Delaware | 000-50129 | 59-3547281 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c) |
ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
HUDSON GLOBAL, INC. (Registrant) | ||
By: | /s/ STEPHEN A. NOLAN | |
Stephen A. Nolan | ||
Chief Executive Officer | ||
Date: | March 1, 2018 |
For Immediate Release | Contact: | David F. Kirby | ||
Hudson | ||||
212-351-7216 | ||||
david.kirby@hudson.com |
• | Revenue of $121.6 million increased 21.2 percent from the fourth quarter of 2016, or 16.4 percent in constant currency. |
• | Gross margin of $48.7 million increased 13.9 percent from the fourth quarter of 2016, or 8.7 percent in constant currency. |
• | Net loss of $2.0 million, or $0.06 per basic and diluted share, including goodwill impairment in China of $1.9 million, compared with net loss of $0.3 million, or $0.01 per basic and diluted share, for the fourth quarter of 2016. |
• | Adjusted EBITDA* of $1.9 million, net of $1.3 million of expenses related to the announced divestitures, compared with adjusted EBITDA of $0.9 million in the fourth quarter of 2016. |
• | Revenue of $456.7 million increased 8.0 percent from 2016, or 7.9 percent in constant currency. |
• | Gross margin of $186.7 million increased 7.1 percent from 2016, or 6.6 percent in constant currency. |
• | Net loss of $2.9 million, or $0.09 per basic and diluted share, including goodwill impairment in China of $1.9 million, compared with net loss of $8.8 million, or $0.26 per basic and diluted share, in 2016. |
• | Adjusted EBITDA* of $6.9 million, net of $2.1 million of expenses related to the announced divestitures, compared with adjusted EBITDA loss of $1.5 million in 2016. |
HUDSON GLOBAL, INC. | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
(unaudited) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Revenue | $ | 121,617 | $ | 100,314 | $ | 456,721 | $ | 422,744 | |||||||
Direct costs | 72,884 | 57,540 | 269,985 | 248,327 | |||||||||||
Gross margin | 48,733 | 42,774 | 186,736 | 174,417 | |||||||||||
Operating expenses: | |||||||||||||||
Selling, general and administrative expenses | 47,224 | 42,033 | 181,090 | 177,334 | |||||||||||
Depreciation and amortization | 698 | 796 | 2,748 | 3,090 | |||||||||||
Business reorganization | 76 | 616 | 712 | 1,580 | |||||||||||
Goodwill impairment | 1,909 | — | 1,909 | — | |||||||||||
Total operating expenses | 49,907 | 43,445 | 186,459 | 182,004 | |||||||||||
Operating income (loss) | (1,174 | ) | (671 | ) | 277 | (7,587 | ) | ||||||||
Non-operating income (expense): | |||||||||||||||
Interest income (expense), net | (86 | ) | (93 | ) | (403 | ) | (357 | ) | |||||||
Other income (expense), net | 1 | 198 | (510 | ) | (247 | ) | |||||||||
Income (loss) before provision for income taxes from continuing operations | (1,259 | ) | (566 | ) | (636 | ) | (8,191 | ) | |||||||
Provision for (benefit from) income taxes | 759 | (458 | ) | 2,284 | 742 | ||||||||||
Income (loss) from continuing operations | (2,018 | ) | (108 | ) | (2,920 | ) | (8,933 | ) | |||||||
Income (loss) from discontinued operations, net of income taxes | 13 | (184 | ) | (21 | ) | 143 | |||||||||
Net income (loss) | $ | (2,005 | ) | $ | (292 | ) | $ | (2,941 | ) | $ | (8,790 | ) | |||
Earnings (loss) per share: | |||||||||||||||
Basic and diluted | |||||||||||||||
Income (loss) from continuing operations | $ | (0.06 | ) | $ | — | $ | (0.09 | ) | $ | (0.27 | ) | ||||
Income (loss) from discontinued operations | — | (0.01 | ) | — | 0.01 | ||||||||||
