Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2016shares | |
Document Documentand Entity Information [Abstract] | |
Entity Registrant Name | Hudson Global, Inc. |
Entity Central Index Key | 1,210,708 |
Document Type | 10-Q |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Mar. 31, 2016 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | Q1 |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding | 34,245,784 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenue | $ 101,227 | $ 124,317 |
Direct costs | 59,965 | 76,413 |
Gross margin | 41,262 | 47,904 |
Operating expenses: | ||
Selling, general and administrative expenses | 43,642 | 52,166 |
Depreciation and amortization | 688 | 1,111 |
Business reorganization expenses | 637 | 1,343 |
Operating income (loss) | (3,705) | (6,716) |
Non-operating income (expense): | ||
Interest income (expense), net | (54) | (80) |
Other income (expense), net | (137) | 13 |
Income (loss) from continuing operations before provision for income taxes | (3,896) | (6,783) |
Provision for (benefit from) income taxes from continuing operations | (326) | (129) |
Income (loss) from continuing operations | (3,570) | (6,654) |
Income (loss) from discontinued operations, net of income taxes | 83 | (184) |
Net income (loss) | $ (3,487) | $ (6,838) |
Basic and diluted earnings (loss) per share: | ||
Basic and diluted earnings (loss) per share from continuing operations | $ (0.10) | $ (0.20) |
Basic and diluted earnings (loss) per share from discontinued operations | 0 | (0.01) |
Basic and diluted earnings (loss) per share | $ (0.10) | $ (0.21) |
Weighted-average shares outstanding: | ||
Basic (in shares) | 34,631 | 33,053 |
Diluted (in shares) | 34,631 | 33,053 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net income (loss) | $ (3,487) | $ (6,838) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 668 | (2,763) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (2) | 17 |
Other Comprehensive Income (Loss), Net of Tax | 670 | (2,780) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ (2,817) | $ (9,618) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 31,927 | $ 37,663 |
Accounts receivable, less allowance for doubtful accounts of $856 and $860 respectively | 64,208 | 62,420 |
Prepaid and other | 6,154 | 5,979 |
Current assets of discontinued operations | 38 | 81 |
Total current assets | 102,327 | 106,143 |
Property and equipment, net | 7,912 | 7,928 |
Deferred tax assets, non-current | 7,552 | 6,724 |
Other assets, non-current | 4,047 | 4,154 |
Total assets | 121,838 | 124,949 |
Current liabilities: | ||
Accounts payable | 5,094 | 5,184 |
Accrued expenses and other current liabilities | 39,849 | 40,344 |
Short-term borrowings | 5,770 | 2,368 |
Accrued business reorganization expenses | 2,301 | 2,252 |
Current liabilities of discontinued operations | 970 | 1,443 |
Total current liabilities | 53,984 | 51,591 |
Deferred rent and tenant improvement contributions | 4,042 | 4,244 |
Income tax payable, non-current | 2,316 | 2,279 |
Other non-current liabilities | 5,459 | 5,655 |
Total liabilities | $ 65,801 | $ 63,769 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized; none issued or outstanding | $ 0 | $ 0 |
Common stock, $0.001 par value, 100,000 shares authorized; issued 35,260 and 35,260 shares, respectively | 34 | 34 |
Additional paid-in capital | 481,188 | 480,816 |
Accumulated deficit | (433,487) | (428,287) |
Accumulated other comprehensive income, net of applicable tax | 10,962 | 10,292 |
Treasury stock, 1,015 and 646 shares, respectively, at cost | (2,660) | (1,675) |
Total stockholders' equity | 56,037 | 61,180 |
Total liabilities and stockholders' equity | $ 121,838 | $ 124,949 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 856 | $ 860 |
Preferred stock, par value (per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value (per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, issued | 35,260 | 35,260 |
Treasury stock, shares | 1,012 | 646 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (3,487) | $ (6,838) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 688 | 1,111 |
Provision for (recovery of) doubtful accounts | 32 | 75 |
Provision for (benefit from) deferred income taxes | (672) | (346) |
Stock-based compensation | 372 | 533 |
Other, net | 187 | 36 |
Changes in assets and liabilities: | ||
Decrease (increase) in accounts receivable | (758) | (9,760) |
Decrease (increase) in prepaid and other assets | 59 | 1,781 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | (1,586) | (4,718) |
Increase (decrease) in accrued business reorganization expenses | (657) | (241) |
Net cash used in operating activities | (5,822) | (18,367) |
Cash flows from investing activities: | ||
Capital expenditures | (643) | (695) |
Proceeds from sale of assets | 13 | 0 |
Net cash provided by (used in) investing activities | (630) | (695) |
Cash flows from financing activities: | ||
Borrowings under credit agreements | 26,882 | 18,625 |
Repayments under credit agreements | (23,758) | (18,555) |
Repayment of capital lease obligations | (21) | (5) |
Payments of Ordinary Dividends, Common Stock | (1,713) | 0 |
Purchase of treasury stock | (985) | 0 |
Purchase of restricted stock from employees | 0 | (34) |
Net cash provided by (used in) financing activities | 405 | 31 |
Effect of exchange rates on cash and cash equivalents | 311 | (1,064) |
Net increase (decrease) in cash and cash equivalents | (5,736) | (20,095) |
Cash and cash equivalents, beginning of the period | 37,663 | 33,989 |
Cash and cash equivalents, end of the period | 31,927 | 13,894 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 58 | 64 |
Net cash payments (refunds) during the period for income taxes | $ 44 | $ (167) |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 3 months ended Mar. 31, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income (loss) | Treasury stock |
Beginning Balance (in shares) at Dec. 31, 2015 | 34,611 | |||||
Beginning Balance at Dec. 31, 2015 | $ 61,180 | $ 34 | $ 480,816 | $ (428,287) | $ 10,292 | $ (1,675) |
Net income (loss) | (3,487) | (3,487) | ||||
Other comprehensive income (loss), currency translation adjustments, net of applicable tax | 668 | 668 | ||||
Other comprehensive income (loss), pension liability adjustment | 2 | 2 | ||||
Dividends, Common Stock, Cash | (1,713) | (1,713) | ||||
Stock Repurchased During Period, Shares | (366) | |||||
Purchase of treasury stock | (985) | |||||
Stock-based compensation (in shares) | 0 | |||||
Stock-based compensation | 372 | 372 | ||||
Ending Balance (in shares) at Mar. 31, 2016 | 34,245 | |||||
Ending Balance at Mar. 31, 2016 | $ 56,037 | $ 34 | $ 481,188 | $ (433,487) | $ 10,962 | $ (2,660) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION These interim unaudited condensed consolidated financial statements have been prepared in accordance with United States of America ("U.S.") generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and should be read in conjunction with the consolidated financial statements and related notes of Hudson Global, Inc. and its subsidiaries (the "Company") filed in its Annual Report on Form 10-K for the year ended December 31, 2015 . The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of operating revenues and expenses. These estimates are based on management’s knowledge and judgments. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows at the dates and for the periods presented have been included. The results of operations for interim periods are not necessarily indicative of the results of operations for the full year. The Condensed Consolidated Financial Statements include the accounts of the Company and all of its wholly-owned and majority-owned subsidiaries. All significant intra-entity balances and transactions between and among the Company and its subsidiaries have been eliminated in consolidation. |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2016 | |
Description of Business [Abstract] | |
DESCRIPTION OF BUSINESS | DESCRIPTION OF BUSINESS The Company is comprised of the operations, assets and liabilities of the three Hudson regional businesses of Hudson Americas, Hudson Asia Pacific, and Hudson Europe ("Hudson regional businesses" or "Hudson"). The Company provides specialized professional-level recruitment and related talent solutions. The Company’s core service offerings include Permanent Recruitment, Temporary Contracting, Recruitment Process Outsourcing ("RPO") and Talent Management Solutions. The Company operates in 12 countries with three reportable geographic business segments: Hudson Americas, Hudson Asia Pacific, and Hudson Europe. See Note 18 for further details regarding the reportable segments. Corporate expenses are reported separately from the reportable segments and pertain to certain functions, such as executive management, corporate governance, human resources, accounting, tax, marketing, information technology and treasury. A portion of these expenses are attributed to the reportable segments for providing the above services to them and have been allocated to the segments as management service fees and are included in the segments’ non-operating other income (expense). The Company’s core service offerings include those services described below. Permanent Recruitment: Offered on both a retained and contingent basis, Hudson’s Permanent Recruitment services leverage its consultants, psychologists and other professionals in the development and delivery of its proprietary methods to identify, select and engage the best-fit talent for critical client roles. Temporary Contracting: In Temporary Contracting, Hudson provides a range of project management, interim management and professional contract staffing services. These services draw upon a combination of specialized recruiting and project management competencies to deliver a wide range of solutions. Hudson-employed professionals - either individually or as a team - are placed with client organizations for a defined period of time based on a client's specific business need. RPO: Hudson RPO delivers both permanent recruitment and temporary contracting outsourced recruitment solutions tailored to the individual needs of primarily mid-to-large-cap multinational companies. Hudson RPO's delivery teams utilize state-of-the-art recruitment process methodologies and project management expertise in their flexible, turnkey solutions to meet clients' ongoing business needs. Hudson RPO services include complete recruitment outsourcing, project-based outsourcing, contingent workforce solutions and recruitment consulting. Talent Management Solutions: Featuring embedded proprietary talent assessment and selection methodologies, Hudson’s Talent Management capability encompasses services such as talent assessment (utilizing a variety of competency, attitude and experiential testing), interview training, executive coaching, employee development and outplacement. |
RECENTLY ISSUED ACCOUNTING PRON
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In March 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-09, "Stock Compensation (Topic 718)" ("ASU 2016-09") , which is intended to simplify several aspects of the accounting for share-based payment award transactions. ASU 2016-09 will be effective for the fiscal year beginning after December 15, 2016, including interim periods within that year. Early adoption is permitted. The Company is currently evaluating the impact to its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02") , which amends the existing standards for lease accounting. This new standard requires the recognition of lease assets and lease liabilities on the balance sheet and the disclosure of key information about leasing arrangements including the amounts, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 will be effective for the Company on January 1, 2019 and will require modified retrospective application as of the beginning of the earliest year presented in the financial statements. Early adoption is permitted. The Company is currently evaluating the impact to its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers (Topic 606)." This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB amended the effective date of this ASU to fiscal years beginning after December 15, 2017 and early adoption is permitted only for fiscal years beginning after December 15, 2016. In addition, in March 2016, the FASB issued ASU No. 2016-08, "Revenue from Contracts with Customers: Principal versus Agent Considerations" ("ASU 2016-08") . The amendments are intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. The Company plans to adopt this guidance on January 1, 2018. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company is currently evaluating the impact to its consolidated financial statements. There are no other recently issued accounting pronouncements that have had, or that the Company believes will have, a material impact on the Company's consolidated financial statements. |
DIVESTITURES
