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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hudson Global Inc | NASDAQ:HSON | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.23 | -1.43% | 15.82 | 15.52 | 17.37 | 16.37 | 15.82 | 16.37 | 1,564 | 21:00:13 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
DELAWARE
|
|
59-3547281
|
(State or other jurisdiction of incorporation or organization)
|
|
(IRS Employer Identification No.)
|
Large accelerated filer
|
o
|
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
(do not check if a smaller reporting company)
|
Smaller reporting company
|
x
|
|
|
|
Emerging growth company
|
o
|
Class
|
|
Outstanding on June 30, 2018
|
Common Stock - $0.001 par value
|
|
32,030,932
|
|
|
Page
|
|
|
|
Item 1.
|
|
|
|
||
|
||
|
||
|
||
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||
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
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||
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|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
$
|
17,015
|
|
|
$
|
14,517
|
|
|
$
|
33,230
|
|
|
$
|
28,472
|
|
Direct costs
|
6,214
|
|
|
3,812
|
|
|
12,275
|
|
|
7,765
|
|
||||
Gross margin
|
10,801
|
|
|
10,705
|
|
|
20,955
|
|
|
20,707
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Salaries and related
|
9,303
|
|
|
9,099
|
|
|
19,662
|
|
|
17,552
|
|
||||
Other selling, general and administrative
|
2,755
|
|
|
1,995
|
|
|
5,208
|
|
|
3,872
|
|
||||
Depreciation and amortization
|
2
|
|
|
79
|
|
|
2
|
|
|
160
|
|
||||
Business reorganization
|
—
|
|
|
1
|
|
|
—
|
|
|
(113
|
)
|
||||
Operating income (loss)
|
(1,259
|
)
|
|
(469
|
)
|
|
(3,917
|
)
|
|
(764
|
)
|
||||
Non-operating income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income (expense), net
|
60
|
|
|
(4
|
)
|
|
60
|
|
|
(4
|
)
|
||||
Other income (expense), net
|
(45
|
)
|
|
(15
|
)
|
|
(112
|
)
|
|
(53
|
)
|
||||
Income (loss) from continuing operations before provision for income taxes
|
(1,244
|
)
|
|
(488
|
)
|
|
(3,969
|
)
|
|
(821
|
)
|
||||
Provision for income taxes from continuing operations
|
109
|
|
|
246
|
|
|
281
|
|
|
392
|
|
||||
Income (loss) from continuing operations
|
(1,353
|
)
|
|
(734
|
)
|
|
(4,250
|
)
|
|
(1,213
|
)
|
||||
Income (loss) from discontinued operations, net of income taxes
|
(11
|
)
|
|
1,960
|
|
|
13,607
|
|
|
1,125
|
|
||||
Net income (loss)
|
$
|
(1,364
|
)
|
|
$
|
1,226
|
|
|
$
|
9,357
|
|
|
$
|
(88
|
)
|
Basic and diluted earnings (loss) per share:
|
|
|
|
|
|
|
|
||||||||
Basic and diluted earnings (loss) per share from continuing operations
|
$
|
(0.04
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.04
|
)
|
Basic and diluted earnings (loss) per share from discontinued operations
|
—
|
|
|
0.06
|
|
|
0.42
|
|
|
0.04
|
|
||||
Basic and diluted earnings (loss) per share
|
$
|
(0.04
|
)
|
|
$
|
0.04
|
|
|
$
|
0.29
|
|
|
$
|
—
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
32,277
|
|
|
32,048
|
|
|
32,212
|
|
|
32,104
|
|
||||
Diluted
|
32,277
|
|
|
32,048
|
|
|
32,212
|
|
|
32,104
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
(1,364
|
)
|
|
$
|
1,226
|
|
|
$
|
9,357
|
|
|
$
|
(88
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment, net of applicable income taxes
|
(429
|
)
|
|
1,221
|
|
|
(96
|
)
|
|
2,620
|
|
||||
Pension liability adjustment, net of income taxes
|
—
|
|
|
5
|
|
|
—
|
|
|
4
|
|
||||
Reclassification of currency translation adjustment included in income (loss) from discontinued operations, net of income taxes
|
—
|
|
|
—
|
|
|
(10,819
|
)
|
|
—
|
|
||||
Reclassification of pension liability adjustment included in income (loss) from discontinued operation, net of income taxes
|
—
|
|
|
—
|
|
|
(38
|
)
|
|
—
|
|
||||
Total other comprehensive income (loss), net of income taxes
|
(429
|
)
|
|
1,226
|
|
|
(10,953
|
)
|
|
2,624
|
|
||||
Comprehensive income (loss)
|
$
|
(1,793
|
)
|
|
$
|
2,452
|
|
|
$
|
(1,596
|
)
|
|
$
|
2,536
|
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
ASSETS
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
38,641
|
|
|
$
|
5,580
|
|
Accounts receivable, less allowance for doubtful accounts of $52 and $69, respectively
|
14,201
|
|
|
11,545
|
|
||
Prepaid and other
|
1,010
|
|
|
388
|
|
||
Current assets of discontinued operations
|
—
|
|
|
79,530
|
|
||
Total current assets
|
53,852
|
|
|
97,043
|
|
||
Property and equipment, net
|
5
|
|
|
1
|
|
||
Deferred tax assets, non-current
|
292
|
|
|
324
|
|
||
Other assets, non-current
|
373
|
|
|
371
|
|
||
Non-current assets of discontinued operations
|
—
|
|
|
13,901
|
|
||
Total assets
|
$
|
54,522
|
|
|
$
|
111,640
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
||
Current liabilities:
|
|
|
|
|
|
||
Accounts payable
|
$
|
806
|
|
|
$
|
1,193
|
|
Accrued expenses and other current liabilities
|
8,901
|
|
|
7,259
|
|
||
Current liabilities of discontinued operations
|
366
|
|
|
51,952
|
|
||
Total current liabilities
|
10,073
|
|
|
60,404
|
|
||
Income tax payable, non-current
|
1,978
|
|
|
1,682
|
|
||
Other non-current liabilities
|
578
|
|
|
192
|
|
||
Non-current liabilities of discontinued operations
|
—
|
|
|
6,210
|
|
||
Total liabilities
|
12,629
|
|
|
68,488
|
|
||
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, 100,000 shares authorized; issued 36,110 and 34,959 shares, respectively
|
34
|
|
|
34
|
|
||
Additional paid-in capital
|
484,432
|
|
|
483,558
|
|
||
Accumulated deficit
|
(434,062
|
)
|
|
(443,419
|
)
|
||
Accumulated other comprehensive income, net of applicable tax
|
(244
|
)
|
|
10,709
|
|
||
Treasury stock, 4,079 and 3,800 shares, respectively, at cost
|
(8,267
|
)
|
|
(7,730
|
)
|
||
Total stockholders' equity
|
41,893
|
|
|
43,152
|
|
||
Total liabilities and stockholders' equity
|
$
