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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/heidrick–struggles-reports-third-quarter-2024-results-302295804.html
SOURCE Heidrick & Struggles
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Technology
OPPORTUNITY ZONE HOUSING MARKETS STILL KEEPING UP WITH BROADER NATIONWIDE PRICE GAINS DURING THIRD QUARTER
Published
5 mins agoon
November 7, 2024By
Median Home Values Increase During Third Quarter of 2024 in Majority of Opportunity Zones Targeted for Economic Redevelopment Around U.S.;
Prices Trends Inside Zones Once Again Reflect National Patterns
IRVINE, Calif., Nov. 7, 2024 /PRNewswire/ — ATTOM, a leading curator of land, property data, and real estate analytics, today released its third-quarter 2024 report analyzing qualified low-income Opportunity Zones targeted by Congress for economic redevelopment in the Tax Cuts and Jobs Act of 2017 (see full methodology below). In this report, ATTOM looked at 3,857 zones around the United States with sufficient data to analyze, meaning they had at least five home sales in the third quarter of 2024.
The report found that median single-family home and condo prices increased from the second quarter of 2024 to the third quarter of 2024 in 53 percent of Opportunity Zones around the country with enough data to measure. They were up annually in 61 percent of those zones.
As the nation’s long housing market boom continued, median prices increased more than 10 percent annually in almost half the Opportunity Zones analyzed.
Those trends, in and around low-income neighborhoods where the federal government offers tax breaks to spur economic revival, extended a long-term pattern of home values inside Opportunity Zones moving parallel to broader nationwide price shifts for at least the last three years. That pattern has remained in place regardless of whether the housing market has surged, improved modestly or ticked downward.
Despite overall gains inside Opportunity Zone markets, the third-quarter trends again were mixed, with typical values rising more in higher-priced zones while benefitting fewer of the very lowest-priced neighborhoods. That continued to reveal how the very bottom of the U.S. housing market is benefitting less from the national run of price gains now in its 13th year and could be more vulnerable if that pattern levels off or reverses.
Nevertheless, the latest patterns yet again showed how some of the most distressed communities in the nation are enjoying strong signs of ongoing economic strength, or limited weakness, compared to other markets around the country.
By several important measures, Opportunity Zones again did even better than the nation as a whole during the third quarter of 2024. For example, median prices inside the zones grew by at least 10 percent annually more often than elsewhere.
“Another quarter, another sign of rising fortunes. That again is the takeaway from home-price data inside neighborhoods with some of the most pressing needs around the country, marking just the latest indication of their economic potential,” said Rob Barber, CEO for ATTOM. “We keep seeing this over and over as soaring values push house hunters without a ton of resources out of pricier locations to more-affordable markets.”
He added that “the situation inside Opportunity Zones still is far from rosy. Significant numbers still face depressed prices. But the latest big picture provides more evidence of home buyers interested in these communities, which can only be a positive lure for the investments that Opportunity Zone incentives are designed to attract.”
Opportunity Zones are defined in the Tax Act legislation as census tracts in or alongside low-income neighborhoods that meet various criteria for redevelopment in all 50 states, the District of Columbia and U.S. territories. Census tracts, as defined by the U.S. Census Bureau, cover areas that have 1,200 to 8,000 residents, with an average of about 4,000 people.
Amid economic limitations, most Opportunity Zones still had typical home values that fell well below those around most of the nation in the third quarter of 2024. Median third-quarter prices inside about 80 percent of the zones were less the U.S. median of $360,500. That was about the same portion as in earlier periods over the past three years. In addition, median prices remained under $200,000 in almost half the zones.
Considerable price volatility also continued inside Opportunity Zones, with median values either dropping or increasing by at least 5 percent in nearly three-quarters of those locations from the second quarter of 2024 to the third quarter of this year. That again likely reflected small numbers of sales in many zones.
