Heidrick & Struggles International Inc · Q2 2022 earnings

Briefing

Reported record quarterly results with net revenue climbing 15% over prior year.

Heidrick & Struggles announced record quarterly revenue of $298.7 million, a 14.9% increase year-over-year. Diluted EPS was $1.19, with an adjusted EBITDA margin of 12.3%. The company's cash balance reached a second-quarter high of $336.6 million.

• Net revenue reached a record $298.7 million, an increase of 14.9% versus the prior year period
• Operating income increased to $33.9 million, 18.0% higher than the prior year period
• Net income and adjusted net income were $24.1 million; diluted and adjusted diluted earnings per share were $1.19; year-to-date diluted earnings per share reached a record $2.08
• Adjusted EBITDA was $36.8 million and adjusted EBITDA margin was 12.3%
• Cash and cash equivalents was $336.6 million, 41.5% higher than at June 30, 2021

Headline financials

Revenue & EPS history

The Company expects 2022 third quarter consolidated net revenue of between $260 million and $270 million, while acknowledging that some continued fluidity in external factors such as foreign conflicts, inflation, the interest rate and foreign exchange rate environments may impact quarterly results.