DIVESTITURES | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DIVESTITURES | Hudson Information Technology (US) business (the "US IT business") On June 15, 2015, the Company completed the sale (the "US IT Business Sale") of substantially all of the assets (excluding working capital) of its US IT business to Mastech, Inc. (the "Purchaser"). The completion of the US IT Business Sale was effective June 14, 2015. The US IT Business Sale was pursuant to an Asset Purchase Agreement, dated as of May 8, 2015 (the "Agreement"), by and among the Company, Hudson Global Resources Management, Inc., a wholly owned subsidiary of the Company, and the Purchaser. At the closing of the U.S. IT Business Sale, the Company received from the Purchaser pursuant to the Agreement the purchase price of $16,977 in cash. As the divestiture did not reach the thresholds required to qualify as discontinued, the operations remain within the Company's continuing operations for all periods presented. The US IT business pre-tax loss in accordance with ASC No. 205 "Reporting Discontinued Operations" ("ASC 205") for the three months ended March 31, 2016 and 2015 was $0 and $396 , respectively. Netherlands business On May 7, 2015, the Company entered into a Share Purchase Agreement and completed the sale (the "Netherlands Business Sale") of its Netherlands business to InterBalance Group B.V., effective April 30, 2015, in a management buyout for $9,029 , which included cash retained of $1,135 . As the divestiture did not reach the thresholds required to qualify as discontinued, the operations remain within the Company's continuing operations for all periods presented. The Netherlands pre-tax profit in accordance with ASC 205 for the three months ended March 31, 2016 and 2015 was $0 and $356 , respectively. Exit of Businesses in Central and Eastern Europe In February 2015, the Company's Board of Directors approved the exit of operations in certain countries within Central and Eastern Europe (Ukraine, Czech Republic and Slovakia). During the quarter ended June 30, 2015, the Company deemed the liquidation of its Central and Eastern Europe businesses to be substantially complete. Luxembourg In March 2015, the Company's management approved the exit of operations in Luxembourg. In the third quarter of 2015, the Company deemed the liquidation of its Luxembourg business to be substantially complete. DISCONTINUED OPERATIONS Effective November 9, 2014, the Company completed the sale of substantially all of the assets and certain liabilities of its Legal eDiscovery business in the U.S. and United Kingdom ("U.K.") to Document Technologies, LLC and DTI of London Limited. In addition, in 2014, the Company ceased operations in Sweden, which was included within the Hudson Europe segment. The Company concluded that the divestiture of the Legal eDiscovery business and the cessation of operations in Sweden meet the criteria for discontinued operations set forth in ASC 205 . The Company reclassified its discontinued operations for all periods presented and has excluded the results of its discontinued operations from continuing operations and from segment results for all periods presented. The carrying amounts of the classes of assets and liabilities from the Legal eDiscovery business and Sweden operations included in discontinued operations were as follows: March 31, 2016 December 31, 2015 eDiscovery Sweden Total eDiscovery Sweden Total Total current assets $ 38 $ — $ 38 $ 49 $ 32 $ 81 Total liabilities (a) $ 1,085 $ 10 $ 1,095 $ 1,439 $ 4 $ 1,443 (a) Total liabilities primarily consisted of restructuring liabilities for lease termination payments. Reported results for the discontinued operations by period were as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 eDiscovery Sweden Total eDiscovery Sweden Total Revenue $ — $ — $ — $ (1 ) $ — $ (1 ) Reorganization expenses (139 ) — (139 ) 363 (6 ) 357 Gain (loss) from sale and liquidation of discontinued operations — — — 82 — 82 Income (loss) from discontinued operations before income taxes 109 — 109 (193 ) (28 ) (221 ) Provision (benefit) for income taxes 26 — 26 (37 ) — (37 ) Income (loss) from discontinued operations $ 83 $ — $ 83 $ (156 ) $ (28 ) $ (184 ) |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | Hudson Information Technology (US) business (the "US IT business") On June 15, 2015, the Company completed the sale (the "US IT Business Sale") of substantially all of the assets (excluding working capital) of its US IT business to Mastech, Inc. (the "Purchaser"). The completion of the US IT Business Sale was effective June 14, 2015. The US IT Business Sale was pursuant to an Asset Purchase Agreement, dated as of May 8, 2015 (the "Agreement"), by and among the Company, Hudson Global Resources Management, Inc., a wholly owned subsidiary of the Company, and the Purchaser. At the closing of the U.S. IT Business Sale, the Company received from the Purchaser pursuant to the Agreement the purchase price of $16,977 in cash. As the divestiture did not reach the thresholds required to qualify as discontinued, the operations remain within the Company's continuing operations for all periods presented. The US IT business pre-tax loss in accordance with ASC No. 205 "Reporting Discontinued Operations" ("ASC 205") for the three months ended March 31, 2016 and 2015 was $0 and $396 , respectively. Netherlands business On May 7, 2015, the Company entered into a Share Purchase Agreement and completed the sale (the "Netherlands Business Sale") of its Netherlands business to InterBalance Group B.V., effective April 30, 2015, in a management buyout for $9,029 , which included cash retained of $1,135 . As the divestiture did not reach the thresholds required to qualify as discontinued, the operations remain within the Company's continuing operations for all periods presented. The Netherlands pre-tax profit in accordance with ASC 205 for the three months ended March 31, 2016 and 2015 was $0 and $356 , respectively. Exit of Businesses in Central and Eastern Europe In February 2015, the Company's Board of Directors approved the exit of operations in certain countries within Central and Eastern Europe (Ukraine, Czech Republic and Slovakia). During the quarter ended June 30, 2015, the Company deemed the liquidation of its Central and Eastern Europe businesses to be substantially complete. Luxembourg In March 2015, the Company's management approved the exit of operations in Luxembourg. In the third quarter of 2015, the Company deemed the liquidation of its Luxembourg business to be substantially complete. DISCONTINUED OPERATIONS Effective November 9, 2014, the Company completed the sale of substantially all of the assets and certain liabilities of its Legal eDiscovery business in the U.S. and United Kingdom ("U.K.") to Document Technologies, LLC and DTI of London Limited. In addition, in 2014, the Company ceased operations in Sweden, which was included within the Hudson Europe segment. The Company concluded that the divestiture of the Legal eDiscovery business and the cessation of operations in Sweden meet the criteria for discontinued operations set forth in ASC 205 . The Company reclassified its discontinued operations for all periods presented and has excluded the results of its discontinued operations from continuing operations and from segment results for all periods presented. The carrying amounts of the classes of assets and liabilities from the Legal eDiscovery business and Sweden operations included in discontinued operations were as follows: March 31, 2016 December 31, 2015 eDiscovery Sweden Total eDiscovery Sweden Total Total current assets $ 38 $ — $ 38 $ 49 $ 32 $ 81 Total liabilities (a) $ 1,085 $ 10 $ 1,095 $ 1,439 $ 4 $ 1,443 (a) Total liabilities primarily consisted of restructuring liabilities for lease termination payments. Reported results for the discontinued operations by period were as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 eDiscovery Sweden Total eDiscovery Sweden Total Revenue $ — $ — $ — $ (1 ) $ — $ (1 ) Reorganization expenses (139 ) — (139 ) 363 (6 ) 357 Gain (loss) from sale and liquidation of discontinued operations — — — 82 — 82 Income (loss) from discontinued operations before income taxes 109 — 109 (193 ) (28 ) (221 ) Provision (benefit) for income taxes 26 — 26 (37 ) — (37 ) Income (loss) from discontinued operations $ 83 $ — $ 83 $ (156 ) $ (28 ) $ (184 ) |
REVENUE, DIRECT COSTS AND GROSS
REVENUE, DIRECT COSTS AND GROSS MARGIN | 3 Months Ended |
Mar. 31, 2016 | |
Revenue, Direct Costs and Gross Margin [Abstract] | |
REVENUE, DIRECT COSTS AND GROSS MARGIN | REVENUE, DIRECT COSTS AND GROSS MARGIN The Company’s revenue, direct costs and gross margin were as follows: Three Months Ended March 31, 2016 Temporary Contracting Permanent Recruitment Other Total Revenue $ 65,856 $ 26,572 $ 8,799 $ 101,227 Direct costs (1) 57,222 574 2,169 59,965 Gross margin $ 8,634 $ 25,998 $ 6,630 $ 41,262 Three Months Ended March 31, 2015 Temporary Contracting Permanent Recruitment Other Total Revenue $ 86,580 $ 28,106 $ 9,631 $ 124,317 Direct costs (1) 73,616 485 2,312 76,413 Gross margin $ 12,964 $ 27,621 $ 7,319 $ 47,904 (1) Direct costs in Temporary 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 direct costs. Permanent Recruitment and Other category include direct costs for out-of-pocket expenses and third party suppliers. 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. The salaries, commissions, payroll taxes and employee benefits related to recruitment professionals are included under the caption "Selling, general and administrative expenses" in the Condensed Consolidated Statement of Operations. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Incentive Compensation Plan The Company maintains the Hudson Global, Inc. 2009 Incentive Stock and Awards Plan, as amended and restated April 26, 2012 (the "ISAP"), pursuant to which it can issue equity-based compensation incentives to eligible participants. The ISAP permits the granting of stock options, restricted stock, restricted stock units, and other types of equity-based awards. The Compensation Committee of the Company’s Board of Directors (the "Compensation Committee") will establish such conditions as it deems appropriate on the granting or vesting of stock options, restricted stock, restricted stock units and other types of equity-based awards. As determined by the Compensation Committee, equity awards also may be subject to immediate vesting upon the occurrence of certain events following a change in control of the Company. The Company primarily grants restricted stock and restricted stock units to its employees. A restricted stock unit is equivalent to one share of the Company’s common stock and is payable only in common stock of the Company issued under the ISAP. The Compensation Committee administers the ISAP and may designate any of the following as a participant under the ISAP: any officer or other employee of the Company or its affiliates or individuals engaged to become an officer or employee; consultants or other independent contractors who provide services to the Company or its affiliates; and non-employee directors of the Company. As of March 31, 2016 , there were 261,639 shares of the Company’s common stock available for future issuance under the ISAP. A summary of the quantity and vesting conditions for stock-based units granted to the Company's employees for the three months ended March 31, 2016 was as follows: Vesting conditions Number of Restricted Stock Units Granted Performance and service conditions (1) (2) 500,000 (1) The performance conditions with respect to restricted stock units may be satisfied as follows: (a) For employees from the Americas, Asia Pacific and Europe 80% of the restricted stock units may be earned on the basis of performance as measured by a "regional adjusted EBITDA," and 20% 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 100% of the restricted stock units may be earned on the basis of performance as measured by a "group adjusted EBITDA." (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) One-third of the restricted stock units will vest on the first anniversary of the grant date; (b) One-third of the restricted stock units will vest on the second anniversary of the grant date; and (c) One-third 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. The Company also maintains the Director Deferred Share Plan (the "Director Plan") pursuant to which it can issue restricted stock units to its non-employee directors. A restricted stock unit is equivalent to one share of the Company’s common stock and is payable only in common stock issued under the ISAP upon a director ceasing service as a member of the Board of Directors of the Company. The restricted stock units vest immediately upon grant and are credited to each of the non-employee director's retirement accounts under the Director Plan. Restricted stock units issued under the Director Plan contain the right to a dividend equivalent award in the form of additional restricted stock units. The dividend equivalent award is calculated using the same rate as the cash dividend paid on a share of the Company's common stock, and then divided by the closing price of the Company’s common stock on the date the dividend is paid to determine the number of additional restricted stock units to grant. Dividend equivalent awards have the same vesting terms as the underlying awards. During the three months ended March 31, 2016 , the Company granted 30,687 restricted stock units to its non-employee directors pursuant to the Director Plan. For the three months ended March 31, 2016 and 2015 , the Company’s stock-based compensation expense related to stock options, restricted stock and restricted stock units were as follows: Three Months Ended March 31, 2016 2015 Stock options $ 5 $ — Restricted stock 240 385 Restricted stock units 127 148 Total $ 372 $ 533 Stock Options Stock options granted by the Company generally expire between five and ten years after the date of grant and have an exercise price of at least 100% of the fair market value of the underlying share of common stock on the date of grant. As of March 31, 2016 , the Company had approximately $12 of unrecognized stock-based compensation expense related to outstanding unvested stock options. The Company expects to recognize that cost over a weighted average service period of 0.60 years. Changes in the Company’s stock options for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options outstanding at January 1, 206,000 $ 8.13 756,800 $ 8.78 Expired/forfeited (16,000 ) 15.86 (109,000 ) 13.25 Options