High-level findings from the report:
Median prices of single-family homes and condos increased from the second quarter of 2024 to the third quarter of 2024 in 1,803 (53 percent) of the Opportunity Zones around the U.S. with sufficient data to analyze, while staying the same or decreasing in 47 percent. Measured annually, medians remained up from the third quarter of 2023 to same period this year in 2,091 (61 percent) of those zones. (Among the 3,857 Opportunity Zones included in the report, 3,426 had enough data to generate usable median-price comparisons from the second to the third quarter of 2024; 3,420 had enough data to make comparisons between the third quarter of 2023 and the third quarter of 2024).In another indication of strength, typical values rose by more than 10 percent annually in 43 percent of Opportunity Zones versus 37 percent of census tracts elsewhere.Measured quarterly, typical values were up more than 5 percent in 42 percent of Opportunity Zones and in 39 percent of neighborhoods outside the zones.However, in a potential sign of trouble, median prices were up annually in only 48 percent of Opportunity Zones where homes commonly sold for less than $125,000 during the third quarter of 2024.Among states that had at least 25 Opportunity Zones with enough data to analyze during the third quarter of 2024, the largest portions of zones where median prices increased annually were in Nevada (medians up from the third quarter of 2023 to the third quarter of 2024 in 81 percent of zones), Wisconsin (75 percent), Indiana (72 percent), Ohio (69 percent) and Utah (69 percent). States where prices were up annually in the smallest portion of zones included Kentucky (median prices up in 46 percent of zones), Louisiana (47 percent), Colorado (47 percent), Arizona (48 percent of zones) and Oklahoma (52 percent).Of the 3,857 zones in the report, 1,081 (28 percent) had median prices below $150,000 in the third quarter of 2024. That was down from 33 percent of zones with sufficient data a year earlier and almost 60 percent five years ago. Another 636 zones (16 percent) had medians in the third quarter of this year ranging from $150,000 to $199,999.Median values in the third quarter of 2024 ranged from $200,000 to $299,999 in 25 percent of Opportunity Zones while they topped the nationwide third-quarter median of $360,500 in just 21 percent.The Midwest continued in the third quarter of 2024 to have larger portions of the lowest-priced Opportunity Zone tracts. Median home prices were less than $175,000 in 58 percent of zones in the Midwest, followed by the Northeast (40 percent), the South (39 percent) and the West (5 percent).Median household incomes in 87 percent of the Opportunity Zones analyzed were less than the medians in the counties where they were located. Median incomes were less than three-quarters of county-level figures in 54 percent of those zones and less than half in 14 percent.
Report methodology
The ATTOM Opportunity Zones analysis is based on home sales price data derived from recorded sales deeds. Statistics for previous quarters are revised when each new report is issued as more deed data becomes available. ATTOM’s analysis compared median home prices in census tracts designated as Opportunity Zones by the Internal Revenue Service. Except where noted, tracts were used for the analysis if they had at least five sales in the third quarter of 2024. Median household income data for tracts and counties comes from surveys taken the U.S. Census Bureau (www.census.gov) from 2018 through 2022. The list of designated Qualified Opportunity Zones is located at U.S. Department of the Treasury. Regions are based on designations by the Census Bureau. Hawaii and Alaska, which the bureau designates as part of the Pacific region, were included in the West region for this report.
About ATTOM
ATTOM provides premium property data and analytics that power a myriad of solutions that improve transparency, innovation, digitization and efficiency in a data-driven economy. ATTOM multi-sources property tax, deed, mortgage, foreclosure, environmental risk, natural hazard, and neighborhood data for more than 155 million U.S. residential and commercial properties covering 99 percent of the nation’s population. A rigorous data management process involving more than 20 steps validates, standardizes, and enhances the real estate data collected by ATTOM, assigning each property record with a persistent, unique ID — the ATTOM ID. The 30TB ATTOM Data Warehouse fuels innovation in many industries including mortgage, real estate, insurance, marketing, government and more through flexible data delivery solutions that include ATTOM Cloud, bulk file licenses, property data APIs, real estate market trends, property navigator and more. Also, introducing our newest innovative solution, making property data more readily accessible and optimized for AI applications – AI-Ready Solutions.
