Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2017shares | |
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 | Jun. 30, 2017 |
Amendment Flag | false |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q2 |
Entity Filer Category | Smaller Reporting Accelerated Filer |
Entity Common Stock, Shares Outstanding | 31,390,821 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue | $ 113,591 | $ 113,067 | $ 216,996 | $ 214,294 |
Direct costs | 65,265 | 66,228 | 126,238 | 126,193 |
Gross margin | 48,326 | 46,839 | 90,758 | 88,101 |
Operating expenses: | ||||
Other Selling, General and Administrative Expense | 9,363 | 9,733 | 18,190 | 19,825 |
Salaries, Wages and Officers' Compensation | 36,062 | 38,582 | 69,504 | 72,132 |
Depreciation and amortization | 687 | 805 | 1,353 | 1,493 |
Business reorganization | (63) | 144 | 159 | 781 |
Operating income (loss) | 2,277 | (2,425) | 1,552 | (6,130) |
Non-operating income (expense): | ||||
Interest income (expense), net | (119) | (101) | (207) | (155) |
Other income (expense), net | (9) | (13) | (390) | (150) |
Income (loss) from continuing operations before provision for income taxes | 2,149 | (2,539) | 955 | (6,435) |
Provision for income taxes from continuing operations | 870 | 808 | 1,025 | 482 |
Income (loss) from continuing operations | 1,279 | (3,347) | (70) | (6,917) |
Income (loss) from discontinued operations, net of income taxes | (53) | 209 | (18) | 292 |
Net income (loss) | $ 1,226 | $ (3,138) | $ (88) | $ (6,625) |
Basic and diluted earnings (loss) per share: | ||||
Basic and diluted earnings (loss) per share from continuing operations | $ 0.04 | $ (0.10) | $ 0 | $ (0.21) |
Basic and diluted earnings (loss) per share from discontinued operations | 0 | 0.01 | 0 | 0.01 |
Basic and diluted earnings (loss) per share | $ 0.04 | $ (0.09) | $ 0 | $ (0.20) |
Weighted-average shares outstanding: | ||||
Basic (in shares) | 32,048 | 33,252 | 32,104 | 33,434 |
Diluted (in shares) | 32,048 | 33,252 | 32,104 | 33,434 |
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0.05 | $ 0 | $ 0.10 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net income (loss) | $ 1,226 | $ (3,138) | $ (88) | $ (6,625) |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | 1,221 | (1,833) | 2,629 | (1,164) |
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax | 5 | (9) | 4 | (7) |
Other Comprehensive Income (Loss), Net of Tax | 1,226 | (1,842) | 2,633 | (1,171) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $ 2,452 | $ (4,980) | $ 2,545 | $ (7,796) |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 14,859 | $ 21,322 |
Accounts receivable, less allowance for doubtful accounts of $696 and $799, respectively | 72,147 | 58,517 |
Prepaid and other | 5,987 | 4,265 |
Current assets of discontinued operations | 38 | 38 |
Total current assets | 93,031 | 84,142 |
Property and equipment, net | 6,495 | 7,041 |
Deferred tax assets, non-current | 6,876 | 6,494 |
Other assets, non-current | 3,646 | 4,135 |
Total assets | 110,048 | 101,812 |
Current liabilities: | ||
Accounts payable | 7,402 | 4,666 |
Accrued expenses and other current liabilities | 41,198 | 36,154 |
Short-term borrowings | 6,763 | 7,770 |
Accrued business reorganization | 1,266 | 1,756 |
Current liabilities of discontinued operations | 25 | 233 |
Total current liabilities | 56,654 | 50,579 |
Deferred rent and tenant improvement contributions | 2,489 | 2,968 |
Income tax payable, non-current | 2,140 | 2,211 |
Other non-current liabilities | 4,154 | 4,169 |
Total liabilities | 65,437 | 59,927 |
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 34,959 and 34,910 shares, respectively | 34 | 34 |
Additional paid-in capital | 482,973 | 482,265 |
Accumulated deficit | (440,566) | (440,478) |
Accumulated other comprehensive income, net of applicable tax | 9,564 | 6,931 |
Treasury stock, 3,568 and 3,145 shares, respectively, at cost | (7,394) | (6,867) |
Total stockholders' equity | 44,611 | 41,885 |
Total liabilities and stockholders' equity | $ 110,048 | $ 101,812 |
CONDENSED CONSOLIDATED BALANCE5
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 696 | $ 799 |
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 | 34,959 | 34,910 |
Treasury stock, shares | 3,568 | 3,145 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (88) | $ (6,625) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,353 | 1,493 |
Provision for (recovery of) doubtful accounts | 33 | 113 |
Provision for (benefit from) deferred income taxes | 34 | (431) |
Stock-based compensation | 708 | 1,126 |
Other, net | 0 | 189 |
Changes in assets and liabilities: | ||
Decrease (increase) in accounts receivable | (9,828) | (6,319) |
Decrease (increase) in prepaid and other assets | (833) | 703 |
Increase (decrease) in accounts payable, accrued expenses and other liabilities | 5,195 | 1,562 |
Increase (decrease) in accrued business reorganization | (1,087) | (1,884) |
Net cash used in operating activities | (4,513) | (10,073) |
Cash flows from investing activities: | ||
Capital expenditures | (425) | (1,194) |
Proceeds from sale of assets | 0 | 32 |
Net cash used in investing activities | (425) | (1,162) |
Cash flows from financing activities: | ||
Borrowings under credit agreements | 77,256 | 56,229 |
Repayments under credit agreements | (78,923) | (51,430) |
Repayment of capital lease obligations | (50) | (42) |
Payments of Ordinary Dividends, Common Stock | 0 | (3,401) |
Purchase of treasury stock | (522) | (2,352) |
Purchase of restricted stock from employees | (5) | 0 |
Net cash provided by (used in) financing activities | (2,244) | (996) |
Effect of exchange rates on cash and cash equivalents | 719 | (493) |
Net increase (decrease) in cash and cash equivalents | (6,463) | (12,724) |
Cash and cash equivalents, beginning of the period | 21,322 | 37,663 |
Cash and cash equivalents, end of the period | 14,859 | 24,939 |
Supplemental disclosures of cash flow information: | ||
Cash paid during the period for interest | 211 | 140 |
Net cash payments during the period for income taxes | $ 854 | $ 324 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - 6 months ended Jun. 30, 2017 - 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, 2016 | 31,765 | |||||
Beginning Balance at Dec. 31, 2016 | $ 41,885 | $ 34 | $ 482,265 | $ (440,478) | $ 6,931 | $ (6,867) |
Net income (loss) | (88) | (88) | ||||
Other comprehensive income (loss), currency translation adjustments, net of applicable tax | 2,629 | 2,629 | ||||
Other comprehensive income (loss), pension liability adjustment, net of income tax | 4 | 4 | ||||
Stock Repurchased During Period, Shares | (418) | |||||
Stock-based compensation (in shares) | 49 | |||||
Stock-based compensation | 708 | 708 | ||||
Treasury Stock, Value, Acquired, Cost Method | (522) | (522) | ||||
