OLD GREENWICH, Conn., Aug. 01, 2024 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq: HSON), a leading global talent solutions company, will issue its second quarter financial results for the period ended June 30, 2024, before the market opens on Thursday, August 8, 2024. The company will host a conference call to review its results that same day at 10:00 am ET (7:00 am PT). If you wish to join the conference call, please use the dial-in information below: Toll-Free Dial-In Number: 1-833-816-1383 Internation ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-38704 HUDSON GLOBAL, INC. (Exact name of registrant as specified in its charter) Delaware 59-3547281 (State or other jurisdiction of inco ...

Exhibit 99.1 For Immediate Release Hudson Global Reports 2024 First Quarter Results OLD GREENWICH, CT - May 10, 2024 - Hudson Global, Inc. (Nasdaq: HSON) ("Hudson Global" or "the Company"), a leading global total talent solutions company, announced today financial results for the first quarter ended March 31, 2024. 2024 First Quarter Summary "As expected, our first quarter 2024 results were weak due to lower than normal hiring volumes at many of our clients," said Jeff Eberwein, Chief Executive Officer of H ...

OLD GREENWICH, Conn., May 10, 2024 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (NASDAQ:HSON) ("Hudson Global" or "the Company"), a leading global total talent solutions company, announced today financial results for the first quarter ended March 31, 2024. 2024 First Quarter Summary Revenue of $33.9 million decreased 21.3% from the first quarter of 2023 and 20.1% in constant currency.Adjusted net revenue of $16.3 million decreased 25.0% from the first quarter of 2023 and 24.6% in constant currency.Net loss was $ ...

OLD GREENWICH, Conn., May 03, 2024 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (NASDAQ:HSON), a leading global talent solutions company, will issue its first quarter financial results for the period ended March 31, 2024, before the market opens on Friday, May 10, 2024. The company will host a conference call to review its results that same day at 10:00 am ET (7:00 am PT). If you wish to join the conference call, please use the dial-in information below: Toll-Free Dial-In Number: 1-833-816-1383International Dial ...

TAMPA, Fla., May 01, 2024 (GLOBE NEWSWIRE) -- Hudson RPO ("Hudson"), a leading global total talent solutions company owned by Hudson Global, Inc. (NASDAQ:HSON), today announced that Rachel Marshalsea has joined the firm as Director of Client Solutions, EMEA. In this role, Marshalsea is focused on expanding Hudson's client base in the region and enhancing the services and offerings the Hudson teams bring to clients. Most recently she was a Partner for a London-based executive search firm, where her role incl ...

