$HSII
HEIDRICK & STRUGGLES INTERNATIONAL INC

2015 Q1 Form 10-Q Financial Statement

#000119312515153475 Filed on April 29, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $118.5M $115.5M
YoY Change 2.55% 7.66%
Cost Of Revenue $3.300M $4.400M
YoY Change -25.0% 2.33%
Gross Profit $115.2M $111.1M
YoY Change 3.69% 7.86%
Gross Profit Margin 97.23% 96.16%
Selling, General & Admin $108.5M $110.3M
YoY Change -1.63% 7.5%
% of Gross Profit 94.18% 99.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.732M $3.850M
YoY Change -3.06% -7.12%
% of Gross Profit 3.24% 3.47%
Operating Expenses $111.8M $114.8M
YoY Change -2.57% 7.33%
Operating Profit $6.672M $780.0K
YoY Change 755.38% 100.51%
Interest Expense -$100.0K $0.00
YoY Change -100.0%
% of Operating Profit -1.5% 0.0%
Other Income/Expense, Net -$146.0K -$268.0K
YoY Change -45.52% -11.84%
Pretax Income $6.526M $512.0K
YoY Change 1174.61% 502.35%
Income Tax $3.100M $1.256M
% Of Pretax Income 47.5% 245.31%
Net Earnings $3.426M -$744.0K
YoY Change -560.48% -38.77%
Net Earnings / Revenue 2.89% -0.64%
Basic Earnings Per Share $0.19 -$0.04
Diluted Earnings Per Share $0.18 -$0.04
COMMON SHARES
Basic Shares Outstanding 18.25M shares 18.15M shares
Diluted Shares Outstanding 18.56M shares 18.15M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.6M $101.4M
YoY Change 6.11% 18.32%
Cash & Equivalents $107.6M $101.4M
Short-Term Investments
Other Short-Term Assets $1.292M $1.813M
YoY Change -28.74% -92.05%
Inventory
Prepaid Expenses $15.09M $16.45M
Receivables $83.00M $85.44M
Other Receivables $17.20M $13.20M
Total Short-Term Assets $243.2M $226.5M
YoY Change 7.36% 10.44%
LONG-TERM ASSETS
Property, Plant & Equipment $34.35M $33.78M
YoY Change 1.68% -15.34%
Goodwill $121.3M $123.6M
YoY Change -1.83%
Intangibles
YoY Change
Long-Term Investments $15.30M $14.10M
YoY Change 8.51% 11.02%
Other Assets $7.706M $6.675M
YoY Change 15.45% -89.04%
Total Long-Term Assets $238.9M $261.3M
YoY Change -8.57% -1.21%
TOTAL ASSETS
Total Short-Term Assets $243.2M $226.5M
Total Long-Term Assets $238.9M $261.3M
Total Assets $482.1M $487.8M
YoY Change -1.17% 3.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.702M $7.947M
YoY Change -3.08% 4.57%
Accrued Expenses $60.90M $51.00M
YoY Change 19.41% 15.38%
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% 0.0%
Total Short-Term Liabilities $140.3M $125.1M
YoY Change 12.17% 18.9%
LONG-TERM LIABILITIES
Long-Term Debt $22.00M $28.00M
YoY Change -21.43% -17.65%
Other Long-Term Liabilities $36.13M $49.64M
YoY Change -27.21% -41.95%
Total Long-Term Liabilities $96.42M $116.9M
YoY Change -17.54% -2.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $140.3M $125.1M
Total Long-Term Liabilities $96.42M $116.9M
Total Liabilities $236.7M $242.0M
YoY Change -2.18% 7.66%
SHAREHOLDERS EQUITY
Retained Earnings $46.35M $45.36M
YoY Change 2.18%
Common Stock $230.2M $196.0K
YoY Change 117347.45%
Preferred Stock
YoY Change
Treasury Stock (at cost) $41.74M $45.51M
YoY Change -8.28%
Treasury Stock Shares 1.271M shares 1.383M shares
Shareholders Equity $245.3M $245.8M
YoY Change
Total Liabilities & Shareholders Equity $482.1M $487.8M
YoY Change -1.17% 3.88%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income $3.426M -$744.0K
YoY Change -560.48% -38.77%
Depreciation, Depletion And Amortization $3.732M $3.850M
YoY Change -3.06% -7.12%
Cash From Operating Activities -$87.80M -$74.90M
YoY Change 17.22% 8.39%
INVESTING ACTIVITIES
Capital Expenditures $6.282M $1.127M
YoY Change 457.41% 19.26%
Acquisitions
YoY Change
Other Investing Activities -$1.000M -$200.0K
YoY Change 400.0% -60.0%
Cash From Investing Activities -$7.300M -$1.300M
YoY Change 461.54% -7.14%
FINANCING ACTIVITIES
Cash Dividend Paid $2.511M $2.472M
YoY Change 1.58% 2210.28%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.600M -4.400M
YoY Change 27.27% -111.14%
NET CHANGE
Cash From Operating Activities -87.80M -74.90M
Cash From Investing Activities -7.300M -1.300M
Cash From Financing Activities -5.600M -4.400M
Net Change In Cash -100.7M -80.60M
YoY Change 24.94% 160.0%
FREE CASH FLOW
Cash From Operating Activities -$87.80M -$74.90M
Capital Expenditures $6.282M $1.127M
Free Cash Flow -$94.08M -$76.03M
YoY Change 23.75% 8.54%