Shares Paid for Tax Withholding for Share Based Compensation | 5 | |||||
Adjustments Related to Tax Withholding for Share-based Compensation | 5 | 5 | ||||
Ending Balance (in shares) at Jun. 30, 2017 | 31,391 | |||||
Ending Balance at Jun. 30, 2017 | $ 44,611 | $ 34 | $ 482,973 | $ (440,566) | $ 9,564 | $ (7,394) |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2017 | |
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 Article 8 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”) for interim financial reporting, 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, 2016 . 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. Certain prior period amounts have been reclassified to conform to the current year presentation with no material impact on the condensed consolidated financial statements. |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2017 | |
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, Contracting, Recruitment Process Outsourcing ("RPO") and Talent Management Solutions. The Company operates in 13 countries with three reportable geographic business segments: Hudson Americas, Hudson Asia Pacific, and Hudson Europe. See Note 17 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: 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. Contracting: In 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 permanent recruitment and 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 | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In May 2017, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update ("ASU") No. 2017-09, "Compensation - Stock Compensation: Scope of Modification Accounting," which provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. ASU 2017-09 is effective for all annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. The Company is currently evaluating the effect of this update but does not believe it will have a material impact on its financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment." ASU 2017-04 eliminates the previous two-step process that required identification of potential impairment and a separate measure of the actual impairment. The annual assessment of goodwill impairment will be determined by using the difference between the carrying amount and the fair value of the reporting unit. ASU 2017-04 is effective for fiscal years beginning after December 15, 2019, including interim periods within that reporting period. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the effect of this update but does not believe it will have a material impact on its consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18 " Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18"), which requires the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for public business entities for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company is currently evaluating the impact to its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-15"), which provides clarification on how companies present and classify certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 will be effective for fiscal years beginning after December 15, 2017 and interim periods within those fiscal years. Early adoption is permitted. An entity that elects early adoption must adopt all of the amendments in the same period. 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)." ASU 2014-09 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. ASU 2014-09 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 ASU 2014-09 to fiscal years beginning after December 15, 2017 and early adoption is permitted only for fiscal years beginning after December 15, 2016. In March, April and May 2016, the FASB issued ASU 2016-08 “Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net),” ASU 2016-10 “Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing,” and ASU 2016-12 "Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients" which provide further clarifications to be considered when implementing ASU 2014-09. The two permitted transition methods under the new standard are the full retrospective method, in which case the standard would be applied to each prior reporting period presented, or the modified retrospective method, in which case the cumulative effect of applying the standard would be recognized at the date of initial application. We are evaluating the impact of this ASU as it relates to our revenue streams, as well as certain associated expenses. However, we are unable at this time to assess whether the application of this ASU has a material impact on the recognition or disclosures of our revenues. Depending on the results of our review, there could be changes to the classification and timing of recognition of revenues and expenses. We expect to complete our assessment process, including selecting a transition method for adoption, by the end of the third quarter of 2017 along with our implementation process prior to the adoption of ASU 2014-09 on January 1, 2018. 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. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 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. The Company concluded that the divestiture of the Legal eDiscovery business meets 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 included in discontinued operations were as follows: June 30, 2017 December 31, 2016 Total current assets $ 38 $ 38 Total liabilities (a) $ 25 $ 291 (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 June 30, 2017 2016 Gross margin — 58 Reorganization 62 (201 ) Income (loss) from discontinued operations before income taxes (61 ) 247 Provision (benefit) for income taxes (8 ) 38 Income (loss) from discontinued operations $ (53 ) $ 209 Six Months Ended June 30, 2017 2016 Gross margin — 59 Reorganization 18 (341 ) Income (loss) from discontinued operations before income taxes (18 ) 356 Provision (benefit) for income taxes — 64 Income (loss) from discontinued operations $ (18 ) $ 292 |
REVENUE, DIRECT COSTS AND GROSS
REVENUE, DIRECT COSTS AND GROSS MARGIN | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Contracting Permanent Recruitment Talent Management Other Total Revenue $ 70,264 $ 32,190 $ 10,559 $ 578 $ 113,591 Direct costs (1) 62,093 708 1,910 554 65,265 Gross margin $ 8,171 $ 31,482 $ 8,649 $ 24 $ 48,326 Three Months Ended June 30, 2016 Contracting Permanent Recruitment Talent Management (2) Other Total Revenue $ 72,035 $ 29,491 $ 11,013 $ 528 $ 113,067 Direct costs (1) 62,956 611 2,116 545 66,228 Gross margin $ 9,079 $ 28,880 $ 8,897 $ (17 ) $ 46,839 Six Months Ended June 30, 2017 Contracting Permanent Recruitment Talent Management Other Total Revenue $ 136,716 $ 60,208 $ 18,976 $ 1,096 $ 216,996 Direct costs (1) 120,518 1,216 3,415 1,089 126,238 Gross margin $ 16,198 $ 58,992 $ 15,561 $ 7 $ 90,758 Six Months Ended June 30, 2016 Contracting Permanent Recruitment Talent Management (2) Other Total Revenue $ 137,890 $ 56,062 $ 19,449 $ 893 $ 214,294 Direct costs (1) 120,178 1,185 3,799 1,031 126,193 Gross margin $ 17,712 $ 54,877 $ 15,650 $ (138 ) $ 88,101 (1) Direct costs in 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, Talent Management 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 "Salaries and related" in the Condensed Consolidated Statement of Operations. (2) Talent Management has been recast from Other in this disclosure. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2017 | |
