Earnings call transcript Q2 2023

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Operator

Please standby, we are about to begin. Good afternoon, ladies and gentlemen. Welcome to the Heidrick & Struggles Q2 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode and please be advised that this call is being recorded. After the speakers prepared remarks, there will be a question-and-answer session. Instructions] [Operator

this Suzanne like Relations. Rosenberg, ahead, at over turn Please I ma’am. Ms. to Vice time, now to would things go And President, Investor

Suzanne Rosenberg

XXXX And quarter to you. our Thank conference welcome call. second

and on view call and today’s we at context. We President Krishnan Mark on me these homepage additional Chief accompanying of is Officer, slides Joining Financial our heidrick.com to slides IR and for encourage our CEO, you Rajagopalan; the posted website Harris. our

ask presented Harbor may in results. today, GAAP release. measures measures be certain materials in release. press may that these note refer provide found financial language today’s the Please most measures refer press that our financial non-GAAP We we that Also you additional the to to also in the may please comparable remarks, contained Safe in non-GAAP the and earnings we statements. insight make Reconciliations believe we forward-looking into underlying between

you. call Krishnan, I will to the now over turn

Krishnan Rajagopalan

Thank you, today. and for Suzanne. you everyone, Good afternoon, joining us thank

We second trending what in quarter of marked continuation to a beginning were we first our pleased anticipated. quarter with the with as results, business which are see

expectations acquisitions, and in of full the included from our Consulting segment. Talent results Heidrick our recent Revenue first businessfourzero our Atreus met On-Demand and the BXZ in quarter segment or

anticipated organic Of a significance, to performance. demonstrated the of growth, sequential even of and return segments before levels the business despite an positive macro effects each of these more our acquisitions, business ongoing normalized uncertainty

on Mark let the details go call. will into later I the

we see year. macro manage well of half on positions strategy, in to a Our the environment, while choppy typically the seasonality back steadfast maintaining us our as of well the as profitability focus navigate execution the strong

fundamentals where our encouraging leadership the with to we demand strong show talent remains From for signals. tight and continues and market perspective operate,

a than Heidrick, pace few change in I will the continued faster ever, for in opportunities In discuss organizations which we is addition, the growth within resulting moments. and serve of new

Now quarter. financial for highlights second moving some the on to

we XX% While pleased organic EBITDA sequentially record revenue the are $X.XX increased versus basis XX% XXX in from the and increased XXXX, very are up down was in XX% achieved adjusted quarter year-over-year that XX.X%, comparisons diluted the including adjusted points given with an first $X.XX growth and of margin quarter. EBITDA results EPS prior we sequentially,

Our results acquisitions. and continued by recent were propelled our diversification further

business. has enabled to strategy M&A progress immediate of an well-defined acquisitions in Our our seamlessly, these both positive impact resulting to

overarching us This strong that resulting Overall, profitability on the topline allows operate at focus notable a business continues to in revenue of robust into progress levels, fuel toward to profitability. performance diversifying translated our our composition. goal strategic

navigating earlier, time, and remains CEOs I must stated act the in for priorities pace to and tight of across CEOs our than Boards and Boards and and constantly quickly change market shifting entire leadership more now enterprise, talent continues see we decisively. As the real ever, accelerate, crises and

are important a see We cutting that few the various growth. segments driving business across trends

an be is growing For increasing in scope. focus Succession talent, are example, continues leadership is culture. and overall a CEOs priority planning There and expanding effectiveness. on Board to prioritizing

and heightened in prioritizing and will regulation bring into relevant need in globally. for such as who cyber top skills of potential and effectiveness, changes and Organizations businesses are also AI team result Boards their course, those and themes insights

posted business confirmation quarter. segments. in the of the business our of each demand to Beginning sequential heels Executive on topline turning increased improvement with Now Search, this first

and both verticals which decreased business levels mix this anticipated, we macro operate. year, last in within environment portfolio moderately the the As achieved the record from reflecting

demand. continued More specifically, to experience a technology we and markets, services industrial saw financial the slowdown strong in whereas

environment. Executive level a new operating as adapt companies in change a the to Search, of see and top solid continue changing given the We to at market

of roles been are rapidly has Other at cut that and Demand most roles top demand practice. and hybrid include being every the resilient Board and tech variety very burgeoning digital a of Directors. of CEO, created in areas CFO across the industry

to Turning On-Demand Talent.

