Press Release Details
Hudson Global Reports 2018 Fourth Quarter and Full-Year Results
2018 Fourth Quarter Summary
- Revenue of
$16.6 million increased 8.7 percent from the fourth quarter of 2017, or 13.3 percent in constant currency.
- Gross profit of
$10.3 million increased 0.8 percent from the fourth quarter of 2017, or 4.6 percent in constant currency.
- Net loss of
$0.6 million , or$0.02 per basic and diluted share, compared to net loss of$2.0 million , or$0.06 per basic and diluted share, for the fourth quarter of 2017.
- Adjusted EBITDA* loss of
$0.3 million , compared to an adjusted EBITDA loss of$0.6 million in the fourth quarter of 2017.
2018 Full-Year Summary
- Revenue of
$66.9 million increased 12.3 percent from 2017, or 12.7 percent in constant currency.
- Gross profit of
$42.1 million increased 0.1 percent from 2017, or 0.2 percent in constant currency.
- Net income of
$7.9 million , or$0.24 per basic and diluted share, compared to net loss of$2.9 million , or$0.09 per basic and diluted share, in 2017.
- Adjusted EBITDA* loss of
$3.9 million , which includes$2.4 million of severance expense, compared to an adjusted EBITDA loss of$0.5 million in 2017.
"We delivered solid revenue and gross profit growth in the fourth quarter in constant currency, particularly so in the
As previously announced, the company sold all of its recruitment agency and talent management businesses in three separate transactions that closed at the end of March 2018. These transactions were all structured as equity sales, meaning all the assets and liabilities of the legacy entities were assumed by the buyers, except for the RPO business which remained with the company but was largely embedded inside the businesses being sold. Since that time, the company has had a strong internal focus on creating new legal entities and obtaining new business licenses in each country in which it operates, creating an accounting and finance system from scratch, as well as creating a new IT system and website. Now that the platform for the operating business has been built and corporate overhead costs have been right sized, the company has begun to look at bolt-on acquisition opportunities in addition to focusing intensively on organic growth. As highlighted in the Investor Presentation issued in
Given the company's cash balance and financial strength, it can pursue both stock buybacks and bolt-on acquisition opportunities simultaneously going forward, and will continually evaluate both options in order to achieve its mission of maximizing stockholder value over the long term.
* The company provides Non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in
Regional Highlights
The divested businesses are treated as discontinued operations; therefore, the discussion below is focused on the continuing operations of the RPO business for all periods presented. Prior period EBITDA and Adjusted EBITDA may not be comparable due to regional support and infrastructure cost allocation treatment between continuing and discontinued operations following the divestitures.
In 2018, gross profit increased 15 percent in Hudson Asia Pacific in constant currency compared to 2017. Results were driven largely by new contract wins in Asia. EBITDA in 2018 was
In the fourth quarter of 2018,
Liquidity and Capital Resources
The company ended the fourth quarter of 2018 with
Share Repurchase Program
During the fourth quarter, the company continued its share repurchase program which has an authorization of up to
On
Corporate Costs
Immediately following the closing of the divestitures at the end of the first quarter of 2018, management reviewed the company's corporate costs on a line-by-line basis. The company believes the run rate for corporate costs in 2019 should be approximately
Business Outlook
For 2019, the company expects to grow revenue and gross profit more than 10 percent versus 2018, and adjusted EBITDA before corporate costs should grow faster than this rate. This combination of growth in its RPO business and reduction in corporate costs should enable the company to generate positive adjusted EBITDA in 2019.
NOL Carryforward
Conference Call/Webcast
Hudson will conduct a conference call today at
If you wish to join the conference call, please use the dial-in information below:
- Toll-
Fee Dial -In Number: (877) 497-1434 - International Dial-In Number: (929) 387-3951
- Conference ID #: 7265969
The archived call will be available on the investor information section of the company's web site at hudsonrpo.com.
About Hudson RPO
For more information, please visit us at hudsonrpo.com or contact us at ir@hudsonrpo.com.