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 May 24, 2016 (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. On May 24, 2016, the Company's stockholders approved an amendment and restatement of the ISAP to, among other things, increase the number of shares of the Company's common stock that are reserved for issuance by 2,400,000 shares. As of June 30, 2017 , there were 1,848,602 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 six months ended June 30, 2017 was as follows: Vesting conditions Number of Restricted Stock Units Granted Performance and service conditions (1) (2) 990,000 (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) 33% of the restricted stock units will vest on the first anniversary of the grant date; (b) 33% of the restricted stock units will vest on the second anniversary of the grant date; and (c) 34% of the restricted stock units will vest on the third anniversary of the grant date; provided that, in each case, the employee remains employed by the Company from the grant date through the applicable service vesting date. 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 six months ended June 30, 2017 , the Company granted 333,033 restricted stock units to its non-employee directors pursuant to the Director Plan. As of June 30, 2017 , non-employee directors held a total of 792,689 deferred restricted stock units. For the three and six months ended June 30, 2017 and 2016 , the Company’s stock-based compensation expense related to stock options, restricted stock and restricted stock units were as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Stock options $ — $ 5 $ — $ 10 Restricted stock — 220 — 460 Restricted stock units 517 529 708 656 Total $ 517 $ 754 $ 708 $ 1,126 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 June 30, 2017 , the Company had no unrecognized stock-based compensation expense related to outstanding unvested stock options. Changes in the Company’s stock options for the six months ended June 30, 2017 and 2016 were as follows: Six Months Ended June 30, 2017 2016 Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options outstanding at January 1, 123,500 $ 6.16 206,000 $ 8.13 Expired/forfeited (23,500 ) 15.97 (27,500 ) 15.86 Options outstanding at June 30, 100,000 $ 3.86 178,500 $ 6.94 Options exercisable at June 30, 100,000 $ 3.86 153,500 $ 7.67 Restricted Stock As of June 30, 2017 , the Company had no unrecognized stock-based compensation expense related to outstanding unvested restricted stock. Restricted stock awards have voting and dividend rights as of the grant date. Changes in the Company’s restricted stock for the six months ended June 30, 2017 and 2016 were as follows: Six Months Ended June 30, 2017 2016 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 Granted — — — — Vested — — — — Forfeited — — (51,800 ) 0.79 Unvested restricted stock at June 30, — $ — 628,200 $ 1.69 Restricted Stock Units As of June 30, 2017 , the Company had approximately $928 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 1.73 years. Restricted stock units have no voting or dividend rights until the awards are vested. Changes in the Company’s restricted stock units for the six months ended June 30, 2017 and 2016 were as follows: Six Months Ended June 30, 2017 2016 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, 480,000 $ 2.79 — $ — Granted 1,323,033 1.07 684,342 2.67 Vested (381,760 ) 1.47 (184,342 ) 2.33 Forfeited (332,340 ) 2.79 — — Unvested restricted stock units at June 30, 1,088,933 $ 1.16 500,000 $ 2.79 |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2017 | |
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 provision for income taxes for the six months ended June 30, 2017 was $1,025 on a pre-tax income from continuing operations of $955 , compared to a provision for income taxes of $482 on pre-tax loss from continuing operations of $6,435 for the same period in 2016 . The Company’s effective income tax rate was positive 107.3% and negative 7.5% for the six months ended June 30, 2017 and 2016 , respectively. For the six months ended June 30, 2017 and 2016 , 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 June 30, 2017 and December 31, 2016 , the Company had $2,140 and $2,211 , 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 $628 and $610 as of June 30, 2017 and December 31, 2016 , 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 $3 and $11 for the six months ended June 30, 2017 and 2016 , respectively. 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 June 30, 2017 , 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 2013 Majority of U.S. state and local jurisdictions 2012 United Kingdom 2015 Australia 2012 Majority of other non-U.S. jurisdictions 2012 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 June 30, 2017 , 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 and six months ended June 30, 2017 and 2016 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Earnings (loss) per share ("EPS"): EPS - basic and diluted: Income (loss) from continuing operations $ 0.04 $ (0.10 ) $ — $ (0.21 ) Income (loss) from discontinued operations — 0.01 — 0.01 Net income (loss) $ 0.04 $ (0.09 ) $ — $ (0.20 ) EPS numerator - basic and diluted: Income (loss) from continuing operations $ 1,279 $ (3,347 ) $ (70 ) $ (6,917 ) Income (loss) from discontinued operations (53 ) 209 (18 ) 292 Net income (loss) $ 1,226 $ (3,138 ) $ (88 ) $ (6,625 ) EPS denominator (in thousands): Weighted average common stock outstanding - basic 32,048 33,252 32,104 33,434 Common stock equivalents: stock options and other stock-based awards (a) — — — — Weighted average number of common stock outstanding - diluted 32,048 33,252 32,104 33,434 (a) The diluted weighted average number of shares of common stock outstanding did not differ from the basic weighted average number of shares of common stock outstanding because the effects of any potential common stock equivalents (see Note 6 for further details on outstanding stock options, 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 and six months ended June 30, 2017 and 2016 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 Unvested restricted stock — 330,000 — 330,000 Unvested restricted stock units 1,088,933 39,458 1,088,933 39,458 Stock options 100,000 178,500 100,000 178,500 Total 1,188,933 547,958 1,188,933 547,958 |