Revenue Performance - Revenue for the year ended December 31, 2023, was $161.3 million, a decrease of $39.6 million, or 20%, compared to $200.9 million in 2022[112] - On a constant currency basis, revenue decreased by $34.7 million, or 18%, primarily due to a decrease in RPO revenue of $18.1 million, or 19%, and a decline in contracting revenue of $16.6 million, or 17%[112] - In the Americas, revenue decreased by $20.4 million, or 39%, with RPO revenue down by $19.0 million, or 39%, and contracting revenue down by $1.4 million, or 59%[120] - Adjusted net revenue in the Americas for 2023 was $30.1 million, a decrease of $18.8 million, or 38%, compared to $49.0 million in 2022[121] - In Asia Pacific, total revenue for 2023 was $103.9 million, a decrease of $9.6 million, or 9%, compared to $113.5 million in 2022[126] - In Europe, total revenue decreased by $4.8 million, or 15%, to $26.2 million for the year ended December 31, 2023, driven by a 32% decline in contracting revenue[136] Financial Metrics - SG&A and Non-Op expenses were $76.6 million for 2023, a decrease of $11.9 million, or 13%, compared to $88.5 million in 2022[112] - EBITDA for 2023 was $3.7 million, down from $10.8 million in 2022, representing a decrease of $6.8 million on a constant currency basis[116] - Net income for 2023 was $2.2 million, compared to $7.1 million in 2022, reflecting a decrease of $5.1 million on a constant currency basis[116] - Total adjusted net revenue as a percentage of revenue increased to 96% in 2023 from 95% in 2022, primarily due to a higher mix of RPO to contracting revenue[122] - Operating loss in the Americas was $2.5 million for 2023, a decline of $6.8 million or 158% compared to operating income of $4.3 million in 2022[124] - EBITDA loss in the Americas was $0.7 million, or 2% of revenue, compared to EBITDA of $4.9 million, or 9% of revenue, in 2022[125] - Adjusted net revenue in Asia Pacific increased by $0.7 million, or 2%, to $33.7 million in 2023, with adjusted net revenue as a percentage of revenue rising from 29% to 32%[129] - Adjusted net revenue in Europe increased by $0.3 million, or 2%, to $16.5 million in 2023, with adjusted net revenue as a percentage of revenue rising from 52% to 63%[138] - Operating income in Europe was $2.0 million for 2023, an increase of $0.2 million, or 14%, compared to $1.8 million in 2022[142] - EBITDA in Europe was $1.6 million, or 6% of revenue, for the year ended December 31, 2023, compared to $1.5 million in 2022[143] Cash Flow and Liquidity - Cash and cash equivalents totaled $23.2 million as of December 31, 2023, down from $27.5 million in 2022[150] - Net cash provided by operating activities fell to $0.3 million in 2023 from $9.5 million in 2022, a decrease of $9.1 million[151] - Net cash used in investing activities increased to $2.2 million in 2023 from $1.3 million in 2022, reflecting a $2.1 million acquisition in Singapore[152] - Net cash used in financing activities was $2.5 million in 2023, compared to $2.0 million in 2022, mainly due to higher loan repayments[153] - As of December 31, 2023, the company had $22.6 million in cash and cash equivalents, with additional borrowing capacity of 4 million Australian dollars and 1 million Singapore dollars[156] - The company faces uncertain external market conditions that may affect future cash requirements and liquidity[158] Strategic Outlook - The company anticipates continued challenging market conditions into 2024 due to higher inflation and interest rates[107] - The company is exploring strategic alternatives to maximize shareholder value, including potential acquisitions and share repurchases[105] Tax and Accounting - The Company has unrecognized tax benefits that, if recognized in the future, would impact the annual effective income tax rate[170] - Tax reserves are provided for federal, state, local, and international exposures, requiring subjective estimates about potential outcomes[171] - The Company recognizes tax on Global Intangible Low Taxed Income (GILTI) as a period expense in the year incurred[172] - Business combinations are accounted for under the acquisition method, with goodwill recorded when the purchase price exceeds the net fair value of acquired assets[173] - Asset acquisitions allocate costs to individual assets based on relative fair value, with no goodwill recognized[174] - The Company is subject to various risks and uncertainties that could materially affect future results, including global economic fluctuations and competition[176] - The Company does not provide quantitative disclosures about market risk as it qualifies as a smaller reporting company[177]