|
54,522
|
|
|
$
|
111,640
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
|
|
||
Net income (loss)
|
$
|
9,357
|
|
|
$
|
(88
|
)
|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
682
|
|
|
1,353
|
|
||
Provision for (recovery of) doubtful accounts
|
30
|
|
|
33
|
|
||
Provision for (benefit from) deferred income taxes
|
219
|
|
|
34
|
|
||
Stock-based compensation
|
874
|
|
|
708
|
|
||
Gain on sale of consolidated subsidiaries
|
(14,032
|
)
|
|
—
|
|
||
Changes in assets and liabilities, net of effect of dispositions:
|
|
|
|
||||
Decrease (increase) in accounts receivable
|
(9,451
|
)
|
|
(9,828
|
)
|
||
Decrease (increase) in prepaid and other assets
|
(582
|
)
|
|
(1,080
|
)
|
||
Increase (decrease) in accounts payable, accrued expenses and other liabilities
|
(4,844
|
)
|
|
5,195
|
|
||
Increase (decrease) in accrued business reorganization
|
(502
|
)
|
|
(1,087
|
)
|
||
Net cash used in operating activities
|
(18,249
|
)
|
|
(4,760
|
)
|
||
Cash flows from investing activities:
|
|
|
|
|
|
||
Capital expenditures
|
(284
|
)
|
|
(425
|
)
|
||
Proceeds from sale of consolidated subsidiaries, net of cash and restricted cash sold
|
27,967
|
|
|
—
|
|
||
Net cash provided by (used in) investing activities
|
27,683
|
|
|
(425
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
|
||
Borrowings under credit agreements
|
59,647
|
|
|
77,256
|
|
||
Repayments under credit agreements
|
(51,682
|
)
|
|
(78,923
|
)
|
||
Repayment of capital lease obligations
|
(27
|
)
|
|
(50
|
)
|
||
Purchase of treasury stock
|
(3
|
)
|
|
(522
|
)
|
||
Purchase of restricted stock from employees
|
(534
|
)
|
|
(5
|
)
|
||
Net cash provided by (used in) financing activities
|
7,401
|
|
|
(2,244
|
)
|
||
Effect of exchange rates on cash, cash equivalents and restricted cash
|
228
|
|
|
719
|
|
||
Net increase (decrease) in cash, cash equivalents and restricted cash
|
17,063
|
|
|
(6,710
|
)
|
||
Cash, cash equivalents, and restricted cash, beginning of the period
|
22,006
|
|
|
22,511
|
|
||
Cash, cash equivalents, and restricted cash, end of the period
|
$
|
39,069
|
|
|
$
|
15,801
|
|
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
(92
|
)
|
|
$
|
(211
|
)
|
Cash received during the period for interest
|
$
|
55
|
|
|
$
|
—
|
|
Net cash payments during the period for income taxes
|
$
|
(131
|
)
|
|
$
|
(854
|
)
|
|
Common stock Outstanding
|
|
Additional
paid-in
capital
|
|
Accumulated
deficit
|
|
Accumulated
other
comprehensive
income (loss)
|
|
Treasury
stock
|
|
Total
|
|||||||||||||||
|
Shares
|
|
Value
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at December 31, 2017
|
31,159
|
|
|
$
|
34
|
|
|
$
|
483,558
|
|
|
$
|
(443,419
|
)
|
|
$
|
10,709
|
|
|
$
|
(7,730
|
)
|
|
$
|
43,152
|
|
Net income (loss)
|
—
|
|
|
—
|
|
|
—
|
|
|
9,357
|
|
|
—
|
|
|
—
|
|
|
9,357
|
|
||||||
Other comprehensive income (loss), net of applicable tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,953
|
)
|
|
—
|
|
|
(10,953
|
)
|
||||||
Purchase of treasury stock
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
(3
|
)
|
||||||
Purchase of restricted stock from employees
|
(277
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(534
|
)
|
|
(534
|
)
|
||||||
Stock-based compensation
|
1,151
|
|
|
—
|
|
|
874
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
874
|
|
||||||
Balance at June 30, 2018
|
32,031
|
|
|
$
|
34
|
|
|
$
|
484,432
|
|
|
$
|
(434,062
|
)
|
|
$
|
(244
|
)
|
|
$
|
(8,267
|
)
|
|
$
|
41,893
|
|
•
|
We maintain the direct contractual relationship with the client and are responsible for fulfilling the service promised to the client.
|
•
|
We maintain control over our contractors while the services to the client are being performed, including our contractors' billing rates.
|
|
Three Months Ended June 30, 2018
|
||||||||||
|
RPO Recruitment
|
|
RPO Contracting
|
|
Total
|
||||||
Revenue
|
$
|
11,696
|
|
|
$
|
5,319
|
|
|
$
|
17,015
|
|
Direct costs (1)
|
1,464
|
|
|
4,750
|
|
|
6,214
|
|
|||
Gross margin
|
$
|
10,232
|
|
|
$
|
569
|
|
|
$
|
10,801
|
|
|
|
|
|
|
|
||||||
|
Three Months Ended June 30, 2017
|
||||||||||
|
RPO Recruitment
|
|
RPO Contracting
|
|
Total
|
||||||
Revenue
|
$
|
10,987
|
|
|
$
|
3,530
|
|
|
$
|
14,517
|
|
Direct costs (1)
|
642
|
|
|
3,170
|
|
|
3,812
|
|
|||
Gross margin
|
$
|
10,345
|
|
|
$
|
360
|
|
|
$
|
10,705
|
|
|
Six Months Ended June 30, 2018
|
||||||||||
|
RPO Recruitment
|
|
RPO Contracting
|
|
Total
|
||||||
Revenue
|
$
|
23,385
|
|
|
$
|
9,845
|
|
|
$
|
33,230
|
|
Direct costs (1)
|
3,482
|
|
|
8,793
|
|
|
12,275
|
|
|||
Gross margin
|
$
|
19,903
|
|
|
$
|
1,052
|
|
|
$
|
20,955
|
|
|
|
|
|
|
|
||||||
|
Six Months Ended June 30, 2017
|
||||||||||
|
RPO Recruitment
|
|
RPO Contracting
|
|
Total
|
||||||
Revenue
|
$
|
21,055
|
|
|
$
|
7,417
|
|
|
$
|
28,472
|
|
Direct costs (1)
|
1,090
|
|
|
6,675
|
|
|
7,765
|
|
|||
Gross margin
|
$
|
19,965
|
|
|
$
|
742
|
|
|
$
|
20,707
|
|
(1)
|
Direct costs in RPO Contracting include the direct staffing costs of salaries, payroll taxes, employee benefits, travel expenses, rent, and insurance costs for the Company’s contractors and reimbursed out-of-pocket expenses and other
|
Gross proceeds
|
$
|
38,960
|
|
Add: purchase price adjustments
|
149
|
|
|
Less: cash and restricted cash sold
|
(9,547
|
)
|
|
Less: transaction costs
|
(1,595
|
)
|
|
Net cash proceeds as presented in the statement of cash flows
|
$
|
27,967
|
|
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
Cash
|
|
$
|
—
|
|
|
$
|
15,460
|
|
Accounts receivable
|
|
—
|
|
|
60,333
|
|
||
Prepaid and other current assets
|
|
—
|
|
|
3,737
|
|
||
Total current assets
|
|
—
|
|
|
79,530
|
|
||
Property and equipment, net
|
|
—
|
|
|
6,251
|
|
||
Deferred tax assets, non-current
|
|
—
|
|
|
6,080
|
|
||
Other assets, non-current
