 0 | (1,000) |
Gain (Loss) on Disposition of Assets | 167 | 21,000 |
Increase (Decrease) in Accounts Receivable | (53,142) | (41,209,000) |
Increase (Decrease) in Accounts Payable | (4,156) | 1,365,000 |
Increase (Decrease) in Accrued Liabilities | (227,424) | (116,327,000) |
Restructuring Reserve, Accrual Adjustment | 0 | (2,902,000) |
Increase (Decrease) in Deferred Revenue | 4,137 | 963,000 |
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable | 5,028 | 6,819,000 |
Increase (Decrease) in Obligation, Pension Benefits | 3,497 | 1,235,000 |
Increase (Decrease) in Prepaid Expense | (9,081) | (7,894,000) |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (5,801) | (8,037,000) |
Net Cash Provided by (Used in) Operating Activities | (262,196) | (142,571,000) |
Payments to Acquire Property, Plant, and Equipment | (1,804) | (945,000) |
Payments to Acquire Available-for-sale Securities | (5,011) | (1,354,000) |
Proceeds from Sale of Debt Securities, Available-for-sale | 763 | 20,153,000 |
Net Cash Provided by (Used in) Investing Activities | (6,052) | 17,854,000 |
Payments of Dividends | (3,119) | (3,072,000) |
Payment, Tax Withholding, Share-based Payment Arrangement | (3,219) | (3,090,000) |
Net Cash Provided by (Used in) Financing Activities | (6,338) | (6,162,000) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (2,671) | (1,539,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (277,257) | (132,418,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 268,002,000 | 184,071,000 |
Payments to Acquire Property, Plant, and Equipment | 1,804 | 945,000 |
Payments to Acquire Available-for-sale Securities | 5,011 | 1,354,000 |
Net Cash Provided by (Used in) Investing Activities | (6,052) | 17,854,000 |
Payments of Dividends | 3,119 | 3,072,000 |
Payment, Tax Withholding, Share-based Payment Arrangement | 3,219 | 3,090,000 |
Net Cash Provided by (Used in) Financing Activities | (6,338) | (6,162,000) |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (2,671) | (1,539,000) |
Net Income (Loss) Attributable to Parent | 18,467,000 | 14,832,000 |
Depreciation, Depletion and Amortization | 2,620 | 6,068,000 |
Deferred Income Tax Expense (Benefit) | (477) | (495,000) |
Share-based Payment Arrangement, Noncash Expense | 3,698 | 2,991,000 |
Accretion Expense | 271 | 0 |
Marketable Securities, Gain (Loss) | 0 | 1,000 |
Gain (Loss) on Disposition of Assets | (167) | (21,000) |
Increase (Decrease) in Accounts Receivable | 53,142 | 41,209,000 |
Increase (Decrease) in Accounts Payable | (4,156) | 1,365,000 |
Increase (Decrease) in Accrued Liabilities | (227,424) | (116,327,000) |
Restructuring Reserve, Accrual Adjustment | 0 | (2,902,000) |
Increase (Decrease) in Deferred Revenue | 4,137 | 963,000 |
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable | 5,028 | 6,819,000 |
Increase (Decrease) in Obligation, Pension Benefits | 3,497 | 1,235,000 |
Increase (Decrease) in Prepaid Expense | 9,081 | 7,894,000 |
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 5,801 | 8,037,000 |
Net Cash Provided by (Used in) Operating Activities | (262,196) | (142,571,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (277,257) | (132,418,000) |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 268,002,000 | 184,071,000 |
Proceeds from Sale of Debt Securities, Available-for-sale | $ 763 | $ 20,153,000 |
Statement of Financial Positi_2
Statement of Financial Position, Classified (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Common Stock, Shares Authorized | 100,000,000 | |
Common Stock, Par or Stated Value Per Share | $ 0.01 | |
Common Stock, Shares, Outstanding | 19,717,804 | 19,591,527 |
Treasury Stock, Shares | 5,080 | |
Accounts Receivable, Allowance for Credit Loss, Current | $ 6,278,000 | $ 5,666,000 |
Common Stock, Shares, Issued | 19,722,884 | 19,596,607 |
Organization, Consolidation and
Organization, Consolidation and Presentation of Financial Statements | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure | The accompanying unaudited Condensed Consolidated Financial Statements of Heidrick & Struggles International, Inc. and subsidiaries (the "Company") have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. Significant items subject to estimates and assumptions include revenue recognition, income taxes, interim effective tax rate and the assessment of goodwill, other intangible assets and long-lived assets for impairment. Estimates are subject to a degree of uncertainty and actual results could differ from these estimates. In the opinion of management, all adjustments necessary to fairly present the financial position of the Company at March 31, 2022 and December 31, 2021, the results of operations for the three months ended March 31, 2022 and 2021 and its cash flows for the three months ended March 31, 2022 and 2021 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, 2021, as filed with the SEC on February 28, 2022. |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and 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, 2021. Revenue Recognition See Note 3 , Revenue. Cost of Services Cost of services consists of third-party contractor costs related to the delivery of various services in the Company's On-Demand Talent and Heidrick Consulting operating segments. Research and development Research and development consists of payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with new product development. Marketable Securities The Company’s marketable securities consist of available-for-sale debt securities with original maturities exceeding three months. Restricted Cash The following table provides a reconciliation of the cash and cash equivalents between the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows as of March 31, 2022 and 2021, and December 31, 2021 and 2020: March 31, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 267,986 $ 184,055 $ 545,225 $ 316,473 Restricted cash included within other non-current assets 16 16 34 16 Total cash, cash equivalents and restricted cash $ 268,002 $ 184,071 $ 545,259 $ 316,489 Earnings per Common Share Basic earnings per common share is 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 2022 2021 Net income $ 18,467 $ 14,832 Weighted average shares outstanding: Basic 19,624 19,387 Effect of dilutive securities: Restricted stock units 650 589 Performance stock units 237 195 Diluted 20,511 20,171 Basic earnings per share $ 0.94 $ 0.77 Diluted earnings per share $ 0.90 $ 0.74 Reclassifications Certain prior year amounts have been recast as a result of the Company's presentation of Cost of services in the Condensed Consolidated Statements of Comprehensive Income. The reclassifications had no impact on net income, net cash flows or stockholders' equity. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating Lease Right-of-Use Assets , Operating Lease Liabilities - Current and Operating Lease Liabilities - Non-Current in our 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. Recently Issued Financial Accounting Standards In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance is 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, 2022. The Company is currently evaluating the impact of this accounting guidance. The effect is not known or reasonably estimable at this time. |
Reclassifications | Reclassifications Certain prior year amounts have been recast as a result of the Company's presentation of Cost of services in the Condensed Consolidated Statements of Comprehensive Income. The reclassifications had no impact on net income, net cash flows or stockholders' equity. |
Revenue from Contract with Cust
Revenue from Contract with Customer | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Executive Search Revenue is recognized as performance obligations are satisfied by transferring a good or service to a client. Generally, each executive search contract contains one performance obligation which is the process of identifying potentially qualified candidates for a specific client position. In most contracts, the transaction price includes both fixed and variable consideration. Fixed compensation is comprised of a retainer, equal to approximately one-third of the estimated first year compensation for the position to be filled, and indirect expenses, equal to a specified percentage of the retainer, as defined in the contract. The Company generally bills clients for the retainer and indirect expenses in one-third increments over a three-month period commencing in the month of a client’s acceptance of the contract. If actual compensation of a placed candidate exceeds the original compensation estimate, the Company is often authorized to bill the client for one-third of the excess compensation. The Company refers to this additional billing as uptick revenue. In most contracts, variable consideration is comprised of uptick revenue and direct expenses. The Company bills its clients for uptick revenue upon completion of the executive search, and direct expenses are billed as incurred. The Company estimates uptick revenue at contract inception, based on a portfolio approach, utilizing the expected value method based on a historical analysis of uptick revenue realized in the Company’s geographic regions and industry practices, and initially records a contract’s uptick revenue in an amount that is probable not to result in a significant reversal of cumulative revenue recognized when the actual amount of uptick revenue for the contract is known. Differences between the estimated and actual amounts of variable consideration are recorded when known. The Company does not estimate revenue for direct expenses as it is not materially different than recognizing revenue as direct expenses are incurred. Revenue from executive search engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. Revenue from executive search engagements is recognized over the expected average period of performance, in proportion to the estimated personnel time incurred to fulfill the obligations under the executive search contract. Revenue is generally recognized over a period of approximately six months. The Company's executive search contracts contain a replacement guarantee which provides for an additional search to be completed, free of charge except for expense reimbursements, should the candidate presented by the Company be hired by the client and subsequently terminated by the client for performance reasons within a specified period of time. The replacement guarantee is an assurance warranty, which is not a performance obligation under the terms of the executive search contract, as the Company does not provide any services under the terms of the guarantee that transfer benefits to the client in excess of assuring that the identified candidate complies with the agreed-upon specifications. The Company accounts