Heidrick & Struggles at Sidoti Conference: Navigating Complexity with Confidence

On Wednesday, 19 March 2025, Heidrick & Struggles (NASDAQ: HSII) presented at the Sidoti Small-Cap Virtual Conference, sharing insights into its strategic direction amidst a volatile business environment. The company expressed optimism about its restructuring efforts and investments in technology, while acknowledging the challenges posed by economic uncertainty.

Key Takeaways

• Heidrick & Struggles emphasized its role as a leading leadership consultancy, focusing on helping clients navigate complex challenges.
• The company reported strong financial performance, particularly in executive search, with a 10% revenue growth in Q4.
• Investments in intellectual property and technology are central to Heidrick’s growth strategy.
• The firm remains committed to organic growth, with acquisitions used strategically to acquire talent.
• Economic uncertainty is seen as an opportunity to leverage Heidrick’s expertise in leadership solutions.

Financial Results

• Executive Search: Achieved 10% year-over-year revenue growth in Q4 with an adjusted EBITDA margin of 25%. Increases were noted in confirmation rates, productivity, and average revenue per search.
• On-Demand Talent: Recorded a 3% revenue growth in Q4, though faced an adjusted EBITDA loss. The company is focused on achieving longer-term targets.
• Heidrick Consulting: Saw an 11.5% growth in Q4, with year-over-year increases in confirmations. Restructuring efforts are expected to continue supporting performance into 2025.
• Overall Financial Health: The company boasts zero debt and strong free cash flow.

Operational Updates

• Leadership Restructuring: The team has been reorganized to accelerate growth.
• Investments: Significant resources are allocated to intellectual property and technology across all service lines.
• Capability Expansion: Efforts are underway to enhance expertise to meet complex client needs.
• Growth Focus: The primary emphasis remains on organic growth.

Future Outlook

• Strategic Plans: Heidrick is prioritizing organic growth and remains open to small acquisitions to bolster talent.
• Financial Targets: The company set ambitious growth targets across its service lines, with expected margin expansion in the latter half of 2025.
• Macro Environment Monitoring: The company is vigilant about potential impacts from the broader economic landscape.

Q&A Highlights

• Economic Uncertainty: While acknowledging cyclical elements, Heidrick sees durable demand for leadership talent, with variable costs providing stability.
• Client Concerns: Clients are increasingly focused on global unpredictability and the need for adaptable leaders.
• Talent Acquisition: The company is actively seeking tuck-in acquisitions to enhance its talent pool.

Readers are encouraged to refer to the full transcript for a detailed understanding of Heidrick & Struggles’ strategic initiatives and financial performance.

Full transcript - Sidoti Small-Cap Virtual Conference:

Mark Ritter, Senior Analyst, Sidoti and Company: So, we’re ready to get started now. Good morning. It’s now 08:32 here on the East Coast, and we’re ready to begin with our presentation. My name is Mark Ritter, senior analyst with Sidoti and Company, and I wanna thank you for joining us at the Sidoti March Small Cap Virtual Conference. Our presenting company is Heidrick and Struggles, the ticker is HSII.

And joining us today is Tom Monahan, CEO and Nirapam Sinha, Chief Financial Officer. Now before we begin, just a reminder, we will have plenty of time for Q and A following prepared remarks. We also have Susan Rosenberg from Investor Relations joining us as well. And, if you do need to ask questions, just feel free to submit those at any point by clicking on the Q and A button at the bottom of your screen. There’s no need to wait until the end.

And so with that, I can turn the floor over to Heidrick. Good morning.

Tom Onyen, CEO, Heidrick and Struggles: Terrific. Good morning. I am, Tom Onyen, as as Mark said. Really excited to be here. We’re delighted to share the, share the Heidrick story with you all.

We appreciate people making time for us. And we thought we’d just put a few framing thoughts out there about why we’re so excited about the future for Heidrick and and hopefully layout why we think that makes us a a great investment proposition. So with your permission, Nirupam and I will spend a few minutes just talking through the basic highlights of the company’s strategy and its recent performance. And I’m sure Mark will have some questions for us, and I’m sure the group will have some questions for us. So let’s, let’s jump on in.

I will not read the safe harbor stuff out loud, tempting though it might be. Let me dive in. Just if you’re not familiar with Heidrick and Struggles and you’re stuck sitting next to me on a plane or train, here here’s what you’d hear. Number one, we believe we are the preeminent leadership consultancy advising the world’s leading companies on their most important talent and leadership decisions. We work at the top of the house.

