Hudson Global, Inc. (Nasdaq: HSON), a leading global talent solutions company, announced today financial results for the fourth quarter and full year ended December 31, 2023.

2023 Fourth Quarter Summary

  • Revenue of $34.0 million decreased 22.1% from the fourth quarter of 2022, or 22.4% in constant currency.
  • Adjusted net revenue of $16.5 million decreased 25.3% from the fourth quarter of 2022, or 25.9% in constant currency.
  • Net income of $0.7 million, or $0.23 per diluted share, versus net income of $0.1 million, or $0.02 per diluted share, in the fourth quarter of 2022. Adjusted net income per diluted share (Non-GAAP measure)* decreased to $0.04 from adjusted net income per diluted share of $0.33 in the fourth quarter of 2022.
  • Adjusted EBITDA (Non-GAAP measure)* decreased to $0.1 million, versus adjusted EBITDA of $2.4 million in the fourth quarter of 2022.

2023 Full-Year Summary

  • Revenue of $161.3 million decreased 19.7% from 2022, or 17.7% in constant currency.
  • Adjusted net revenue of $80.3 million decreased 19.1% from 2022, or 18.1% in constant currency.
  • Net income of $2.2 million, or $0.70 per diluted share, compared to net income of $7.1 million, or $2.27 per diluted share, in 2022. Adjusted net income per diluted share (Non-GAAP measure)* of $0.86 decreased from adjusted net income per diluted share of $3.38 in the prior year.
  • Adjusted EBITDA (Non-GAAP measure)* was $5.9 million, versus adjusted EBITDA of $16.4 million in 2022.

Jeff Eberwein, Chief Executive Officer at Hudson Global, said, "Our fourth quarter financial results continued to reflect the year-over-year impact of the slowdown in the US technology sector and as well as fourth quarter hiring delays at certain clients, which we expect to recover beginning in the second quarter of 2024. In addition, we made significant reductions to our cost structure in the second half of 2023 and first quarter of 2024 while retaining the ability to deliver excellent service to our clients when activity rebounds."

Mr. Eberwein continued, "The fourth quarter represented a significant strategic shift for Hudson RPO. In November, we hired Jake Zabkowicz as Hudson RPO's Global CEO, and he has begun implementing numerous positive changes to the business, including expanding our geographic presence as well as our service offering to existing RPO clients. These growth initiatives, coupled with 2023's significant new business wins, give us high confidence in our business improving in 2024. This confidence is demonstrated by our extensive history of opportunistic share repurchases, including a recent January 2024 repurchase via a privately negotiated transaction."

* The Company provides Non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States ("GAAP"). Constant currency, adjusted EBITDA, EBITDA, and adjusted net income or loss per diluted share are defined in the segment tables at the end of this release and a reconciliation of such Non-GAAP measures to the most directly comparable GAAP measures is included within such segment tables.

Regional Highlights

All growth rate comparisons are in constant currency.

Americas

In the fourth quarter of 2023, Americas revenue of $6.2 million decreased 38% and adjusted net revenue of $6.0 million also decreased 37% in constant currency compared to the fourth quarter of 2022. EBITDA was $0.2 million in the fourth quarter of 2023 compared to EBITDA loss of $0.6 million in same period last year. Adjusted EBITDA loss was $0.7 million for the fourth quarter of 2023 compared to adjusted EBITDA of $0.5 million a year ago.

For full year 2023, Americas revenue of $31.3 million decreased 39% and adjusted net revenue of $30.1 million decreased 38% in constant currency from 2022. EBITDA loss was $0.7 million for full year 2023 compared to EBITDA of $4.9 million in 2022. Adjusted EBITDA loss was $0.4 million for full year 2023 compared to adjusted EBITDA of $9.3 million in 2022.

Asia Pacific

Asia Pacific revenue of $22.1 million decreased 18% and adjusted net revenue of $6.9 million decreased 18% in constant currency in the fourth quarter of 2023 compared to the same period in 2022. EBITDA was $0.4 million in the fourth quarter of 2023 compared to EBITDA of $1.7 million a year ago. Asia Pacific delivered adjusted EBITDA of $0.9 million in the fourth quarter of 2023 versus adjusted EBITDA of $2.1 million in the fourth quarter of 2022.

For full year 2023, Asia Pacific revenue of $103.9 million decreased 9% and adjusted net revenue of $33.7 million increased 2% in constant currency compared to 2022. EBITDA for full year 2023 was $5.9 million, compared to EBITDA of $7.3 million in 2022. Adjusted EBITDA for full year 2023 was $7.6 million versus $8.8 million in 2022.

