Technology
Heidrick & Struggles Reports Third Quarter 2024 Results
Published
2 days agoon
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Quarterly Revenue Up 6% Year Over Year to $279 Million
All Business Segments Contribute to Top Line Growth
Delivers Strong Profitability with Diluted EPS of $0.71
Declares $0.15 Per Share Cash Dividend
CHICAGO, Nov. 4, 2024 /PRNewswire/ — Heidrick & Struggles International, Inc. (Nasdaq: HSII) (“Heidrick & Struggles”, “Heidrick” or the “Company”), a premier provider of global leadership advisory and on-demand talent solutions, today announced financial results for its third quarter ended September 30, 2024.
Third Quarter Highlights:
Net revenue of $278.6 million increased 5.9% year-over-yearAdjusted EBITDA of $30.4 millionAdjusted EBITDA margin of 10.9%
“Our Heidrick colleagues delivered solid quarterly results, outperforming industry trends and reaching the upper end of our outlook. This performance reflects our team’s sharp focus on market opportunities and client needs even as we implemented significant change across our organization,” said CEO Tom Monahan. “Looking ahead, there is still much work to be done as we pursue growth opportunities in Executive Search, more tightly focus our suite of leadership solutions, and drive profitability and scalability across the portfolio.”
“This work will allow us to take advantage of a large and growing market opportunity as clients increasingly put leadership strategy at the heart of their corporate strategy. With an iconic brand, deep expertise across regions and sectors, and a robust financial position, we believe Heidrick is well positioned to attract top talent and cultivate deeper and more durable client relationships. Combining these assets with disciplined execution will enable us to achieve sustained and profitable organic growth while enhancing long-term shareholder value.”
2024 Third Quarter Results
Consolidated net revenue of $278.6 million increased $15.4 million, or 5.9%, compared to $263.2 million in the 2023 third quarter. The Company experienced revenue growth in On-Demand Talent, Heidrick Consulting, and Executive Search in the Americas and Asia Pacific, partially offset by a decrease in Executive Search in Europe.
Adjusted EBITDA was $30.4 million compared to $29.3 million in the 2023 third quarter. Adjusted EBITDA margin was 10.9%, compared to 11.2% in the 2023 third quarter. In Executive Search, Adjusted EBITDA was $50.7 million compared to $51.0 million in the prior year period. In On-Demand Talent, Adjusted EBITDA was $1.8 million versus a loss of $0.6 million in the prior year period. In Heidrick Consulting, Adjusted EBITDA was a loss of $1.0 million compared to a loss of $2.4 million in the prior year period.
Net income was $14.8 million and diluted earnings per share was $0.71 with an effective tax rate of 29.7% compared to net income of $15.0 million and diluted earnings per share of $0.73, with an effective tax rate of 37.5% in the 2023 third quarter. The 2024 third quarter effective tax rate was positively impacted by a decrease in the Company’s estimated annual effective tax rate. 2024 third quarter adjusted net income was $15.1 million and adjusted diluted earnings per share was $0.72, with an adjusted effective tax rate of 28.5%.
Executive Search net revenue of $204.4 million increased $5.6 million, or 2.8%, compared to net revenue of $198.8 million in the 2023 third quarter. Excluding the impact of exchange rate fluctuations, which positively impacted results by $0.2 million, or 0.1%, net revenue increased 2.7%, or $5.4 million from the 2023 third quarter. Net revenue increased 1.7% in the Americas (up 2.1% on a constant currency basis), decreased 3.3% in Europe (down 5.0% on a constant currency basis), and increased 22.0% in Asia Pacific (up 22.0% on a constant currency basis) when compared to the prior year third quarter.
The Company had 414 Executive Search consultants at September 30, 2024, compared to 417 at September 30, 2023. Productivity, as measured by annualized Executive Search net revenue per consultant, was $2.0 million compared to $1.9 million in the 2023 third quarter, reflecting a lower number of consultants combined with higher revenue. Average revenue per executive search was approximately $149,000 compared to $153,000 in the prior year period. The number of search confirmations increased 5.4% compared to the year-ago period.
On-Demand Talent net revenue of $46.2 million increased $5.2 million, or 12.6%, compared to net revenue of $41.1 million in the 2023 third quarter. Excluding the impact of exchange rate fluctuations, which positively impacted results by $0.4 million, or 0.9%, net revenue increased 11.7%, or $4.8 million from the 2023 third quarter.
Heidrick Consulting net revenue of $27.9 million increased $4.6 million, or 19.9%, compared to net revenue of $23.3 million in the 2023 third quarter. Excluding the impact of exchange rate fluctuations, which positively impacted results by $0.3 million, or 1.1%, net revenue increased 18.9%, or $4.4 million. The Company had 84 Heidrick Consulting consultants at September 30, 2024, compared to 90 at September 30, 2023.
Consolidated salaries and benefits increased $15.8 million, or 9.5%, to $183.0 million compared to $167.2 million in the 2023 third quarter. Year-over-year, fixed compensation expense increased $9.9 million primarily reflecting increases in expenses related to the non-cash mark-to-market adjustments associated with the deferred compensation and stock compensation plans. Variable compensation increased $5.9 million due to an increase in consultant production. Salaries and benefits expense was 65.7% of net revenue for the quarter, compared to 63.5% in the 2023 third quarter.
General and administrative expenses increased $2.2 million, or 5.8%, to $39.7 million compared to $37.6 million in the 2023 third quarter. The increase was due to bad debt, office occupancy costs, expenses related to information technology, and business development travel, partially offset by decreases in professional fees, intangible amortization, and insurance and bank fees. As a percentage of net revenue, general and administrative expenses were 14.3% for both the 2024 and 2023 third quarters.
The Company’s cost of services was $31.0 million, or 11.1% of net revenue for the quarter, compared to $30.7 million, or 11.7% of net revenue in the 2023 third quarter. This primarily related to an increase in the volume of On-Demand Talent and Heidrick Consulting projects.
The Company’s research and development expenses were $5.7 million, or 2.0%, of net revenue for the quarter compared to $5.6 million, or 2.1%, of net revenue for the third quarter 2023.
Net cash provided by operating activities was $101.1 million compared to net cash provided by operating activities of $109.5 million in the 2023 third quarter. Cash, cash equivalents and marketable securities at September 30, 2024, was $409.4 million compared to $334.0 million at September 30, 2023, and $478.2 million at December 31, 2023. The Company’s cash position typically builds throughout the year as employee bonuses are accrued, mostly to be paid out in the first half of the year following the year in which they are earned.
Dividend
The Board of Directors declared a 2024 fourth quarter cash dividend of $0.15 per share payable on November 21, 2024, to shareholders of record at the close of business on November 14, 2024.
