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Heidrick & Struggles International, Inc. (Nasdaq: HSII) is a global leader in providing executive search, leadership consulting, and on-demand talent solutions. Founded over 65 years ago, the company has established itself as a trusted advisor to the world’s top organizations, helping them identify, develop, and retain senior-level talent. With principal business centers in North America, Latin America, Europe, and Asia Pacific, Heidrick & Struggles operates on a global scale.
Core Services and Segments
- Executive Search: Specializes in identifying and recruiting top-tier executives across various industries, leveraging a network of over 400 consultants worldwide.
- Heidrick Consulting: Offers leadership assessment and development, organizational design, team acceleration, culture shaping, and diversity and inclusion services to help businesses build effective leadership teams.
- On-Demand Talent: Provides interim executives, project managers, and specialized consultants through the Business Talent Group (BTG), a wholly-owned subsidiary focused on meeting the immediate and short-term talent needs of clients.
Recent Achievements and Projects
In recent quarters, Heidrick & Struggles has demonstrated robust financial performance, marked by notable acquisitions that have expanded its service offerings. The acquisition of Atreus Group strengthened their On-Demand Talent segment, while businessfourzero enhanced their Heidrick Consulting capabilities. These strategic moves have contributed to sequential revenue growth, particularly in the Americas and Europe.
Financial Highlights
For the second quarter of 2023, the company reported consolidated net revenue of $271.2 million, a 13.3% increase from the previous quarter. Adjusted EBITDA grew 33% to $36.4 million, with an adjusted EBITDA margin of 13.4%. Despite global economic uncertainties, Heidrick & Struggles continued to invest in digital capabilities to better serve their clients.
Strategic Outlook
Looking forward, Heidrick & Struggles aims to leverage its One Heidrick strategy, which integrates executive search, on-demand talent, and consulting services to provide comprehensive leadership solutions. Their focus on innovation and technology, particularly through the Heidrick Navigator SaaS product, is expected to drive future growth and enhance client services.
Heidrick & Struggles International, Inc. (Nasdaq: HSII) reported first-quarter results for 2023, revealing net revenues of $239.3 million, down from $283.9 million in 2022. The company experienced a 13.7% decrease in revenue, attributed to market slowdowns and foreign exchange fluctuations. Operating income was $17.8 million with a 7.4% margin, compared to 10.7% the previous year. Despite challenges, the company maintained strong profitability, achieving an Adjusted EBITDA of $27.5 million. Significant acquisitions were completed, including businessfourzero, enhancing the Heidrick Consulting segment. A quarterly cash dividend of $0.15 per share was declared. The outlook for Q2 anticipates net revenue of $260 million to $280 million, with caution regarding external economic conditions.
Heidrick & Struggles (Nasdaq: HSII) announced the addition of three new executives to enhance its leadership advisory and consulting services in the Americas. Steven Baumruk joins as a partner in Miami, specializing in Aerospace, Defense & Space sectors. Nicole Balsam, a new principal in New York, focuses on executive placements in Consumer Markets. Kathryn Bardi, another principal in Chicago, brings expertise in DEI practices and organizational development. These appointments aim to strengthen Heidrick's talent solutions amidst the challenging economic landscape, providing clients with the necessary skills to drive performance and growth.
Heidrick & Struggles (Nasdaq: HSII) has scheduled its quarterly conference call for April 24, 2023 at 5:00pm ET to discuss its 2023 first quarter financial results. The call will be accessible via a live webcast on the company's website, with a replay available shortly after the event. Heidrick & Struggles, a leader in global leadership advisory and talent solutions, offers services in executive search, diversity, leadership assessment, and talent management, leveraging over 65 years of industry experience.
The 2023 High-End Independent Talent Report by Business Talent Group reveals a 116% increase in demand for interim leadership year-over-year, highlighting the need for high-end talent amidst economic uncertainty.
Requests for interim roles in the C-suite surged, especially for CFOs (103%) and controllers (233%), indicating a critical skills gap. The report states that companies are turning to on-demand talent to navigate challenges, with a significant 220% year-over-year rise in CEO requests. Additionally, investment in tech transformation has grown by 20% as firms adapt to rapid advancements.
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