|
|
—
|
|
|
1,570
|
|
||
Total non-current assets
|
|
—
|
|
|
13,901
|
|
||
Total assets
|
|
$
|
—
|
|
|
$
|
93,431
|
|
|
|
|
|
|
||||
Accounts payable
|
|
$
|
42
|
|
|
$
|
5,764
|
|
Accrued expenses and other current liabilities
|
|
324
|
|
|
39,108
|
|
||
Short-term borrowings
|
|
—
|
|
|
7,080
|
|
||
Total current liabilities
|
|
366
|
|
|
51,952
|
|
||
Total non-current liabilities
|
|
—
|
|
|
6,210
|
|
||
Total liabilities
|
|
$
|
366
|
|
|
$
|
58,162
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenue
|
$
|
—
|
|
|
$
|
99,074
|
|
|
$
|
108,463
|
|
|
$
|
188,524
|
|
Gross margin
|
—
|
|
|
37,621
|
|
|
38,663
|
|
|
70,051
|
|
||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Salaries and related
|
—
|
|
|
26,963
|
|
|
29,032
|
|
|
51,952
|
|
||||
Other selling, general and administrative
|
—
|
|
|
7,368
|
|
|
8,355
|
|
|
14,318
|
|
||||
Depreciation and amortization
|
—
|
|
|
608
|
|
|
680
|
|
|
1,193
|
|
||||
Business reorganization
|
—
|
|
|
(2
|
)
|
|
50
|
|
|
290
|
|
||||
Operating income (loss)
|
—
|
|
|
2,684
|
|
|
546
|
|
|
2,298
|
|
||||
Non-operating income (expense):
|
|
|
|
|
|
|
|
||||||||
Interest income (expense), net
|
—
|
|
|
(115
|
)
|
|
(88
|
)
|
|
(203
|
)
|
||||
Other non-operating income (loss)
|
—
|
|
|
7
|
|
|
216
|
|
|
(337
|
)
|
||||
Income (Loss) from discontinued operations before taxes and gain (loss) on sale
|
—
|
|
|
2,576
|
|
|
674
|
|
|
1,758
|
|
||||
Gain (loss) from sale of discontinued operations
|
(11
|
)
|
|
—
|
|
|
14,032
|
|
|
—
|
|
||||
Income (loss) from discontinued operations before income taxes
|
(11
|
)
|
|
2,576
|
|
|
14,706
|
|
|
1,758
|
|
||||
Provision (benefit) for income taxes
|
—
|
|
|
616
|
|
|
1,099
|
|
|
633
|
|
||||
Income (loss) from discontinued operations
|
$
|
(11
|
)
|
|
$
|
1,960
|
|
|
$
|
13,607
|
|
|
$
|
1,125
|
|
|
Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Depreciation and amortization
|
$
|
680
|
|
|
$
|
1,193
|
|
Stock-based compensation expense
|
$
|
233
|
|
|
$
|
114
|
|
Capital expenditures
|
$
|
284
|
|
|
$
|
425
|
|
|
Three Months Ended June 30, 2018
|
||||||||||||||||||
|
Permanent Recruitment
|
|
Contracting
|
|
Talent Management
|
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Direct costs (1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Gross margin
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended June 30, 2017
|
||||||||||||||||||
|
Permanent Recruitment
|
|
Contracting
|
|
Talent Management
|
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
21,255
|
|
|
$
|
66,695
|
|
|
$
|
10,559
|
|
|
$
|
565
|
|
|
$
|
99,074
|
|
Direct costs (1)
|
120
|
|
|
58,886
|
|
|
1,915
|
|
|
532
|
|
|
61,453
|
|
|||||
Gross margin
|
$
|
21,135
|
|
|
$
|
7,809
|
|
|
$
|
8,644
|
|
|
$
|
33
|
|
|
$
|
37,621
|
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||
|
Permanent Recruitment
|
|
Contracting
|
|
Talent Management
|
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
20,700
|
|
|
$
|
76,615
|
|
|
$
|
10,694
|
|
|
$
|
454
|
|
|
$
|
108,463
|
|
Direct costs (1)
|
190
|
|
|
67,980
|
|
|
1,225
|
|
|
405
|
|
|
69,800
|
|
|||||
Gross margin
|
$
|
20,510
|
|
|
$
|
8,635
|
|
|
$
|
9,469
|
|
|
$
|
49
|
|
|
$
|
38,663
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended June 30, 2017
|
||||||||||||||||||
|
Permanent Recruitment
|
|
Contracting
|
|
Talent Management
|
|
Other
|
|
Total
|
||||||||||
Revenue
|
$
|
39,253
|
|
|
$
|
129,229
|
|
|
$
|
18,974
|
|
|
$
|
1,068
|
|
|
$
|
188,524
|
|
Direct costs (1)
|
249
|
|
|
113,773
|
|
|
3,413
|
|
|
1,038
|
|
|
118,473
|
|
|||||
Gross margin
|
$
|
39,004
|
|
|
$
|
15,456
|
|
|
$
|
15,561
|
|
|
$
|
30
|
|
|
$
|
70,051
|
|
(1)
|
Direct costs include the direct staffing costs of salaries, payroll taxes, employee benefits, travel expenses, and insurance costs for the Company’s contractors and reimbursed out-of-pocket expenses and other direct costs. Other than reimbursed out-of-pocket expenses, there are no other direct costs associated with the Permanent Recruitment and Other categories. Gross margin represents revenue less direct costs. The region where services are provided, the mix of contracting, and permanent recruitment, and the functional nature of the staffing services provided can affect gross margin.
|
Vesting conditions
|
|
Number of Restricted Stock Units Granted
|
|
Performance and service conditions (1) (2)
|
|
220,000
|
|
Performance and service conditions (1) (3)
|
|
207,353
|
|
Total shares of stock award granted
|
|
427,353
|
|
(1)
|
The performance conditions with respect to restricted stock units may be satisfied as follows:
|
(a)
|
For employees from the Americas, APAC, and Europe
70%
of the restricted stock units may be earned on the basis of performance as measured by a "regional adjusted EBITDA," and
30%
of the restricted stock units may be earned on the basis of performance as measured by a "group adjusted EBITDA"; and
|
(b)
|
For employees from the Corporate office
50%
of the restricted stock units may be earned on the basis of performance as measured by a "group adjusted EBITDA," and
50%
of the restricted stock units may be earned on the basis of performance as measured by a "corporate costs" target.
|
(2)
|
To the extent restricted stock units are earned on the basis of performance, such restricted stock units will vest on the basis of service as follows:
|
(a)
|
33%
of the restricted stock units will vest on the first anniversary of the grant date;
|
(b)
|
33%
of the restricted stock units will vest on the second anniversary of the grant date; and
|
(c)
|
34%
of the restricted stock units will vest on the third anniversary of the grant date; provided that, in each case, the employee remains employed by the Company from the grant date through the applicable service vesting date.
