The following is a summary of the Hudson Global, Inc. (HSON) Q2 2024 Earnings Call Transcript:
Financial Performance:
Hudson Global, Inc. reported a revenue of $35.7 million in Q2 2024, down 20% year-over-year in constant currency.
Adjusted net revenue was $17.6 million, down 22% year-over-year.
The company experienced a net loss of $0.4 million or $0.15 per diluted share, compared to a net income of $0.6 million or $0.18 per diluted share a year prior.
Adjusted EBITDA for Q2 2024 was $0.7 million, down from $2.6 million in Q2 2023.
Cash flow used in operations was $4.3 million, compared to $2.6 million generated in Q2 2023.
Business Progress:
Hudson Global, Inc. expanded geographically with the acquisition of Striver, a UAE-based talent acquisition firm, and the acquisition of Executive Solutions in Q1.
Implemented a 'land-and-expand' strategy within the existing client base, adding significant scope to a few key existing client relationships.
Implemented cost-saving measures and workforce reductions to optimize organizational talent.
Opportunities:
Hudson Global continues to expand geographically and enhance service offerings through acquisitions such as Striver and Executive Solutions.
The company is actively pursuing new business opportunities, aiming to expand and deepen these relationships over time as hiring conditions improve.
Risks:
The company experienced continuation of lower than normal hiring volumes, impacting revenue growth.
Market conditions indicated by client executives taking longer to make decisions, affecting the conversion rate and scale of new business opportunities.
More details: Hudson Global IR
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