very from year, strategic by driven by business in last are strong acquisition. this acceleration primarily excited We the

segment’s significantly office In us grow is well clearly growth, the Europe. defined Continental to presence helping contributing with a revenue and addition to acquisition Atreus leading strong our side Integration the roadmap. a the on our and integration of is particularly underway, team in establish management sales is

and Heidrick and growth remains our Talent as a complements It avenue On-Demand clear for offerings. it strong other that is revenue segments for diversification

flexible On-Demand in the for talent continue economy as solutions, is a where independent valued. market growing Talent Additionally, various industries there’s to transform,

best that their reshaping the of needs. we we the continue and clients opportunities see serve are to today, front line to Given our at this business stay

are for the segment supporting moving enthusiastic particularly We On-Demand while its investment, sales opportunistically footprint. marketing, business runway and in and geographic on expansion We through expanding the see Talent remain meaningful forward.

also Lastly, and of integration The proceeding robust a BXZ our by driven Consulting organic Heidrick segment sequential Year-over-year smoothly. strong primarily was growth. revenue growth acquisition. is saw

have already go-to-market several integrated We teams on deployed opportunities.

put by delayed is strong don’t Hybrid seeing projects this segment. for backlog on our despite signals, and record Consulting Overall, see and good cancellations we or hold, some demand being are encouraged

good an we Given retaining pipeline, this, the culture, demand response for job the and conditions, increased imperative. current seeing leadership employee are development agility has especially of themes market are a especially In focused especially to and assessment, tight talent ensuring around become the on engagement. particularly development, leaders programs, clients market, with retention strong

their our teams. performance We next-generation focused our leaders Turning achieve and now will strategy. advisory talent the clients remain of to offering and on leadership higher that building and them services overall through help

Our primary as within serves two areas organically clients. strategy the inorganically already diversification, Heidrick and centers that both on

Executive count, business. our which On-Demand applying pillars Search the First, Talent and our of

asset, leaders, in Strategically, effectiveness we are an as portfolio the on and Consulting, And focused Heidrick and their leadership manage helping second, encompasses assets. using developing both holistically we systematically our of to and assets, at organizations, improving teams scale of where technology. invest digital develop continue talent companies digital which and

is clients by digital tested helping which a of Navigator, first strongly global group leaders, beta the and with these bullish with clients. is asset, currently task leaders multibillion Navigator and Heidrick effectiveness them on of automate evaluating Heidrick resonating select succession planning. new optimize the identifying of being dollar We are our

We and continue product and further shape progress to working in incorporate are to efficient the near make feedback launch for we the future.

We have organization begun a in pursue direct as with channel aggressively direct sales also monetization. to we towards our pivot conjunction

and we AI. the continue make to including investments through in digital technologies In -- to our throughout company capabilities the addition Gen company, Heidrick Navigator, appropriate

we business, more of to be our continue technology each segments our the of core Importantly, and enabling efficient. to integrate at effective

pace translate are support we business of signs levels. the closing, by current and From operating is and demand view, strong to see market further fundamentals catalyst. easing we of talent to could the In inflation tight our encouraged our

human in solutions provides are issues and We for strategy, talent the focused broader confident challenges solves client executive on and growth and diversification our level. comprehensive that at on complex needs capital for

of the members, Global, executive very of we to Global Separately, pleased independent. seven whom are as most eight our John recently are to Directors, of S&P welcome S&P with to President expanding an Berisford serving Board continue Board John leader innovate diversify our experience John who as formally Chief of we the to and and brings future. HR transformative our well wealth a as was and business will a Officer. business Heidrick serve for us Resources Human Ratings was

incredible the hard work team dedication to continued you for thank to Finally, Heidrick clients. our a and big their

now call turn like to I -- to like I’d the Mark. would over

Mark Harris

at Thank with revenue came evening I our second you, everyone with Krishnan, off our the expectations within to and on quarter our Today, which good today’s review will guidance. of afternoon in and call. of start a results, midpoint

are we slower last our business market with While focused current than remain strong is laser the pace year, and delivering pleased profitability to frantic performance on today’s of shareholders.