|
(3)
|
To the extent restricted stock units are earned on the basis of performance, such restricted stock units will vest on the basis of service as follows:
|
(a)
|
66.6%
of the restricted stock units will vest on the first anniversary of the last day of the performance period;
|
(b)
|
16.7%
of the restricted stock units will vest on the second anniversary of the last day of the performance period;
|
(c)
|
16.7%
of the restricted stock units will vest on the third anniversary of the last day of the performance period; provided that, in each case, the employee remains employed by the Company from the grant date through the applicable service vesting date.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Stock options
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Restricted stock units
|
|
180
|
|
|
517
|
|
|
874
|
|
|
708
|
|
||||
Total
|
|
$
|
180
|
|
|
$
|
517
|
|
|
$
|
874
|
|
|
$
|
708
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
Number of
Options
|
|
Weighted
Average
Exercise Price
per Share
|
|
Number of
Options
|
|
Weighted
Average
Exercise Price
per Share
|
||||||
Options outstanding at January 1,
|
100,000
|
|
|
$
|
3.86
|
|
|
123,500
|
|
|
$
|
6.16
|
|
Expired/forfeited
|
—
|
|
|
—
|
|
|
(23,500
|
)
|
|
15.97
|
|
||
Options outstanding at June 30,
|
100,000
|
|
|
$
|
3.86
|
|
|
100,000
|
|
|
$
|
3.86
|
|
Options exercisable at June 30,
|
100,000
|
|
|
$
|
3.86
|
|
|
100,000
|
|
|
$
|
3.86
|
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
||||||||||
|
Number of
Restricted
Stock Units
|
|
Weighted
Average
Grant-Date
Fair Value
|
|
Number of
Restricted
Stock Units
|
|
Weighted
Average
Grant-Date
Fair Value
|
||||||
Unvested restricted stock units at January 1,
|
1,088,933
|
|
|
$
|
1.16
|
|
|
480,000
|
|
|
$
|
2.79
|
|
Granted
|
521,507
|
|
|
1.74
|
|
|
1,323,033
|
|
|
1.07
|
|
||
Shares earned above target (a)
|
244,855
|
|
|
1.00
|
|
|
—
|
|
|
—
|
|
||
Vested
|
(1,256,445
|
)
|
|
1.19
|
|
|
(381,760
|
)
|
|
1.47
|
|
||
Forfeited
|
(7,515
|
)
|
|
1.00
|
|
|
(332,340
|
)
|
|
2.79
|
|
||
Unvested restricted stock units at June 30,
|
591,335
|
|
|
$
|
1.55
|
|
|
1,088,933
|
|
|
$
|
1.16
|
|
(a)
|
The number of shares earned above target are based on the performance target established by the Compensation Committee at the initial grant date.
|
|
|
Year
|
Earliest tax years which remain subject to examination by the relevant tax authorities:
|
|
|
U.S. Federal
|
|
2014
|
Majority of U.S. state and local jurisdictions
|
|
2013
|
Australia
|
|
2017
|
Belgium
|
|
2015
|
Canada
|
|
2013
|
Netherlands
|
|
2012
|
Switzerland
|
|
2013
|
United Kingdom
|
|
2017
|
Jurisdictions in Asia
|
|
2018
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Earnings (loss) per share ("EPS"):
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
EPS - basic and diluted:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(0.04
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.04
|
)
|
Income (loss) from discontinued operations
|
|
—
|
|
|
0.06
|
|
|
0.42
|
|
|
0.04
|
|
||||
Net income (loss)
|
|
$
|
(0.04
|
)
|
|
$
|
0.04
|
|
|
$
|
0.29
|
|
|
$
|
—
|
|
EPS numerator - basic and diluted:
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) from continuing operations
|
|
$
|
(1,353
|
)
|
|
$
|
(734
|
)
|
|
$
|
(4,250
|
)
|
|
$
|
(1,213
|
)
|
Income (loss) from discontinued operations
|
|
(11
|
)
|
|
1,960
|
|
|
13,607
|
|
|
1,125
|
|
||||
Net income (loss)
|
|
$
|
(1,364
|
)
|
|
$
|
1,226
|
|
|
$
|
9,357
|
|
|
$
|
(88
|
)
|
EPS denominator (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Weighted average common stock outstanding - basic
|
|
32,277
|
|
|
32,048
|
|
|
32,212
|
|
|
32,104
|
|
||||
Common stock equivalents: stock options and restricted stock units (a)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average number of common stock outstanding - diluted
|
|
32,277
|
|
|
32,048
|
|
|
32,212
|
|
|
32,104
|
|
(a)
|
The diluted weighted average number of shares of common stock outstanding did not differ from the basic weighted average number of shares of common stock outstanding because the effects of any potential common stock equivalents (see Note
6
for further details on outstanding stock options and unvested restricted stock units) were anti-dilutive and therefore not included in the calculation of the denominator of dilutive earnings per share.
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
Unvested restricted stock units
|
|
591,335
|
|
|
1,088,933
|
|
|
591,335
|
|
|
1,088,933
|
|
Stock options
|
|
100,000
|
|
|
100,000
|
|
|
100,000
|
|
|
100,000
|
|
Total
|
|
691,335
|
|
|
1,188,933
|
|
|
691,335
|
|
|
1,188,933
|
|
|
June 30,
2018 |
|
December 31,
2017 |
||||
Cash and cash equivalents of continuing operations
|
$
|
38,641
|
|
|
$
|
5,580
|
|
Cash and cash equivalents of discontinuing operations
|
—
|
|
|
15,460
|
|
||
Restricted cash included in prepaid and other
|
111
|
|
|
112
|
|
||
Restricted cash included in other assets
|
317
|
|
|
102
|
|
||
Restricted cash included in current assets of discontinued operations
|
—
|
|
|
183
|
|
||
Restricted cash included in non-current assets of discontinued operations
|
—
|
|
|
569
|
|
||
Total cash, cash equivalents, and restricted cash
|
$
|
39,069
|
|
|
$
|
22,006
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2018
|
|
2017
|
||||
Foreign currency translation adjustments
|
|
$
|
(244
|
)
|
|
$
|
10,671
|
|
Pension plan obligations
|
|
—
|
|
|
38
|
|
||
Accumulated other comprehensive income (loss)
|
|
$
|
(244
|
)
|
|
$
|
10,709
|
|
|
Hudson
Americas
|
|
Hudson
Asia Pacific
|
|
Hudson
Europe
|
|
Corporate
|
|
Inter-Segment Elimination
|
|
Total
|
||||||||||||
For The Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|||||||||||||||||
Total revenue
|
$
|
3,509
|
|
|
$
|
9,600
|
|
|
$
|
3,906
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17,015
|
|
Total gross margin
|
$
|
2,923
|
|
|
$
|
5,759
|
|
|
$
|
2,119
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,801
|
|
EBITDA (loss) (a)
|
$
|
(76
|
)
|
|
$
|
508
|
|
|
$
|
34
|
|
|
$
|
(1,768
|
)
|
|
$
|
—
|
|
|
$
|
(1,302
|
)
|
Depreciation and amortization
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Intercompany interest income (expense), net
|
—
|
|
|
(108
|
)
|
|
—
|
|
|
108
|
|
|
—
|
|
|
—
|
|
||||||
Interest income (expense), net
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
—
|
|
|
60
|
|
||||||
Income (loss) from continuing operations before income taxes
|
$
|
(76
|
)
|
|
$
|
400
|
|
|
$
|
32
|
|
|
$
|
(1,600
|
)
|
|
$
|
—
|
|
|
$
|
(1,244
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
For The Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue
|
$
|
7,209
|
|
|
$
|
18,425
|
|
|
$
|
7,596
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
33,230
|
|
Total gross margin
|
$
|
6,046
|
|
|
$
|
10,682
|
|
|
$
|
4,227
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,955
|
|
EBITDA (loss) (a)
|
$
|
215
|
|
|
$
|
1,052
|
|
|
$
|
45
|
|
|
$
|
(5,339
|
)
|
|
$
|
—
|
|
|
$
|
(4,027
|
)
|
Depreciation and amortization