outstanding at March 31, 190,000 $ 7.48 647,800 $ 8.03 Options exercisable at March 31, 165,000 $ 8.24 647,800 $ 8.03 Restricted Stock As of March 31, 2016 , the Company had approximately $462 of unrecognized stock-based compensation expense related to outstanding unvested restricted stock. The Company expects to recognize that cost over a weighted average service period of 0.51 years . Restricted stock awards have voting and dividend rights as of the grant date. Changes in the Company’s restricted stock for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Number of Shares of Restricted Stock Weighted Average Grant Date Fair Value Number of Shares of Restricted Stock Weighted Average Grant Date Fair Value Unvested restricted stock at January 1, 680,000 $ 1.60 803,999 $ 3.00 Granted — — 590,100 2.84 Vested — — (132,775 ) 3.50 Forfeited — — (171,622 ) 3.17 Unvested restricted stock at March 31, 680,000 $ 1.60 1,089,702 $ 2.82 Restricted Stock Units As of March 31, 2016 , the Company had approximately $1,100 of unrecognized stock-based compensation expense related to outstanding unvested restricted stock units. The Company expects to recognize that cost over a weighted average service period of 1.90 years. Restricted stock units granted to employees have no voting or dividend rights until the awards are vested. Changes in the Company’s restricted stock units for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 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, — $ — 119,940 $ 3.57 Granted 530,687 2.79 144,664 2.84 Vested (30,687 ) 2.73 (56,310 ) 2.95 Forfeited — — (42,500 ) 3.21 Unvested restricted stock units at March 31, 500,000 $ 2.79 165,794 $ 3.24 Defined Contribution Plan and Employer-Matching Contributions The Company maintains the Hudson Global, Inc. 401(k) Savings Plan (the "401(k) plan"). The 401(k) plan allows eligible employees to contribute up to 15% of their earnings to the 401(k) plan. The Company has the discretion to match employees’ contributions up to 3% of the employees' earnings through a contribution of the Company’s common stock or cash to the 401(k) plan. Vesting of the Company’s contribution occurs over a five -year period. For the three months ended March 31, 2016 and 2015 , the Company’s current year expenses and contributions to satisfy the prior years’ employer-matching liability for the 401(k) plan were as follows: Three Months Ended March 31, ($ in thousands, except otherwise stated) 2016 2015 Expense recognized for the 401(k) plan $ 20 $ 75 Contributions to satisfy prior years' employer-matching liability Number of shares of the Company's common stock issued (in thousands) — 116 Market value per share of the Company's common stock on contribution date (in dollars) $ — $ 2.71 Non-cash contribution made for employer matching liability $ — $ 314 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Under ASC 270, " Interim Reporting" , and ASC 740-270, " Income Taxes – Intra Period Tax Allocation" , the Company is required to adjust its effective tax rate for each quarter to be consistent with the estimated annual effective tax rate. Jurisdictions with a projected loss for the full year where no tax benefit can be recognized are excluded from the calculation of the estimated annual effective tax rate. Applying the provisions of ASC 270 and ASC 740-270 could result in a higher or lower effective tax rate during a particular quarter, based upon the mix and timing of actual earnings versus annual projections. Effective Tax Rate The benefit from income taxes for the three months ended March 31, 2016 was $326 on a pre-tax loss from continuing operations of $3,896 , compared to a benefit from income taxes of $129 on pre-tax loss from continuing operations of $6,783 for the same period in 2015 . The Company’s effective income tax rate was 8.4% and 1.9% for the three months ended March 31, 2016 and 2015 , respectively. For the three months ended March 31, 2016 and for the three months ended March 31, 2015, the effective tax rate differed from the U.S. Federal statutory rate of 35% primarily due to the inability of the Company to recognize tax benefits on certain losses until positive earnings are achieved in the U.S. and certain other foreign jurisdictions, non-deductible expenses, and variations from the U.S. tax rate in foreign jurisdictions. Uncertain Tax Positions As of March 31, 2016 and December 31, 2015 , the Company had $2,316 and $2,279 , respectively, of unrecognized tax benefits, including interest and penalties, which if recognized in the future, would lower the Company’s annual effective income tax rate. Accrued interest and penalties were $566 and $536 as of March 31, 2016 and December 31, 2015 , respectively. Estimated interest and penalties are classified as part of the provision for income taxes in the Company’s Condensed Consolidated Statement of Operations and totaled to a provision of $14 for the three months ended March 31, 2016 and 2015 . In many cases, the Company’s unrecognized tax benefits are related to tax years that remain subject to examination by the relevant tax authorities. Tax years with net operating losses ("NOLs") remain open until such losses expire or until the statutes of limitations for those years when the NOLs are used expire. As of March 31, 2016 , the Company's open tax years, which remain subject to examination by the relevant tax authorities, were principally as follows: Year Earliest tax years which remain subject to examination by the relevant tax authorities: U.S. Federal 2012 Majority of U.S. state and local jurisdictions 2011 United Kingdom 2014 Australia 2011 Majority of other non-U.S. jurisdictions 2010 The Company believes that its tax reserves are adequate for all years that remain subject to examination or are currently under examination. Based on information available as of March 31, 2016 , it is reasonably possible that the total amount of unrecognized tax benefits could decrease in the range of $200 to $400 over the next 12 months as a result of projected resolutions of global tax examinations and controversies and potential expirations of the applicable statutes of limitations. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share is computed by dividing the Company’s net income (loss) by the weighted average number of shares outstanding during the period. When the effects are not anti-dilutive, diluted earnings (loss) per share is computed by dividing the Company’s net income (loss) by the weighted average number of shares outstanding and the impact of all dilutive potential common shares, primarily stock options "in-the-money", unvested restricted stock and unvested restricted stock units. The dilutive impact of stock options, unvested restricted stock, and unvested restricted stock units is determined by applying the "treasury stock" method. Performance-based restricted stock awards are included in the computation of diluted earnings per share only to the extent that the underlying performance conditions: (i) are satisfied prior to the end of the reporting period; or (ii) would be satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive under the treasury stock method. Stock awards subject to vesting or exercisability based on the achievement of market conditions are included in the computation of diluted earnings per share only when the market conditions are met. A reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share calculations for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Earnings (loss) per share ("EPS"): EPS - basic and diluted: Income (loss) from continuing operations $ (0.10 ) $ (0.20 ) Income (loss) from discontinued operations — (0.01 ) Net income (loss) $ (0.10 ) $ (0.21 ) EPS numerator - basic and diluted: Income (loss) from continuing operations $ (3,570 ) $ (6,654 ) Income (loss) from discontinued operations 83 (184 ) Net income (loss) $ (3,487 ) $ (6,838 ) EPS denominator (in thousands): Weighted average common stock outstanding - basic 34,631 33,053 Common stock equivalents: stock options and other stock-based awards (a) — — Weighted average number of common stock outstanding - diluted 34,631 33,053 (a) For the periods in which net losses are presented, 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 7 for further details on outstanding stock options, unvested restricted stock units and unvested restricted stock) were anti-dilutive and therefore not included in the calculation of the denominator of dilutive earnings per share. The weighted average number of shares outstanding used in the computation of diluted net income (loss) per share for the three months ended March 31, 2016 and 2015 did not include the effect of the following potentially outstanding shares of common stock because the effect would have been anti-dilutive: Three Months Ended March 31, 2016 2015 Unvested restricted stock 680,000 1,089,702 Unvested restricted stock units 500,000 165,794 Stock options 165,000 647,800 Total 1,345,000 1,903,296 |
RESTRICTED CASH
RESTRICTED CASH | 3 Months Ended |
Mar. 31, 2016 | |
Restricted Cash and Investments [Abstract] | |
RESTRICTED CASH | RESTRICTED CASH A summary of the Company’s restricted cash included in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 was as follows: March 31, December 31, Included under the caption "Prepaid and other": Client guarantees $ 133 $ 118 Other 115 110 Total amount under the caption "Prepaid and other" $ 248 $ 228 Included under the caption "Other assets": Collateral accounts $ 179 $ 229 Rental deposits 449 480 Total amount under the caption "Other assets" $ 628 $ 709 Total restricted cash $ 876 $ 937 Collateral accounts primarily include deposits held under a collateral trust agreement, which supports the Company’s workers’ compensation policy. The rental deposits with banks include amounts held as guarantees from subtenants in the U.K. Client guarantees were held in banks in Belgium as deposits for various client projects. Other primarily includes bank guarantee for licensing in Switzerland. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
PROPERTY AND EQUIPMENT, NET | PROPERTY AND EQUIPMENT, NET As of March 31, 2016 and December 31, 2015 , property and equipment, net, was as follows: March 31, December 31, Computer equipment $ 6,360 $ 5,911 Furniture and equipment 2,116 2,668 Capitalized software costs 18,308 17,946 Leasehold improvements 15,396 15,522 42,180 42,047 Less: accumulated depreciation and amortization 34,268 34,119 Property and equipment, net $ 7,912 $ 7,928 The Company had expenditures of approximately $392 and $513 for acquired property and equipment, mainly consisting of software, furniture and fixtures and leasehold improvements, which had not been placed in service as of March 31, 2016 and December 31, 2015 , respectively. Depreciation expense is not recorded for such assets until they are placed in service. Non-Cash Capital Expenditures The Company has acquired certain computer equipment under capital lease agreements. The current portion of the capital lease obligations are included under the caption "Accrued expenses and other current liabilities" in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 and the non-current portion of the capital lease obligations are included under the caption "Other non-current liabilities" in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 . A summary of the Company’s equipment acquired under capital lease agreements were as follows: March 31, December 31, Capital lease obligation, current $ 66 $ 62 Capital lease obligation, non-current $ 218 $ 229 |
GOODWILL
GOODWILL | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | GOODWILL The following is a summary of the changes in the carrying value of the Company’s goodwill, which was included under the caption "Other Assets" in the accompanying Condensed Consolidated Balance Sheets, as of March 31, 2016 and December 31, 2015 . The goodwill related to the earn-out payment made in 2010 for the Company’s 2007 acquisition of the businesses of Tong Zhi (Beijing) Consulting Service Ltd and Guangzhou Dong Li Consulting Service Ltd. Carrying Value 2016 Goodwill, January 1, $ 1,938 Currency translation 14 Goodwill, March 31, $ 1,952 |
BUSINESS REORGANIZATION EXPENSE
BUSINESS REORGANIZATION EXPENSES | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