RESTRICTED CASH
RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 was as follows: June 30, December 31, Included under the caption "Prepaid and other": Client guarantees $ 180 $ 139 Other 115 108 Total amount under the caption "Prepaid and other" $ 295 $ 247 Included under the caption "Other assets": Collateral accounts $ 131 $ 557 Rental deposits 516 385 Total amount under the caption "Other assets" $ 647 $ 942 Total restricted cash $ 942 $ 1,189 Client guarantees were held in banks in Belgium as deposits for various client projects. Other primarily includes a bank guarantee for licensing in Switzerland. Collateral accounts under the caption "Other assets" 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. |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
PROPERTY AND EQUIPMENT, NET | PROPERTY AND EQUIPMENT, NET As of June 30, 2017 and December 31, 2016 , property and equipment, net, was as follows: June 30, December 31, Computer equipment $ 6,320 $ 5,888 Furniture and equipment 2,443 2,244 Capitalized software costs 18,123 17,010 Leasehold improvements 14,448 13,699 41,334 38,841 Less: accumulated depreciation and amortization 34,839 31,800 Property and equipment, net $ 6,495 $ 7,041 The Company had expenditures of approximately $190 and $235 for acquired property and equipment, mainly consisting of software and computer equipment, which had not been placed in service as of June 30, 2017 and December 31, 2016 , 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 June 30, 2017 and December 31, 2016 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 June 30, 2017 and December 31, 2016 . A summary of the Company’s lease obligations for equipment acquired under capital lease agreements were as follows: June 30, December 31, Capital lease obligation, current $ 72 $ 65 Capital lease obligation, non-current $ 101 $ 140 |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 . 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. The goodwill is recorded in the Asia Pacific segment. Carrying Value 2017 Goodwill, January 1, $ 1,812 Currency translation 44 Goodwill, June 30, $ 1,856 |
BUSINESS REORGANIZATION EXPENSE
BUSINESS REORGANIZATION EXPENSES | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
BUSINESS REORGANIZATION EXPENSES | BUSINESS REORGANIZATION The Board approved 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 six months ended June 30, 2017 , restructuring charges associated with these initiatives primarily included changes in estimates for lease termination payments for rationalized offices in Europe under the Previous Plans. Business reorganization for the three and six months ended June 30, 2017 and 2016 by plan were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Previous Plans $ (63 ) $ 144 $ 159 $ 781 Total reorganization in continuing operations $ (63 ) $ 144 $ 159 $ 781 The following table contains amounts for Changes in Estimate and Payments related to the Previous Plans that were incurred or recovered during the six months ended June 30, 2017 in continuing operations. The amounts in the "Changes in Estimate" and "Additional Charges" columns are classified as business reorganization in the Company’s Condensed Consolidated Statement of Operations. Changes in the accrued business reorganization for the six months ended June 30, 2017 were as follows: December 31, Changes in Additional Payments June 30, Lease termination payments $ 2,273 $ 142 $ — $ (677 ) $ 1,738 Employee termination benefits 266 (8 ) — (137 ) 121 Other associated costs 32 — 25 (23 ) 34 Total $ 2,571 $ 134 $ 25 $ (837 ) $ 1,893 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2017 | |
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 legal reserves are included under the caption "Other non-current liabilities" in the Condensed Consolidated Balance Sheets. The Company’s reserves were $114 and $105 as of June 30, 2017 and December 31, 2016 , respectively. Costs Associated with Termination As previously disclosed, in May 2015, the Company incurred compensation and benefits obligations to its former Chairman and Chief Executive Officer, Manuel Marquez, under his employment agreement, dated March 7, 2011, in connection with the Company providing Mr. Marquez notice of non-renewal of his employment agreement, which was treated as a termination without cause. The Company had accrued $747 as of March 31, 2016 in connection with compensation and benefits Mr. Marquez was entitled to upon a termination without cause, subject to his execution of a release. Mr. Marquez did not agree with the Company’s treatment of compensation and benefits under his employment agreement and, in August 2015, filed an arbitration claim against the Company for additional amounts of up to approximately $2,000 and reimbursement of his legal fees. On May 27, 2016, the arbitrator issued his decision on Mr. Marquez’s claim and awarded Mr. Marquez approximately $1,800 in additional compensation and benefits and approximately $700 toward the reimbursement of a portion of his legal fees incurred pursuing his claim. For the three and six months ended June 30, 2016, the Company recorded an additional charge of $2,514 and $3,025 , respectively for the resolution of this arbitration. 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 non-current 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 June 30, 2017 and December 31, 2016 were as follows: June 30, December 31, Current portion of asset retirement obligations $ 68 $ 78 Non-current portion of asset retirement obligations 1,856 1,693 Total asset retirement obligations $ 1,924 $ 1,771 |
CREDIT AGREEMENTS
CREDIT AGREEMENTS | 6 Months Ended |
Jun. 30, 2017 | |