Europe

Europe revenue of $5.7 million decreased 17% and adjusted net revenue of $3.6 million decreased 17% in constant currency in the fourth quarter of 2023 compared to the fourth quarter of 2022. EBITDA was $0.6 million in the fourth quarter of 2023, compared to EBITDA of $0.5 million in the same period one year ago. Adjusted EBITDA was $0.6 million in the fourth quarter of 2023 compared to $0.5 million a year ago.

For full year 2023, Europe revenue of $26.2 million decreased 15% and adjusted net revenue of $16.5 million increased 2% in constant currency compared to 2022. EBITDA was $1.6 million for full year 2023 compared to $1.5 million in 2022. Adjusted EBITDA was $2.4 million for full year 2023 compared to adjusted EBITDA of $2.0 million in 2022.

Corporate Costs

The Company's corporate costs of $0.7 million for the fourth quarter of 2023 excluded $0.2 million of non-recurring expenses. This compares to corporate costs of $0.7 million in the fourth quarter of 2022, which also excluded $0.2 million of non-recurring expenses.

The Company's corporate costs of $3.7 million for the year ended 2023 excluded $0.7 million of non-recurring expenses. This compares to corporate costs of $3.7 million for the year ended 2022, which excluded $0.3 million of non-recurring expenses.

Liquidity and Capital Resources

The Company ended the fourth quarter of 2023 with $23.2 million in cash, including $0.6 million in restricted cash. The Company generated $3.3 million in cash flow from operations in the fourth quarter of 2023 compared to $4.4 million in the fourth quarter of 2022. For the full year, the company generated $0.3 million in cash flow from operations compared to $9.5 million a year ago.

Share Repurchase Program

As a reminder, the Company approved a $5 million common stock share repurchase program, effective August 8, 2023. Under this program, the Company acquired 11,392 shares for a total of $0.2 million in the fourth quarter.

In addition, the Company repurchased 44,250 shares in the first quarter of 2024 in a privately negotiated transaction. The Company continues to view share repurchases as an attractive use of capital.

NOL Carryforward

As of December 31, 2023, Hudson Global had $301 million of usable net operating losses (“NOL”) in the U.S., which the Company considers to be a very valuable asset for its stockholders. In order to protect the value of the NOL for all stockholders, the Company has a rights agreement and charter amendment in place that limit beneficial ownership of Hudson Global common stock to 4.99%. Stockholders who wish to own more than 4.99% of Hudson Global common stock, or who already own more than 4.99% of Hudson Global common stock and wish to buy more, may only acquire additional shares with the Board’s prior written approval.

COVID-19 Update

The Company is vigilantly monitoring the business environment surrounding COVID-19 and continues to proactively address this situation as it evolves. The Company believes it can continue to take appropriate actions to manage the business in this challenging environment due to the flexibility of its workforce and the strength of its balance sheet.

Conference Call/Webcast

The Company will conduct a conference call today, March 14, 2024, at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the Company's web site at hudsonrpo.com.

If you wish to join the conference call, please use the dial-in information below:

  • Toll-Free Dial-In Number: (833) 816-1383
  • International Dial-In Number: (412) 317-0476

The archived call will be available on the investor information section of the Company's web site at hudsonrpo.com.

About Hudson Global

Hudson Global, Inc. is a leading global total talent solutions provider operating under the brand name Hudson RPO. We deliver innovative, customized recruitment outsourcing and total talent solutions to organizations worldwide. Through our consultative approach, we develop tailored talent solutions designed to meet our clients’ strategic growth initiatives. As a trusted advisor, we meet our commitments, deliver quality and value, and strive to exceed expectations.

For more information, please visit us at hudsonrpo.com or contact us at ir@hudsonrpo.com.