for the replacement guarantee under the relevant warranty guidance in Accounting Standards Codification 460 - Guarantees. On-Demand Talent The Company enters into contracts with clients that outline the general terms and conditions of the assignment to provide on-demand consultants for various types of consulting projects, which consultants may be independent contractors or temporary employees. The consideration the Company expects to receive under each contract is dependent on the time-based fees specified in the contract. Revenue from on-demand engagement performance obligations is recognized over time as clients simultaneously receive and consume the benefits provided by the Company's performance. The Company has applied the practical expedient to recognize revenue for these services in the amount to which the Company has a right to invoice the client, as this amount corresponds directly with the value provided to the client for the performance completed to date. For transactions where a third-party contractor is involved in providing the services to the client, the Company reports the revenue and the related direct costs on a gross basis as it has determined that it is the principal in the transaction. The Company is primarily responsible for fulfilling the promise to provide consulting services to its clients and the Company has discretion in establishing the prices charged to clients for the consulting services and is able to contractually obligate the independent service provider to deliver services and deliverables that the Company has agreed to provide to its clients. Heidrick Consulting Revenue is recognized as performance obligations are satisfied by transferring a good or service to a client. Heidrick Consulting enters into contracts with clients that outline the general terms and conditions of the assignment to provide succession planning, executive assessment, top team and board effectiveness and culture shaping programs. The consideration the Company expects to receive under each contract is generally fixed. Most of the Company's consulting contracts contain one performance obligation, which is the overall process of providing the consulting service requested by the client. The majority of our consulting revenue is recognized over time utilizing both input and output methods. Contracts that contain coaching sessions, training sessions or the completion of assessments are recognized using the output method as each session or assessment is delivered to the client. Contracts that contain general consulting work are recognized using the input method utilizing a measure of progress that is based on time incurred on the project. The Company enters into enterprise agreements with clients to provide a license for online access, via the Company's Culture Connect platform, to training and other proprietary material related to the Company's culture shaping programs. The consideration the Company expects to receive under the terms of an enterprise agreement is comprised of a single fixed fee. The enterprise agreements contain multiple performance obligations, the delivery of materials via Culture Connect and material rights related to options to renew enterprise agreements at a significant discount. The Company allocates the transaction price to the performance obligations in the contract on a stand-alone selling price basis. The stand-alone selling price for the initial term of the enterprise agreement is outlined in the contract and is equal to the price paid by the client for the agreement over the initial term of the contract. The stand-alone selling price for the options to renew, or material right, are not directly observable and must be estimated. This estimate is required to reflect the discount the client would obtain when exercising the option to renew, adjusted for the likelihood that the option will be exercised. The Company estimates the likelihood of renewal using a historical analysis of client renewals. Access to Culture Connect represents a right to access the Company’s intellectual property that the client simultaneously receives and consumes as the Company performs under the agreement, and therefore the Company recognizes revenue over time. Given the continuous nature of this commitment, the Company utilizes straight-line ratable revenue recognition over the estimated subscription period as the Company's clients will receive and consume the benefits from Culture Connect equally throughout the contract period. Revenue related to client renewals of enterprise agreements is recognized over the term of the renewal, which is generally twelve months. Enterprise agreements do not comprise a significant portion of the Company's revenue. Contract Balances Contract assets and liabilities are reported in a net position on a contract-by-contract basis at the end of each reporting period. Contract assets and liabilities are classified as current due to the nature of the Company's contracts, which are completed within one year. Contract assets are included within Other Current Assets on the Condensed Consolidated Balance Sheets. Unbilled receivables: Unbilled revenue 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, 2021 to March 31, 2022: March 31, December 31, Change Contract assets Unbilled receivables, net $ 19,348 $ 17,947 $ 1,401 Contract assets 21,725 18,995 2,730 Total contract assets 41,073 36,942 4,131 Contract liabilities Deferred revenue $ 55,364 $ 51,404 $ 3,960 During the three months ended March 31, 2022, the Company recognized revenue of $51.1 million that was included in the contract liabilities balance at the beginning of the period. The amount of revenue recognized during the three months ended March 31, 2022, from performance obligations partially satisfied in previous periods as a result of changes in the estimates of variable consideration was $8.3 million. Each of the Company's contracts has an expected duration of one year or less. |
Credit Losses
Credit Losses | 3 Months Ended |
Mar. 31, 2022 | |
Credit Loss [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure | 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 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 Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and determined that the estimate of credit losses was not significantly impacted. The activity in the allowance for credit losses on the Company's trade receivables is as follows: Balance at December 31, 2021 $ 5,666 Provision for credit losses 2,154 Write-offs (1,534) Foreign currency translation (8) Balance at March 31, 2022 $ 6,278 The fair value and unrealized losses on available for sale debt securities, aggregated by investment category and the length of time the security has been in an unrealized loss position, are as follows: Less Than 12 Months Balance Sheet Classification Balance at March 31, 2022 Fair Value Unrealized Loss Cash and Cash Equivalents Marketable Securities U.S. Treasury securities $ 51,984 $ 1 $ 51,984 $ — |
Property, Plant, and Equipment
Property, Plant, and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure | The components of the Company’s property and equipment are as follows: March 31, December 31, Leasehold improvements $ 41,510 $ 42,252 Office furniture, fixtures and equipment 14,515 14,933 Computer equipment and software 25,640 24,293 Property and equipment, gross 81,665 81,478 Accumulated depreciation (54,503) (54,393) Property and equipment, net $ 27,162 $ 27,085 Depreciation expense for each of the three months ended March 31, 2022 and 2021 was $1.8 million. |
Leases, Codification Topic 842
Leases, Codification Topic 842 | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lessee, Operating 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 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. Office leases have remaining lease terms that range from less than one year to 11.3 years, some of which also include options to extend or terminate the lease. Most office leases contain both fixed and variable lease payments. Variable lease costs consist primarily of rent escalations based on an established index or rate and taxes, insurance, and common area or other maintenance costs, which are paid based on actual costs incurred by the lessor. The Company has elected to utilize the available practical expedient to not separate lease and non-lease components for office leases. As part of the Company's restructuring plan, a lease component related to one of the Company's offices was abandoned and the useful life of the associated right-of-use asset was shortened to correspond with the cease-use date. As a result of the change in the useful life, approximately $4.0 million of right-of-use asset amortization was accelerated and recorded in Restructuring charges in the Condensed Consolidated Statements of Comprehensive Income and Depreciation and amortization in the Condensed Consolidated Statements of Cash Flows during the three months ended March 31, 2021. Equipment leases, which are comprised of vehicle and office equipment leases, have remaining terms that range from less than one year to 4.7 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 General and Administrative Expenses in our Condensed Consolidated Statements of Comprehensive Income were as follows: Three Months Ended March 31, 2022 2021 Operating lease cost $ 4,358 $ 4,867 Variable lease cost 1,161 1,228 Total lease cost $ 5,519 $ 6,095 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Investment | 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 in the Condensed Consolidated Balance Sheets until realized. The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows: Cash and Cash Equivalents Balance at March 31, 2022 Cash $ 145,982 Level 1 (1) : Money market funds 28,026 U.S. Treasury securities 93,978 Total Level 1 122,004 Total $ 267,986 Cash and Cash Equivalents Balance at December 31, 2021 Cash $ 265,233 Level 1 (1) : Money market funds 80,798 U.S. Treasury securities 199,194 Total Level 1 279,992 Total $ 545,225 (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 $27.5 million and $22.9 million as of March 31, 2022 and December 31, 2021, 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 Fair Value Other Current Assets Assets Designated for Retirement and Pension Plans Investments Other Current Liabilities Retirement and Pension Plans Balance at March 31, 2022 Measured on a recurring basis: Level 1 (1) : U.S. non-qualified deferred compensation plan $ 38,006 $ — $ — $ 38,006 $ — $ — Level 2 (2) : Retirement and pension plan assets 13,669 1,297 12,372 — — — Pension benefit obligation (19,066) — — — (1,297) (17,769) Total Level 2 (5,397) 1,297 12,372 — (1,297) (17,769) Total $ 32,609 $ 1,297 $ 12,372 $ 38,006 $ (1,297) $ (17,769) 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, 2021 Measured on a recurring basis: Level 1 (1) : U.S. non-qualified deferred compensation plan $ 36,051 $ — $ — $ 36,051 $ — $ — Level 2 (2) : Retirement and pension plan assets 14,048 1,333 12,715 — — — Pension benefit obligation (19,594) — — — (1,333) (18,261) Total Level 2 (5,546) 1,333 12,715 — (1,333) (18,261) Total $ 30,505 $ 1,333 $ 12,715 $ 36,051 $ (1,333) $ (18,261) (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 the Company's acquired businesses are eligible to receive additional cash compensation 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 discounted cash flow models. The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the three months ended March 31, 2022: Earnout Contingent Compensation Balance at December 31, 2021 $ (35,654) $ (4,141) Earnout accretion (271) — Compensation expense — (1,089) Foreign currency translation — (760) Balance at March 31, 2022 $ (35,925) $ (5,990) Earnout accruals of $26.9 million and zero were recorded within Other current liabilities as of March 31, 2022 and December 31, 2021, respectively, and earnout accruals of $9.0 million and $35.7 million were recorded within Other non-current liabilities as of March 31, 2022 and December 31, 2021, respectively. The contingent compensation accruals are recorded within non-current Accrued salaries and benefits at both March 31, 2022 and December 31, 2021. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | Goodwill The Company's goodwill by segment is as follows: March 31, December 31, Executive Search Americas $ 91,989 $ 91,463 Europe 1,499 1,532 Total Executive Search 93,488 92,995 On-Demand Talent 45,529 45,529 Total goodwill $ 139,017 $ 138,524 Changes in the carrying amount of goodwill by segment for the three months ended March 31, 2022, are as follows: Executive Search On-Demand Talent Americas Europe Asia Pacific Total Goodwill $ 91,463 $ 26,007 $ 8,495 $ 45,529 $ 171,494 Accumulated impairment losses — (24,475) (8,495) — (32,970) Balance at December 31, 2021 91,463 1,532 — 45,529 138,524 Foreign currency translation 526 (33) — — 493 Goodwill 91,989 25,974 8,495 45,529 171,987 Accumulated impairment losses — (24,475) (8,495) — (32,970) Balance at March 31, 2022 $ 91,989 $ 1,499 $ — $ 45,529 $ 139,017 Other Intangible Assets, net The Company’s other intangible assets, net by segment, are as follows: March 31, December 31, Executive Search Americas $ 103 $ 103 Europe 389 463 Asia Pacific 30 33 Total Executive Search 522 599 On-Demand Talent 7,940 8,570 Total other intangible assets, net $ 8,462 $ 9,169 The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows: Weighted March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships 10.6 $ 22,052 $ (16,691) $ 5,361 $ 22,127 $ (16,495) $ 5,632 Trade name 3.1 2,474 (1,446) 1,028 2,441 (1,237) 1,204 Software 3.0 3,110 (1,037) 2,073 3,110 (777) 2,333 Total intangible assets 7.8 $ 27,636 $ (19,174) $ 8,462 $ 27,678 $ (18,509) $ 9,169 Intangible asset amortization expense for the three months ended March 31, 2022 and 2021 was $0.8 million and $0.2 million, respectively. The Company's estimated future amortization expense related to intangible assets as of March 31, 2022, for the years ended December 31 is as follows: 2022 $ 2,113 2023 2,735 2024 1,155 2025 764 2026 527 Thereafter 1,168 Total $ 8,462 |
Deferred Costs, Capitalized, Pr
Deferred Costs, Capitalized, Prepaid, and Other Assets | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Additional Financial Information Disclosure | The components of other current assets are as follows: March 31, December 31, Contract assets $ 41,073 $ 36,942 Other 6,073 4,507 Total other current assets $ 47,146 $ 41,449 The components of other current liabilities are as follows: March 31, December 31, Earnout liability $ 26,949 $ — Other 27,033 24,554 Total other current liabilities $ 53,982 $ 24,554 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt Disclosure | On July 13, 2021, the Company entered into a First Amendment to the 2018 Credit Agreement (the "Amendment"). The Amendment provides the Company with a committed unsecured revolving credit facility in an aggregate amount of $200 million, increased from $175 million as set forth in the 2018 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 Amendment matures on July 13, 2026, extended from October 26, 2023 as set forth in the 2018 Credit Agreement. Borrowings under the Amendment 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 Amendment are guaranteed by certain of the Company’s subsidiaries. As of March 31, 2022 and December 31, 2021, the Company had no outstanding borrowings. The Company was in compliance with the financial and other covenants under the Amendment and no event of default existed. |
Compensation Related Costs, Sha
Compensation Related Costs, Share Based Payments | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement | The Company's Third Amended and Restated 2012 Heidrick & Struggles GlobalShare Program (the "Third A&R Program") provides for grants of stock options, stock appreciation rights, and other stock-based compensation awards that are valued based upon the grant date fair value of shares. These awards may be granted to directors, selected employees and independent contractors. As of March 31, 2022, 3,650,461 awards have been issued under the Third A&R Program, including 748,407 forfeited awards, and 447,946 shares remain available for future awards. The Third A&R Program provides that no awards can be granted after May 28, 2028. 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 2022 2021 Salaries and benefits (1) $ 2,904 $ 5,461 Income tax benefit related to stock-based compensation included in net income 790 1,453 (1) Includes $0.8 million of income and $2.5 million of expense related to cash settled restricted stock units for the three months ended March 31, 2022 and 2021, respectively. Restricted Stock Units Restricted stock units are subject to ratable vesting over a three four Restricted stock unit activity for the three months ended March 31, 2022 is as follows: Number of Weighted- Outstanding on December 31, 2021 727,651 $ 31.32 Granted 180,429 38.24 Vested and converted to common stock (141,627) 32.26 Forfeited (3,530) 37.26 Outstanding on March 31, 2022 762,923 $ 32.76 As of March 31, 2022, there was $12.3 million of pre-tax unrecognized compensation expense related to unvested restricted stock units, which is expected to be recognized over a weighted average of 2.6 years. Performance Stock Units The Company grants performance stock units to certain of its senior executives. The performance stock units are generally subject to a cliff vesting at the end of a three three three Performance stock unit activity for the three months ended March 31, 2022 is as follows: Number of Weighted- Outstanding on December 31, 2021 232,857 $ 32.29 Granted 97,379 38.75 Vested and converted to common stock (69,784) 40.77 Forfeited — — Outstanding on March 31, 2022 260,452 $ 32.43 As of March 31, 2022, there was $7.5 million of pre-tax unrecognized compensation expense related to unvested performance stock units, which is expected to be recognized over a weighted average of 2.1 years. Phantom Stock Units Phantom stock units are grants of phantom stock with respect to shares of the Company's common stock that are settled in cash and are subject to various restrictions, including restrictions on transferability, vesting and forfeiture provisions. Shares of phantom stock that do not vest for any reason will be forfeited by the recipient and will revert to the Company. Phantom stock units are subject to vesting over a period of four The Company recorded phantom stock-based compensation income of $0.8 million and expense of $2.5 million during the three months ended March 31, 2022 and 2021, respectively. Phantom stock unit activity for the three months ended March 31, 2022 is as follows: Number of Outstanding on December 31, 2021 348,863 Granted — Vested — Forfeited — Outstanding on March 31, 2022 348,863 As of March 31, 2022, there was $3.1 million of pre-tax unrecognized compensation expense related to unvested phantom stock units, which is expected to be recognized over a weighted average of 2.5 years. |
Restructuring and Related Activ
Restructuring and Related Activities | 3 Months Ended |
Mar. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | During the year ended December 31, 2020, the Company implemented a restructuring plan (the "2020 Plan") to optimize future growth and profitability. The primary components of the 2020 Plan included a workforce reduction, a reduction of the Company's real estate expenses and professional fees, and the elimination of certain deferred compensation programs. The Company continued to incur charges related to the 2020 Plan during the year ended December 31, 2021, which primarily related to finalizing a reduction of the Company's real estate footprint. The Company did not incur any charges during the three months ended March 31, 2022 and does not anticipate incurring any future charges under the 2020 Plan. Restructuring charges (reversals) for the three months ended March 31, 2021 by type of charge (reversal) and operating segment are as follows: Executive Search Americas Europe Asia Pacific Heidrick Consulting Global Operations Support Total Employee related $ 19 $ (52) $ (124) $ (44) $ 7 $ (194) Office related 3,676 — — 366 — 4,042 Other 3 — — — 10 13 Total $ 3,698 $ (52) $ (124) $ 322 $ 17 $ 3,861 Restructuring charges incurred to date under the 2020 Plan, which are solely comprised of prior period charges, by type of charge and reportable segment are as follows: Executive Search Americas Europe Asia Pacific Heidrick Consulting Global Operations Support Total Employee related $ 16,226 $ 8,256 $ 4,110 $ 2,589 $ 1,416 $ 32,597 Office related 18,101 226 374 2,352 1,819 22,872 Other 34 24 6 71 560 695 Total $ 34,361 $ 8,506 $ 4,490 $ 5,012 $ 3,795 $ 56,164 As part of the Company's reduction in real estate expenses under the 2020 Plan, a lease component related to one of the Company's offices was abandoned. In September 2021, the Company entered into a termination and surrender agreement for this lease component. Under the terms of the agreement, the Company made a one-time payment of $11.7 million to release the Company from all remaining obligations under the lease. At the time of payment, the Company had accrued approximately $17.4 million of lease liabilities related to future payments under the remaining lease term. Upon making the one-time payment, the lease liabilities were relieved, resulting in a gain on termination of approximately $5.7 million, which is recorded in Restructuring charges in the Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2021. Changes in the restructuring accrual for the three months ended March 31, 2022 were as follows: Employee Related Office Related Other Total Accrual balance at December 31, 2021 8,394 — — 8,394 Cash payments (4,843) — — (4,843) Non-cash write-offs (34) (34) Exchange rate fluctuations (18) — — (18) Accrual balance at March 31, 2022 $ 3,499 $ — $ — $ 3,499 Restructuring accruals are recorded within current Accrued salaries and benefits as of March 31, 2022. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure | The Company reported income before taxes of $27.9 million and an income tax provision of $9.4 million for the three months ended March 31, 2022. The Company reported income before taxes of $22.8 million and an income tax provision of $7.9 million for the three months ended March 31, 2021. The effective tax rates for the three months ended March 31, 2022 and 2021, were 33.7% and 34.9%, respectively. The effective tax rates for the three months ended March 31, 2022 and 2021 were each impacted by one-time items and the mix of income. |
