[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents unaudited condensed consolidated financial statements and management's discussion and analysis of financial condition and results of operations [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, including balance sheets, income statements, equity changes, cash flows, and detailed accounting notes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This statement provides a snapshot of the company's assets, liabilities, and equity at specific points in time, reflecting its financial position Condensed Consolidated Balance Sheets (in thousands) | Metric (in thousands) | September 30, 2021 | December 31, 2020 | | :-------------------- | :----------------- | :---------------- | | Total Assets | $948,632 | $787,812 | | Total Liabilities | $625,376 | $520,210 | | Total Stockholders' Equity | $323,256 | $267,602 | | Goodwill | $137,047 | $91,643 | | Cash and cash equivalents | $348,292 | $316,473 | | Accounts receivable, net | $181,167 | $88,123 | | Accrued salaries and benefits (current) | $305,186 | $217,908 | - Total assets increased by **$160.8 million** (**20.4%**) from December 31, 2020, to September 30, 2021, primarily driven by increases in cash, accounts receivable, and goodwill[9](index=9&type=chunk) - Total liabilities increased by **$105.2 million** (**20.2%**) over the same period, mainly due to higher accrued salaries and benefits[9](index=9&type=chunk) [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20(Loss)) This statement details the company's revenues, expenses, and net income or loss over specific periods, including other comprehensive income Condensed Consolidated Statements of Comprehensive Income (Loss) (in thousands, except per share) | Metric (in thousands, except per share) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :-------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue before reimbursements (net revenue) | $263,825 | $143,544 | $717,462 | $460,628 | | Total Revenue | $265,315 | $144,501 | $721,281 | $467,183 | | Operating income (loss) | $33,342 | $(38,233) | $81,656 | $(44,067) | | Net income (loss) | $24,498 | $(26,178) | $60,095 | $(43,245) | | Basic EPS | $1.25 | $(1.35) | $3.08 | $(2.24) | | Diluted EPS | $1.21 | $(1.35) | $2.97 | $(2.24) | | Cash dividends paid per share | $0.15 | $0.15 | $0.45 | $0.45 | - Net revenue increased by **83.8%** for the three months ended September 30, 2021, and by **55.8%** for the nine months ended September 30, 2021, compared to the respective prior year periods[11](index=11&type=chunk)[142](index=142&type=chunk)[180](index=180&type=chunk) - The company reported a significant turnaround from an operating loss of **$38.2 million** in Q3 2020 to an operating income of **$33.3 million** in Q3 2021, and from a loss of **$44.1 million** in 9M 2020 to an income of **$81.7 million** in 9M 2021[11](index=11&type=chunk)[149](index=149&type=chunk)[188](index=188&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) This statement outlines changes in the company's equity accounts, including net income, stock-based compensation, and dividends Condensed Consolidated Statements of Changes in Stockholders' Equity (in thousands) | Metric (in thousands) | Balance at Dec 31, 2020 | Balance at Sep 30, 2021 | | :-------------------- | :---------------------- | :---------------------- | | Total Stockholders' Equity | $267,602 | $323,256 | | Net income (9M 2021) | N/A | $60,095 | | Stock-based compensation (9M 2021) | N/A | $8,672 | | Cash dividends declared (9M 2021) | N/A | $(8,760) | - Total stockholders' equity increased by **$55.6 million** from December 31, 2020, to September 30, 2021, primarily driven by net income and stock-based compensation[12](index=12&type=chunk) - Cash dividends declared were **$0.15 per share** each quarter, totaling **$0.45 per share** for the nine months ended September 30, 2021[11](index=11&type=chunk)[12](index=12&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This statement reports the cash generated and used by operating, investing, and financing activities over specific periods Condensed Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity (in thousands) | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :-------------------------------- | :-------------------------- | :-------------------------- | | Net cash provided by (used in) operating activities | $64,776 | $(72,905) | | Net cash used in investing activities | $(17,215) | $(14,156) | | Net cash used in financing activities | $(12,017) | $(13,358) | | Net increase (decrease) in cash, cash equivalents and restricted cash | $31,837 | $(101,142) | | Cash, cash equivalents and restricted cash at end of period | $348,326 | $170,577 | - Operating cash flow significantly improved, providing **$64.8 million** in 9M 2021 compared to using **$72.9 million** in 9M 2020, primarily due to net income and changes in working capital[17](index=17&type=chunk)[228](index=228&type=chunk)[229](index=229&type=chunk) - Investing activities in 9M 2021 included **$32.0 million** for the BTG acquisition and **$3.9 million** in capital expenditures[17](index=17&type=chunk)[230](index=230&type=chunk) - Financing activities in 9M 2021 primarily consisted of **$8.9 million** in cash dividends paid[17](index=17&type=chunk)[232](index=232&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Unaudited%20Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations of the accounting policies, significant transactions, and financial statement line items [Note 1. Basis of Presentation of Interim Financial Information](index=10&type=section&id=Note%201.