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[2morrowsGains]

HSON...Good cc this morning...Hudson is going to have a solid year. It's going to get even tougher to add shares!! (CEO has been buying along w/ company share buyback and there is less than 3M shares outstanding)...

cc...
https://edge.media-server.com/mmc/p/wun5sixg

Hudson Global Reports 2021 First Quarter Results

OLD GREENWICH, Conn., May 07, 2021 (GLOBE NEWSWIRE) -- Hudson Global, Inc. (Nasdaq: HSON), a leading global total talent solutions company, announced today financial results for the first quarter ended March 31, 2021.

2021 First Quarter Summary

Revenue of $34.5 million increased 42.8% from the first quarter of 2020 and 26.6% in constant currency.

Adjusted net revenue of $12.7 million increased 29.8% from the first quarter of 2020 and 19.4% in constant currency.

Net loss was $0.2 million, or $0.07 per basic and diluted share, compared to net loss of $0.5 million, or $0.17 per basic and diluted share, for the first quarter of 2020. Adjusted net income per diluted share (Non-GAAP measure)* was $0.07 compared to adjusted net loss per diluted share of $0.08 in the first quarter of 2020.

Adjusted EBITDA (Non-GAAP measure)* was $0.8 million compared to adjusted EBITDA loss of $0.1 million in the first quarter of 2020.

Total cash including restricted cash was $23.6 million at March 31, 2021.

“Our business exhibited solid growth in revenue, adjusted net revenue, and adjusted EBITDA across all three regions in the first quarter of 2021 versus the prior year quarter,” said Jeff Eberwein, Chief Executive Officer of Hudson Global. “Asia Pacific continued to perform well, and we are pleased about the recovery in our Americas results due to organic improvements made last year and the addition of our acquisition in 2020 of Coit Group. Although the recovery is uneven depending on country, we are seeing increased activity levels at our existing clients and an improving pipeline of potential clients.”

* The Company provides Non-GAAP measures as a supplement to financial results based on accounting principles generally accepted in the United States ("GAAP"). Constant currency, Adjusted EBITDA, EBITDA, adjusted net income or loss, and adjusted net income or loss per diluted share are defined in the segment tables at the end of this release and a reconciliation of such Non-GAAP measures to the most directly comparable GAAP measures is included within such segment tables.

Regional Highlights

All growth rate comparisons are in constant currency.

Asia Pacific

Asia Pacific revenue of $25.3 million increased 29% and adjusted net revenue of $5.8 million increased 12% in the first quarter of 2021 compared to the same period in 2020. EBITDA was $0.8 million in the first quarter of 2021 compared to EBITDA of $0.3 million in the same period one year ago, and adjusted EBITDA was $1.1 million compared to adjusted EBITDA of $0.6 million in the first quarter of 2020.

Americas

In the first quarter of 2021, Americas revenue of $4.6 million increased 42% and adjusted net revenue of $4.2 million increased 46% from the first quarter of 2020. Most of this growth was attributable to the acquisition of Coit Group in Q4 2020. EBITDA loss was $0.3 million in the first quarter of 2021 compared to EBITDA loss of $0.1 million in same period last year. The region recorded adjusted EBITDA of $0.2 million compared to adjusted EBITDA of $0.1 million a year ago.

Europe

Europe revenue in the first quarter of 2021 increased 6% to $4.6 million and adjusted net revenue of $2.8 million increased 5% from the first quarter of 2020. EBITDA was $0.1 million in the first quarter of both 2021 and 2020. Adjusted EBITDA was $0.2 million in the first quarter of 2021 compared to adjusted EBITDA of $0.1 million a year ago.

Corporate Costs

In the first quarter of 2021, the Company's corporate costs were $0.8 million, flat versus the first quarter of 2020. Corporate costs in the first quarter of 2020 excluded non-recurring expenses of $0.3 million.

Liquidity and Capital Resources

The Company ended the first quarter of 2021 with $23.6 million in cash, including $0.4 million in restricted cash. The Company used $2.4 million in cash flow from operations during the first quarter of 2021, compared to using $2.7 million of cash flow from operations in the first quarter of 2020.

Share Repurchase Program

Since the beginning of 2019, the Company has reduced its share count by 16% and continues to view share repurchases as an attractive use of capital. Under its $10 million common stock share repurchase program, the Company has $1.7 million remaining.

COVID-19 Update

As disclosed in previously issued Company press releases as well as in our 2020 Form 10-K, our business has been adversely impacted by the COVID-19 outbreak and the accompanying economic downturn. This downturn, as well as the uncertainty regarding the duration, spread and intensity of the outbreak, led to a reduction in demand for our services in 2020. Some of our customers have instituted hiring freezes, while other customers that are more capable of working remotely have been allowed to operate somewhat as usual. The expected timeline for this reduction in demand for our services remains uncertain and difficult to predict considering the rapidly evolving landscape, but we have begun to see signs of positive momentum at certain clients.

The Company is vigilantly monitoring the business environment surrounding COVID-19 and continues to proactively address this situation as it evolves. The Company is confident that it can continue to take appropriate actions to manage the business in this challenging environment due to the flexibility of its workforce and the strength of its balance sheet.
https://finance.yahoo.com/news/hudson-global-reports-2021-first-123000331.html

Conference Call/Webcast

The Company will conduct a conference call today at 10:00 a.m. ET to discuss this announcement. Individuals wishing to listen can access the webcast on the investor information section of the Company's web site at hudsonrpo.com.