Heidrick & Struggles International, Inc. (NASDAQ:HSII) Q1 2023 Earnings Conference Call April 24, 2023 5:00 PM ET
Company Participants
Suzanne Rosenberg - VP of IR
Krishnan Rajagopalan - President and CEO
Mark Harris - CFO
Conference Call Participants
Tobey Sommer - Truist Securities
Kevin Steinke - Barrington Research
Marc Riddick - Sidoti
Operator
Welcome, everyone, to the Heidrick & Struggles Q1 2023 Earnings Conference Call. [Operator Instructions] As a reminder, today's conference is being recorded.
It is now my pleasure to turn the conference over to Suzanne Rosenberg, Vice President of Investor Relations. Please go ahead, Ms. Rosenberg.
Suzanne Rosenberg
Thank you, and welcome to our 2023 first quarter conference call. Joining me on today's call is our President and CEO, Krishnan Rajagopalan; and Chief Financial Officer, Mark Harris.
We posted our accompanying slides on the IR home page of our website at heidrick.com and we encourage you to view these slides for additional context. Please note that in the materials presented today, we may refer to non-GAAP financial measures that we believe provide additional insight into underlying results. Reconciliations between these non-GAAP financial measures and the most comparable GAAP measures may be found in the earnings press release.
Also in our remarks, we may make certain forward-looking statements based on our current expectations. Such statements may involve risks and uncertainties that may cause actual results to differ materially. We ask that you please refer to the Safe Harbor language also contained in today's press release as well as our filings with the Securities and Exchange Commission for information concerning the risk factors that could affect the company.
With that, Krishnan, I'll now turn the call over to you.
Krishnan Rajagopalan
Thank you, Suzanne. Good afternoon, everyone.
As anticipated, we saw a slowdown in the first quarter revenue from a year ago, reflecting broader macroeconomic headwinds. Importantly, we acted deliberately and adjusted our costs accordingly, which allowed us to still hold strong first quarter adjusted EBITDA margins of nearly 12%. While we expect to see some continued volatility in our markets, based on our guidance, we believe we’ll continue to navigate through these complexities prudent work.
Turning briefly to our first quarter results. Revenue for the quarter was $239 million, which was in line with our previously issued guidance, albeit, at the lower end of the range. Adjusted EBITDA was $27 million, adjusted EBITDA margin was 11.5%, and diluted earnings per share was $0.76.