Company Quick10K Filing
Heidrick & Struggles
Price27.60 EPS0
Shares19 P/E56
MCap524 P/FCF6
Net Debt-176 EBIT15
TEV348 TEV/EBIT24
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-27
10-Q 2020-03-31 Filed 2020-04-27
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-10-28
10-Q 2019-06-30 Filed 2019-07-29
10-Q 2019-03-31 Filed 2019-04-29
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-10-29
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-05-03
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-10-26
10-Q 2017-06-30 Filed 2017-07-27
10-Q 2017-03-31 Filed 2017-04-25
10-K 2016-12-31 Filed 2017-03-23
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-26
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-03-10
10-Q 2015-09-30 Filed 2015-10-27
10-Q 2015-06-30 Filed 2015-07-28
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-03-11
10-Q 2014-09-30 Filed 2014-10-28
10-Q 2014-06-30 Filed 2014-07-29
10-Q 2014-03-31 Filed 2014-04-29
10-K 2013-12-31 Filed 2014-03-13
10-Q 2013-09-30 Filed 2013-10-29
10-Q 2013-06-30 Filed 2013-07-30
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-04-30
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-01
10-Q 2011-06-30 Filed 2011-08-01
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-04
10-Q 2010-03-31 Filed 2010-05-03
10-K 2009-12-31 Filed 2010-03-01
8-K 2020-07-27 Earnings, Exhibits
8-K 2020-05-28
8-K 2020-04-27
8-K 2020-04-03
8-K 2020-03-20
8-K 2020-02-24
8-K 2019-10-28
8-K 2019-09-24
8-K 2019-07-29
8-K 2019-06-06
8-K 2019-05-23
8-K 2019-04-29
8-K 2019-02-25
8-K 2019-02-06
8-K 2019-01-28
8-K 2019-01-15
8-K 2018-12-19
8-K 2018-12-04
8-K 2018-10-26
8-K 2018-07-30
8-K 2018-06-13
8-K 2018-05-24
8-K 2018-04-23
8-K 2018-03-19
8-K 2018-02-26
8-K 2018-02-01
8-K 2018-01-04
8-K 2017-12-31

HSII 10Q Quarterly Report

Part I. Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 5. Other Information
Item 6. Exhibits
EX-10.1 ex101-hsiix20200630.htm
EX-10.2 ex102-hsiix20200630.htm
EX-10.3 ex103-hsiix20200630.htm
EX-31.1 ex311-hsiix20200630.htm
EX-31.2 ex312-hsiix20200630.htm
EX-32.1 ex321-hsiix20200630.htm
EX-32.2 ex322-hsiix2020x0630.htm

Heidrick & Struggles Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
78062446831215602012201420172020
Assets, Equity
19514799513-452012201420172020
Rev, G Profit, Net Income
1307214-44-102-1602012201420172020
Ops, Inv, Fin

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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 JUNE 30, 2020

OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission File Number 0-25837
HEIDRICK & STRUGGLES INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 36-2681268
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification Number)
233 South Wacker Drive-Suite 4900
Chicago, Illinois
60606-6303
(Address of Principal Executive Offices)

(312) 496-1200
(Registrant’s Telephone Number, Including Area Code)
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, $0.01 par valueHSIIThe NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period of time that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x    No  ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer," “smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer 
¨
  Accelerated filer 
Non-Accelerated filer 
¨ (Do not check if a smaller reporting company)
  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

As of July 24, 2020, there were 19,342,148 shares of the Company’s common stock outstanding.



HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
INDEX
 
  PAGE
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 5.
Item 6.