Media Contact:
Megan Hunt
megan.hunt@attomdata.com
Data and Report Licensing:
datareports@attomdata.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/opportunity-zone-housing-markets-still-keeping-up-with-broader-nationwide-price-gains-during-third-quarter-302297802.html
SOURCE ATTOM
Technology
Samsung Year-End Promo 2024: Big Savings, Free Gifts, and More!
Published
5 mins agoon
November 7, 2024By
KUALA LUMPUR, Malaysia, Nov. 7, 2024 /PRNewswire/ — The holiday season is just around the corner, and Samsung Malaysia is kicking it off with its Year-End Promo (YEP) Campaign from 1 November 2024 to 31 December 2024. This is the opportunity to upgrade your home entertainment and appliances at discounted prices, while also scoring some fantastic freebies worth up to RM1,999[1] when you purchase selected products.
During this campaign period, customers can enjoy promotional prices on a range of TVs, audio-visual, and digital appliances. On top of that, with every qualifying purchase of selected products, you may redeem a specific free gift[2], such as Samsung’s Music Frame, a Samsonite 20″ luggage[3], or a Stanley Quencher Tumbler[4] with every qualifying purchase!
But that’s not all! With the purchase of selected products, customers can also collect the AI Icon points which can be used to redeem TNG eWallet credits worth up to RM800[5], adding even more value to your Year-End purchases. Be sure to check the list of eligible products in the appendix below to take advantage of this offer.
The redemption period for the promotion runs from 1 November 2024 – 15 January 2025, so make sure to redeem your TNG credits before the deadline[6]!
Audio Visual (AV) 2024 Year-End Purchase with Purchase (PWP) Promotion[7]
Customers who purchase any selected items listed in Appendix 1 to 3 will also be eligible for a Purchase-with-Purchase (PWP) promotion on selected Samsung sound devices[8]. With this offer, you can enhance your home entertainment experience by adding a sound device at an exclusive price[9]. Check out the list of selected sound devices and their exclusive PWP prices below.
Promotional AV Products
Recommended Retail Price of PWP Item (RM)
Promo Price for PWP Item (RM)
Q-series Soundbar
HW-Q990D/XM
6,499
4,999
Q-series Soundbar
HW-Q930D/XM
4,999
3,699
Q-series Soundbar
HW-Q800D/XM
3,999
2,999
Q-series Soundbar
HW-Q700D/XM
2,999
2,299
Lifestyle Soundbar
HW-S801D/XM
2,999
2,699
Sound Tower
MX-T70/XM
1,999
1,699
Sound Tower
MX-ST50B/XM
1,699
1,299
Digital Appliances (DA) 2024 Year-End Purchase with Purchase (PWP) Promotion[10]
With every purchase of selected Samsung vacuum cleaners, you’ll unlock an exclusive Purchase with Purchase (PWP) deal as listed below.
Promotional DA Products
PWP Item
Recommended Retail Price of PWP Item (RM)
Promo Price for PWP Item (RM)
Bespoke Jet™ Plus Premium
VS20B958F3B/ME
Jet Dual Brush (VCA-TABA95)
399
299
Bespoke Jet™ Plus Pet
VS20B95823W/ME
Slim LED Brush (VCA-SABC95)
499
399
Spray Spinning Sweeper (VCA-WBA95/GL)
599
399
Jet™ 75E Multi
VS20B75AER4/ME
Clean Station (VCA-SAE903/ME)
699
399
Jet™ 65 Pet VS15A60AGR5/ME
Clean Station (VCA-SAE903/ME)
699
399
AI Icon Point Promotion: The More You Buy, the More You Save![11]
Samsung’s AI Icon Point Promotion makes it even easier to save this holiday season. Here’s how it works:
Buy more, save more: Collect AI Icon Points for any purchase of selected promotional product models (refer to Appendix 1, 2, 3, and 4 for eligible products)[12].Collect and Redeem: Purchase at least two (2) products with the AI Icon, and collect a minimum of five (5) points to be eligible for bonus TNG eWallet credits[13]. The more AI Icon points you collect, the greater your bonus (refer to the table below for redemption details).
