Financial Performance - For the three months ended September 30, 2024, operating income was $0.2 million, compared to an operating loss of $0.2 million in 2023, and EBITDA was $0.4 million, compared to EBITDA of $0.0 million in 2023[166]. - For the nine months ended September 30, 2024, operating loss was $0.7 million, compared to an operating loss of $1.4 million in 2023, and EBITDA loss was $0.1 million, compared to EBITDA loss of $0.9 million in 2023[167]. - For the nine months ended September 30, 2024, operating income was $0.6 million, a decrease of 60% from $1.5 million in 2023[201]. - Net loss for the nine months ended September 30, 2024, was $4.2 million, compared to net income of $1.5 million for the same period in 2023, marking a decrease of $5.7 million[208]. - Basic and diluted loss per share for the nine months ended September 30, 2024, were both $1.39, compared to earnings per share of $0.48 in 2023[208]. Revenue Changes - For the three months ended September 30, 2024, revenue in the Asia Pacific region decreased by $4.1 million, or 15%, compared to the same period in 2023, with contracting revenue decreasing by $3.3 million, or 18%[169]. - In Australia, revenue decreased by $6.1 million, or 25%, for the three months ended September 30, 2024, primarily driven by a decline in contracting revenue of $3.6 million, or 21%[170]. - In Asia, revenue increased by $1.9 million, or 86%, for the three months ended September 30, 2024, primarily due to the acquisition of Hudson Global Resources (Singapore) Pte. Ltd., contributing 83 percentage points to revenue growth[171]. - In the U.K., revenue for the nine months ended September 30, 2024, decreased by $2.7 million, or 13%, driven by an 18% decline in RPO revenue[189]. - In Continental Europe, total revenue for the nine months ended September 30, 2024, was $1.7 million, an increase of $0.7 million, or 61%, primarily due to new client wins[189]. - For the three months ended September 30, 2024, adjusted net revenue in Continental Europe increased by $0.3 million, or 112%, compared to 2023[192]. - In the Middle East, total revenue for the nine months ended September 30, 2024, was $0.1 million, consistent with the same period in 2023[190]. SG&A and Non-Op Expenses - For the three months ended September 30, 2024, SG&A and Non-Op decreased by $0.6 million, or 9%, compared to the same period in 2023, with SG&A and Non-Op as a percentage of revenue decreasing from 97% to 83%[164]. - For the nine months ended September 30, 2024, SG&A and Non-Op decreased by $6.2 million, or 24%, compared to the same period in 2023, with SG&A and Non-Op as a percentage of revenue decreasing from 101% to 93%[165]. - SG&A and Non-Op in the Asia Pacific region increased by $0.7 million, or 10%, for the three months ended September 30, 2024, compared to the same period in 2023, primarily due to the Singapore Acquisition[183]. - SG&A and Non-Op expenses for the nine months ended September 30, 2024, decreased by $0.8 million, or 7%, compared to the same period in 2023[197]. Adjusted Net Revenue - For the nine months ended September 30, 2024, total adjusted net revenue as a percentage of revenue was 33% for both periods, with adjusted net revenue in Asia increasing by $3.2 million, or 72%[182]. - Adjusted net revenue for the nine months ended September 30, 2024, decreased by $1.4 million, or 11%, with RPO revenue declining by $1.5 million, or 12%[193]. EBITDA Performance - For the three months ended September 30, 2024, EBITDA was $0.3 million, or 1% of revenue, compared to EBITDA of $1.9 million, or 7% of revenue, in 2023, reflecting a decline in adjusted net revenue[185]. - For the nine months ended September 30, 2024, an EBITDA loss of $0.1 million compared to EBITDA of $5.4 million in 2023[186].
Hudson Global(HSON) - 2024 Q3 - Quarterly Report