Comprehensive Text Block List
Comprehensive Text Block List | 3 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Comprehensive Income (Loss) Note | The changes in Accumulated other comprehensive income (“AOCI”) by component for the three months ended March 31, 2022 are as follows: Foreign Pension AOCI Balance at December 31, 2021 $ 4,294 $ (2,619) $ 1,675 Other comprehensive loss before classification, net of tax (1,082) — (1,082) Balance at March 31, 2022 $ 3,212 $ (2,619) $ 593 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure | The Company has five operating segments. The executive search business operates in the Americas, Europe (which includes Africa) and Asia Pacific (which includes the Middle East), and the Heidrick Consulting and On-Demand Talent businesses operate globally. For segment purposes, reimbursements of out-of-pocket expenses classified as revenue and other operating income are reported separately and, therefore, are not included in the results of each segment. The Company believes that analyzing trends in revenue before reimbursements (net revenue), analyzing operating expenses as a percentage of net revenue, and analyzing operating income, more appropriately reflect its core operations. Revenue and operating income by segment are as follows: Three Months Ended March 31, 2022 2021 Revenue Executive Search Americas $ 162,553 $ 116,506 Europe 49,745 37,643 Asia Pacific 30,251 25,469 Total Executive Search 242,549 179,618 On-Demand Talent 23,381 — Heidrick Consulting 17,931 14,038 Revenue before reimbursements (net revenue) 283,861 193,656 Reimbursements 1,676 1,075 Total revenue $ 285,537 $ 194,731 Three Months Ended March 31, 2022 2021 Operating income Executive Search Americas (1) $ 39,851 $ 26,256 Europe (2) 5,403 4,540 Asia Pacific (3) 5,054 4,144 Total Executive Search 50,308 34,940 On-Demand Talent (582) — Heidrick Consulting (4) (2,084) (4,710) Total segment operating income 47,642 30,230 Research and Development (4,402) — Global Operations Support (5) (13,008) (10,622) Total operating income $ 30,232 $ 19,608 (1) Includes restructuring charges of $3.7 million for the three months ended March 31, 2021. (2) Includes restructuring reversals of $0.1 million for the three months ended March 31, 2021. (3) Includes restructuring reversals of $0.1 million for the three months ended March 31, 2021. (4) Includes restructuring charges of $0.3 million for the three months ended March 31, 2021. (5) Includes restructuring charges of less than $0.1 million for the three months ended March 31, 2021. |
Guarantees
Guarantees | 3 Months Ended |
Mar. 31, 2022 | |
Guarantees and Product Warranties [Abstract] | |
Guarantees | The Company has utilized letters of credit to support certain obligations, primarily for its office lease agreements. The letters of credit were made to secure the respective agreements and are for the terms of the agreements, which extend through 2033. For each letter of credit issued, the Company would have to use cash to fulfill the obligation if there is a default on a payment. The maximum amount of undiscounted payments the Company would be required to make in the event of default on all outstanding letters of credit is approximately $4.4 million as of March 31, 2022. The Company has not accrued for these arrangements as no event of default exists or is expected to exist. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure | 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 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | . Subsequent Event Open for potential subsequent events |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combination Disclosure |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Cost of Goods and Service | Cost of Services Cost of services consists of third-party contractor costs related to the delivery of various services in the Company's On-Demand Talent and Heidrick Consulting operating segments. |
Revenue from Contract with Customer | Revenue Recognition See Note 3 , Revenue. |
Research and Development Expense, Policy | Research and developmentResearch and development consists of payroll, employee benefits, stock-based compensation, other employee expenses and third-party professional fees associated with new product development. |
Earnings Per Share, Policy | Earnings per Common Share Basic earnings per common share is 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 2022 2021 Net income $ 18,467 $ 14,832 Weighted average shares outstanding: Basic 19,624 19,387 Effect of dilutive securities: Restricted stock units 650 589 Performance stock units 237 195 Diluted 20,511 20,171 Basic earnings per share $ 0.94 $ 0.77 Diluted earnings per share $ 0.90 $ 0.74 |
Lessee, Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in Operating Lease Right-of-Use Assets , Operating Lease Liabilities - Current and Operating Lease Liabilities - Non-Current in our 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. |
New Accounting Pronouncements, Policy | Recently Issued Financial Accounting Standards In March 2020, the Financial Accounting Standards Board issued Accounting Standards Update ("ASU") No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance is 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, 2022. The Company is currently evaluating the impact of this accounting guidance. The effect is not known or reasonably estimable at this time. |
Marketable Securities, Policy | Marketable Securities The Company’s marketable securities consist of available-for-sale debt securities with original maturities exceeding three months. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 and 2021, and December 31, 2021 and 2020: March 31, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 267,986 $ 184,055 $ 545,225 $ 316,473 Restricted cash included within other non-current assets 16 16 34 16 Total cash, cash equivalents and restricted cash $ 268,002 $ 184,071 $ 545,259 $ 316,489 |
Restrictions on Cash and Cash Equivalents | The following table provides a reconciliation of the cash and cash equivalents between the Condensed Consolidated Balance Sheets and the Condensed Consolidated Statements of Cash Flows as of March 31, 2022 and 2021, and December 31, 2021 and 2020: March 31, December 31, 2022 2021 2021 2020 Cash and cash equivalents $ 267,986 $ 184,055 $ 545,225 $ 316,473 Restricted cash included within other non-current assets 16 16 34 16 Total cash, cash equivalents and restricted cash $ 268,002 $ 184,071 $ 545,259 $ 316,489 |
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 2022 2021 Net income $ 18,467 $ 14,832 Weighted average shares outstanding: Basic 19,624 19,387 Effect of dilutive securities: Restricted stock units 650 589 Performance stock units 237 195 Diluted 20,511 20,171 Basic earnings per share $ 0.94 $ 0.77 Diluted earnings per share $ 0.90 $ 0.74 |
Revenue from Contract with Cu_2
Revenue from Contract with Customer (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable | The following table outlines the changes in the contract asset and liability balances from December 31, 2021 to March 31, 2022: March 31, December 31, Change Contract assets Unbilled receivables, net $ 19,348 $ 17,947 $ 1,401 Contract assets 21,725 18,995 2,730 Total contract assets 41,073 36,942 4,131 Contract liabilities Deferred revenue $ 55,364 $ 51,404 $ 3,960 |
Credit Losses (Tables)
Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Credit Loss [Abstract] | |
Accounts Receivable, Allowance for Credit Loss | The activity in the allowance for credit losses on the Company's trade receivables is as follows: Balance at December 31, 2021 $ 5,666 Provision for credit losses 2,154 Write-offs (1,534) Foreign currency translation (8) Balance at March 31, 2022 $ 6,278 |
Debt Securities, Available-for-sale | The fair value and unrealized losses on available for sale debt securities, aggregated by investment category and the length of time the security has been in an unrealized loss position, are as follows: Less Than 12 Months Balance Sheet Classification Balance at March 31, 2022 Fair Value Unrealized Loss Cash and Cash Equivalents Marketable Securities U.S. Treasury securities $ 51,984 $ 1 $ 51,984 $ — |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The components of the Company’s property and equipment are as follows: March 31, December 31, Leasehold improvements $ 41,510 $ 42,252 Office furniture, fixtures and equipment 14,515 14,933 Computer equipment and software 25,640 24,293 Property and equipment, gross 81,665 81,478 Accumulated depreciation (54,503) (54,393) Property and equipment, net $ 27,162 $ 27,085 |
Leases, Codification Topic 842
Leases, Codification Topic 842 (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases [Abstract] | |
Lease, Cost | Lease cost components included within General and Administrative Expenses in our Condensed Consolidated Statements of Comprehensive Income were as follows: Three Months Ended March 31, 2022 2021 Operating lease cost $ 4,358 $ 4,867 Variable lease cost 1,161 1,228 Total lease cost $ 5,519 $ 6,095 |
Schedule of Cash Flow Information Related to Operating Leases | Supplemental cash flow information related to the Company's operating leases is as follows for the three months ended March 31: 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,044 $ 7,566 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 281 $ 791 |
Lessee Operating Lease Weighted Averages | The weighted average remaining lease term and weighted average discount rate for operating leases as of March 31, are as follows: 2022 2021 Weighted Average Remaining Lease Term Operating leases 6.3 years 5.9 years Weighted Average Discount Rate Operating leases 3.25 % 3.44 % |