2024 Fourth Quarter Outlook
The Company expects 2024 fourth quarter consolidated net revenue of between $255 million and $275 million, while acknowledging that continued fluidity in external factors, such as the foreign exchange and interest rate environments, foreign conflicts, inflation and macroeconomic constraints on pricing actions, may impact quarterly results. In addition, this outlook is based on the average currency rates in September 2024 and reflects, among other factors, management’s assumptions for the anticipated volume of new Executive Search confirmations, On-Demand Talent projects, and Heidrick Consulting assignments, consultant productivity, consultant retention, and the seasonality of the business along with the current backlog.
Quarterly Webcast and Conference Call
Heidrick & Struggles will host a conference call to review its third quarter results today, November 4, 2024 at 5:00 pm Eastern Time. Participants may access the Company’s call and supporting slides through its website at www.heidrick.com or by dialing (800) 715-9871 or (646) 307-1963, conference ID# 4805686. For those unable to participate on the live call, a webcast and copy of the slides will be archived at www.heidrick.com and available for up to 30 days following the investor call.
About Heidrick & Struggles International, Inc.
Heidrick & Struggles (Nasdaq: HSII) is a premier provider of global leadership advisory and on-demand talent solutions, serving the senior-level talent and consulting needs of the world’s top organizations. In our role as trusted leadership advisors, we partner with our clients to develop future-ready leaders and organizations, bringing together our services and offerings in executive search, diversity and inclusion, leadership assessment and development, organization and team acceleration, culture shaping and on-demand, independent talent solutions. Heidrick & Struggles pioneered the profession of executive search more than 70 years ago. Today, the firm provides integrated talent and human capital solutions to help our clients change the world, one leadership team at a time. ® www.heidrick.com
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Heidrick & Struggles presents certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of comprehensive income, balance sheets or statements of cash flow of the Company.
Non-GAAP financial measures used within this earnings release are Adjusted EBITDA, Adjusted EBITDA margin, and consolidated net revenue excluding the impact of exchange rate fluctuations (referred to as on a constant currency basis). These measures are presented because management uses this information to monitor and evaluate financial results and trends. Management believes this information is also useful for investors to evaluate the comparability of financial information presented. Reconciliations of these non-GAAP financial measures to the most directly comparable measures calculated and presented in accordance with GAAP are provided as schedules attached to this release.
Adjusted EBITDA refers to net income before interest, other income or expense, income taxes, depreciation and amortization, as adjusted, to the extent they occur, for earnout accretion, earnout fair value adjustments, contingent compensation, deferred compensation plan income or expense, certain reorganization costs, impairment charges and restructuring charges.
Adjusted EBITDA margin refers to Adjusted EBITDA as a percentage of net revenue in the same period.
Adjusted net income and adjusted diluted earnings per share reflect the exclusion of goodwill impairment, restructuring charges and earnout fair value adjustments, net of tax.
Adjusted effective tax rate reflects the exclusion of goodwill impairment, restructuring charges and earnout fair value adjustments, net of tax.
The Company evaluates its results of operations on both an as reported and a constant currency basis. The constant currency presentation is a non-GAAP financial measure, which excludes the impact of fluctuations in foreign currency exchange rates. The Company believes providing constant currency information provides valuable supplemental information regarding its results of operations, consistent with how it evaluates its performance. The Company calculates constant currency percentages by converting its financial results in a local currency for a period using the average exchange rate for the prior period to which it is comparing. This calculation may differ from similarly titled measures used by other companies.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the federal securities laws, including statements regarding guidance for the fourth quarter of 2024. The forward-looking statements are based on current expectations, estimates, forecasts, and projections about the industry in which we operate and management’s beliefs and assumptions. Forward-looking statements may be identified by the use of words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “outlook,” “projects,” “forecasts,” “aim” and similar expressions. Forward-looking statements are not guarantees of future performance, rely on a number of assumptions, and involve certain known and unknown risks and uncertainties that are difficult to predict, many of which are beyond our control. Factors that may cause actual outcomes and results to differ materially from what is expressed, forecasted or implied in the forward-looking statements include, among other things, our ability to attract, integrate, develop, manage, retain and motivate qualified consultants and senior leaders; our ability to prevent our consultants from taking our clients with them to another firm; our ability to maintain our professional reputation and brand name; our clients’ ability to restrict us from recruiting their employees; our heavy reliance on information management systems; risks arising from our implementation of new technology and intellectual property to deliver new products and services to our clients; our dependence on third parties for the execution of certain critical functions; the fact that we face the risk of liability in the services we perform; the fact that data security, data privacy and data protection laws and other evolving regulations and cross-border data transfer restrictions may limit the use of our services and adversely affect our business; any challenges to the classification of our on-demand talent as independent contractors; the fact that increased cybersecurity requirements, vulnerabilities, threats and more sophisticated and targeted cyber-related attacks could pose a risk to our systems, networks, solutions, services and data; the fact that our net revenue may be affected by adverse macroeconomic or labor market conditions, including impacts of inflation and effects of geopolitical instability; the aggressive competition we face; the impact of foreign currency exchange rate fluctuations; our ability to access additional credit; social, political, regulatory, legal and economic risks in markets where we operate, including the impact of the ongoing war in Ukraine and the conflict in Israel and the Gaza strip, the risks of an expansion or escalation of those conflicts and our ability to quickly and completely recover from any disruption to our business; unfavorable tax law changes and tax authority rulings; our ability to realize the benefit of our net deferred tax assets; the fact that we may not be able to align our cost structure with net revenue; any impairment of our goodwill, other intangible assets and other long-lived assets; our ability to maintain an effective system of disclosure controls and internal control over our financial reporting and produce accurate and timely financial statements; our ability to execute and integrate future acquisitions; and the fact that we have anti-takeover provisions that make an acquisition of us difficult and expensive. We caution the reader that the list of factors may not be exhaustive. For more information on these risks, uncertainties and other factors, refer to our Annual Report on Form 10-K for the year ended December 31, 2023, under the heading “Risk Factors” in Item 1A. The forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Contacts:
Investors & Analysts:
Suzanne Rosenberg, Vice President, Investor Relations
srosenberg@heidrick.com
Media:
Bianca Wilson, Director, Public Relations
bwilson@heidrick.com
Heidrick & Struggles International, Inc.
