$HSON
Hudson Global, Inc.

2018 Q2 Form 10-Q Financial Statement

#000121070818000046 Filed on August 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $17.02M $113.6M
YoY Change -85.02% 0.46%
Cost Of Revenue $6.214M $3.812M
YoY Change 63.01% -94.24%
Gross Profit $10.80M $10.71M
YoY Change 0.9% -77.15%
Gross Profit Margin 63.48% 9.42%
Selling, General & Admin $11.50M $11.10M
YoY Change 3.6% -77.03%
% of Gross Profit 106.47% 103.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $0.00 $680.0K
YoY Change -100.0% -15.0%
% of Gross Profit 0.0% 6.35%
Operating Expenses $11.50M $11.20M
YoY Change 2.68% -77.27%
Operating Profit -$1.259M -$469.0K
YoY Change 168.44% -80.66%
Interest Expense $60.00K -$4.000K
YoY Change -1600.0% -96.04%
% of Operating Profit
Other Income/Expense, Net -$45.00K -$15.00K
YoY Change 200.0% 15.38%
Pretax Income -$1.244M -$488.0K
YoY Change 154.92% -80.78%
Income Tax $109.0K $246.0K
% Of Pretax Income
Net Earnings -$1.364M $1.226M
YoY Change -211.26% -139.07%
Net Earnings / Revenue -8.02% 1.08%
Basic Earnings Per Share
Diluted Earnings Per Share -$437.5K $375.0K
COMMON SHARES
Basic Shares Outstanding 3.228M shares 32.05M shares
Diluted Shares Outstanding 3.228M shares 32.05M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.60M $14.90M
YoY Change 159.06% -40.16%
Cash & Equivalents $38.64M $14.86M
Short-Term Investments
Other Short-Term Assets $1.000M $6.000M
YoY Change -83.33% 22.45%
Inventory
Prepaid Expenses
Receivables $14.20M $10.97M
Other Receivables $0.00 $0.00
Total Short-Term Assets $53.85M $93.03M
YoY Change -42.11% -4.25%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K $6.495M
YoY Change -99.92% -12.05%
Goodwill $1.856M
YoY Change -2.06%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $373.0K $3.646M
YoY Change -89.77% -16.55%
Total Long-Term Assets $670.0K -$75.11M
YoY Change -100.89% -500.12%
TOTAL ASSETS
Total Short-Term Assets $53.85M $93.03M
Total Long-Term Assets $670.0K -$75.11M
Total Assets $54.52M $17.92M
YoY Change 204.25% -84.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $806.0K $7.402M
YoY Change -89.11% 86.78%
Accrued Expenses $8.900M $42.40M
YoY Change -79.01% -5.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $6.763M
YoY Change -100.0% -5.58%
Long-Term Debt Due $100.0K
YoY Change 0.0%
Total Short-Term Liabilities $10.07M $56.65M
YoY Change -82.22% 0.07%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $100.0K
YoY Change -100.0% -50.0%
Other Long-Term Liabilities $578.0K $4.154M
YoY Change -86.09% -12.58%
Total Long-Term Liabilities $578.0K $4.154M
YoY Change -86.09% -12.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.07M $56.65M
Total Long-Term Liabilities $578.0K $4.154M
Total Liabilities $12.63M $65.44M
YoY Change -80.7% -2.58%
SHAREHOLDERS EQUITY
Retained Earnings -$434.1M -$440.6M
YoY Change -1.48% 0.51%
Common Stock $484.5M $483.0M
YoY Change 0.3% 0.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $8.267M $7.394M
YoY Change 11.81% 83.61%
Treasury Stock Shares 4.079M shares 3.568M shares
Shareholders Equity $41.89M $44.61M
YoY Change
Total Liabilities & Shareholders Equity $54.52M $110.0M
YoY Change -50.46% -5.07%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$1.364M $1.226M
YoY Change -211.26% -139.07%
Depreciation, Depletion And Amortization $0.00 $680.0K
YoY Change -100.0% -15.0%
Cash From Operating Activities -$3.540M $4.180M
YoY Change -184.69% -198.35%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$50.00K
YoY Change -100.0% -90.91%
Acquisitions
YoY Change
Other Investing Activities -$10.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$10.00K -$50.00K
YoY Change -80.0% -90.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -500.0K -4.880M
YoY Change -89.75% 246.1%
NET CHANGE
Cash From Operating Activities -3.540M 4.180M
Cash From Investing Activities -10.00K -50.00K
Cash From Financing Activities -500.0K -4.880M
Net Change In Cash -4.050M -750.0K
YoY Change 440.0% -87.88%
FREE CASH FLOW
Cash From Operating Activities -$3.540M $4.180M
Capital Expenditures $0.00 -$50.00K
Free Cash Flow -$3.540M $4.230M
YoY Change -183.69% -214.32%

Facts In Submission

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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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 a decrease of </font><font style="font-family:inherit;font-size:10pt;">$247</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;">$942</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 six months ended June 30, 2017 from what was previously presented in our Quarterly Report on Form 10-Q for the six months ended June 30, 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 condensed 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%;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 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 (the "Tax Act"), 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 the application of the Tax Act. 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 Act, and (3) information about other income tax effects related to the application of the Tax Act 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%;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;">. This ASU requires a company to recognize lease assets and liabilities arising from operation leases in the statement of financial position. This ASU does not significantly change the previous lease guidance for how a lessee should recognize the recognition, measurement and presentation of expenses and cash flows arising from a lease. Additionally, the criteria for classifying a finance lease versus an operating lease are substantially the same as the previous guidance. In July 2018, the FASB issued ASU No. 2018-11, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">"Leases (Topic 842): Targeted Improvements ("ASU 2018-11")</font><font style="font-family:inherit;font-size:10pt;">. This ASU allows adoption of the standard as of the effective date without restating prior periods. The amendments in these ASUs are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, and early adoption is permitted. We plan to adopt this ASU on January 1, 2019. We expect the adoption of ASU 2016-02 will result in the recognition of right-of-use assets and lease liabilities on our consolidated balance sheets for operating leases.</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 condensed consolidated financial statements.</font></div></div>
us-gaap Nature Of Operations
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<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 </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> 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%;padding-top:12px;text-indent:36px;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 13 for further details regarding the reportable segments. </font></div><div style="line-height:120%;padding-top:12px;text-indent:36px;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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