Net income (loss) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.09 | ) | $ | (0.26 | ) | |||
Weighted-average shares outstanding: | |||||||||||||||
Basic | 32,063 | 32,227 | 32,106 | 33,174 | |||||||||||
Diluted | 32,063 | 32,227 | 32,106 | 33,174 |
HUDSON GLOBAL, INC. | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands, except per share amounts) | |||||||
(unaudited) | |||||||
December 31, 2017 | December 31, 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 21,040 | $ | 21,322 | |||
Accounts receivable, less allowance for doubtful accounts of $684 and $799, respectively | 71,878 | 58,517 | |||||
Prepaid and other | 4,125 | 4,265 | |||||
Current assets of discontinued operations | — | 38 | |||||
Total current assets | 97,043 | 84,142 | |||||
Property and equipment, net | 6,251 | 7,041 | |||||
Deferred tax assets, non-current | 6,404 | 6,494 | |||||
Other assets | 1,942 | 4,135 | |||||
Total assets | $ | 111,640 | $ | 101,812 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 6,957 | $ | 4,666 | |||
Accrued expenses and other current liabilities | 45,565 | 36,154 | |||||
Short-term borrowings | 7,080 | 7,770 | |||||
Accrued business reorganization | 919 | 1,756 | |||||
Current liabilities of discontinued operations | 56 | 233 | |||||
Total current liabilities | 60,577 | 50,579 | |||||
Deferred rent and tenant improvement contributions | 1,833 | 2,968 | |||||
Income tax payable, non-current | 2,231 | 2,211 | |||||
Other non-current liabilities | 3,847 | 4,169 | |||||
Total liabilities | 68,488 | 59,927 | |||||
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; issued 34,959 and 34,910 shares, respectively | 34 | 34 | |||||
Additional paid-in capital | 483,558 | 482,265 | |||||
Accumulated deficit | (443,419 | ) | (440,478 | ) | |||
Accumulated other comprehensive income | 10,709 | 6,931 | |||||
Treasury stock, 3,800 and 3,145 shares, respectively, at cost | (7,730 | ) | (6,867 | ) | |||
Total stockholders’ equity | 43,152 | 41,885 | |||||
Total liabilities and stockholders' equity | $ | 111,640 | $ | 101,812 |
HUDSON GLOBAL, INC. | ||||||||||||||||||||
SEGMENT ANALYSIS - QUARTER TO DATE | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
For The Three Months Ended December 31, 2017 | Hudson Americas | Hudson Asia Pacific | Hudson Europe | Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 3,677 | $ | 77,341 | $ | 40,599 | $ | — | $ | 121,617 | ||||||||||
Gross margin, from external customers | $ | 3,180 | $ | 25,049 | $ | 20,504 | $ | — | $ | 48,733 | ||||||||||
Adjusted EBITDA (loss) (1) | $ | 517 | $ | 2,408 | $ | 1,856 | $ | (2,914 | ) | $ | 1,867 | |||||||||
Business reorganization expenses (recovery) | 9 | — | 67 | — | 76 | |||||||||||||||
Stock-based compensation expense | 23 | 16 | 56 | 262 | 357 | |||||||||||||||
Impairment of long-lived assets | — | 1,909 | — | — | 1,909 | |||||||||||||||
Non-operating expense (income), including corporate administration charges | 25 | 229 | 268 | (522 | ) | — | ||||||||||||||
EBITDA (loss) (1) | $ | 460 | $ | 254 | $ | 1,465 | $ | (2,654 | ) | $ | (475 | ) | ||||||||
Depreciation and amortization expenses | 698 | |||||||||||||||||||
Interest expense (income), net | 86 | |||||||||||||||||||
Provision for (benefit from) income taxes | 759 | |||||||||||||||||||
Income (loss) from continuing operations | (2,018 | ) | ||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 13 | |||||||||||||||||||
Net income (loss) | $ | (2,005 | ) | |||||||||||||||||