through of sequential all fundamental balance see lines via contributions the business. as business Importantly, you the mentioned, our Krishnan of can underlying strength by

acquired As a performance BXZ quarter second related and our to full the results quarter Atreus reminder, businesses. include

include accounted results I GAAP charge, is $X.X $X.X that this in salaries a shortly million results comment expected to periods. the quarter related second impairment impairment will operational today addition, which one-time goodwill benefits. reorganizations comments a million comparative non-cash in future in for nature and or on charge will My and the adjust not for be to our In and as is

comparison more prior meaningful year’s sequential of as I trends, anticipated provides more indication particularly purposes to comparing that this Lastly, for business a the I to given of record business believe going underlying focus we versus am today’s current call, XXXX. the of environment in the on performance abate macro current would

second acquisitions, we from strong basis, quarter the quarter sequential growth was consolidated not organic XX% a demonstrating growth above and businesses net delivered On from had thus XXXX of XX.X% acquisitions. revenue our million Even or legacy all results. first we impact revenue before $XXX.X

to In Executive $XXX.X Search, grew million. revenue sequentially X.X%

region we saw sequentially, Looking for at our increases regional Asia-Pacific. except each in performance

was up Europe revenue Specifically, was up X.X%. and American X.X%, down search was XX% Asia-Pacific

the revenue first we The increased confirmation reflects demand in quarter XXXX. of performance strong overall saw

X.X% confirmations will were the third slower translate into time However, enter quarter for sequentially seasonally we down slower likely which the segment. quarter, this in a revenue second as in

on million first $X.X $X XXXX. in a the of productivity in to basis trailing second Consultant compared the quarter million, XX-month was quarter

million, we As $X.X market. $X.X been embraced This comments to by post-COVID, million that accepted the enhanced, more we technology range to to driven this whereas has made by the trend long-term you of new million. where the $X of productivity previous may recall, million in shift around be been expect consultant pre-COVID, $X.X is has and

million $XX.X up Turning was with Revenue growth. and organic on XX.X% to X.X% sequentially to On-Demand the Talent. up

moving we and costs to mentioned, do see some we Krishnan the seeing this shifting not associated for opportunities are did that As we that record are reshaping reorganization expect forward. business

leadership Specifically, overhaul technologies process, we forward. key our business, changes enhanced and streamlined and made move the and hiring processes internal our businesses realigned some to to the organization our and

if We for year expect fully in not the to before. effect be XXXX, changes these

quarter and with Consulting up revenue growth. XX.X% $XX.X to organic Heidrick second XX.X% million only sequentially grew

it Our their in execution. purpose retention, with talent relates clients and engaged performance particularly to as remain us culture, strategy, accelerating

confirmation comparison. sequential and revenue value a grew quarter on Both

longer remains for positive kept we of close balance year. outlook of client partnering deferment top on demand of journeys our with seeing of deeper the us some project delivery, to our clients has strong providing the house, While the are and us the and strategy a

Heidrick achieving of In look scaling segment’s addition, recent to forward full of to the we while revenue our Overall, further the its reaches contribute acquisition under profitability. is umbrella. Consulting, Consulting to meaningfully levels potential appropriate Heidrick it expected once BXZ

acquisitions, level increased increased and including and decreases compensation benefits compensation RSU fixed by salary new million of costs in sequentially expenses, and due reorganization from compensation the offset our amortization, plan. retirement sequentially, costs, to and the recent production operating to $XX.X Turning XX.X% Variable million deferred we increased prior due $X.X to benefit quarter. and primarily saw acquisitions higher

XX.X% percentage versus was the net prior As XX% in quarter. a of and revenue, benefits salary

development, net revenue expenses of XX.X% General the professional see quarter. earn-out of lower. business increased and revenue primarily revenue, administrative result normalized is first to net $XX.X of fees, would quarter the a a in percentage increase or to intangible or modest the million we in G&A as $X.X In to XX.X% The net costs compared of amortization slightly XXXX. be and XX% of to approximately environment, expect million more

with pleased are we So these results.

the $X.X net the R&D million or revenue or spending million. to our $XX quarter Lastly, and focused remain the with expect The Navigator spend continue approximately we spend. R&D for digital second $X.X is year, through R&D progressing X.X% of development of X.X% we other be full prior million first net XXXX. in of quarters and versus of was for assets revenue the Heidrick on quarter to consistent

into the operating Therefore, in will proxy our As we the underlying this are related and activity our we record internally. performance adjusted purchase we profitability, we business the accounting. to use we view as of continue best of incorporate to as charges more terms model, must forward of business going doing non-cash EBITDA M&A also

EBITDA quarter, adjusted of EBITDA million compared prior XX.X% as quarter from the points XX.X% increased in $XX.X sequentially to well. XX% $XX.X Adjusted XXX the to basis quarter the margin In second to in first million, increased XXXX.

