| Industries |
|---|
| Asset Management and Custody Banks |
| Commercial and Professional Services |
| Specialty Chemicals |
| Specialty Retail |
| Specialty Stores |
| Diversified Commercial Services |
| Exposures |
|---|
| Economic |
| Ease |
| Provide |
| Military |
| Regime |
| Express intent |
| Policy |
| Rights |
| Crime |
| Cooperate |
| Event Codes |
|---|
| Covert monitoring |
| Consult |
| Solicit support |
| Reduce routine activity |
| Rally support |
| Promise |
| Empathize |
| Sports contest |
| Force |
| Warn |
| Yield to order |
| Demand |
| Human death |
| Collaborate |
| Acknowledge responsibility |
| Threaten |
| Wiki | Wiki Summary |
|---|---|
| The Five People You Meet in Heaven | The Five People You Meet In Heaven is a 2003 novel by Mitch Albom. It follows the life and death of a ride mechanic named Eddie (inspired by Albom's uncle) who is killed in an amusement park accident and sent to heaven, where he encounters five people who had a significant impact on him while he was alive. |
| Significant figures | Significant figures (also known as the significant digits, precision or resolution) of a number in positional notation are digits in the number that are reliable and necessary to indicate the quantity of something.\nIf a number expressing the result of a measurement (e.g., length, pressure, volume, or mass) has more digits than the number of digits allowed by the measurement resolution, then only as many digits as allowed by the measurement resolution are reliable, and so only these can be significant figures. |
| Operating cash flow | In financial accounting, operating cash flow (OCF), cash flow provided by operations, cash flow from operating activities (CFO) or free cash flow from operations (FCFO), refers to the amount of cash a company generates from the revenues it brings in, excluding costs associated with long-term investment on capital items or investment in securities. Operating activities include any spending or sources of cash that’s involved in a company’s day-to-day business activities. |
| Cash Flow (song) | "Cash Flow" is the debut single from rapper Ace Hood's debut album Gutta. It is a hip hop song that features T-Pain, Rick Ross and DJ Khaled with a quick intro. |
| Financial ratio | A financial ratio or accounting ratio is a relative magnitude of two selected numerical values taken from an enterprise's financial statements. Often used in accounting, there are many standard ratios used to try to evaluate the overall financial condition of a corporation or other organization. |
| Islamabad | Islamabad ( (listen); Urdu: اسلام آباد, romanized: Islām ābād) is the capital city of Pakistan, and is administered by the Pakistani federal government as part of the Islamabad Capital Territory. It is the ninth-largest city in Pakistan, while the larger Islamabad–Rawalpindi metropolitan area is the country's third-largest with a population of about 4.1 million people. |
| Qualified Security Assessor | Qualified Security Assessor (QSA) is a designation conferred by the PCI Security Standards Council to those individuals that meet specific information security education requirements, have taken the appropriate training from the PCI Security Standards Council, are employees of a Qualified Security Assessor (QSA) company approved PCI security and auditing firm, and will be performing PCI compliance assessments as they relate to the protection of credit card data.\nThe term QSA can be implied to identify an individual qualified to perform payment card industry compliance auditing and consulting or the firm itself. |
| Competitor analysis | Competitive analysis in marketing and strategic management is an assessment of the strengths and weaknesses of current and potential competitors. This analysis provides both an offensive and defensive strategic context to identify opportunities and threats. |
| Aunt May | Maybelle "May" Parker-Jameson (née Reilly), commonly known as Aunt May, is a fictional character appearing in American comic books published by Marvel Comics, commonly in association with the superhero Spider-Man. Making her first full appearance in Amazing Fantasy #15 (August 1962), the character was created by writer Stan Lee and artist Steve Ditko, playing an influential role in the Spider-Man comic books. |
| Committed relationship | A committed relationship is an interpersonal relationship based upon agreed-upon commitment to one another involving love, trust, honesty, openness, or some other behavior. Forms of committed relationships include close friendship, long-term relationships, engagement, marriage, and civil unions. |
| Reputation (album) | Reputation (stylized in all lowercase) is the sixth studio album by American singer-songwriter Taylor Swift. It was released on November 10, 2017, by Big Machine Records. |
| The Reputation | The Reputation was an indie rock band from Chicago, Illinois. The band was fronted by former Sarge singer-songwriter Elizabeth Elmore, with other positions filled by various members. |
| Tax | A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner (non-compliance), along with evasion of or resistance to taxation, is punishable by law. |