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"). Until September 15, 2016, the Lloyds Agreement provided the U.K. Borrower with the ability to borrow up to $19,536 ( £15,000 ), at which time the U.K. Borrower entered into an amendment to the Lloyds Agreement that reduced the borrowing limit to $15,629 ( £12,000 ). 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 was 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 contracting and permanent recruitment activities in the U.K. operations ("Lloyds Tranche A"). The borrowing limit of Lloyds Tranche A is $14,978 ( £11,500 ) and is based on 83% of eligible billed 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 $651 ( £500 ) and is based on 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 $2,605 ( £2,000 ). The details of the Lloyds Agreement as of June 30, 2017 were as follows: June 30, Borrowing capacity $ 9,550 Less: outstanding borrowing (848 ) Additional borrowing availability $ 8,702 Interest rates on outstanding borrowing 2.00 % The Company was in compliance with all financial covenants under the Lloyds Agreement as of June 30, 2017 . 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 $2,307 (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 $19,223 (AUD 25,000 ) for Hudson Australia, which is based on an agreed percentage of eligible accounts receivable, and of which up to $3,076 (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 $3,668 (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 Finance Agreement, Australian Receivables Agreement and New Zealand Receivables Agreement as of June 30, 2017 were as follows: June 30, Finance Agreement: Financial guarantee capacity $ 2,307 Less: outstanding financial guarantees (2,024 ) Additional availability for financial guarantees $ 283 Interest rates on outstanding financial guarantees 1.50 % Australian Receivables Agreement: Borrowing capacity $ 16,413 Less: outstanding borrowing (5,801 ) Additional borrowing availability $ 10,612 Interest rates on outstanding borrowing 3.17 % New Zealand Receivables Agreement: Borrowing capacity $ 2,256 Less: outstanding borrowing — Additional borrowing availability $ 2,256 Interest rates on outstanding borrowing 4.00 % 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 Hudson Australia and Hudson New Zealand, including: a requirement that Hudson Australia and Hudson New Zealand 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 June 30, 2017 . Other Credit Agreements The Company also has lending arrangements with local banks through its subsidiaries in Belgium and Singapore. The Belgium subsidiary has a $1,143 (€ 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 June 30, 2017 . The lending arrangement in Belgium has no expiration date and can be terminated with a 15 -day notice period. There were no outstanding borrowings under the Belgium lending agreement as of June 30, 2017 . In Singapore, the Company’s subsidiary can borrow up to $145 (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 June 30, 2017 . The Singapore overdraft facility expires annually each August, but can be renewed for one year periods at that time. As of June 30, 2017 , the Singapore overdraft facility had outstanding borrowings of $114 (SGD 156 ) and additional borrowings availability of $32 (SGD 44 ). The average aggregate monthly outstanding borrowings under the Lloyds Agreement, NAB Facility Agreement and the credit agreements in Belgium and Singapore were $11,282 for the six months ended June 30, 2017 . The weighted average interest rate on all outstanding borrowings for the six months ended June 30, 2017 was 3.07% . 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) | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss), net of applicable tax, consisted of the following: June 30, December 31, 2017 2016 Foreign currency translation adjustments $ 9,455 $ 6,826 Pension plan obligations 109 105 Accumulated other comprehensive income (loss) $ 9,564 $ 6,931 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY 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 and six months ended June 30, 2017 , the Company repurchased 140,839 and 417,864 shares on the open market for a total cost of $193 and $522 , respectively. During 2016, the Company purchased 1,100,000 shares from Sagard Capital Partners, L.P. in a private transaction pursuant to a securities purchase agreement for a total cost of $1,980 or $1.80 per share. As of June 30, 2017 , under the July 30, 2015 authorization, the Company had repurchased 3,406,991 shares for a total cost of $7,035 . |
SEGMENT AND GEOGRAPHIC DATA
SEGMENT AND GEOGRAPHIC DATA | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Revenue, from external customers $ 4,161 $ 69,264 $ 40,166 $ — $ — $ 113,591 Inter-segment revenue — — 67 — (67 ) — Total revenue $ 4,161 $ 69,264 $ 40,233 $ — $ (67 ) $ 113,591 Gross margin, from external customers $ 3,735 $ 23,432 $ 21,159 $ — $ — $ 48,326 Inter-segment gross margin (4 ) (60 ) 65 — (1 ) — Total gross margin $ 3,731 $ 23,372 $ 21,224 $ — $ (1 ) $ 48,326 Business reorganization $ 1 $ — $ (64 ) $ — $ — $ (63 ) EBITDA (loss) (a) $ 301 $ 1,309 $ 2,612 $ (1,267 ) $ — $ 2,955 Depreciation and amortization — 437 171 79 — 687 Intercompany interest income (expense), net — — (46 ) 46 — — Interest income (expense), net — (116 ) — (3 ) — (119 ) Income (loss) from continuing operations before income taxes $ 301 $ 756 $ 2,395 $ (1,303 ) $ — $ 2,149 For The Six Months Ended June 30, 2017 Revenue, from external customers $ 8,475 $ 128,974 $ 79,547 $ — $ — $ 216,996 Inter-segment revenue — — 129 — (129 ) — Total revenue $ 8,475 $ 128,974 $ 79,676 $ — $ (129 ) $ 216,996 Gross margin, from external customers $ 7,571 $ 43,166 $ 40,021 $ — $ — $ 90,758 Inter-segment gross margin (8 ) (119 ) 127 — — — Total gross margin $ 7,563 $ 43,047 $ 40,148 $ — $ — $ 90,758 Business reorganization $ (91 ) $ — $ 272 $ (22 ) $ — $ 159 EBITDA (loss) (a) $ 635 $ 617 $ 3,440 $ (2,177 ) $ — $ 2,515 Depreciation and amortization 2 865 328 158 — 1,353 Intercompany interest income (expense), net — — (89 ) 89 — — Interest income (expense), net — (213 ) 6 — — (207 ) Income (loss) from continuing operations before income taxes $ 633 $ (461 ) $ 3,029 $ (2,246 ) $ — $ 955 As of June 30, 2017 Accounts receivable, net $ 2,378 $ 39,258 $ 30,511 $ — $ — $ 72,147 Long-lived assets, net of accumulated depreciation and amortization $ — $ 6,801 $ 1,426 $ 209 $ — $ 8,436 Total assets $ 5,674 $ 57,133 $ 44,980 $ 2,261 $ — $ 110,048 Hudson Americas Hudson Asia Pacific Hudson Europe Corporate Inter- segment elimination Total For The Three Months Ended June 30, 2016 Revenue, from external customers $ 3,661 $ 62,039 $ 47,367 $ — $ — $ 113,067 Inter-segment revenue (22 ) (1 ) 86 — (63 ) — Total revenue $ 3,639 $ 62,038 $ 47,453 $ — $ (63 ) $ 113,067 Gross margin, from external customers $ 3,180 $ 22,416 $ 21,243 $ — $ — $ 46,839 Inter-segment gross margin (25 ) (62 ) 87 — — — Total gross margin $ 3,155 $ 22,354 $ 21,330 $ — $ — $ 46,839 Business reorganization $ (22 ) $ 77 $ 109 $ (20 ) $ — $ 144 EBITDA (loss) (a) $ (178 ) $ 575 $ 1,553 $ (3,583 ) $ — $ (1,633 ) Depreciation and amortization $ 8 $ 435 $ 193 $ 169 $ — 805 Intercompany interest income (expense), net — — (58 ) 58 — — Interest income (expense), net $ — $ (88 ) $ (9 ) $ (4 ) $ — $ (101 ) Income (loss) from continuing operations before income taxes $ (186 ) $ 52 $ 1,293 $ (3,698 ) $ — $ (2,539 ) For The Six Months Ended June 30, 2016 Revenue, from external customers $ 7,498 $ 