On a million of to first Search in basis, $XX.X adjusted million, quarter segment Executive $XX.X XX.X% the compared with to EBITDA XXXX. up finished quarter the

in acquisition. a versus loss by adjusted driven the Talent $X.X of primarily million EBITDA recorded of gain million prior On-Demand quarter, $X.X

its Consulting $X.X to improvements. narrowed organic EBITDA adjusted Heidrick quarter, million driven loss in And the million from a loss prior $X.X primarily by

was quarter adjusted the for per earnings was income adjusted $X.XX. and diluted million share $XX Finally,

the by Now our end increased to second At quarter. to $XXX.X will sheet. and first at of securities to compared cash the the sequentially end $XXX I balance the marketable million million, the quarter, $XX.X turn of million

We returns particularly reinvesting our will portfolio. from of come continue Talent greatest the and to cash in our believe business, our growth digital On-Demand in

strong we experienced seasonality. demand of across Therefore, spending, XXXX, half fundamentals signals still pressure we half corporate are have to and similar coupled the Moving what on be we forward, in the seeing whether to expect good our it’s first business lines. second with

between That said, and $XXX third second from million turning patterns reflects guidance, expect XXXX revenue the to range summer we quarter which $XXX to our typical seasonality million, quarter.

reminder, risk less be macro provides carry As us profiles, our cyclical. diversification with a different strategy tends businesses that to new which

while from contemplates a On-Demand Executive Consulting. expect So performances to we slowdown relative our Heidrick Search, stronger see guidance in Talent and do

I’d call today’s outlining our the our as like by conclude how of will we evolution move results impact to financial forward. strategy

segments, As to stable. our increased to we more in business cyclicality we and adjacent revenue see thus leverage would, diversification, revenue Search expansion. less making expect topline of This revenue continue Executive course, grow distinguished our means and

coupled therefore, and aggregate EPS leverage to count This, over businesses will our While margins not will overall, increasing dollars adding growing Executive will to pay these add decrease margins Search, acquisitions lower be bottomline. new time. and are with for will share the or they carry accretive versus

continue opportunities strategically we that opportunities, growth are cash-on-cash and on M&A and is aligned, are balance additive culturally to organic note, as proven integration and after Of finding on predicated roll our strategy and returns leverage focus Thus, expenses high our present off. our sheet strategy. will EPS to inorganic M&A healthy

dedicated this We look we and to this remain strong conclusion, shareholders. to to journey transformation. In continuing forward delivering returns our throughout

for Finally, the to turning the just item. over before housekeeping minor a call Operator Q&A,

from our our October calendar This conference third Monday make are time scheduling we change. which usual this the different is various XXth we only call, calls. and is targeting Given expect to earnings quarter obligations, for Wednesday,

With and take glad be that, to would Krishnan I your questions.

Operator

Mr. you, Steinke take Instructions] from [Operator our this of Research. Kevin Harris. Thank will We first question Barrington afternoon

Kevin Steinke

afternoon. start Hey. off to about Good wanted the change by asking accelerating. of I pace

the of Krishnan, talk maybe opening are their the or macro that just the accelerating remarks about factors you couple are could of times, organizations when of and at mentioned in are looking pace a You that trends your you broader seeing if some teams? leadership change

Krishnan Rajagopalan

Thanks that seeing you are the Hey, Yeah. something planning, word of the we looking like entire regarding that question. at that companies even C-Suite. Like, which for it. things for applied how it’s was if CEO, and to look typically succession pace Kevin. are at now Multiple being change reserved

the how entire as to that’s think going succession So that’s a well. broad about sweeping change on, C-Suite for

our go of such couple think something years, And changing rather about look If how decisions. we multiple to that If to different decisions world. and over that look which is as technology, make the one at in fast way in it we example a making over how last of years. at

things means to that and We AI that in processes implications that an change Gen going decision-making of of well. increased incorporation executive pace teams the see and what teams are and like for of as leadership of the into

an continuing right are that us the seeing on things faster now. are kinds and go much, these that digital all these transformation, there’s are going finally much we there So for of about urgency are out that and that it things

