$HSII
HEIDRICK & STRUGGLES INTERNATIONAL INC

2014 Q1 Form 10-Q Financial Statement

#000119312514167420 Filed on April 29, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $115.5M $107.3M
YoY Change 7.66% -4.45%
Cost Of Revenue $4.400M $4.300M
YoY Change 2.33%
Gross Profit $111.1M $103.0M
YoY Change 7.86%
Gross Profit Margin 96.16% 95.99%
Selling, General & Admin $110.3M $102.6M
YoY Change 7.5% -0.39%
% of Gross Profit 99.28% 99.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.850M $4.145M
YoY Change -7.12% 48.04%
% of Gross Profit 3.47% 4.02%
Operating Expenses $114.8M $106.9M
YoY Change 7.33% 3.8%
Operating Profit $780.0K $389.0K
YoY Change 100.51%
Interest Expense $0.00 $100.0K
YoY Change -100.0% -80.0%
% of Operating Profit 0.0% 25.71%
Other Income/Expense, Net -$268.0K -$304.0K
YoY Change -11.84% -138.0%
Pretax Income $512.0K $85.00K
YoY Change 502.35% -99.17%
Income Tax $1.256M $1.300M
% Of Pretax Income 245.31% 1529.41%
Net Earnings -$744.0K -$1.215M
YoY Change -38.77% -118.69%
Net Earnings / Revenue -0.64% -1.13%
Basic Earnings Per Share -$0.04 -$0.07
Diluted Earnings Per Share -$0.04 -$0.07
COMMON SHARES
Basic Shares Outstanding 18.15M shares 18.01M shares
Diluted Shares Outstanding 18.15M shares 18.01M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.4M $85.70M
YoY Change 18.32% 3.75%
Cash & Equivalents $101.4M $85.66M
Short-Term Investments
Other Short-Term Assets $1.813M $22.80M
YoY Change -92.05% -17.39%
Inventory
Prepaid Expenses $16.45M
Receivables $85.44M $78.80M
Other Receivables $13.20M $17.80M
Total Short-Term Assets $226.5M $205.1M
YoY Change 10.44% -5.61%
LONG-TERM ASSETS
Property, Plant & Equipment $33.78M $39.90M
YoY Change -15.34% -10.94%
Goodwill $123.6M
YoY Change
Intangibles
YoY Change
Long-Term Investments $14.10M $12.70M
YoY Change 11.02% 13.39%
Other Assets $6.675M $60.90M
YoY Change -89.04% 4.28%
Total Long-Term Assets $261.3M $264.5M
YoY Change -1.21% 27.22%
TOTAL ASSETS
Total Short-Term Assets $226.5M $205.1M
Total Long-Term Assets $261.3M $264.5M
Total Assets $487.8M $469.6M
YoY Change 3.88% 10.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.947M $7.600M
YoY Change 4.57% -20.83%
Accrued Expenses $51.00M $44.20M
YoY Change 15.38% -8.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M
YoY Change 0.0%
Total Short-Term Liabilities $125.1M $105.2M
YoY Change 18.9% 4.68%
LONG-TERM LIABILITIES
Long-Term Debt $28.00M $34.00M
YoY Change -17.65%
Other Long-Term Liabilities $49.64M $85.50M
YoY Change -41.95% 16.01%
Total Long-Term Liabilities $116.9M $119.5M
YoY Change -2.15% 62.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.1M $105.2M
Total Long-Term Liabilities $116.9M $119.5M
Total Liabilities $242.0M $224.8M
YoY Change 7.66% 28.97%
SHAREHOLDERS EQUITY
Retained Earnings $45.36M
YoY Change
Common Stock $196.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $45.51M
YoY Change
Treasury Stock Shares 1.383M shares
Shareholders Equity $245.8M $244.8M
YoY Change
Total Liabilities & Shareholders Equity $487.8M $469.6M
YoY Change 3.88% 10.44%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$744.0K -$1.215M
YoY Change -38.77% -118.69%
Depreciation, Depletion And Amortization $3.850M $4.145M
YoY Change -7.12% 48.04%
Cash From Operating Activities -$74.90M -$69.10M
YoY Change 8.39% -30.27%
INVESTING ACTIVITIES
Capital Expenditures $1.127M $945.0K
YoY Change 19.26% -139.38%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$500.0K
YoY Change -60.0% 0.0%
Cash From Investing Activities -$1.300M -$1.400M
YoY Change -7.14% -51.72%
FINANCING ACTIVITIES
Cash Dividend Paid $2.472M $107.0K
YoY Change 2210.28%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.400M 39.50M
YoY Change -111.14% -1167.57%
NET CHANGE
Cash From Operating Activities -74.90M -69.10M
Cash From Investing Activities -1.300M -1.400M
Cash From Financing Activities -4.400M 39.50M
Net Change In Cash -80.60M -31.00M
YoY Change 160.0% -70.67%
FREE CASH FLOW
Cash From Operating Activities -$74.90M -$69.10M
Capital Expenditures $1.127M $945.0K
Free Cash Flow -$76.03M -$70.05M
YoY Change 8.54% -27.56%