BUSINESS REORGANIZATION EXPENSES | BUSINESS REORGANIZATION EXPENSES The Company initiated and executed certain strategic actions requiring business reorganization expenses ("2016 Exit Plan"). Business exit costs associated with the 2016 Exit Plan primarily consisted of employee termination benefits, lease termination payments and costs for elimination of contracts for certain discontinued services and locations. The Board previously approved other reorganization plans in prior years (the "Previous Plans"). Business exit costs associated with Previous Plans primarily consisted of employee termination benefits, lease termination payments and costs for elimination of contracts for certain discontinued services and locations. For the three months ended March 31, 2016 , restructuring charges associated with these initiatives primarily included employee separation costs in Asia Pacific and lease termination payments for rationalized offices in Europe under the 2016 Exit Plan and Previous Plans. Business reorganization expenses for the three months ended March 31, 2016 and 2015 by plan were as follows: Three Months Ended March 31, 2016 2015 Previous Plans $ 223 $ 1,343 2016 Exit Plan 414 — Total reorganization expenses in continuing operations $ 637 $ 1,343 The following table contains amounts for Changes in Estimate, Additional Charges, and Payments related to the 2016 Exit Plan and Previous Plans that were incurred or recovered during the three months ended March 31, 2016 in continuing operations. The amounts in the "Changes in Estimate" and "Additional Charges" columns are classified as business reorganization expenses in the Company’s Condensed Consolidated Statement of Operations. Amounts in the "Payments" column represent primarily the cash payments associated with the 2016 Exit Plan and Previous Plans. Changes in the accrued business reorganization expenses for the three months ended March 31, 2016 were as follows: December 31, Changes in Additional Payments March 31, Lease termination payments $ 2,970 $ 186 $ 190 $ (272 ) $ 3,074 Employee termination benefits 1,186 — 170 (386 ) 970 Other associated costs 208 (19 ) 110 (279 ) 20 Total $ 4,364 $ 167 $ 470 $ (937 ) $ 4,064 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Consulting, Employment and Non-compete Agreements The Company has entered into various consulting and employment agreements with certain key members of management. These agreements generally (i) are one year in length, (ii) contain restrictive covenants, (iii) under certain circumstances, provide for compensation and, subject to providing the Company with a release, severance payments, and (iv) are automatically renewed annually unless either party gives sufficient notice of termination. Litigation and Complaints The Company is subject, from time to time, to various claims, lawsuits, contracts disputes and other complaints from, for example, clients, candidates, suppliers, landlords for both leased and subleased properties, former and current employees, and regulators or tax authorities arising in the ordinary course of business. The Company routinely monitors claims such as these, and records provisions for losses when the claim becomes probable and the amount due is estimable. Although the outcome of these claims cannot be determined, the Company believes that the final resolution of these matters will not have a material adverse effect on the Company’s financial condition, results of operations or liquidity. For matters that have reached the threshold of probable and estimable, the Company has established reserves for legal, regulatory and other contingent liabilities. The Company’s reserves were $157 and $109 as of March 31, 2016 and December 31, 2015 , respectively. Potential Costs Associated with Termination In 2015, the Company incurred compensation and benefits obligations to its former Chairman and Chief Executive Officer, Manuel Marquez, under his employment agreement in connection with the Company providing Mr. Marquez notice of non-renewal of his employment agreement, which is treated as a termination of his employment without cause, subject to his execution of a release. The Company has accrued $747 as of March 31, 2016 in connection with compensation and benefits Mr. Marquez is entitled to upon a termination without cause. Mr. Marquez does not agree with this treatment of compensation and benefits under his employment agreement and, on August 13, 2015, filed an arbitration claim against the Company for additional amounts of up to approximately $2,000 and reimbursement of his legal fees. The Company does not agree with Mr. Marquez’s interpretation of the employment agreement and is vigorously defending against such claim for additional amounts. The Company expects the arbitrator will issue his decision on Mr. Marquez’s claim during the second quarter of 2016. Asset Retirement Obligations The Company has certain asset retirement obligations that are primarily the result of legal obligations for the removal of leasehold improvements and restoration of premises to their original condition upon termination of leases. The asset retirement obligations are included under the caption "Other non-current liabilities" in the Condensed Consolidated Balance Sheets. The Company’s asset retirement obligations that are included in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 were as follows: March 31, December 31, Total asset retirement obligations $ 1,989 $ 1,962 |
CREDIT AGREEMENTS
CREDIT AGREEMENTS | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
CREDIT AGREEMENTS | CREDIT AGREEMENTS Receivables Finance Agreement with Lloyds Bank Commercial Finance Limited and Lloyds Bank PLC On August 1, 2014, the Company’s U.K. subsidiary ("U.K. Borrower") entered into a receivables finance agreement for an asset-based lending funding facility (the "Lloyds Agreement") with Lloyds Bank PLC and Lloyds Bank Commercial Finance Limited (together, "Lloyds"). The Lloyds Agreement provides the U.K. Borrower with the ability to borrow up to $21,540 ( £15,000 ). Extensions of credit are based on a percentage of the eligible accounts receivable less required reserves from the Company's U.K. operations. The initial term is two years with renewal periods every three months thereafter. Borrowings under this facility are secured by substantially all of the assets of the U.K. Borrower. The credit facility under the Lloyds Agreement contains two tranches. The first tranche is a revolving facility based on the billed temporary contracting and permanent recruitment activities in the U.K. operations ("Lloyds Tranche A"). The borrowing limit of Lloyds Tranche A is $17,232 ( £12,000 ) based on 83% of eligible billed temporary contracting and permanent recruitment receivables. The second tranche is a revolving facility that is based on the unbilled work-in-progress (as defined under the receivables finance agreement) activities in the Company's U.K. operations ("Lloyds Tranche B"). The borrowing limit of Lloyds Tranche B is $4,308 ( £3,000 ) based on 75% of eligible work-in-progress from temporary contracting and 25% of eligible work-in-progress from permanent recruitment activities. For both tranches, borrowings may be made with an interest rate based on a base rate as determined by Lloyds Bank PLC, based on the Bank of England base rate, plus 1.75% . The Lloyds Agreement contains various restrictions and covenants including (1) that true credit note dilution may not exceed 5% , measured at audit on a regular basis; (2) debt turn may not exceed 55 days over a three month rolling period; (3) dividends by the U.K. Borrower to the Company are restricted to the value of post-tax profits; and (4) at the end of each month, there must be a minimum excess availability of $2,872 ( £2,000 ). The details of the Lloyds Agreement as of March 31, 2016 were as follows: March 31, Borrowing capacity $ 6,402 Less: outstanding borrowing (508 ) Additional borrowing availability $ 5,894 Interest rates on outstanding borrowing 2.25 % The Company was in compliance with all financial covenants under the Lloyds Agreement as of March 31, 2016 . Facility Agreement with National Australia Bank Limited On October 30, 2015, Hudson Global Resources (Aust) Pty Limited ("Hudson Australia") and Hudson Global Resources (NZ) Limited ("Hudson New Zealand"), both subsidiaries of Hudson Global, Inc., entered into a Finance Agreement, dated as of October 27, 2015 (the "Finance Agreement"), with National Australia Bank Limited ("NAB"), a NAB Corporate Receivables Facility Agreement, dated as of October 27, 2015 (the "Australian Receivables Agreement"), with NAB and a BNZ Corporate Receivables Facility Agreement, dated as of October 27, 2015 (the "New Zealand Receivables Agreement"), with Bank of New Zealand ("BNZ"). The Finance Agreement provides a bank guarantee facility of up to $2,297 (AUD 3,000 ) for Hudson Australia and Hudson New Zealand. The Finance Agreement matures and becomes due and payable on October 27, 2018. A fee equal to 1.5% per annum will be charged on each bank guarantee issued under the Finance Agreement. The Finance Agreement bears a fee, payable semiannually in arrears, equal to 0.3% per annum of NAB’s commitment under the Finance Agreement. The Australian Receivables Agreement provides a receivables facility of up to $19,143 (AUD 25,000 ) for Hudson Australia, which is based on an agreed percentage of eligible accounts receivable, and of which up to $3,063 (AUD 4,000 ) may be used to support the working capital requirements of operations in China, Hong Kong and Singapore. The Australian Receivables Agreement does not have a stated maturity date and can be terminated by Hudson Australia or NAB upon 90 days written notice. Borrowings under the Australian Receivables Agreement may be made with an interest rate based on a market rate plus a margin of 1.5% per annum. The Australian Receivable Agreement bears a fee, payable monthly in advance, equal to $5 (AUD 6 ) per month. The New Zealand Receivables Agreement provides a receivables facility of up to $3,455 (NZD 5,000 ) for Hudson New Zealand, which is based on an agreed percentage of eligible accounts receivable. The New Zealand Receivables Agreement does not have a stated maturity date and can be terminated by Hudson New Zealand or BNZ upon 90 days written notice. Borrowings under the New Zealand Receivables Agreement may be made with an interest rate based on a market rate. The New Zealand Receivables Agreement bears a fee, payable monthly in advance, equal to $1 (NZD 1 ) per month. The details of the NAB Finance Agreement as of March 31, 2016 were as follows: March 31, Finance Agreement: Financial guarantee capacity $ 2,297 Less: outstanding financial guarantees (1,855 ) Additional availability for financial guarantees $ 442 Interest rates on outstanding financial guarantees 1.80 % Australian Receivables Agreement: Borrowing capacity $ 14,503 Less: outstanding borrowing (5,206 ) Additional borrowing availability $ 9,297 Interest rates on outstanding borrowing 3.65 % New Zealand Receivables Agreement: Borrowing capacity $ 1,841 Less: outstanding borrowing (56 ) Additional borrowing availability $ 1,785 Interest rates on outstanding borrowing 4.60 % Amounts owing under the Finance Agreement, the Australian Receivables Agreement and the New Zealand Receivables Agreement are secured by substantially all of the assets of Hudson Australia and Hudson New Zealand. Each of the Finance Agreement, the Australian Receivables Agreement and the New Zealand Receivables Agreement contains various restrictions and covenants applicable to the Obligors, including: a requirement that the Obligors maintain (1) a minimum Fixed Charge Coverage Ratio (as defined in the NAB Facility Agreement) of 1.50 x as of the last day of each calendar quarter; and (2) a minimum Receivables Ratio (as defined by the NAB Facility Agreement) of 1.20 x. The Company was in compliance with all financial covenants under the NAB Facility Agreement as of March 31, 2016 . Loan and Security Agreement with Siena Lending Group LLC Upon the sale of US IT business, the Company exercised its right to terminate its loan and security agreement with Siena Lending Group LLC ("Siena"). The Company paid Siena a termination fee of $161 recognized as a reduction to the gain on sale of the US IT business and $417 of cash to secure an outstanding letter of credit for a real estate lease. Siena will return the restricted cash to the Company once the outstanding letter of credit is returned to Siena. Other Credit Agreements The Company also has lending arrangements with local banks through its subsidiaries in the Belgium and Singapore. The Belgium subsidiary has a $1,138 (€ 1,000 ) overdraft facility. Borrowings under the Belgium arrangement may be made using an interest rate based on the one-month EURIBOR plus a margin, and the interest rate was 2.75% as of March 31, 2016 . The lending arrangement in Belgium has no expiration date and can be terminated with a 15 -day notice period. In Singapore, the Company’s subsidiary can borrow up to $148 (SGD 200 ) for working capital purposes. Interest on borrowings under the Singapore overdraft facility is based on the Singapore Prime Rate plus a margin of 1.75% , and it was 6.00% on March 31, 2016 . The Singapore overdraft facility expires annually each August, but can be renewed for one year periods at that time. There were no outstanding borrowings under the Belgium and Singapore lending agreements as of March 31, 2016 . The average aggregate monthly outstanding borrowings under the Lloyds Agreement, NAB Facility Agreement and the credit agreements in Belgium and Singapore were $5,841 for the three months ended March 31, 2016 . The weighted average interest rate on all outstanding borrowings for the three months ended March 31, 2016 was 3.59% . The Company continues to use the aforementioned credit to support its ongoing global working capital requirements, capital expenditures and other corporate purposes and to support letters of credit. Letters of credit and bank guarantees are used primarily to support office leases. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | NOTE 16 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss), net of tax, consisted of the following: March 31, December 31, 2016 2015 Foreign currency translation adjustments $ 10,827 $ 10,159 Pension plan obligations 135 133 Accumulated other comprehensive income (loss) $ 10,962 $ 10,292 |
STOCKHOLDERS' EQUITY (Notes)
STOCKHOLDERS' EQUITY (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Treasury Stock [Text Block] | STOCKHOLDERS' EQUITY In December 2015, the Company's Board of Directors determined that the Company intends to pay a regular, quarterly cash dividend on its common stock. The Company's Board of Directors declared a cash dividend of $0.05 per share paid on March 25, 2016 to shareholders of record as of March 15, 2016. As a result, as of March 31, 2016 , the Company paid $1,713 in dividends to shareholders. The cash dividend payment is applied to accumulated deficit. On July 30, 2015, the Company announced that its Board of Directors authorized the repurchase of up to $10,000 of the Company's common stock. The Company intends to make purchases from time to time as market conditions warrant. This authorization does not expire. During the three months ended March 31, 2016 , the Company repurchased 366,113 shares for a total cost of $985 . As of March 31, 2016 , under the July 30, 2015 authorization, the Company had repurchased 893,747 shares for a total cost of $2,372 . |