Consolidated Statements of Comprehensive Income
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
2024
2023
$ Change
% Change
Revenue
Revenue before reimbursements (net revenue)
$ 278,559
$ 263,160
$ 15,399
5.9 %
Reimbursements
4,256
4,736
(480)
(10.1) %
Total revenue
282,815
267,896
14,919
5.6 %
Operating expenses
Salaries and benefits
183,025
167,219
15,806
9.5 %
General and administrative expenses
39,740
37,564
2,176
5.8 %
Cost of services
31,030
30,680
350
1.1 %
Research and development
5,682
5,560
122
2.2 %
Reimbursed expenses
4,256
4,736
(480)
(10.1) %
Total operating expenses
263,733
245,759
17,974
7.3 %
Operating income
19,082
22,137
(3,055)
(13.8) %
Non-operating income (loss)
Interest, net
2,570
2,505
Other, net
(555)
(649)
Net non-operating income
2,015
1,856
Income before income taxes
21,097
23,993
Provision for income taxes
6,268
9,006
Net income
14,829
14,987
Other comprehensive income (loss), net of tax
6,996
(4,001)
Comprehensive income
$ 21,825
$ 10,986
Weighted-average common shares outstanding
Basic
20,357
20,076
Diluted
21,024
20,553
Earnings per common share
Basic
$ 0.73
$ 0.75
Diluted
$ 0.71
$ 0.73
Salaries and benefits as a % of net revenue
65.7 %
63.5 %
General and administrative expenses as a % of net revenue
14.3 %
14.3 %
Cost of services as a % of net revenue
11.1 %
11.7 %
Research and development as a % of net revenue
2.0 %
2.1 %
Operating margin
6.9 %
8.4 %
Heidrick & Struggles International, Inc.
Segment Information
(In thousands)
(Unaudited)
Three Months Ended September 30,
2024
2023
$
Change
%
Change
2024
Margin1
2023
Margin1
Revenue
Executive Search
Americas
$ 134,545
$ 132,320
$ 2,225
1.7 %
Europe
43,143
44,606
(1,463)
(3.3) %
Asia Pacific
26,701
21,888
4,813
22.0 %
Total Executive Search
204,389
198,814
5,575
2.8 %
On-Demand Talent
46,231
41,053
5,178
12.6 %
Heidrick Consulting
27,939
23,293
4,646
19.9 %
Revenue before reimbursements (net revenue)
278,559
263,160
15,399
5.9 %
Reimbursements
4,256
4,736
(480)
(10.1) %
Total revenue
$ 282,815
$ 267,896
$ 14,919
5.6 %
Adjusted EBITDA
Executive Search
Americas
$ 40,465
$ 39,354
$ 1,111
2.8 %
30.1 %
29.7 %
Europe
5,022
8,950
(3,928)
(43.9) %
11.6 %
20.1 %
Asia Pacific
5,247
2,704
2,543
94.0 %
19.7 %
12.4 %
Total Executive Search
50,734
51,008
(274)
(0.5) %
24.8 %
25.7 %
On-Demand Talent
1,763
(580)
2,343
NM
3.8 %
(1.4) %
Heidrick Consulting
(1,025)
(2,391)
1,366
57.1 %
(3.7) %
(10.3) %
Total segments
51,472
48,037
3,435
7.2 %
18.5 %
18.3 %
Research and Development
(4,606)
(4,927)
321
6.5 %
(1.7) %
(1.9) %
Global Operations Support
(16,451)
(13,761)
(2,690)
(19.5) %
(5.9) %
(5.2) %
Total Adjusted EBITDA
$ 30,415
$ 29,349
$ 1,066
3.6 %
10.9 %
11.2 %
1
Margin based on revenue before reimbursements (net revenue).
Heidrick & Struggles International, Inc.
Consolidated Statements of Comprehensive Income
(In thousands, except per share amounts)
(Unaudited)
Nine Months Ended
September 30,
2024
2023
$ Change
% Change
Revenue
Revenue before reimbursements (net revenue)
$ 822,382
$ 773,702
$ 48,680
6.3 %
Reimbursements
12,408
10,090
2,318
23.0 %
Total revenue
834,790
783,792
50,998
6.5 %
Operating expenses
Salaries and benefits
535,330
504,994
30,336
6.0 %
General and administrative expenses
127,556
112,405
15,151
13.5 %
Cost of services
88,158
78,818
9,340
11.9 %
Research and development
17,002
16,746
256
1.5 %
Impairment charges
16,224
7,246
8,978
123.9 %
Restructuring charges
6,939
—
6,939
100.0 %
Reimbursed expenses
12,408
10,090
2,318
23.0 %
Total operating expenses
803,617
730,299
73,318
10.0 %
Operating income
31,173
53,493
(22,320)
(41.7) %
Non-operating income
Interest, net
9,268
7,667
Other, net
3,013
2,537
Net non-operating income
12,281
10,204
Income before income taxes
43,454
63,697
Provision for income taxes
19,750
24,142
Net income
23,704
39,555
Other comprehensive income (loss), net of tax
811
(3,633)
Comprehensive income
$ 24,515
$ 35,922
Weighted-average common shares outstanding
Basic
20,254
19,998
Diluted
21,144
20,716
Earnings per common share
Basic
$ 1.17
$ 1.98
Diluted
$ 1.12
$ 1.91
Salaries and benefits as a % of net revenue
65.1 %
65.3 %
General and administrative expenses as a % of net revenue
15.5 %
14.5 %
Cost of services as a % of net revenue
10.7 %
10.2 %
Research and development as a % of net revenue
2.1 %
2.2 %
Operating margin
3.8 %
6.9 %
Heidrick & Struggles International, Inc.
Segment Information
(In thousands)
(Unaudited)
Nine Months Ended September 30,
2024
2023
$
Change
%
Change
2024
Margin1
2023
Margin1
Revenue
Executive Search
Americas
$ 418,302
$ 398,210
$ 20,092
5.0 %
Europe
124,706
129,104
(4,398)
(3.4) %
Asia Pacific
72,829
68,766
4,063
5.9 %
Total Executive Search
615,837
596,080
19,757
3.3 %
On-Demand Talent
125,983
111,410
14,573
13.1 %
Heidrick Consulting
80,562
66,212
14,350
21.7 %
Revenue before reimbursements (net revenue)
822,382
773,702
48,680
6.3 %
Reimbursements
12,408
10,090
2,318
23.0 %
Total revenue
$ 834,790
$ 783,792
$ 50,998
6.5 %
Adjusted EBITDA
Executive Search
Americas
$ 130,448
$ 127,557
$ 2,891
2.3 %
31.2 %
32.0 %
Europe
11,215
16,487
(5,272)
(32.0) %
9.0 %
12.8 %
Asia Pacific
10,182
7,901
2,281
28.9 %
14.0 %
11.5 %
Total Executive Search
151,845
151,945
(100)
(0.1) %
24.7 %
25.5 %
On-Demand Talent
(787)
660
(1,447)
NM
(0.6) %
0.6 %
Heidrick Consulting
(4,447)
(6,848)
2,401
35.1 %
(5.5) %
(10.3) %
Total segments
146,611
145,757
854
0.6 %
17.8 %
18.8 %
Research and Development
(14,312)
(15,396)
1,084
7.0 %
(1.7) %
(2.0) %
Global Operations Support
(47,205)
(40,501)
(6,704)
(16.6) %
(5.7) %
(5.2) %
Total Adjusted EBITDA
$ 85,094
$ 89,860
$ (4,766)
(5.3) %
10.3 %
11.6 %
1
Margin based on revenue before reimbursements (net revenue).