%20Basis%20of%20Presentation%20of%20Interim%20Financial%20Information) This note describes the basis for preparing the unaudited interim financial statements, including compliance with GAAP and management estimates - Unaudited Condensed Consolidated Financial Statements are prepared in conformity with GAAP, requiring management estimates and assumptions[18](index=18&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=10&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) This note details the key accounting policies used in preparing the financial statements, including recent accounting standard adoptions - The company adopted ASU No. 2019-12, Simplifying the Accounting for Income Taxes, on January 1, 2021, with no impact on financial statements[31](index=31&type=chunk) - The company is evaluating ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, with the effect not yet known or reasonably estimable[30](index=30&type=chunk) Cash and Cash Equivalents (in thousands) | Cash and Cash Equivalents (in thousands) | September 30, 2021 | December 31, 2020 | | :--------------------------------------- | :----------------- | :---------------- | | Cash and cash equivalents | $348,292 | $316,473 | | Restricted cash included within other non-current assets | $34 | $16 | | Total cash, cash equivalents and restricted cash | $348,326 | $316,489 | [Note 3. Revenue](index=12&type=section&id=Note%203.%20Revenue) This note explains the company's revenue recognition policies across its various service lines and details contract balances - Executive Search revenue is recognized over the expected average period of performance (approximately six months) in proportion to estimated personnel time incurred[34](index=34&type=chunk) - Heidrick Consulting revenue is recognized over time using both input and output methods, depending on the service type[36](index=36&type=chunk) - On-Demand Talent revenue is recognized over time as clients simultaneously receive and consume benefits, based on the right to invoice[38](index=38&type=chunk) Contract Balances (in thousands) | Contract Balances (in thousands) | September 30, 2021 | December 31, 2020 | Change | | :------------------------------- | :----------------- | :---------------- | :----- | | Total contract assets | $30,470 | $19,652 | $10,818 | | Deferred revenue | $45,284 | $38,050 | $7,234 | [Note 4. Credit Losses](index=14&type=section&id=Note%204.%20Credit%20Losses) This note provides information on the allowance for credit losses, including changes and provisions made for uncollectible receivables Allowance for Credit Losses (in thousands) | Allowance for Credit Losses (in thousands) | Amount | | :--------------------------------------- | :----- | | Balance at December 31, 2020 | $6,557 | | Provision for credit losses | $4,622 | | Write-offs | $(3,523) | | Foreign currency translation | $(94) | | Balance at September 30, 2021 | $7,562 | - The allowance for credit losses on trade receivables increased by **$1.005 million** from December 31, 2020, to September 30, 2021[46](index=46&type=chunk) [Note 5. Property and Equipment, net](index=15&type=section&id=Note%205.%20Property%20and%20Equipment,%20net) This note details the company's property and equipment, including gross amounts, accumulated depreciation, and net book value Property and Equipment (in thousands) | Property and Equipment (in thousands) | September 30, 2021 | December 31, 2020 | | :------------------------------------ | :----------------- | :---------------- | | Property and equipment, gross | $74,552 | $80,680 | | Accumulated depreciation | $(53,613) | $(57,188) | | Property and equipment, net | $20,939 | $23,492 | - Net property and equipment decreased by **$2.55 million** from December 31, 2020, to September 30, 2021[48](index=48&type=chunk) - Depreciation expense was **$1.8 million** for Q3 2021 (vs **$2.1 million** in Q3 2020) and **$5.3 million** for 9M 2021 (vs **$6.2 million** in 9M 2020)[48](index=48&type=chunk) [Note 6. Leases](index=15&type=section&id=Note%206.%20Leases) This note provides information on the company's lease arrangements, including lease costs, terms, and discount rates Lease Cost Components (in thousands) | Lease Cost Components (in thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :----------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Operating lease cost | $4,682 | $6,241 | $14,457 | $18,688 | | Variable lease cost | $1,480 | $1,048 | $3,785 | $4,832 | | Total lease cost | $6,162 | $7,289 | $18,242 | $23,520 | - The weighted average remaining lease term for operating leases was **6.5 years** at September 30, 2021 (vs **4.4 years** in 2020), with a weighted average discount rate of **3.26%** (vs **3.75%** in 2020)[55](index=55&type=chunk) - In September 2021, the company made a one-time payment of **$11.7 million** to terminate a lease, resulting in a gain on termination of approximately **$5.7 million** recorded in restructuring charges[53](index=53&type=chunk) [Note 7. Financial Instruments and Fair Value](index=17&type=section&id=Note%207.%20Financial%20Instruments%20and%20Fair%20Value) This note describes the company's financial instruments, their fair value measurements, and related valuation methodologies Cash and Cash Equivalents (in thousands) | Cash and Cash Equivalents (in thousands) | September 30, 2021 | | :--------------------------------------- | :----------------- | | Cash | $165,934 | | Money market funds | $80,161 | | U.S. Treasury securities | $102,197 | | Total | $348,292 | Level 3 Liabilities (in thousands) | Level 3 Liabilities (in thousands) | Balance at Dec 31, 2020 | Acquisition Earnout (9M 2021) | Balance at Sep 30, 2021 | | :--------------------------------- | :---------------------- | :---------------------------- | :---------------------- | | Earnout | $0 | $(23,800) | $(24,163) | | Contingent Compensation | $(2,390) | N/A | $(3,649) | - The U.S. non-qualified deferred compensation plan investments totaled **$34.7 million** as of September 30, 2021[60](index=60&type=chunk)[62](index=62&type=chunk) [Note 8. Acquisitions](index=20&type=section&id=Note%208.