SEGMENT AND GEOGRAPHIC DATA
SEGMENT AND GEOGRAPHIC DATA | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHIC DATA | SEGMENT AND GEOGRAPHIC DATA Segment Reporting The Company operates in three reportable segments: the Hudson regional businesses of Hudson Americas, Hudson Asia Pacific, and Hudson Europe. Corporate expenses are reported separately from the three reportable segments and pertain to certain functions, such as executive management, corporate governance, human resources, accounting, administration, tax and treasury, the majority of which are attributable to and have been allocated to the reportable segments. Segment information is presented in accordance with ASC 280, " Segments Reporting." This standard is based on a management approach that requires segmentation based upon the Company’s internal organization and disclosure of revenue and certain expenses based upon internal accounting methods. The Company’s financial reporting systems present various data for management to run the business, including internal profit and loss statements prepared on a basis not consistent with U.S. GAAP. Accounts receivable, net and long-lived assets are the only significant assets separated by segment for internal reporting purposes. Hudson Americas Hudson Asia Pacific Hudson Europe Corporate Elimination Total For The Three Months Ended March 31, 2016 Revenue, from external customers $ 3,837 $ 51,071 $ 46,319 $ — $ — $ 101,227 Inter-segment revenue — — 62 — (62 ) — Total revenue $ 3,837 $ 51,071 $ 46,381 $ — $ (62 ) $ 101,227 Gross margin, from external customers $ 3,341 $ 18,771 $ 19,150 $ — $ — $ 41,262 Inter-segment gross margin (2 ) (60 ) 62 — — — Total gross margin $ 3,339 $ 18,711 $ 19,212 $ — $ — $ 41,262 Business reorganization expenses (recovery) and impairment of long lived assets expense $ (16 ) $ 197 $ 484 $ (28 ) $ — $ 637 EBITDA (loss) (a) $ 162 $ (1,231 ) $ (330 ) $ (1,755 ) $ — $ (3,154 ) Depreciation and amortization 22 404 183 79 — 688 Intercompany interest income (expense), net — — (57 ) 57 — — Interest income (expense), net — (40 ) (14 ) — — (54 ) Income (loss) from continuing operations before income taxes $ 140 $ (1,675 ) $ (584 ) $ (1,777 ) $ — $ (3,896 ) As of March 31, 2016 Accounts receivable, net $ 3,162 $ 31,331 $ 29,715 $ — $ — $ 64,208 Long-lived assets, net of accumulated depreciation and amortization $ 28 $ 7,475 $ 1,851 $ 595 $ — $ 9,949 Total assets $ 7,243 $ 51,313 $ 54,047 $ 9,235 $ — $ 121,838 Hudson Americas Hudson Asia Pacific Hudson Europe Corporate Inter- segment elimination Total For The Three Months Ended March 31, 2015 Revenue, from external customers $ 10,978 $ 53,139 $ 60,200 $ — $ — $ 124,317 Inter-segment revenue — — 14 — (14 ) — Total revenue $ 10,978 $ 53,139 $ 60,214 $ — $ (14 ) $ 124,317 Gross margin, from external customers $ 4,621 $ 20,876 $ 22,407 $ — $ — $ 47,904 Inter-segment gross margin (7 ) (31 ) 37 — 1 — Total gross margin $ 4,614 $ 20,845 $ 22,444 $ — $ 1 $ 47,904 Business reorganization expenses (recovery) and impairment of long lived assets expense $ 421 $ 8 $ 880 $ 34 $ — $ 1,343 EBITDA (loss) (a) $ (1,620 ) $ 804 $ (2,150 ) $ (2,626 ) $ — $ (5,592 ) Depreciation and amortization 102 671 228 110 — 1,111 Intercompany interest income (expense), net — — (130 ) 134 (4 ) — Interest income (expense), net (33 ) (42 ) (5 ) — — (80 ) Income (loss) from continuing operations before income taxes $ (1,755 ) $ 91 $ (2,513 ) $ (2,602 ) $ (4 ) $ (6,783 ) As of March 31, 2015 Accounts receivable, net $ 6,934 $ 31,957 $ 40,618 $ — $ — $ 79,509 Long-lived assets, net of accumulated depreciation and amortization $ 535 $ 7,300 $ 2,073 $ 989 $ — $ 10,897 Total assets $ 9,423 $ 49,300 $ 58,811 $ 3,637 $ — $ 121,171 (a) Securities and Exchange Commission ("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. Geographic Data Reporting A summary of revenues for the three months ended March 31, 2016 and 2015 and long-lived assets and net assets by geographic area as of March 31, 2016 and 2015 were as follows: United Kingdom Australia United States Continental Europe Other Asia Pacific Other Americas Total For The Three Months Ended March 31, 2016 Revenue (a) $ 34,196 $ 39,132 $ 3,634 $ 12,123 $ 11,939 $ 203 $ 101,227 For The Three Months Ended March 31, 2015 Revenue (a) $ 38,341 $ 39,041 $ 10,826 $ 21,859 $ 14,098 $ 152 $ 124,317 As of March 31, 2016 Long-lived assets, net of accumulated depreciation and amortization (b) $ 1,684 $ 4,191 $ 623 $ 167 $ 3,284 $ — $ 9,949 Net assets $ 15,771 $ 10,046 $ 8,632 $ 8,211 $ 13,435 $ (58 ) $ 56,037 As of March 31, 2015 Long-lived assets, net of accumulated depreciation and amortization (b) $ 1,752 $ 4,629 $ 1,512 $ 321 $ 2,671 $ 12 $ 10,897 Net assets $ 15,141 $ 11,633 $ 3,742 $ 8,866 $ 11,088 $ (18 ) $ 50,452 (a) Revenue by geographic region disclosed above is net of any inter-segment revenue and, therefore, represents only revenue from external customers according to the location of the operating subsidiary. (b) Comprised of property and equipment and intangibles. Corporate assets are included in the United States. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The carrying amounts of the classes of assets and liabilities from the Legal eDiscovery business and Sweden operations included in discontinued operations were as follows: March 31, 2016 December 31, 2015 eDiscovery Sweden Total eDiscovery Sweden Total Total current assets $ 38 $ — $ 38 $ 49 $ 32 $ 81 Total liabilities (a) $ 1,085 $ 10 $ 1,095 $ 1,439 $ 4 $ 1,443 (a) Total liabilities primarily consisted of restructuring liabilities for lease termination payments. Reported results for the discontinued operations by period were as follows: Three Months Ended March 31, 2016 Three Months Ended March 31, 2015 eDiscovery Sweden Total eDiscovery Sweden Total Revenue $ — $ — $ — $ (1 ) $ — $ (1 ) Reorganization expenses (139 ) — (139 ) 363 (6 ) 357 Gain (loss) from sale and liquidation of discontinued operations — — — 82 — 82 Income (loss) from discontinued operations before income taxes 109 — 109 (193 ) (28 ) (221 ) Provision (benefit) for income taxes 26 — 26 (37 ) — (37 ) Income (loss) from discontinued operations $ 83 $ — $ 83 $ (156 ) $ (28 ) $ (184 ) |
REVENUE, DIRECT COSTS AND GRO27
REVENUE, DIRECT COSTS AND GROSS MARGIN (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Revenue, Direct Costs and Gross Margin [Abstract] | |
Revenue, direct costs and gross margin | The Company’s revenue, direct costs and gross margin were as follows: Three Months Ended March 31, 2016 Temporary Contracting Permanent Recruitment Other Total Revenue $ 65,856 $ 26,572 $ 8,799 $ 101,227 Direct costs (1) 57,222 574 2,169 59,965 Gross margin $ 8,634 $ 25,998 $ 6,630 $ 41,262 Three Months Ended March 31, 2015 Temporary Contracting Permanent Recruitment Other Total Revenue $ 86,580 $ 28,106 $ 9,631 $ 124,317 Direct costs (1) 73,616 485 2,312 76,413 Gross margin $ 12,964 $ 27,621 $ 7,319 $ 47,904 (1) Direct costs in Temporary 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 direct costs. Permanent Recruitment and Other category include direct costs for out-of-pocket expenses and third party suppliers. 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. The salaries, commissions, payroll taxes and employee benefits related to recruitment professionals are included under the caption "Selling, general and administrative expenses" in the Condensed Consolidated Statement of Operations. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based compensation, restricted stock quantity and vesting conditions | A summary of the quantity and vesting conditions for stock-based units granted to the Company's employees for the three months ended March 31, 2016 was as follows: Vesting conditions Number of Restricted Stock Units Granted Performance and service conditions (1) (2) 500,000 (1) The performance conditions with respect to restricted stock units may be satisfied as follows: (a) For employees from the Americas, Asia Pacific and Europe 80% of the restricted stock units may be earned on the basis of performance as measured by a "regional adjusted EBITDA," and 20% 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 100% of the restricted stock units may be earned on the basis of performance as measured by a "group adjusted EBITDA." (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) One-third of the restricted stock units will vest on the first anniversary of the grant date; (b) One-third of the restricted stock units will vest on the second anniversary of the grant date; and (c) One-third 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. |
Schedule of stock-based compensation expense | For the three months ended March 31, 2016 and 2015 , the Company’s stock-based compensation expense related to stock options, restricted stock and restricted stock units were as follows: Three Months Ended March 31, 2016 2015 Stock options $ 5 $ — Restricted stock 240 385 Restricted stock units 127 148 Total $ 372 $ 533 |
Changes in stock options | Changes in the Company’s stock options for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options outstanding at January 1, 206,000 $ 8.13 756,800 $ 8.78 Expired/forfeited (16,000 ) 15.86 (109,000 ) 13.25 Options outstanding at March 31, 190,000 $ 7.48 647,800 $ 8.03 Options exercisable at March 31, 165,000 $ 8.24 647,800 $ 8.03 |
Changes in restricted stock | Changes in the Company’s restricted stock for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Number of Shares of Restricted Stock Weighted Average Grant Date Fair Value Number of Shares of Restricted Stock Weighted Average Grant Date Fair Value Unvested restricted stock at January 1, 680,000 $ 1.60 803,999 $ 3.00 Granted — — 590,100 2.84 Vested — — (132,775 ) 3.50 Forfeited — — (171,622 ) 3.17 Unvested restricted stock at March 31, 680,000 $ 1.60 1,089,702 $ 2.82 |
Changes in restricted stock units | Changes in the Company’s restricted stock units for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 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, — $ — 119,940 $ 3.57 Granted 530,687 2.79 144,664 2.84 Vested (30,687 ) 2.73 (56,310 ) 2.95 Forfeited — — (42,500 ) 3.21 Unvested restricted stock units at March 31, 500,000 $ 2.79 165,794 $ 3.24 |
Schedule of expenses and contributions for the prior years' employer-matching liability for the 401(k) plan | For the three months ended March 31, 2016 and 2015 , the Company’s current year expenses and contributions to satisfy the prior years’ employer-matching liability for the 401(k) plan were as follows: Three Months Ended March 31, ($ in thousands, except otherwise stated) 2016 2015 Expense recognized for the 401(k) plan $ 20 $ 75 Contributions to satisfy prior years' employer-matching liability Number of shares of the Company's common stock issued (in thousands) — 116 Market value per share of the Company's common stock on contribution date (in dollars) $ — $ 2.71 Non-cash contribution made for employer matching liability $ — $ 314 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Open Years Subject to Tax Examination | As of March 31, 2016 , the Company's open tax years, which remain subject to examination by the relevant tax authorities, were principally as follows: Year Earliest tax years which remain subject to examination by the relevant tax authorities: U.S. Federal 2012 Majority of U.S. state and local jurisdictions 2011 United Kingdom 2014 Australia 2011 Majority of other non-U.S. jurisdictions 2010 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | A reconciliation of the numerators and denominators of the basic and diluted earnings (loss) per share calculations for the three months ended March 31, 2016 and 2015 were as follows: Three Months Ended March 31, 2016 2015 Earnings (loss) per share ("EPS"): EPS - basic and diluted: Income (loss) from continuing operations $ (0.10 ) $ (0.20 ) Income (loss) from discontinued operations — (0.01 ) Net income (loss) $ (0.10 ) $ (0.21 ) EPS numerator - basic and diluted: Income (loss) from continuing operations $ (3,570 ) $ (6,654 ) Income (loss) from discontinued operations 83 (184 ) Net income (loss) $ (3,487 ) $ (6,838 ) EPS denominator (in thousands): Weighted average common stock outstanding - basic 34,631 33,053 Common stock equivalents: stock options and other stock-based awards (a) — — Weighted average number of common stock outstanding - diluted 34,631 33,053 (a) For the periods in which net losses are presented, 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 7 for further details on outstanding stock options, unvested restricted stock units and unvested restricted stock) were anti-dilutive and therefore not included in the calculation of the denominator of dilutive earnings per share. |
Schedule of antidilutive securities excluded from computation of earnings per share | The weighted average number of shares outstanding used in the computation of diluted net income (loss) per share for the three months ended March 31, 2016 and 2015 did not include the effect of the following potentially outstanding shares of common stock because the effect would have been anti-dilutive: Three Months Ended March 31, 2016 2015 Unvested restricted stock 680,000 1,089,702 Unvested restricted stock units 500,000 165,794 Stock options 165,000 647,800 Total 1,345,000 1,903,296 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restricted Cash and Investments [Abstract] | |