| Engagement letter | This article uses the word engagement in a legal sense.An engagement letter defines the legal relationship (or engagement) between a professional firm (e.g., law, investment banking, consulting, advisory or accountancy firm) and its client(s). This letter states the terms and conditions of the engagement, principally addressing the scope of the engagement and the terms of compensation for the firm. |
| Engagement (film) | Rules of Engagement is a 2000 American war and legal drama film, directed by William Friedkin, written by Stephen Gaghan, from a story by Jim Webb, and starring Tommy Lee Jones and Samuel L. Jackson. Jackson plays U.S. Marine Colonel Terry Childers, who is brought to court-martial after men under Childers' orders kill many civilians outside the U.S. embassy in Yemen. |
| Arithmetic | Arithmetic (from Ancient Greek ἀριθμός (arithmós) 'number', and τική [τέχνη] (tikḗ [tékhnē]) 'art, craft') is an elementary part of mathematics that consists of the study of the properties of the traditional operations on numbers—addition, subtraction, multiplication, division, exponentiation, and extraction of roots. In the 19th century, Italian mathematician Giuseppe Peano formalized arithmetic with his Peano axioms, which are highly important to the field of mathematical logic today. |
| Competition (economics) | In economics, competition is a scenario where different economic firms are in contention to obtain goods that are limited by varying the elements of the marketing mix: price, product, promotion and place. In classical economic thought, competition causes commercial firms to develop new products, services and technologies, which would give consumers greater selection and better products. |
| Zip2 | Zip2 was a company that provided and licensed online city guide software to newspapers. The company was founded in Palo Alto, California as Global Link Information Network in 1995, by brothers Elon and Kimbal Musk and Greg Kouri. |
| Pricing strategies | A business can use a variety of pricing strategies when selling a product or service. To determine the most effective pricing strategy for a company, senior executives need to first identify the company's pricing position, pricing segment, pricing capability and their competitive pricing reaction strategy. |
| The Competition Act, 2002 | The Competition Act, 2002 was enacted by the Parliament of India and governs Indian competition law. It replaced the archaic The Monopolies and Restrictive Trade Practices Act, 1969. |
| Management information system | A management information system (MIS) is an information system used for decision-making, and for the coordination, control, analysis, and visualization of information in an organization. The study of the management information systems involves people, processes and technology in an organizational context.In a corporate setting, the ultimate goal of the use of a management information system is to increase the value and profits of the business. |
| Quality management system | A quality management system (QMS) is a collection of business processes focused on consistently meeting customer requirements and enhancing their satisfaction. It is aligned with an organization's purpose and strategic direction (ISO 9001:2015). |
| Insurance | Securitization is the financial practice of pooling various types of contractual debt such as residential mortgages, commercial mortgages, auto loans or credit card debt obligations (or other non-debt assets which generate receivables) and selling their related cash flows to third party investors as securities, which may be described as bonds, pass-through securities, or collateralized debt obligations (CDOs). Investors are repaid from the principal and interest cash flows collected from the underlying debt and redistributed through the capital structure of the new financing. |
| Yoda conditions | In programming jargon, Yoda conditions (also called Yoda notation) is a programming style where the two parts of an expression are reversed from the typical order in a conditional statement. A Yoda condition places the constant portion of the expression on the left side of the conditional statement. |
| Dirichlet conditions | In mathematics, the Dirichlet conditions are sufficient conditions for a real-valued, periodic function f to be equal to the sum of its Fourier series at each point where f is continuous. Moreover, the behavior of the Fourier series at points of discontinuity is determined as well (it is the midpoint of the values of the discontinuity). |
| Conditions (album) | Conditions is the debut studio album by Australian rock band The Temper Trap, released in Australia through Liberation Music on 19 June 2009. It was later released in the United Kingdom on 10 August 2009. |
| Operation Northwind (1941) | Operation North Wind (German: Unternehmen Nordwind) was a joint German-Finnish naval operation in the Baltic Sea in 1941, in the course of World War II. The operation itself was a distracting manoeuvre so that another German force could occupy the Estonian islands of Hiiumaa, Saaremaa and Muhu (codenamed Operation Beowulf) without the interference of the Soviet Red Fleet.\nThe operation suffered a major setback when the Finnish coastal defence ship Ilmarinen ran into a minefield and sank. |
| Impairment (financial reporting) | An impairment cost must be included under expenses when the book value of an asset exceeds the recoverable amount. Impairment of assets is the diminishing in quality, strength amount, or value of an asset. |