For The Three Months Ended December 31, 2016 | Hudson Americas | Hudson Asia Pacific | Hudson Europe | Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 3,901 | $ | 59,122 | $ | 37,291 | $ | — | $ | 100,314 | ||||||||||
Gross margin, from external customers | $ | 3,400 | $ | 20,524 | $ | 18,850 | $ | — | $ | 42,774 | ||||||||||
Adjusted EBITDA (loss) (1) | $ | 587 | $ | 373 | $ | 1,302 | $ | (1,355 | ) | $ | 907 | |||||||||
Business reorganization expenses (recovery) | 2 | (24 | ) | 606 | 32 | 616 | ||||||||||||||
Stock-based compensation expense | 27 | (4 | ) | 13 | 130 | 166 | ||||||||||||||
Non-operating expense (income), including corporate administration charges | 100 | 383 | 378 | (1,059 | ) | (198 | ) | |||||||||||||
EBITDA (loss) (1) | $ | 458 | $ | 18 | $ | 305 | $ | (458 | ) | $ | 323 | |||||||||
Depreciation and amortization expenses | 796 | |||||||||||||||||||
Interest expense (income), net | 93 | |||||||||||||||||||
Provision for (benefit from) income taxes | (458 | ) | ||||||||||||||||||
Income (loss) from continuing operations | (108 | ) | ||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | (184 | ) | ||||||||||||||||||
Net income (loss) | $ | (292 | ) |
1. | 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, 2017 | Hudson Americas | Hudson Asia Pacific | Hudson Europe | Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 4,044 | $ | 76,509 | $ | 37,555 | $ | — | $ | 118,108 | ||||||||||
Gross margin, from external customers | $ | 3,668 | $ | 25,407 | $ | 18,170 | $ | — | $ | 47,245 | ||||||||||
Adjusted EBITDA (loss) (1) | $ | 579 | $ | 2,338 | $ | 621 | $ | (2,236 | ) | $ | 1,302 | |||||||||
Business reorganization expenses (recovery) | — | — | 477 | — | 477 | |||||||||||||||
Stock-based compensation expense | 20 | 24 | 45 | 140 | 229 | |||||||||||||||
Non-operating expense (income), including corporate administration charges | 76 | 629 | 479 | (1,063 | ) | 121 | ||||||||||||||
EBITDA (loss) (1) | $ | 483 | $ | 1,685 | $ | (380 | ) | $ | (1,313 | ) | $ | 475 | ||||||||
Depreciation and amortization expenses | 697 | |||||||||||||||||||
Interest expense (income), net | 110 | |||||||||||||||||||
Provision for (benefit from) income taxes | 500 | |||||||||||||||||||
Income (loss) from continuing operations | (832 | ) | ||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | (16 | ) | ||||||||||||||||||
Net income (loss) | $ | (848 | ) | |||||||||||||||||
For The Three Months Ended March 31, 2017 | Hudson Americas | Hudson Asia Pacific | Hudson Europe | Corporate | Total | |||||||||||||||
Revenue, from external customers | $ | 4,315 | $ | 59,710 | $ | 39,380 | $ | — | $ | 103,405 | ||||||||||
Gross margin, from external customers | $ | 3,836 | $ | 19,735 | $ | 18,861 | $ | — | $ | 42,432 | ||||||||||
Adjusted EBITDA (loss) (1) | $ | 334 | $ | 121 | $ | 1,493 | $ | (1,594 | ) | $ | 354 | |||||||||
Business reorganization expenses (recovery) | (92 | ) | — | 336 | (22 | ) | 222 | |||||||||||||
Stock-based compensation expense | 33 | 6 | 43 | 109 | 191 | |||||||||||||||
Non-operating expense (income), including corporate administration charges | 59 | 848 | 235 | (761 | ) | 381 | ||||||||||||||
EBITDA (loss) (1) | $ | 334 | $ | (733 | ) | $ | 879 | $ | (920 | ) | $ | (440 | ) | |||||||
Depreciation and amortization expenses | 666 | |||||||||||||||||||
Interest expense (income), net | 88 | |||||||||||||||||||
Provision for (benefit from) income taxes | 155 | |||||||||||||||||||
Income (loss) from continuing operations | (1,349 | ) | ||||||||||||||||||