We have a unique and strong collection of assets and therefore a right to win. And we have two things that give us great opportunity to grow. One is incredible access. You know, we talk to CEOs, heads of HR, CFOs and the leadership suite and the board on a regular basis. And and they obviously turn to us for a set of decisions today, and we see opportunities to help them with an expanding set of decisions going forward.

We also have proprietary technology and IP that undergirds the great work of our consulting teams. We you like, every everyone has a TAM slide, and and we we will spare you ours today, but it’s safe to say you all talk to as many leaders as your calendar allows, and no one ever says, gee, all my leadership needs are met. I have the right leaders in the right roles leading the right way everywhere. And as the world gets more complex, these needs grow, the need to have the right leaders grow in scale and urgency. So we have enormous opportunity right in front of us without changing our business model or without doing anything wildly different, just continuing to have great people in touch with clients and empowering them with great technology.

Nirupam and I are new here. I’m lapping probably my fourteen month mark at this point, and he is lapping his two and a half month mark at this point. So we are new. We put new service line leaders in across the board. Tom Mario is all of it, the president, at the same time I came in as CEO.

They’ve got a great new leadership team. And we’re just doing really deeply focused on that issue that I talked about, which is clients have incredibly complex needs, and we are really well situated to help them be successful. We did some restructuring last year to accelerate growth, get resources lined up against our most interesting and powerful growth ideas. We keep expanding capabilities and expertise. Most of this is just making sure we are investing properly in intellectual property, great new teams in areas of potential growth and technology to bring that all together.

We see the opportunity to continue expanding margin, both the work we’ve done on the restructuring side and the fact that we have built some assets that we think can scale, should allow us to continue to achieve gains in margin structure across the coming years, and it’s a great financial model. We have zero debt. We have strong free cash flow. We’ve got a disciplined capital allocation method that we think properly balances opportunities to grow with our returning capital to shareholders. I’ll spend one more slide just to talk about, you know, kind of how we take this incredible collection of assets and bring it to bear, first to create value for clients and then through that to create value for colleagues and investors.

You know, that’s the that’s how we think about our strategy. We aim to build differentiated, deep, and durable relationships. So we want to work at the top, work on their largest problems, and work with them consistently across time. So you can see this as at the core, you know, our core differentiator is our access to the c suite. That has a couple of benefits for us.

One is obvious access. They take our phone call. But secondly, we know what’s on their mind. We know what the world’s leading companies behind the closed doors of their boardroom or their executive team meetings are worried about, and we can make sure that we’re in line to address those challenges. Second, Deep.

Everyone at Heidrick knows that every if if you think of our core executive search business, our flagship executive search business, every single leader we place has a mandate to drive change. You know, no one goes out and says, get me a new CEO. I want them just to keep everything just the way it is. Get me a new CFO, keep everything the way it is. Get me a new chief people officer, keep everything the way it is.

Every one of those leaders has a mandate for change, and it’s always on. They might be doing a cost out. They might be doing a digital transformation. They might be doing a reorganization to get into a new market. Whatever it is, they have a mandate for change, and we have resources to help them achieve those transformational objectives.

And then third, durable. We, you know, we wanna be working with clients on a very regular basis. We wanna we we see an interesting dynamic unfolding, which is leadership issues used to be sporadic. So you would have a situation where board would say, oh my gosh, you know, we need to start thinking about a CEO because our CEO is 67 years old. Increasingly, that CEO on the first day of their job says, we’re gonna work on succession planning every quarter till I retire.

And we are starting to see clients pull us into more consistent long term relationships. Planning, bringing what we see happening is people are starting to bring the same rigor and scrutiny and consistency to leadership decisions that they bring to financial management decisions. So we we think that’s a huge opportunity. It undergirds our investment in IP and undergirds our investment in technology. With that, I’ll, I’ll turn it over to Nirpal to talk about how we’ve been doing, how how we’ve been converting those great assets into these strategies and therefore into financial returns, then talk about how we see that performing going forward.

Nirupam Sinha, Chief Financial Officer, Heidrick and Struggles: Great. Thanks, Tom. And thanks thanks for having us. As as Tom said, appreciate all of you taking a few minutes to to hear our story. As Tom said, you know, it’s two and a half months in, but, you know, it’s been great, sort of joining the business, and I really see opportunity for us to deliver for clients and that obviously translates, Tom said, to employees and shareholders.