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
||||||
Intercompany interest income (expense), net
|
—
|
|
|
(108
|
)
|
|
—
|
|
|
108
|
|
|
—
|
|
|
—
|
|
||||||
Interest income (expense), net
|
—
|
|
|
—
|
|
|
—
|
|
|
60
|
|
|
—
|
|
|
60
|
|
||||||
Income (loss) from continuing operations before income taxes
|
$
|
215
|
|
|
$
|
944
|
|
|
$
|
43
|
|
|
$
|
(5,171
|
)
|
|
$
|
—
|
|
|
$
|
(3,969
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts receivable, net
|
$
|
2,605
|
|
|
$
|
6,787
|
|
|
$
|
4,803
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
14,201
|
|
Long-lived assets, net of accumulated depreciation and amortization (b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Total assets
|
$
|
4,618
|
|
|
$
|
9,863
|
|
|
$
|
8,643
|
|
|
$
|
31,398
|
|
|
$
|
—
|
|
|
$
|
54,522
|
|
|
Hudson
Americas
|
|
Hudson
Asia Pacific
|
|
Hudson
Europe
|
|
Corporate
|
|
Inter-
Segment
Elimination
|
|
Total
|
||||||||||||
For The Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue
|
$
|
4,161
|
|
|
$
|
6,817
|
|
|
$
|
3,539
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,517
|
|
Total gross margin
|
$
|
3,731
|
|
|
$
|
4,726
|
|
|
$
|
2,248
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,705
|
|
EBITDA (loss) (a)
|
$
|
301
|
|
|
$
|
1,055
|
|
|
$
|
364
|
|
|
$
|
(2,125
|
)
|
|
$
|
—
|
|
|
$
|
(405
|
)
|
Depreciation and amortization
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
$
|
—
|
|
|
79
|
|
|||||
Interest income (expense), net
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
$
|
—
|
|
|
(4
|
)
|
|||||
Income (loss) from continuing operations before income taxes
|
$
|
301
|
|
|
$
|
1,055
|
|
|
$
|
364
|
|
|
$
|
(2,208
|
)
|
|
$
|
—
|
|
|
$
|
(488
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
For The Six Months Ended June 30, 2017
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total revenue
|
$
|
8,475
|
|
|
$
|
13,159
|
|
|
$
|
6,838
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
28,472
|
|
Total gross margin
|
$
|
7,571
|
|
|
$
|
8,911
|
|
|
$
|
4,225
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
20,707
|
|
Business reorganization
|
$
|
(91
|
)
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
(23
|
)
|
|
$
|
—
|
|
|
$
|
(113
|
)
|
EBITDA (loss) (a)
|
$
|
635
|
|
|
$
|
1,797
|
|
|
$
|
541
|
|
|
$
|
(3,630
|
)
|
|
$
|
—
|
|
|
$
|
(657
|
)
|
Depreciation and amortization
|
2
|
|
|
—
|
|
|
—
|
|
|
158
|
|
|
—
|
|
|
160
|
|
||||||
Interest income (expense), net
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
||||||
Income (loss) from continuing operations before income taxes
|
$
|
633
|
|
|
$
|
1,797
|
|
|
$
|
541
|
|
|
$
|
(3,792
|
)
|
|
$
|
—
|
|
|
$
|
(821
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Accounts receivable, net
|
$
|
2,378
|
|
|
$
|
4,793
|
|
|
$
|
3,803
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,974
|
|
Long-lived assets, net of accumulated depreciation and amortization (b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
201
|
|
|
$
|
—
|
|
|
$
|
202
|
|
Total assets
|
$
|
5,637
|
|
|
$
|
5,117
|
|
|
$
|
4,868
|
|
|
$
|
2,298
|
|
|
$
|
—
|
|
|
$
|
17,920
|
|
(a)
|
SEC Regulation S-K Item 229.10(e)1(ii)(A) defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is presented to provide additional information to investors 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 this measurement to evaluate working capital requirements. EBITDA should not be considered in isolation or as a substitute for operating income and net income prepared in accordance with U.S. GAAP or as a measure of the Company's profitability.
|
(b)
|
Comprised of property and equipment. Corporate assets are included in the United States.
|
|
United
Kingdom
|
|
Australia
|
|
United
States
|
|
Other
|
|
Total
|
||||||||||
For The Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|||||||||||||
Revenue (a)
|
$
|
3,829
|
|
|
$
|
8,476
|
|
|
$
|
3,281
|
|
|
$
|
1,429
|
|
|
$
|
17,015
|
|
For The Three Months Ended June 30, 2017
|
|
|
|
|
|
|
|||||||||||||
Revenue (a)
|
$
|
2,682
|
|
|
$
|
5,499
|
|
|
$
|
3,943
|
|
|
$
|
2,393
|
|
|
$
|
14,517
|
|
For The Six Months Ended June 30, 2018
|
|
|
|
|
|||||||||||||||
Revenue (a)
|
$
|
7,364
|
|
|
$
|
16,115
|
|
|
$
|
6,815
|
|
|
$
|
2,936
|
|
|
$
|
33,230
|
|
For The Six Months Ended June 30, 2017
|
|
|
|
|
|||||||||||||||
Revenue (a)
|
$
|
5,298
|
|
|
$
|
10,836
|
|
|
$
|
8,047
|
|
|
$
|
4,291
|
|
|
$
|
28,472
|
|
As of June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-lived assets, net of accumulated depreciation and amortization (b)
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Net assets
|
$
|
3,538
|
|
|
$
|
3,414
|
|
|
$
|
30,069
|
|
|
$
|
5,238
|
|
|
$
|
42,259
|
|
As of June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Long-lived assets, net of accumulated depreciation and amortization (b)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
201
|
|
|
$
|
1
|
|
|
$
|
202
|
|
Net assets
|
$
|
1,865
|
|
|
$
|
2,071
|
|
|
$
|
2,292
|
|
|
$
|
1,932
|
|
|
$
|
8,160
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
Executive Overview
|
•
|
Results of Operations
|
•
|
Liquidity and Capital Resources
|
•
|
Contingencies
|
•
|
Recent Accounting Pronouncements
|
•
|
Critical Accounting Policies
|
•
|
Forward-Looking Statements
|
•
|
Facilitating growth and development of the global RPO business through strategic investments in people, innovation and technology.
|
•
|
Building and differentiating the Company's brand through its unique outsourcing solutions offerings.
|
•
|
Improving the Company’s cost structure and efficiency of its support functions and infrastructure.
|
•
|
Revenue was
$17.0 million
for the three months ended
June 30, 2018
, compared to
$14.5 million
for the same period in
2017
,
an increase
of
$2.5 million
, or
17.2%
.
|
◦
|
On a constant currency basis, the Company's revenue
increased
$2.2 million
, or
14.7%
, due to an increase of
$1.7 million
in RPO contracting revenue (up
47.4%
compared to the same period in
2017
) and
$0.5 million
in RPO recruitment revenue (up
4.2%
compared to the same period in
2017
).
|
•
|
Revenue was
$33.2 million
for the six months ended
June 30, 2018
, compared to
$28.5 million
for the same period in
2017
,
an increase
of
$4.8 million
, or
16.7%
.
|
◦
|
On a constant currency basis, the Company's revenue
increased
$3.8 million
, or
12.9%
, mainly due to an increase of
$2.1 million
in RPO contracting revenue (up
27.4%
compared to the same period in
2017
) and
$1.7 million
in RPO recruitment revenue (up
7.7%
compared to the same period in
2017
).
|
•
|
Gross margin was
$10.8 million
for the three months ended
June 30, 2018
, compared to
$10.7 million
for the same period in
2017
,
an increase
of
$0.1 million
, or
0.9%
.
|
◦
|
On a constant currency basis, gross margin
decreased
$0.1 million
, or
1.2%
, mainly due to a decrease of
$0.3 million
in RPO recruitment gross margin (down
3.1%
compared to the same period in
2017
) partially offset by an increase of
$0.2 million
in RPO contracting gross margin (up
55.2%
compared to the same period in
2017
).
