HSII - Earnings call transcript Q4 2017 | Heidrick & Struggles International, Inc.

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Operator

Good day, ladies and gentlemen. This is Heidrick & Struggles' Fourth Quarter 2017 Conference Call. This call is being recorded. It may not be reproduced or retransmitted without the Company's consent. At this time, all participants are in a listen-only mode. a conduct will we question-and-answer session. Later be will provided at Instructions]. [Operator time that Instructions

turn to go call President I the Now, will over Relations Real of and Julie Estate. Please ahead. Investor Vice Creed,

Julie Creed

thank you and Quarter Call. Good afternoon, Conference everyone. for in Struggles XXXX Heidrick participating Fourth & And

Joining the our Harris, Deputy is Financial Officer. call our Krishnan and CEO, Mark me our Pehlke Chief and on Rajagopalan; Financial today President Officer, Rich Chief

harbor non-GAAP terms IR some adjusted adjusted our going to that and news in and contained slide today, one you call per A adjusted referring will in the of are our at that available on in at remarks, you shown we'll site margin, we the adjusted or income, to print measures forward-looking are we encourage our operating are of the refer earnings slides results. our the can During of GAAP net measures better them. and be believe release of of and to EBITDA, financial safe adjusted our of heidrick.com reconciliation ask on Today, slide. be that homepage along explain course income to we corner adjusted our presentation. statements EBITDA supporting to between slides. Web our we'll each supporting numbers and the diluted using language slide referring The different margin, release These in the we're two operating share. be be be follow non-GAAP and right-hand the please end bottom Throughout financial found that schedules making

talk XX. I'll results, over you. turn Krishnan, X on which Slide are consolidated to, annual Krishnan it to will generally Our through

Krishnan Rajagopalan

and Julie, Good afternoon, our everyone, call. thank you thank joining for you.

XXXX. have talked about strategic the in initiatives the what last the we're how in been what employees in positioned of our of year. I’ll proud you and we at the I’ll have quite busy accomplished today of summarize and Later highlights end actions accomplished, I'm October. XXXX. for since I'm to we’ve and of balance we We strategy some XXXX, the took our excited discuss

me let and net almost This in revenue driven of history. up year-over-year Net growth highest a million. Today, fifth the start search revenue where we’re up So with $XXX growth million pleased the primarily Company's report $XX X%. achieved revenue X% to XX-year XXXX. was by executive revenue was or was

year, consultants people a in record to was made January forward decision Following improvements our principal slow and development fourth that Shaping, completed, Consulting hiring we key speed. focused Culture the organizational while and last with million Leadership we X% approximately revenue quarter. go the decided we we to per in consultant summary at our of last would productivity our throughout With we this the market like promotion achieving a structure. the strategy on product service to in full for this It steady business. consulting and delivery, Once of are XX XXXX. $X.X initiatives, we made moving year, year grew elements Leadership combine integration transition the

charges for capital increase Although, driving growth. year, profitability imperilment believe and to profitability, restructuring strategic non a which including to move on year. took focus technology. culture market charge. facing administrative better in that during cash second expense while and last use difficult, and improved reported charges investments and support position us these revenue continued year, to sequentially declined a people throughout our actions, impacted We quarter revenue third the through shaping both Fourth net that quarter revenue We from several for

expect operating improvement margin. in sustainable deliver a they also will We help us

to Nordic improved to Leadership Consulting unusual businesses XXXX income this our to the of Culture operating operating lead X.X%. And combining managing line XXXX. named month Price, we Consulting, Partner and continue Consulting. services Consulting adjusted we while property integrated to partner And to acquisition Amrop And charges, compared our of XX launch the focus closed XX and We reflecting Shaping his three on Denmark, promoted as training Shaping Heidrick adding XX% increased to to announced Heidrick the Michael in a on market established search the now Excluding of In Firm’s t we Managing Service, add margin and leadership. developing search the and Earlier of intellectual six Leadership Culture principal bench former our promoted Client consultants we of into search, thought single Consulting well. retired. partner former to returned we and advisory further that Marino, to partner program, LeSueur and region. our well Colin the strength. Andrew development complement deepening Heidrick and January, capability. the to adjusted

like Rich with smooth in business of Chief operations, accounting, a Capital, I Please Hercules in over a been the the would the thank call on acknowledge and you minute introduce Rich. before me retiring after quarterly and take call total Heidrick like strong and return his the Financial He his the We're to to significant would firm. last wishing the working increase be Struggles. I since join this like will and development years brings to go first his shareholders would in over to hand-in-hand order at and retirement experience Rich like saw Before words for also share a and in say per during him tenure. wealth company public financial private Mark have Mark to to Mark, to February legal his leadership. investor growing earnings upcoming best seven we call a at to relations. you finance financials, ensure treasury, & excited to welcoming Mark few to in Rich is over a to his Harris, transition. who recently, team guiding that turn with I for to enterprises. Hercules Most Mark would board. Officer. conference CFO turn responsibility global I of has a as was Rich