Investor Relations:The Equity GroupLena Cati212 836-9611 / lcati@equityny.com

Forward-Looking Statements

This press release contains statements that the Company believes to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release, including statements regarding the Company's future financial condition, results of operations, business operations and business prospects, are forward-looking statements. Words such as “anticipate,” "estimate," "expect," "project," "intend," "plan," "predict," "believe" and similar words, expressions and variations of these words and expressions are intended to identify forward-looking statements. All forward-looking statements are subject to important factors, risks, uncertainties, and assumptions, including industry and economic conditions that could cause actual results to differ materially from those described in the forward-looking statements. Such factors, risks, uncertainties and assumptions include, but are not limited to, global economic fluctuations; the Company’s ability to successfully achieve its strategic initiatives ; risks related to potential acquisitions or dispositions of businesses by the Company; the Company’s ability to operate successfully as a company focused on its RPO business; risks related to fluctuations in the Company’s operating results from quarter to quarter due to various factors such as rising inflationary pressures and interest rates; the loss of or material reduction in our business with any of the Company’s largest customers; the ability of clients to terminate their relationship with the Company at any time; competition in the Company’s markets; the negative cash flows and operating losses that may recur in the future; risks relating to how future credit facilities may affect or restrict our operating flexibility; risks associated with the Company’s investment strategy; risks related to international operations, including foreign currency fluctuations, political events, natural disasters or health crises, including the Russia-Ukraine war, the Hamas-Israel war, and potential conflict in the Middle East; the Company’s dependence on key management personnel; the Company’s ability to attract and retain highly skilled professionals, management, and advisors; the Company’s ability to collect accounts receivable; the Company’s ability to maintain costs at an acceptable level; the Company’s heavy reliance on information systems and the impact of potentially losing or failing to develop technology; risks related to providing uninterrupted service to clients; the Company’s exposure to employment-related claims from clients, employers and regulatory authorities, current and former employees in connection with the Company’s business reorganization initiatives, and limits on related insurance coverage; the Company’s ability to utilize net operating loss carryforwards; volatility of the Company’s stock price; the impact of government regulations; restrictions imposed by blocking arrangements; risks related to the use of new and evolving technologies; and the adverse impacts of cybersecurity threats and attacks. Additional information concerning these, and other factors is contained in the Company's filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this document. The Company assumes no obligation, and expressly disclaims any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Financial Tables Follow

HUDSON GLOBAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
               
  Three Months Ended   Year Ended
  December 31,   December 31,
    2023       2022       2023       2022  
Revenue $ 33,971     $ 43,591     $ 161,338     $ 200,917  
               
Operating expenses:              
Direct contracting costs and reimbursed expenses   17,421       21,427       81,071       101,707  
Salaries and related   13,653       17,994       62,859       74,373  
Office and general   2,924       2,481       10,915       10,344  
Marketing and promotion   849       729       3,643       3,778  
Depreciation and amortization   391       361       1,467       1,378  
Total operating expenses   35,238       42,992       159,955       191,580  
Operating (loss) income   (1,267 )     599       1,383       9,337  
Non-operating income (expense):              
Interest income, net   88       55       372       83  
Other income (expense), net   1,134       82       813       40  
(Loss) income before income taxes   (45 )     736       2,568       9,460  
(Benefit from) provision for income taxes   (778 )     674       370       2,331  
Net income $ 733     $ 62     $ 2,198     $ 7,129  
Earnings per share:              
Basic $ 0.24     $ 0.02     $ 0.72     $ 2.37  
Diluted $ 0.23     $ 0.02     $ 0.70     $ 2.27  
Weighted-average shares outstanding:              
Basic   3,072       3,016       3,064       3,011  
Diluted   3,158       3,139       3,140       3,138  
 
HUDSON GLOBAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)
       
  December 31,2023   December 31,2022
ASSETS      
Current assets:      
Cash and cash equivalents $ 22,611     $ 27,123  
Accounts receivable, less allowance for expected credit losses of $378 and $51, respectively   19,710       26,270  
Restricted cash, current   354       160  
Prepaid and other   3,172       1,959  
Total current assets   45,847       55,512  
Property and equipment, net of accumulated depreciation of $1,564 and $950, respectively   421       673  
Operating lease right-of-use assets   1,431       685  
Goodwill   5,749       4,875  
Intangible assets, net of accumulated amortization of $2,771 and $1,647, respectively   3,628       4,516  
Deferred tax assets   3,360       1,475  
Restricted cash   205       194  
Other assets   317       12  
Total assets $ 60,958     $ 67,942  
LIABILITIES AND STOCKHOLDERS’ EQUITY      
Current liabilities:      
Accounts payable $ 868     $ 1,678  
Accrued salaries, commissions, and benefits   4,939       11,509  
Accrued expenses and other current liabilities   4,635       6,348  
Note payable short term         1,250  
Operating lease obligations, current   768       337  
Total current liabilities   11,210       21,122  
Income tax payable   87       81  
Operating lease obligations   664       348  
Other liabilities   443       599  
Total liabilities   12,404       22,150  
Commitments and contingencies      
Stockholders’ equity:      
Preferred stock, $0.001 par value, 10,000 shares authorized; none issued or outstanding          
Common stock, $0.001 par value, 20,000 shares authorized; 3,896 and 3,823 shares issued; 2,807 and 2,794 shares outstanding, respectively   4       4  
Additional paid-in capital   493,036       491,567  
Accumulated deficit   (425,247 )     (427,394 )
Accumulated other comprehensive loss, net of applicable tax   (1,290 )     (1,639 )
Treasury stock, 1,089 and 1,029 shares, respectively, at cost   (17,949 )     (16,746 )
Total stockholders’ equity   48,554       45,792  
Total liabilities and stockholders' equity $ 60,958     $ 67,942  
 
