Press Release Details
Hudson Global Reports 2021 Fourth Quarter and Full-Year Results
2021 Fourth Quarter Summary
- Revenue of
$50.1 million increased 83.2% from the fourth quarter of 2020, or 82.9% in constant currency. - Adjusted net revenue of
$22.3 million increased 97.8% from the fourth quarter of 2020, or 97.1% in constant currency. - Net income of
$2.1 million , or$0.70 per basic and$0.67 per diluted share, versus net income of$1.2 million , or$0.41 per basic and diluted share, in the fourth quarter of 2020. Adjusted net income per diluted share (Non-GAAP measure)* increased to$1.02 from adjusted net income per diluted share of$0.20 in the fourth quarter of 2020. - Adjusted EBITDA (Non-GAAP measure)* increased to
$4.6 million , versus adjusted EBITDA of$0.7 million in the fourth quarter of 2020.
2021 Full-Year Summary
- Revenue of
$169.2 million increased 66.8% from 2020, or 55.5% in constant currency. - Adjusted net revenue of
$68.2 million increased 74.4% from 2020, or 65.4% in constant currency. - Net income of
$3.2 million , or$1.11 per basic and$1.07 per diluted share, compared to net loss of$1.2 million , or$0.43 per basic and diluted share, in 2020. Adjusted net income per diluted share (Non-GAAP measure)* of$2.04 increased from adjusted net loss per diluted share of$0.38 in the prior year. - Adjusted EBITDA (Non-GAAP measure)* was
$10.0 million , versus adjusted EBITDA loss of$0.4 million in 2020.
“2021 was a tremendous year for our business globally,” said
* The Company provides Non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in
Regional Highlights
For full year 2021,
In the fourth quarter of 2021,
For full year 2021,
For full year 2021,
Corporate Costs
The Company's corporate costs of
Liquidity and Capital Resources
The Company ended the fourth quarter of 2021 with
Share Repurchase Program
The Company has reduced its share count by 15% since
NOL Carryforward
COVID-19 Update
The Company is vigilantly monitoring the business environment surrounding COVID-19 and continues to proactively address this situation as it evolves. The Company believes it can continue to take appropriate actions to manage the business in this challenging environment due to the flexibility of its workforce and the strength of its balance sheet.
Conference Call/Webcast
The Company will conduct a conference call today,
If you wish to join the conference call, please use the dial-in information below:
- Toll-Free Dial-In Number: (866) 220-5784
- International Dial-In Number: (615) 622-8063
- Conference ID #: 6893368
The archived call will be available on the investor information section of the Company's web site at hudsonrpo.com.
About
For more information, please visit us at hudsonrpo.com or contact us at ir@hudsonrpo.com.
Investor Relations:
The Equity Group
212 836-9611 / lcati@equityny.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, global economic fluctuations; the adverse impacts of the recent coronavirus, or COVID-19 outbreak; the Company’s ability to successfully achieve its strategic initiatives; risks related to potential acquisitions or dispositions of businesses by the Company; the Company’s ability to operate successfully as a company focused on its RPO business; risks related to fluctuations in the Company's operating results from quarter to quarter; the loss of or material reduction in our business with any of the Company’s largest customers; the ability of clients to terminate their relationship with the Company at any time; competition in the Company's markets; the negative cash flows and operating losses that may recur in the future; risks relating to how future credit facilities may affect or restrict our operating flexibility; risks associated with the Company's investment strategy; risks related to international operations, including foreign currency fluctuations, political events, natural disasters or health crises, including the ongoing COVID-19 outbreak; the Company's dependence on key management personnel; the Company's ability to attract and retain highly skilled professionals, management, and advisors; the Company's ability to collect accounts receivable; the Company’s ability to maintain costs at an acceptable level; the Company's heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to providing uninterrupted service to clients; the Company's exposure to employment-related claims from clients, employers and regulatory authorities, current and former employees in connection with the Company’s business reorganization initiatives, and limits on related insurance coverage; the Company’s ability to utilize net operating loss carry-forwards; volatility of the Company's stock price; the impact of government regulations; and restrictions imposed by blocking arrangements. Additional information concerning these, and other factors is contained in the Company's filings with the