Income (loss) from discontinued operations, net of income taxes | 35 | |||||||||||||||||||
Net income (loss) | $ | (1,314 | ) |
1. | 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, 2017 | Hudson Americas | Hudson Asia Pacific | Hudson Europe | Corporate | Total | |||||
Revenue, from external customers | $16,196 | $282,824 | $157,701 | $— | $456,721 | |||||
Gross margin, from external customers | $14,420 | $93,623 | $78,693 | $— | $186,736 | |||||
Adjusted EBITDA (loss) (1) | $1,834 | $6,731 | $7,051 | $(8,676) | $6,940 | |||||
Business reorganization expenses (recovery) | (82) | 1 | 815 | (22) | 712 | |||||
Stock-based compensation expense | 96 | 69 | 189 | 940 | 1,294 | |||||
Impairment of long-lived assets | — | 1,909 | — | — | 1,909 | |||||
Non-operating expense (income), including corporate administration charges | 242 | 2,248 | 1,464 | (3,444) | 510 | |||||
EBITDA (loss) (1) | $1,578 | $2,504 | $4,583 | $(6,150) | $2,515 | |||||
Depreciation and amortization expenses | 2,748 | |||||||||
Interest expense (income), net | 403 | |||||||||
Provision for (benefit from) income taxes | 2,284 | |||||||||
Income (loss) from continuing operations | (2,920) | |||||||||
Income (loss) from discontinued operations, net of income taxes | (21) | |||||||||
Net income (loss) | $(2,941) | |||||||||
For The Year Ended December 31, 2016 | Hudson Americas | Hudson Asia Pacific | Hudson Europe | Corporate | Total | |||||
Revenue, from external customers | $15,561 | $236,839 | $170,344 | $— | $422,744 | |||||
Gross margin, from external customers | $13,609 | $84,126 | $76,682 | $— | $174,417 | |||||
Adjusted EBITDA (loss) (1) | $1,209 | $2,614 | $4,194 | $(9,485) | $(1,468) | |||||
Business reorganization expenses (recovery) | (39) | 248 | 1,387 | (16) | 1,580 | |||||
Stock-based compensation expense | 108 | 161 | 206 | 974 | 1,449 | |||||
Non-operating expense (income), including corporate administration charges | 370 | 2,543 | 1,537 | (4,203) | 247 | |||||
EBITDA (loss) (1) | $770 | $(338) | $1,064 | $(6,240) | $(4,744) | |||||
Depreciation and amortization expenses | 3,090 | |||||||||
Interest expense (income), net | 357 | |||||||||
Provision for (benefit from) income taxes | 742 | |||||||||
Income (loss) from continuing operations | (8,933) | |||||||||
Income (loss) from discontinued operations, net of income taxes | 143 | |||||||||
Net income (loss) | $(8,790) |
1. | 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. |
For The Three Months Ended December 31, | |||||||||||||||
2017 | 2016 | ||||||||||||||
As | As | Currency | Constant | ||||||||||||
reported | reported | translation | currency | ||||||||||||
Revenue: | |||||||||||||||
Hudson Americas | $ | 3,677 | $ | 3,901 | $ | 11 | $ | 3,912 | |||||||
Hudson Asia Pacific | 77,341 | 59,122 | 1,276 | 60,398 | |||||||||||
Hudson Europe | 40,599 | 37,291 | 2,907 | 40,198 | |||||||||||
Total | $ | 121,617 | $ | 100,314 | $ | 4,194 | $ | 104,508 | |||||||
Gross margin: | |||||||||||||||
Hudson Americas | $ | 3,180 | $ | 3,400 | $ | 9 | $ | 3,409 | |||||||
Hudson Asia Pacific | 25,049 | 20,524 | 475 | 20,999 | |||||||||||
Hudson Europe | 20,504 | 18,850 | 1,590 | 20,440 | |||||||||||
Total | $ | 48,733 | $ | 42,774 | $ | 2,074 | $ | 44,848 | |||||||
SG&A (1): | |||||||||||||||
Hudson Americas | $ | 2,681 | $ | 2,836 | $ | 5 | $ | 2,841 | |||||||
Hudson Asia Pacific | 22,596 | 20,065 | 426 | 20,491 | |||||||||||
Hudson Europe | 18,772 | 17,651 | 1,450 | 19,101 | |||||||||||