AI Point(s)
Bonus TNG eWallet Credit (RM)
5 AI points
500
6 AI points
600
7 AI points
700
8 & above AI points
800
For more information on the campaign, please visit: https://www.samsung.com/my/offer/season-of-gifting-2024
[1] First come first served basis, and while stocks last. Terms and conditions apply.
[2] First come first served basis, and while stocks last. Terms and conditions apply.
[3] Will be provided in random colours, subject to availability.
[4] Will be provided in random colours, subject to availability.
[5] First come first served basis, and while stocks last. Terms and conditions apply.
[6] While stocks last. Terms and Conditions apply.
[7] While stocks last. Terms and Conditions apply.
[8] While stocks last. Terms and Conditions apply.
[9] While stocks last. Terms and Conditions apply.
[10] While stocks last. Terms and Conditions apply.
[11] While stocks last. Terms and Conditions apply.
[12] While stocks last. Terms and Conditions apply.
[13] While stocks last. Terms and Conditions apply.
About Samsung Electronics Co., Ltd.
Samsung inspires the world and shapes the future with transformative ideas and technologies. The company is redefining the worlds of TVs, smartphones, wearable devices, tablets, home appliances, network systems, and memory, system LSI, foundry and LED solutions, and delivering a seamless connected experience through its SmartThings ecosystem and open collaboration with partners. For the latest news, please visit the Samsung Newsroom at news.samsung.com.
“SAMSUNG MALAYSIA ELECTRONICS (SME) SDN BHD [Company No. 200301026766(629186-D)]”.
APPENDIX 1
Category
Model Code
RRP (RM)
SmartThings (YES / NO)
AI Icon Point
Free Gift
Free Gift RRP (RM)
TV
QA85QN900DKXXM
46,999
YES
3
Music Frame
1,999
TV
QA85QN800DKXXM
32,999
YES
3
Music Frame
1,999
TV
QA75QN900DKXXM
30,999
YES
3
Music Frame
1,999
TV
QA75QN800DKXXM
24,999
YES
3
Music Frame
1,999
TV
QA85QN87DAKXXM
20,999
YES
3
Music Frame
1,999
TV
QA85QN85DBKXXM
18,599
YES
3
Music Frame
1,999
TV
QA75QN87DAKXXM
13,999
YES
3
Music Frame
1,999
TV
QA75QN85DBKXXM
11,999
YES
3
Music Frame
1,999
TV
QA65QN87DAKXXM
9,899
YES
2
Tumbler
199
TV
QA65QN85DBKXXM
8,299
YES
2
Tumbler
199
TV
QA98Q80CAKXXM
33,999
YES
3
Music Frame
1,999
TV
QA65Q80DAKXXM
7,099
YES
2
TV
QA85Q70DAKXXM
14,199
YES
3
Tumbler
199
TV
QA75Q70DAKXXM
10,199
YES
3
Tumbler
199
TV
QA65Q70DAKXXM
6,199
YES
2
TV
QA85Q60DAKXXM
10,999
YES
3
TV
QA75Q60DAKXXM
6,799
YES
2
TV
QA77S95DAKXXM
32,999
YES
3
Music Frame