%20Acquisitions) This note details recent business acquisitions, including consideration paid, goodwill recognized, and their financial contributions - On April 1, 2021, the company acquired Business Talent Group (BTG) for **$32.6 million** initial consideration, with an estimated earnout liability of **$23.8 million**[67](index=67&type=chunk) - The BTG acquisition resulted in **$45.5 million** of goodwill and identifiable intangible assets including **$5.8 million** for customer relationships, **$3.1 million** for software, and **$1.7 million** for a trade name[67](index=67&type=chunk) - BTG contributed **$24.3 million** in revenue and **$0.9 million** in operating income for the three months ended September 30, 2021, and **$43.0 million** in revenue and **$1.0 million** in operating income for the nine months ended September 30, 2021[67](index=67&type=chunk) [Note 9. Goodwill and Other Intangible Assets](index=20&type=section&id=Note%209.%20Goodwill%20and%20Other%20Intangible%20Assets) This note provides details on the company's goodwill and other intangible assets, including changes and amortization expense Goodwill by Segment (in thousands) | Goodwill by Segment (in thousands) | September 30, 2021 | December 31, 2020 | | :--------------------------------- | :----------------- | :---------------- | | Executive Search - Americas | $91,518 | $91,643 | | On-Demand Talent | $45,529 | — | | Total goodwill | $137,047 | $91,643 | Other Intangible Assets, net (in thousands) | Other Intangible Assets, net (in thousands) | September 30, 2021 | December 31, 2020 | | :------------------------------------------ | :----------------- | :---------------- | | Total Executive Search | $703 | $1,129 | | On-Demand Talent | $9,520 | — | | Total other intangible assets, net | $10,223 | $1,129 | - Goodwill increased by **$45.4 million**, primarily due to the **$45.5 million** goodwill recorded from the BTG acquisition in the On-Demand Talent segment[68](index=68&type=chunk) - Intangible asset amortization expense was **$0.8 million** for Q3 2021 (vs **$0.2 million** in Q3 2020) and **$1.8 million** for 9M 2021 (vs **$0.6 million** in 9M 2020)[70](index=70&type=chunk) [Note 10. Other Current Assets](index=21&type=section&id=Note%2010.%20Other%20Current%20Assets) This note provides a breakdown of other current assets, primarily focusing on contract assets and other miscellaneous items Other Current Assets (in thousands) | Other Current Assets (in thousands) | September 30, 2021 | December 31, 2020 | | :---------------------------------- | :----------------- | :---------------- | | Contract assets | $30,470 | $19,652 | | Other | $3,977 | $3,627 | | Total other current assets | $34,447 | $23,279 | - Total other current assets increased by **$11.17 million** from December 31, 2020, to September 30, 2021, primarily due to an increase in contract assets[72](index=72&type=chunk) [Note 11. Line of Credit](index=22&type=section&id=Note%2011.%20Line%20of%20Credit) This note details the company's revolving credit facility, including its terms, available capacity, and compliance with covenants - The company amended its credit agreement on July 13, 2021, increasing the revolving credit facility to **$200 million** (from **$175 million**) and extending its maturity to July 13, 2026[73](index=73&type=chunk) - As of September 30, 2021, and December 31, 2020, the company had no outstanding borrowings and was in compliance with all covenants[76](index=76&type=chunk) [Note 12. Stock-Based Compensation](index=22&type=section&id=Note%2012.%20Stock-Based%20Compensation) This note outlines the company's stock-based compensation plans, related expenses, and unrecognized compensation costs Stock-Based Compensation Expense (in thousands) | Stock-Based Compensation Expense (in thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :---------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Salaries and benefits | $3,321 | $3,850 | $14,552 | $6,645 | | General and administrative expenses | — | — | $345 | $460 | - As of September 30, 2021, unrecognized compensation expense for unvested restricted stock units was **$10.5 million** (weighted average **2.6 years**), for performance stock units was **$5.7 million** (weighted average **1.9 years**), and for phantom stock units was **$6.1 million** (weighted average **3.1 years**)[82](index=82&type=chunk)[84](index=84&type=chunk)[88](index=88&type=chunk) [Note 13. Restructuring](index=24&type=section&id=Note%2013.%20Restructuring) This note describes restructuring activities, including charges, reversals, and the impact on employee and office-related accruals - The company recorded a **$3.3 million** restructuring reversal during Q3 2021, primarily due to an early termination agreement for an office lease[91](index=91&type=chunk)[92](index=92&type=chunk) - Restructuring charges for the nine months ended September 30, 2021, were **$3.8 million**, significantly lower than **$48.1 million** in the prior year, which included workforce reductions and real estate expense reductions[91](index=91&type=chunk)[187](index=187&type=chunk) Restructuring Accruals (in thousands) | Restructuring Accruals (in thousands) | Outstanding on Dec 31, 2020 | Outstanding on Sep 30, 2021 | | :------------------------------------ | :-------------------------- | :-------------------------- | | Employee Related | $22,312 | $8,395 | | Office Related | $953 | $56 | | Other | $0 | $0 | | Total | $23,265 | $8,451 | [Note 14. Income Taxes](index=25&type=section&id=Note%2014.%20Income%20Taxes) This note provides information on the company's income tax provisions, including effective tax rates and factors influencing them Effective Tax Rate | Effective Tax Rate | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :----------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Effective Tax Rate | 27.0% | 28.5% | 31.8% | 0.5% | - The effective tax rate for 9M 2021 was **31.8%**, significantly higher than **0.5%** in 9M 2020, impacted by one-time items and the mix of income[95](index=95&type=chunk) [Note 15. Changes in Accumulated Other Comprehensive Income](index=25&type=section&id=Note%2015.