Heidrick & Struggles International, Inc.
Reconciliation of Net Income and Adjusted Net Income (Non-GAAP)
(In thousands, except per share amounts)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Net income
$ 14,829
$ 14,987
$ 23,704
$ 39,555
Adjustments
Impairment charges, net of tax(1)
—
—
14,190
6,038
Earnout fair value adjustment, net of tax(2)(4)
39
—
788
—
Restructuring charges, net of tax(3)(4)
225
—
4,516
—
Total adjustments
264
—
19,494
6,038
Adjusted net income
$ 15,093
$ 14,987
$ 43,198
$ 45,593
Weighted-average common shares outstanding
Basic
20,357
20,076
20,254
19,998
Diluted
21,024
20,553
21,144
20,716
Earnings per common share
Basic
$ 0.73
$ 0.75
$ 1.17
$ 1.98
Diluted
$ 0.71
$ 0.73
$ 1.12
$ 1.91
Adjusted earnings per common share
Basic
$ 0.74
$ 0.75
$ 2.13
$ 2.28
Diluted
$ 0.72
$ 0.73
$ 2.04
$ 2.20
1
The Company recorded goodwill impairment charges of $14.8 million in the On-Demand Talent segment and $1.5 million in the Europe segment for the nine months ended September 30, 2024. The Company recorded a goodwill impairment charge of $7.2 million in the Heidrick Consulting segment for the nine months ended September 30, 2023.
2
The Company recorded a fair value adjustment to increase the On-Demand Talent earnout by $1.1 million and increase the Heidrick Consulting earnout by $0.1 million for the nine months ended September 30, 2024.
3
The Company recorded restructuring charges of $6.9 million for the nine months ended September 30, 2024.
4
Amounts for the three months ended September 30, 2024 reflect the impact of a change to the estimated annual effective tax rate. There were no further impairment charges, earnout fair value adjustments, or restructuring charges recorded during the period.
Heidrick & Struggles International, Inc.
Consolidated Balance Sheets
(In thousands)
(Unaudited)
September 30,
2024
December 31,
2023
Current assets
Cash and cash equivalents
$ 363,422
$ 412,618
Marketable securities
46,005
65,538
Accounts receivable, net
186,252
133,128
Prepaid expenses
27,682
23,597
Other current assets
48,928
47,923
Income taxes recoverable
10,795
10,410
Total current assets
683,084
693,214
Non-current assets
Property and equipment, net
53,508
35,752
Operating lease right-of-use assets
83,262
86,063
Assets designated for retirement and pension plans
11,203
11,105
Investments
59,089
47,287
Other non-current assets
25,507
17,071
Goodwill
185,400
202,252
Other intangible assets, net
15,110
20,842
Deferred income taxes
29,617
28,005
Total non-current assets
462,696
448,377
Total assets
$ 1,145,780
$ 1,141,591
Current liabilities
Accounts payable
$ 21,517
$ 20,837
Accrued salaries and benefits
277,498
322,744
Deferred revenue
47,106
45,732
Operating lease liabilities
18,985
21,498
Other current liabilities
23,394
21,823
Income taxes payable
6,891
6,057
Total current liabilities
395,391
438,691
Non-current liabilities
Accrued salaries and benefits
55,338
52,108
Retirement and pension plans
75,048
62,100
Operating lease liabilities
84,623
78,204
Other non-current liabilities
46,158
41,808
Deferred income taxes
5,937
6,402
Total non-current liabilities
267,104
240,622
Total liabilities
662,495
679,313
Stockholders’ equity
483,285
462,278
Total liabilities and stockholders’ equity
$ 1,145,780
$ 1,141,591
Heidrick & Struggles International, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Three Months Ended
September 30,
2024
2023
Cash flows – operating activities
Net income
$ 14,829
$ 14,987
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
4,950
4,740
Deferred income taxes
273
(6,994)
Stock-based compensation expense
3,792
3,559
Accretion expense related to earnout payments
478
455
Gain on marketable securities
(1,343)
(346)
Loss on disposal of property and equipment
3
61
Changes in assets and liabilities, net of effects of acquisition:
Accounts receivable
4,135
7,785
Accounts payable
(10,968)
1,257
Accrued expenses
83,375
76,113
Restructuring accrual
(1,396)
—
Deferred revenue
1,836
(2,165)
Income taxes recoverable and payable, net
(5,021)
9,205
Retirement and pension plan assets and liabilities
585
294
Prepaid expenses
595
(1,136)
Other assets and liabilities, net
5,022
1,659
Net cash provided by operating activities
101,145
109,474
Cash flows – investing activities
Acquisition of businesses, net of cash acquired
—
(2,204)
Capital expenditures
6,891
(2,805)
Purchases of marketable securities and investments
(346)
(47,781)
Proceeds from sales of marketable securities and investments
62,496
21,571
Net cash provided by (used in) investing activities
69,041
(31,219)
Cash flows – financing activities
Cash dividends paid
(3,211)
(3,149)
Payment of employee tax withholdings on equity transactions
(53)
—
Acquisition earnout payments
—
(2,038)
Net cash used in financing activities
(3,264)
(5,187)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
6,578
(4,414)
Net increase in cash, cash equivalents and restricted cash
173,500
68,654
Cash, cash equivalents and restricted cash at beginning of period
189,922
217,817
Cash, cash equivalents and restricted cash at end of period
$ 363,422
$ 286,471
Heidrick & Struggles International, Inc.
Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended
September 30,
2024
2023
Cash flows – operating activities
Net income
$ 23,704
$ 39,555
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization
13,650
13,432
Deferred income taxes
(2,060)
(548)
Stock-based compensation expense
9,901
7,331
Accretion expense related to earnout payments
1,413
1,097
Gain on marketable securities
(2,323)
(2,040)
Loss on disposal of property and equipment
264
192
Impairment charges
16,224
7,246
Changes in assets and liabilities:
Accounts receivable
(51,707)
(52,205)
Accounts payable
(13,292)
(1,657)
Accrued expenses
(41,372)
(197,698)
Restructuring accrual
2,990
—
Deferred revenue
1,163
(1,622)
Income taxes recoverable and payable, net
347
6,617
Retirement and pension plan assets and liabilities
6,385
6,697
Prepaid expenses
(4,057)
(3,771)
Other assets and liabilities, net
(987)
(3,243)
Net cash used in operating activities
(39,757)
(180,617)
Cash flows – investing activities
Acquisition of business, net of cash acquired
—
(37,953)
Capital expenditures
(9,647)
(9,619)
Purchases of marketable securities and investments
(115,608)
(75,464)
Proceeds from sales of marketable securities and investments
129,070
289,689
Net cash provided by investing activities
3,815
166,653
Cash flows – financing activities
Repurchases of common stock
—
(904)
Cash dividends paid
(9,609)
(9,383)
Payment of employee tax withholdings on equity transactions
(3,800)
(4,141)
Acquisition earnout payments
—
(37,984)
Net cash used in financing activities
(13,409)
(52,412)
Effect of exchange rate fluctuations on cash, cash equivalents and restricted cash
155
(2,642)
Net decrease in cash, cash equivalents and restricted cash
(49,196)
(69,018)
Cash, cash equivalents and restricted cash at beginning of period
412,618
355,489
Cash, cash equivalents and restricted cash at end of period
$ 363,422
$ 286,471
Heidrick & Struggles International, Inc.
Reconciliation of Net Income to Adjusted EBITDA (Non-GAAP)
(In thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2024
2023
2024
2023
Revenue before reimbursements (net revenue)
$ 278,559
$ 263,160
$ 822,382
$ 773,702
Net income
14,829
14,987
23,704
39,555
Interest, net
(2,570)
(2,505)
(9,268)
(7,667)
Other, net
555
649
(3,013)
(2,537)
Provision for income taxes
6,268
9,006
19,750
24,142
Operating income
19,082
22,137
31,173
53,493
Adjustments
Depreciation
2,997
2,387
7,480
6,563
Intangible amortization
1,953
2,353
6,170
6,869
Earnout accretion
478
455
1,413
1,097
Earnout fair value adjustments
—
—
1,211
—
Acquisition contingent consideration
2,947
3,268
8,220
8,711
Deferred compensation plan
2,958
(1,427)
6,264
2,309
Reorganization costs
—
176
—
3,572
Impairment charges
—
—
16,224
7,246
Restructuring charges
—
—
6,939
—
Total adjustments
11,333
7,212
53,921
36,367
Adjusted EBITDA
$ 30,415
$ 29,349
$ 85,094
$ 89,860
Adjusted EBITDA margin
10.9 %
11.2 %
10.3 %
11.6 %
Heidrick & Struggles International, Inc.
Reconciliation of Operating Income (Loss) to Adjusted EBITDA by Line of Business (Non-GAAP)
(In thousands)
(Unaudited)
Three Months Ended September 30, 2024
Executive
Search
On-Demand
Talent
Heidrick
Consulting
Research &
Development
Global
Operations
Support
Total
Revenue before reimbursements (net
revenue)
$ 204,389
$ 46,231
$ 27,939
$ —
$ —
$ 278,559
Operating income (loss)1
46,270
(2,036)
(2,835)
(5,682)
(16,635)
19,082
Adjustments
Depreciation
1,389
175
227
1,029
177
2,997
Intangible amortization
17
1,560
376
—
—
1,953
Earnout accretion
—
436
42
—
—
478
Acquisition contingent compensation
209
1,628
1,110
—
—
2,947
Deferred compensation plan
2,849
—
55
47
7
2,958
Total adjustments
4,464
3,799
1,810
1,076
184
11,333
Adjusted EBITDA
$ 50,734
$ 1,763
$ (1,025)
$ (4,606)
$ (16,451)
$ 30,415
Adjusted EBITDA margin
24.8 %
3.8 %
(3.7) %
(1.7) %
(5.9) %
10.9 %
Three Months Ended September 30, 2023
Executive
Search
On-Demand
Talent
Heidrick
Consulting
Research &
Development
Global
Operations
Support
Total
Revenue before reimbursements (net
revenue)
$ 198,814
$ 41,053
$ 23,293
$ —
$ —
$ 263,160
Operating income (loss)1
50,290
(4,595)
(4,075)
(5,560)
(13,923)
22,137
Adjustments
Depreciation
1,288
125
156
655
163
2,387
Intangible amortization
40
1,869
444
—
—
2,353
Earnout accretion
—
397
58
—
—
455
Acquisition contingent compensation
649
1,559
1,060
—
—
3,268
Deferred compensation plan
(1,370)
—
(34)
(22)
(1)
(1,427)
Reorganization costs
111
65
—
—
—
176
Total adjustments
718
4,015
1,684
633
162
7,212
Adjusted EBITDA
$ 51,008
$ (580)
$ (2,391)
$ (4,927)
$ (13,761)
$ 29,349
Adjusted EBITDA margin
25.7 %
(1.4 %)
(10.3 %)
(1.9) %
(5.2) %
11.2 %
1
The Company does not allocate interest income or expense, other income or expense, and the provision for income taxes to the Company’s reportable operating segments. As such, the Company has concluded that operating income (loss) represents the most directly comparable measure of financial performance presented in accordance with U.S. GAAP for the reconciliation of Adjusted EBITDA in this presentation.
Heidrick & Struggles International, Inc.