And so pretty excited about what, what we can do ahead. Go to the next slide, Tom. Maybe we can just quickly touch on how we’ve done, in terms of, each of our sort of service lines, and and how we see that going into the future. Our most durable service line as as Tom mentioned is executive search. I think it’s what, you know, the the the largest portion of our business is and we feel good.

I mean, coming out of the the fourth quarter, we saw 10% year over year revenue growth. We saw adjusted EBITDA margin of 25%, which is, which is where we we sort of see that, holding. And then we continue to see gains in a few key metrics confirmations, productivity and average revenue per executive search increase. So those are all sort of good health metrics. Now certainly, we we that’s not the only thing we do.

As Tom said, one of the pieces that we’re very excited about is how we bring different service lines to our clients and on demand talent. We also have seen good growth in terms of three percent year over year revenue growth for the fourth quarter. And there we we continue to see business well positioned. We saw an EBITDA adjusted loss for the fourth quarter, but as we kind of head into this year, we’ve, you know, you’ll see in the next page a little bit of kind of where we see that business going and where we see the the the future of the of the targets, and we feel like we’re on a course for that. And same thing with hydro consulting.

We saw, you know, some pretty significant growth, in the fourth quarter of 11 and a half percent. We saw confirmations up in that business in the fourth quarter as well over year over year. And that’s a business where we did do some work last year and some of the restructuring that we did has helped us and will continue to help us as we go into 2025. Now underpinning each of these businesses, Search, Omnivent Talent, and Hydro Consulting is investments that we make on R and D and digital enablement. And this is sort of the platform that we’re creating that enables and allows us to provide the services, to our clients across all of these service lines.

So you you see that there’s there’s an asset in IP that we’ve sort of built here that we’re very, keen to, leverage, and we think there’s good scale that’s gonna come from that. Go to the next slide. I think this is something that we’ve put out before and we just wanted to make sure that we shared with with you today. As I said, HYDICsearch, we kind of saw the growth year over year. I think we we felt very good about it.

But longer term, we’re kind of buying four to 6% through the cycle growth in that business. And the margin is is 25% q four. That’s kind of where we think it’ll be. We think it’s a it’s a good, solid sort of, you know, margin that that allows us to then invest in other parts of the business and use use that cash to to to return to shareholders as appropriate. In terms of hydric, on demand, again, 7% to 11% growth through the cycle.

So we have a little bit of work to do as we head into 2025 here. And our longer term, adjusted EBITDA margin target for that business is high single digits. In consulting, again, the the revenue growth of eight to 12%, we we felt good about where that was in coming out of q four. And longer term, we see that as low double digit sort of, EBITDA margin target. So I think the way to think about this is we we feel good about where all these business are positioned.

Search is sort of, at the targets that we would like to see and the others are on their way to those targets. So with that, I think, we’ll probably leave our presentation and for us sort of talk for a little bit and we’ll turn it over to to Mark for q and a.

Mark Ritter, Senior Analyst, Sidoti and Company: Thank you very much. And as a reminder, folks, if you would like to submit a question, just click on the QA button at the bottom of your screen, to to submit those. We will get started with with a few that I I sort of wanted to sort of cover the the big picture topics of the day, if you will, with the amount of uncertainty that we’re seeing in the current environment, stock market volatility and now talks of a potential recession. Maybe you could talk a little bit about how, Haidrick has managed through times of uncertainty in the past and, how you’re prepared for the future if there’s more economic challenges.

Tom Onyen, CEO, Heidrick and Struggles: Yeah. I think, you know, without question, our business has cyclical natures like a lot of others, right? There are portions of our business where clients will a lot of things that clients can’t stop altogether, but they will slow down. As someone who as a new CFO, it would have never occurred to me even during a difficult time to say, well, I’ll just do without one. So there are portions of our business that are just need to have, and that gives us a lot of ballast.

You know, so if you look back, Heidrick has you know, what you tend to see we talked about this at Investor Day, Mark, as you know. You you tend to see if you look at sort of just a quarter, you can see some volatility at the quarter level. If you take a four or six quarter rolling average, you know, a client might say I’m gonna hold off starting this project, but they’ll flip the switch again forty five days later. So when you smooth out those quarterly decisions, you see very consistent client usage. And to the other side, look, we have variable costs that are natural stabilizers of pro profit and cash flow.