| Type physicalism | Type physicalism (also known as reductive materialism, type identity theory, mind–brain identity theory and identity theory of mind) is a physicalist theory in the philosophy of mind. It asserts that mental events can be grouped into types, and can then be correlated with types of physical events in the brain. |
| Markov's principle | Markov's principle, named after Andrey Markov Jr, is a conditional existence statement for which there are many equivalent formulations, as discussed below.\nThe principle is logically valid classically, but not in intuitionistic constructive mathematics. |
| Space Shuttle Columbia disaster | The Space Shuttle Columbia disaster was a fatal incident in the United States space program that occurred on February 1, 2003, when the Space Shuttle Columbia (OV-102) disintegrated as it reentered the atmosphere, killing all seven crew members. The disaster was the second fatal accident in the Space Shuttle program, after the 1986 breakup of Challenger soon after liftoff. |
| City Hall, London (Southwark) | City Hall is a building in Southwark, London which served as the headquarters of the Greater London Authority (GLA) between July 2002 and December 2021. It is located in the London Borough of Southwark, on the south bank of the River Thames near Tower Bridge. |
| Articles of association | In corporate governance, a company's articles of association (AoA, called articles of incorporation in some jurisdictions) is a document which, along with the memorandum of association (in cases where it exists) form the company's constitution, and defines the responsibilities of the directors, the kind of business to be undertaken, and the means by which the shareholders exert control over the board of directors.\nArticles of Association are very critical documents to corporate operations, as they may regulate both internal and external affairs.Articles of incorporation, also referred to as the certificate of incorporation or the corporate charter, is a document or charter that establishes the existence of a corporation in the United States and Canada. |
| Board of directors | A board of directors (commonly referred simply as the board) is an executive committee that jointly supervises the activities of an organization, which can be either a for-profit or a nonprofit organization such as a business, nonprofit organization, or a government agency. \nThe powers, duties, and responsibilities of a board of directors are determined by government regulations (including the jurisdiction's corporate law) and the organization's own constitution and by-laws. |
| Treasury stock | A treasury stock or reacquired stock is stock which is bought back by the issuing company, reducing the amount of outstanding stock on the open market ("open market" including insiders' holdings). \nStock repurchases are used as a tax efficient method to put cash into shareholders' hands, rather than paying dividends, in jurisdictions that treat capital gains more favorably. |
| Risk Factors |
|---|
| HEIDRICK & STRUGGLES INTERNATIONAL INC ITEM 1A RISK FACTORS In addition to other information in this Form 10-K, the following risk factors should be carefully considered in evaluating our business because such factors may have a significant impact on our business, operating results, cash flows and financial condition |
| As a result of the risks set forth below and elsewhere in this Form 10-K, and the risks discussed in our other Securities and Exchange Commission filings, actual results could differ materially from those projected in any forward-looking statements |
| We depend on attracting and retaining qualified consultants |
| Our success depends upon our ability to attract and retain consultants who possess the skills and experience necessary to fulfill our clients’ executive search needs |
| Our ability to hire and retain qualified consultants could be impaired by any diminution of our reputation, decrease in compensation levels relative to our competitors or modifications of our total compensation philosophy or competitor hiring programs |
| If we cannot attract, hire and retain qualified consultants, our business, financial condition and results of operations may suffer |
| We may not be able to prevent our consultants from taking our clients with them to another firm |
| Our success depends upon our ability to develop and maintain strong, long-term relationships with our clients |
| Although we work on building these relationships between our firm and our clients, in many cases, one or two consultants have primary responsibility for a client relationship |
| When a consultant leaves one executive search firm and joins another, clients that have established relationships with the departing consultant may move their business to the consultant’s new employer |
| We may also lose clients if the departing consultant has widespread name recognition or a reputation as a specialist in executing searches in a specific industry or management function |
| Historically, we have not experienced significant revenue loss from this potential client portability |
| If we fail to limit departing consultants from moving business to another employer, our business, financial condition and results of operations may be adversely affected |