Forward-Looking Statements
This press release contains statements that the company believes to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, Hudson Global’s ability to achieve anticipated benefits from the sales of its recruitment and talent management operations in
Financial Tables Follow
HUDSON GLOBAL, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenue | $ | 16,575 | $ | 15,244 | $ | 66,932 | $ | 59,615 | |||||||
Direct costs | 6,307 | 5,061 | 24,828 | 17,555 | |||||||||||
Gross profit | 10,268 | 10,183 | 42,104 | 42,060 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 10,814 | 11,102 | 47,305 | 43,617 | |||||||||||
Depreciation and amortization | 13 | 120 | 16 | 361 | |||||||||||
Business reorganization | — | 3 | — | (109 | ) | ||||||||||
Total operating expenses | 10,827 | 11,225 | 47,321 | 43,869 | |||||||||||
Operating income (loss) | (559 | ) | (1,042 | ) | (5,217 | ) | (1,809 | ) | |||||||
Non-operating income (expense): | |||||||||||||||
Interest income (expense), net | 136 | (1 | ) | 298 | (8 | ) | |||||||||
Other income (expense), net | (64 | ) | (88 | ) | (248 | ) | (158 | ) | |||||||
Income (loss) before provision for income taxes from continuing operations | (487 | ) | (1,131 | ) | (5,167 | ) | (1,975 | ) | |||||||
Provision for (benefit from) income taxes | (294 | ) | 18 | 99 | 869 | ||||||||||
Income (loss) from continuing operations | (193 | ) | (1,149 | ) | (5,266 | ) | (2,844 | ) | |||||||
Income (loss) from discontinued operations, net of income taxes | (427 | ) | (856 | ) | 13,133 | (97 | ) | ||||||||
Net income (loss) | $ | (620 | ) | $ | (2,005 | ) | $ | 7,867 | $ | (2,941 | ) | ||||
Earnings (loss) per share: | |||||||||||||||
Basic and diluted | |||||||||||||||
Income (loss) from continuing operations | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.16 | ) | $ | (0.09 | ) | |||
Income (loss) from discontinued operations | (0.01 | ) | (0.03 | ) | 0.40 | — | |||||||||
Net income (loss) | $ | (0.02 | ) | $ | (0.06 | ) | $ | 0.24 | $ | (0.09 | ) | ||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 33,149 | 32,063 | 32,847 | 32,106 | |||||||||||
Diluted | 33,149 | 32,063 | 32,847 | 32,106 |
HUDSON GLOBAL, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
December 31, 2018 |
December 31, 2017 |
||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 40,562 | $ | 5,580 | |||
Accounts receivable, less allowance for doubtful accounts of $41 and $69, respectively | 9,893 | 11,545 | |||||
Prepaid and other | 671 | 388 | |||||
Current assets of discontinued operations | 941 | 79,530 | |||||
Total current assets | 52,067 | 97,043 | |||||
Property and equipment, net | 170 | 1 | |||||
Deferred tax assets, non-current | 583 | 324 | |||||
Restricted cash, non-current | 352 | 102 | |||||
Other assets | 7 | 269 | |||||
Non-current assets of discontinued operations | — | 13,901 | |||||
Total assets | $ | 53,179 | $ | 111,640 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,461 | $ | 1,193 | |||
Accrued expenses and other current liabilities | 8,984 | 7,259 | |||||
Current liabilities of discontinued operations | 115 | 51,952 | |||||
Total current liabilities | 10,560 | 60,404 | |||||
Income tax payable, non-current | 1,982 | 1,682 | |||||
Other non-current liabilities | 150 | 192 | |||||
Non-current liabilities of discontinued operations | — | 6,210 | |||||
Total liabilities | 12,692 | 68,488 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, $0.001 par value, 10,000 shares authorized; none issued or outstanding | — | — | |||||
Common stock, $0.001 par value, 100,000 shares authorized; 36,135 and 34,959 shares issued; 31,905 and 31,159 shares outstanding, respectively | 36 | 34 | |||||
Additional paid-in capital | 485,095 | 483,558 | |||||
