$HSON
Hudson Global, Inc.

2018 Q1 Form 10-Q Financial Statement

#000121070818000037 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $16.22M $103.4M
YoY Change -84.32% 2.15%
Cost Of Revenue $6.061M $3.990M
YoY Change 51.9% -93.35%
Gross Profit $10.15M $10.00M
YoY Change 1.52% -75.76%
Gross Profit Margin 62.62% 9.67%
Selling, General & Admin $12.80M $42.27M
YoY Change -69.72% -3.15%
% of Gross Profit 126.06% 422.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $680.0K $666.0K
YoY Change 2.1% -3.2%
% of Gross Profit 6.7% 6.66%
Operating Expenses $12.80M $42.27M
YoY Change -69.72% -3.15%
Operating Profit -$2.658M -$297.0K
YoY Change 794.95% -91.98%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$67.00K -$36.00K
YoY Change 86.11% -73.72%
Pretax Income -$2.725M -$333.0K
YoY Change 718.32% -91.45%
Income Tax $172.0K $146.0K
% Of Pretax Income
Net Earnings $10.72M -$1.314M
YoY Change -915.91% -62.32%
Net Earnings / Revenue 66.12% -1.27%
Basic Earnings Per Share
Diluted Earnings Per Share $3.344M -$406.3K
COMMON SHARES
Basic Shares Outstanding 32.15M shares 32.16M shares
Diluted Shares Outstanding 32.15M shares 32.16M shares

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.90M $14.80M
YoY Change 189.86% -53.61%
Cash & Equivalents $42.86M $14.77M
Short-Term Investments
Other Short-Term Assets $800.0K $5.100M
YoY Change -84.31% -17.74%
Inventory
Prepaid Expenses
Receivables $13.68M $9.497M
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.33M $86.67M
YoY Change -33.85% -15.3%
LONG-TERM ASSETS
Property, Plant & Equipment $7.000K $7.028M
YoY Change -99.9% -11.17%
Goodwill $1.827M
YoY Change -6.4%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $340.0K $3.784M
YoY Change -91.01% -6.5%
Total Long-Term Assets $640.0K -$70.87M
YoY Change -100.9% -463.22%
TOTAL ASSETS
Total Short-Term Assets $57.33M $86.67M
Total Long-Term Assets $640.0K -$70.87M
Total Assets $57.97M $15.80M
YoY Change 266.83% -87.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.780M $6.450M
YoY Change -72.4% 26.62%
Accrued Expenses $7.500M $35.80M
YoY Change -79.05% -15.17%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $11.31M
YoY Change -100.0% 96.01%
Long-Term Debt Due $100.0K
YoY Change
Total Short-Term Liabilities $11.13M $53.73M
YoY Change -79.3% -0.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $100.0K
YoY Change -100.0%
Other Long-Term Liabilities $894.0K $4.019M
YoY Change -77.76% -26.38%
Total Long-Term Liabilities $894.0K $4.019M
YoY Change -77.76% -26.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.13M $53.73M
Total Long-Term Liabilities $894.0K $4.019M
Total Liabilities $13.99M $62.78M
YoY Change -77.71% -4.59%
SHAREHOLDERS EQUITY
Retained Earnings -$432.7M -$441.8M
YoY Change -2.06% 1.92%
Common Stock $484.3M $482.5M
YoY Change 0.37% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost) $7.797M $7.201M
YoY Change 8.28% 170.71%
Treasury Stock Shares 3.834M shares 3.427M shares
Shareholders Equity $43.98M $8.014M
YoY Change
Total Liabilities & Shareholders Equity $57.97M $104.6M
YoY Change -44.59% -14.13%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income $10.72M -$1.314M
YoY Change -915.91% -62.32%
Depreciation, Depletion And Amortization $680.0K $666.0K
YoY Change 2.1% -3.2%
Cash From Operating Activities -$14.71M -$8.936M
YoY Change 64.56% 53.49%
INVESTING ACTIVITIES
Capital Expenditures -$280.0K -$380.0K
YoY Change -26.32% -40.63%
Acquisitions
YoY Change
Other Investing Activities $27.98M $0.00
YoY Change -100.0%
Cash From Investing Activities $27.69M -$381.0K
YoY Change -7368.5% -39.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $329.0K
YoY Change -100.0% -66.6%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $7.899M $2.638M
YoY Change 199.43% 551.36%
NET CHANGE
Cash From Operating Activities -$14.71M -$8.936M
Cash From Investing Activities $27.69M -$381.0K
Cash From Financing Activities $7.899M $2.638M
Net Change In Cash $21.29M -$6.679M
YoY Change -418.78% 10.45%
FREE CASH FLOW
Cash From Operating Activities -$14.71M -$8.936M
Capital Expenditures -$280.0K -$380.0K
Free Cash Flow -$14.43M -$8.556M
YoY Change 68.6% 65.11%