| Our success depends on our ability to maintain our professional reputation and brand name |
| We depend on our overall reputation and brand name recognition to secure new engagements and hire qualified consultants |
| Our success also depends on the individual reputations of our consultants |
| We obtain many of our new engagements from existing clients or from referrals by those clients |
| A client who is dissatisfied with our work can adversely affect our ability to secure new engagements |
| If any factor hurts our reputation, including poor performance, we may experience difficulties in competing successfully for both new engagements and qualified consultants |
| Failure to maintain our professional reputation and brand name could seriously harm our business, financial condition and results of operations |
| Because our clients may restrict us from recruiting their employees we may be unable to fill existing executive search assignments |
| Clients frequently require us to refrain from recruiting certain of their employees when conducting executive searches on behalf of other clients |
| These restrictions generally remain in effect for no more than one year following the commencement of an engagement |
| However, the specific duration and scope of the off-limits arrangements depend on the length of the client relationship, the frequency with which the client engages us to perform searches, the number of assignments we have performed for the client and the potential for future business with the client |
| If a prospective client believes that we are overly restricted by these off-limits arrangements from recruiting the employees of our existing clients, these prospective clients may not engage us to perform their executive searches, and as a result, our business, financial condition and results of operations may suffer |
| 7 ______________________________________________________________________ [35]Table of Contents We face aggressive competition |
| The global executive search industry is extremely competitive and highly fragmented |
| We compete with other large global executive search firms and with smaller specialty firms |
| Specialty firms can focus on regional or functional markets or on particular industries |
| Some of our competitors may possess greater resources, greater name recognition and longer operating histories than we do in particular markets or practice areas |
| There are limited barriers to entry into the search industry and new search firms continue to enter the market |
| Many executive search firms that have a smaller client base may be subject to fewer blocking arrangements |
| In addition, our clients or prospective clients may decide to perform executive searches using in-house personnel |
| Finally, competitors sometimes reduce their fees in order to attract clients and increase market share |
| We may not be able to continue to compete effectively with existing or potential competitors |
| Our inability to meet these competitive challenges could have an adverse impact on our business, financial condition and results of operations |
| We rely heavily on information management systems |
| Our success depends upon our ability to store, retrieve, process and manage substantial amounts of information |
| To achieve our goals, we must continue to improve and upgrade our information management systems |
| We may be unable to license, design and implement, in a cost-effective and timely manner, improved information systems that allow us to compete effectively |
| In addition, business process reengineering efforts may result in a change in software platforms and programs |
| Such plans may result in an acceleration of depreciation expense over the shortened expected remaining life of the software |
| In addition, if we experience any interruptions or loss in our information processing capabilities, our business, financial condition and results of operations may suffer |
| We face the risk of liability in the services we perform |
| We are exposed to potential claims with respect to the executive search process |
| The growth and development of our other leadership consulting services brings with it the potential for new types of claims |
| A client could assert a claim for violations of off-limits arrangements, breaches of confidentiality agreements or malpractice |
| In addition, candidates and client employees could assert claims against us |
| Possible claims include failure to maintain the confidentiality of the candidate’s employment search or for discrimination or other violations of the employment laws or malpractice |
| In various countries, we are subject to data protection laws impacting the processing of candidate information |
| We maintain professional liability insurance in amounts and coverage that we believe are adequate; however, we cannot guarantee that our insurance will cover all claims or that coverage will always be available |
| Significant uninsured liabilities could have a negative impact on our business, financial condition and results of operations |
| Our multinational operations may be adversely affected by social, political, legal and economic risks |
| We generate substantial revenue outside the United States |