1,999
TV
QA77S90DAEXXM
28,999
YES
3
Music Frame
1,999
TV
QA65S95DAKXXM
17,999
YES
3
Tumbler
199
TV
QA65S90DAKXXM
15,999
YES
3
Tumbler
199
TV
QA85LS03DAKXXM
19,799
YES
3
Music Frame
1,999
TV
QA75LS03DAKXXM
12,399
YES
3
Tumbler
199
TV
QA65LS03DAKXXM
8,399
YES
2
TV
UA98DU9000KXXM
23,999
YES
3
Music Frame
1,999
TV
UA85DU8000KXXM
8,999
YES
2
Tumbler
199
TV
UA85DU7000KXXM
8,299
YES
2
Tumbler
199
TV
UA75DU8000KXXM
5,199
YES
2
Tumbler
199
TV
QA55LS03DAKXXM
6,199
YES
2
TV
QA55Q70DAKXXM
4,999
YES
2
TV
QA85Q65DAKXXM
10,999
YES
3
TV
QA75Q65DAKXXM
6,999
YES
2
TV
QA65Q65DAKXXM
4,699
YES
2
TV
QA55Q65DAKXXM
3,699
YES
1
TV
QA65Q60DAKXXM
4,499
YES
2
TV
QA55Q60DAKXXM
3,699
YES
1
TV
QA50Q60DAKXXM
3,299
YES
1
TV
UA65DU8500KXXM
3,699
YES
1
TV
UA55DU8500KXXM
2,999
YES
1
TV
UA65DU8000KXXM
3,599
YES
1
TV
UA55DU8000KXXM
2,899
YES
1
TV
UA75DU7000KXXM
4,899
YES
1
Tumbler
199
TV
UA65DU7000KXXM
3,399
YES
1
TV
UA55DU7000KXXM
2,699
YES
1
TV
UA50DU7000KXXM
2,399
YES
1
TV
UA43DU7000KXXM
1,799
YES
1
APPENDIX 2
Category
Model Code
RRP (RM)
PWP Price (RM)
SmartThings (YES / NO)
AI Icon Point
Free Gift
Free Gift RRP (RM)
AV
HW-Q990D/XM
6,499
4,999
YES
2
Tumbler
199
AV
HW-Q930D/XM
4,999
3,699
YES
2
Tumbler
199
AV
HW-Q800D/XM
3,999
2,999
YES
2
–
–
AV
HW-Q700D/XM
2,999
2,299
YES
2
–
–
AV
HW-S801D/XM
2,999
2,699
YES
2
–
–
AV
MX-T70/XM
1,999
1,699
YES
2
–
–
AV
MX-ST50B/XM
1,699
1,299
YES
1
–
–
APPENDIX 3
Category
Model Code
Model
RRP (RM)
Promo Price (RM)
SmartThings (YES / NO)
AI Icon Point
Free Gift
Free Gift RRP (RM)
Refrigerator
RS62T5F01B4/ME
SBS
9,399
–
YES
3
Luggage
1,499
Refrigerator
RH62A50E16C/ME
SBS
6,599
–
NO
0
Luggage
1,499
Refrigerator
RF59CB0T08A/ME
FDR
7,999
–
YES
3
Luggage
1,499
Refrigerator
RF59CB0T03P/ME
FDR
7,999
–
YES
3
Luggage
1,499
Refrigerator
RS63R5591B4/ME
SBS
5,999
5,499
NO
0
–
–
Refrigerator
RS57DG4000B4ME
SBS
4,199
–
YES
2
Tumbler
199
Refrigerator
RF48A4000M9/ME
FDR
4,799
3,799
NO
0
–
–
Refrigerator
RF48A4000B4/ME
FDR
4,999
4,099
NO
0
–
–
Refrigerator
RB45DG600EB1ME
BMF
3,699
3,399
YES
2
Tumbler
199
Refrigerator
RB50DG632EB1ME
BMF
4,399
4,099
YES
2
Tumbler
199
Refrigerator
RT62K7005BS/ME
TMF
4,199
3,599
NO
0
–
–
Refrigerator
RT53DG7A64B1ME
TMF
3,699
–
YES
2
Tumbler
199
Refrigerator
RT47CB66448CME
TMF
3,399
–
YES
1
Tumbler
199
Refrigerator
RT47CB66448JME
TMF
3,399
–
YES
1
Tumbler
199
Refrigerator
RT47CB664422ME
TMF
3,399
–
YES
1
Tumbler
199
Refrigerator
RT47CB66448AME
TMF
3,399
–
YES
1
Tumbler
199
Refrigerator
RT42CB664412ME
TMF
3,199
–
YES
1
–
–