113,110 $ 93,686 $ — $ — $ 214,294 Inter-segment revenue (22 ) — 147 — (125 ) — Total revenue $ 7,476 $ 113,110 $ 93,833 $ — $ (125 ) $ 214,294 Gross margin, from external customers $ 6,520 $ 41,187 $ 40,394 $ — $ — $ 88,101 Inter-segment gross margin (25 ) (121 ) 146 — — — Total gross margin $ 6,495 $ 41,066 $ 40,540 $ — $ — $ 88,101 Business reorganization $ (38 ) $ 274 $ 593 $ (48 ) $ — $ 781 EBITDA (loss) (a) $ (15 ) $ (656 ) $ 1,223 $ (5,339 ) $ — $ (4,787 ) Depreciation and amortization 31 838 376 248 — 1,493 Intercompany interest income (expense), net — — (115 ) 115 — Interest income (expense), net — (128 ) (23 ) (4 ) — (155 ) Income (loss) from continuing operations before income taxes $ (46 ) $ (1,622 ) $ 709 $ (5,476 ) $ — $ (6,435 ) As of June 30, 2016 Accounts receivable, net $ 2,637 $ 35,272 $ 29,459 $ — $ — $ 67,368 Long-lived assets, net of accumulated depreciation and amortization $ 20 $ 7,323 $ 1,506 $ 516 $ — $ 9,365 Total assets $ 5,793 $ 55,990 $ 51,663 $ 2,482 $ — $ 115,928 (a) SEC Regulation S-K Item 229.10(e)1(ii)(A) defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is presented to provide additional information to investors about the Company's operations on a basis consistent with the measures that the Company uses to manage its operations and evaluate its performance. Management also uses this measurement to evaluate working capital requirements. EBITDA should not be considered in isolation or as a substitute for operating income and net income prepared in accordance with U.S. GAAP or as a measure of the Company's profitability. Geographic Data Reporting A summary of revenues for the six months ended June 30, 2017 and 2016 and long-lived assets and net assets by geographic area as of June 30, 2017 and 2016 were as follows: United Kingdom Australia China United States Continental Europe Other Asia Pacific Other Americas Total For The Three Months Ended June 30, 2017 Revenue (a) $ 24,317 $ 53,312 $ 4,385 $ 3,942 $ 15,849 $ 11,567 $ 219 $ 113,591 For The Three Months Ended June 30, 2016 Revenue (a) $ 32,464 $ 47,882 $ 4,293 $ 3,462 $ 14,903 $ 9,864 $ 199 $ 113,067 For The Six Months Ended June 30, 2017 Revenue (a) $ 49,485 $ 99,866 $ 8,016 $ 8,047 $ 30,062 $ 21,092 $ 428 $ 216,996 For The Six Months Ended June 30, 2016 Revenue (a) $ 66,661 $ 87,015 $ 8,275 $ 7,096 $ 27,025 $ 17,820 $ 402 $ 214,294 As of June 30, 2017 Long-lived assets, net of accumulated depreciation and amortization (b) $ 1,169 $ 3,870 $ 2,350 $ 209 $ 257 $ 581 $ — $ 8,436 Net assets $ 9,839 $ 12,847 $ 5,581 $ 2,244 $ 9,911 $ 4,352 $ (163 ) $ 44,611 As of June 30, 2016 Long-lived assets, net of accumulated depreciation and amortization (b) $ 1,317 $ 4,268 $ 2,600 $ 544 $ 180 $ 456 $ — $ 9,365 Net assets $ 14,221 $ 9,450 $ 10,294 $ 2,037 $ 8,987 $ 3,847 $ (79 ) $ 48,757 (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 goodwill. Corporate assets are included in the United States. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 included in discontinued operations were as follows: June 30, 2017 December 31, 2016 Total current assets $ 38 $ 38 Total liabilities (a) $ 25 $ 291 (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 June 30, 2017 2016 Gross margin — 58 Reorganization 62 (201 ) Income (loss) from discontinued operations before income taxes (61 ) 247 Provision (benefit) for income taxes (8 ) 38 Income (loss) from discontinued operations $ (53 ) $ 209 Six Months Ended June 30, 2017 2016 Gross margin — 59 Reorganization 18 (341 ) Income (loss) from discontinued operations before income taxes (18 ) 356 Provision (benefit) for income taxes — 64 Income (loss) from discontinued operations $ (18 ) $ 292 |
REVENUE, DIRECT COSTS AND GRO26
REVENUE, DIRECT COSTS AND GROSS MARGIN (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 Contracting Permanent Recruitment Talent Management Other Total Revenue $ 70,264 $ 32,190 $ 10,559 $ 578 $ 113,591 Direct costs (1) 62,093 708 1,910 554 65,265 Gross margin $ 8,171 $ 31,482 $ 8,649 $ 24 $ 48,326 Three Months Ended June 30, 2016 Contracting Permanent Recruitment Talent Management (2) Other Total Revenue $ 72,035 $ 29,491 $ 11,013 $ 528 $ 113,067 Direct costs (1) 62,956 611 2,116 545 66,228 Gross margin $ 9,079 $ 28,880 $ 8,897 $ (17 ) $ 46,839 Six Months Ended June 30, 2017 Contracting Permanent Recruitment Talent Management Other Total Revenue $ 136,716 $ 60,208 $ 18,976 $ 1,096 $ 216,996 Direct costs (1) 120,518 1,216 3,415 1,089 126,238 Gross margin $ 16,198 $ 58,992 $ 15,561 $ 7 $ 90,758 Six Months Ended June 30, 2016 Contracting Permanent Recruitment Talent Management (2) Other Total Revenue $ 137,890 $ 56,062 $ 19,449 $ 893 $ 214,294 Direct costs (1) 120,178 1,185 3,799 1,031 126,193 Gross margin $ 17,712 $ 54,877 $ 15,650 $ (138 ) $ 88,101 (1) Direct costs in 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, Talent Management 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 "Salaries and related" in the Condensed Consolidated Statement of Operations. (2) Talent Management has been recast from Other in this disclosure. |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 six months ended June 30, 2017 was as follows: Vesting conditions Number of Restricted Stock Units Granted Performance and service conditions (1) (2) 990,000 (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) 33% of the restricted stock units will vest on the first anniversary of the grant date; (b) 33% of the restricted stock units will vest on the second anniversary of the grant date; and (c) 34% of the restricted stock units will vest on the third anniversary of the grant date; provided that, in each case, the employee remains employed by the Company from the grant date through the applicable service vesting date. |
Schedule of stock-based compensation expense | For the three and six months ended June 30, 2017 and 2016 , the Company’s stock-based compensation expense related to stock options, restricted stock and restricted stock units were as follows: Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Stock options $ — $ 5 $ — $ 10 Restricted stock — 220 — 460 Restricted stock units 517 529 708 656 Total $ 517 $ 754 $ 708 $ 1,126 |
Changes in stock options | Changes in the Company’s stock options for the six months ended June 30, 2017 and 2016 were as follows: Six Months Ended June 30, 2017 2016 Number of Options Weighted Average Exercise Price per Share Number of Options Weighted Average Exercise Price per Share Options outstanding at January 1, 123,500 $ 6.16 206,000 $ 8.13 Expired/forfeited (23,500 ) 15.97 (27,500 ) 15.86 Options outstanding at June 30, 100,000 $ 3.86 178,500 $ 6.94 Options exercisable at June 30, 100,000 $ 3.86 153,500 $ 7.67 |