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CY2013Q1 us-gaap Accretion Expense
AccretionExpense
517000
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IncomeTaxReconciliationNondeductibleExpense
4300000
CY2013Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4145000
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1500000
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Depreciation
2700000
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71479000
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4330000
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CY2013Q1 us-gaap Increase Decrease In Accounts Payable Trade
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-789000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1300000
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-1001000
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HSII
CY2014Q1 dei Entity Registrant Name
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HEIDRICK & STRUGGLES INTERNATIONAL INC
CY2014Q1 dei Amendment Flag
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false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001066605
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
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EarningsPerShareDiluted
-0.04
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18152000 shares
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2014Q1 us-gaap Line Of Credit Facility Expiration Date1
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2016-06-22
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-74908000
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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18152000 shares
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P10Y2M12D
CY2014Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.13
CY2014Q1 us-gaap Revenues
Revenues
115532000
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30000
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353000
CY2014Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
754000
CY2014Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
361000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-298000
CY2014Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
1500000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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-4000
CY2014Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
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CY2014Q1 us-gaap Operating Income Loss
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780000
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1621000
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512000
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1033000
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1034000
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CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
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1097000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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336000
CY2014Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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145000
CY2014Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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1216000
CY2014Q1 us-gaap Reimbursement Revenue
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4411000
CY2014Q1 us-gaap Payments For Restructuring
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36000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
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1127000
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-137000
CY2014Q1 us-gaap Payments Of Dividends
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2472000
CY2014Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
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-4569000
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34426000
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AllowanceForDoubtfulAccountsReceivableWriteOffs
281000
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
119000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-4354000
CY2014Q1 us-gaap Increase Decrease In Pension Plan Obligations
IncreaseDecreaseInPensionPlanObligations
426000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
399000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
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69000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
336000
CY2014Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
302000
CY2014Q1 us-gaap Provision For Doubtful Accounts
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28000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-80241000
CY2014Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
467000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1277000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Income Tax Deficiency From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation
5000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-59294000
CY2014Q1 us-gaap Accretion Expense
AccretionExpense
423000
CY2014Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
1900000
CY2014Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3850000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000
CY2014Q1 us-gaap Depreciation
Depreciation
2500000
CY2014Q1 us-gaap Dividends Cash
DividendsCash
2367000
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75915000
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CostOfReimbursableExpense
4411000
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OperatingExpenses
114752000
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214000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1256000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
298000
CY2014Q1 hsii Lease Maturity Period
LeaseMaturityPeriod
Extend through 2018
CY2014Q1 hsii Dividend Equivalents On Restricted Stock Units
DividendEquivalentsOnRestrictedStockUnits
42000
CY2014Q1 hsii Adjusted Full Year Expected Annualized Tax Rate
AdjustedFullYearExpectedAnnualizedTaxRate
0.51 pure
CY2014Q1 hsii Amortization Period Of Term Facility
AmortizationPeriodOfTermFacility
P5Y
CY2014Q1 hsii Currency In Context Of Allowance For Doubtful Increase Decrease
CurrencyInContextOfAllowanceForDoubtfulIncreaseDecrease
5000
CY2014Q1 hsii Business License Agreement Maturity Period
BusinessLicenseAgreementMaturityPeriod
Extend through 2017

Files In Submission

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0001193125-14-167420-index-headers.html Edgar Link pending
0001193125-14-167420-index.html Edgar Link pending
0001193125-14-167420.txt Edgar Link pending
0001193125-14-167420-xbrl.zip Edgar Link pending
d701358d10q.htm Edgar Link pending
d701358dex311.htm Edgar Link pending
d701358dex312.htm Edgar Link pending
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d701358dex322.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
Financial_Report.xlsx Edgar Link pending
hsii-20140331.xml Edgar Link completed
hsii-20140331.xsd Edgar Link pending
hsii-20140331_cal.xml Edgar Link unprocessable
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