Financial Tables Follow
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue | $ | 50,062 | $ | 27,331 | $ | 169,207 | $ | 101,448 | |||||||
Operating expenses: | |||||||||||||||
Direct contracting costs and reimbursed expenses | 27,745 | 16,048 | 101,050 | 62,367 | |||||||||||
Salaries and related | 16,037 | 9,324 | 53,038 | 33,974 | |||||||||||
Office and general | 2,583 | 1,677 | 8,108 | 6,632 | |||||||||||
Marketing and promotion | 720 | 313 | 2,020 | 942 | |||||||||||
Depreciation and amortization | 257 | 106 | 597 | 179 | |||||||||||
Total operating expenses | 47,342 | 27,468 | 164,813 | 104,094 | |||||||||||
Operating income (loss) | 2,720 | (137 | ) | 4,394 | (2,646 | ) | |||||||||
Non-operating income (expense): | |||||||||||||||
Interest income, net | 6 | 16 | 33 | 149 | |||||||||||
PPP loan forgiveness | — | 1,326 | — | 1,326 | |||||||||||
Other (expense) income, net | (26 | ) | (11 | ) | (83 | ) | 463 | ||||||||
Income (loss) before income taxes | 2,700 | 1,194 | 4,344 | (708 | ) | ||||||||||
Provision for (benefit from) income taxes | 642 | (3 | ) | 1,117 | 535 | ||||||||||
Net income (loss) | $ | 2,058 | $ | 1,197 | $ | 3,227 | $ | (1,243 | ) | ||||||
Earnings (loss) per share: | |||||||||||||||
Basic | $ | 0.70 | $ | 0.41 | $ | 1.11 | $ | (0.43 | ) | ||||||
Diluted | $ | 0.67 | $ | 0.41 | $ | 1.07 | $ | (0.43 | ) | ||||||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 2,939 | 2,884 | 2,917 | 2,911 | |||||||||||
Diluted | 3,081 | 2,894 | 3,003 | 2,911 |
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
2021 |
2020 |
||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 21,714 | $ | 25,806 | |||
Accounts receivable, less allowance for doubtful accounts of |
25,748 | 13,445 | |||||
Restricted cash, current | 222 | 152 | |||||
Prepaid and other | 1,476 | 889 | |||||
Total current assets | 49,160 | 40,292 | |||||
Property and equipment, net of accumulated depreciation of |
371 | 115 | |||||
Operating lease right-of-use assets | 477 | 210 | |||||
4,219 | 2,088 | ||||||
Intangible assets, net | 5,488 | 1,400 | |||||
Deferred tax assets | 1,345 | 1,037 | |||||
Restricted cash | 177 | 241 | |||||
Other assets | 5 | 3 | |||||
Total assets | $ | 61,242 | $ | 45,386 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 871 | $ | 576 | |||
Accrued salaries, commissions, and benefits | 10,961 | 4,800 | |||||
Accrued expenses and other current liabilities | 7,498 | 4,441 | |||||
Operating lease obligations, current | 363 | 192 | |||||
Total current liabilities | 19,693 | 10,009 | |||||
Income tax payable | 470 | 887 | |||||
Operating lease obligations | 118 | 22 | |||||
Note payable–long term | 1,250 | — | |||||
Other liabilities | 395 | 188 | |||||
Total liabilities | 21,926 | 11,106 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, |
— | — | |||||
Common stock, |
4 | 4 | |||||
Additional paid-in capital | 489,249 | 486,825 | |||||
Accumulated deficit | (434,523 | ) | (437,750 | ) | |||
Accumulated other comprehensive loss, net of applicable tax | (85 | ) | 526 | ||||
(15,329 | ) | (15,325 | ) | ||||
Total stockholders’ equity | 39,316 | 34,280 | |||||
Total liabilities and stockholders' equity | $ | 61,242 | $ | 45,386 |
SEGMENT ANALYSIS - QUARTER TO DATE | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
For The Three Months Ended |
Pacific |
Corporate | Total | |||||||||||||||||
Revenue, from external customers | $ | 32,183 | $ | 11,447 | $ | 6,432 | $ | — | $ | 50,062 | ||||||||||
Adjusted net revenue, from external customers(1) | $ | 7,998 | $ | 10,855 | $ | 3,464 | $ | — | $ | 22,317 | ||||||||||
Net income | $ | 2,058 | ||||||||||||||||||
Provision for income taxes | 642 | |||||||||||||||||||
Interest income, net | (6 | ) | ||||||||||||||||||
Depreciation and amortization | 257 | |||||||||||||||||||
EBITDA (loss)(2) | $ | 1,878 | $ | 1,648 | $ | 350 | $ | (925 | ) | 2,951 | ||||||||||
