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| Statement |
|---|
| This accretive bolt-on acquisition significantly increases our market presence, capabilities and growth potential in Southeast Asia |
| And we think it's a very attractive valuation and so we're happy to have it |
| On the positive side, we continue to win new business that will ramp up in the coming months |
| We are confident in our ability to manage the business in this environment and remain well positioned to respond to the needs of our clients going forward |
| The annual RPO Baker's Dozen list reflects the views of senior HR decision-makers and I'm proud of the world-class service we continue to deliver to our clients, and these rankings are a testament to our team's hard work and commitment to excellence |
| And so our teams got to know each other really well and collaborated really well |
| The company continues to view share repurchases as an attractive use of capital going forward, and we expect to buy more shares when we can |
| I would say that the two strongest areas of new business wins for us, maybe three are health care is one area that's been strong, and there's been quite a bit of activity in health care where there's been some companies merge, there's been some companies spin-off divisions |
| So a big win of ours, it's a European headquartered company that just did a large acquisition in the U.S., and we're going to be helping them in Europe and the U.S., very large private company, and they have a lot of products and services that involve clean water, clean air, hygiene, and that has been a growth area |
| Importantly, I'd like to thank all of our highly dedicated employees for their flexibility, hard work and dedication to our clients and business in the challenging conditions we've been working through |
| Adjusted EBITDA of $2.3 million increased from adjusted EBITDA of $1.7 million a year ago |
| This flexibility stems from the collective discipline and experience of our teams and managing through downturns and is indicative of our ability and willingness to protect our profitability |
| So health care has been, I would say, the strongest area of activity and new wins |
| But there's a few of those kind of special situations out there where something is probably a better fit for us than the owner, and they reached a conclusion that it's non-core, which is what happened with this Singapore acquisition, and we were able to get it for our acquisition criteria, which is pretty strict |
| Finally, I'd like to highlight some recent exciting developments in our business |
| And then another is infrastructure, we've had some wins in involving companies that are either building infrastructure or infrastructure-oriented type of companies, including a company that finances green infrastructure projects |
| Clients are perfectly happy with everything being unbundled |
| We believe a multi-service total talent strategy consisting of recruitment services contracting, project work, RPO and MSP is essential to accelerate our growth in Asia, where RPO adoption has lagged that of other regions and has typically been bundled with these other services |
| Jeffrey Eberwein Good questions |
| I think we're entering a better environment where sellers' expectations are becoming more reasonable and we're in an environment where companies are rethinking things |
| Have a great day |
| The company's working capital, excluding cash, increased significantly to $14.2 million in the third quarter of 2023 from $7.3 million at the end of 2022 |
| We thank you for your interest in Hudson Global and for joining us today |
| Hudson Singapore brings to Hudson RPO the complement of capabilities needed to execute on this strategy |
| Matt Diamond Thank you, Jeff, and good morning, everyone |
| Thank you very much |
| First, we are excited to announce our Singapore acquisition on November 1 |
| Thank you |
| And so it has been a growth area for us, but there's a lot of new business opportunities that we were missing out on because we weren't able to offer all those solutions in a package |
| Marc Riddick Hey, good morning |
| Statement |
|---|
| For the third quarter of 2023, we reported revenue of $39 million, down 18% year-over-year in constant currency |
| Adjusted net revenue was $19 million and decreased 20% year-over-year in constant currency |
| In the third quarter of 2023, a market-driven slowdown in hiring activity led to disappointing declines in revenue, adjusted net revenue and adjusted EBITDA versus the prior year quarter |
| We reported adjusted EBITDA of $2 million, down 33% in constant currency versus a year ago |
| Revenue for our Americas business decreased 43% and adjusted net revenue decreased 42% in constant currency |
| Revenue for our Europe business decreased 8% in constant currency and adjusted net revenue decreased 10% in constant currency |
| Adjusted EBITDA of $0.3 million decreased versus last year's adjusted EBITDA of $1.8 million |
| Adjusted EBITDA of $0.2 million in the third quarter of 2023 decreased from adjusted EBITDA of $0.4 million a year ago |
| SG&A costs were $17 million in the quarter, down 18% versus the same period last year in constant currency |
| Revenue for our Asia-Pacific business decreased 9% year-over-year while adjusted net revenue grew 8% in constant currency |
| So we're in a market where, in general, there is a slowdown, but there are some pockets of strength and one thing we'd like to say is there's always somebody hiring somewhere that probably could use our help |
| I would also like to highlight the flexibility of our cost structure, which is evidenced by SG&A dropping 18% year-over-year, essentially mirroring the declines in revenue and adjusted net revenue |
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