Kevin Steinke

I the Talent to Okay. about On-Demand wanted Thank also ask segment. you.

the think used segment. reshaping you On-Demand the phrase Talent are you I that

to Is the Just segment more you in just the something more of you sales on or as future? could going investments that if beyond expand is your meet that in are that. develop team there on going demand kind to the referring there

Krishnan Rajagopalan

Yeah.

if Mark, with you that add, got Let jump and then, me to in. start something

doing a organization. is than we function them are with closer So we together one those bringing the sales keeping talent things function of we slightly are there the have separate that and as the realigning rather

to we that’s to well need of as talking create that’s drive we to be really a synergy, lot that. that that and about realignment the expertise So able going as we think are

continue We function you to. as to the well there in go-to-market sales do as over invest alluded

are So that that’s space. another we big doing in thing that

things, So to feel of more with we that. needs address faster be of a those like between as and much able result will all far expertise we market

doing. we things that two So those are are

Kevin Steinke

the you also I in specifically investing and Navigator. you. Thank about Okay. to digital ask wanted are products

with resonating have it’s You your said pilot well very clients.

out mentioned for organization a direct digital. also You building sales

you organization to think the how given organizations path cross-sell opportunity currently or an see Just maybe wondering ahead, not comments to plan any you fashion if that best sales but after easier would to go with to working penetrate you in I that using just any envision if relationships clients, are existing that maybe your you on maybe of your kind with market be, on offerings? the digital just

Krishnan Rajagopalan

Super. Yeah.

bunch on hitting a you over there. So are teams of

working set with almost those you the and sales Search those we of relationships we make and relationships, Consulting with through introductions referred parts of to our okay? a other as and beginning that so got as the kind clients typically And have we Heidrick we Heidrick, of So can in imagine. work channel, and

sale there so you a with a this, technical process additional We to that There’s do that requirements there able way cetera. contracts, augment manage be done we in lots on of your expertise need some to et to that believe walk more privacy, of category bit for everything can to expertise, coming as just to big that’s got with have like some that. you one through is name that imagine, get and

us we prosecute The and there see for how building predominantly, the large standalone a same Heidrick market okay? do exactly the very force about are We of sales as that outside channel is that’s that. sales we set well actually that’s solutions asking

for slowly, at the to build leverage time, So the that we but starting build we are channel, sales well. muscle first same that we hybrid as

Kevin Steinke

Great. Okay.

in anything the perhaps I confirmations basis, to to a about season down the going guess, primarily that being on macro would attribute just that? seasonality you or Search contributing X%. mentioned You summer sequential into environment

Mark Harris

try Mark. to Kevin. take will I that one. Hey, It’s

that X%. slowdown the about of we saw terms in the So

a that lot was little in then April together, there an in May. and think again, bit was experienced. pointed holidays glitch. coming be a that we interesting breaks of was I we up of bit of a really, made lot -- of a nuance could a bit little it saw a of some as That That spring

gap the think I So where kind was original was created. that of kind of

I think XXXX of further still levels, what’s and XXXX strength and but is surprising very pre-COVID XXXX certainly XXXX much the been what pleasantly second in the call that -- I’d with quarter, is ahead not were. the relative

those our our So, is guess. middle we be probably were of we knew to the and somewhere year, best about at be the talked we going in the said, would end we goalpost

I is, coming think much expect that’s nice to part the we would pretty are we in be. where

The seasonality more is of phenomenon. QX element really that you have mentioned a

we the So from range which gave just $XXX the the $XXX guidance $XXX million, we give of million, million that midpoint million $XXX completed.

just you July holiday, again, and to would are they be than seen because to in would average take starting it’s expect expect we already on especially is August weaker going considerably, off. And people its and Europe Europe their down because we time summer mainly and have slow in August,

have Now we would expect so speak. return September nice a strengthening to to

it would tremendous seen not I say think the that, way we year, but weakness. think of yes, haven’t I back look, was kind weakness, that step -- and to is tremendous than So weaker last

could watch do hiccups. will and cause monitor some meeting in see how that their what next to to put We and continue going essentially that’s

headwinds very are with what the the our market still we they facing. But very are think, we least seeing are the the right future, now, conditions happy in with on and the performance are of I given and year at pleased based we

Kevin Steinke

Thank you. it turn will I over. Okay.

Krishnan Rajagopalan

Thanks, Kevin.