Lessee, Operating Lease, Liability, Maturity | The future maturities of the Company's operating lease liabilities as of March 31, 2022, for the years ended December 31 are as follows: Operating Lease Maturity 2022 $ 13,339 2023 18,688 2024 16,649 2025 8,764 2026 7,377 Thereafter 25,484 Total lease payments 90,301 Less: Interest (8,899) Present value of lease liabilities $ 81,402 |
Fair Value Measures and Discl_2
Fair Value Measures and Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Unrealized Gain (Loss) on Investments | The Company's cash, cash equivalents, and marketable securities by significant investment category are as follows: Cash and Cash Equivalents Balance at March 31, 2022 Cash $ 145,982 Level 1 (1) : Money market funds 28,026 U.S. Treasury securities 93,978 Total Level 1 122,004 Total $ 267,986 Cash and Cash Equivalents Balance at December 31, 2021 Cash $ 265,233 Level 1 (1) : Money market funds 80,798 U.S. Treasury securities 199,194 Total Level 1 279,992 Total $ 545,225 (1) Level 1 – Quoted prices in active markets for identical assets and liabilities. |
Fair Value, Separate Account Investment | 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 Fair Value Other Current Assets Assets Designated for Retirement and Pension Plans Investments Other Current Liabilities Retirement and Pension Plans Balance at March 31, 2022 Measured on a recurring basis: Level 1 (1) : U.S. non-qualified deferred compensation plan $ 38,006 $ — $ — $ 38,006 $ — $ — Level 2 (2) : Retirement and pension plan assets 13,669 1,297 12,372 — — — Pension benefit obligation (19,066) — — — (1,297) (17,769) Total Level 2 (5,397) 1,297 12,372 — (1,297) (17,769) Total $ 32,609 $ 1,297 $ 12,372 $ 38,006 $ (1,297) $ (17,769) 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, 2021 Measured on a recurring basis: Level 1 (1) : U.S. non-qualified deferred compensation plan $ 36,051 $ — $ — $ 36,051 $ — $ — Level 2 (2) : Retirement and pension plan assets 14,048 1,333 12,715 — — — Pension benefit obligation (19,594) — — — (1,333) (18,261) Total Level 2 (5,546) 1,333 12,715 — (1,333) (18,261) Total $ 30,505 $ 1,333 $ 12,715 $ 36,051 $ (1,333) $ (18,261) (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. |
Investments and Other Noncurrent Assets | The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the three months ended March 31, 2022: Earnout Contingent Compensation Balance at December 31, 2021 $ (35,654) $ (4,141) Earnout accretion (271) — Compensation expense — (1,089) Foreign currency translation — (760) Balance at March 31, 2022 $ (35,925) $ (5,990) Earnout accruals of $26.9 million and zero were recorded within Other current liabilities as of March 31, 2022 and December 31, 2021, respectively, and earnout accruals of $9.0 million and $35.7 million were recorded within Other non-current liabilities as of March 31, 2022 and December 31, 2021, respectively. The contingent compensation accruals are recorded within non-current Accrued salaries and benefits at both March 31, 2022 and December 31, 2021. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of the beginning and ending balance of Level 3 liabilities for the three months ended March 31, 2022: Earnout Contingent Compensation Balance at December 31, 2021 $ (35,654) $ (4,141) Earnout accretion (271) — Compensation expense — (1,089) Foreign currency translation — (760) Balance at March 31, 2022 $ (35,925) $ (5,990) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Goodwill | The Company's goodwill by segment is as follows: March 31, December 31, Executive Search Americas $ 91,989 $ 91,463 Europe 1,499 1,532 Total Executive Search 93,488 92,995 On-Demand Talent 45,529 45,529 Total goodwill $ 139,017 $ 138,524 |
Schedule of Goodwill | Changes in the carrying amount of goodwill by segment for the three months ended March 31, 2022, are as follows: Executive Search On-Demand Talent Americas Europe Asia Pacific Total Goodwill $ 91,463 $ 26,007 $ 8,495 $ 45,529 $ 171,494 Accumulated impairment losses — (24,475) (8,495) — (32,970) Balance at December 31, 2021 91,463 1,532 — 45,529 138,524 Foreign currency translation 526 (33) — — 493 Goodwill 91,989 25,974 8,495 45,529 171,987 Accumulated impairment losses — (24,475) (8,495) — (32,970) Balance at March 31, 2022 $ 91,989 $ 1,499 $ — $ 45,529 $ 139,017 |
Schedule of Finite-Lived Intangible Assets | The Company’s other intangible assets, net by segment, are as follows: March 31, December 31, Executive Search Americas $ 103 $ 103 Europe 389 463 Asia Pacific 30 33 Total Executive Search 522 599 On-Demand Talent 7,940 8,570 Total other intangible assets, net $ 8,462 $ 9,169 The carrying amount of amortizable intangible assets and the related accumulated amortization are as follows: Weighted March 31, 2022 December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Client relationships 10.6 $ 22,052 $ (16,691) $ 5,361 $ 22,127 $ (16,495) $ 5,632 Trade name 3.1 2,474 (1,446) 1,028 2,441 (1,237) 1,204 Software 3.0 3,110 (1,037) 2,073 3,110 (777) 2,333 Total intangible assets 7.8 $ 27,636 $ (19,174) $ 8,462 $ 27,678 $ (18,509) $ 9,169 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The Company's estimated future amortization expense related to intangible assets as of March 31, 2022, for the years ended December 31 is as follows: 2022 $ 2,113 2023 2,735 2024 1,155 2025 764 2026 527 Thereafter 1,168 Total $ 8,462 |
Deferred Costs, Capitalized, _2
Deferred Costs, Capitalized, Prepaid, and Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | The components of other current assets are as follows: March 31, December 31, Contract assets $ 41,073 $ 36,942 Other 6,073 4,507 Total other current assets $ 47,146 $ 41,449 The components of other current liabilities are as follows: March 31, December 31, Earnout liability $ 26,949 $ — Other 27,033 24,554 Total other current liabilities $ 53,982 $ 24,554 |
Compensation Related Costs, S_2
Compensation Related Costs, Share Based Payments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount | A summary of information with respect to stock-based compensation is as follows: Three Months Ended 2022 2021 Salaries and benefits (1) $ 2,904 $ 5,461 Income tax benefit related to stock-based compensation included in net income 790 1,453 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | Restricted stock unit activity for the three months ended March 31, 2022 is as follows: Number of Weighted- Outstanding on December 31, 2021 727,651 $ 31.32 Granted 180,429 38.24 Vested and converted to common stock (141,627) 32.26 Forfeited (3,530) 37.26 Outstanding on March 31, 2022 762,923 $ 32.76 |
Share-based Payment Arrangement, Performance Shares, Outstanding Activity | Number of Weighted- Outstanding on December 31, 2021 232,857 $ 32.29 Granted 97,379 38.75 Vested and converted to common stock (69,784) 40.77 Forfeited — — Outstanding on March 31, 2022 260,452 $ 32.43 |
Share-Based Compensation, Phantom Shares Award Outstanding Activity | Phantom stock unit activity for the three months ended March 31, 2022 is as follows: Number of Outstanding on December 31, 2021 348,863 Granted — Vested — Forfeited — Outstanding on March 31, 2022 348,863 |
Comprehensive Text Block List (
Comprehensive Text Block List (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in Accumulated other comprehensive income (“AOCI”) by component for the three months ended March 31, 2022 are as follows: Foreign Pension AOCI Balance at December 31, 2021 $ 4,294 $ (2,619) $ 1,675 Other comprehensive loss before classification, net of tax (1,082) — (1,082) Balance at March 31, 2022 $ 3,212 $ (2,619) $ 593 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Revenue and operating income by segment are as follows: Three Months Ended March 31, 2022 2021 Revenue Executive Search Americas $ 162,553 $ 116,506 Europe 49,745 37,643 Asia Pacific 30,251 25,469 Total Executive Search 242,549 179,618 On-Demand Talent 23,381 — Heidrick Consulting 17,931 14,038 Revenue before reimbursements (net revenue) 283,861 193,656 Reimbursements 1,676 1,075 Total revenue $ 285,537 $ 194,731 Three Months Ended March 31, 2022 2021 Operating income Executive Search Americas (1) $ 39,851 $ 26,256 Europe (2) 5,403 4,540 Asia Pacific (3) 5,054 4,144 Total Executive Search 50,308 34,940 On-Demand Talent (582) — Heidrick Consulting (4) (2,084) (4,710) Total segment operating income 47,642 30,230 Research and Development (4,402) — Global Operations Support (5) (13,008) (10,622) Total operating income $ 30,232 $ 19,608 (1) Includes restructuring charges of $3.7 million for the three months ended March 31, 2021. (2) Includes restructuring reversals of $0.1 million for the three months ended March 31, 2021. (3) Includes restructuring reversals of $0.1 million for the three months ended March 31, 2021. (4) Includes restructuring charges of $0.3 million for the three months ended March 31, 2021. (5) Includes restructuring charges of less than $0.1 million for the three months ended March 31, 2021. |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 267,986,000 | $ 184,055,000 | $ 545,225,000 | $ 316,473,000 |
Cash and Cash Equivalents [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $ 18,467,000 | $ 14,832,000 | ||
Weighted Average Number of Shares Outstanding, Basic | 19,624,000 | 19,387,000 | ||
Weighted Average Number of Shares Outstanding, Diluted | 20,511,000 | 20,171,000 | ||
Earnings Per Share, Basic | $ 0.94 | $ 0.77 | ||
Earnings Per Share, Diluted | $ 0.90 | $ 0.74 | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $ 268,002,000 | $ 184,071,000 | 545,259,000 | 316,489,000 |
Restricted Stock Units (RSUs) | ||||
Cash and Cash Equivalents [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 650,000 | 589,000 | ||
Performance Shares | ||||
Cash and Cash Equivalents [Line Items] | ||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 237,000 | 195,000 | ||
Other Noncurrent Assets [Member] | ||||
Accounting Policies [Abstract] | ||||
Restricted Cash | $ 16,000 | $ 16,000 | 34,000 | 16,000 |
Cash and Cash Equivalents [Line Items] | ||||
Restricted Cash | $ 16,000 | $ 16,000 | $ 34,000 | $ 16,000 |
Revenue from Contract with Cu_3
Revenue from Contract with Customer (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Unbilled Contracts Receivable | $ 19,348,000 | $ 17,947,000 |
Contract with Customer, Asset, after Allowance for Credit Loss | 41,073,000 | 36,942,000 |
Deferred Revenue, Current | 55,364,000 | 51,404,000 |
Deferred Revenue, Revenue Recognized | 51,100,000 | |
Contract with Customer, Performance Obligation Satisfied in Previous Period | 8,300,000 | |
Increase (Decrease) in Unbilled Contracts Receivable | 1,401,000 | |
Contract with Customer, Asset, before Allowance for Credit Loss | 21,725,000 | $ 18,995,000 |
Increase (Decrease) In Contract With Customer, After Allowance For Credit Loss | 2,730,000 | |
Increase (Decrease) in Contract with Customer, Asset | 4,131,000 | |
Deferred Revenue, Period Increase (Decrease) | $ 3,960,000 |
