Revenue Performance - Revenue for the year ended December 31, 2024, was 140.1million,adecreaseof21.3 million, or 13%, compared to 161.3millionin2023[112].−RPOrevenuedecreasedby10.6 million, or 14%, and contracting revenue decreased by 10.7million,or133.4 million, or 11%, with RPO revenue down by 5.7million,or192.3 million, or 240%[118]. - Adjusted net revenue in the Americas was 25.1millionfor2024,adecreaseof5.0 million, or 17%, compared to 30.1millionin2023[119].−AsiaPacificrevenuedecreasedby16.5 million, or 16%, to 86.7millionin2024,withcontractingrevenuedownby12.9 million, or 18%[124]. - In Australia, revenue decreased by 21.3million,or231.4 million, or 5%, with RPO revenue down by 1.4million,or81.3 million, or 8%, driven by a 9% decline in RPO adjusted net revenue[138]. Financial Losses - EBITDA loss was 2.5millionfor2024,comparedtoEBITDAof3.7 million for 2023, representing a decrease of 6.1milliononaconstantcurrencybasis[112].−NetlossfortheyearendedDecember31,2024,was4.8 million, compared to a net income of 2.2millionfor2023,adecreaseof7.1 million on a constant currency basis[112]. - Operating income in EMEA fell to 0.5millionin2024from2.0 million in 2023, a decrease of 74%[143]. - Net loss for 2024 was 4.8million,adecreaseof7.0 million compared to net income of 2.2 million in 2023[151]. Expenses and Cost Management - SG&A and Non-Op expenses were 72.6 million for 2024, a decrease of 4.0million,or576.6 million in 2023[112]. - For the year ended December 31, 2024, SG&A and Non-Op in the Americas decreased by 6.2million,or201.3 million, or 5%, with SG&A and Non-Op as a percentage of revenue rising to 33% in 2024 from 27% in 2023[131]. - Corporate expenses increased by 0.6million,or203.6 million in 2024 from 3.0millionin2023[145].CashFlowandLiquidity−Cashandcashequivalentsdecreasedto17.7 million as of December 31, 2024, down from 23.2millionin2023[152].−Netcashusedinoperatingactivitieswas2.8 million in 2024, compared to a net cash provided of 0.3millionin2023,adeclineof3.1 million[153]. - Net cash provided by investing activities was 1.1millionin2024,contrastingwith2.2 million used in 2023, reflecting cash received from benefit payouts[154]. - Net cash used in financing activities increased to 3.1millionin2024from2.5 million in 2023, primarily due to share repurchases of 2.8million[155].−Thecompanybelievesithassufficientliquiditytomeetitsneedsforatleastthenext12months[158].MarketConditionsandStrategicOutlook−Thecompanyanticipatesthatchallengingmarketconditions,includingpersistentinflationandhigherinterestrates,willcontinueinto2025[108].−Thecompanyisexploringstrategicalternativestomaximizeshareholdervalue,includingpotentialacquisitionsandsharerepurchases[106].TaxandCompliance−Theeffectivetaxratefor2024wasnegative37.50.1 million[171]. - The Company has provided for tax on all unremitted earnings of foreign subsidiaries, recognizing the tax on Global Intangible Low Taxed Income ("GILTI") as a period expense in the year incurred[174]. - The Company assesses tax positions and records tax benefits based on a greater than 50% likelihood of realization upon settlement with tax authorities[173]. - The Company believes its tax reserves reflect the probable outcome of known tax contingencies, although uncertainties may impact results[173]. Business Combinations and Accounting - Business combinations are accounted for under the acquisition method, with goodwill recorded when the purchase price exceeds the net fair value of assets acquired[175]. - Transaction costs in business combinations are expensed, while in asset acquisitions, they are considered part of the acquisition cost[175].