Accumulated deficit | (435,552 | ) | (443,419 | ) | |||
Accumulated other comprehensive income | (606 | ) | 10,709 | ||||
Treasury stock, 4,230 and 3,800 shares, respectively, at cost | (8,486 | ) | (7,730 | ) | |||
Total stockholders’ equity | 40,487 | 43,152 | |||||
Total liabilities and stockholders' equity | $ | 53,179 | $ | 111,640 | |||
HUDSON GLOBAL, INC. | ||||||||||||||||||||
SEGMENT ANALYSIS - QUARTER TO DATE | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
For The Three Months Ended December 31, 2018 | Hudson Asia Pacific |
Hudson Americas |
Hudson Europe |
Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 9,215 | $ | 3,124 | $ | 4,236 | $ | — | $ | 16,575 | ||||||||||
Gross profit, from external customers | $ | 5,513 | $ | 2,686 | $ | 2,069 | $ | — | $ | 10,268 | ||||||||||
Net income (loss) | $ | (620 | ) | |||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | (427 | ) | ||||||||||||||||||
Income (loss) from continuing operations | (193 | ) | ||||||||||||||||||
Provision for (benefit from) income taxes | (294 | ) | ||||||||||||||||||
Interest expense (income), net | (136 | ) | ||||||||||||||||||
Depreciation and amortization expenses | 13 | |||||||||||||||||||
EBITDA (loss) (1) | $ | 705 | $ | 137 | $ | (265 | ) | $ | (1,187 | ) | (610 | ) | ||||||||
Non-operating expense (income), including corporate administration charges |
220 | 91 | (1 | ) | (246 | ) | 64 | |||||||||||||
Stock-based compensation expense | 21 | 13 | (9 | ) | 184 | 209 | ||||||||||||||
Adjusted EBITDA (loss) (1) | $ | 946 | $ | 241 | $ | (275 | ) | $ | (1,249 | ) | $ | (337 | ) | |||||||
For The Three Months Ended December 31, 2017 | Hudson Asia Pacific |
Hudson Americas |
Hudson Europe |
Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 8,527 | $ | 3,677 | $ | 3,040 | $ | — | $ | 15,244 | ||||||||||
Gross profit, from external customers | $ | 5,306 | $ | 3,180 | $ | 1,697 | $ | — | $ | 10,183 | ||||||||||
Net income (loss) | $ | (2,005 | ) | |||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | (856 | ) | ||||||||||||||||||
Income (loss) from continuing operations | (1,149 | ) | ||||||||||||||||||
Provision for (benefit from) income taxes | 18 | |||||||||||||||||||
Interest expense (income), net | 1 | |||||||||||||||||||
Depreciation and amortization expenses | 120 | |||||||||||||||||||
EBITDA (loss) (1) | $ | 1,597 | $ | 461 | $ | 54 | $ | (3,122 | ) | (1,010 | ) | |||||||||
Non-operating expense (income), including corporate administration charges |
63 | 24 | 53 | (52 | ) | 88 | ||||||||||||||
Stock-based compensation expense | 2 | 23 | — | 262 | 287 | |||||||||||||||
Business reorganization expenses (recovery) | — | 9 | (6 | ) | — | 3 | ||||||||||||||
Adjusted EBITDA (loss) (1) | $ | 1,662 | $ | 517 | $ | 101 | $ | (2,912 | ) | $ | (632 | ) |
- Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income, goodwill and other impairment charges, business reorganization expenses and other expenses (“Adjusted EBITDA”) are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, EBITDA and adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
HUDSON GLOBAL, INC. | ||||||||||||||||||||
SEGMENT ANALYSIS - QUARTER TO DATE (continued) | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
For The Three Months Ended September 30, 2018 | Hudson Asia Pacific |
Hudson Americas |
Hudson Europe |
Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 9,306 | $ | 3,590 | $ | 4,231 | $ | — | $ | 17,127 | ||||||||||
Gross profit, from external customers | $ | 5,741 | $ | 2,990 | $ | 2,150 | $ | — | $ | 10,881 | ||||||||||
Net income (loss) | $ | (870 | ) | |||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | (47 | ) | ||||||||||||||||||
Income (loss) from continuing operations | (823 | ) | ||||||||||||||||||