Mark Harris

the a Absolutely. I join during advising and happier family, through firm Heidrick professional I’ve who doesn’t a advantageous to get in you so role which up & to business, be me thank into It's talent over has and experiences come speed one. that frequent Rich, is such important with your provided carrier his knowledge a ability to revered quickly. It me a much to for experiences. last vast leadership to this my couldn’t my partner this to Heidrick, development, a with Struggles that leader me transformation so leverage able be Rich of clients to the smooth as on as mentorship surprise been afforded month.

leading, In like have have financial I'll addition teams be that also teams process. transitional with all the during engaged I I this operational been thank to and and support to that Rich, who amazing the teams would leadership the

next Finally, our of ability create a such team Directors talented be joining of Rich? such I'm Board the elated to the to executive to distinguished with coupled chapters a firm. work with

Rich Pehlke

believe XX%. those than confirmations. our in search guidance, with highlights the results, kind result did work and Krishnan primarily me to in let & the well. XXXX, of addition higher and by words And confirmations in and And on pleasure employee the welcome. a in quarter region benefits through hit good you're bonus This quarter search I year. timing XX fourth Every which in was will Struggles. are Heidrick as the increase higher slide Thanks, in down It's contributed higher accruals these upticks, covered fourth a Krishnan everyone. revenue in as the in stronger industry I for four to decline XX. the was so discuss which offset The Revenue major fourth add for afternoon, the on as Mark, you a salaries the few past to million great resulted the $X my thank practices. a been quarter, G&A and of quarter and weeks, for you partially increase or came

As value an to the goodwill non-cash fourth business. and January, charge the leadership write our related remaining assets off intangible we impairment the $XX.X took of preannounced quarter to consulting remaining carrying carrying the in early million in --

overall an operating operating have reported $XX.X strategic XXXX a plan recorded for slide also year-over-year we efficiencies of restructuring the a shown fourth charges, quarter in improve the excluding adjusted would reduce and fourth fourth compared in charges, the million costs to loss increase XX% quarter XX, We quarter. Reflecting income to in Referring these the operations. of to million. our $XX.X

Those income We XXXX. down U.S. Jobs in deferred charges, of adjusted the the share would as inconsistency compares Tax and Moving value the rate net have quarter We the net at full moment. to foreign XXXX in in have diluted going corporate we diluted our look income use the allowance and the million and new effective will XX, effective to have a earnings the additional to Act of rate the the share from quarter down forward. adjusted had a income fourth has million $X.X the recorded jurisdictions. company many more the and Referring tax $X.X provisions related $X.XX. our you have of slide that of say restructuring write U.S. of our to adjusted as book another to rate related into results per valuation of result per result legislation fourth been XX%. the per $XXX,XXX to $XX.X in been and back rate who law due been restrict in volatile, charges charges and been Cuts to the impairment the and U.S. principally know because XX, our December would for tax XX $XX.X year quarter adjusted earnings reduction a establish slide been in carry for million our net likely And If credit million would share would to charge of of the their $X.XX in two XXXX enactment followed assets, tax of a tax diluted income forwards, XX.X%. $X.XX. tax This have XX% in foreign earnings tax income tax of I'll of statement. have of excluding

closer has rate averaging cash consistent, XX%. Our tax more to been

range full we in and $X high $X.X cash on still translate something million rate corporate between provisions the based to would prospective, primarily tax the tax from think and XX%, are expected reduction. this tax XXs reviewing mid in to mix U.S. of as savings. million income other of the our cash to a we the result For of From the But current of effects will reform decrease XX% XXXX, legislation. effective to a of income,

for paid approximately approximately in and we Company's cash XX, cash of $XXX.X as that million cash year Earlier $XX operating XXXX. cash XX, million million flow the paid XXXX. to March increase $XXX bonuses slide to The related to equivalents compensation throughout April, position at we at by each bonus to investments December fewer to reflects payout of consultant quarter, stronger compared December In XXXX bonuses. portion the referring build end Now performance. The year. will variable the in are related and offset $XXX acquisition were related compared compensation in million cash this deferred and payments accrue XXXX we higher balance in