Non-operating expense (income), including corporate administration charges |
413 | 152 | 75 | (614 | ) | 26 | ||||||||||||||
Stock-based compensation expense | 93 | 161 | 74 | 301 | 629 | |||||||||||||||
Non-recurring severance and professional fees | — | — | — | 307 | 307 | |||||||||||||||
Compensation expense related to acquisitions(3) | — | 722 | — | — | 722 | |||||||||||||||
Adjusted EBITDA (loss)(2) | $ | 2,384 | $ | 2,683 | $ | 499 | $ | (931 | ) | $ | 4,635 | |||||||||
For The Three Months Ended |
Pacific |
Corporate | Total | |||||||||||||||||
Revenue, from external customers | $ | 19,972 | $ | 3,538 | $ | 3,821 | $ | — | $ | 27,331 | ||||||||||
Adjusted net revenue, from external customers(1) | $ | 5,483 | $ | 3,167 | $ | 2,633 | $ | — | $ | 11,283 | ||||||||||
Net income | $ | 1,197 | ||||||||||||||||||
Benefit from income taxes | (3 | ) | ||||||||||||||||||
Interest income, net | (16 | ) | ||||||||||||||||||
Depreciation and amortization | 106 | |||||||||||||||||||
EBITDA (loss)(2) | $ | 998 | $ | 723 | $ | 158 | $ | (595 | ) | 1,284 | ||||||||||
Non-operating expense (income), including corporate administration charges and PPP loan forgiveness |
483 | (1,262 | ) | 46 | (582 | ) | (1,315 | ) | ||||||||||||
Stock-based compensation expense | 11 | 92 | 1 | 62 | 166 | |||||||||||||||
Non-recurring severance and professional fees | — | 209 | — | 315 | 524 | |||||||||||||||
Compensation expense related to acquisitions(3) | — | 91 | — | — | 91 | |||||||||||||||
Adjusted EBITDA (loss)(2) | $ | 1,492 | $ | (147 | ) | $ | 205 | $ | (800 | ) | $ | 750 |
- Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Condensed Consolidated Statements of Operations.
- 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, stock-based compensation expense, and other non-recurring 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.
- Represents compensation expense payable per the terms of acquisition agreements.
SEGMENT ANALYSIS - YEAR TO DATE | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
For The Year Ended |
Pacific |
Corporate | Total | |||||||||||||||||
Revenue, from external customers | $ | 118,597 | $ | 28,797 | $ | 21,813 | $ | — | $ | 169,207 | ||||||||||
Adjusted net revenue, from external customers(1) | $ | 28,561 | $ | 27,087 | $ | 12,509 | $ | — | $ | 68,157 | ||||||||||
Net income | $ | 3,227 | ||||||||||||||||||
Provision for income taxes | 1,117 | |||||||||||||||||||
Interest income, net | (33 | ) | ||||||||||||||||||
Depreciation and amortization | 597 | |||||||||||||||||||
EBITDA (loss)(2) | $ | 5,452 | $ | 1,801 | $ | 1,007 | $ | (3,352 | ) | 4,908 | ||||||||||
Non-operating expense (income), including corporate administration charges |
1,399 | 386 | 331 | (2,033 | ) | 83 | ||||||||||||||
Stock-based compensation expense | 324 | 556 | 246 | 1,298 | 2,424 | |||||||||||||||
Non-recurring severance and professional fees | — | 23 | — | 637 | 660 | |||||||||||||||
Compensation expense related to acquisitions(3) | — | 1,969 | — | — | 1,969 | |||||||||||||||
Adjusted EBITDA (loss)(2) | $ | 7,175 | $ | 4,735 | $ | 1,584 | $ | (3,450 | ) | $ | 10,044 | |||||||||
For The Year Ended |
Pacific |
Corporate | Total | |||||||||||||||||
Revenue, from external customers | $ | 75,633 | $ | 10,866 | $ | 14,949 | $ | — | $ | 101,448 | ||||||||||
Adjusted net revenue, from external customers(1) | $ | 19,814 | $ | 9,598 | $ | 9,669 | $ | — | $ | 39,081 | ||||||||||
Net loss | $ | (1,243 | ) | |||||||||||||||||
Provision for income taxes | 535 | |||||||||||||||||||
Interest income, net | (149 | ) | ||||||||||||||||||
Depreciation and amortization | 179 | |||||||||||||||||||
EBITDA (loss)(2) | $ | 2,877 | $ | (1,044 | ) | $ | 481 | $ | (2,992 | ) | (678 | ) | ||||||||
Non-operating expense (income), including corporate administration charges and PPP loan forgiveness |
1,002 | (1,076 | ) | (74 | ) | (1,641 | ) | (1,789 | ) | |||||||||||
Stock-based compensation expense | 60 | 88 | 6 | 583 | 737 | |||||||||||||||
Non-recurring severance and professional fees | — | 528 | — | 755 | 1,283 | |||||||||||||||
Compensation expense related to acquisitions(3) | — | 91 | — | — | 91 | |||||||||||||||
Adjusted EBITDA (loss)(2) | $ | 3,939 | $ | (1,413 | ) | $ | 413 | $ | (3,295 | ) | $ | (356 | ) |
- Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Condensed Consolidated Statements of Operations.