HUDSON GLOBAL, INC.
SEGMENT ANALYSIS - QUARTER TO DATE
(in thousands)
(unaudited)
                     
For The Three Months Ended December 31, 2023   Americas   AsiaPacific   Europe   Corporate   Total
Revenue, from external customers   $ 6,246     $ 22,073     $ 5,652     $     $ 33,971  
Adjusted net revenue, from external customers (1)   $ 6,044     $ 6,941     $ 3,565     $     $ 16,550  
Net income                   $ 733  
Provision for income taxes                     (778 )
Interest income, net                     (88 )
Depreciation and amortization                     391  
EBITDA (loss) (2)   $ 172     $ 404     $ 587     $ (905 )     258  
Non-operating expense (income), including corporate administration charges     (963 )     187       (87 )     (271 )     (1,134 )
Stock-based compensation expense     66       85       50       281       482  
Non-recurring severance and professional fees           264       32       165       461  
Compensation expense related to acquisitions (3)                              
Adjusted EBITDA (loss) (2)   $ (725 )   $ 940     $ 582     $ (730 )   $ 67  
                     
For The Three Months Ended December 31, 2022   Americas   AsiaPacific   Europe   Corporate   Total
Revenue, from external customers   $ 10,058     $ 27,107     $ 6,426     $     $ 43,591  
Adjusted net revenue, from external customers (1)   $ 9,553     $ 8,567     $ 4,044     $     $ 22,164  
Net income                   $ 62  
Benefit from income taxes                     674  
Interest income, net                     (55 )
Depreciation and amortization                     361  
EBITDA (loss) (2)   $ (638 )   $ 1,749     $ 524     $ (593 )     1,042  
Non-operating expense (income), including corporate administration charges     236       232       (72 )     (478 )     (82 )
Stock-based compensation expense     197       75       87       173       532  
Non-recurring severance and professional fees     123       49       1       153       326  
Compensation expense related to acquisitions (3)     620                         620  
Adjusted EBITDA (loss) (2)   $ 538     $ 2,105     $ 540     $ (745 )   $ 2,438  
                                         
  1. Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Consolidated Statements of Operations.
  2. 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 (expense), stock-based compensation expense, and other non-recurring severance and professional fees (“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.
  3. Represents compensation expense payable per the terms of acquisition agreements.
 
HUDSON GLOBAL, INC.
SEGMENT ANALYSIS - YEAR TO DATE
(in thousands)
(unaudited)
                     
For The Year Ended December 31, 2023   Americas   AsiaPacific   Europe   Corporate   Total
Revenue, from external customers   $ 31,254     $ 103,857     $ 26,227     $     $ 161,338  
Adjusted net revenue, from external customers (1)   $ 30,141     $ 33,675     $ 16,451     $     $ 80,267  
Net income                   $ 2,198  
Provision for income taxes                     370  
Interest income, net                     (372 )
Depreciation and amortization                     1,467  
EBITDA (loss) (2)   $ (704 )   $ 5,859     $ 1,582     $ (3,074 )     3,663  
Non-operating expense (income), including corporate administration charges     (528 )     1,181       436       (1,902 )     (813 )
Stock-based compensation expense     407       232       216       614       1,469  
Non-recurring severance and professional fees     105       292       156       658       1,211  
Compensation expense related to acquisitions (3)     338                         338  
Adjusted EBITDA (loss) (2)   $ (382 )   $ 7,564     $ 2,390     $ (3,704 )   $ 5,868  
                     