Credit Losses (Details)
Credit Losses (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Credit Loss [Abstract] | |||
Allowance for Doubtful Accounts, Premiums and Other Receivables | $ 6,278,000 | $ 5,666,000 | |
Accounts Receivable, Credit Loss Expense (Reversal) | 2,154,000 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (1,534,000) | ||
Debt Securities, Available-for-sale [Line Items] | |||
Allowance for Doubtful Accounts, Premiums and Other Receivables | 6,278,000 | $ 5,666,000 | |
Accounts Receivable, Credit Loss Expense (Reversal) | 2,154,000 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 1,534,000 | ||
Depreciation | 1,800,000 | $ 1,800,000 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Allowance For Doubtful Accounts, Foreign Currency Translation | (8,000) | ||
US Treasury Securities [Member] | In Loss Position for less than 12 Months | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | 51,984,000 | ||
Debt Securities, Unrealized Gain (Loss) | 1,000 | ||
Cash and Cash Equivalents | US Treasury Securities [Member] | In Loss Position for less than 12 Months | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | 51,984,000 | ||
Investments | US Treasury Securities [Member] | In Loss Position for less than 12 Months | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt Securities, Available-for-sale | $ 0 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 81,665,000 | $ 81,478,000 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (54,503,000) | (54,393,000) | |
Property, Plant and Equipment, Net | 27,162,000 | 27,085,000 | |
Depreciation | 1,800,000 | $ 1,800,000 | |
Leasehold Improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 41,510,000 | 42,252,000 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 14,515,000 | 14,933,000 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 25,640,000 | $ 24,293,000 |
Leases, Codification Topic 84_2
Leases, Codification Topic 842 (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 27 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 30, 2021 | |
Leases [Abstract] | ||||
Operating Lease, Expense | $ 4,358,000 | $ 4,867,000 | ||
Variable Lease, Cost | 1,161,000 | 1,228,000 | ||
Lease, Cost | 5,519,000 | 6,095,000 | ||
Operating Lease, Payments | 5,044,000 | 7,566,000 | ||
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 281,000 | $ 791,000 | ||
Operating Lease, Weighted Average Remaining Lease Term | 6 years 3 months 18 days | 5 years 10 months 24 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.25% | 3.44% | ||
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year | $ 13,339,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Four | 8,764,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Five | 7,377,000 | |||
Lessee, Operating Lease, Liability, to be Paid | 90,301,000 | |||
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (8,899,000) | |||
Operating Lease, Liability | 81,402,000 | |||
Lessee, Lease, Description [Line Items] | ||||
Restructuring Charges | 0 | $ 3,861,000 | $ 56,164,000 | |
Lessee, Operating Lease, Liability, to be Paid, After Year Four | 25,484,000 | |||
Early Surrender Agreement Payment | $ 11,700,000 | |||
Gain on Early Termination Agreement | 5,700,000 | |||
Lease Liability Associated with Surrendered Office | $ 17,400,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Two | 18,688,000 | |||
Lessee, Operating Lease, Liability, to be Paid, Year Three | $ 16,649,000 | |||
Minimum [Member] | Office Leases [Member] | ||||
Leases [Abstract] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | |||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | |||
Minimum [Member] | Equipment Lease [Member] | ||||
Leases [Abstract] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | |||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | |||
Maximum [Member] | Office Leases [Member] | ||||
Leases [Abstract] | ||||
Lessee, Operating Lease, Term of Contract | 11 years 3 months 18 days | |||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 11 years 3 months 18 days | |||
Maximum [Member] | Equipment Lease [Member] | ||||
Leases [Abstract] | ||||
Lessee, Operating Lease, Term of Contract | 4 years 8 months 12 days | |||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 4 years 8 months 12 days |
Fair Value Measures and Discl_3
Fair Value Measures and Disclosures (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 267,986,000 | $ 545,225,000 | $ 184,055,000 | $ 316,473,000 |
Fair Value, Net Asset (Liability) | 32,609,000 | 30,505,000 | ||
Goodwill | 139,017,000 | 138,524,000 | ||
Aggregate Cost Basis for Non-Qualified Deferred Compensation Plan | 27,500,000 | 22,900,000 | ||
Goodwill, Gross | 171,987,000 | 171,494,000 | ||
Goodwill, Impaired, Accumulated Impairment Loss | 32,970,000 | 32,970,000 | ||
Investments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Net Asset (Liability) | 38,006,000 | 36,051,000 | ||
Other Current Assets [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Net Asset (Liability) | 1,297,000 | 1,333,000 | ||
Assets Designated for Retirement and Pension Plans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Net Asset (Liability) | 12,372,000 | 12,715,000 | ||
Other Current Liabilities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Net Asset (Liability) | (1,297,000) | (1,333,000) | ||
Other Pension Plan [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value, Net Asset (Liability) | (17,769,000) | (18,261,000) | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 122,004,000 | 279,992,000 | ||
Deferred Compensation Plan Assets | 38,006,000 | 36,051,000 | ||
Fair Value, Inputs, Level 1 [Member] | Investments | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Deferred Compensation Plan Assets | 38,006,000 | 36,051,000 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 13,669,000 | 14,048,000 | ||
Defined Benefit Plan, Benefit Obligation | (19,066,000) | (19,594,000) | ||
Fair Value, Net Asset (Liability) | (5,397,000) | (5,546,000) | ||
Fair Value, Inputs, Level 2 [Member] | Other Current Assets [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 1,297,000 | 1,333,000 | ||
Fair Value, Net Asset (Liability) | 1,297,000 | 1,333,000 | ||
Fair Value, Inputs, Level 2 [Member] | Assets Designated for Retirement and Pension Plans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Defined Benefit Plan, Plan Assets, Amount | 12,372,000 | 12,715,000 | ||
Fair Value, Net Asset (Liability) | 12,372,000 | 12,715,000 | ||
Fair Value, Inputs, Level 2 [Member] | Other Current Liabilities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | (1,297,000) | (1,333,000) | ||
Fair Value, Net Asset (Liability) | (1,297,000) | (1,333,000) | ||
Fair Value, Inputs, Level 2 [Member] | Other Pension Plan [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Defined Benefit Plan, Benefit Obligation | (17,769,000) | (18,261,000) | ||
Fair Value, Net Asset (Liability) | (17,769,000) | (18,261,000) | ||
Fair Value, Inputs, Level 3 | Acqusition Earnout Accruals | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Acquisition Earnout Accruals | (35,925,000) | (35,654,000) | ||
Fair Value, Inputs, Level 3 | Acqusition Earnout Accruals | Other Current Liabilities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Acquisition Earnout Accruals | 26,949,000 | 0 | ||
Fair Value, Inputs, Level 3 | Acqusition Earnout Accruals | Other Liabilities | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Acquisition Earnout Accruals | 9,000,000 | $ 35,700,000 | ||
Cash [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 145,982,000 | 265,233,000 | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | 28,026,000 | 80,798,000 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 93,978,000 | $ 199,194,000 |
Fair Value Measures and Discl_4
Fair Value Measures and Disclosures Level 3 Liabilities (Details) - USD ($) | 3 Months Ended | 27 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Goodwill, Beginning Balance | $ 138,524,000 | |||
Restructuring Charges | 0 | $ 3,861,000 | $ 56,164,000 | |
Goodwill, Ending Balance | 139,017,000 | |||
Fair Value, Inputs, Level 3 | Contingent Compensation | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Deferred Compensation Arrangement with Individual, Compensation Expense | (1,089,000) | |||
Acquisition Earnout Accruals | (5,990,000) | $ (4,141,000) | ||
Fair Value, Inputs, Level 3 | Acqusition Earnout Accruals | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||
Earnout Accretion Fair Value Disclosure | (271,000) | |||
Acquisition Earnout Accruals | $ (35,925,000) | $ (35,654,000) |
Fair Value Measures and Discl_5
Fair Value Measures and Disclosures Level 3 (Details) - Fair Value, Inputs, Level 3 | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Acqusition Earnout Accruals | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Acquisition Earnout Accruals | $ (35,654,000) |
Earnout Accretion Fair Value Disclosure | (271,000) |
Acquisition Earnout Accruals | (35,925,000) |
Contingent Compensation | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Acquisition Earnout Accruals | (4,141,000) |
Fair Value Measurement With Unobservable Inputs, Recurring Basis Liability, Foreign Currency Translation | (760,000) |
Acquisition Earnout Accruals | $ (5,990,000) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Line Items] | ||
Goodwill | $ 139,017,000 | $ 138,524,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | 493,000 | |
Goodwill, Gross | 171,987,000 | 171,494,000 |
Goodwill, Impaired, Accumulated Impairment Loss | (32,970,000) | (32,970,000) |
Finite-Lived Intangible Assets, Net | $ 8,462,000 | 9,169,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 9 months 18 days | |
Customer Relationships [Member] | ||
Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 5,361,000 | 5,632,000 |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 7 months 6 days | |
Executive Search Member | ||
Goodwill [Line Items] | ||
Goodwill | $ 93,488,000 | 92,995,000 |
Finite-Lived Intangible Assets, Net | 522,000 | 599,000 |
Executive Search Member | Americas | ||
Goodwill [Line Items] | ||
Goodwill | 91,989,000 | 91,463,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | 526,000 | |
Goodwill, Gross | 91,989,000 | 91,463,000 |
Goodwill, Impaired, Accumulated Impairment Loss | 0 | 0 |
Finite-Lived Intangible Assets, Net | 103,000 | 103,000 |
Executive Search Member | Europe | ||
Goodwill [Line Items] | ||
Goodwill | 1,499,000 | 1,532,000 |
Goodwill, Foreign Currency Translation Gain (Loss) | (33,000) | |
Goodwill, Gross | 25,974,000 | 26,007,000 |
Goodwill, Impaired, Accumulated Impairment Loss | (24,475,000) | (24,475,000) |
Finite-Lived Intangible Assets, Net | 389,000 | 463,000 |
Executive Search Member | Asia Pacific | ||
Goodwill [Line Items] | ||