- 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, stock-based compensation expense, and other non-recurring 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.
- Represents compensation expense payable per the terms of acquisition agreements.
RECONCILIATION FOR CONSTANT CURRENCY
(in thousands)
(unaudited)
The Company operates on a global basis, with the majority of its revenue generated outside of
For The Three Months Ended |
|||||||||||||||
2021 | 2020 | ||||||||||||||
As | As | Currency | Constant | ||||||||||||
reported | reported | translation | currency | ||||||||||||
Revenue: | |||||||||||||||
$ | 32,183 | $ | 19,972 | $ | (26 | ) | $ | 19,946 | |||||||
11,447 | 3,538 | 12 | 3,550 | ||||||||||||
6,432 | 3,821 | 52 | 3,873 | ||||||||||||
Total | $ | 50,062 | $ | 27,331 | $ | 38 | $ | 27,369 | |||||||
Adjusted net revenue(1): | |||||||||||||||
$ | 7,998 | $ | 5,483 | $ | (1 | ) | $ | 5,482 | |||||||
10,855 | 3,167 | 9 | 3,176 | ||||||||||||
3,464 | 2,633 | 30 | 2,663 | ||||||||||||
Total | $ | 22,317 | $ | 11,283 | $ | 38 | $ | 11,321 | |||||||
SG&A(2): | |||||||||||||||
$ | 5,688 | $ | 4,002 | $ | 14 | $ | 4,016 | ||||||||
9,079 | 3,705 | 10 | 3,715 | ||||||||||||
3,037 | 2,430 | 30 | 2,460 | ||||||||||||
Corporate | 1,536 | 1,177 | — | 1,177 | |||||||||||
Total | $ | 19,340 | $ | 11,314 | $ | 54 | $ | 11,368 | |||||||
Operating income (loss): | |||||||||||||||
$ | 2,276 | $ | 1,467 | $ | (16 | ) | $ | 1,451 | |||||||
1,565 | (623 | ) | — | (623 | ) | ||||||||||
419 | 197 | — | 197 | ||||||||||||
Corporate | (1,540 | ) | (1,178 | ) | — | (1,178 | ) | ||||||||
Total | $ | 2,720 | $ | (137 | ) | $ | (16 | ) | $ | (153 | ) | ||||
EBITDA (loss): | |||||||||||||||
$ | 1,878 | $ | 998 | $ | 12 | $ | 1,010 | ||||||||
1,648 | 723 | 2 | 725 | ||||||||||||
350 | 158 | (5 | ) | 153 | |||||||||||
Corporate | (925 | ) | (595 | ) | — | (595 | ) | ||||||||
Total | $ | 2,951 | $ | 1,284 | $ | 9 | $ | 1,293 |
- Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Condensed Consolidated Statements of Operations.
- SG&A is a measure that management uses to evaluate the segments’ expenses and includes salaries and related costs and other selling, general and administrative costs.