%20Changes%20in%20Accumulated%20Other%20Comprehensive%20Income) This note details changes in accumulated other comprehensive income, primarily due to foreign currency translation adjustments AOCI Component (in thousands) | AOCI Component (in thousands) | Balance at Dec 31, 2020 | Other Comprehensive Loss (9M 2021) | Balance at Sep 30, 2021 | | :---------------------------- | :---------------------- | :--------------------------------- | :---------------------- | | Foreign Currency Translation | $6,184 | $(1,349) | $4,835 | | Pension | $(2,767) | — | $(2,767) | | Total AOCI | $3,417 | $(1,349) | $2,068 | - Accumulated other comprehensive income decreased by **$1.349 million** during the nine months ended September 30, 2021, primarily due to foreign currency translation adjustments[96](index=96&type=chunk) [Note 16. Segment Information](index=26&type=section&id=Note%2016.%20Segment%20Information) This note provides financial data for the company's operating segments, including net revenue and operating income (loss) - The company identified a new operating segment, **On-Demand Talent**, following the acquisition of Business Talent Group (BTG) in April 2021[97](index=97&type=chunk) Segment Net Revenue (in thousands) | Segment Net Revenue (in thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :--------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Executive Search | $221,646 | $129,243 | $625,397 | $418,850 | | On-Demand Talent | $24,287 | — | $43,006 | — | | Heidrick Consulting | $17,892 | $14,301 | $49,059 | $41,778 | Segment Operating Income (Loss) (in thousands) | Segment Operating Income (Loss) (in thousands) | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :--------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Executive Search - Americas | $38,972 | $(7,934) | $99,822 | $40,900 | | Executive Search - Europe | $4,795 | $(6,856) | $13,314 | $(26,874) | | Executive Search - Asia Pacific | $4,712 | $(1,726) | $13,241 | $(6,553) | | On-Demand Talent | $881 | — | $1,034 | — | | Heidrick Consulting | $(2,556) | $(9,286) | $(10,897) | $(21,699) | [Note 17. Guarantees](index=27&type=section&id=Note%2017.%20Guarantees) This note discloses the company's guarantees, primarily letters of credit supporting lease obligations, and potential payment amounts - The company has letters of credit supporting obligations, primarily office lease agreements, with a maximum undiscounted payment of approximately **$4.6 million** as of September 30, 2021, in case of default[102](index=102&type=chunk) [Note 18. Commitments and Contingencies](index=27&type=section&id=Note%2018.%20Commitments%20and%20Contingencies) This note outlines the company's commitments and contingent liabilities, including pending claims and litigation matters - The company has contingent liabilities from various pending claims and litigation, but management believes their ultimate resolution will not materially adversely affect its financial condition, results of operations, or liquidity[103](index=103&type=chunk) [Note 19. Subsequent Event](index=27&type=section&id=Note%2019.%20Subsequent%20Event) This note describes significant events that occurred after the reporting period, such as a recent acquisition - On October 15, 2021, the company acquired Heidrick & Struggles Finland OY for an initial consideration of **$1.6 million**, with an anticipated future payment in 2023 based on financial performance targets[104](index=104&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial condition, operational results, key performance indicators, COVID-19 impact, liquidity, and critical accounting policies [Cautionary Statement Regarding Forward Looking Statements](index=28&type=section&id=Cautionary%20Statement%20Regarding%20Forward%20Looking%20Statements) This statement warns that forward-looking statements are subject to risks and uncertainties, and actual results may differ materially - The report contains forward-looking statements that are subject to inherent uncertainties and factors outside the company's control, and actual results may differ materially[105](index=105&type=chunk) - Key risk factors include the ongoing impacts of the COVID-19 pandemic, talent attraction and retention, economic conditions, competition, data security, and the ability to integrate acquisitions[106](index=106&type=chunk) [Executive Overview](index=28&type=section&id=Executive%20Overview) This overview describes the company's business model, services, strategic initiatives, and financial outlook, including the impact of acquisitions - Heidrick & Struggles is a leadership advisory firm offering executive search, consulting, and on-demand talent services, with a focus on top-level executives[107](index=107&type=chunk) - The acquisition of Business Talent Group (BTG) on April 1, 2021, established the new On-Demand Talent operating segment, which operates globally alongside Heidrick Consulting[109](index=109&type=chunk) - The company's digital platform, Heidrick Connect, and new digital solutions for consulting services enabled effective virtual engagement and improved operating performance during the pandemic[112](index=112&type=chunk)[126](index=126&type=chunk) - The company forecasts Q4 2021 net revenue between **$255 million** and **$265 million**, acknowledging continued pandemic fluidity[133](index=133&type=chunk) - A restructuring plan implemented in Q3 2020 aimed for **$30 million to $40 million** in annual cost savings, including a workforce reduction and a **20%** reduction in leased square footage[128](index=128&type=chunk)[129](index=129&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) This section