Goodwill | 0 | 0 |
Goodwill, Foreign Currency Translation Gain (Loss) | 0 | |
Goodwill, Gross | 8,495,000 | 8,495,000 |
Goodwill, Impaired, Accumulated Impairment Loss | (8,495,000) | (8,495,000) |
Finite-Lived Intangible Assets, Net | 30,000 | 33,000 |
On-Demand Talent | ||
Goodwill [Line Items] | ||
Goodwill | 45,529,000 | 45,529,000 |
Finite-Lived Intangible Assets, Net | $ 7,940,000 | $ 8,570,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets, net (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | $ 2,113,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 2,735,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 1,155,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 764,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 527,000 | ||
Finite-Lived Intangible Asset, Expected Amortization, after Year Five | 1,168,000 | ||
Finite-Lived Intangible Assets, Net | $ 8,462,000 | $ 9,169,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 7 years 9 months 18 days | ||
Finite-Lived Intangible Assets, Gross | $ 27,636,000 | 27,678,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (19,174,000) | (18,509,000) | |
Finite-Lived Intangible Assets, Net | 8,462,000 | 9,169,000 | |
Amortization of Intangible Assets | 800,000 | $ 200,000 | |
Executive Search Member | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Net | 522,000 | 599,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 522,000 | 599,000 | |
Executive Search Member | Americas | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Net | 103,000 | 103,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 103,000 | 103,000 | |
Executive Search Member | Asia Pacific | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Net | 30,000 | 33,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 30,000 | 33,000 | |
Executive Search Member | Europe | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Net | 389,000 | 463,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 389,000 | 463,000 | |
On-Demand Talent | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Net | 7,940,000 | 8,570,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 7,940,000 | 8,570,000 | |
Customer Relationships [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Net | $ 5,361,000 | 5,632,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 10 years 7 months 6 days | ||
Finite-Lived Intangible Assets, Gross | $ 22,052,000 | 22,127,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (16,691,000) | (16,495,000) | |
Finite-Lived Intangible Assets, Net | 5,361,000 | 5,632,000 | |
Trade Names [Member] | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Net | $ 1,028,000 | 1,204,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years 1 month 6 days | ||
Finite-Lived Intangible Assets, Gross | $ 2,474,000 | 2,441,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,446,000) | (1,237,000) | |
Finite-Lived Intangible Assets, Net | 1,028,000 | 1,204,000 | |
Software and Software Development Costs | |||
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Finite-Lived Intangible Assets, Net | $ 2,073,000 | 2,333,000 | |
Finite-Lived Intangible Assets [Line Items] | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | ||
Finite-Lived Intangible Assets, Gross | $ 3,110,000 | 3,110,000 | |
Finite-Lived Intangible Assets, Accumulated Amortization | (1,037,000) | (777,000) | |
Finite-Lived Intangible Assets, Net | $ 2,073,000 | $ 2,333,000 |
Deferred Costs, Capitalized, _3
Deferred Costs, Capitalized, Prepaid, and Other Assets (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Unbilled Receivables, Current | $ 41,073,000 | $ 36,942,000 |
Other Assets, Miscellaneous, Current | 6,073,000 | 4,507,000 |
Other Assets, Current | 47,146,000 | 41,449,000 |
Document Information [Line Items] | ||
Other Sundry Liabilities | 27,033,000 | 24,554,000 |
Other Liabilities, Current | 53,982,000 | 24,554,000 |
Acqusition Earnout Accruals | Fair Value, Inputs, Level 3 | ||
Document Information [Line Items] | ||
Acquisition Earnout Accruals | (35,925,000) | (35,654,000) |
Acqusition Earnout Accruals | Fair Value, Inputs, Level 3 | Other Current Liabilities [Member] | ||
Document Information [Line Items] | ||
Acquisition Earnout Accruals | $ 26,949,000 | $ 0 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Dec. 31, 2021 | Jul. 13, 2021 | Oct. 26, 2018 | |
Debt Disclosure [Abstract] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | $ 175,000,000 | ||
Long-term Line of Credit | $ 0 | $ 0 | ||
Sub Limit for Letters of Credit | 25,000,000 | |||
Line of Credit Facility Expansion Borrowing Capacity | 75,000,000 | |||
Swingline Loan Sub Limit | $ 10,000,000 |
Compensation Related Costs, S_3
Compensation Related Costs, Share Based Payments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 447,946 | ||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 790,000 | $ 1,453,000 | |
share-based compensation arrangement by share-based payment award, shares issued to date | 3,650,461 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Forfeited to Date | 748,407 | ||
Labor and Related Expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount | $ 2,904,000 | $ 5,461,000 | |
Restricted Stock Units (RSUs) | |||
Share-based Payment Arrangement [Abstract] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 12,300,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 12,300,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 762,923 | 727,651 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 32.76 | $ 31.32 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 180,429 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (141,627) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (3,530) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 38.24 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 32.26 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 37.26 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 762,923 | 727,651 | |
Performance Shares | |||
Share-based Payment Arrangement [Abstract] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 7,500,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 7,500,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 1 month 6 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 260,452 | 232,857 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 32.43 | $ 32.29 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 97,379 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (69,784) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 38.75 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | 40.77 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 260,452 | 232,857 | |
Performance Shares | Executive Officer | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Performance Shares | Executive Officer | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||
Performance Shares | Executive Officer | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||
Phantom Share Units (PSUs) [Member] | |||
Share-based Payment Arrangement [Abstract] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,100,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 6 months | ||
Share-based Payment Arrangement, Expense | $ (800,000) | $ 2,500,000 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | (800,000) | $ 2,500,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,100,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 6 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 348,863 | 348,863 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 348,863 | 348,863 | |
Special Restricted Stock Unit | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Restructuring and Related Act_2
Restructuring and Related Activities - Restructuring Charges by Segment and Type (Details) - USD ($) | 3 Months Ended | 27 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 0 | $ 3,861,000 | $ 56,164,000 |
Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 17,000 | 3,795,000 | |
Heidrick Consulting | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (300,000) | ||
Heidrick Consulting | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 322,000 | 5,012,000 | |
Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (100,000) | ||
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 194,000 | 32,597,000 | |
Employee Severance | Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 7,000 | 1,416,000 | |
Employee Severance | Heidrick Consulting | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (44,000) | 2,589,000 | |
Facility Closing | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (4,042,000) | 22,872,000 | |
Facility Closing | Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 1,819,000 | |
Facility Closing | Heidrick Consulting | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 366,000 | 2,352,000 | |
Other Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (13,000) | 695,000 | |
Other Restructuring | Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 10,000 | 560,000 | |
Other Restructuring | Heidrick Consulting | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 71,000 | |
Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,700,000 | ||
Americas | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,698,000 | 34,361,000 | |
Americas | Employee Severance | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 19,000 | 16,226,000 | |
Americas | Facility Closing | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,676,000 | 18,101,000 | |
Americas | Other Restructuring | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,000 | 34,000 | |
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.1 | ||
Europe | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (52,000) | 8,506,000 | |
Europe | Employee Severance | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (52,000) | 8,256,000 | |
Europe | Facility Closing | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 226,000 | |
Europe | Other Restructuring | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 24,000 | |
Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.1 | ||
Asia Pacific | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (124,000) | 4,490,000 | |
Asia Pacific | Employee Severance | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (124,000) | 4,110,000 | |
Asia Pacific | Facility Closing | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 374,000 | |
Asia Pacific | Other Restructuring | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 0 | $ 6,000 |
Restructuring and Related Act_3
Restructuring and Related Activities - Restructuring Charges by Segment and Type Incurred to Date(Details) - USD ($) | 3 Months Ended | 27 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 0 | $ 3,861,000 | $ 56,164,000 |
Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 17,000 | 3,795,000 | |