Corporate | 3,174 | 1,481 | — | 1,481 | |||||||||||
Total | $ | 47,223 | $ | 42,033 | $ | 1,881 | $ | 43,914 | |||||||
Business reorganization expenses: | |||||||||||||||
Hudson Americas | $ | 9 | $ | 2 | $ | — | $ | 2 | |||||||
Hudson Asia Pacific | — | (24 | ) | 1 | (23 | ) | |||||||||
Hudson Europe | 67 | 606 | 44 | 650 | |||||||||||
Corporate | — | 32 | — | 32 | |||||||||||
Total | $ | 76 | $ | 616 | $ | 45 | $ | 661 | |||||||
Operating income (loss): | |||||||||||||||
Hudson Americas | $ | 484 | $ | 552 | $ | 5 | $ | 557 | |||||||
Hudson Asia Pacific | 81 | (53 | ) | 37 | (16 | ) | |||||||||
Hudson Europe | 1,557 | 419 | 81 | 500 | |||||||||||
Corporate | (3,296 | ) | (1,589 | ) | — | (1,589 | ) | ||||||||
Total | $ | (1,174 | ) | $ | (671 | ) | $ | 123 | $ | (548 | ) | ||||
EBITDA (loss): | |||||||||||||||
Hudson Americas | $ | 460 | $ | 458 | $ | (5 | ) | $ | 453 | ||||||
Hudson Asia Pacific | 254 | 18 | 59 | 77 | |||||||||||
Hudson Europe | 1,465 | 305 | 58 | 363 | |||||||||||
Corporate | (2,654 | ) | (458 | ) | — | (458 | ) | ||||||||
Total | $ | (475 | ) | $ | 323 | $ | 112 | $ | 435 |
1. | SG&A is a measure that management uses to evaluate the segments’ expenses. |
For The Year Ended December 31, | |||||||||||||||
2017 | 2016 | ||||||||||||||
As | As | Currency | Constant | ||||||||||||
reported | reported | translation | currency | ||||||||||||
Revenue: | |||||||||||||||
Hudson Americas | $ | 16,196 | $ | 15,561 | $ | 22 | $ | 15,583 | |||||||
Hudson Asia Pacific | 282,824 | 236,839 | 5,796 | 242,635 | |||||||||||
Hudson Europe | 157,701 | 170,344 | (5,400 | ) | 164,944 | ||||||||||
Total | $ | 456,721 | $ | 422,744 | $ | 418 | $ | 423,162 | |||||||
Gross margin: | |||||||||||||||
Hudson Americas | $ | 14,420 | $ | 13,609 | $ | 19 | $ | 13,628 | |||||||
Hudson Asia Pacific | 93,623 | 84,126 | 1,442 | 85,568 | |||||||||||
Hudson Europe | 78,693 | 76,682 | (729 | ) | 75,953 | ||||||||||
Total | $ | 186,736 | $ | 174,417 | $ | 732 | $ | 175,149 | |||||||
SG&A (1): | |||||||||||||||
Hudson Americas | $ | 12,712 | $ | 12,495 | $ | 11 | $ | 12,506 | |||||||
Hudson Asia Pacific | 86,716 | 81,409 | 1,188 | 82,597 | |||||||||||
Hudson Europe | 72,047 | 72,978 | (913 | ) | 72,065 | ||||||||||
Corporate | 9,615 | 10,452 | — | 10,452 | |||||||||||
Total | $ | 181,090 | $ | 177,334 | $ | 286 | $ | 177,620 | |||||||
Business reorganization expenses: | |||||||||||||||
Hudson Americas | $ | (82 | ) | $ | (39 | ) | $ | — | $ | (39 | ) | ||||
Hudson Asia Pacific | 1 | 248 | — | 248 | |||||||||||
Hudson Europe | 815 | 1,387 | (2 | ) | 1,385 | ||||||||||
Corporate | (22 | ) | (16 | ) | — | (16 | ) | ||||||||
Total | $ | 712 | $ | 1,580 | $ | (2 | ) | $ | 1,578 | ||||||
Operating income (loss): | |||||||||||||||
Hudson Americas | $ | 1,818 | $ | 1,090 | $ | 8 | $ | 1,098 | |||||||
Hudson Asia Pacific | 3,041 | 454 | 209 | 663 | |||||||||||
Hudson Europe | 5,370 | 1,709 | 210 | 1,919 | |||||||||||
Corporate | (9,952 | ) | (10,840 | ) | — | (10,840 | ) | ||||||||
Total | $ | 277 | $ | (7,587 | ) | $ | 427 | $ | (7,160 | ) | |||||
EBITDA (loss): | |||||||||||||||
Hudson Americas | $ | 1,578 | $ | 770 | $ | 7 | $ | 777 | |||||||
Hudson Asia Pacific | 2,504 | (338 | ) | 221 | (117 | ) | |||||||||
Hudson Europe | 4,583 | 1,064 | 142 | 1,206 | |||||||||||
Corporate | (6,150 | ) | (6,240 | ) | — | (6,240 | ) | ||||||||
Total | $ | 2,515 | $ | (4,744 | ) | $ | 370 | $ | (4,374 | ) |
1. | SG&A is a measure that management uses to evaluate the segments’ expenses. |