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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 (Nasdaq: HSII) has opened a new office in Bogotá, Colombia, to enhance its operations in Latin America. Led by Roberto Hall, the office aims to support clients in Colombia, Ecuador, Panama, and Central America. The expansion is part of the firm's strategy to address the growing demand for executive search and leadership consulting in the region. With nearly 70 years of experience, Heidrick & Struggles is committed to providing innovative talent solutions that foster organizational growth across diverse sectors.
Heidrick & Struggles (HSII) announced an agreement to acquire Atreus, a leading provider of executive interim management in Germany, expanding its on-demand talent solutions into Continental Europe. The acquisition is set to strengthen Heidrick's market position and diversify its executive talent offerings. Atreus generated approximately $61 million in revenue in 2021 and will operate as a subsidiary led by Co-CEOs Harald Linné and Rainer Nagel. The deal is subject to regulatory approvals and expected to close in early 2023.
Heidrick & Struggles (Nasdaq: HSII) has appointed Carlos Vázquez as the new partner in charge of its Mexico City office, indicating a strategic expansion in Latin America. Vázquez, with a strong background in executive recruitment, previously led Mexico operations at a rival firm and has extensive experience in digital banking and investment banking at Goldman Sachs. His leadership aims to enhance revenue, foster growth, and develop integrated talent solutions for the firm's expanding Latin American client base.
The Route to the Top 2022 report by Heidrick & Struggles reveals that diversity among Fortune 100 CEOs remains low, with only 24% identifying as diverse. Despite 93% of executives valuing diversity more than three years ago, the percentage of women CEOs remains unchanged at 12%. Ethnic diversity slightly increased to 14%. The report indicates that 83% of current CEOs are first-time CEOs. The average CEO tenure rose to 6.8 years, but little change occurred in key demographics. The disparity between CEO and board diversity highlights the need for focused development of underrepresented leaders.
On November 10, 2022, Heidrick & Struggles (Nasdaq: HSII) announced the addition of Jason Henderson as a consultant in their Heidrick Consulting division in the Americas. With over 20 years of experience, Henderson specializes in executive assessment, C-suite team development, and board effectiveness, previously working at General Electric and Johnson & Johnson. His expertise will support private equity clients in achieving strategic objectives through enhanced human capital strategies, as highlighted by Andrew LeSueur, Global Managing Partner of Heidrick Consulting.
Heidrick & Struggles (Nasdaq: HSII) announced its Q3 2022 results, reporting net revenue of $255.2 million and diluted EPS of $1.02. Operating income was $28.3 million, with an operating margin of 11.1%. Despite unfavorable foreign exchange impacts, consolidated net revenue saw a 0.7% increase year-over-year on a constant currency basis. Cash and equivalents totaled $456.0 million, up 30.9% from a year ago, while the company anticipates Q4 revenue between $215 million and $235 million. A dividend of $0.15 per share was declared for Q4.
On October 18, 2022, Heidrick & Struggles (HSII) announced the addition of five new professionals to enhance their executive search and consulting capabilities in the Americas. This includes one partner in executive search and four new consultants in Heidrick Consulting, based in Chicago, New York, São Paulo, and Toronto. These additions aim to strengthen talent solutions amid economic uncertainty, focusing on leadership development and organizational strategy. The firm continues to position itself as a leader in global leadership advisory services.
Heidrick & Struggles (Nasdaq: HSII) will hold a conference call on October 24, 2022, at 5:00 PM ET to discuss its third quarter financial results. The call will be available via live webcast from their website, with a phone option at +1-888-440-4091 or +1-646-960-0846 (conference ID: 6106012). A replay of the webcast will be accessible two hours post-conclusion. Heidrick & Struggles specializes in providing global leadership advisory and talent solutions for senior-level organizations.
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