Reconciliation of Operating Income (Loss) to Adjusted EBITDA (Non-GAAP)
(In thousands)
(Unaudited)
Nine Months Ended September 30, 2024
Executive
Search
On-Demand
Talent
Heidrick
Consulting
Research &
Development
Global
Operations
Support
Total
Revenue before reimbursements (net
revenue)
$ 615,837
$ 125,983
$ 80,562
$ —
$ —
$ 822,382
Operating income (loss)1
138,623
(28,580)
(13,207)
(17,002)
(48,661)
31,173
Adjustments
Depreciation
3,493
423
506
2,592
466
7,480
Intangible amortization
54
4,928
1,188
—
—
6,170
Earnout accretion
—
1,251
162
—
—
1,413
Earnout fair value adjustments
—
1,125
86
—
—
1,211
Acquisition contingent compensation
(126)
5,019
3,327
—
—
8,220
Deferred compensation plan
6,028
—
124
98
14
6,264
Impairment charges
1,463
14,761
—
—
—
16,224
Restructuring charges
2,310
286
3,367
—
976
6,939
Total adjustments
13,222
27,793
8,760
2,690
1,456
53,921
Adjusted EBITDA
$ 151,845
$ (787)
$ (4,447)
$ (14,312)
$ (47,205)
$ 85,094
Adjusted EBITDA margin
24.7 %
(0.6 %)
(5.5 %)
(1.7 %)
(5.7) %
10.3 %
Nine Months Ended September 30, 2023
Executive
Search
On-Demand
Talent
Heidrick
Consulting
Research &
Development
Global
Operations
Support
Total
Revenue before reimbursements (net
revenue)
$ 596,080
$ 111,410
$ 66,212
$ —
$ —
$ 773,702
Operating income (loss)1
140,923
(11,821)
(17,877)
(16,746)
(40,986)
53,493
Adjustments
Depreciation
3,928
326
507
1,319
483
6,563
Intangible amortization
145
5,737
987
—
—
6,869
Earnout accretion
—
982
115
—
—
1,097
Acquisition contingent compensation
2,449
4,144
2,118
—
—
8,711
Deferred compensation plan
2,220
—
56
31
2
2,309
Reorganization costs
2,280
1,292
—
—
—
3,572
Impairment charges
—
—
7,246
—
—
7,246
Total adjustments
11,022
12,481
11,029
1,350
485
36,367
Adjusted EBITDA
$ 151,945
$ 660
$ (6,848)
$ (15,396)
$ (40,501)
$ 89,860
Adjusted EBITDA margin
25.5 %
0.6 %
(10.3 %)
(2.0 %)
(5.2 %)
11.6 %
1
The Company does not allocate interest income or expense, other income or expense, and the provision for income taxes to the Company’s reportable operating segments. As such, the Company has concluded that operating income (loss) represents the most directly comparable measure of financial performance presented in accordance with U.S. GAAP for the reconciliation of Adjusted EBITDA in this presentation.
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SOURCE Heidrick & Struggles
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Technology
Loyyal’s Xpand Point Partners with Easyrewardz to bring Loyalty Points Exchange for Programs across Middle East, India, Europe and APAC
Published
2 hours agoon
November 7, 2024By
Partnership to offer loyalty points exchange for travel, hospitality, and lifestyle rewards for banking customers beyond borders
DUBAI, UAE, Nov. 7, 2024 /PRNewswire/ — Easyrewardz, a leading provider of cloud-based CRM and loyalty platform, has announced a strategic partnership with Loyyal, a UAE-based pioneer in blockchain-powered loyalty solutions. This collaboration is set to redefine the loyalty landscape by introducing enhanced point conversion capabilities and offering unique, experiential redemption options, giving customers more flexible and engaging ways to use their loyalty points.
The collaboration will bring Loyyal’s innovative loyalty points exchange platform, Xpand Point to India’s BFSI (Banking, Financial, and Insurance) sector, integrating it with Easyrewardz Loyalty Management System (LMS) to provide businesses with tools that enhance customer retention and drive deeper engagement. Through this partnership, millions of banking members will unlock a new world of benefits, both within India and globally, with exciting opportunities to earn, redeem, and exchange points across various categories of offers.
This alliance brings together two industry leaders, creating a powerful synergy that enhances their value propositions and sets the stage for a transformation in the loyalty market. The partnership also taps into growth opportunities in the Middle East, Europe and APAC region, with a focus on high-demand markets like Saudi Arabia, UAE, UK, Germany, Turkey, Singapore, Hong Kong and Australia where the need for advanced loyalty programs is rapidly increasing. These opportunities will be harnessed through a comprehensive redemption catalogue and Loyyal’s Xpand Point platform, enabling seamless integration and enhanced member experiences.
Ashish Kumar Singh, CEO of Loyyal, quoted, “We are thrilled to partner with Easyrewardz to bring our blockchain-powered loyalty ecosystem to the BFSI sector in India. This collaboration represents a significant opportunity for both companies to innovate and redefine customer engagement across multiple markets, leveraging our combined strengths to deliver personalized and rewarding experiences.”
The partnership aims to create additional growth opportunities for both companies by establishing them as channel partners. Together, Easyrewardz and Loyyal will promote each other’s services, collaborate on marketing initiatives, and offer cross-platform solutions that amplify customer loyalty and engagement. This partnership will enable Easyrewardz to leverage Loyyal’s network of merchants and points exchange partners in India to its clients and prospects in the GCC region through a redemption catalogue and the Loyyal Points Exchange platform.
Soumya Chatterjee, Co-Founder & CEO of Easyrewardz, highlighted the broader impact of this collaboration, saying, “At Easyrewardz, we have always been committed to creating exceptional customer experiences by understanding and anticipating the needs of businesses.
Our partnership with Loyyal will not only allow us to deepen our presence in the BFSI sector but also open doors to new possibilities in the GCC region. Easyrewardz has always had a customer-centric approach and thus by integrating Loyyal’s innovative Points Exchange platform – Xpand Point, into our existing reward offering we are further enhancing our affluent offerings and catering to the growing demand in premium segments for outbound travel and experiences. Together, we will reshape the way businesses approach loyalty, focusing on delivering exceptional value and driving sustainable growth for our clients across industries.”
This partnership is set to deliver significant benefits for businesses by enabling them to adopt more flexible, personalized, and data-driven loyalty programs. With the ability to engage customers at multiple touchpoints and simplify redemption processes, the combined expertise of Loyyal and Easyrewardz will offer unparalleled loyalty solutions that foster deeper customer relationships and generate long-term value.
Gunjan Kumar, Chief Revenue Officer of Loyyal, expressed the significance of this collaboration, stating, “Our partnership with Easyrewardz marks a pivotal step in redefining customer loyalty. By integrating Loyyal’s cutting-edge Xpand Point platform with Easyrewardz extensive expertise in the BFSI sector, we are crafting a robust solution that not only meets current demands but also anticipates future trends in customer engagement. Together, we are moving beyond mere transactional loyalty to foster deeper, lasting relationships that enhance member retention.”
As industries increasingly focus on retaining loyal customers and nurturing brand advocates, this partnership positions Loyyal and Easyrewardz at the forefront of innovation, offering businesses the tools and strategies they need to remain competitive in the rapidly evolving loyalty landscape.
About Loyyal
Loyyal is renowned for its innovative Enterprise SAAS Suite for Loyalty & Payments powered with patented blockchain technology, based in UAE, US and India. Loyyal SAAS disrupts loyalty industry with metrics of incremental revenue, rapid growth and scalability at the lowest possible cost. Xpand Point, the world’s first blockchain enabled loyalty points exchange platform leverages Loyyal’s unique USP to empower every program with interoperable exchange facility across different programs, categories both locally and internationally. For more information, please visit www.loyyal.com for PR related queries contact Janis.dsouza@loyyal.com.
About Easyrewardz
Easyrewardz is an industry-agnostic cloud-based CRM & Loyalty platform that enables seamless omnichannel customer experience. Easyrewardz innovative ways to engage new customers & retain existing ones by leveraging technology are helping businesses embrace digital disruption leading to excellent customer experiences. Easyrewardz has more than a decade experience in managing BFSI, Retail and B2B loyalty & CRM programs to provide a seamless & rewarding experience to their customers, enabling consistent engagement.