Heidrick Consulting | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (300,000) | ||
Heidrick Consulting | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 322,000 | 5,012,000 | |
Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (100,000) | ||
Employee Severance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 194,000 | 32,597,000 | |
Employee Severance | Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 7,000 | 1,416,000 | |
Employee Severance | Heidrick Consulting | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (44,000) | 2,589,000 | |
Facility Closing | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (4,042,000) | 22,872,000 | |
Facility Closing | Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 1,819,000 | |
Facility Closing | Heidrick Consulting | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 366,000 | 2,352,000 | |
Other Restructuring | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (13,000) | 695,000 | |
Other Restructuring | Corporate, Non-Segment | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 10,000 | 560,000 | |
Other Restructuring | Heidrick Consulting | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 71,000 | |
Americas | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,700,000 | ||
Americas | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,698,000 | 34,361,000 | |
Americas | Employee Severance | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 19,000 | 16,226,000 | |
Americas | Facility Closing | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,676,000 | 18,101,000 | |
Americas | Other Restructuring | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 3,000 | 34,000 | |
Europe | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.1 | ||
Europe | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (52,000) | 8,506,000 | |
Europe | Employee Severance | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (52,000) | 8,256,000 | |
Europe | Facility Closing | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 226,000 | |
Europe | Other Restructuring | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 24,000 | |
Asia Pacific | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0.1 | ||
Asia Pacific | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (124,000) | 4,490,000 | |
Asia Pacific | Employee Severance | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | (124,000) | 4,110,000 | |
Asia Pacific | Facility Closing | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | 0 | 374,000 | |
Asia Pacific | Other Restructuring | Executive Search Member | Operating Segments | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring Charges | $ 0 | $ 6,000 |
Restructuring and Related Act_4
Restructuring and Related Activities - Changes to the Accrual (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | $ 3,499 | $ 8,394 |
Payments for Restructuring | (4,843) | |
Restructuring Reserve, Settled without Cash | (34) | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (18) | |
Employee Severance | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 3,499 | 8,394 |
Payments for Restructuring | (4,843) | |
Restructuring Reserve, Settled without Cash | 34 | |
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (18) | |
Facility Closing | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 0 | 0 |
Payments for Restructuring | 0 | |
Restructuring Reserve, Settled without Cash | ||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0 | |
Other Restructuring | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | 0 | $ 0 |
Payments for Restructuring | 0 | |
Restructuring Reserve, Settled without Cash | ||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | $ 0 |
Restructuring and Related Act_5
Restructuring and Related Activities (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 27 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | $ 3,499,000 | $ 8,394,000 | ||
Restructuring Charges | 0 | $ 3,861,000 | $ 56,164,000 | |
Payments for Restructuring | (4,843,000) | |||
Restructuring Reserve, Settled without Cash | (34,000) | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (18,000) | |||
Early Surrender Agreement Payment | 11,700,000 | |||
Lease Liability Associated with Surrendered Office | 17,400,000 | |||
Gain on Early Termination Agreement | 5,700,000 | |||
Early Surrender Agreement Payment | 11,700,000 | |||
Lease Liability Associated with Surrendered Office | 17,400,000 | |||
Gain on Early Termination Agreement | 5,700,000 | |||
Americas | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 3,700,000 | |||
Europe | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0.1 | |||
Asia Pacific | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | 0.1 | |||
Corporate, Non-Segment | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | (100,000) | |||
Heidrick Consulting | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Charges | (300,000) | |||
Employee Severance | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 3,499,000 | 8,394,000 | ||
Restructuring Charges | 194,000 | 32,597,000 | ||
Payments for Restructuring | (4,843,000) | |||
Restructuring Reserve, Settled without Cash | 34,000 | |||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | (18,000) | |||
Facility Closing | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | 0 | ||
Restructuring Charges | (4,042,000) | 22,872,000 | ||
Payments for Restructuring | 0 | |||
Restructuring Reserve, Settled without Cash | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | 0 | |||
Other Restructuring | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Restructuring Reserve | 0 | $ 0 | ||
Restructuring Charges | $ (13,000) | $ 695,000 | ||
Payments for Restructuring | 0 | |||
Restructuring Reserve, Settled without Cash | ||||
Restructuring Reserve, Foreign Currency Translation Gain (Loss) | $ 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 33.70% | 34.90% |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 27,871 | $ 22,772 |
Income Tax Expense (Benefit) | $ 9,404 | $ 7,940 |
Comprehensive Text Block List_2
Comprehensive Text Block List (Details) - USD ($) | 3 Months Ended | 27 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | $ 593,000 | $ 1,675,000 | |||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 350,765,000 | $ 278,570,000 | 336,020,000 | $ 267,602,000 | |
Restructuring Charges | 0 | (3,861,000) | $ (56,164,000) | ||
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 3,212,000 | 4,294,000 | |||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (1,082,000) | ||||
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (2,619,000) | (2,619,000) | |||
AOCI Attributable to Parent | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 593,000 | $ 2,724,000 | $ 1,675,000 | $ 3,417,000 | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | $ (1,082,000) |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) | 3 Months Ended | 27 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 30, 2021 | |
Revenues [Abstract] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 283,861,000 | $ 193,656,000 | |
Revenues | 285,537,000 | 194,731,000 | |
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | 30,232,000 | 19,608,000 | |
Research and Development Expense | 4,402,000 | 0 | |
Restructuring Charges | 0 | (3,861,000) | $ (56,164,000) |
Reimbursements | |||
Revenues [Abstract] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,676,000 | 1,075,000 | |
Americas | |||
Operating Income (Loss) [Abstract] | |||
Restructuring Charges | (3,700,000) | ||
Europe | |||
Operating Income (Loss) [Abstract] | |||
Restructuring Charges | (0.1) | ||
Asia Pacific | |||
Operating Income (Loss) [Abstract] | |||
Restructuring Charges | (0.1) | ||
Heidrick Consulting | |||
Operating Income (Loss) [Abstract] | |||
Restructuring Charges | 300,000 | ||
Corporate, Non-Segment | |||
Operating Income (Loss) [Abstract] | |||
Restructuring Charges | 100,000 | ||
Operating Segments | |||
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | 47,642,000 | 30,230,000 | |
Operating Segments | Executive Search Member | |||
Revenues [Abstract] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 242,549,000 | 179,618,000 | |
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | 50,308,000 | 34,940,000 | |
Operating Segments | Executive Search Member | Americas | |||
Revenues [Abstract] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 162,553,000 | 116,506,000 | |
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | 39,851,000 | 26,256,000 | |
Restructuring Charges | (3,698,000) | (34,361,000) | |
Operating Segments | Executive Search Member | Europe | |||
Revenues [Abstract] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 49,745,000 | 37,643,000 | |
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | 5,403,000 | 4,540,000 | |
Restructuring Charges | 52,000 | (8,506,000) | |
Operating Segments | Executive Search Member | Asia Pacific | |||
Revenues [Abstract] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 30,251,000 | 25,469,000 | |
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | 5,054,000 | 4,144,000 | |
Restructuring Charges | 124,000 | (4,490,000) | |
Operating Segments | Heidrick Consulting | |||
Revenues [Abstract] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 17,931,000 | 14,038,000 | |
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | (2,084,000) | (4,710,000) | |
Restructuring Charges | (322,000) | (5,012,000) | |
Operating Segments | On-Demand Talent | |||
Revenues [Abstract] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 23,381,000 | ||
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | (582,000) | ||
Corporate, Non-Segment | |||
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | (13,008,000) | (10,622,000) | |
Restructuring Charges | (17,000) | $ (3,795,000) | |
Segment Reconciling Items | |||
Operating Income (Loss) [Abstract] | |||
Operating Income (Loss) | $ (4,402,000) | $ 0 |
Guarantees (Details)
Guarantees (Details) | Mar. 31, 2022USD ($) |
Guarantees and Product Warranties [Abstract] | |
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 4,400,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Jul. 13, 2021 | Oct. 26, 2018 | |
Subsequent Event [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | $ 175,000,000 | |
Sub Limit for Letters of Credit | $ 25,000,000 | ||
Swingline Loan Sub Limit | 10,000,000 | ||
Line of Credit Facility Expansion Borrowing Capacity | $ 75,000,000 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Business Combinations [Abstract] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 283,861,000 | $ 193,656,000 |
Operating Income (Loss) | 30,232,000 | 19,608,000 |
Business Acquisition [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 283,861,000 | 193,656,000 |
Operating Income (Loss) | $ 30,232,000 | $ 19,608,000 |