Absent expect mostly We first in result expected of operating as we any restructuring. quarter approximately cash the a lower in related capital complete pay to tax increase expect $XX the acquisitions, potential to expenditures flow million improved and to rate. lower performance, again XXXX free severance to also

accelerate guidance, new new we to that standards to apply I will revenue January XXXX. first quarter turn need primary effective will the over recognition potential determinable, search, before X, search the are of fixed the model with where the let the briefly The the to me about Now, the completion for the the estimate area adopting of currently the recognition paid standard apply Heidrick at revenue. recognition, upticks related this life recognition same of standard the amount upticks. time fees higher in In compensation past, that received the to revenue with revenue candidate was we generally and search. to our for for we coincided and which we completed revenue upticks. Under recognize hired to search is revenue of search the expected contract. the original are retaining than recognized This for for utilizing is uptick each new we estimated Upticks year first talk the

revenue will next We the materially information do disclosure, our be each will monitor guidance continue rate quarter. overtime but it more will adapt revenue this I application models reflects affect our to the the but run speak and There to recognition of detailed believe the point, not standard. new at in XXK we will of

quarter more speak to guidance then let Now, and generally and directly me the the about first Krishnan the for year. Iwill talk

on search month the quite left executive search is healthy. Other slide slide of our consulting and the shown forecast exchange the their the but sell asignments, backlog and We Our revenue seasonality our our current in recognition business, conformation the trends of XX shown in were anticipated is expectation include days climate based few factors fees, on and February consultants for we productivity, which foreign number the of economic rates. model, XX.

that, XXXX, over This with was turn revenue to $XXX back with XXXX reported Krishnan. quarter We are I’ll compares the and which quarter in of of good expected forecasting net to revenue million. call a $XXX $XXX first net And between million. the million first

Krishnan Rajagopalan

Thank Rich. you,

of We in have XXXX started a strength. position

market momentum the ahead the about We and we’re of opportunity excited have us. in

changing culture value I talent, market interactions influential the world’s has and the of meeting first mention most The executive has Davos and are relevant has year. much by advantage. of Never competitive how me Let leadership They remains sustaining just intense. search before had businesses. to and incredibly the visionary building how Economic Never we our leadership was robust the meant greater. been Forum this services at never advisory so for so to been pace World energized highlighted the leadership disruption and in

end of strategic both administrative market services share advisory our the well. by facing. for market realigned reduced We bigger markets. the growth take as we can business restructuring brand capitalize significant structure XXXX. a actions, enabled We’ve Now cost also positioned our a on that better opportunity Consulting, cost for is and There of for Heidrick Heidrick through at our to launched including we’ve to the from

much the as savings into realized the will We people and through invest restructuring technology.

XXXX the enterprise. We across have four for priorities

in impact and growth. years positioned business market are profitable Increasing In momentum. is significantly segments. on the take build business the First, in this every executive our intend growth few region. share and our more search, we and scale to for of last in invested both now to We’ve

and We healthy will we selectively hire focusing markets have on economies where presence. larger growth a should

Heidrick our building For accelerating to performance. will on impact the to with clients, scale we the success business of Consulting, continue increase platform our

and new invest offerings in We will service expertise, new consultant tools and scalable methodologies.

Our XXXX on is focus for enterprise collaboration. second cross

work closely of clients advisory teams to together our consulting and an with search Our provide integrated leadership suite solutions.

the clients as We look our are cross chaining for provide consultants in each to more, acting to trusted businesses with of advisors. opportunities

key We our Heidrick full bring clients. are largest the broadening power to our of account focus to

Our driving third for focus service premium on our clients. experience a is

improvement. new on our allows to using teams out methodology rolling actively which assessment will implementing assessment to with showcased Davos research, clients begun years comprehensive we and the connects derived now We brings engage support new assessment our standardization process with portal our from overwhelming. believe client of the developed number have of at to search framework that XXX% And we this We candidate us a a competitively client as are We performance. also this was how This to performance can directly it We new serve. correlates response have and proprietary to differentiate have so margin this our framework research. organizations further accelerating globally. trained demonstrate we foundational their will digitally leading the executives capability of of solution, IP and

cost containment improve further close our cost our priority maintain fourth a to initiatives focus Finally, is on to structure.

not conditions, control excited With I’m lose and we cost ahead. of about year our focus. this and market momentum will making our favorable the are positive We part culture

significant our quarter growth. year firm. in going areas, focus important profitable thank record year. that You to we again initiatives. It’s make progress accomplish gains will With see our reflected first guidance. the us further we this for four want hard to excited I a revenue toward their an our this what achieve be will many team I work and by am as around employees firm this helping past year, truly on so for

happy your be we'd take Now, to questions.