Facts In Submission

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CY2018Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ACCOUNTING PRONOUNCEMENTS</font></div><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Adoption of New Accounting Pronouncements</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2018, we adopted Accounting Standards Updates ("ASU") No. 2014-09, "Revenue from Contracts with Customers (Topic 606)" ("ASU 2014-09") and a series of related accounting standard updates designed to create improved revenue recognition and disclosure comparability in financial statements. For more information, see Note 4.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2018, we retroactively adopted ASU No. 2016-18, "Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the Financial Accounting Standards Board (the "FASB") Emerging Issues Task Force)." This ASU requires the statements of cash flows to present the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents are now included with cash and cash equivalents when reconciling the beginning of period and end of period amounts presented on the statements of cash flows. The retrospective application of this new accounting guidance resulted in an increase of </font><font style="font-family:inherit;font-size:10pt;">$69</font><font style="font-family:inherit;font-size:10pt;"> in "Decrease (increase) in prepaid and other assets" in Net Cash used in Operating Activities, an increase of </font><font style="font-family:inherit;font-size:10pt;">$1,189</font><font style="font-family:inherit;font-size:10pt;"> in "Cash, Cash Equivalents, and Restricted Cash, beginning of the period," and an increase of $</font><font style="font-family:inherit;font-size:10pt;">1,258</font><font style="font-family:inherit;font-size:10pt;"> in "Cash, Cash Equivalents, and Restricted Cash, end of period" in our accompanying consolidated statement of cash flows for the three months ended March 31, 2017 from what was previously presented in our Quarterly Report on Form 10-Q for the three months ended March 31, 2017.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2017, the FASB issued&#160;ASU No.&#160;2017-09,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> "Compensation - Stock Compensation: Scope of Modification Accounting" ("ASU 2017-09"), </font><font style="font-family:inherit;font-size:10pt;">which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. ASU 2017-09 is effective for all annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. The Company adopted ASU 2017-09 on January 1, 2018. The adoption had no impact on the Company's consolidated financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Recently Issued Accounting Pronouncements</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2018, the FASB issued&#160;ASU No.&#160;2018-02,</font><font style="font-family:inherit;font-size:10pt;font-style:italic;"> "Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income" ("ASU 2018-02"),</font><font style="font-family:inherit;font-size:10pt;"> which provides guidance on reclassification of certain stranded income tax effects in accumulated other comprehensive income resulting from the Tax Cuts and Jobs Act of 2017 ("tax reform"), enacted on December 22, 2017. ASU No.&#160;2018-02&#160;allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from tax reform. Additionally, ASU No.&#160;2018-02&#160;requires financial statement preparers to disclose (1) a description of their accounting policy for releasing income tax effects from accumulated other comprehensive income, (2) whether they elect to reclassify the stranded income tax effects from the tax reform, and (3) information about other income tax effects related to the application of the tax reform that are reclassified from accumulated other comprehensive income to retained earnings, if any. The amendments in ASU 2018-02 are effective for annual periods beginning after December 15, 2018 and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact to its consolidated financial statements.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Leases (Topic 842)" ("ASU 2016-02")</font><font style="font-family:inherit;font-size:10pt;">,&#160;which amends the existing standards for lease accounting. This new standard requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements including the amounts, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 will be effective for the Company on January 1, 2019 and will require modified retrospective application as of the beginning of the earliest year presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact to its consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">There are no other recently issued accounting pronouncements that have had, or that the Company believes will have, a material impact on the Company's consolidated financial statements.</font></div></div>
CY2018Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">DESCRIPTION OF BUSINESS</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is comprised of the operations, assets and liabilities of the three Hudson regional businesses of Hudson Americas, Hudson Asia Pacific, and Hudson Europe ("Hudson regional businesses" or "Hudson"). The Company provides specialized professional-level recruitment and related talent solutions. During the first quarter of 2018, the Company&#8217;s core service offerings included Permanent Recruitment, Contracting, Recruitment Process Outsourcing ("RPO") and Talent Management Solutions. On March 31, 2018 the Company completed the sale of its Recruitment and Talent Management ("RTM") businesses in three separate transactions and retained its RPO business. The first quarter results for the RTM businesses are reported as discontinued operations. For more information, see Note 5.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As a result of the divestiture of the RTM businesses, the Company now operates directly in </font><font style="font-family:inherit;font-size:10pt;">nine</font><font style="font-family:inherit;font-size:10pt;"> countries with </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> reportable geographic business segments: Hudson Americas, Hudson Asia Pacific, and Hudson Europe. See Note 14 for further details regarding the reportable segments. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s core service offering following the divestiture is RPO. The Company delivers RPO permanent recruitment and contracting outsourced recruitment solutions tailored to the individual needs of primarily mid-to-large-cap multinational companies. The Company's RPO delivery teams utilize state-of-the-art recruitment process methodologies and project management expertise in their flexible, turnkey solutions to meet clients' ongoing business needs. The Company's RPO services include complete recruitment outsourcing, project-based outsourcing, contingent workforce solutions and recruitment consulting.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Corporate expenses are reported separately from the reportable segments and pertain to certain functions, such as executive management, corporate governance, human resources, accounting, tax, marketing, information technology and treasury. A portion of these expenses are attributed to the reportable segments for providing the above services to them and have been allocated to the segments as management service fees and are included in the segments&#8217; non-operating other income (expense).</font></div></div>

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