Schedule of restricted cash and cash equivalents | A summary of the Company’s restricted cash included in the accompanying Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 was as follows: March 31, December 31, Included under the caption "Prepaid and other": Client guarantees $ 133 $ 118 Other 115 110 Total amount under the caption "Prepaid and other" $ 248 $ 228 Included under the caption "Other assets": Collateral accounts $ 179 $ 229 Rental deposits 449 480 Total amount under the caption "Other assets" $ 628 $ 709 Total restricted cash $ 876 $ 937 |
PROTPERTY AND EQUIPMENT, NET (T
PROTPERTY AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, plant and equipment | As of March 31, 2016 and December 31, 2015 , property and equipment, net, was as follows: March 31, December 31, Computer equipment $ 6,360 $ 5,911 Furniture and equipment 2,116 2,668 Capitalized software costs 18,308 17,946 Leasehold improvements 15,396 15,522 42,180 42,047 Less: accumulated depreciation and amortization 34,268 34,119 Property and equipment, net $ 7,912 $ 7,928 |
Schedule of capital leased obligations | A summary of the Company’s equipment acquired under capital lease agreements were as follows: March 31, December 31, Capital lease obligation, current $ 66 $ 62 Capital lease obligation, non-current $ 218 $ 229 |
GOODWILL (Tables)
GOODWILL (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill | The goodwill related to the earn-out payment made in 2010 for the Company’s 2007 acquisition of the businesses of Tong Zhi (Beijing) Consulting Service Ltd and Guangzhou Dong Li Consulting Service Ltd. Carrying Value 2016 Goodwill, January 1, $ 1,938 Currency translation 14 Goodwill, March 31, $ 1,952 |
BUSINESS REORGANIZATION EXPEN34
BUSINESS REORGANIZATION EXPENSES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Business reorganization expenses | Business reorganization expenses for the three months ended March 31, 2016 and 2015 by plan were as follows: Three Months Ended March 31, 2016 2015 Previous Plans $ 223 $ 1,343 2016 Exit Plan 414 — Total reorganization expenses in continuing operations $ 637 $ 1,343 |
Changes in accrued business reorganization expenses | Changes in the accrued business reorganization expenses for the three months ended March 31, 2016 were as follows: December 31, Changes in Additional Payments March 31, Lease termination payments $ 2,970 $ 186 $ 190 $ (272 ) $ 3,074 Employee termination benefits 1,186 — 170 (386 ) 970 Other associated costs 208 (19 ) 110 (279 ) 20 Total $ 4,364 $ 167 $ 470 $ (937 ) $ 4,064 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of asset retirement obligations | The Company’s asset retirement obligations that are included in the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015 were as follows: March 31, December 31, Total asset retirement obligations $ 1,989 $ 1,962 |
CREDIT AGREEMENTS (Tables)
CREDIT AGREEMENTS (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
National Australia Bank Limited and Bank of New Zealand [Member] | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities | The details of the NAB Finance Agreement as of March 31, 2016 were as follows: March 31, Finance Agreement: Financial guarantee capacity $ 2,297 Less: outstanding financial guarantees (1,855 ) Additional availability for financial guarantees $ 442 Interest rates on outstanding financial guarantees 1.80 % Australian Receivables Agreement: Borrowing capacity $ 14,503 Less: outstanding borrowing (5,206 ) Additional borrowing availability $ 9,297 Interest rates on outstanding borrowing 3.65 % New Zealand Receivables Agreement: Borrowing capacity $ 1,841 Less: outstanding borrowing (56 ) Additional borrowing availability $ 1,785 Interest rates on outstanding borrowing 4.60 % |
Lloyds | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities | The details of the Lloyds Agreement as of March 31, 2016 were as follows: March 31, Borrowing capacity $ 6,402 Less: outstanding borrowing (508 ) Additional borrowing availability $ 5,894 Interest rates on outstanding borrowing 2.25 % |
ACCUMUATED OTHER COMPREHENSIVE
ACCUMUATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss), net of tax, consisted of the following: March 31, December 31, 2016 2015 Foreign currency translation adjustments $ 10,827 $ 10,159 Pension plan obligations 135 133 Accumulated other comprehensive income (loss) $ 10,962 $ 10,292 |
SEGMENT AND GEOGRAPHIC DATA (Ta
SEGMENT AND GEOGRAPHIC DATA (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Hudson Americas Hudson Asia Pacific Hudson Europe Corporate Elimination Total For The Three Months Ended March 31, 2016 Revenue, from external customers $ 3,837 $ 51,071 $ 46,319 $ — $ — $ 101,227 Inter-segment revenue — — 62 — (62 ) — Total revenue $ 3,837 $ 51,071 $ 46,381 $ — $ (62 ) $ 101,227 Gross margin, from external customers $ 3,341 $ 18,771 $ 19,150 $ — $ — $ 41,262 Inter-segment gross margin (2 ) (60 ) 62 — — — Total gross margin $ 3,339 $ 18,711 $ 19,212 $ — $ — $ 41,262 Business reorganization expenses (recovery) and impairment of long lived assets expense $ (16 ) $ 197 $ 484 $ (28 ) $ — $ 637 EBITDA (loss) (a) $ 162 $ (1,231 ) $ (330 ) $ (1,755 ) $ — $ (3,154 ) Depreciation and amortization 22 404 183 79 — 688 Intercompany interest income (expense), net — — (57 ) 57 — — Interest income (expense), net — (40 ) (14 ) — — (54 ) Income (loss) from continuing operations before income taxes $ 140 $ (1,675 ) $ (584 ) $ (1,777 ) $ — $ (3,896 ) As of March 31, 2016 Accounts receivable, net $ 3,162 $ 31,331 $ 29,715 $ — $ — $ 64,208 Long-lived assets, net of accumulated depreciation and amortization $ 28 $ 7,475 $ 1,851 $ 595 $ — $ 9,949 Total assets $ 7,243 $ 51,313 $ 54,047 $ 9,235 $ — $ 121,838 Hudson Americas Hudson Asia Pacific Hudson Europe Corporate Inter- segment elimination Total For The Three Months Ended March 31, 2015 Revenue, from external customers $ 10,978 $ 53,139 $ 60,200 $ — $ — $ 124,317 Inter-segment revenue — — 14 — (14 ) — Total revenue $ 10,978 $ 53,139 $ 60,214 $ — $ (14 ) $ 124,317 Gross margin, from external customers $ 4,621 $ 20,876 $ 22,407 $ — $ — $ 47,904 Inter-segment gross margin (7 ) (31 ) 37 — 1 — Total gross margin $ 4,614 $ 20,845 $ 22,444 $ — $ 1 $ 47,904 Business reorganization expenses (recovery) and impairment of long lived assets expense $ 421 $ 8 $ 880 $ 34 $ — $ 1,343 EBITDA (loss) (a) $ (1,620 ) $ 804 $ (2,150 ) $ (2,626 ) $ — $ (5,592 ) Depreciation and amortization 102 671 228 110 — 1,111 Intercompany interest income (expense), net — — (130 ) 134 (4 ) — Interest income (expense), net (33 ) (42 ) (5 ) — — (80 ) Income (loss) from continuing operations before income taxes $ (1,755 ) $ 91 $ (2,513 ) $ (2,602 ) $ (4 ) $ (6,783 ) As of March 31, 2015 Accounts receivable, net $ 6,934 $ 31,957 $ 40,618 $ — $ — $ 79,509 Long-lived assets, net of accumulated depreciation and amortization $ 535 $ 7,300 $ 2,073 $ 989 $ — $ 10,897 Total assets $ 9,423 $ 49,300 $ 58,811 $ 3,637 $ — $ 121,171 (a) Securities and Exchange Commission ("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. |
Revenue and long-lived assets by geographic area | A summary of revenues for the three months ended March 31, 2016 and 2015 and long-lived assets and net assets by geographic area as of March 31, 2016 and 2015 were as follows: United Kingdom Australia United States Continental Europe Other Asia Pacific Other Americas Total For The Three Months Ended March 31, 2016 Revenue (a) $ 34,196 $ 39,132 $ 3,634 $ 12,123 $ 11,939 $ 203 $ 101,227 For The Three Months Ended March 31, 2015 Revenue (a) $ 38,341 $ 39,041 $ 10,826 $ 21,859 $ 14,098 $ 152 $ 124,317 As of March 31, 2016 Long-lived assets, net of accumulated depreciation and amortization (b) $ 1,684 $ 4,191 $ 623 $ 167 $ 3,284 $ — $ 9,949 Net assets $ 15,771 $ 10,046 $ 8,632 $ 8,211 $ 13,435 $ (58 ) $ 56,037 As of March 31, 2015 Long-lived assets, net of accumulated depreciation and amortization (b) $ 1,752 $ 4,629 $ 1,512 $ 321 $ 2,671 $ 12 $ 10,897 Net assets $ 15,141 $ 11,633 $ 3,742 $ 8,866 $ 11,088 $ (18 ) $ 50,452 (a) Revenue by geographic region disclosed above is net of any inter-segment revenue and, therefore, represents only revenue from external customers according to the location of the operating subsidiary. (b) Comprised of property and equipment and intangibles. Corporate assets are included in the United States. |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details) | 3 Months Ended |
Mar. 31, 2016countriessegments | |
Description of Business [Abstract] | |
Number of Countries in which Entity Operates | countries | 12 |
Number of Reportable Segments | segments | 3 |
DIVESTITURES (Details)
DIVESTITURES (Details) - USD ($) $ in Thousands | Jun. 15, 2015 | May. 07, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Pre-tax Gain (loss) | $ 0 | $ 356 | ||
Hudson Information Technology (US) Business | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses | $ 16,977 | |||
Pre-tax Gain (loss) | $ 0 | $ (396) | ||
Netherlands Business Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Proceeds from divestiture of businesses | $ 9,029 | |||
Proceeds From Divestiture of Business, Cash Retained | $ 1,135 |
DISCONTINUED OPERATIONS - Balan
DISCONTINUED OPERATIONS - Balance Sheet Disclosures (Details) - Discontinued Operations - USD ($) $ in Thousands | Mar. 31, 2016 | Mar. 31, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets | $ 38 | $ 81 |
Total liabilities (a) | 1,095 | 1,443 |
eDiscovery | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets | 38 | 49 |
Total liabilities (a) | 1,085 | 1,439 |
Sweden | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets | 0 | 32 |
Total liabilities (a) | $ 10 | $ 4 |
DISCONTINUED OPERATIONS - Incom
DISCONTINUED OPERATIONS - Income Statement Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (loss) from discontinued operations, net of income taxes | $ 83 | $ (184) |
Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 0 | (1) |
Disposal Group, Including Discontinued Operation, Restructuring Charges | (139) | 357 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 82 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 109 | (221) |
Discontinued Operation, Tax Effect of Discontinued Operation | 26 | (37) |
Income (loss) from discontinued operations, net of income taxes | 83 | (184) |
Discontinued Operations | eDiscovery | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 0 | (1) |
Disposal Group, Including Discontinued Operation, Restructuring Charges | (139) | 363 |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 82 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 109 | (193) |
Discontinued Operation, Tax Effect of Discontinued Operation | 26 | (37) |
Income (loss) from discontinued operations, net of income taxes | 83 | (156) |
Discontinued Operations | Sweden | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenue | 0 | 0 |
Disposal Group, Including Discontinued Operation, Restructuring Charges | 0 | (6) |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 0 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 0 | (28) |
Discontinued Operation, Tax Effect of Discontinued Operation | 0 | 0 |
Income (loss) from discontinued operations, net of income taxes | $ 0 | $ (28) |
REVENUE, DIRECT COSTS AND GRO43
REVENUE, DIRECT COSTS AND GROSS MARGIN Revenue, Direct Costs and Gross Margin (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue Direct Costs And Gross Margin Line Items [Line Items] | ||
Revenue | $ 101,227 | $ 124,317 |
Direct costs | 59,965 | 76,413 |
Gross margin | 41,262 | 47,904 |
Temporary Contracting | ||
Revenue Direct Costs And Gross Margin Line Items [Line Items] | ||
Revenue | 65,856 | 86,580 |
Direct costs | 57,222 | 73,616 |
Gross margin | 8,634 | 12,964 |
Permanent Recruitment | ||
Revenue Direct Costs And Gross Margin Line Items [Line Items] | ||
Revenue | 26,572 | 28,106 |
Direct costs | 574 | 485 |
Gross margin | 25,998 | 27,621 |
Other | ||
Revenue Direct Costs And Gross Margin Line Items [Line Items] | ||
Revenue | 8,799 | 9,631 |
Direct costs | 2,169 | 2,312 |
Gross margin | $ 6,630 | $ 7,319 |
STOCK-BASED COMPENSATION Stock-
STOCK-BASED COMPENSATION Stock-Based Compensation (Details) AUD in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($)shares | Dec. 31, 2015 | Mar. 31, 2016AUDshares | Mar. 31, 2016USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock reserved for issuance to participants | shares | 261,639 | 261,639 | |||
Share-based compensation arrangement award vesting period | 5 years | ||||
Stock-based compensation | $ 372 | $ 533 | |||
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance and service conditions | shares | 500,000 | ||||
Granted, Number of share of restricted stock (shares) | shares | 530,687 | 144,664 | |||
Stock-based compensation | $ 127 | $ 148 | |||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Option Award Exercise Price as a Percentage of the Fair Market Value of a Share of Common Stock | 100.00% | ||||
Stock-based compensation | $ 5 | $ 0 | |||
Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, Number of share of restricted stock (shares) | shares | 0 | 590,100 | |||
Stock-based compensation | $ 240 | $ 385 | |||
Non-Employee Director | Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, Number of share of restricted stock (shares) | shares | 30,687 | ||||
Corporate | Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other that Options, Percentage of Shares Issued Based on Performance of Gross Margin Ratio | 100.00% | ||||
Americas, Asia Pacific and Europe | Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other that Options, Percentage of Shares Issued Based on Performance of EBITDA | 80.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other that Options, Percentage of Shares Issued Based on Performance of Gross Margin Ratio | 20.00% | ||||
Financial Guarantee Facility | National Australia Bank Limited and Bank of New Zealand [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Line of Credit Facility, Financial Guarantee Capacity | AUD 3,000 | $ 2,297 | |||