analyzes the company's financial performance for the current and prior periods, detailing revenue, expenses, and profitability Consolidated Financial Performance (as % of net revenue) | Metric | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue before reimbursements (net revenue) | 100.0 % | 100.0 % | 100.0 % | 100.0 % | | Salaries and benefits | 70.5 % | 72.4 % | 71.5 % | 71.6 % | | General and administrative expenses | 11.1 % | 20.1 % | 11.7 % | 19.8 % | | Cost of services | 7.1 % | 0.6 % | 4.9 % | 0.6 % | | Impairment charges | — | — | — | 7.2 % | | Restructuring charges | (1.2)% | 33.5 % | 0.5 % | 10.4 % | | Operating income (loss) | 12.6 % | (26.6)% | 11.4 % | (9.6)% | | Net income (loss) | 9.3 % | (18.2)% | 8.4 % | (9.4)% | Segment-wise Operating Income (Loss) (in thousands) | Segment | 3 Months Ended Sep 30, 2021 | 3 Months Ended Sep 30, 2020 | 9 Months Ended Sep 30, 2021 | 9 Months Ended Sep 30, 2020 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Executive Search - Americas | $38,972 | $(7,934) | $99,822 | $40,900 | | Executive Search - Europe | $4,795 | $(6,856) | $13,314 | $(26,874) | | Executive Search - Asia Pacific | $4,712 | $(1,726) | $13,241 | $(6,553) | | On-Demand Talent | $881 | — | $1,034 | — | | Heidrick Consulting | $(2,556) | $(9,286) | $(10,897) | $(21,699) | | Global Operations Support | $(13,462) | $(12,431) | $(34,858) | $(29,841) | [Three Months Ended September 30, 2021 Compared to the Three Months Ended September 30, 2020](index=34&type=section&id=Three%20Months%20Ended%20September%2030,%202021%20Compared%20to%20the%20Three%20Months%20Ended%20September%2030,%202020) This section compares the company's financial performance for the three months ended September 30, 2021, against the prior year period - Consolidated total revenue increased by **$120.8 million** (**83.6%**) to **$265.3 million**, driven by an **83.8%** increase in net revenue[141](index=141&type=chunk)[142](index=142&type=chunk) - Executive Search net revenue increased by **71.5%** due to a **42.0%** increase in confirmed searches, while Heidrick Consulting net revenue grew by **25.1%** from a **59.3%** increase in engagements[142](index=142&type=chunk) - The On-Demand Talent segment, acquired in Q2 2021, contributed **$24.3 million** to net revenue[142](index=142&type=chunk) - Operating income significantly improved to **$33.3 million** (Q3 2021) from an operating loss of **$38.2 million** (Q3 2020), including a **$3.3 million** restructuring reversal in 2021 versus **$48.1 million** in charges in 2020[148](index=148&type=chunk)[149](index=149&type=chunk) - Salaries and benefits expense increased by **$82.0 million** (**78.9%**) due to higher variable compensation from increased consultant productivity, but decreased as a percentage of net revenue from **72.4%** to **70.5%**[144](index=144&type=chunk)[145](index=145&type=chunk) [Nine Months Ended September 30, 2021 Compared to the Nine Months Ended September 30, 2020](index=38&type=section&id=Nine%20Months%20Ended%20September%2030,%202021%20Compared%20to%20the%20Nine%20Months%20Ended%20September%2030,%202020) This section compares the company's financial performance for the nine months ended September 30, 2021, against the prior year period - Consolidated total revenue increased by **$254.1 million** (**54.4%**) to **$721.3 million**, with net revenue increasing by **55.8%**[179](index=179&type=chunk)[180](index=180&type=chunk) - Executive Search net revenue increased by **49.3%** due to a **44.3%** increase in confirmed searches, and Heidrick Consulting net revenue increased by **17.4%** from a **56.9%** increase in engagements[180](index=180&type=chunk) - The On-Demand Talent segment contributed **$43.0 million** to net revenue[180](index=180&type=chunk) - Operating income was **$81.7 million** (9M 2021) compared to an operating loss of **$44.1 million** (9M 2020), which included **$33.0 million** in goodwill impairment charges and **$48.1 million** in restructuring charges[186](index=186&type=chunk)[188](index=188&type=chunk) - Salaries and benefits expense increased by **$183.7 million** (**55.7%**) due to higher variable compensation, remaining stable as a percentage of net revenue at **71.5%**[182](index=182&type=chunk)[183](index=183&type=chunk) - General and administrative expenses decreased by **$7.2 million** (**8.0%**), and as a percentage of net revenue, decreased from **19.8%** to **11.7%**[184](index=184&type=chunk)[185](index=185&type=chunk) [Liquidity and Capital Resources](index=42&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's ability to meet its short-term and long-term financial obligations and fund its operations - The company believes its cash balances, operating cash flow, and **$200 million** revolving credit facility (extended to July 2026) are sufficient to finance operations, dividends, and stock repurchases for the foreseeable future[221](index=221&type=chunk)[223](index=223&type=chunk) - Cash, cash equivalents, and marketable securities totaled **$348.3 million** at September 30, 2021, including **$121.6 million** held by foreign subsidiaries[227](index=227&type=chunk) - Net cash provided by operating activities was **$64.8 million** for 9M 2021, a significant improvement from **$72.9 million** used in 9M 2020[228](index=228&type=chunk)[229](index=229&type=chunk) - Investing activities used **$17.2 million** in 9M 2021, primarily for the BTG acquisition (**$32.0 million**) and capital expenditures (**$3.9 million**)[230](index=230&type=chunk) - Financing activities used **$12.0 million** in 9M 2021, mainly for dividend payments (**$8.9 million**) and employee tax withholdings on equity transactions (**$3.1 million**)[232](index=232&type=chunk) [Application of Critical Accounting Policies and Estimates](index=43&type=section&id=Application%20of%20Critical%20Accounting%20Policies%20and%20Estimates) This section