Heidrick & Struggles International Inc. (NASDAQ:HSII) Q3 2020 Earnings Conference Call - Final Transcript
Oct 26, 2020 • 05:00 pm ET
$49.8 million to $237.6 million adjusted for the credit facility outstanding at the end of the second quarter. As you can see, we repaid our outstanding balance of $100 million in our credit facility in early September, resulting in no borrowings at quarter-end. In terms of overall liquidity, I'm very pleased to report that we finished the quarter with $410 million compared to $360 million at the end of the second quarter of 2020, which demonstrates outstanding balance sheet strength and positions Heidrick incredibly well to explore opportunities in search, consulting and potentially new areas outside of core services but that are aligned with our premier human capital services strategy.
Now let me turn to the fourth quarter. Given the consistent performance we are seeing in our markets, we believe our fourth quarter revenue will be in the range of $140 million to $150 million. Of course this can change materially if we see another spike in COVID-19 within the countries we operate, if governments choose to restrict business or access, or governments do not take necessary steps and stimulus as well as other macro events and acute business events that are unforeseen at this time.
In summary, our third-quarter performance continues to reflect the impact of the pandemic, but clearly demonstrate our resilience in difficult markets by our team. We remain focused on strong execution, long-term planning and adding value to our clients.
With that we'd be glad to take your questions. Operator, over to you.