So, you know, if we have a year when stuff moves from one year to the next, our compensation tends to reflect that a little bit. So, and I think more broadly, when we think about, you know, challenging economic times, we also are reminded that that that’s when clients need us most. Right? If and and I’d say probably it doesn’t even need to be challenging. We’re not in a recession.

I’d if I if I could call macro, I wouldn’t have to wear a tie to work. So I I my my sense of where the economy is going is is as good as anyone else’s. But we do know when there’s complexity, volatility, and tumult in the world, clients need help. They need help to understand what should I be focused on, what sort of leadership do I need, what gaps might I have in my team, you know, do I need to double down here versus there. And so complexity is our friend.

No no one ever we joke internally, no one no one ever got to an end of a meeting and said, everything’s going great here right now exactly as we want it. Let’s call Heidrick. Right? Those are when things are smooth sailing, they’re not like we need new leaders leading in new ways. So complexity and volatility are our friends.

It’s our job to be in front of clients taking advantage of it.

Nirupam Sinha, Chief Financial Officer, Heidrick and Struggles: Maybe just, couple things to add. One is to underscore, I think Tom’s point there. I mean, change is our friend. Right? So our business thrives on change and and partnering closely with clients.

I think the other thing that’s that’s something that we’ve worked hard on is I think we have more stickiness with our clients. You know, some of that durable differentiated, that that Tom was talking about that we didn’t have before. Our platform approach, you know, I think we’ve created IP technology, global reach data insights that are kind of diversifying our revenue streams. So that’s also a piece of the business that if you look back to choppiness in in prior periods, we we didn’t have. And so I think we feel that the change can can be, something that we we would stand better than we did previously, but also that clients clients need us more than ever.

Mark Ritter, Senior Analyst, Sidoti and Company: Excellent. And and, Tom, you referred to the the investor day. Now it’s interesting. The investor day was in December. We had our change of administration in January.

It’s only been about four months, I guess, or so since the investor day, but maybe it feels longer than that. Can you talk a little bit about, what you’re hearing from clients, particularly since the change of administration and maybe what they’re talking about as far as how it’s affecting their outlook?

Tom Onyen, CEO, Heidrick and Struggles: Look, I think, Heidrick has literally thousands of clients that we support and they’re all over the world in different markets and different industries. So every client use case and every client conversation is different and that’s always true. But, yeah, I think generally what we’re hearing, if you sort of pull all the way back, Yogi Berra famously said it’s tough to make predictions especially about the future. And this didn’t start with the election. If you think of a board of directors sitting down in autumn of twenty nineteen and trying to pick a new CEO or a new CFO for the next five years and a person was going to encounter, they would have missed the pandemic.

They would have missed inflation. They would have missed supply chain. There’s no we have we have all the specs from that period. We had no one had any of these things. So I think in general, when we talk to boards and leadership teams, what they’re saying is, look, the world is a lot less predictable.

And so the types of leaders and leadership we need are changing. We can’t, you know, we can’t we don’t want someone who’s had a playbook that they’ve done twice because the odds are pretty good it’s not gonna work again, let’s say, in the era of AI. So that’s probably the the first most important thing. When we look at our client data, they’re saying, hey, I need a leader who can lead through multiple environments because they’re likely to see them. So that’s probably the first thing.

I think, secondly, you know, what we see is, while no one and this is a broader thing having nothing to do with the election, but I would say, you know, people are thinking, okay, what does it mean to be global? No one’s saying, hey, we’re not gonna be global. No one’s saying, hey, we’re gonna be hunker down. But they are thinking, you know, where do I put people? You know, where you know, is my supply chain sufficiently resilient?

Do I have multiple sources of supply to help me in that world? Am I able to think about how the company is set up for a world where there may be some fragmentation in some industries? Do I need new capabilities in new markets? And those are obviously great questions for us, right? We can engage them and help them think about how to build out those capabilities.

So the, you know, loosely speaking, macro and geopolitics are just they were already a concern. The election only, you know, made some of those issues more significant. But, I think people are already looking at it over the past decade and saying, how do I think about these things? How do I think about talent in different markets, etcetera? And again, that helps.