Provision for (benefit from) income taxes | 112 | |||||||||||||||||||
Interest expense (income), net | (102 | ) | ||||||||||||||||||
Depreciation and amortization expenses | 1 | |||||||||||||||||||
EBITDA (loss) (1) | $ | 460 | $ | 87 | $ | (226 | ) | $ | (1,133 | ) | (812 | ) | ||||||||
Non-operating expense (income), including corporate administration charges |
248 | 213 | 175 | (564 | ) | 72 | ||||||||||||||
Stock-based compensation expense | 17 | 23 | 12 | 404 | 456 | |||||||||||||||
Adjusted EBITDA (loss) (1) | $ | 725 | $ | 323 | $ | (39 | ) | $ | (1,293 | ) | $ | (284 | ) | |||||||
For The Three Months Ended March 31, 2018 | Hudson Asia Pacific |
Hudson Americas |
Hudson Europe |
Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 8,825 | $ | 3,700 | $ | 3,690 | $ | — | $ | 16,215 | ||||||||||
Gross profit, from external customers | $ | 4,923 | $ | 3,126 | $ | 2,105 | $ | — | $ | 10,154 | ||||||||||
Net income (loss) | $ | 10,721 | ||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 13,618 | |||||||||||||||||||
Income (loss) from continuing operations | (2,897 | ) | ||||||||||||||||||
Provision for (benefit from) income taxes | 172 | |||||||||||||||||||
Interest expense (income), net | — | |||||||||||||||||||
Depreciation and amortization expenses | — | |||||||||||||||||||
EBITDA (loss) (1) | $ | 544 | $ | 291 | $ | 11 | $ | (3,571 | ) | (2,725 | ) | |||||||||
Non-operating expense (income), including corporate administration charges |
75 | 52 | 41 | (100 | ) | 68 | ||||||||||||||
Stock-based compensation expense | 4 | 27 | — | 432 | 463 | |||||||||||||||
Adjusted EBITDA (loss) (1) | $ | 623 | $ | 370 | $ | 52 | $ | (3,239 | ) | $ | (2,194 | ) |
- Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income, goodwill and other impairment charges, business reorganization expenses and other expenses (“Adjusted EBITDA”) are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, EBITDA and adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
HUDSON GLOBAL, INC. | ||||||||||||||||||||
SEGMENT ANALYSIS - YEAR TO DATE | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
For The Year Ended December 31, 2018 | Hudson Asia Pacific |
Hudson Americas |
Hudson Europe |
Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 36,946 | $ | 13,924 | $ | 16,062 | $ | — | $ | 66,932 | ||||||||||
Gross profit, from external customers | $ | 21,936 | $ | 11,726 | $ | 8,442 | $ | — | $ | 42,104 | ||||||||||
Net income (loss) | $ | 7,867 | ||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 13,133 | |||||||||||||||||||
Income (loss) from continuing operations | (5,266 | ) | ||||||||||||||||||
Provision for (benefit from) income taxes | 99 | |||||||||||||||||||
Interest expense (income), net | (298 | ) | ||||||||||||||||||
Depreciation and amortization expenses | 16 | |||||||||||||||||||
EBITDA (loss) (1) | $ | 2,221 | $ | 440 | $ | (450 | ) | $ | (7,660 | ) | (5,449 | ) | ||||||||
Non-operating expense (income), including corporate administration charges |
885 | 563 | 366 | (1,566 | ) | 248 | ||||||||||||||
Stock-based compensation expense | 51 | 79 | 9 | 1,167 | 1,306 | |||||||||||||||
Adjusted EBITDA (loss) (1) | $ | 3,157 | $ | 1,082 | $ | (75 | ) | $ | (8,059 | ) | $ | (3,895 | ) | |||||||
For The Year Ended December 31, 2017 | Hudson Asia Pacific |
Hudson Americas |
Hudson Europe |
Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 29,767 | $ | 16,196 | $ | 13,652 | $ | — | $ | 59,615 | ||||||||||
Gross profit, from external customers | $ | 19,391 | $ | 14,419 | $ | 8,250 | $ | — | $ | 42,060 | ||||||||||
Net income (loss) | $ | (2,941 | ) | |||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | (97 | ) | ||||||||||||||||||
Income (loss) from continuing operations | (2,844 | ) | ||||||||||||||||||