Refrigerator
RT42CB66443VME
TMF
3,199
–
YES
1
–
–
Refrigerator
RT42CB6644C3ME
TMF
3,199
–
YES
1
–
–
Refrigerator
RT42CB66443PME
TMF
3,199
–
YES
1
–
–
Refrigerator
RT38CB66448AME
TMF
3,199
–
YES
1
–
–
Refrigerator
RT47CG6444B1ME
TMF
3,199
2,899
NO
0
–
–
Refrigerator
RT42CG6444B1ME
TMF
2,999
2,699
NO
0
–
–
Refrigerator
RT38CG6444B1ME
TMF
2,799
2,499
NO
0
–
–
Refrigerator
RT35CG5442B1ME
TMF
2,599
2,149
NO
0
–
–
Refrigerator
RT31CG5022B1ME
TMF
2,399
1,999
NO
0
–
–
Washing Machine
WD21T6500GV/SP
Drum
7,999
–
YES
3
Luggage
1,499
Washing Machine
WD17T6300GP/SP
Drum
5,799
4,399
YES
2
Tumbler
199
Washing Machine
WD13BB944DGBFQ
Drum
5,699
–
YES
3
Tumbler
199
Washing Machine
WF24B9600KV/FQ
Drum
6,899
–
YES
3
Luggage
1,499
Washing Machine
WF17T6000GW/FQ
Drum
4,999
3,999
YES
2
Tumbler
199
Washing Machine
WW13BB944DGMFQ
Drum
4,799
–
YES
3
Tumbler
199
Washing Machine
WW13BB944DGBFQ
Drum
4,799
–
YES
3
Tumbler
199
Washing Machine
DF10A9500CG/FQ
Air Dresser
8,799
–
YES
3
Luggage
1,499
Washing Machine
DV90BB9440GMFQ
Dryer
4,499
–
YES
2
Tumbler
199
Washing Machine
DV10BB9440GBFQ
Dryer
4,699
–
YES
2
Tumbler
199
Washing Machine
DV17B9750CV/FQ
Dryer
7,499
–
YES
3
Luggage
1,499
Washing Machine
WD12DB8B85GBFQ
Drum
5,299
3,999
YES
3
Tumbler
199
Washing Machine
WD12DG5B15BBFQ
Drum
4,599
3,599
YES
0
Tumbler
199
Washing Machine
WA23A8377GV/FQ
Top Load
3,699
3,399
YES
2
Tumbler
199
Washing Machine
WA19CG6886BVFQ
Top Load
3,499
2,499
YES
1
Tumbler
199
Washing Machine
WA17CG6886BVFQ
Top Load
3,099
2,149
YES
1
–
–
Washing Machine
WA15CG5745BDFQ
Top Load
2,649
1,949
NO
0
–
–
Washing Machine
WA13CG5745BVFQ
Top Load
2,449
1,799
NO
0
–
–
Washing Machine
WA12CG5745BDFQ
Top Load
2,099
1,749
NO
0
–
–
Washing Machine
WA11CG5745BYFQ
Top Load
1,949
1,499
NO
0
–
–
Washing Machine
WW10T634DLH/FQ
Drum
3,449
–
YES
3
Tumbler
199
Washing Machine
DV90T6240LH/FQ
Dryer
3,999
–
YES
2
Tumbler
199
Washing Machine
WW10TP44DSX/FQ
Washer
3,899
–
YES
3
Tumbler
199
Washing Machine
DV90T8240SX/FQ
Dryer
4,199
–
YES
2
Tumbler
199
Washing Machine
WD25DB8995BZFQ
Drum
14,999
12,999
YES
6
Luggage
1,499
Air Conditioner
AR10BYEAAWKNME
WindFree
2,639
2,439
YES
1
Tumbler
199
Air Conditioner
AR13BYEAAWKNME
WindFree
2,939
2,739
YES
1
Tumbler
199
Air Conditioner
AR18BYEAAWKNME
WindFree
4,239
3,939
YES
2
Tumbler
199
Air Conditioner
AR24BYEAAWKNME
WindFree
4,839
4,439
YES
2
Tumbler
199
Air Conditioner
AR10BYFAMWKNME
WindFree
2,239
2,039
YES
1
–
–
Air Conditioner
AR13BYFAMWKNME
WindFree
2,539
2,339
YES
1
–
–