For The Year Ended December 31, 2022   Americas   AsiaPacific   Europe   Corporate   Total
Revenue, from external customers   $ 51,639     $ 118,149     $ 31,129     $     $ 200,917  
Adjusted net revenue, from external customers (1)   $ 48,990     $ 34,278     $ 15,942     $     $ 99,210  
Net income                   $ 7,129  
Provision for income taxes                     2,331  
Interest income, net                     (83 )
Depreciation and amortization                     1,378  
EBITDA (loss) (2)   $ 4,877     $ 7,282     $ 1,501     $ (2,905 )     10,755  
Non-operating expense (income),including corporate administration charges     711       1,151       253       (2,155 )     (40 )
Stock-based compensation expense     713       302       282       1,021       2,318  
Non-recurring severance and professional fees     306       86       1       324       717  
Compensation expense related to acquisitions (3)     2,651                         2,651  
Adjusted EBITDA (loss) (2)   $ 9,258     $ 8,821     $ 2,037     $ (3,715 )   $ 16,401  
                                         
  1. Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Consolidated Statements of Operations.
  2. 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) expense, stock-based compensation expense, and other non-recurring severance and professional fees (“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.
  3. Represents compensation expense payable per the terms of acquisition agreements.

HUDSON GLOBAL, INC.RECONCILIATION FOR CONSTANT CURRENCY(in thousands)(unaudited)

The Company operates on a global basis, with the majority of its revenue generated outside of the United States. Accordingly, fluctuations in foreign currency exchange rates can affect its results of operations. Constant currency information compares financial results between periods as if exchange rates had remained constant period-over-period. The company currently defines the term “constant currency” to mean that financial data for a previously reported period are translated into U.S. dollars using the same foreign currency exchange rates that were used to translate financial data for the current period. Changes in revenue, adjusted net revenue, selling, general and administrative expenses ("SG&A"), and other non-operating income (expense), operating income (loss) and EBITDA (loss) include the effect of changes in foreign currency exchange rates. Variance analysis usually describes period-to-period variances that are calculated using constant currency as a percentage. The company’s management reviews and analyzes business results in constant currency and believes these results better represent the company’s underlying business trends. The company believes that these calculations are a useful measure, indicating the actual change in operations. There are no significant gains or losses on foreign currency transactions between subsidiaries. Therefore, changes in foreign currency exchange rates generally impact only reported earnings.

  For The Three Months Ended December 31,
    2023       2022  
  As   As   Currency   Constant
  reported   reported   translation   currency
Revenue:              
Americas $ 6,246     $ 10,058     $ (3 )   $ 10,055  
Asia Pacific   22,073       27,107       (187 )     26,920  
Europe   5,652       6,426       367       6,793  
Total $ 33,971     $ 43,591     $ 177     $ 43,768  
Adjusted net revenue (1):              
Americas $ 6,044     $ 9,553     $ (1 )   $ 9,552  
Asia Pacific   6,941       8,567       (61 )     8,506  
Europe   3,565       4,044       233       4,277  
Total $ 16,550     $ 22,164     $ 171     $ 22,335  
SG&A (2):              
Americas $ 6,929     $ 10,076     $ (10 )   $ 10,066  
Asia Pacific   6,290       6,444       (46 )     6,398  
Europe   3,050       3,605       215       3,820  
Corporate   1,157       1,079             1,079  
Total $ 17,426     $ 21,204     $ 159     $ 21,363  
Operating income:              
Americas $ (1,137 )   $ (733 )   $     $ (733 )
Asia Pacific   556       1,960       (15 )     1,945  
Europe   492       444       19       463  
Corporate   (1,178 )     (1,072 )           (1,072 )
Total $ (1,267 )   $ 599     $ 4     $ 603  
EBITDA (loss):              
Americas $ 172     $ (638 )   $ (2 )   $ (640 )
Asia Pacific   404       1,749       (11 )     1,738  
Europe   587       524       25       549  
Corporate   (905 )     (593 )           (593 )
Total $ 258     $ 1,042     $ 12     $ 1,054  
                               
  1. Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Consolidated Statements of Operations.
  2. SG&A is a measure that management uses to evaluate the segments’ expenses and includes salaries and related costs and other selling, general and administrative costs.

HUDSON GLOBAL, INC.RECONCILIATION FOR CONSTANT CURRENCY (continued)(in thousands)(unaudited)