So I think those are the two and then third, you know, you’d be completely unsurprised to find out, you know, in in hundreds of clients’ conversations I’ve had, a phrase I’ve never heard has been, you know, we’ve got this AI thing figured out and locked down. You know, nothing to do here, nothing to look at. Right? So they’re looking and saying, do I have the right talent to execute on this? Do I have the right strategy?

Do I have the do I organize the right way? Are my lead you know, my technical leaders the right one? Are my business leaders accessing the technical leaders the right ones? And so you’re gonna be unsurprised to find out that, you know, even the, you know, you you you you read an earnings call transcript and you hear about all the great things the company is doing with AI and you get on a call and CEO says, you know, help, help, help. So I think those are the three major themes that kind of percolate across.

But, again, every client has its own. So you you got the first one. Leaders gonna have to lead in multiple different environments, who can do that for us? Second one is the definition of global is being global is changing and people aren’t pulling back from it, but they’re just thinking about it differently. And then third, I think peep we’re on the front end of this major technology wave and people are still wrestling with, you know, moving beyond the experimentation stage and really scaling their impact and and that they realize that’s a people issue.

That’s not a which LLM, which platform I put stuff on. Those are the big three we see.

Mark Ritter, Senior Analyst, Sidoti and Company: Gotcha. Excellent. And it’s essentially so moving from sort of the the the macro to the, you know, the controlling the controllables, if you will. Tom, you’ve been, a leader of the company now for a little over a year. I know you’re going with a long term approach and you’ve communicated that at the Investor Day, maybe you could talk a little bit about where you are in that process in the transformation or investment cycle for Heidrick and how we should view this year as sort of pivot to new direction and continuing to need to continue to make investments both in the business and then maybe if you talk a little bit about where you see the time frame of the payoff and benefit from some of the changes investments that you’ve already undertaken.

Tom Onyen, CEO, Heidrick and Struggles: Terrific. And I’ll start, and I’ll let Nirupam finish so we can talk specifically about how that rolls through this year. And, yeah, but I think, as we said in our prepared remarks, we made substantial change to the leadership team, including the two folks on screen here. So, you know, it it’s it’s a new team that is tightly aligned against the objectives we shared and that, you know, our clients will tell you and they tell us and they pay us to say that’s, you know, that’s the most important first step in any transformation is to we have the right team focused on the right stuff. You saw us take additional steps with the restructuring last year, to to accelerate growth and and improve the economics of hydro consulting, and you saw that already pay off.

Right? That and that and they’re not a team a team thinks they’re it’s not yet baseball season, and it’s a global team, so many of them wouldn’t even know what I mean by they think they’re only in the first or second inning, but they know they’ve got huge opportunity in front of them. So we see opportunity ahead to we’ve made substantial changes to drive growth in margin and you see great outcomes from some of those already. And there’s work ahead to keep scaling the returns from the investments we made and think about what’s in our R and D line, which is a combination of some technology investments and some investments in very scalable IP. The way we talked about that at Investor Day is you know, that number should grow

Nirupam Sinha, Chief Financial Officer, Heidrick and Struggles: at

Tom Onyen, CEO, Heidrick and Struggles: a very different rate than the top line, right? That’s the those are scalable that that should be a scalable thing. You do expect to see that going forward. And as we think about the year, maybe I’ll have you talk a little bit about how we see this coming together in a 2025 context.

Nirupam Sinha, Chief Financial Officer, Heidrick and Struggles: So I think a couple of thoughts there. One is, you know, in terms of just pure guidance that we’ve given, you know, we we’ve said, you know, for q one, ’2 ’60 ’3 to February. And I think we we feel good about where that that would leave us for the rest of the year. And in terms of the margin piece that Tom mentioned, I think we are cautiously optimistic about where we think margin can be this year And we do think that the back half of this year will see some margin expansion. And that’ll start being the beginning of a cycle where hopefully we we continue to to get the return of the investments that Tom mentioned was will have already been made.

But I mean, as we talked about in the prior part of this this conversation, there is a little bit of choppiness out there too. So we just have to keep mindful of that and, you know, the little bit of delay from a client saying, hey, you know, I wanna start this project thirty days later, that has some impact that that’ll roll through the year. So I think we’re we’re, optimistic about where we are with the business. But, obviously, the the macro environment is something we just have to, you know, make sure we we keep in mind as we we think about the rest of the 2025.