2023 Full-Year Summary 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 excelle ...

Revenue Performance - Revenue for Q3 2023 was $39.4 million, a decrease of $9.3 million or 19.1% compared to Q3 2022, primarily driven by declines in the Americas and Australia [170]. - Adjusted net revenue for Q3 2023 was $19.4 million, down $4.8 million or 20.0% from Q3 2022, mainly due to a decrease in RPO adjusted net revenue of $4.6 million or 20.1% [170]. - Revenue for the nine months ended September 30, 2023, was $127.4 million, a decrease of $30.0 million or 19.0% compared to the same period in 2022 [176]. - Total revenue for Q3 2023 was $39.4 million, a decrease of 19% compared to $48.7 million in Q3 2022 [177]. - For the nine months ended September 30, 2023, total revenue was $127.4 million, down 19% from $157.3 million in the same period of 2022 [177]. - For the three months ended September 30, 2023, Asia Pacific revenue was $26.1 million, a decrease of $2.7 million, or 9%, compared to the same period in 2022 [191]. - For the nine months ended September 30, 2023, Asia Pacific revenue was $81.8 million, down $4.8 million, or 6%, compared to the same period in 2022 [191]. - Revenue in Europe for the three months ended September 30, 2023, was $6.6 million, a decrease of $0.5 million or 8% compared to the same period in 2022 [208]. - For the nine months ended September 30, 2023, total revenue in the U.K. decreased by $3.5 million or 15% compared to the same period in 2022 [211]. Income and Expenses - SG&A and Non-Op expenses for Q3 2023 were $18.1 million, a decrease of $4.4 million or 19.7% compared to Q3 2022, with SG&A as a percentage of revenue at 46.0% [170]. - EBITDA for Q3 2023 was $1.2 million, down $0.4 million from $1.6 million in Q3 2022 [170]. - Net income for Q3 2023 was $0.5 million, a decrease of $0.4 million compared to net income of $1.0 million in Q3 2022 [171]. - Adjusted net revenue for the nine months ended September 30, 2023, was $63.7 million, down $13.3 million or 17.3% from the same period in 2022 [176]. - SG&A and Non-Op for the nine months ended September 30, 2023, was $60.3 million, a decrease of $7.0 million or 10.4% compared to the same period in 2022 [176]. - EBITDA for the nine months ended September 30, 2023, was $3.4 million, down $6.3 million from $9.7 million in the same period in 2022 [176]. - Net income for the nine months ended September 30, 2023, was $1.5 million, a decrease of $5.6 million compared to net income of $7.1 million in the same period in 2022 [176]. - For the three months ended September 30, 2023, the operating loss was $0.2 million, compared to operating income of $0.6 million in 2022, and EBITDA was $0.0 million, down from $0.8 million in 2022 [189]. - For the nine months ended September 30, 2023, the operating loss was $1.4 million, compared to operating income of $5.0 million in 2022, and EBITDA loss was $0.9 million, down from $5.5 million in 2022 [190]. Regional Performance - RPO revenue in the Americas decreased by $5.1 million, or 42%, in Q3 2023 compared to Q3 2022 [182]. - Contracting revenue in the Americas decreased by $0.3 million, or 56%, in Q3 2023 compared to Q3 2022 [182]. - For the three months ended September 30, 2023, adjusted net revenue in Asia Pacific was $8.7 million, an increase of $0.7 million, or 8%, compared to the same period in 2022 [196]. - For the nine months ended September 30, 2023, operating income in Asia Pacific was $6.3 million, compared to $6.1 million in 2022, with EBITDA at $5.5 million, or 7% of revenue [206]. - Adjusted net revenue for the three months ended September 30, 2023, was $3.8 million, a decrease of $0.4 million or 10% compared to the same period in 2022 [213]. - Operating income for the three months ended September 30, 2023, was $0.1 million, a decrease of $0.2 million or 59% compared to the same period in 2022 [219]. Cash Flow and Liquidity - Cash and cash equivalents totaled $22.0 million as of September 30, 2023, down from $27.5 million as of December 31, 2022 [229]. - Net cash used by operating activities for the nine months ended September 30, 2023, was $3.0 million, compared to $5.1 million of net cash provided in the same period in 2022 [230]. - For the nine months ended September 30, 2023, net cash used in investing activities was $0.1 million, a decrease from $1.3 million in 2022, primarily due to lower capital expenditures and a prior year acquisition payment of $0.8 million [231]. - Net cash used in financing activities for the nine months ended September 30, 2023, was $2.2 million, compared to $2.0 million in 2022, with the increase attributed to higher loan repayments of $0.6 million related to the Karani Acquisition [232]. - As of September 30, 2023, the Company had cash and cash equivalents of $21.6 million, with an additional borrowing capacity of 4 million Australian dollars under the NAB Facility Agreement [234]. - The Company believes it has sufficient liquidity to meet its needs for at least the next 12 months based on its financial position as of September 30, 2023 [234]. Compliance and Contingencies - The Company had no off-balance sheet arrangements that could materially affect its financial condition as of September 30, 2023 [236]. - The Company did not have any reserves for legal, regulatory, or other contingent liabilities as of September 30, 2023 [239]. - The Company is subject to various compliance audits and potential claims, but believes that none will have a material adverse effect on its financial condition [237].

Forward-Looking Statements | --- | --- | --- | --- | --- | --- | |---------------------------|-------------|-------|---------|--------------|------------| | | '+ / - (1) | | CC (2) | YTD \n2023 | YTD \n2022 | | Revenue | - | 19.0% | | $127.4 | $157.3 | | | - | 16.4% | CC | | | | Adjusted net revenue | - | 17.3% | | $63.7 | $77.0 | | | - | 15.8% | CC | | | | SG&A (3)(4) | - | 8.2% | | $57.9 | $63.1 | | | - | 6.4% | CC | | | | Adjusted EBITDA (5) | - | 58.5% | | $5.8 | $14.0 | | | - | 57.3% | CC | | | | Net I ...