Air Conditioner
AR18BYFAMWKNME
WindFree
3,839
3,539
YES
2
–
–
Air Conditioner
AR24BYFAMWKNME
WindFree
4,339
4,039
YES
2
–
–
Air Purifier
AX46BG5000GSME
Air Purifier
2,199
1,999
YES
1
Tumbler
199
Vacuum
VS20B958F3B/ME
Stick
4,199
3,499
NO
0
Tumbler
199
Vacuum
VS20B95823W/ME
Stick
3,899
3,199
NO
0
Tumbler
199
Vacuum
VS20C852FTB/ME
Stick
2,899
2,249
NO
0
–
–
Vacuum
VS20B75AER4/ME
Stick
1,999
1,799
NO
0
–
–
Vacuum
VS15A60AGR5/ME
Stick
1,549
1,399
NO
0
–
–
Microwave Oven
MC35R8088LV/SM
Convection
1,959
1,899
NO
0
Tumbler
199
Microwave Oven
MC35R8088LC/SM
Convection
1,959
1,899
NO
0
Tumbler
199
Microwave Oven
MC28A5135KK/SM
Convection
1,199
–
NO
0
–
–
Microwave Oven
MG30T5018CV/SM
Grill
799
779
NO
0
–
–
Microwave Oven
MG30T5018CK/SM
Grill
799
779
NO
0
–
–
Microwave Oven
MG30T5018CP/SM
Grill
799
779
NO
0
–
–
Microwave Oven
MG23T5018CK/SM
Grill
639
619
NO
0
–
–
Microwave Oven
MG23T5018CP/SM
Grill
639
619
NO
0
–
–
Microwave Oven
MS32DG4504AGSM
Solo
699
649
NO
0
–
–
Microwave Oven
MS20A3010AL/SM
Solo
309
259
NO
0
–
–
APPENDIX 4
Category
Model Code
Combo
RRP (RM)
Promo Price (RM)
SmartThings (YES / NO)
AI Icon Point
Free Gift
Free Gift RRP (RM)
Washing Machine
WF24B9600KV/FQ
Washer + Dryer Set
6,899
12,999
YES
3
Luggage
1,499
Washing Machine
DV17B9750CV/FQ
7,499
3
Luggage
1,499
Washing Machine
WW13BB944DGMFQ
Washer + Dryer Set
4,799
7,499
YES
3
Tumbler
199
Washing Machine
DV90BB9440GMFQ
4,499
2
Tumbler
199
Washing Machine
WW13BB944DGBFQ
Washer + Dryer Set
4,799
7,599
YES
3
Tumbler
199
Washing Machine
DV10BB9440GBFQ
4,699
2
Tumbler
199
Washing Machine
WW10TP44DSX/FQ
Washer + Dryer Set
3,899
6,899
YES
3
Tumbler
199
Washing Machine
DV90T8240SX/FQ
4,199
2
Tumbler
199
Washing Machine
WW10T634DLH/FQ
Washer + Dryer Set
3,449
6,499
YES
3
Tumbler
199
Washing Machine
DV90T6240LH/FQ
3,999
2
Tumbler
199
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/samsung-year-end-promo-2024-big-savings-free-gifts-and-more-302298379.html
SOURCE Samsung Electronics
Technology
DeFinity Markets Integrates Fireblocks to enable secure API Digital Asset Operations for Institutions
Published
5 mins agoon
November 7, 2024By
LONDON, Nov. 7, 2024 /PRNewswire/ — DeFinity Markets, the first full-stack institutional digital asset matching and settlement platform for fiat and crypto, has integrated Fireblocks, an enterprise platform for building blockchain applications and managing digital asset operations, to facilitate safe storage and transactions for select API clients.