explains the significant accounting policies and estimates that require management's judgment and can impact financial results - The preparation of financial statements requires management to make estimates and assumptions, which are subject to uncertainty and could materially impact financial results[236](index=236&type=chunk) - Critical accounting policies include revenue recognition, income taxes, interim effective tax rate, and the assessment of goodwill and other intangible assets for impairment[237](index=237&type=chunk) [Recently Issued and Adopted Financial Accounting Standards](index=44&type=section&id=Recently%20Issued%20and%20Adopted%20Financial%20Accounting%20Standards) This section outlines new accounting standards that have been issued or adopted and their impact on the company's financial reporting - The company is evaluating ASU No. 2020-04 (Reference Rate Reform) and adopted ASU No. 2019-12 (Simplifying Income Taxes) on January 1, 2021, with no material impact[30](index=30&type=chunk)[31](index=31&type=chunk)[238](index=238&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to currency market risk due to its international operations, but this risk is largely mitigated by matching revenue and expenses in local currencies. However, the translation of foreign currency financial statements can still lead to fluctuations in asset and liability valuations - The company conducts business in various currencies across its Americas, Europe, and Asia Pacific operations, leading to currency market risk[239](index=239&type=chunk) - Currency risk to earnings is reduced by generally matching revenue earned with associated expenses incurred in each country[239](index=239&type=chunk) - A **10%** change in the average exchange rate for all foreign currencies would have impacted net income by approximately **$1.8 million** for the nine months ended September 30, 2021[239](index=239&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the principal executive and financial officers, evaluated the effectiveness of the company's disclosure controls and procedures as of September 30, 2021, and concluded they were effective. There were no material changes to internal control over financial reporting during the quarter, and no material impact from the COVID-19 pandemic - The company's disclosure controls and procedures were evaluated as effective as of September 30, 2021[241](index=241&type=chunk) - No material changes to internal control over financial reporting occurred during the three months ended September 30, 2021[242](index=242&type=chunk) - The COVID-19 pandemic has not materially impacted the company's internal controls over financial reporting[242](index=242&type=chunk) [PART II. OTHER INFORMATION](index=45&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, and exhibits, including details on potential liabilities and recent agreements [Item 1. Legal Proceedings](index=45&type=section&id=Item%201.%20Legal%20Proceedings) The company faces contingent liabilities from various pending claims and litigation in the ordinary course of business. However, based on currently available information, management believes the ultimate resolution of these matters will not have a material adverse effect on its financial condition, results of operations, or liquidity - The company has contingent liabilities from various pending claims and litigation matters[103](index=103&type=chunk) - Management believes the ultimate resolution of these legal proceedings will not materially adversely affect the company's financial condition, results of operations, or liquidity[103](index=103&type=chunk) [Item 1A. Risk Factors](index=45&type=section&id=Item%201A.%20Risk%20Factors) This section highlights new risk factors primarily related to the classification of on-demand independent talent following the acquisition of Business Talent Group (BTG). Misclassification of these contractors could lead to significant adverse tax, legal, and other liabilities for the company and its clients - A new risk factor involves potential adverse tax, legal, and other consequences if the **independent contractor classification** of on-demand talent (from the BTG acquisition) is challenged[245](index=245&type=chunk) - Misclassification could result in monetary damages, interest, fines, and penalties related to failure to withhold taxes, unpaid wages, employee benefits, and other employer-employee liabilities[247](index=247&type=chunk) - Worker classification laws are complex, fact-sensitive, vary by jurisdiction, and are subject to changing interpretations, creating uncertainty and unpredictability[246](index=246&type=chunk) [Item 6. Exhibits](index=46&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including the First Amendment to the Credit Agreement, a Separation Agreement, various certifications (Section 302 and 906), and Inline XBRL documents - Exhibit 10.2 is the First Amendment to Credit Agreement dated July 13, 2021[249](index=249&type=chunk) - Exhibit 10.3 is the Separation Agreement and General Release dated June 30, 2021, with Kamau Coar[249](index=249&type=chunk) - The filing includes certifications from the CEO and CFO pursuant to Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, as well as Inline XBRL documents[249](index=249&type=chunk) [SIGNATURE](index=47&type=section&id=SIGNATURE) This section contains the official signature confirming the submission of the financial report - The report was signed on October 25, 2021, by Stephen A. Bondi, Vice President, Controller, and Chief Accounting Officer, on behalf of Heidrick & Struggles International, Inc[252](index=252&type=chunk)

HEIDRICK & STRUGGLES SECOND QUARTER 2021 RESULTS July 26, 2021 SAFE HARBOR STATEMENT This press release contains forward-looking statements. The forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "projects," "forecasts," and simil ...