Operator

[Operator you William go Tim first Instructions]. to Thank McHugh Blair. with We'll

Tim McHugh

first Just Can about how proceeds. difficulty]. restructuring of program want ask the many you much on [technical comments those the guess talk about to reinvesting I and

of savings flow restructuring program, I to allow think the versus you reinvest Just about year? it to how the the are full much the bottom line if you going through guess

Krishnan Rajagopalan

Tim, and our the that restructure are we've in And most I XX%. headcount. identified of reduced think aware, our now of we for all from came payroll approximately the restructuring savings the headcount you're Most has identified been off savings, the the of of individuals achieved. by form

So our said have and business consulting build invest to model. to in opportunity to profitable as and and continue products we’ve hirers business, sustainable business. the in to the We and a facing the that is the search market technology, goal now do scale particularly

Mark Harris

investments, so We're that The opportunity the changing in the the for fast to to balance need the for going and committed we're to with those future. operating a in monitor margin to closely investment but of term we’ll how on determine pretty bottom the investment of falls But return the potential pace dynamic growth. line. also the we're as market, invest well improving we near much

be balanced do how will in we that. quite we So

Tim McHugh

guess, Can increase, I what's if I year into happening you talk even like went know with I revenue there's compensation it's and XX% lumpiness I think about the of compensation basis, salaries. full on a bonus But look with sometimes expenses? the accruals.

revenue of -- And and it why the of a much this past so up is percentage did it I then -- was mix go guess I revenue it guess about year? as talk so

Rich Pehlke

add just a and than drove increase growing Number if people model which comp things Couple ago, market take facing it’s over of base it model higher to benefits. compensation model through one, dollars. at few a of year the the we leverage terms drove in how business -- years. variable last Number overall a resulted performance in the of the those of and in people, Rich. on two been that our in our Krishnan have and it. payout I'll the to increase people the we factor see crack our wants Time, run the is support

that the so level, as well the and value And expense compensation at of increase. what part grew drove that was of

business that we've shifted give about comments to we the it's the made the to back we’ve by for build have we the really But driven business. hope We're -- gets market from facing remain core this people environment healthy and the moves that the And to a restructuring, a strong with with support to in expense back performance to in pretty the that market pace still bit to in Krishnan invest continued just So the oxygen business. away the made where a we number people. side of of the and phasing. the the capital of more very

Tim McHugh

just then one, And go ahead…

Krishnan Rajagopalan

to I people eligible. Typically come our in quarters being you’re me fourth into bonus was just going familiar add. No, were

accruals as pick in well. quarter the fourth up the So

Rich Pehlke

farther we did expectation, But have which higher bit than up the expense the drove pop was a in fourth little a our as pretty well. revenue comp that heavy on also quarter

Tim McHugh

of G&A one type... just was more And I program be just -- restructuring last guess front line the correct? focusing. not It one that Is to was most

Rich Pehlke

support, expenditure or out some the operations in It G&A support or related the business was field.

more support the it did side rather client was have geographic than spread, but a on facing it side. So

Operator

McVeigh Bank. We’ll you. Deutsche go Thank with to Kevin

Kevin McVeigh

Rich, aboard. retirement Mark, congratulations on welcome and our

to way revenue higher street. the But the lower really towards revenue the appreciably in like the much And size guidance sense -- that you versus sounds the well? the is as of any it of any end? gets the looks quarter. there how What to end upticks the impacts So guidance went impact relative good the range

Rich Pehlke

more recognition the that in basis, standards, at $X if a to like to revenue it’s probably million million quarterly all going on $X the The somewhere talking range. the help guidance we're

So it’s material. that not really

modified previous the application catch We’re means as which entry up called to for upticks. a retrospective going the going to we’re book of do standard,

won't And most have why companies like that it have so We standard. be adapted financials, much restating won't year much that’s prior the difference. other

it’s big start So because in recognition what the you -- that’s the kicks a think factor. not off model. visibility terms the our what it, really especially really the drives about when revenue around, clouded and of really the of What that’s some revenue, value of conformations, timing drives our of

value which stronger have One as quarter, have of upticks in a reasons XXXX quarter the confirmations in fact we well. as high that is strong revenue quarter we a earlier the fourth that recognition the the had in well lot we as model, helps come of the

the So largely upticks. if we it's really revenue driven going in well the as to it’s the timing be of stream, volatility the -- by as have confirmation,