Fireblocks’ cutting-edge security infrastructure, combined with DeFinity’s advanced order matching and settlement capabilities across FX and digital assets, empowers users to trade seamlessly with minimal friction. By leveraging Fireblocks, DeFinity ensures institutional clients can execute trades with enhanced transparency, security, and ease.
Michael Shaulov, CEO of Fireblocks, said: “We are excited to support DeFinity Markets as they leverage our infrastructure to enhance the security and efficiency of their digital asset operations. With our infrastructure in place, DeFinity’s API clients can trade with confidence and ease, knowing their transactions are backed by the best security out there.”
The seamless integration of Fireblocks’ and DeFinity Markets’ services underpins the mutual dedication to helping clients achieve their digital assets and fiat requirements efficiently.
Manu Choudhary, CEO of DeFinity Markets, commented: “We are delighted to work with Fireblocks as it fits well into our strategic vision and roadmap of providing PB credit intermediated trading services for digital asset clients in the TradFi space.”
This integration further solidifies both companies’ commitment to supporting institutional clients in meeting their digital asset and fiat requirements with efficiency and security. Fireblocks’ advanced network capabilities simplify digital asset transfers by streamlining wallet address management, significantly reducing the risk of manual entry errors.
Michael Siwek, co-founder of DeFinity Markets, concluded: “This ongoing collaboration is very timely given our group company’s recent Jersey VASP status and the full launch of digital assets on the island. We will be working closely with Fireblocks to deliver a suite of products to our future PB clients transacting crypto currencies.”
As the custodian landscape evolves, the demand for qualified custody among institutional market participants continues to grow. The Fireblocks Trust Company is poised to offer the most secure, bank-grade cold storage solution, ensuring the highest level of protection for digital assets and supporting the growth of the U.S. digital asset ecosystem. TrustCo allows us to offer clients the flexibility to choose between traditional bank-backed cold storage and Fireblocks-backed physical cold storage, ensuring the highest level of security for their assets. Fireblocks’ cold storage custody solution meets New York Banking Law regulatory requirements, as well as the SEC’s Custody Rule, to provide comprehensive compliance and peace of mind for institutional clients.
By working with Fireblocks, we expect to further drive innovation in the rapidly evolving digital asset space, creating new opportunities for institutions to engage in cross-asset trading with unparalleled security, liquidity, and flexibility.
About DeFinity Markets
DeFinity Markets® is the Institutional Standard in Digital Assets Trading and fiat rails. DeFinity is built on institutional-grade technology offering unprecedented digital assets market access to globally leading Financial Institutions seeking to diversify their portfolio. The DeFinity management team has applied decades of knowledge of traditional financial markets to create the DeFinity ECN with direct market access. Platform participants can transact fiat FX trades with the digital asset’s component completed on the DeFinity ECN. The ECN is custody-agnostic and provides FIX API access, a standardized rulebook powered by an embedded AML/KYC framework. We aggregate quotes from market makers on which qualified clients can transact digital assets. DeFinity offers access to liquidity across all major digital assets, including stable coins. The DeFinity ECN supports fiat currencies including GBP, EUR, USD crosses supported by an integrated fiat on and off-ramp gateway.
Media Room DeFinity Markets
media@DeFinityMarkets.com
View original content:https://www.prnewswire.co.uk/news-releases/definity-markets-integrates-fireblocks-to-enable-secure-api-digital-asset-operations-for-institutions-302297759.html
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