More than 180 brands, including RBL Bank, Kotak Bank, J&K Bank, Bajaj Finserv, IIFL, Muthoot Fincorp, Bata (India & APAC), BESTSELLER, The Belgian Waffle, The Body Shop, Levi’s, Soch, Senco, and Motherhood Hospitals have trusted Easyrewardz to create brand markers and delight customer. For more information, please visit www.Easyrewardz.com
Photo – https://mma.prnewswire.com/media/2550900/Loyyal_and_Easyrewardz.jpg
View original content:https://www.prnewswire.co.uk/news-releases/loyyals-xpand-point-partners-with-easyrewardz-to-bring-loyalty-points-exchange-for-programs-across-middle-east-india-europe-and-apac-302298085.html
Technology
XtalPi and Sinar Mas Multiartha Launch Strategic Partnership to Revolutionize AI Across Asia-Pacific
Published
2 hours agoon
November 7, 2024By
SINGAPORE, Nov. 7, 2024 /PRNewswire/ — XtalPi (2228.HK) has announced a strategic partnership with Indonesia’s powerhouse, led by one of its prominent business pillar Sinar Mas Multiartha. This landmark collaboration is set to transform the future of artificial intelligence (AI) and robotics across the Asia-Pacific region. By establishing an ambitious joint venture, the alliance will integrate XtalPi’s cutting-edge AI and robotics research capabilities with Sinar Mas Group’s extensive industry reach, setting the stage for a commercial and technological revolution.
Sinar Mas Group, one of Indonesia’s most influential and diversified conglomerates, maintains a commanding presence across sectors such as healthcare, mining, renewable energy, logistics, consumer goods, chemicals, and financial services. With its robust supply chain and deep market penetration across the Asia-Pacific, the Group is well-positioned to drive industry innovation through advanced AI solutions, reshaping the region’s economic landscape.
XtalPi is a global leader in integrating AI and robotics for life sciences and advanced materials R&D, collaborating with over 300 top-tier enterprises and research institutions worldwide. Known for transforming scientific discoveries into commercially viable technologies, XtalPi has developed groundbreaking platforms that empower scientists to generate and analyze innovative, complex chemical and biological molecules of desired properties and functions at exceptional speed and precision.
Founded in 2015 by three visionary MIT postdoctoral physicists, XtalPi has been at the forefront of advancements in AI for Science. By combining quantum physics, AI, cloud computing, and large-scale robotics, XtalPi delivers world-class R&D services that solve bottleneck problems and accelerate innovation in medicine, renewable energy, advanced materials, and beyond. XtalPi positions itself as a transformative force reshaping global industries, helping its partners increase the overall efficiency and success rate for breakthrough discoveries.
The partnership between XtalPi and Sinar Mas Group is set to unlock a powerful synergy of expertise. By delivering pioneering, commercially potent solutions across various sectors, this venture will drive significant revenue growth and fuel regional economic expansion. Together, the companies aim to seize opportunities in Southeast Asia’s booming AI market, setting new benchmarks for innovation, competitiveness, and economic influence.
“We are honored to join forces with Sinar Mas Group to realize our shared vision of using advanced technologies like AI to build a healthier, more sustainable future rich in discoveries,” said Shuhao Wen, Chairman of XtalPi. “The Group’s extensive industrial expertise and strategic market reach, combined with XtalPi’s trailblazing AI and robotics platform, will enable us to lead digital and intelligent transformation in key sectors such as renewable energy and advanced materials. We are thrilled about the unprecedented commercial potential this partnership unlocks, bringing next-generation solutions to Southeast Asia and beyond, benefiting global communities.”
By merging their strengths, XtalPi and Sinar Mas Group are set to redefine AI’s impact on industries across the Asia-Pacific, igniting accelerated growth and groundbreaking technological advancements. Together, they are paving the way for a smarter, more sustainable future.
About XtalPi
XtalPi (stock code: 2228.HK) is a quantum physics-based, AI-powered, and robotics-driven, innovative R&D platform company. Established in 2015 by three postdoctoral physicists at Massachusetts Institute of Technology (MIT), the company is dedicated to driving intelligent and digital transformation in the life sciences and materials sciences sectors. XtalPi combines quantum physics, AI, cloud computing, and large-scale robotics to provide R&D solutions and services for biomedicine, chemical, renewable energy and advanced materials industries globally.
About Sinar Mas Group
Sinar Mas Group, one of Indonesia’s most influential and diversified conglomerates, maintains a commanding presence across sectors such as healthcare, mining, renewable energy, logistics, consumer goods, chemicals, and financial services. With its robust supply chain and deep market penetration across the Asia-Pacific, the Group is well-positioned to drive industry innovation through advanced AI solutions, reshaping the region’s economic landscape.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/xtalpi-and-sinar-mas-multiartha-launch-strategic-partnership-to-revolutionize-ai-across-asia-pacific-302298273.html
SOURCE XtalPi Inc.
Technology
SkyPixel and DJI Call on Creators for 10th Annual Photo and Video Contest
Published
2 hours agoon
November 7, 2024By
Entrants Invited to Share Creativity and Win Prizes Totaling Over $170,000
SHENZHEN, China, Nov. 6, 2024 /PRNewswire/ — DJI and SkyPixel, one of the world’s most popular online communities for aerial photography and videography, have opened the 10th anniversary of the Annual SkyPixel Photo & Video Contest. Running from November 7, 2024, to February 10, 2025, the competition showcases the evolution of aerial photography over the past ten years with an ever-increasing number of people appreciating other’s unique forms of expression found on the community site. As part of this evolution, this year will include the first ever ‘Handheld’ category in response to the growing number of people using handheld cameras to showcase their talent. To recognize the creativity submitted, the total prize package is worth over $170,000.
“Beauty is in the eye of the beholder, and for 10 years now, the SkyPixel Annual Photo & Video Contest has been proud to award photographers and videographers for capturing and sharing their perspective of beauty with the world,” said Ferdinand Wolf, Creative Director at DJI. “The SkyPixel platform continues to be a community that ignites imaginations, reimagines the art of imagery, and embraces the diverse experiences of individuals and communities across the world.”
Ten Years Celebrating Creativity
Established in 2014, SkyPixel is a leading global community celebrating the remarkable stories that have shaped the art of image capture. The platform has become a huge success, garnering over 55 million registered users and accumulating over 50 million breathtaking aerial images and videos uploaded daily by photography and videography enthusiasts around the globe.