Financial Data and Key Metrics Changes - The company reported record net revenue of $260 million in Q2 2021, representing a 79% year-over-year increase and a 34% sequential increase [6][26] - Adjusted EBITDA margin expanded by 590 basis points to 14.4%, with adjusted EPS of $1.14 more than tripling from the previous year and increasing over 30% sequentially [6][35] - Adjusted net income for Q2 2021 was $22.9 million, a 31.6% increase from Q1 2021 [36] Business Line Data and Key Metrics Changes - Executive Search net revenue was $224.1 million, up 24.8% from the previous quarter, with growth across all regions: Americas up 26.5%, Europe up 19.3%, and Asia Pacific up 25% [27] - Heidrick Consulting net revenue increased by 22% to $17.1 million, driven by a 74% increase in confirmations [30] - The newly established on-demand talent segment generated $18.7 million in revenue, reflecting over 50% growth year-over-year [31] Market Data and Key Metrics Changes - The company noted strong demand for services as clients adapt to post-pandemic challenges, with a significant increase in diverse placements, particularly at the Board level [15][16] - The integration of digital solutions has allowed the company to execute searches faster, reducing completion times by approximately 25% [49] Company Strategy and Development Direction - The company is focused on three growth initiatives: expanding search and consulting services, developing leadership solutions, and investing in new product development [20] - The acquisition of BTG is seen as a strategic move to enhance the company's offerings in the high-growth on-demand talent market [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate the ongoing pandemic and geopolitical events, highlighting positive market trends and opportunities [17][40] - The company anticipates continued strong performance, with Q3 revenue guidance projected between $245 million and $255 million [40] Other Important Information - The company ended Q2 2021 with cash and cash equivalents of $237.8 million, a 27% increase from the previous year [37] - A dividend of $0.15 per share was announced for August, reflecting the company's strong financial position [36] Q&A Session Summary Question: Is the elevated war for talent yielding any uptick in revenue? - Management confirmed that there has been an uptick in revenue due to higher demand and confirmation trends, with notable increases in various regions [46] Question: Can you quantify the faster pace of executing searches enabled by technology? - Management indicated a 25% reduction in days to complete searches due to technology adoption, suggesting this may become the new norm [49] Question: How should we think about the cost of service line going forward with BTG? - Management explained that BTG will have a variable cost of service model, with expectations for margins to improve as the business scales [50][51] Question: How do you view the company's performance versus growth in the end markets? - Management believes the company is holding its own and possibly gaining market share, although specific metrics are difficult to quantify [64][68] Question: What are the implications of remote work on the Executive Search business? - Management noted that remote work has expanded the candidate pool and improved placement speed, indicating a lasting trend [60][61]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's financial performance and condition for the period ended June 30, 2021 [Item 1. Condensed Consolidated Financial Statements](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the period ended June 30, 2021 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased, primarily driven by goodwill and accounts receivable, leading to growth in total stockholders' equity Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **$832,066** | **$787,812** | | Cash and cash equivalents | $237,832 | $316,473 | | Accounts receivable, net | $168,504 | $88,123 | | Goodwill | $137,401 | $91,643 | | **Total Liabilities** | **$532,513** | **$520,210** | | Accrued salaries and benefits (Current) | $198,120 | $217,908 | | **Total Stockholders' Equity** | **$299,553** | **$267,602** | [Condensed Consolidated Statements of Comprehensive Income (Loss)](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) The company reported a significant turnaround to net income, driven by a substantial 78% increase in revenue for Q2 2021 Key Income Statement Data (in thousands, except per share amounts) | Metric | Q2 2021 | Q2 2020 | 6 Months 2021 | 6 Months 2020 | | :--- | :--- | :--- | :--- | :--- | | Net Revenue | $259,981 | $145,603 | $453,637 | $317,084 | | Operating Income (Loss) | $28,706 | $(23,986) | $48,314 | $(5,834) | | Net Income (Loss) | $20,765 | $(25,733) | $35,597 | $(17,067) | | Diluted EPS | $1.03 | $(1.33) | $1.76 | $(0.89) | [Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities improved, while investing activities focused on the BTG acquisition and financing used for dividends Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash used in operating activities | $(52,343) | $(124,765) | | Net cash used in investing activities | $(16,031) | $(13,508) | | Net cash (used in) provided by financing activities | $(9,155) | $89,664 | | **Net decrease in cash** | **$(78,641)** | **$(52,959)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the BTG acquisition, goodwill impairment, and restructuring charges - On April 1, 2021, the Company acquired Business Talent Group (BTG) for **$32.6 million** in initial cash consideration, plus a potential earnout of **$20-30 million**, adding a new 'On-Demand Talent' operating segment[64](index=64&type=chunk) - As a result of the BTG acquisition, the company recorded **$45.5 million** in goodwill and **$10.6 million** in other intangible assets (customer relationships, software, trade name)[64](index=64&type=chunk)[67](index=67&type=chunk) - The company implemented a restructuring plan in Q3 2020, incurring **$7.1 million** in charges in the first six months of 2021, primarily for real estate optimization, with total charges to date of **$59.4 million**[86](index=86&type=chunk)[87](index=87&type=chunk) - In Q2 2020, the company recorded a non-cash goodwill impairment charge of **$33.0 million** (**$24.5 million** in Europe and **$8.5 million** in Asia Pacific) due to the economic impact of COVID-19[61](index=61&type=chunk)[96](index=96&type=chunk)[145](index=145&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's strong recovery, segment growth, and the impact of the BTG acquisition, with a positive Q3 outlook - The company's business now comprises three main services: Executive Search, Heidrick Consulting, and the newly added On-Demand Talent service following the acquisition of Business Talent Group (BTG) on April 1, 2021[104](index=104&type=chunk)[106](index=106&type=chunk) - The company forecasts Q3 2021 net revenue to be between **$245 million** and **$255 million**, indicating