Segment Information

3 Months Ended

Mar. 31, 2019

In 2018, the Company completed the integration of its Leadership Consulting and Culture Shaping businesses into one combined service offering, Heidrick Consulting. In conjunction with the integration, the Company reorganized its Management Committee, which the Company considers to be its chief operating decision maker, so as to regularly assess performance and make resource allocations decisions for the Heidrick Consulting business. Therefore, the Company now reports Leadership Consulting and Culture Shaping as one operating segment, Heidrick Consulting.

The Company has four operating segments. The executive search business operates in the Americas, Europe (which includes Africa) and Asia Pacific (which includes the Middle East), and the Heidrick Consulting business operates globally.

For segment purposes, reimbursements of out-of-pocket expenses classified as revenue and other operating income are reported separately and, therefore, are not included in the results of each segment. The Company believes that analyzing trends in revenue before reimbursements (net revenue), analyzing operating expenses as a percentage of net revenue, and analyzing operating income, more appropriately reflect its core operations.

The revenue and operating income (loss) by segment are as follows:



	Three Months Ended March 31,
	2019		2018
Revenue
Executive Search
Americas	$	99,305	$	86,303
Europe	33,553		35,681
Asia Pacific	25,447		23,848
Total Executive Search	158,305		145,832
Heidrick Consulting	13,289		14,239
Revenue before reimbursements (net revenue)	171,594		160,071
Reimbursements	4,680		4,587
Total revenue	$	176,274	$	164,658



	Three Months Ended March 31,
	2019			2018
Operating income (loss)
Executive Search
Americas	$	22,449		$	20,635
Europe	2,165			3,254
Asia Pacific	4,906			4,303
Total Executive Search	29,520			28,192
Heidrick Consulting	(4,827		)	(5,230		)
Total segment operating income	24,693			22,962
Global Operations Support	(8,302		)	(9,841		)
Total operating income	$	16,391		$	13,121