Krishnan Rajagopalan

look to we're with I guidance. off would our there fourth and had just January given we add nice a And in momentum comfortable we February. as start well, quarter, the in the feel

Kevin McVeigh

I of in now And point legislation, with I past. again. tax some disclosure -- you we has the affords know be maybe rate. the the volatility then more the just, give to don’t But tax to if on a obviously that opportunity an know I But I've just this to little get guidance. when new lot the asked And of start EPS there talking sense able been where any know in we’ll

Rich Pehlke

like decided this foreign you many still go we end haven't Kevin. point a in business, our evaluate Well, down the the the We of point jurisdictions, decision visibility periodically. to at time, the talk guidance of the But from of about stand decisions any at come especially those thinks to forward year. profit when wire with and

in time, to no there this that. plan at do is So point

Operator

Thank you.

next Our comes from Sommer SunTrust. question Tobey with

Tobey Sommer

led to economic top what the nine because restructuring itself wondering would could us, in that was if as some you the growth? give helpful. recently of relatively line could The So expansion. for we’re us be color experienced strong company you I year if action, to frame has

Krishnan Rajagopalan

able led to expense I conclude over And analysis this support and me in our where our pretty through began opportunities I were that became what to drive analysis led to way, comfortable started -- really our which to deploying I to thorough opportunities that is and capital to there to CEO, understand revenue that to revenue benchmarks about as be we’re we cost a as that’s to structure took a redeploy and different the made. in growth. decision restructure. capital went is actions. be Ultimately, tighter that what without to with fashion like that able a here We take expense look think there

Rich Pehlke

that sat we thing we The is add side, one side to and Tobey needed out here I’d that a as and from to figure we funding. make do, a thought a to had competitively about way technology what from both itself to peoples’

type And people to what were do reprioritize throughout what to have going so we the well. were going support and to as had we we operation definitely of

those led discussion. combination of all So the factors to a

Krishnan Rajagopalan

more And sense as in didn’t digital our a we started as journey, bit well. going make something to us

Tobey Sommer

share targets you goals And that. goals us? returns improving with some Do it have you must profit or could sounds medium margin to like long-time have associated for with that you

Rich Pehlke

target that are we specific Not this no. time, sharing at

Tobey Sommer

you you revenue. we be that $X.X in flack should productivity you even about to think consultant higher? think hit at I million able How point? have as to So drive annualized this think the How about do

Rich Pehlke

million the We have quarter. $X.X in fourth

room a there bit hit little annualized. $X.X about of Look of million think I think top is that. we I on in

has as changed As talking our staffing our well. hiring we’ve our to model, has hiring about been changed model you model and

in principles partners more then model. have the search and executive We

longer. hiring, going a to bit take simply partner little is it So driving through

slower of there probably to leverage and system more get with So a it through little more on is in though it expect the bit productivity I resources. to But I we bit that. than little top support creep We’ll gains a the technology past. how headroom think has

Tobey Sommer

you the seeing of accounting change you color how from upticks? the are recent higher some of upticks in more in terms compares upticks? could the and executive to nature provide experience I’m compensation that curious aside on inflation What if of

Krishnan Rajagopalan

related that changes the there compensation. necessarily in the not I’m anything of uptick I was would in recent nature sure to say

it’s think to aligned to overall top. I our continue the with work more strategy at

top, And work improved so our we’re larger seeing our They’ve of gradually holding are the up. a well. share as at tenures

aggressive obviously do than I our it uptick compensation other in think sectors drive have our group, industry more which necessarily don’t did of do. We growth So the financial some volume changes. services executive

So that could it. don't I is in think be it's compensation of But a working the how leading part necessarily industry.

Tobey Sommer

cash I'll currencies bonuses questions, the two we guidance spendable in around are a for And do net least mid with in and Is get talking back have XXs XQ? after currency severance then major the queue. assumption your and -- associated numbers somewhere you million at

Rich Pehlke

currency relative anything gyration I standpoint. two a is think reflected But think over for I our I on don't we different to in mean, XQ, think guidance that have have been guidance Yes, we obviously currencies watching major in first in we've the don't I that the guidance. dramatically going months. the said just to be

the like million range. the we're probably more in terms cash, spendable In of $XX

need time, business. run we we've first coming bonuses as by the payout that I quarter, in think always we're in remember and cash said to plus we operating getting million the number because $XX the flow first the that

quarter first this last the quarter. same again to early on same our that capital years, in and be You through get -- it'll will We'll be the the may the working be slightly borrow line second the in gone just that'll few in first recall quarter year.