PART I. FINANCIAL INFORMATION
 

HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
June 30,
2020
December 31,
2019
 (Unaudited) 
Current assets
Cash and cash equivalents$218,760  $271,719  
Marketable securities69,055  61,153  
Accounts receivable, net of allowances of $7,067 and $5,140, respectively
124,845  109,163  
Prepaid expenses24,605  20,185  
Other current assets27,811  27,848  
Income taxes recoverable4,918  4,414  
Total current assets469,994  494,482  
Non-current assets
Property and equipment, net28,577  28,650  
Operating lease right-of-use assets100,061  99,391  
Assets designated for retirement and pension plans14,001  13,978  
Investments26,085  25,409  
Other non-current assets24,700  20,434  
Goodwill91,271  126,831  
Other intangible assets, net1,361  1,935  
Deferred income taxes32,308  33,063  
Total non-current assets318,364  349,691  
Total assets$788,358  $844,173  
Current liabilities
Accounts payable$10,852  $8,633  
Accrued salaries and benefits113,351  234,306  
Deferred revenue38,122  41,267  
Operating lease liabilities30,117  30,955  
Other current liabilities18,144  26,253  
Income taxes payable11,448  3,928  
Total current liabilities222,034  345,342  
Non-current liabilities
Non-current debt100,000    
Accrued salaries and benefits49,829  59,662  
Retirement and pension plans46,847  46,032  
Operating lease liabilities78,872  79,388  
Other non-current liabilities4,573  4,634  
Total non-current liabilities280,121  189,716  
Total liabilities502,155  535,058  
Commitments and contingencies (Note 17)
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued at June 30, 2020 and December 31, 2019
    
Common stock, $0.01 par value, 100,000,000 shares authorized, 19,585,777 shares issued, 19,337,750 and 19,165,954 shares outstanding at June 30, 2020 and December 31, 2019, respectively
196  196  
Treasury stock at cost, 248,027 and 419,823 shares at June 30, 2020 and December 31, 2019, respectively
(8,743) (14,795) 
Additional paid in capital225,485  228,807  
Retained earnings67,686  91,083  
Accumulated other comprehensive income1,579  3,824  
Total stockholders’ equity286,203  309,115  
Total liabilities and stockholders’ equity$788,358  $844,173  

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
1



HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands, except per share amounts)
(Unaudited)
 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Revenue
Revenue before reimbursements (net revenue)$145,603  $173,122  $317,084  $344,716  
Reimbursements2,232  5,051  5,598  9,731  
Total revenue147,835  178,173  322,682  354,447  
Operating expenses
Salaries and benefits104,658  120,601  225,747  241,419  
General and administrative expenses31,961  34,168  64,201  68,553  
Impairment charges32,970    32,970    
Reimbursed expenses2,232  5,051  5,598  9,731  
Total operating expenses171,821  159,820  328,516  319,703  
Operating income (loss)(23,986) 18,353  (5,834) 34,744  
Non-operating income (expense)
Interest, net(339) 412  340  1,220  
Other, net3,076  708  (1,359) 2,351  
Net non-operating income (expense)2,737  1,120  (1,019) 3,571  
Income (loss) before income taxes(21,249) 19,473  (6,853) 38,315  
Provision for income taxes4,484  5,193  10,214  11,948  
Net income (loss)(25,733) 14,280  (17,067) 26,367  
Other comprehensive income (loss), net of tax
Foreign currency translation adjustment1,486  (7) (2,230) 313  
Net unrealized gain (loss) on available-for-sale investments15  12  (15) 12  
Other comprehensive income (loss), net of tax1,501  5  (2,245) 325  
Comprehensive income (loss)$(24,232) $14,285  $(19,312) $26,692  
Weighted-average common shares outstanding
Basic19,298  19,120  19,245  19,062  
Diluted19,298  19,431  19,245  19,531  
Earnings (loss) per common share
Basic$(1.33) $0.75  $(0.89) $1.38  
Diluted$(1.33) $0.73  $(0.89) $1.35  
Cash dividends paid per share$0.15  $0.15  $0.30  $0.30  
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
2



HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
 
   Additional
Paid in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Income
Total
Common StockTreasury Stock
SharesAmountSharesAmount
Balance at December 31, 201919,586  $196  420  $(14,795) $228,807  $91,083  $3,824  $309,115  
Net income—  —  —  —  —  8,666  —  8,666  
Adoption of accounting standards—  —  —  —  —  (332) —  (332) 
Other comprehensive loss, net of tax—  —  —  —  —  —  (3,746) (3,746) 
Common and treasury stock transactions:
Stock-based compensation—  —  —  —  2,614  —  —  2,614  
Vesting of equity, net of tax withholdings—  —  (109) 3,838  (5,388) —  —  (1,550) 
Cash dividends declared ($0.15 per share)
—  —  —  —  —  (2,876) —  (2,876) 
Dividend equivalents on restricted stock units—  —  —  —  —  (126) —  (126) 
Balance at March 31, 202019,586  $196  311  $(10,957) $226,033  $96,415  $78  $311,765  
Net loss(25,733) —  (25,733) 
Other comprehensive income, net of tax—  —  —  —  —  —  1,501  1,501  
Common and treasury stock transactions:
Stock-based compensation—  —  —  —  1,320  —  —  1,320  
Vesting of equity—  —  (48) 1,685  (1,685) —  —    
Re-issuance of treasury stock—  —  (15) 529  (183) —  —  346  
Cash dividends declared ($0.15 per share)
—  —  —  —  —  (2,891) —  (2,891) 
Dividend equivalents on restricted stock units—  —  —  —  —  (105) —  (105) 
Balance at June 30, 202019,586  $196  248  $(8,743) $225,485  $67,686  $1,579  $286,203  

























3



HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
(In thousands)
(Unaudited)
   Additional
Paid in
Capital
Retained EarningsAccumulated
Other
Comprehensive
Income
Total
Common StockTreasury Stock
SharesAmountSharesAmount
Balance at December 31, 201819,586  $196  632  $(20,298) $227,147  $56,049  $4,062  $267,156  
Net income—  —  —  —  —  12,087  —  12,087  
Other comprehensive income, net of tax—  —  —  —  —  —  320  320  
Common and treasury stock transactions:
Stock-based compensation—  —  —  —  1,343  —  —  1,343  
Vesting of equity, net of tax withholdings—  —  (160) 5,155  (9,707) —  —  (4,552) 
Cash dividends declared ($0.15 per share)
—  —  —  —  —  (2,848) —  (2,848) 
Dividend equivalents on restricted stock units—  —  —  —  —  (87) —  (87) 
Balance at March 31, 201919,586  $196  472  $(15,143) $218,783  $65,201  $4,382  $273,419  
Net income—  —  —  —  —  14,280  —  14,280  
Other comprehensive income, net of tax—  —  —  —  —  —  5  5  
Common and treasury stock transactions:
Stock-based compensation—  —  —  —  3,368  —  —  3,368  
Vesting of equity, net of tax withholdings—  —  (3)     —  —    
Re-issuance of treasury stock—  —  (11) 348  (3) —  —  345  
Cash dividends declared ($0.15 per share)
—  —  —  —  —  (2,867) —  (2,867) 
Dividend equivalents on restricted stock units—  —  —  —  —  (101) —  (101) 
Balance at June 30, 201919,586  196  458  $(14,795) $222,148  $76,513  $4,387  $288,449  
The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.
4



HEIDRICK & STRUGGLES INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 
 Six Months Ended
June 30,
 20202019
Cash flows - operating activities
Net income (loss)$(17,067) $26,367  
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization4,467  5,348  
Deferred income taxes380  512  
Stock-based compensation expense3,934  4,711  
Accretion expense related to earnout payments  327  
Gain on marketable securities(122) (116) 
Loss on disposal of property and equipment275    
Impairment charges32,970    
Changes in assets and liabilities:
Accounts receivable(17,013) (32,093) 
Accounts payable2,145  (978) 
Accrued expenses(129,842) (115,500) 
Restructuring accrual(1,480) (1,189) 
Deferred revenue(2,673) (3,240) 
Income taxes recoverable and payable, net6,755  (4,035) 
Retirement and pension plan assets and liabilities1,275  1,686  
Prepaid expenses(4,541) (3,507) 
Other assets and liabilities, net(4,228) (176) 
Net cash used in operating activities(124,765) (121,883) 
Cash flows - investing activities
Capital expenditures(4,556) (1,793) 
Purchases of available-for-sale investments(71,419) (40,477) 
Proceeds from sales of available-for-sale investments62,467  232  
Net cash used in investing activities(13,508) (42,038) 
Cash flows - financing activities
Proceeds from line of credit100,000    
Cash dividends paid(5,997) (5,903) 
Payment of employee tax withholdings on equity transactions(1,550)