Operator

Thank you.

will to at Truist now Tobey Securities. We go Sommer next

Jack Wilson

and also of Good off, question. Tobey started Executive Sommer. into for dig Jack we sort on Yeah. confirmations Thanks taking can per This Search my but productivity consultant. I the afternoon. for Wilson is

in from Can mentioned start sort we revenue. you there? So just shift paradigm that level of higher of terms that

Mark Harris

Yeah.

it. on to try productivity of the me Let side hit

that, if of on was back unsustainable, to made productivity much something in million. team reporting the XXXX, trailing maintain at break very So showing level. try when to really remember $X.X that up XXXX days at that comments a was months, busy that and the around you it would consultant our number that XX We

was and new experiencing. $X.X $X.X saw because norm our they We million, $X.X than that view will between pre-COVID that post-COVID the what and somewhere very the is million, we really that than $X different were discussed be different just world just we million that’s million, gave the

at very go is travel much but our days of pertaining cetera. the much Zoom from et is We stages has days. saw embraced, beginning XXX down, to close, days the to to searches, last still very travel sub mile approximately it XXX not

of change do just So that that can maintaining means we have a seen a by and reasonable people more balance. nice still pace

$X.X million $X kind is of again, million guidance gave end right the So, of top at back million, that when. that we $X way

people sweet think I falters million sure the so make for by be we are trying And to that that, to reasonable engagement themselves again, in would if a cautious associating that what our $X.X to full our $X spot am million we call Search that’s just to exactly capacity. we to full

Jack Wilson

That of of lot that variance region? sort sense. makes there by a any Is in

Mark Harris

the And that Search, Absolutely. of cetera. much expect that because Yeah. Executive just economics. compensation behind that the way and of higher further be region be Oh! that, behind fall would Europe obviously Asia of just et because in you would right U.S. course, levels to the our than

which to U.S. I about it’s well big is a fair are in am And not Optics. that in the [ph] current market. as Services question GTF talk as the but and typically are lot too, the those a average right going Also, Financial the get difference, necessarily in the a challenge, just are mix you norms, so of suffering that current state, more -- two retainers are higher, a makes now where and obviously, parts more lot terms

it. side mix Europe, of better the and consumer, industrial a bit little their on

it’s the in Keep certainly CEO more in U.S. true is because absolute average, the Europe. gets paid just in that CEO on So not mind, than

the what’s the play in the in But also a of market, on makes terms mix going strength.

their with again, et fabulous So team our their a in play strength, doing job cetera. and Germany are

mix and plays that very of big absolutely a in industrial but between So they between out, regions. three really country mix, the difference it different kind are really plays

Jack Wilson

All right.

be contribution the expected acquisitions year? point, the German would to of the the sort So of from the size on you half or contribution second able the sort of

Mark Harris

I am of terms sorry, in EBITDA?

Jack Wilson

and EBITDA. Revenue

Mark Harris

I the -- our overall contribution kind the just -- each of think, gave numbers of I that a asked call. mean, last by terms between really we was and in of terms segment and inorganic really in it good what of organic some was was in so yeah, pretty where of more our earnings question

flavor. So I you wanted give to a

I way. into of the are but that We a very helping, it the are really our -- well it segment just at in organic really nor legacy side to acquisitions, not we porting it’s But going our now. specifics sense very performing very, on get also don’t way think go the we do each right look, anywhere that we you don’t that’s good do break that, that, acquisitions look because out

Jack Wilson

you makes it I turn a over. That lot of sense. for will Thank additional color.

Krishnan Rajagopalan

Thank you.

Operator

to for further I’d afternoon. Rajagopalan, turn to we closing Instructions] appears And Mr. you this questions you. no have conference [Operator like any back it the Thank comments.

Krishnan Rajagopalan

Thank you participation everyone continued and for support. your

As We we with business challenges, by we to you on the our speaking Thank earlier, we to are again navigating execute focused diversification exist. on signals, mentioned see next to our broader macro despite to continue demand quarter. that we you. In our remain forward and strategy. tandem with good continuing and look results encouraged economic uncertainty continues growing a

Operator

Wish you joining. Struggles for all you thank for XXXX you Again, joining all a gentlemen, thank call. great QX conference the all again, & evening. earnings ladies Good-bye. Heidrick and And

Heidrick & Struggles International (HSII) 31 Jul 232023 Q2 Earnings call transcript