2024 Q4 Form 10-Q Financial Statement

#000121070824000081 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $36.85M
YoY Change -6.46%
Cost Of Revenue $18.25M
YoY Change -8.75%
Gross Profit $18.60M
YoY Change -4.11%
Gross Profit Margin 50.48%
Selling, General & Admin $18.70M
YoY Change 5.66%
% of Gross Profit 100.53%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $358.0K
YoY Change -5.79%
% of Gross Profit 1.92%
Operating Expenses $37.31M
YoY Change -2.13%
Operating Profit -$457.0K
YoY Change -135.79%
Interest Expense $93.00K
YoY Change 3.33%
% of Operating Profit
Other Income/Expense, Net -$184.0K
YoY Change -54.46%
Pretax Income -$548.0K
YoY Change -156.91%
Income Tax $298.0K
% Of Pretax Income
Net Earnings -$846.0K
YoY Change -258.72%
Net Earnings / Revenue -2.3%
Basic Earnings Per Share -$0.28
Diluted Earnings Per Share -$0.28
COMMON SHARES
Basic Shares Outstanding 2.731M shares 2.751M shares
Diluted Shares Outstanding 2.975M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.84M
YoY Change -26.69%
Cash & Equivalents $15.84M
Short-Term Investments
Other Short-Term Assets $2.711M
YoY Change 8.44%
Inventory
Prepaid Expenses
Receivables $24.48M
Other Receivables $0.00
Total Short-Term Assets $43.02M
YoY Change -12.12%
LONG-TERM ASSETS
Property, Plant & Equipment $301.0K
YoY Change -37.03%
Goodwill $5.771M
YoY Change 18.48%
Intangibles $2.759M
YoY Change -25.31%
Long-Term Investments
YoY Change
Other Assets $195.0K
YoY Change 1525.0%
Total Long-Term Assets $14.13M
YoY Change 19.76%
TOTAL ASSETS
Total Short-Term Assets $43.02M
Total Long-Term Assets $14.13M
Total Assets $57.15M
YoY Change -5.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.166M
YoY Change 90.21%
Accrued Expenses $5.757M
YoY Change -8.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.14M
YoY Change 0.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $439.0K
YoY Change -0.68%
Total Long-Term Liabilities $439.0K
YoY Change -0.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.14M
Total Long-Term Liabilities $439.0K
Total Liabilities $14.21M
YoY Change 0.67%
SHAREHOLDERS EQUITY
Retained Earnings -$429.4M
YoY Change 0.81%
Common Stock $494.0M
YoY Change 0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost) $20.93M
YoY Change 17.96%
Treasury Stock Shares
Shareholders Equity $42.94M
YoY Change
Total Liabilities & Shareholders Equity $57.15M
YoY Change -5.93%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$846.0K
YoY Change -258.72%
Depreciation, Depletion And Amortization $358.0K
YoY Change -5.79%
Cash From Operating Activities $1.251M
YoY Change -276.2%
INVESTING ACTIVITIES
Capital Expenditures -$1.000K
YoY Change -105.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities $1.000K
YoY Change -105.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -399.0K
YoY Change 81.36%
NET CHANGE
Cash From Operating Activities 1.251M
Cash From Investing Activities 1.000K
Cash From Financing Activities -399.0K
Net Change In Cash 853.0K
YoY Change -189.79%
FREE CASH FLOW
Cash From Operating Activities $1.251M
Capital Expenditures -$1.000K
Free Cash Flow $1.252M
YoY Change -271.51%