|
•
|
Gross margin was
$21.0 million
for the six months ended
June 30, 2018
, compared to
$20.7 million
for the same period in
2017
,
an increase
of
$0.2 million
, or
1.2%
.
|
◦
|
On a constant currency basis, gross margin
decreased
$0.4 million
, or
1.8%
, mainly due to a decrease of
$0.7 million
in RPO recruitment gross margin (down
3.3%
compared to the same period in
2017
) partially offset by an increase of
$0.3 million
in RPO contracting gross margin (up
37.5%
compared to the same period in
2017
).
|
•
|
Selling, general and administrative expenses and other non-operating income (expense) ("SG&A and Non-Op") were
$12.1 million
for the three months ended
June 30, 2018
, compared to
$11.1 million
for the same period in
2017
,
an increase
of
$1.0 million
, or
9.0%
.
|
◦
|
On a constant currency basis, SG&A and Non-Op
increased
$0.8 million
, or
7.2%
. SG&A and Non-Op, as a percentage of revenue, were
71.1%
for the three months ended
June 30, 2018
, compared to
76.2%
for the same period in
2017
. The increase is principally due to severance expense for two corporate executives (see Note 10).
|
•
|
SG&A and Non-Op were
$25.0 million
for the six months ended
June 30, 2018
, compared to
$21.5 million
for the same period in
2017
,
an increase
of
$3.5 million
, or
16.3%
.
|
◦
|
On a constant currency basis, SG&A and Non-Op
increased
$2.9 million
, or
13.4%
. SG&A and Non-Op, as a percentage of revenue, were
75.2%
for the six months ended
June 30, 2018
, compared to
74.9%
for the same period in
2017
. The increase in principally due to additional compensation expense for the Company's former Chief Executive Officer and the same factors noted above.
|
•
|
There was no business reorganization for the three months ended
June 30, 2018
and
2017
.
|
•
|
Business reorganization was
$0.0 million
for the six months ended
June 30, 2018
, compared to a credit of
$0.1 million
for the same period in
2017
.
|
•
|
EBITDA loss
was
$1.3 million
for the three months ended
June 30, 2018
, compared to
EBITDA loss
of
$0.4 million
for the same period in
2017
, an increase in EBITDA loss of
$0.9 million
. On a constant currency basis, EBITDA loss increased
$0.9 million
.
|
•
|
EBITDA loss
was
$4.0 million
for the six months ended
June 30, 2018
, compared to
EBITDA loss
of
$0.7 million
for the same period in
2017
, an increase in EBITDA loss of
$3.4 million
. On a constant currency basis, EBITDA loss increased
$3.5 million
.
|
•
|
Net loss
was
$1.4 million
for the three months ended
June 30, 2018
, compared to net income of
$1.2 million
for the same period in
2017
, a decrease in net income of
$2.6 million
. On a constant currency basis, net income decreased
$2.7 million
.
|
•
|
Net income
was
$9.4 million
for the six months ended
June 30, 2018
, compared to net loss of
$0.1 million
for the same period in
2017
, an increase in net income of
$9.4 million
. On a constant currency basis, net income increased
$9.4 million
.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||||||||||||||||
|
As
|
|
As
|
|
Currency
|
|
Constant
|
|
As
|
|
As
|
|
Currency
|
|
Constant
|
||||||||||||||||
$ in thousands
|
reported
|
|
reported
|
|
translation
|
|
currency
|
|
reported
|
|
reported
|
|
translation
|
|
currency
|
||||||||||||||||
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hudson Americas
|
$
|
3,509
|
|
|
$
|
4,161
|
|
|
$
|
8
|
|
|
$
|
4,169
|
|
|
$
|
7,209
|
|
|
$
|
8,475
|
|
|
$
|
19
|
|
|
$
|
8,494
|
|
Hudson Asia Pacific
|
9,600
|
|
|
6,817
|
|
|
78
|
|
|
6,895
|
|
|
18,425
|
|
|
13,159
|
|
|
296
|
|
|
13,455
|
|
||||||||
Hudson Europe
|
3,906
|
|
|
3,539
|
|
|
226
|
|
|
3,765
|
|
|
7,596
|
|
|
6,838
|
|
|
646
|
|
|
7,484
|
|
||||||||
Total
|
$
|
17,015
|
|
|
$
|
14,517
|
|
|
$
|
312
|
|
|
$
|
14,829
|
|
|
$
|
33,230
|
|
|
$
|
28,472
|
|
|
$
|
961
|
|
|
$
|
29,433
|
|
Gross margin:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Hudson Americas
|
$
|
2,923
|
|
|
$
|
3,731
|
|
|
$
|
12
|
|
|
$
|
3,743
|
|
|
$
|
6,046
|
|
|
$
|
7,571
|
|
|
$
|
18
|
|
|
$
|
7,589
|
|
Hudson Asia Pacific
|
5,759
|
|
|
4,726
|
|
|
68
|
|
|
4,794
|
|
|
10,682
|
|
|
8,911
|
|
|
213
|
|
|
9,124
|
|
||||||||
Hudson Europe
|
2,119
|
|
|
2,248
|
|
|
144
|
|
|
2,392
|
|
|
4,227
|
|
|
4,225
|
|
|
406
|
|
|
4,631
|
|
||||||||
Total
|
$
|
10,801
|
|
|
$
|
10,705
|
|
|
$
|
224
|
|
|
$
|
10,929
|
|
|
$
|
20,955
|
|
|
$
|
20,707
|
|
|
$
|
637
|
|
|
$
|
21,344
|
|
SG&A and Non-Op (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Hudson Americas
|
$
|
2,999
|
|
|
$
|
3,432
|
|
|
$
|
6
|
|
|
$
|
3,438
|
|
|
$
|
5,831
|
|
|
$
|
7,021
|
|
|
$
|
19
|
|
|
$
|
7,040
|
|
Hudson Asia Pacific
|
5,248
|
|
|
3,670
|
|
|
54
|
|
|
3,724
|
|
|
9,626
|
|
|
7,114
|
|
|
181
|
|
|
7,295
|
|
||||||||
Hudson Europe
|
2,083
|
|
|
1,882
|
|
|
126
|
|
|
2,008
|
|
|
4,182
|
|
|
3,684
|
|
|
359
|
|
|
4,043
|
|
||||||||
Corporate
|
1,774
|
|
|
2,125
|
|
|
—
|
|
|
2,125
|
|
|
5,343
|
|
|
3,658
|
|
|
—
|
|
|
3,658
|
|
||||||||
Total
|
$
|
12,104
|
|
|
$
|
11,109
|
|
|
$
|
186
|
|
|
$
|
11,295
|
|
|
$
|
24,982
|
|
|
$
|
21,477