continued strong performance[131](index=131&type=chunk) - The company's digital platforms, Heidrick Connect for Executive Search and new digital solutions for Heidrick Consulting, were critical in navigating the remote work environment and contributed to the strong operational recovery[109](index=109&type=chunk)[123](index=123&type=chunk)[128](index=128&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q2 2021 consolidated net revenue surged **78.6%** to **$260.0 million**, driving a significant shift to operating income Net Revenue by Segment - Three Months Ended June 30 (in thousands) | Segment | 2021 | 2020 | % Change | | :--- | :--- | :--- | :--- | | Executive Search | $224,133 | $134,154 | +67.1% | | On-Demand Talent | $18,719 | $— | N/A | | Heidrick Consulting | $17,129 | $11,449 | +49.6% | | **Total Net Revenue** | **$259,981** | **$145,603** | **+78.6%** | Operating Income (Loss) by Segment - Three Months Ended June 30 (in thousands) | Segment | 2021 | 2020 | | :--- | :--- | :--- | | Executive Search | $42,958 | $(7,294) | | On-Demand Talent | $153 | $— | | Heidrick Consulting | $(3,631) | $(8,321) | | Global Operations Support | $(10,774) | $(8,371) | | **Total Operating Income (Loss)** | **$28,706** | **$(23,986)** | - Executive Search productivity surged, with annualized net revenue per consultant at **$2.4 million** for Q2 2021, compared to **$1.4 million** in Q2 2020[140](index=140&type=chunk) [Liquidity and Capital Resources](index=46&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintained strong cash reserves with no outstanding borrowings, and subsequently increased its credit facility - The company had **$237.8 million** in cash, cash equivalents, and marketable securities at June 30, 2021, with no outstanding borrowings on its credit facility[217](index=217&type=chunk)[216](index=216&type=chunk) - Cash used in operations for the first six months of 2021 was **$52.3 million**, mainly due to **$200.3 million** in cash bonus payments related to 2020 performance[218](index=218&type=chunk) - On July 13, 2021, the company amended its credit agreement, increasing the revolving credit facility from **$175 million** to **$200 million** and extending the maturity date to July 2026[100](index=100&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=48&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Primary market risk is foreign currency fluctuations, with a 10% change impacting net income by approximately **$1.1 million** - The company's main market risk is foreign currency exchange rate risk from its operations in the Americas, Europe, and Asia Pacific[228](index=228&type=chunk) - A **10%** change in average foreign currency exchange rates would have impacted net income by about **$1.1 million** for the six months ended June 30, 2021[228](index=228&type=chunk) [Item 4. Controls and Procedures](index=48&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective, with no material changes to internal controls over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[230](index=230&type=chunk) - No material changes were made to the internal control over financial reporting during the second quarter of 2021[231](index=231&type=chunk) [PART II. OTHER INFORMATION](index=48&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides information on legal proceedings, risk factors, and exhibits filed with the Form 10-Q [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various claims and litigation, not expected to materially affect financial condition - The company faces various claims and litigation from the ordinary course of business but does not expect them to have a material adverse effect on its financial condition[99](index=99&type=chunk)[232](index=232&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor concerns potential misclassification of on-demand talent as independent contractors post-BTG acquisition - A new risk factor has been introduced following the BTG acquisition regarding the potential misclassification of on-demand talent as independent contractors[234](index=234&type=chunk) - A misclassification determination could result in significant monetary exposure from unpaid taxes, wage and hour claims, and other employee-related liabilities, potentially impacting both the company and its clients[236](index=236&type=chunk) [Item 6. Exhibits](index=50&type=section&id=Item%206.%20Exhibits) Key exhibits filed include the amended Credit Agreement and CEO/CFO certifications under Sarbanes-Oxley - Key exhibits filed include the First Amendment to the Credit Agreement and CEO/CFO certifications under Sarbanes-Oxley Sections 302 and 906[238](index=238&type=chunk)

HEIDRICK & STRUGGLES FIRST QUARTER 2021 RESULTS April 26, 2021 SAFE HARBOR STATEMENT The 2021 first quarter news release, conference call webcast, and the following slides contain forward-looking statements. The forwardlooking statements are based on current expectations, estimates, forecasts and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans," "b ...

Heidrick & Struggles International, Inc. (NASDAQ:HSII) Q1 2021 Earnings Conference Call April 26, 2021 5:00 PM ET Company Participants Suzanne Rosenberg - Vice President, Investor Relations Krishnan Rajagopalan - President and CEO Mark Harris - Chief Financial Officer Conference Call Participants Josh Vogel - Sidoti & Company Kevin Steinke - Barrington Research Tobey Sommer - Truist Securities Operator Ladies and gentlemen, thank you for standing by. And welcome to Heidrick & Struggles Q1 2021 Earnings Conf ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______ to _______ Securities Registered Pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange On Which Registered Common Stock, ...

HEIDRICK & STRUGGLES FOURTH QUARTER 2020 RESULTS FEBRUARY 22, 2021 SAFE HARBOR STATEMENT The 2020 fourth quarter news release, conference call webcast, and the following slides contain forward-looking statements. The forwardlooking statements are based on current expectations, estimates, forecasts and projections about the industry in which we operate and management's beliefs and assumptions. Forward-looking statements may be identified by the use of words such as "expects," "anticipates," "intends," "plans ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 0-25837 HEIDRICK & STRUGGLES INTERNATIONAL, INC. (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of Incorporation or Organization) Delaware 36-268126 ...

Heidrick & Struggles International, Inc. (NASDAQ:HSII) Q4 2020 Earnings Conference Call February 22, 2021 5:00 PM ET Company Participants Suzanne Rosenberg – Vice President-Investor Relations Krishnan Rajagopalan – President and Chief Executive Officer Mark Harris – Chief Financial Officer Conference Call Participants Josh Vogel – Sidoti Tobey Sommer – Truist Securities Bryan Wynn – Credit Suisse Kevin Steinke – Barrington Research Operator Ladies and gentlemen, thank you for standing by, and welcome to th ...