Line of Credit, Outstanding Financial Guarantee | 1,855 | ||||
Additional availability for financial guarantee | $ 442 | ||||
New Zealand Receivables Agreement [Member] | National Australia Bank Limited and Bank of New Zealand [Member] | NEW ZEALAND | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
LIne of Credit Facility, Notice Period | 90 days |
STOCK-BASED COMPENSATION Stock
STOCK-BASED COMPENSATION Stock options activity (Details) - Stock options - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total compensation cost not yet recognized | $ 12 | |
Weighted average service period | 7 months 6 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Options outstanding, Number of Options, At the Beginning of the Year (shares) | 206,000 | 756,800 |
Expired, number of options (shares) | (16,000) | (109,000) |
Options outstanding, Number of Options, At the End of the Period (shares) | 190,000 | 647,800 |
Options exercisable, Number of Options, At the End of the Period (shares) | 165,000 | 647,800 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||
Options outstanding, weighted average exercise price per share, At the Beginning of the Year (usd per share) | $ 8.13 | $ 8.78 |
Expired, weighted average exercise price per share (usd per share) | 15.86 | 13.25 |
Options outstanding, weighted average exercise price per share, At the End of the Period (usd per share) | 7.48 | 8.03 |
Options exercisable, weighted average exercise price per share, At the End of the Period (usd per share) | $ 8.24 | $ 8.03 |
STOCK-BASED COMPENSATION Restri
STOCK-BASED COMPENSATION Restricted stock (Details) - Restricted stock - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total compensation cost not yet recognized | $ 462 | |
Weighted average service period | 6 months 4 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested restricted stock (units), number of shares of restricted stock (unit), At the Beginning of the Year (shares) | 680,000 | 803,999 |
Granted, Number of share of restricted stock (shares) | 0 | 590,100 |
Vested, number of share of restricted stock (shares) | 0 | (132,775) |
Forfeited, number of share of restricted stock (shares) | 0 | (171,622) |
Non-vested restricted stock (units), number of shares of restricted stock (unit), At the End of the Period (shares) | 680,000 | 1,089,702 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Non-vested restricted stock (units), weighted average grant date fair value, At the Beginning of the Year (usd per share) | $ 1.60 | $ 3 |
Granted, weighted average grant date fair value (usd per share) | 0 | 2.84 |
Vested, weighted average grant date fair value (usd per share) | 0 | 3.50 |
Forfeited, weighted average grant date fair value (usd per share) | 0 | 3.17 |
Non-vested restricted stock (units), weighted average grant date fair value, At the End of the Period (usd per share) | $ 1.60 | $ 2.82 |
STOCK-BASED COMPENSATION Rest47
STOCK-BASED COMPENSATION Restricted stock units (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total compensation cost not yet recognized | $ 1,100 | |
Weighted average service period | 1 year 10 months 24 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Non-vested restricted stock (units), number of shares of restricted stock (unit), At the Beginning of the Year (shares) | 0 | 119,940 |
Granted, Number of share of restricted stock (shares) | 530,687 | 144,664 |
Vested, number of share of restricted stock (shares) | (30,687) | (56,310) |
Forfeited, number of share of restricted stock (shares) | 0 | (42,500) |
Non-vested restricted stock (units), number of shares of restricted stock (unit), At the End of the Period (shares) | 500,000 | 165,794 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||
Non-vested restricted stock (units), weighted average grant date fair value, At the Beginning of the Year (usd per share) | $ 0 | $ 3.57 |
Granted, weighted average grant date fair value (usd per share) | 2.79 | 2.84 |
Vested, weighted average grant date fair value (usd per share) | 2.73 | 2.95 |
Forfeited, weighted average grant date fair value (usd per share) | 0 | 3.21 |
Non-vested restricted stock (units), weighted average grant date fair value, At the End of the Period (usd per share) | $ 2.79 | $ 3.24 |
Non-Employee Director | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Granted, Number of share of restricted stock (shares) | 30,687 |
STOCK-BASED COMPENSATION Define
STOCK-BASED COMPENSATION Defined contribution plan and non-cash employer-matching contributions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Discolusre of Defined Contribution Plan Related Costs, Share-based Payments [Abstract] | ||
Defined contribution pan, maximum annual contribution per employee percent | 15.00% | |
Defined contribution plan, employer matching contribution percent | 3.00% | |
Expense recognized for the 401(k) plan | $ 20 | $ 75 |
Number of shares of the Company's common stock issued (in thousands) | 0 | 116 |
Market value per share of the Company's common stock on contribution date (in dollars) | $ 0 | $ 2.71 |
Non-cash contribution made for employer matching liability | $ 0 | $ 314 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Tax open years subject to examination [Line Items] | ||
Income tax benefit (provision) | $ (326) | $ (129) |
Pre-tax income (loss) | $ (3,896) | $ (6,783) |
Effective income tax rate | 8.40% | 1.90% |
U.S. Federal statutory rate | 35.00% | |
Unrecognized tax benefits | $ 2,316 | $ 2,279 |
Accrued interest and penalties | 566 | 536 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 14 | $ 14 |
U.S. Federal [Member] | ||
Tax open years subject to examination [Line Items] | ||
Open Tax Year | 2,012 | |
Other U.S. state and local juristictions [Member] | ||
Tax open years subject to examination [Line Items] | ||
Open Tax Year | 2,011 | |
United Kingdon | ||
Tax open years subject to examination [Line Items] | ||
Open Tax Year | 2,014 | |
Australia | ||
Tax open years subject to examination [Line Items] | ||
Open Tax Year | 2,011 | |
Other Jurisdictions [Member] | ||
Tax open years subject to examination [Line Items] | ||
Open Tax Year | 2,010 | |
Minimum | ||
Tax open years subject to examination [Line Items] | ||
Possible decrease of unrecognized tax benefits | $ 200 | |
Maximum | ||
Tax open years subject to examination [Line Items] | ||
Possible decrease of unrecognized tax benefits | $ 400 |
EARNINGS (LOSS) PER SHARE (Comp
EARNINGS (LOSS) PER SHARE (Computation of basic and diluted earnings (loss) per share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings (loss) per share (EPS): | ||
Income (loss) from continuing operations (in dollars per share) | $ (0.10) | $ (0.20) |
Income (loss) from discontinued operations (in dollars per share) | 0 | (0.01) |
Basic and diluted earnings (loss) per share | $ (0.10) | $ (0.21) |
EPS numerator - basic and diluted: | ||
Income (loss) from continuing operations | $ (3,570) | $ (6,654) |
Income (loss) from discontinued operations, net of income taxes | 83 | (184) |
Net income (loss) | $ (3,487) | $ (6,838) |
EPS denominator: | ||
Weighted-average common stock outstanding - basic (in shares) | 34,631 | 33,053 |
Common stock equivalents: stock options and other stock-based awards (a) | 0 | 0 |
Weighted-average number of common stock outstanding - diluted (in shares) | 34,631 | 33,053 |
EARNINGS (LOSS) PER SHARE (Anti
EARNINGS (LOSS) PER SHARE (Antidilutive securities excluded from the computation of earnings (loss) per share) (Details) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 1,345,000 | 1,903,296 |
Unvested restricted stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 680,000 | 1,089,702 |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 500,000 | 165,794 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 165,000 | 647,800 |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 876 | $ 937 |
Prepaid Expenses and Other Current Assets | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 248 | 228 |
Prepaid Expenses and Other Current Assets | Client guarantees | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 133 | 118 |
Prepaid Expenses and Other Current Assets | Others | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 115 | 110 |
Other Noncurrent Assets | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 628 | 709 |
Other Noncurrent Assets | Collateral accounts | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 179 | 229 |
Other Noncurrent Assets | Rental deposits | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 449 | $ 480 |
PROPERTY AND EQUIPMENT, NET Pro
PROPERTY AND EQUIPMENT, NET Property and Equipment, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Construction in Progress, Gross | $ 392 | $ 513 |
Property, plant and equipment, gross | 42,180 | 42,047 |
Less: acccumulated depreciation and amortization | 34,268 | 34,119 |
Property and equipment, net | 7,912 | 7,928 |
Capital lease obligation, current | 66 | 62 |
Capital lease obligation, non-current | 218 | 229 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,360 | 5,911 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,116 | 2,668 |
Capitalized software costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 18,308 | 17,946 |
Leasehold and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 15,396 | $ 15,522 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, At the Beginning of the Year | $ 1,938 |
Currency translation | 14 |
Goodwill, At the End of the Period | $ 1,952 |
BUSINESS REORGANIZATION EXPEN55
BUSINESS REORGANIZATION EXPENSES (Reorganization expenses by Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Business reorganization expenses | $ 637 | $ 1,343 |
Continuing Operations [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Business reorganization expenses | 637 | 1,343 |
Continuing Operations [Member] | Previous Plans [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Business reorganization expenses | 223 | 1,343 |
Continuing Operations [Member] | 2016 Exit Plan [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Business reorganization expenses | $ 414 | $ 0 |
BUSINESS REORGANIZATION EXPEN56
BUSINESS REORGANIZATION EXPENSES (Changes in accrued business reorganization expenses) (Details) - Continuing Operations [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of year | $ 4,364 |
Changes in estimate | 167 |
Restructuring Charges | 470 |
Payments | (937) |
Balance, end of period | 4,064 |
Lease termination payments | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of year | 2,970 |
Changes in estimate | 186 |
Restructuring Charges | 190 |
Payments | (272) |
Balance, end of period | 3,074 |
Employee termination benefits | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of year | 1,186 |
Changes in estimate | 0 |
Restructuring Charges | 170 |
Payments | (386) |
Balance, end of period | 970 |
Other associated costs | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of year | 208 |
Changes in estimate | (19) |
Restructuring Charges | 110 |
Payments | (279) |
Balance, end of period | $ 20 |
COMMITMENTS AND CONTINGENCIES57
COMMITMENTS AND CONTINGENCIES (Details) AUD in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016AUD | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commitments And Contingencies [Line Items] | |||
Loss contingency accrual | $ 157 | $ 109 | |
Asset retirement obligation: | |||
Total asset retirement obligations | 1,989 | $ 1,962 | |
Key management | |||
Commitments And Contingencies [Line Items] | |||
Usual length of consulting, employment and non-compete agreements | 1 year | ||
One-time Termination Benefits | Chief Executive Officer | |||
Commitments And Contingencies [Line Items] | |||
Restructuring Reserve | 747 | ||
Range of possible loss, maximum | 2,000 | ||
Australian Receivables Facility [Member] [Domain] | National Australia Bank Limited and Bank of New Zealand [Member] | |||
Commitments And Contingencies [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | AUD 4,000 | $ 3,063 |
CREDIT AGREEMENTS (Details)
CREDIT AGREEMENTS (Details) € in Thousands, £ in Thousands, SGD in Thousands, NZD in Thousands, AUD in Thousands, $ in Thousands | Aug. 01, 2014GBP (£) | Mar. 31, 2016USD ($) | Mar. 31, 2016AUD | Mar. 31, 2016NZD | Mar. 31, 2016SGD | Mar. 31, 2016GBP (£) | Mar. 31, 2016USD ($) | Mar. 31, 2016EUR (€) | Aug. 01, 2014USD ($) |
Lloyds | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | £ 15,000 | $ 6,402 | $ 21,540 | ||||||
Line of credit facility, covenant, maximum credit dilution | 5.00% | ||||||||
Additional borrowing availability | $ 5,894 | ||||||||
Interest rates on outstanding borrowing | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | |||
Minimum availability required | £ 2,000 | $ 2,872 | |||||||
Line of Credit Facility, Fair Value of Amount Outstanding | (508) | ||||||||
Lloyds | Credit Facility Lending based on Billed Revenue [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | £ 12,000 | 17,232 | |||||||
Eligible work in progress temporary receivables | 83.00% | ||||||||
Lloyds | Credit Facility Lending based on Unbilled Revenue [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | £ 3,000 | $ 4,308 | |||||||
Eligible work in progress temporary receivables | 75.00% | ||||||||
Eligible work in progress permanent receivables | 25.00% | ||||||||
Lloyds [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Turns in days | 55 | ||||||||
National Australia Bank Limited and Bank of New Zealand [Member] | Financial Guarantee Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Financial guarantee capacity | AUD 3,000 | 2,297 | |||||||
Debt Instrument, Fee Percent | 1.50% | ||||||||
Outstanding Borrowings | (1,855) | ||||||||
Additional availability for financial guarantee | $ 442 | ||||||||