Provision for (benefit from) income taxes | 869 | |||||||||||||||||||
Interest expense (income), net | 8 | |||||||||||||||||||
Depreciation and amortization expenses | 361 | |||||||||||||||||||
EBITDA (loss) (1) | $ | 4,770 | $ | 1,578 | $ | 923 | $ | (8,877 | ) | (1,606 | ) | |||||||||
Non-operating expense (income), including corporate administration charges |
370 | 242 | 264 | (718 | ) | 158 | ||||||||||||||
Stock-based compensation expense | 9 | 96 | — | 939 | 1,044 | |||||||||||||||
Business reorganization expenses (recovery) | — | (82 | ) | (5 | ) | (22 | ) | (109 | ) | |||||||||||
Adjusted EBITDA (loss) (1) | $ | 5,149 | $ | 1,834 | $ | 1,182 | $ | (8,678 | ) | $ | (513 | ) |
- Non-GAAP earnings before interest, income taxes, and depreciation and amortization (“EBITDA”) and non-GAAP earnings before interest, income taxes, depreciation and amortization, non-operating income, goodwill and other impairment charges, business reorganization expenses and other expenses (“Adjusted EBITDA”) are presented to provide additional information about the company's operations on a basis consistent with the measures which the company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. EBITDA and adjusted EBITDA should not be considered in isolation or as a substitute for operating income, cash flows from operating activities, and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as a measure of the company's profitability or liquidity. Furthermore, EBITDA and adjusted EBITDA as presented above may not be comparable with similarly titled measures reported by other companies.
RECONCILIATION FOR CONSTANT CURRENCY
(in thousands)
(unaudited)
The company operates on a global basis, with the majority of its gross profit generated outside of
For The Three Months Ended December 31, | |||||||||||||||
2018 | 2017 | ||||||||||||||
As | As | Currency | Constant | ||||||||||||
reported | reported | translation | currency | ||||||||||||
Revenue: | |||||||||||||||
Hudson Asia Pacific | $ | 9,215 | $ | 8,527 | $ | (516 | ) | $ | 8,011 | ||||||
Hudson Americas | 3,124 | 3,677 | (7 | ) | 3,670 | ||||||||||
Hudson Europe | 4,236 | 3,040 | (90 | ) | 2,950 | ||||||||||
Total | $ | 16,575 | $ | 15,244 | $ | (613 | ) | $ | 14,631 | ||||||
Gross profit: | |||||||||||||||
Hudson Asia Pacific | $ | 5,513 | $ | 5,306 | $ | (305 | ) | $ | 5,001 | ||||||
Hudson Americas | 2,686 | 3,180 | (7 | ) | 3,173 | ||||||||||
Hudson Europe | 2,069 | 1,697 | (52 | ) | 1,645 | ||||||||||
Total | $ | 10,268 | $ | 10,183 | $ | (364 | ) | $ | 9,819 | ||||||
SG&A (1): | |||||||||||||||
Hudson Asia Pacific | $ | 4,568 | $ | 3,646 | $ | (210 | ) | $ | 3,436 | ||||||
Hudson Americas | 2,480 | 2,681 | (5 | ) | 2,676 | ||||||||||
Hudson Europe | 2,332 | 1,600 | (43 | ) | 1,557 | ||||||||||
Corporate | 1,434 | 3,175 | — | 3,175 | |||||||||||
Total | $ | 10,814 | $ | 11,102 | $ | (258 | ) | $ | 10,844 | ||||||
Operating income (loss): | |||||||||||||||
Hudson Asia Pacific | $ | 918 | $ | 1,659 | $ | (94 | ) | $ | 1,565 | ||||||
Hudson Americas | 225 | 485 | (3 | ) | 482 | ||||||||||
Hudson Europe | (271 | ) | 108 | (7 | ) | 101 | |||||||||
Corporate | (1,431 | ) | (3,294 | ) | — | (3,294 | ) | ||||||||
Total | $ | (559 | ) | $ | (1,042 | ) | $ | (104 | ) | $ | (1,146 | ) | |||
EBITDA (loss): | |||||||||||||||
Hudson Asia Pacific | $ | 705 | $ | 1,597 | $ | (94 | ) | $ | 1,503 | ||||||
Hudson Americas | 137 | 461 | (2 | ) | 459 | ||||||||||
Hudson Europe | (265 | ) | 54 | (5 | ) | 49 | |||||||||
Corporate | (1,187 | ) | (3,122 | ) | — | (3,122 | ) | ||||||||
Total | $ | (610 | ) | $ | (1,010 | ) | $ | (101 | ) | $ | (1,111 | ) |
Note: Certain prior year amounts have been reclassified to conform to the current period presentation.