  For The Year Ended December 31,
    2023       2022  
  As   As   Currency   Constant
  reported   reported   translation   currency
Revenue:              
Americas $ 31,254     $ 51,639     $ (98 )   $ 51,541  
Asia Pacific   103,857       118,149       (4,643 )     113,506  
Europe   26,227       31,129       (126 )     31,003  
Total $ 161,338     $ 200,917     $ (4,867 )   $ 196,050  
Adjusted net revenue (1):              
Americas $ 30,141     $ 48,990     $ (71 )   $ 48,919  
Asia Pacific   33,675       34,278       (1,294 )     32,984  
Europe   16,451       15,942       184       16,126  
Total $ 80,267     $ 99,210     $ (1,181 )   $ 98,029  
SG&A (2):              
Americas $ 31,699     $ 43,696     $ (264 )   $ 43,432  
Asia Pacific   26,427       25,556       (957 )     24,599  
Europe   14,350       14,199       161       14,360  
Corporate   4,941       5,044             5,044  
Total $ 77,417     $ 88,495     $ (1,060 )   $ 87,435  
Operating income:              
Americas $ (2,514 )   $ 4,298     $ (43 )   $ 4,255  
Asia Pacific   6,894       8,378       (328 )     8,050  
Europe   1,988       1,726       25       1,751  
Corporate   (4,985 )     (5,065 )           (5,065 )
Total $ 1,383     $ 9,337     $ (346 )   $ 8,991  
EBITDA (loss):              
Americas $ (704 )   $ 4,877     $ (55 )   $ 4,822  
Asia Pacific   5,859       7,282       (272 )     7,010  
Europe   1,582       1,501       34       1,535  
Corporate   (3,074 )     (2,905 )           (2,905 )
Total $ 3,663     $ 10,755     $ (293 )   $ 10,462  
                               
  1. Represents Revenue less the Direct contracting costs and reimbursed expenses caption on the Consolidated Statements of Operations.
  2. SG&A is a measure that management uses to evaluate the segments’ expenses and includes salaries and related costs and other selling, general and administrative costs.

 
HUDSON GLOBAL, INC.RECONCILIATION OF ADJUSTED NET INCOME PER DILUTED SHARE(in thousands, except per share amounts)(unaudited)
 
    Adjusted   Diluted Shares   Per Diluted
For The Three Months Ended December 31, 2023   Net Income   Outstanding   Share (1)
Net income   $ 733     3,158     $ 0.23  
Non-recurring severance, professional fees, and other (after tax)     (617 )   3,158       (0.19 )
Compensation expense related to acquisitions (after tax) (2)         3,158        
Adjusted net income (3)   $ 116     3,158     $ 0.04  
    Adjusted   Diluted Shares   Per Diluted
For The Three Months Ended December 31, 2022   Net Income   Outstanding   Share
Net income   $ 62     3,139     $ 0.02  
Non-recurring severance and professional fees (after tax)     326     3,139       0.10  
Compensation expense related to acquisitions (after tax) (2)     636     3,139       0.20  
Adjusted net income (3)   $ 1,024     3,139     $ 0.33  
    Adjusted   Diluted Shares   Per Diluted
For The Year Ended December 31, 2023   Net Income   Outstanding   Share
Net income   $ 2,198     3,140     $ 0.70  
Non-recurring severance, professional fees, and other (after tax)     133     3,140       0.04  
Compensation expense related to acquisitions (after tax) (2)     356     3,140       0.11  
Adjusted net income (3)   $ 2,687     3,140     $ 0.86  
    Adjusted   Diluted Shares   Per Diluted
For The Year Ended December 31, 2022   Net Income   Outstanding   Share
Net income   $ 7,129     3,138     $ 2.27  
Non-recurring severance and professional fees (after tax)     717     3,138       0.23  
Compensation expense related to acquisitions (after tax) (2)   $ 2,758     3,138       0.88  
Adjusted net income (3)   $ 10,604     3,138     $ 3.38  
                       
  1. Amounts may not sum due to rounding.
  2. Represents compensation expense payable per the terms of the Coit acquisition, including a promissory note for $1.35 million payable over three years, and $500k of the Company's common stock vesting over 30 months, as well as earn out payments. In addition, in 2022 represents compensation expense payable in the form of a CFO retention payment per the terms of the Karani acquisition.
  3. Adjusted net income or loss per diluted share are Non-GAAP measures defined as reported net income or loss and reported net income or loss per diluted share before items such as acquisition-related costs and non-recurring severance and professional fees after tax that are presented to provide additional information about the Company's operations on a basis consistent with the measures that the Company uses to manage its operations and evaluate its performance. Management also uses these measurements to evaluate capital needs and working capital requirements. Adjusted net income or loss per diluted share should not be considered in isolation or as substitutes for net income or loss and net income or loss per share and other income or cash flow statement data prepared in accordance with generally accepted accounting principles or as measures of the Company's profitability or liquidity. Further, adjusted net income or loss and adjusted net income or loss per diluted share as presented above may not be comparable with similarly titled measures reported by other companies.
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