|
|
|
$
|
559
|
|
|
$
|
22,036
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Hudson Americas
|
$
|
132
|
|
|
$
|
383
|
|
|
$
|
1
|
|
|
$
|
384
|
|
|
$
|
475
|
|
|
$
|
774
|
|
|
$
|
1
|
|
|
$
|
775
|
|
Hudson Asia Pacific
|
853
|
|
|
1,158
|
|
|
15
|
|
|
1,173
|
|
|
1,473
|
|
|
1,993
|
|
|
36
|
|
|
2,029
|
|
||||||||
Hudson Europe
|
180
|
|
|
432
|
|
|
23
|
|
|
455
|
|
|
232
|
|
|
671
|
|
|
57
|
|
|
728
|
|
||||||||
Corporate
|
(2,424
|
)
|
|
(2,442
|
)
|
|
—
|
|
|
(2,442
|
)
|
|
(6,097
|
)
|
|
(4,202
|
)
|
|
—
|
|
|
(4,202
|
)
|
||||||||
Total
|
$
|
(1,259
|
)
|
|
$
|
(469
|
)
|
|
$
|
39
|
|
|
$
|
(430
|
)
|
|
$
|
(3,917
|
)
|
|
$
|
(764
|
)
|
|
$
|
94
|
|
|
$
|
(670
|
)
|
Net income (loss), consolidated
|
$
|
(1,364
|
)
|
|
$
|
1,226
|
|
|
$
|
107
|
|
|
$
|
1,333
|
|
|
$
|
9,357
|
|
|
$
|
(88
|
)
|
|
$
|
40
|
|
|
$
|
(48
|
)
|
EBITDA (loss) from continuing operations (b):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Hudson Americas
|
$
|
(76
|
)
|
|
$
|
301
|
|
|
$
|
1
|
|
|
$
|
302
|
|
|
$
|
215
|
|
|
$
|
635
|
|
|
$
|
(3
|
)
|
|
$
|
632
|
|
Hudson Asia Pacific
|
508
|
|
|
1,055
|
|
|
15
|
|
|
1,070
|
|
|
1,052
|
|
|
1,797
|
|
|
33
|
|
|
1,830
|
|
||||||||
Hudson Europe
|
34
|
|
|
363
|
|
|
24
|
|
|
387
|
|
|
45
|
|
|
541
|
|
|
54
|
|
|
595
|
|
||||||||
Corporate
|
(1,768
|
)
|
|
(2,124
|
)
|
|
—
|
|
|
(2,124
|
)
|
|
(5,339
|
)
|
|
(3,630
|
)
|
|
—
|
|
|
(3,630
|
)
|
||||||||
Total
|
$
|
(1,302
|
)
|
|
$
|
(405
|
)
|
|
$
|
40
|
|
|
$
|
(365
|
)
|
|
$
|
(4,027
|
)
|
|
$
|
(657
|
)
|
|
$
|
84
|
|
|
$
|
(573
|
)
|
(a)
|
SG&A and Non-Op is a measure that management uses to evaluate the segments’ expenses, which include the following captions on the Condensed Consolidated Statement of Operations: Salaries and related, Other selling, general and administrative, and other income (expense), net. Corporate management service allocations are included in the segments’ other income (expense).
|
(b)
|
See EBITDA reconciliation in the following section.
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30,
|
|
June 30,
|
||||||||||||
$ in thousands
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income (loss)
|
|
$
|
(1,364
|
)
|
|
$
|
1,226
|
|
|
$
|
9,357
|
|
|
$
|
(88
|
)
|
Adjustment for income (loss) from discontinued operations, net of income taxes
|
|
(11
|
)
|
|
1,960
|
|
|
13,607
|
|
|
1,125
|
|
||||
Income (loss) from continuing operations
|
|
$
|
(1,353
|
)
|
|
$
|
(734
|
)
|
|
$
|
(4,250
|
)
|
|
$
|
(1,213
|
)
|
Adjustments to net income (loss) from continuing operations
|
|
|
|
|
|
|
|
|
||||||||
Provision for (benefit from) income taxes
|
|
109
|
|
|
246
|
|
|
281
|
|
|
392
|
|
||||
Interest income (expense), net
|
|
60
|
|
|
(4
|
)
|
|
60
|
|
|
(4
|
)
|
||||
Depreciation and amortization expense
|
|
2
|
|
|
79
|
|
|
2
|
|
|
160
|
|
||||
Total adjustments from net income (loss) to EBITDA (loss)
|
|
51
|
|
|
329
|
|
|
223
|
|
|
556
|
|
||||
EBITDA (loss) from continuing operations
|
|
$
|
(1,302
|
)
|
|
$
|
(405
|
)
|
|
$
|
(4,027
|
)
|
|
$
|
(657
|
)
|
|
|||||||||||||||||||||||||||||
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As reported
|
|
As reported
|
|
|
|
As reported
|
|
As reported
|
|
|
||||||||||||||||||
Hudson Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Revenue
|
$
|
3.5
|
|
|
$
|
4.2
|
|
|
$
|
(0.7
|
)
|
|
(15.7
|
)%
|
|
$
|
7.2
|
|
|
$
|
8.5
|
|
|
$
|
(1.3
|
)
|
|
(14.9
|
)%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As reported
|
|
As reported
|
|
|
|
As reported
|
|
As reported
|
|
|
||||||||||||||||||
Hudson Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Gross margin
|
$
|
2.9
|
|
|
$
|
3.7
|
|
|
$
|
(0.8
|
)
|
|
(21.7
|
)%
|
|
$
|
6.0
|
|
|
$
|
7.6
|
|
|
$
|
(1.5
|
)
|
|
(20.1
|
)%
|
Gross margin as a percentage of revenue
|
83.3
|
%
|
|
89.7
|
%
|
|
N/A
|
|
|
N/A
|
|
|
83.9
|
%
|
|
89.3
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As reported
|
|
As reported
|
|
|
|
As reported
|
|
As reported
|
|
|
||||||||||||||||||
Hudson Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
SG&A and Non-Op
|
$
|
3.0
|
|
|
$
|
3.4
|
|
|
$
|
(0.4
|
)
|
|
(12.6
|
)%
|
|
$
|
5.8
|
|
|
$
|
7.0
|
|
|
$
|
(1.2
|
)
|
|
(16.9
|
)%
|
SG&A and Non-Op as a percentage of revenue
|
85.5
|
%
|
|
82.5
|
%
|
|
N/A
|
|
|
N/A
|
|
|
80.9
|
%
|
|
82.8
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As reported
|
|
As reported
|
|
|
|
As reported
|
|
As reported
|
|
|
||||||||||||||||||
Hudson Americas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating income (loss)
|
$
|
0.1
|
|
|
$
|
0.4
|
|
|
$
|
(0.3
|
)
|
|
(65.5
|
)%
|
|
$
|
0.5
|
|
|
$
|
0.8
|
|
|
$
|
(0.3
|
)
|
|
(38.6
|
)%
|
EBITDA (loss)
|
$
|
(0.1
|
)
|
|
$
|
0.3
|
|
|
$
|
(0.4
|
)
|
|
(a)
|
|
|
$
|
0.2
|
|
|
$
|
0.6
|
|
|
$
|
(0.4
|
)
|
|
(66.1
|
)%
|
EBITDA (loss) as a percentage of revenue
|
(2.2
|
)%
|
|
7.2
|
%
|
|
N/A
|
|
|
N/A
|
|
|
3.0
|
%
|
|
7.5
|
%
|
|
N/A
|
|
|
N/A
|
|
(a)
|
Information was not provided because the Company did not consider the change in percentage a meaningful measure for the periods in comparison.