Mark Ritter, Senior Analyst, Sidoti and Company: Excellent. And then, for for those who may not be, familiar with you, Nirupam, you just joined, just a few months ago, so congratulations on your role there. I was wondering if you could talk a little bit about your your views and and priorities, particularly around balance sheet and capital allocation levels of comfort, leverage ratios that you think is appropriate for Heidrick and how you view the, you know, sort of balancing out the the views of, you know, between paying the dividend and and share repurchase activity in that prioritization.

Nirupam Sinha, Chief Financial Officer, Heidrick and Struggles: Yeah. Sure. And thanks thanks for the the wishes, Mark. It’s As I said earlier, it’s been great and very exciting to to get going here at Heidrick, two and a half months in now. Look.

I think primarily for us, we we’re very committed to executing a strategy to drive organic growth. We feel good about where the lines of business are as we’ve shared with you today. And and we we see that as priority one. And we do think that there’s just so much to be done with clients that that, the incremental dollar going into organic growth will have the best kind of return at this point. Having said that, you know, in our business, there’s always, you know, some inorganic opportunities that can accelerate growth and kind of explore those agencies.

And just to give an example of what that can look like, it’s often we’re having a conversation to bring in some great, great talent, that that we that we are looking at. And it’s a it’s a smaller sort of boutique firm and that ends up becoming a M and A like type acquisition when it’s effectively acqui hire. And so that’s where, you know, there are kind of opportunities potentially for us in terms of using the balance sheet a little bit to to accelerate, the hiring of talent and bringing great talent. And that that can be true in each of our service lines, though. I think most people think that is in the search business.

So I think we feel good about the balance sheet we have. We also have access to liquidity to help achieve any of this that we need. So I think we feel very good about kind of where we are from the organic growth journey and the opportunity to use the balance sheet as as appropriate to accelerate that. And of course, you know, we think all of that will pay off for shareholders as we continue this story.

Mark Ritter, Senior Analyst, Sidoti and Company: Great. And then maybe you talk a little bit about the, what the acquisition pipeline might look like at this point, how active, you might be comfortable in participating there as well as maybe if there are any particular levels whether we’re talking larger acquisitions, smaller acquisitions, any particular return targets that you might be looking on or how should we think about, the sort of both the prioritization and then maybe what the pipeline might look like, given the current environment?

Nirupam Sinha, Chief Financial Officer, Heidrick and Struggles: Yeah. Sure. I mean, as I said, I think I think for us, you know, generally, we’re on organic growth, you know, kind of journey here. And so for us, that’s the priority. Having said that, we’re we’re always, you know, it’s our it’s our job, right, and our duty to to make sure we’re looking at all opportunities that can accelerate the business.

And so we’re open to to the right sort of acquisitions. But I think mostly that’s gonna be smaller in nature, tuck in like, as I said, give example, often, you know, in in any of our service lines, but particularly search, you know, if we’re looking at good talent, and that bring in onboarding of, good talent that turns into, an acquisition. And so I think that’s kind of where, you know, we’ve seen the most opportunity. And I think as we think about the rest of this year, that’s where we’re gonna continue to see opportunity and we’re gonna be, you know, smart and pragmatic about best how best to bring in the talent whether that’s acquisition or not.

Mark Ritter, Senior Analyst, Sidoti and Company: Okay. Great. And then we have about a minute left. So I did wanna, first of all, again, thank everybody for for participating, but I also wanted to leave a moment, for some closing remarks, Tom, if you’d like to to share those with the with the the audience.

Tom Onyen, CEO, Heidrick and Struggles: Sure. I think we laid out the most important parts of the Heidrick thesis. It’s an exceptional platform with incredible assets and incredible access. We’ve got a clear strategy for converting those assets and access integrate returns for clients first and foremost and through that great returns for shareholders. We’re excited.

We’ve laid out some targets. We’re feeling good. Obviously, our performance to date, those are multiyear overcycled targets, but our performance niche shows that we have the capacity to go after them. And we are, we have the ability to go we’re demonstrating the ability to go execute on the huge opportunity in front of us, and we know that creates value for clients, colleagues, and shareholders.

Mark Ritter, Senior Analyst, Sidoti and Company: Excellent. Well, certainly compelling story. So I want to thank you for joining us today and thank all of our participants for taking time. And, everybody have a wonderful and productive remainder of the day.

Tom Onyen, CEO, Heidrick and Struggles: Thanks. Thanks, Mark. Thank

Mark Ritter, Senior Analyst, Sidoti and Company: you so much, everyone.

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