| We are exposed to the risk of changes in social, political, legal and economic conditions inherent in international operations which could have a significant impact on our business, financial condition and results of operations |
| In particular, we conduct business in countries where the legal systems, local laws and trade practices are unsettled and evolving |
| Commercial laws in these countries are often vague, arbitrary and inconsistently applied |
| Under these circumstances, it is difficult for us to determine at all times the exact requirements of such local laws |
| If we fail to comply with local laws, our business, financial condition and results of operations could suffer |
| In addition, the global nature of our operations poses challenges to our management, and financial and accounting systems |
| Failure to meet these challenges could seriously harm our business, financial condition and results of operations |
| 8 ______________________________________________________________________ [36]Table of Contents We may not be able to align our cost structure with net revenue |
| Over the last several years, we took steps to reduce our workforce, consolidate and close offices and reduce other expenses |
| Although our cost structure has improved in order to be consistently profitable, we must ensure that our costs and workforce continue to be in proportion to demand for our services |
| Failure to align our cost structure with net revenue could adversely affect our business, financial condition and results of operations |
| Our net revenue may be affected by adverse economic conditions |
| Although our net revenue increased in 2005, coinciding with signs of moderate worldwide economic growth, there can be no assurances that economic conditions will continue to improve or even remain stable |
| If economic conditions weaken, our business, financial condition and results of operations could suffer |
| We may not be able to generate sufficient profits to realize our net deferred tax assets |
| While we were profitable in 2005 and expect to be profitable in 2006 and beyond, there is no assurance that future taxable income in our US and foreign operations will be sufficient to realize the benefit of certain deferred tax assets we could claim |
| We established valuation allowances for realizability of these deferred tax assets which are adjusted as facts and circumstances dictate |
| If after future assessments of the realizability of the deferred tax assets, we determine that a lesser or greater allowance is required, we would record a reduction or increase to the income tax expense and the valuation allowance in the period of such determination |
| If we are unable to generate taxable income in the long-term, our business, financial condition, results of operations and cash flow could suffer |
| We may experience impairment of our goodwill and other intangible assets |
| Periodically, we perform assessments of the carrying value of our goodwill and other intangible assets |
| Current valuation estimates indicate that there has been no impairment of our goodwill or other intangible assets |
| Future events, however, including our financial performance and economic conditions, could cause these assets to become impaired in the future |
| Any resulting impairment loss could have an adverse impact on our business, financial condition and results of operations |
| Our ability to sublease or assign unused office space could affect our earnings and cash flows |
| Beginning in 2001, we consolidated and closed offices in order to reduce costs |
| This left us with a significant amount of unused office space with respect to which we are still required to make lease payments |
| While the majority of the vacated properties have been sublet, at December 31, 2005, there was approximately 26 thousand square feet of unused real estate |
| The total remaining commitment related to these vacated properties that have not been sublet is dlra4 million, of which dlra2 million has been accrued at December 31, 2005, net of estimated sublease income |
| Inherent in these accruals are estimates concerning vacancy periods and sublease income |
| If we are unable to sublease or assign this unused office space within the estimated time frame, if we sublease or assign this office space for amounts less than we had anticipated or if one of our tenants default on a sublease, our business, financial condition, results of operations and cash flow could suffer |
| 9 ______________________________________________________________________ [37]Table of Contents We have antitakeover provisions that make an acquisition of us difficult and expensive |
| Antitakeover provisions in our Certificate of Incorporation, our Bylaws and the Delaware laws make it difficult and expensive for us to be acquired in a transaction which is not approved by our Board of Directors |
| Some of the provisions in our Certificate of Incorporation and Bylaws include: • a classified board of directors • limitations on the removal of directors • limitations on stockholder actions • the ability to issue one or more series of preferred stock by action of our Board of Directors These provisions could discourage an acquisition attempt or other transaction in which stockholders could receive a premium over the current market price for the common stock |