Workflow
Hudson Global(HSON) - 2024 Q3 - Quarterly Results
HSONHudson Global(HSON)2024-11-12 14:20

Revenue Performance - Revenue for Q3 2024 was 36.9million,adecreaseof6.536.9 million, a decrease of 6.5% from Q3 2023, and an 8.1% decrease in constant currency[2] - Adjusted net revenue for Q3 2024 was 18.6 million, down 4.0% from Q3 2023, with a 5.2% decrease in constant currency[2] - Total revenue for the three months ended September 30, 2024, was 36.853million,withadjustednetrevenueof36.853 million, with adjusted net revenue of 18.603 million[23] - Total revenue for Q3 2024 was 36,853,000,adecreasefrom36,853,000, a decrease from 39,398,000 in Q3 2023, reflecting a constant currency revenue of 40,084,000[27]−AdjustednetrevenueforQ32024was40,084,000[27] - Adjusted net revenue for Q3 2024 was 18,603,000, down from 19,370,000inQ32023,withaconstantcurrencyadjustednetrevenueof19,370,000 in Q3 2023, with a constant currency adjusted net revenue of 19,624,000[27] Profitability and Loss - The net loss for Q3 2024 was 0.8million,or0.8 million, or 0.28 per diluted share, compared to a net income of 0.5million,or0.5 million, or 0.17 per diluted share, in Q3 2023[3] - Adjusted EBITDA for Q3 2024 was 0.8million,adecreasefrom0.8 million, a decrease from 2.0 million in Q3 2023[3] - The net loss for the three months ended September 30, 2024, was 846,000,whilethenetlossfortheninemonthswas846,000, while the net loss for the nine months was 4.185 million[23][24] - Adjusted EBITDA for the three months ended September 30, 2024, was a loss of 839,000,comparedtoaprofitof839,000, compared to a profit of 2.004 million for the same period in 2023[23] - Adjusted EBITDA for the nine months ended September 30, 2024, was 42,000,significantlylowerthanthe42,000, significantly lower than the 5.801 million reported for the same period in 2023[24] - Operating loss for Q3 2024 was (457,000),asignificantdeclinefromanoperatingincomeof(457,000), a significant decline from an operating income of 1,277,000 in Q3 2023[27] - EBITDA loss for Q3 2024 was (283,000),comparedtoanEBITDAof(283,000), compared to an EBITDA of 1,247,000 in Q3 2023, showing a downward trend[27] - Net loss for Q3 2024 was (846,000),resultinginadilutedlosspershareof(846,000), resulting in a diluted loss per share of (0.28)[28] - Adjusted net loss for Q3 2024 was (389,000),leadingtoanadjusteddilutedlosspershareof(389,000), leading to an adjusted diluted loss per share of (0.13)[28] - In Q3 2023, the company reported a net income of 533,000,withanadjustednetincomeof533,000, with an adjusted net income of 755,000, resulting in a diluted earnings per share of 0.24[29]RegionalRevenueBreakdown−Americasrevenueincreasedby60.24[29] Regional Revenue Breakdown - Americas revenue increased by 6% to 7.6 million in Q3 2024, while adjusted net revenue decreased by 3% to 6.6million[7]−AsiaPacificrevenuedecreasedby156.6 million[7] - Asia Pacific revenue decreased by 15% to 22.6 million, with adjusted net revenue down 11% to 7.8millioninQ32024[8]−EMEArevenueincreasedby77.8 million in Q3 2024[8] - EMEA revenue increased by 7% to 6.7 million, and adjusted net revenue rose by 5% to 4.1millioninQ32024[9]CashandAssets−ThecompanyendedQ32024withtotalcashof4.1 million in Q3 2024[9] Cash and Assets - The company ended Q3 2024 with total cash of 16.5 million, including 0.7millioninrestrictedcash[12]−Cashandcashequivalentsdecreasedfrom0.7 million in restricted cash[12] - Cash and cash equivalents decreased from 22.611 million on December 31, 2023, to 15.835millionbySeptember30,2024[21]−Totalassetsdecreasedfrom15.835 million by September 30, 2024[21] - Total assets decreased from 60.958 million at the end of 2023 to 57.154millionbySeptember30,2024[21]−Totalliabilitiesincreasedfrom57.154 million by September 30, 2024[21] - Total liabilities increased from 12.404 million at the end of 2023 to 14.214millionbySeptember30,2024[21]−Stockholders′equitydecreasedfrom14.214 million by September 30, 2024[21] - Stockholders' equity decreased from 48.554 million at the end of 2023 to 42.940millionbySeptember30,2024[21]ShareRepurchaseandTaxProvision−Thecompanyrepurchased42.940 million by September 30, 2024[21] Share Repurchase and Tax Provision - The company repurchased 0.4 million of stock in Q3 2024, totaling 2.5millionyear−to−dateunderthe2.5 million year-to-date under the 5 million share repurchase program[4] - The company reported a provision for income taxes of 298,000forthethreemonthsendedSeptember30,2024[23]ForeignCurrencyImpact−Thecompanyexperiencedasignificantforeigncurrencyimpact,withconstantcurrencymeasuresprovidingaclearerviewofoperationalperformance[26]−Managementemphasizestheimportanceofconstantcurrencymeasurestobetterrepresentunderlyingbusinesstrendsandoperationalchanges[26]UsableNetOperatingLosses−AsofDecember31,2023,HudsonGlobalhad298,000 for the three months ended September 30, 2024[23] Foreign Currency Impact - The company experienced a significant foreign currency impact, with constant currency measures providing a clearer view of operational performance[26] - Management emphasizes the importance of constant currency measures to better represent underlying business trends and operational changes[26] Usable Net Operating Losses - As of December 31, 2023, Hudson Global had 302 million of usable net operating losses (NOL) in the U.S.[14]