Facts In Submission

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us-gaap Provision For Doubtful Accounts
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DESCRIPTION OF BUSINESS<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">    The Company delivers Recruitment Process Outsourcing (“RPO”) services consisting of recruitment and contracting solutions tailored to the individual needs of primarily mid-to-large multinational companies. The Company operates directly in fourteen countries with three reportable geographic business segments: the Americas, Asia Pacific, and Europe, Middle East, and Africa ("EMEA"). The Company’s RPO delivery teams utilize recruitment process methodologies and project management expertise to meet clients’ ongoing business needs. The Company’s RPO services include complete recruitment outsourcing, project-based outsourcing, contingent workforce solutions, and recruitment consulting for clients’ permanent staff hires. Hudson’s RPO services leverage the Company’s consultants, supported by the Company’s specialists, in the delivery of its proprietary methods to identify, select, and engage the best-fit talent for critical client roles. In addition, the Company provides RPO clients with a range of outsourced professional contract staffing services and managed service provider services offered sometimes on a standalone basis and sometimes as part of a blended total talent solution. These services draw upon a combination of specialized recruiting and project management competencies to deliver a wide range of solutions. Hudson RPO-employed professionals - either individually or as a team - are placed with client organizations for a defined period of time based on specific business needs of the client.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 12, 2024 and April 15, 2024, the Company announced that it had entered into strategic agreements with Executive Solutions and Striver, respectively, both of which are Dubai-based talent solutions companies. These agreements allowed the Company to expand its global footprint and client base in the Middle East market. The Company evaluated the agreements under ASC 805 “Business Combinations” and determined that the transactions did not qualify as either business combinations or asset purchases. Payments associated with these agreements were classified as compensation expense and were included in the “Salaries and related” caption on the Company’s Condensed Consolidated Statements of Operations.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In February 2024, Hudson RPO announced an expansion of its service offerings to include executive search in North America, focusing on Life Sciences and Human Resources. This expansion, coupled with the Company’s existing RPO strategy, provides a comprehensive talent acquisition approach, enabling clients to develop streamlined and centralized hiring strategies within a flexible and scalable total talent solution. This service offering better positions the Company as a strategic partner helping clients to implement successful business strategies.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 15, 2023, Hudson announced the appointment of Jacob “Jake” Zabkowicz as Global Chief Executive Officer of Hudson RPO. Mr. Zabkowicz leads the vision, strategy, and execution of Hudson RPO’s growth plan, while Jeff Eberwein, Chief Executive Officer of Hudson Global, Inc., continues to focus on capital allocation, acquisitions, corporate strategy, and maximizing shareholder value.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On October 31, 2023, Hudson completed its acquisition of Hudson Global Resources (Singapore) Pte. Ltd. (“Hudson Singapore”), a provider of recruitment services primarily to clients operating in Singapore. Hudson Singapore has a 30-year track record of senior placements and project recruitment work across Southeast Asia including Singapore, Malaysia, the Philippines, Vietnam, Thailand, and Indonesia.</span></div> See Note 15 to the Condensed Consolidated Financial Statements for further details regarding the Company’s reportable segments: Americas, Asia Pacific, and EMEA.
CY2024Q3 us-gaap Number Of Countries In Which Entity Operates
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CY2024Q3 us-gaap Interest Income Expense Nonoperating Net
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93000 usd
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
298000 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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hson Segment Reporting Information Revenue Intersegment
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0 usd
us-gaap Revenues
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hson Revenue Less Certain Direct Costs From External Customers
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hson Revenue Less Certain Direct Costs
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52548000 usd
hson Ebitda Gain Loss
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us-gaap Depreciation And Amortization
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1042000 usd
hson Segment Reporting Information Intersegment Interest Income Expense Net
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us-gaap Interest Income Expense Nonoperating Net
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us-gaap Income Tax Expense Benefit
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463000 usd
us-gaap Net Income Loss
NetIncomeLoss
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CY2024Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
24475000 usd
CY2024Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
8831000 usd
CY2024Q3 us-gaap Assets
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CY2023Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023Q3 hson Segment Reporting Information Revenue Intersegment
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CY2023Q3 us-gaap Revenues
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CY2023Q3 hson Revenue Less Certain Direct Costs From External Customers
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CY2023Q3 hson Intersegment Revenue Less Certain Direct Costs
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CY2023Q3 hson Revenue Less Certain Direct Costs
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19370000 usd
CY2023Q3 hson Ebitda Gain Loss
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1247000 usd
CY2023Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
374000 usd
CY2023Q3 hson Segment Reporting Information Intersegment Interest Income Expense Net
SegmentReportingInformationIntersegmentInterestIncomeExpenseNet
0 usd
CY2023Q3 us-gaap Interest Income Expense Nonoperating Net
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CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
430000 usd
CY2023Q3 us-gaap Net Income Loss
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us-gaap Revenue From Contract With Customer Including Assessed Tax
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hson Segment Reporting Information Revenue Intersegment
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127367000 usd
hson Revenue Less Certain Direct Costs From External Customers
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63717000 usd
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63717000 usd
hson Ebitda Gain Loss
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3405000 usd
us-gaap Depreciation And Amortization
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0 usd
us-gaap Interest Income Expense Nonoperating Net
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284000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1148000 usd
us-gaap Net Income Loss
NetIncomeLoss
1465000 usd
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
19710000 usd
CY2023Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
9798000 usd
CY2023Q3 us-gaap Assets
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60958000 usd
CY2024Q3 us-gaap Revenues
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36853000 usd
CY2023Q3 us-gaap Revenues
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39398000 usd
us-gaap Revenues
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us-gaap Revenues
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127367000 usd
CY2024Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
8831000 usd
CY2024Q3 us-gaap Assets Net
AssetsNet
42940000 usd
CY2023Q3 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
9798000 usd
CY2023Q3 us-gaap Assets Net
AssetsNet
48554000 usd
CY2018Q4 us-gaap Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
1 shares
CY2018Q4 hson Warrantsand Rights Preferred Stockto Common Stock Conversion Treatment
WarrantsandRightsPreferredStocktoCommonStockConversionTreatment
1 shares
CY2018Q4 hson Warrants And Rights Not Exercisable Numberof Days After Public Announcementof Acquiring Person
WarrantsAndRightsNotExercisableNumberofDaysAfterPublicAnnouncementofAcquiringPerson
P10D
CY2018Q4 hson Warrants And Rights Not Exercisable Numberof Days After Tenderor Exchange Offer Is Completed By Acquiring Person
WarrantsAndRightsNotExercisableNumberofDaysAfterTenderorExchangeOfferIsCompletedByAcquiringPerson
P10D
CY2018Q4 hson Warrantsand Rights Optionto Exercise Market Value Multiplierof Purchase Price
WarrantsandRightsOptiontoExerciseMarketValueMultiplierofPurchasePrice
2
CY2018Q4 hson Warrantsand Rights Optionto Exercise Market Value Multiplierof Purchase Price
WarrantsandRightsOptiontoExerciseMarketValueMultiplierofPurchasePrice
2
CY2018Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
0.001
CY2018Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
0.001

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