Heidrick & Struggles Q2 2023 Earnings Report
Key Takeaways
Heidrick & Struggles reported second quarter results with a 13% sequential revenue increase, including 10% organic growth. The company's adjusted EBITDA increased 33% sequentially, and integrations of recent acquisitions are progressing smoothly.
Net revenue of $271.2 million increased 13% sequentially, 10% organically.
Operating income of $13.6 million decreased $4.2 million sequentially and operating margin was 5.0%.
Adjusted EBITDA of $36.4 million increased 33% sequentially and adjusted EBITDA margin was 13.4%.
Net income was $9.0 million and diluted earnings per share was $0.44; adjusted net income was $15.0 million and adjusted diluted earnings per share was $0.73.
Heidrick & Struggles
Heidrick & Struggles
Heidrick & Struggles Revenue by Segment
Heidrick & Struggles Revenue by Geographic Location
Forward Guidance
The Company expects 2023 third quarter consolidated net revenue of between $245 million and $265 million.
Challenges Ahead
- typical summer seasonality
- continued fluidity in external factors, such as the foreign exchange and interest rate environments
- foreign conflicts
- inflation
- macroeconomic constraints on pricing actions
Revenue & Expenses
Visualization of income flow from segment revenue to net income