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As
reported |
|
Constant
currency |
|
|
|
As
reported
|
|
Constant
currency
|
|
|
||||||||||||||||||
Hudson Asia Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Revenue
|
$
|
9.6
|
|
|
$
|
6.9
|
|
|
$
|
2.7
|
|
|
39.2
|
%
|
|
$
|
18.4
|
|
|
$
|
13.5
|
|
|
$
|
5.0
|
|
|
36.9
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As
reported |
|
Constant
currency
|
|
|
|
As
reported
|
|
Constant
currency
|
|
|
||||||||||||||||||
Hudson Asia Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Gross margin
|
$
|
5.8
|
|
|
$
|
4.8
|
|
|
$
|
1.0
|
|
|
20.1
|
%
|
|
$
|
10.7
|
|
|
$
|
9.1
|
|
|
$
|
1.6
|
|
|
17.1
|
%
|
Gross margin as a percentage of revenue
|
60.0
|
%
|
|
69.5
|
%
|
|
N/A
|
|
|
N/A
|
|
|
58.0
|
%
|
|
67.8
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As
reported |
|
Constant
currency |
|
|
|
As
reported |
|
Constant
currency |
|
|
||||||||||||||||||
Hudson Asia Pacific
|
|||||||||||||||||||||||||||||
SG&A and Non-Op
|
$
|
5.2
|
|
|
$
|
3.7
|
|
|
$
|
1.5
|
|
|
40.9
|
%
|
|
$
|
9.6
|
|
|
$
|
7.3
|
|
|
$
|
2.3
|
|
|
32.0
|
%
|
SG&A and Non-Op as a percentage of revenue
|
54.7
|
%
|
|
54.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
52.2
|
%
|
|
54.2
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As
reported |
|
Constant
currency |
|
|
|
As
reported |
|
Constant
currency |
|
|
||||||||||||||||||
Hudson Asia Pacific
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Operating income (loss)
|
$
|
0.9
|
|
|
$
|
1.2
|
|
|
$
|
(0.3
|
)
|
|
(27.3
|
)%
|
|
$
|
1.5
|
|
|
$
|
2.0
|
|
|
$
|
(0.6
|
)
|
|
(27.4
|
)%
|
EBITDA (loss)
|
$
|
0.5
|
|
|
$
|
1.1
|
|
|
$
|
(0.6
|
)
|
|
(52.5
|
)%
|
|
$
|
1.1
|
|
|
$
|
1.8
|
|
|
$
|
(0.8
|
)
|
|
(42.5
|
)%
|
EBITDA (loss) as a percentage of revenue
|
5.3
|
%
|
|
15.5
|
%
|
|
N/A
|
|
|
N/A
|
|
|
5.7
|
%
|
|
13.6
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As
reported |
|
Constant
currency |
|
|
|
As
reported |
|
Constant
currency |
|
|
||||||||||||||||||
Hudson Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
3.9
|
|
|
$
|
3.8
|
|
|
$
|
0.1
|
|
|
3.7
|
%
|
|
$
|
7.6
|
|
|
$
|
7.5
|
|
|
$
|
0.1
|
|
|
1.5
|
%
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As
reported
|
|
Constant
currency |
|
|
|
As
reported
|
|
Constant
currency |
|
|
||||||||||||||||||
Hudson Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross margin
|
$
|
2.1
|
|
|
$
|
2.4
|
|
|
$
|
(0.3
|
)
|
|
(11.4
|
)%
|
|
$
|
4.2
|
|
|
$
|
4.6
|
|
|
$
|
(0.4
|
)
|
|
(8.7
|
)%
|
Gross margin as a percentage of revenue
|
54.2
|
%
|
|
63.5
|
%
|
|
N/A
|
|
|
N/A
|
|
|
55.6
|
%
|
|
61.9
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As
reported
|
|
Constant
currency |
|
|
|
As
reported
|
|
Constant
currency |
|
|
||||||||||||||||||
Hudson Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
SG&A and Non-Op
|
$
|
2.1
|
|
|
$
|
2.0
|
|
|
$
|
0.1
|
|
|
3.7
|
%
|
|
$
|
4.2
|
|
|
$
|
4.0
|
|
|
$
|
0.1
|
|
|
3.4
|
%
|
SG&A and Non-Op as a percentage of revenue
|
53.3
|
%
|
|
53.3
|
%
|
|
N/A
|
|
|
N/A
|
|
|
55.1
|
%
|
|
54.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||||||||||||||||
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
|
2018
|
|
2017
|
|
Change in amount
|
|
Change in %
|
||||||||||||||
$ in millions
|
As
reported |
|
Constant
currency |
|
|
|
As
reported |
|
Constant
currency |
|
|
||||||||||||||||||
Hudson Europe
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Operating income (loss)
|
$
|
0.2
|
|
|
$
|
0.5
|
|
|
$
|
(0.3
|
)
|
|
(60.4
|
)%
|
|
$
|
0.2
|
|
|
$
|
0.7
|
|
|
$
|
(0.5
|
)
|
|
(68.1
|
)%
|
EBITDA (loss)
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
(0.4
|
)
|
|
(91.2
|
)%
|
|
$
|
—
|
|
|
$
|
0.6
|
|
|
$
|
(0.6
|
)
|
|
(92.4
|
)%
|
EBITDA (loss) as a percentage of revenue
|
0.9
|
%
|
|
10.3
|
%
|
|
N/A
|
|
|
N/A
|
|
|
0.6
|
%
|
|
8.0
|
%
|
|
N/A
|
|
|
N/A
|
|
|
|
For the Six Months Ended June 30,
|
||||||
$ in millions
|
|
2018
|
|
2017
|
||||
Net cash provided by (used in) operating activities
|
|
$
|
(18.2
|
)
|
|
$
|
(4.8
|
)
|
Net cash provided by (used in) investing activities
|
|
27.7
|
|
|
(0.4
|
)
|
||
Net cash provided by (used in) financing activities
|
|
7.4
|
|
|
(2.2
|
)
|
||
Effect of exchange rates on cash, cash equivalents, and restricted cash
|
|
0.2
|
|
|
0.7
|
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
|
$
|
17.1
|
|
|
$
|
(6.7
|
)
|
Period
|
|
Total Number
of Shares
Purchased
|
|
Average Price Paid per Share
|
|
Total Number of
Shares
Purchased as
Part of Publicly Announced
Plans
or Programs
|
|
Approximate Dollar
Value of Shares that May Yet Be Purchased Under the Plans or Programs (a) |
||||||
April 1, 2018 - April 31, 2018
|
|
241,529
|
|
|
$
|
1.93
|
|
|
—
|
|
|
$
|
2,628,645
|
|
May 1, 2018 - May 31, 2018
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,628,645
|
|
||
June 1, 2018 - June 30, 2018
|
|
—
|
|
|
—
|
|
|
2,200
|
|
|
2,625,345
|
|
||
Total
|
|
241,529
|
|
|
$
|
1.93
|
|
|
2,200
|
|
|
$
|
2,625,345
|
|
(a)
|
On July 30, 2015, the Company announced that its Board of Directors authorized the repurchase of up to $10.0 million of the Company's common stock. The authorization does not expire. See Note 12 for further details. As of
June 30, 2018
, the Company had repurchased
3,641,605
shares for a total cost of approximately
$7.4 million
under this authorization. From time to time, the Company may enter into a Rule 10b5-1 trading plan for purposes of repurchasing common stock under this authorization.
|
|
|
HUDSON GLOBAL, INC.
|
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By:
|
/s/ JEFFREY E. EBERWEIN
|
|
|
|
Jeffrey E. Eberwein
|
|
|
|
Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
Dated:
|
August 2, 2018
|
|
|
|
|
By:
|
/s/ PATRICK LYONS
|
|
|
|
Patrick Lyons
|
|
|
|
Chief Financial Officer and Chief Accounting Officer
|
|
|
|
(Principal Financial Officer and Principal Accounting Officer)
|
Dated:
|
August 2, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Year Hudson Global Chart |
1 Month Hudson Global Chart |
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