Interest rates on financial guarantee requested | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% | 1.80% | |||
National Australia Bank Limited and Bank of New Zealand [Member] | Australian Receivables Facility [Member] [Domain] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | AUD 4,000 | $ 3,063 | |||||||
National Australia Bank Limited [Member] | Financial Guarantee Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt Instrument, Fee Percent | 0.30% | ||||||||
Lending Arrangements Belgium, Netherlands, Singapore, and Mainland China Banks | Overdraft Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of credit facility, average outstanding amount | $ 5,841 | ||||||||
Debt, weighted average interest rate | 3.59% | 3.59% | 3.59% | 3.59% | 3.59% | 3.59% | |||
Lending Arrangements Netherlands and Belgium Banks | Overdraft Facility | EURIBOR | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rates on outstanding borrowing | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | 2.75% | |||
Base Rate | Lloyds | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, interest rate increase | 1.75% | ||||||||
Hudson Information Technology (US) Business | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Termination fee | $ 161 | ||||||||
Payments to Secure Letter of Credit | $ 417 | ||||||||
Singapore Subsidiary | Overdraft Facility | Singapore Prime Rate | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Debt instrument, interest rate increase | 1.75% | ||||||||
Singapore Subsidiary | Lending Arrangements Singapore Bank | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | SGD 200 | $ 148 | |||||||
Lending arrangement expiration | 1 year | ||||||||
Singapore Subsidiary | Lending Arrangements Singapore Bank | Overdraft Facility | Singapore Prime Rate | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Interest rates on outstanding borrowing | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% | |||
NEW ZEALAND | National Australia Bank Limited and Bank of New Zealand [Member] | New Zealand Receivables Agreement [Member] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | NZD 5,000 | $ 3,455 | |||||||
LIne of Credit Facility, Notice Period | 90 days | ||||||||
Additional borrowing availability | $ 1,785 | ||||||||
Interest rates on outstanding borrowing | 4.60% | 4.60% | 4.60% | 4.60% | 4.60% | 4.60% | |||
Debt Instrument, Fee Amount | NZD 1 | $ 1 | |||||||
Long-term Line of Credit | (56) | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 1,841 | ||||||||
Australia [Member] [Member] | National Australia Bank Limited and Bank of New Zealand [Member] | Australian Receivables Facility [Member] [Domain] | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | AUD 25,000 | 19,143 | |||||||
Debt instrument, interest rate increase | 1.50% | ||||||||
Additional borrowing availability | $ 9,297 | ||||||||
Interest rates on outstanding borrowing | 3.65% | 3.65% | 3.65% | 3.65% | 3.65% | 3.65% | |||
Debt Instrument, Fee Amount | $ 5 | ||||||||
Line of Credit Facility, Current Borrowing Capacity | 14,503 | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | (5,206) | ||||||||
Belgium Subsidiary | Lending Arrangements Belgium Bank | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Terminated notice period | 15 days | ||||||||
Belgium Subsidiary | Lending Arrangements Belgium Bank | Overdraft Facility | |||||||||
Line of Credit Facility [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,138 | € 1,000 | |||||||
LIne of Credit Facility, Notice Period | 15 days |
CREDIT AGREEMENTS - Credit Fac
CREDIT AGREEMENTS - Credit Facilities (Details) - 3 months ended Mar. 31, 2016 NZD in Thousands, AUD in Thousands, $ in Thousands | AUDRate | NZDRate | USD ($)Rate |
Lloyds [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Turns in days | 55 | ||
National Australia Bank Limited and Bank of New Zealand [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of Credit Facility, Covenants, Minimum Fixed Charges Coverage Ratio Required | Rate | 150.00% | 150.00% | 150.00% |
Line of Credit Facility, Covenants, Minimum Receivables Ratio | Rate | 120.00% | 120.00% | 120.00% |
Financial Guarantee Facility | National Australia Bank Limited and Bank of New Zealand [Member] | |||
Line of Credit Facility [Line Items] | |||
Financial guarantee capacity | AUD 3,000 | $ 2,297 | |
Less: outstanding financial guarantee requested | 1,855 | ||
Additional availability for financial guarantee | $ 442 | ||
Interest rates on financial guarantee requested | 1.80% | 1.80% | 1.80% |
Australian Receivables Facility [Member] [Domain] | National Australia Bank Limited and Bank of New Zealand [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing capacity | AUD 4,000 | $ 3,063 | |
NEW ZEALAND | New Zealand Receivables Agreement [Member] | National Australia Bank Limited and Bank of New Zealand [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Fee Amount | NZD 1 | 1 | |
Long-term Line of Credit | (56) | ||
Borrowing capacity | NZD 5,000 | 3,455 | |
Additional borrowing availability | $ 1,785 | ||
Interest rates on outstanding borrowing | 4.60% | 4.60% | 4.60% |
Line of Credit Facility, Current Borrowing Capacity | $ 1,841 | ||
Australia [Member] [Member] | Australian Receivables Facility [Member] [Domain] | National Australia Bank Limited and Bank of New Zealand [Member] | |||
Line of Credit Facility [Line Items] | |||
Debt Instrument, Fee Amount | 5 | ||
Borrowing capacity | AUD 25,000 | 19,143 | |
Less: outstanding borrowing | (5,206) | ||
Additional borrowing availability | $ 9,297 | ||
Interest rates on outstanding borrowing | 3.65% | 3.65% | 3.65% |
Line of Credit Facility, Current Borrowing Capacity | $ 14,503 |
ACCUMUATED OTHER COMPREHENSIV60
ACCUMUATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustments | $ 10,827 | $ 10,159 |
Pension plan obligations | 135 | 133 |
Accumulated other comprehensive income (loss) | $ 10,962 | $ 10,292 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 8 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2016 | Jul. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | |||||
Common Stock, Dividends, Per Share, Declared | $ 0.05 | ||||
Dividends, Common Stock, Cash | $ 1,713 | ||||
Authorized amount of stock repurchase program | $ 10,000 | ||||
Stock Repurchased and Retired During Period, Shares | 366,113 | 893,747 | |||
Payments for Repurchase of Common Stock | $ 985 | $ 0 | $ 2,372 |
SEGMENT AND GEOGRAPHIC DATA Seg
SEGMENT AND GEOGRAPHIC DATA Segment Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)segments | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | segments | 3 | ||
Revenue, from external customers | $ 101,227 | $ 124,317 | |
Inter-segment revenue | 0 | 0 | |
Total revenue | 101,227 | 124,317 | |
Gross margin, from external customers | 41,262 | 47,904 | |
Inter-segment gross margin | 0 | 0 | |
Gross margin | 41,262 | 47,904 | |
Business reorganization expenses (recovery) and impairment of long lived assets expense | 637 | 1,343 | |
EBITDA (loss) | (3,154) | (5,592) | |
Depreciation and amortization | 688 | 1,111 | |
Intercompany interest income (expense), net | 0 | 0 | |
Interest income (expense), net | (54) | (80) | |
Income (loss) from continuing operations before provision for income taxes | (3,896) | (6,783) | |
Accounts receivable, net | 64,208 | 79,509 | $ 62,420 |
Long-lived assets, net of accumulated depreciation and amortization | 9,949 | 10,897 | |
Total assets | 121,838 | 121,171 | $ 124,949 |
Hudson Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 11,939 | 14,098 | |
Long-lived assets, net of accumulated depreciation and amortization | 3,284 | 2,671 | |
Hudson Europe | |||
Segment Reporting Information [Line Items] | |||
Total revenue | 12,123 | 21,859 | |
Long-lived assets, net of accumulated depreciation and amortization | 167 | 321 | |
Operating Segments | Hudson Americas | |||
Segment Reporting Information [Line Items] | |||
Revenue, from external customers | 3,837 | 10,978 | |
Inter-segment revenue | 0 | 0 | |
Total revenue | 3,837 | 10,978 | |
Gross margin, from external customers | 3,341 | 4,621 | |
Inter-segment gross margin | (2) | (7) | |
Gross margin | 3,339 | 4,614 | |
Business reorganization expenses (recovery) and impairment of long lived assets expense | (16) | 421 | |
EBITDA (loss) | 162 | (1,620) | |
Depreciation and amortization | 22 | 102 | |
Intercompany interest income (expense), net | 0 | 0 | |
Interest income (expense), net | 0 | (33) | |
Income (loss) from continuing operations before provision for income taxes | 140 | (1,755) | |
Accounts receivable, net | 3,162 | 6,934 | |
Long-lived assets, net of accumulated depreciation and amortization | 28 | 535 | |
Total assets | 7,243 | 9,423 | |
Operating Segments | Hudson Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Revenue, from external customers | 51,071 | 53,139 | |
Inter-segment revenue | 0 | 0 | |
Total revenue | 51,071 | 53,139 | |
Gross margin, from external customers | 18,771 | 20,876 | |
Inter-segment gross margin | (60) | (31) | |
Gross margin | 18,711 | 20,845 | |
Business reorganization expenses (recovery) and impairment of long lived assets expense | 197 | 8 | |
EBITDA (loss) | (1,231) | 804 | |
Depreciation and amortization | 404 | 671 | |
Intercompany interest income (expense), net | 0 | 0 | |
Interest income (expense), net | (40) | (42) | |
Income (loss) from continuing operations before provision for income taxes | (1,675) | 91 | |
Accounts receivable, net | 31,331 | 31,957 | |
Long-lived assets, net of accumulated depreciation and amortization | 7,475 | 7,300 | |
Total assets | 51,313 | 49,300 | |
Operating Segments | Hudson Europe | |||
Segment Reporting Information [Line Items] | |||
Revenue, from external customers | 46,319 | 60,200 | |
Inter-segment revenue | 62 | 14 | |
Total revenue | 46,381 | 60,214 | |
Gross margin, from external customers | 19,150 | 22,407 | |
Inter-segment gross margin | 62 | 37 | |
Gross margin | 19,212 | 22,444 | |
Business reorganization expenses (recovery) and impairment of long lived assets expense | 484 | 880 | |
EBITDA (loss) | (330) | (2,150) | |
Depreciation and amortization | 183 | 228 | |
Intercompany interest income (expense), net | (57) | (130) | |
Interest income (expense), net | (14) | (5) | |
Income (loss) from continuing operations before provision for income taxes | (584) | (2,513) | |
Accounts receivable, net | 29,715 | 40,618 | |
Long-lived assets, net of accumulated depreciation and amortization | 1,851 | 2,073 | |
Total assets | 54,047 | 58,811 | |
Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenue, from external customers | 0 | 0 | |
Inter-segment revenue | 0 | 0 | |
Total revenue | 0 | 0 | |
Gross margin, from external customers | 0 | 0 | |
Inter-segment gross margin | 0 | 0 | |
Gross margin | 0 | 0 | |
Business reorganization expenses (recovery) and impairment of long lived assets expense | (28) | 34 | |
EBITDA (loss) | (1,755) | (2,626) | |
Depreciation and amortization | 79 | 110 | |
Intercompany interest income (expense), net | 57 | 134 | |
Interest income (expense), net | 0 | 0 | |
Income (loss) from continuing operations before provision for income taxes | (1,777) | (2,602) | |
Accounts receivable, net | 0 | 0 | |
Long-lived assets, net of accumulated depreciation and amortization | 595 | 989 | |
Total assets | 9,235 | 3,637 | |
Elimination | |||
Segment Reporting Information [Line Items] | |||
Revenue, from external customers | 0 | 0 | |
Inter-segment revenue | (62) | (14) | |
Total revenue | (62) | (14) | |
Gross margin, from external customers | 0 | 0 | |
Inter-segment gross margin | 0 | 1 | |
Gross margin | 0 | 1 | |
Business reorganization expenses (recovery) and impairment of long lived assets expense | 0 | 0 | |
EBITDA (loss) | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Intercompany interest income (expense), net | 0 | (4) | |
Interest income (expense), net | 0 | 0 | |
Income (loss) from continuing operations before provision for income taxes | 0 | (4) | |
Accounts receivable, net | 0 | 0 | |
Long-lived assets, net of accumulated depreciation and amortization | 0 | 0 | |
Total assets | $ 0 | $ 0 |
SEGMENT AND GEOGRAPHIC DATA Geo
SEGMENT AND GEOGRAPHIC DATA Geographic Data Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 101,227 | $ 124,317 | |
Long-lived assets, net of accumulated depreciation and amortization | 9,949 | 10,897 | |
Net assets | 56,037 | 50,452 | $ 61,180 |
United Kingdon | |||
Segment Reporting Information [Line Items] | |||
Revenue | 34,196 | 38,341 | |
Long-lived assets, net of accumulated depreciation and amortization | 1,684 | 1,752 | |
Net assets | 15,771 | 15,141 | |
Australia | |||
Segment Reporting Information [Line Items] | |||
Revenue | 39,132 | 39,041 | |
Long-lived assets, net of accumulated depreciation and amortization | 4,191 | 4,629 | |
Net assets | 10,046 | 11,633 | |
United States | |||
Segment Reporting Information [Line Items] | |||
Revenue | 3,634 | 10,826 | |
Long-lived assets, net of accumulated depreciation and amortization | 623 | 1,512 | |
Net assets | 8,632 | 3,742 | |
Europe | |||
Segment Reporting Information [Line Items] | |||
Revenue | 12,123 | 21,859 | |
Long-lived assets, net of accumulated depreciation and amortization | 167 | 321 | |
Net assets | 8,211 | 8,866 | |
Asia Pacific | |||
Segment Reporting Information [Line Items] | |||
Revenue | 11,939 | 14,098 | |
Long-lived assets, net of accumulated depreciation and amortization | 3,284 | 2,671 | |
Net assets | 13,435 | 11,088 | |
Other Americas | |||
Segment Reporting Information [Line Items] | |||
Revenue | 203 | 152 | |
Long-lived assets, net of accumulated depreciation and amortization | 0 | 12 | |
Net assets | $ (58) | $ (18) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - $ / shares | Apr. 27, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.05 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.05 |