Operator

Barrington Steinke we'll And with to go Kevin Instructions] Research. [Operator

Kevin Steinke

those margins more And margin the to basis? sustainable feed one-time So think that into you translate than bit little talk you can improve over your long obviously how improvement more drive if the cost in you can just going actions sustained plan you ability term this growth drive just expansion. mentioned to is a takeout. help wonder operating And on margins. a actions does about help But how restructuring

Krishnan Rajagopalan

here you Let multipack me a an example second. on give for technology

We've everybody allow able as through some with assessment model. search, moved we improvement to margin model which will trained globally. in drive standardization. we assessment a So standardize therefore We're as well, it search be wrapping technology new and referenced, to to us the

improvement margin capital an we're to So I as there's well. as which our investing quite where think some be to will place drive be able sustained example,

Kevin Steinke

have sounds Consulting timing hiring earlier. like characterize how how mean, little it bit for fluid. the to of still in that the how are plans you Heidrick in Heidrick the the would you I now But you on it Consulting? pace and I firm But be pool. referred are I So would do specific hiring plans plans just right it talent obviously, guess dependent availability mean, place?

Krishnan Rajagopalan

offerings to be for process we be priority some the are Consulting, to create process we’ll the grow build for organization. the able a in and need recruiting, to to we that Look, is Heidrick organization little time market to in together come which to of so joint of The create bit lean think accounts and success ability and for a with technology investment able to create and be will enterprise people able further well, the in as be to platform enterprise I and collaborate to some on the some hire.

definitely is plans hiring Consulting. on our for Heidrick So

Kevin Steinke

support are some how Just another question G&A structure? much there they a expenses. in reduction all to and expenses, in affect restructuring, if basis? with impacted with have that support about at anyway the on change operate consultants daily might Does how adapt in How the

Rich Pehlke

they this our everyone point I we and is what culture. material keeping one our in Kevin, making And side. support important of time. made sure think in Rich. build point gets part don’t any there change around with relative Krishnan that cost Look, of them this is the in to challenge I focus an think about comfortable

Our fourth a reflect expense in dramatic for results, decrease year-over-year. G&A even quarter pre-restructuring, pretty example,

and the both challenge topic terms fund, here example that’s the as us, as and in of not So gave. find people, our a consistent forgotten technology, because well it’s has need around we to for do that ways to Krishnan fund our a to growth been

and into decisions lot hard. But what needed at end have to know we have and adapt, number in end to everyone So the lot and a they that’s forward firm we they that it’s years the we always at to of of of of day, are with did. spend painful a new day, process knows good and the everyone that the of those say change to people sometimes direction bye good a remove

Kevin Steinke

decision going the fits your Chief about just And forward? Operating a plans, Officer into to and you talk create role lastly how can that

Krishnan Rajagopalan

us. to bring role also taken And Officer a closer We from is we the and have we we’re couple as large with field. Operating et looking and want really could to at to example on to those to market have of marketing cetera things capabilities how in the objective that. functional much It’s something closer than to Chief fact taking that another filed well field, So initiatives, which a on marketing. multi-faceted another used bit about going -- go thing but IT little the search away talk that like primarily there is a IT and for our the helping rather has field, align is

help in with So license we’ve all done and to to the be that’s that role able drive that role additional given productivity field.

Operator

additional CEO And in I’ll turn our or additional to closing floor queue, with no over questions any for the remarks. the back

Krishnan Rajagopalan

thank Great, you much. very

a thank for our change year and was consulting a outstanding big a Let our results. you on forming summary focus to operating team deliver by restructuring, a who A to strategic few new strong me new name of thoughts. creating to close team, significant a clients markets organization, just XXXX leadership few. firm, the transitions, offering stayed

and search are advisory reinventing at leadership a here We Heidrick. creating capability new

to and invest in We technology. people continue

We the mind have an on line. accountable bottom set

excited our new XXXX future. about Our and team is very

market. in our for very see you You Thank will the joining much Heidrick call.

Operator

for you. and conference. that your today's Thank all Ladies does conclude Thank participation. gentleman you and

You may now disconnect.

Heidrick & Struggles International (HSII) 26 Feb 182017 Q4 Earnings call transcript