- SG&A is a measure that management uses to evaluate the segments’ expenses.
HUDSON GLOBAL, INC. RECONCILIATION FOR CONSTANT CURRENCY (continued) (in thousands) (unaudited) |
|||||||||||||||
For The Year Ended December 31, | |||||||||||||||
2018 | 2017 | ||||||||||||||
As | As | Currency | Constant | ||||||||||||
reported | reported | translation | currency | ||||||||||||
Revenue: | |||||||||||||||
Hudson Asia Pacific | $ | 36,946 | $ | 29,767 | $ | (744 | ) | $ | 29,023 | ||||||
Hudson Americas | 13,924 | 16,196 | 5 | 16,201 | |||||||||||
Hudson Europe | 16,062 | 13,652 | 534 | 14,186 | |||||||||||
Total | $ | 66,932 | $ | 59,615 | $ | (205 | ) | $ | 59,410 | ||||||
Gross profit: | |||||||||||||||
Hudson Asia Pacific | $ | 21,936 | $ | 19,391 | $ | (395 | ) | $ | 18,996 | ||||||
Hudson Americas | 11,726 | 14,419 | 4 | 14,423 | |||||||||||
Hudson Europe | 8,442 | 8,250 | 340 | 8,590 | |||||||||||
Total | $ | 42,104 | $ | 42,060 | $ | (51 | ) | $ | 42,009 | ||||||
SG&A (1): | |||||||||||||||
Hudson Asia Pacific | $ | 18,811 | $ | 14,253 | $ | (257 | ) | $ | 13,996 | ||||||
Hudson Americas | 10,742 | 12,710 | 18 | 12,728 | |||||||||||
Hudson Europe | 8,527 | 7,040 | 295 | 7,335 | |||||||||||
Corporate | 9,225 | 9,614 | — | 9,614 | |||||||||||
Total | $ | 47,305 | $ | 43,617 | $ | 56 | $ | 43,673 | |||||||
Operating income (loss): | |||||||||||||||
Hudson Asia Pacific | $ | 3,103 | $ | 5,137 | $ | (137 | ) | $ | 5,000 | ||||||
Hudson Americas | 1,000 | 1,818 | (13 | ) | 1,805 | ||||||||||
Hudson Europe | (93 | ) | 1,187 | 43 | 1,230 | ||||||||||
Corporate | (9,227 | ) | (9,951 | ) | — | (9,951 | ) | ||||||||
Total | $ | (5,217 | ) | $ | (1,809 | ) | $ | (107 | ) | $ | (1,916 | ) | |||
EBITDA (loss): | |||||||||||||||
Hudson Asia Pacific | $ | 2,221 | $ | 4,770 | $ | (133 | ) | $ | 4,637 | ||||||
Hudson Americas | 440 | 1,578 | (16 | ) | 1,562 | ||||||||||
Hudson Europe | (450 | ) | 923 | 12 | 935 | ||||||||||
Corporate | (7,660 | ) | (8,877 | ) | — | (8,877 | ) | ||||||||
Total | $ | (5,449 | ) | $ | (1,606 | ) | $ | (137 | ) | $ | (1,743 | ) |
- SG&A is a measure that management uses to evaluate the segments’ expenses.
Contact:
ir@hudsonrpo.com