RECONCILIATION FOR CONSTANT CURRENCY (continued)
(in thousands)
(unaudited)
For The Year Ended |
|||||||||||||||
2021 | 2020 | ||||||||||||||
As | As | Currency | Constant | ||||||||||||
reported | reported | translation | currency | ||||||||||||
Revenue: | |||||||||||||||
$ | 118,597 | $ | 75,633 | $ | 6,314 | $ | 81,947 | ||||||||
28,797 | 10,866 | 89 | 10,955 | ||||||||||||
21,813 | 14,949 | 996 | 15,945 | ||||||||||||
Total | $ | 169,207 | $ | 101,448 | $ | 7,399 | $ | 108,847 | |||||||
Adjusted net revenue(1): | |||||||||||||||
$ | 28,561 | $ | 19,814 | $ | 1,442 | $ | 21,256 | ||||||||
27,087 | 9,598 | 82 | 9,680 | ||||||||||||
12,509 | 9,669 | 603 | 10,272 | ||||||||||||
Total | $ | 68,157 | $ | 39,081 | $ | 2,127 | $ | 41,208 | |||||||
SG&A(2): | |||||||||||||||
$ | 21,705 | $ | 15,941 | $ | 1,177 | $ | 17,118 | ||||||||
24,908 | 11,814 | 97 | 11,911 | ||||||||||||
11,169 | 9,160 | 571 | 9,731 | ||||||||||||
Corporate | 5,384 | 4,633 | — | 4,633 | |||||||||||
Total | $ | 63,166 | $ | 41,548 | $ | 1,845 | $ | 43,393 | |||||||
Operating income (loss): | |||||||||||||||
$ | 6,785 | $ | 3,827 | $ | 235 | $ | 4,062 | ||||||||
1,689 | (2,218 | ) | (14 | ) | (2,232 | ) | |||||||||
1,309 | 383 | 27 | 410 | ||||||||||||
Corporate | (5,389 | ) | (4,638 | ) | — | (4,638 | ) | ||||||||
Total | $ | 4,394 | $ | (2,646 | ) | $ | 248 | $ | (2,398 | ) | |||||
EBITDA (loss): | |||||||||||||||
$ | 5,452 | $ | 2,877 | $ | 241 | $ | 3,118 | ||||||||
1,801 | (1,044 | ) | (12 | ) | (1,056 | ) | |||||||||
1,007 | 481 | 52 | 533 | ||||||||||||
Corporate | (3,352 | ) | (2,992 | ) | — | (2,992 | ) | ||||||||
Total | $ | 4,908 | $ | (678 | ) | $ | 281 | $ | (397 | ) |
- Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Condensed Consolidated Statements of Operations.
- SG&A is a measure that management uses to evaluate the segments’ expenses and includes salaries and related costs and other selling, general and administrative costs.
RECONCILIATION OF ADJUSTED NET INCOME (LOSS) PER DILUTED SHARE
(in thousands, except per share amounts)
(unaudited)
Adjusted | Diluted Shares |
Per Diluted | |||||||||
For The Three Months Ended |
Net Income | Outstanding |
Share | ||||||||
Net income | $ | 2,058 | 3,081 | $ | 0.67 | ||||||
Non-recurring items (after tax) | 307 | 3,081 | 0.10 | ||||||||
Compensation expense related to acquisitions (after tax)(1) | 765 | 3,081 | 0.25 | ||||||||
Adjusted net income(2) | $ | 3,130 | 3,081 | $ | 1.02 |
Adjusted | Diluted Shares |
Per Diluted | |||||||||
For The Three Months Ended |
Net Income | Outstanding |
Share | ||||||||
Net income | $ | 1,197 | 2,894 | $ | 0.41 | ||||||
Non-recurring items (after tax) | (801 | ) | 2,894 | (0.28 | ) | ||||||
Compensation expense related to acquisitions (after tax)(1) | 183 | 2,894 | 0.06 | ||||||||
Adjusted net income(2) | $ | 579 | 2,894 | $ | 0.20 |
Adjusted | Diluted Shares |
Per Diluted | |||||||||
For The Year Ended |
Net Income | Outstanding |
Share | ||||||||
Net income | $ | 3,227 | 3,003 | $ | 1.07 | ||||||
Non-recurring items (after tax) | 660 | 3,003 | 0.22 | ||||||||
Compensation expense related to acquisitions (after tax)(1) | 2,253 | 3,003 | 0.75 | ||||||||
Adjusted net income(2) | $ | 6,140 | 3,003 | $ | 2.04 |
Adjusted | Diluted Shares |
Per Diluted | |||||||||
For The Year Ended |
Net Loss | Outstanding |
Share | ||||||||
Net loss | $ | (1,243 | ) | 2,911 | $ | (0.43 | ) | ||||
Non-recurring items (after tax) | (44 | ) | 2,911 | (0.01 | ) | ||||||
Compensation expense related to acquisitions (after tax)(1) | $ | 183 | 2,911 | 0.06 | |||||||
Adjusted net loss(2) | $ | (1,104 | ) | 2,911 | $ | (0.38 | ) |
(1) | Represents compensation expense payable per the terms of the Coit acquisition, including a promissory note for |
|
(2) | Adjusted net income or loss per diluted share are Non-GAAP measures defined as reported net income or loss and reported net income or loss per diluted share before items such as PPP loan forgiveness, acquisition-related costs, and non-recurring severance and professional fees after tax that are presented to provide additional information about the company's operations on a basis consistent with the measures that the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as substitutes for net income or loss and net income or loss per share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as measures of the company's profitability or liquidity. Further, adjusted net income or loss and adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies. |
Source: Hudson Global, Inc.