Since 2015, SkyPixel has successfully organized nine annual aerial photography and video contests, inspiring the imaginativeness of DJI users worldwide, resulting in more than 400k submissions from around the globe that have received over 1 billion views. Whether using handheld DJI cameras like the Osmo and Ronin series or DJI’s diverse line of drones that can empower anyone to become an aerial cinematographer, the magnitude of submissions and community engagement is testament to the exceptional creativity of the DJI community and the ability of DJI technology to help anyone anywhere capture uniquely individual cinematic moments.
Explore Without Limits
In the tenth iteration of the contest, DJI and SkyPixel are placing the boundless potential of human expression at the center of the competition, encouraging participants to “Explore Without Limits” which is the central theme. To ignite the artistic passion within all DJI users and support as many entries as possible, the categories for this year’s contest have been simplified to just three separate categories, namely Aerial Photography, Aerial Videography and Handheld Videography. Furthermore, for the first time, contestants can also submit their entries via all DJI social media channels. Alongside the “Aerial Photography” and “Aerial Videography” categories, this year’s SkyPixel competition is unveiling the all new “Handheld” video category, opening up the award to people who chose to share their creativity from the ground. Meanwhile, each month will feature “Popularity Awards” recognizing content that explores new trends or innovate art.
Details of the SkyPixel 10th Annual Photo & Video Contest
The photo contest consists of one category:
Aerial Photography
Overlooking the world, framing moments of eternity. Whether awe-inspiring nature or grand architecture, energetic sporting moments or portraits brimming with emotion – all show the charm of the art of photography.Entries must be shot on aerial photography equipment and entered as a single work with a single image of no less than 3MB and a resolution of no less than 300dpi.Inspire / Mavic / Air / Mini / Phantom series, DJI Neo are eligible to participate.
The video contest is comprised of two categories:
Aerial Videography
Soar through the skies and capture the magnificent beauty of the earth. From natural wonders to urban jungles within cities, from impassioned sporting events to tranquil or colorful getaways – push the limits and let your creativity shine.Entries must be no longer than 5 minutes in length with no less than 30 seconds of footage shot on DJI products.Entries must contain more than 50% aerial footage.Inspire / Mavic / Air / Mini / Avata / Phantom series, DJI FPV / DJI Neo are eligible to participate.Handheld Videography
Hold the camera and record the most intimate moments of life. Whether it’s the pulse of the city, the serenity of nature, the speed and passion of the sports field, the excitement and experience of travel, you are free to interpret the spirit of the footage and tell your unique story.Entries must be no longer than 5 minutes in length with no less than 30 seconds of footage shot on DJI products.Entries must contain more than 50% handheld footage.Ronin Stabilizer / Ronin Cinema Cameras / Osmo Action / Osmo Pocket / Osmo Mobile series are eligible to participate.
Always fly with caution, observe the flight environment, and follow local regulations at all times.
Industry Leading Judges
This year’s SkyPixel submissions will be judged by some of the leading videographers and photographers from across the globe.
In photography, there are pioneering experts such as:
Anne Farrar, Assistant Managing Editor-Photography at National Geographic MagazineWeimin Chu, renowned landscape photographer, winner of the 2019 National Geographic Travel Photo Contest, 2023 World Press Photo Award, and 2024 Hasselblad Masters AwardDaniel Kordan, renowned landscape photographerLuke Stackpoole, trailblazer in the world of travel and adventure photography.
In the video category, industry heavy-weights include:
Claudio Miranda, Academy Award-winning cinematographer known for projects including Life of Pi, The Curious Case of Benjamin Button, and Top Gun: MaverickChenyu Jin, Director of Photography known for Blossoms Shanghai and Like A Rolling StoneTianhong Pan, Director of Photography for Commercials, founder of the well-known self-media MediaStormSam Newton, renowned travel filmmaker.
Bonanza of Prizes
This year, SkyPixel and DJI will award three ‘Grand Winners’ and give away more than 80 prizes over the course of the competition with a total value of over US $170,000. For the Grand Winners awarded “Best Work”:
The winning photo participant will receive an all-new Hasselblad X2D 100C, XCD 3.5-4.5/35-75mm, and an XCD F4/45P (worth over $14,000)The winning aerial video participant will receive a DJI Inspire 3 drone, a DL 18 mm F2.8, PROSSD 1TB, and two TB51 Batteries (worth over $20,000)The winning handheld video participant will be awarded a DJI Ronin 4D-8K cinema camera, DJI Transmission, and two TB50 batteries (worth over $15,000).
All grand winners will also receive a SkyPixel trophy and be recognized as an official “SkyPixel Creator.” The full list of awards can be seen on the official SkyPixel website and includes prizes such as the DJI Mavic 3 Pro, DJI Air 3S, DJI Avata 2, and the Osmo Pocket 3. All entrants will also receive DJI credits which can be used at store.dji.com.
Submission Details
Submission Start Date: November 7, 2024, 12:00 (UTC+8)Submission End Date: February 10, 2025, 23:59 (UTC+8)Award Announcement: March 27, 2025, 12:00 (UTC+8)
Submissions will be accepted via the official SkyPixel website and all DJI social media channels. Interested participants can visit the SkyPixel 10th Annual Photo & Video Contest website for more information on contest rules and guidelines: https://www.skypixel.com/contests/2024.
About SkyPixel
Founded in 2014, SkyPixel is a leading global community for aerial photographers and videographers. The platform has over 55 million registered users and hosts thousands of aerial images and videos uploaded daily around the world. In November 2023, SkyPixel hosted its 9th annual aerial photo and video contest and received over 130,000 submissions from 148 countries and regions – a 100% increase from 2022. For more info, please visit https://www.skypixel.com.
About DJI
Since 2006, DJI has led the world with civilian drone innovations that have empowered individuals to take flight for the first time, visionaries to turn their imagination into reality, and professionals to transform their work entirely. Today, DJI serves to build a better world by continuously promoting human advancement. With a solution-oriented mindset and genuine curiosity, DJI has expanded its ambitions into areas such as cycling, renewable energy, agriculture, public safety, surveying and mapping, and infrastructure inspection. In every application, DJI products deliver experiences that add value to lives around the world in more profound ways than ever before.
For more information, visit our:
Website: https://www.dji.com
Online Store: https://store.dji.com
Facebook: https://www.facebook.com/DJI
Instagram: https://www.instagram.com/DJIGlobal
X: https://www.X.com/DJIGlobal
LinkedIn: https://www.linkedin.com/company/dji
Subscribe to our YouTube Channel: https://www.youtube.com/DJI
View original content:https://www.prnewswire.com/news-releases/skypixel-and-dji-call-on-creators-for-10th-annual-photo-and-video-contest-302297246.html
SOURCE DJI; SkyPixel
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