Facts In Submission

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SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
336000
CY2014Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
400000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-54297000
CY2014Q1 us-gaap Increase Decrease In Pension Plan Obligations
IncreaseDecreaseInPensionPlanObligations
426000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-1277000
CY2014Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
399000
CY2014Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
467000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
336000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
214000
CY2014Q1 hsii General And Administrative Excluding Labor And Related Expense
GeneralAndAdministrativeExcludingLaborAndRelatedExpense
34426000
CY2015Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
CY2015Q1 us-gaap Line Of Credit Facility Frequency Of Payments
LineOfCreditFacilityFrequencyOfPayments
The Term Facility is being repaid over a five-year period pursuant to which the Company will make fifteen quarterly payments of $1.5 million through 2016 and quarterly payments of $2.0 million during 2017.
CY2015Q1 dei Document Type
DocumentType
10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
HEIDRICK & STRUGGLES INTERNATIONAL INC
CY2015Q1 dei Trading Symbol
TradingSymbol
HSII
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
315000 shares
CY2015Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-87771000
CY2015Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y3M18D
CY2015Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2016-06-22
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.13
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
18564000 shares
CY2015Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001066605
CY2015Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.13
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3732000
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
18249000 shares
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
1154000
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-843000
CY2015Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
-71000
CY2015Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
464000
CY2015Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
2511000
CY2015Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-663000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-682000
CY2015Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
416000
CY2015Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
1500000
CY2015Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
17581000
CY2015Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
33000
CY2015Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
237000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
6672000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2744000
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-146000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6526000
CY2015Q1 us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
820000
CY2015Q1 us-gaap Reimbursement Revenue
ReimbursementRevenue
3326000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-75000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-76000
CY2015Q1 us-gaap Revenues
Revenues
118479000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6282000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
3426000
CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1033000
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
115153000
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
820000
CY2015Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
794000
CY2015Q1 us-gaap Adjustments To Additional Paid In Capital Income Tax Deficiency From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation
-238000
CY2015Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-3085000
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
228000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
111807000
CY2015Q1 us-gaap Labor And Related Expense
LaborAndRelatedExpense
78473000
CY2015Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
447000
CY2015Q1 us-gaap Accretion Expense
AccretionExpense
298000
CY2015Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
365000
CY2015Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1200000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-103727000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3100000
CY2015Q1 us-gaap Increase Decrease In Income Taxes Payable Net Of Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesPayableNetOfIncomeTaxesReceivable
-4612000
CY2015Q1 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
3326000
CY2015Q1 us-gaap Depreciation
Depreciation
2500000
CY2015Q1 us-gaap Dividends Cash
DividendsCash
2382000
CY2015Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
-860000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5554000
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
1033000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-76923000
CY2015Q1 us-gaap Increase Decrease In Pension Plan Obligations
IncreaseDecreaseInPensionPlanObligations
1308000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-7317000
CY2015Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
296000
CY2015Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
19000
CY2015Q1 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
119000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1033000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
2315000
CY2015Q1 hsii Dividend Equivalents On Restricted Stock Units
DividendEquivalentsOnRestrictedStockUnits
129000
CY2015Q1 hsii Lease Maturity Period
LeaseMaturityPeriod
Extend through 2018
CY2015Q1 hsii Payment Of Contingent Consideration
PaymentOfContingentConsideration
723000
CY2015Q1 hsii Amortization Period Of Term Facility
AmortizationPeriodOfTermFacility
P5Y
CY2015Q1 hsii Business License Agreement Maturity Period
BusinessLicenseAgreementMaturityPeriod
Extend through 2018
CY2015Q1 hsii Currency In Context Of Allowance For Doubtful Increase Decrease
CurrencyInContextOfAllowanceForDoubtfulIncreaseDecrease
136000
CY2015Q1 hsii Increase Decrease In Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncreaseDecreaseInIncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
6000000
CY2015Q1 hsii General And Administrative Excluding Labor And Related Expense
GeneralAndAdministrativeExcludingLaborAndRelatedExpense
30008000

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