Changes in restricted stock | Changes in the Company’s restricted stock for the six months ended June 30, 2017 and 2016 were as follows: Six Months Ended June 30, 2017 2016 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 Granted — — — — Vested — — — — Forfeited — — (51,800 ) 0.79 Unvested restricted stock at June 30, — $ — 628,200 $ 1.69 |
Changes in restricted stock units | Changes in the Company’s restricted stock units for the six months ended June 30, 2017 and 2016 were as follows: Six Months Ended June 30, 2017 2016 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, 480,000 $ 2.79 — $ — Granted 1,323,033 1.07 684,342 2.67 Vested (381,760 ) 1.47 (184,342 ) 2.33 Forfeited (332,340 ) 2.79 — — Unvested restricted stock units at June 30, 1,088,933 $ 1.16 500,000 $ 2.79 |
Schedule of expenses and contributions for the prior years' employer-matching liability for the 401(k) plan |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Open Years Subject to Tax Examination | As of June 30, 2017 , 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 2013 Majority of U.S. state and local jurisdictions 2012 United Kingdom 2015 Australia 2012 Majority of other non-U.S. jurisdictions 2012 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 and six months ended June 30, 2017 and 2016 were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Earnings (loss) per share ("EPS"): EPS - basic and diluted: Income (loss) from continuing operations $ 0.04 $ (0.10 ) $ — $ (0.21 ) Income (loss) from discontinued operations — 0.01 — 0.01 Net income (loss) $ 0.04 $ (0.09 ) $ — $ (0.20 ) EPS numerator - basic and diluted: Income (loss) from continuing operations $ 1,279 $ (3,347 ) $ (70 ) $ (6,917 ) Income (loss) from discontinued operations (53 ) 209 (18 ) 292 Net income (loss) $ 1,226 $ (3,138 ) $ (88 ) $ (6,625 ) EPS denominator (in thousands): Weighted average common stock outstanding - basic 32,048 33,252 32,104 33,434 Common stock equivalents: stock options and other stock-based awards (a) — — — — Weighted average number of common stock outstanding - diluted 32,048 33,252 32,104 33,434 (a) The diluted weighted average number of shares of common stock outstanding did not differ from the basic weighted average number of shares of common stock outstanding because the effects of any potential common stock equivalents (see Note 6 for further details on outstanding stock options, 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 and six months ended June 30, 2017 and 2016 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 Six Months Ended June 30, June 30, 2017 2016 2017 2016 Unvested restricted stock — 330,000 — 330,000 Unvested restricted stock units 1,088,933 39,458 1,088,933 39,458 Stock options 100,000 178,500 100,000 178,500 Total 1,188,933 547,958 1,188,933 547,958 |
RESTRICTED CASH (Tables)
RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 was as follows: June 30, December 31, Included under the caption "Prepaid and other": Client guarantees $ 180 $ 139 Other 115 108 Total amount under the caption "Prepaid and other" $ 295 $ 247 Included under the caption "Other assets": Collateral accounts $ 131 $ 557 Rental deposits 516 385 Total amount under the caption "Other assets" $ 647 $ 942 Total restricted cash $ 942 $ 1,189 |
PROTPERTY AND EQUIPMENT, NET (T
PROTPERTY AND EQUIPMENT, NET (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, plant and equipment | As of June 30, 2017 and December 31, 2016 , property and equipment, net, was as follows: June 30, December 31, Computer equipment $ 6,320 $ 5,888 Furniture and equipment 2,443 2,244 Capitalized software costs 18,123 17,010 Leasehold improvements 14,448 13,699 41,334 38,841 Less: accumulated depreciation and amortization 34,839 31,800 Property and equipment, net $ 6,495 $ 7,041 |
Schedule of capital leased obligations | A summary of the Company’s lease obligations for equipment acquired under capital lease agreements were as follows: June 30, December 31, Capital lease obligation, current $ 72 $ 65 Capital lease obligation, non-current $ 101 $ 140 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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. The goodwill is recorded in the Asia Pacific segment. Carrying Value 2017 Goodwill, January 1, $ 1,812 Currency translation 44 Goodwill, June 30, $ 1,856 |
BUSINESS REORGANIZATION EXPEN33
BUSINESS REORGANIZATION EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Restructuring and Related Activities [Abstract] | |
Business reorganization expenses | Business reorganization for the three and six months ended June 30, 2017 and 2016 by plan were as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Previous Plans $ (63 ) $ 144 $ 159 $ 781 Total reorganization in continuing operations $ (63 ) $ 144 $ 159 $ 781 |
Changes in accrued business reorganization expenses | Changes in the accrued business reorganization for the six months ended June 30, 2017 were as follows: December 31, Changes in Additional Payments June 30, Lease termination payments $ 2,273 $ 142 $ — $ (677 ) $ 1,738 Employee termination benefits 266 (8 ) — (137 ) 121 Other associated costs 32 — 25 (23 ) 34 Total $ 2,571 $ 134 $ 25 $ (837 ) $ 1,893 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 were as follows: June 30, December 31, Current portion of asset retirement obligations $ 68 $ 78 Non-current portion of asset retirement obligations 1,856 1,693 Total asset retirement obligations $ 1,924 $ 1,771 |
CREDIT AGREEMENTS (Tables)
CREDIT AGREEMENTS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Lloyds | |
Line of Credit Facility [Line Items] | |
Schedule of Line of Credit Facilities | The details of the Lloyds Agreement as of June 30, 2017 were as follows: June 30, Borrowing capacity $ 9,550 Less: outstanding borrowing (848 ) Additional borrowing availability $ 8,702 Interest rates on outstanding borrowing 2.00 % |
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 Finance Agreement, Australian Receivables Agreement and New Zealand Receivables Agreement as of June 30, 2017 were as follows: June 30, Finance Agreement: Financial guarantee capacity $ 2,307 Less: outstanding financial guarantees (2,024 ) Additional availability for financial guarantees $ 283 Interest rates on outstanding financial guarantees 1.50 % Australian Receivables Agreement: Borrowing capacity $ 16,413 Less: outstanding borrowing (5,801 ) Additional borrowing availability $ 10,612 Interest rates on outstanding borrowing 3.17 % New Zealand Receivables Agreement: Borrowing capacity $ 2,256 Less: outstanding borrowing — Additional borrowing availability $ 2,256 Interest rates on outstanding borrowing 4.00 % |
ACCUMUATED OTHER COMPREHENSIVE
ACCUMUATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss), net of applicable tax, consisted of the following: June 30, December 31, 2017 2016 Foreign currency translation adjustments $ 9,455 $ 6,826 Pension plan obligations 109 105 Accumulated other comprehensive income (loss) $ 9,564 $ 6,931 |
SEGMENT AND GEOGRAPHIC DATA (Ta
SEGMENT AND GEOGRAPHIC DATA (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of segment reporting information | Hudson Americas Hudson Asia Pacific Hudson Europe Corporate Elimination Total For The Three Months Ended June 30, 2017 Revenue, from external customers $ 4,161 $ 69,264 $ 40,166 $ — $ — $ 113,591 Inter-segment revenue — — 67 — (67 ) — Total revenue $ 4,161 $ 69,264 $ 40,233 $ — $ (67 ) $ 113,591 Gross margin, from external customers $ 3,735 $ 23,432 $ 21,159 $ — $ — $ 48,326 Inter-segment gross margin (4 ) (60 ) 65 — (1 ) — Total gross margin $ 3,731 $ 23,372 $ 21,224 $ — $ (1 ) $ 48,326 Business reorganization $ 1 $ — $ (64 ) $ — $ — $ (63 ) EBITDA (loss) (a) $ 301 $ 1,309 $ 2,612 $ (1,267 ) $ — $ 2,955 Depreciation and amortization — 437 171 79 — 687 Intercompany interest income (expense), net — — (46 ) 46 — — Interest income (expense), net — (116 ) — (3 ) — (119 ) Income (loss) from continuing operations before income taxes $ 301 $ 756 $ 2,395 $ (1,303 ) $ — $ 2,149 For The Six Months Ended June 30, 2017 Revenue, from external customers $ 8,475 $ 128,974 $ 79,547 $ — $ — $ 216,996 Inter-segment revenue — — 129 — (129 ) — Total revenue $ 8,475 $ 128,974 $ 79,676 $ — $ (129 ) $ 216,996 Gross margin, from external customers $ 7,571 $ 43,166 $ 40,021 $ — $ — $ 90,758 Inter-segment gross margin (8 ) (119 ) 127 — — — Total gross margin $ 7,563 $ 43,047 $ 40,148 $ — $ — $ 90,758 Business reorganization $ (91 ) $ — $ 272 $ (22 ) $ — $ 159 EBITDA (loss) (a) $ 635 $ 617 $ 3,440 $ (2,177 ) $ — $ 2,515 Depreciation and amortization 2 865 328 158 — 1,353 Intercompany interest income (expense), net — — (89 ) 89 — — Interest income (expense), net — (213 ) 6 — — (207 ) Income (loss) from continuing operations before income taxes $ 633 $ (461 ) $ 3,029 $ (2,246 ) $ — $ 955 As of June 30, 2017 Accounts receivable, net $ 2,378 $ 39,258 $ 30,511 $ — $ — $ 72,147 Long-lived assets, net of accumulated depreciation and amortization $ — $ 6,801 $ 1,426 $ 209 $ — $ 8,436 Total assets $ 5,674 $ 57,133 $ 44,980 $ 2,261 $ — $ 110,048 Hudson Americas Hudson Asia Pacific Hudson Europe Corporate Inter- segment elimination Total For The Three Months Ended June 30, 2016 Revenue, from external customers $ 3,661 $ 62,039 $ 47,367 $ — $ — $ 113,067 Inter-segment revenue (22 ) (1 ) 86 — (63 ) — Total revenue $ 3,639 $ 62,038 $ 47,453 $ — $ (63 ) $ 113,067 Gross margin, from external customers $ 3,180 $ 22,416 $ 21,243 $ — $ — $ 46,839 Inter-segment gross margin (25 ) (62 ) 87 — — — Total gross margin $ 3,155 $ 22,354 $ 21,330 $ — $ — $ 46,839 Business reorganization $ (22 ) $ 77 $ 109 $ (20 ) $ — $ 144 EBITDA (loss) (a) $ (178 ) $ 575 $ 1,553 $ (3,583 ) $ — $ (1,633 ) Depreciation and amortization $ 8 $ 435 $ 193 $ 169 $ — 805 Intercompany interest income (expense), net — — (58 ) 58 — — Interest income (expense), net $ — $ (88 ) $ (9 ) $ (4 ) $ — $ (101 ) Income (loss) from continuing operations before income taxes $ (186 ) $ 52 $ 1,293 $ (3,698 ) $ — $ (2,539 ) For The Six Months Ended June 30, 2016 Revenue, from external customers $ 7,498 $ 113,110 $ 93,686 $ — $ — $ 214,294 Inter-segment revenue (22 ) — 147 — (125 ) — Total revenue $ 7,476 $ 113,110 $ 93,833 $ — $ (125 ) $ 214,294 Gross margin, from external customers $ 6,520 $ 41,187 $ 40,394 $ — $ — $ 88,101 Inter-segment gross margin (25 ) (121 ) 146 — — — Total gross margin $ 6,495 $ 41,066 $ 40,540 $ — $ — $ 88,101 Business reorganization $ (38 ) $ 274 $ 593 $ (48 ) $ — $ 781 EBITDA (loss) (a) $ (15 ) $ (656 ) $ 1,223 $ (5,339 ) $ — $ (4,787 ) Depreciation and amortization 31 838 376 248 — 1,493 Intercompany interest income (expense), net — — (115 ) 115 — Interest income (expense), net — (128 ) (23 ) (4 ) — (155 ) Income (loss) from continuing operations before income taxes $ (46 ) $ (1,622 ) $ 709 $ (5,476 ) $ — $ (6,435 ) As of June 30, 2016 Accounts receivable, net $ 2,637 $ 35,272 $ 29,459 $ — $ — $ 67,368 Long-lived assets, net of accumulated depreciation and amortization $ 20 $ 7,323 $ 1,506 $ 516 $ — $ 9,365 Total assets $ 5,793 $ 55,990 $ 51,663 $ 2,482 $ — $ 115,928 (a) SEC Regulation S-K Item 229.10(e)1(ii)(A) defines EBITDA as earnings before interest, taxes, depreciation and amortization. EBITDA is presented to provide additional information to investors about the Company's operations on a basis consistent with the measures that the Company uses to manage its operations and evaluate its performance. Management also uses this measurement to evaluate working capital requirements. EBITDA should not be considered in isolation or as a substitute for operating income and net income prepared in accordance with U.S. GAAP or as a measure of the Company's profitability. |
Revenue and long-lived assets by geographic area | A summary of revenues for the six months ended June 30, 2017 and 2016 and long-lived assets and net assets by geographic area as of June 30, 2017 and 2016 were as follows: United Kingdom Australia China United States Continental Europe Other Asia Pacific Other Americas Total For The Three Months Ended June 30, 2017 Revenue (a) $ 24,317 $ 53,312 $ 4,385 $ 3,942 $ 15,849 $ 11,567 $ 219 $ 113,591 For The Three Months Ended June 30, 2016 Revenue (a) $ 32,464 $ 47,882 $ 4,293 $ 3,462 $ 14,903 $ 9,864 $ 199 $ 113,067 For The Six Months Ended June 30, 2017 Revenue (a) $ 49,485 $ 99,866 $ 8,016 $ 8,047 $ 30,062 $ 21,092 $ 428 $ 216,996 For The Six Months Ended June 30, 2016 Revenue (a) $ 66,661 $ 87,015 $ 8,275 $ 7,096 $ 27,025 $ 17,820 $ 402 $ 214,294 As of June 30, 2017 Long-lived assets, net of accumulated depreciation and amortization (b) $ 1,169 $ 3,870 $ 2,350 $ 209 $ 257 $ 581 $ — $ 8,436 Net assets $ 9,839 $ 12,847 $ 5,581 $ 2,244 $ 9,911 $ 4,352 $ (163 ) $ 44,611 As of June 30, 2016 Long-lived assets, net of accumulated depreciation and amortization (b) $ 1,317 $ 4,268 $ 2,600 $ 544 $ 180 $ 456 $ — $ 9,365 Net assets $ 14,221 $ 9,450 $ 10,294 $ 2,037 $ 8,987 $ 3,847 $ (79 ) $ 48,757 (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 goodwill. Corporate assets are included in the United States. |
DESCRIPTION OF BUSINESS (Detail
DESCRIPTION OF BUSINESS (Details) | 6 Months Ended |
Jun. 30, 2017countriessegments | |
Description of Business [Abstract] | |
Number of Countries in which Entity Operates | countries | 13 |
Number of Reportable Segments | segments | 3 |
DISCONTINUED OPERATIONS - Balan
DISCONTINUED OPERATIONS - Balance Sheet Disclosures (Details) - eDiscovery - Discontinued Operations - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Total current assets | $ 38 | $ 38 |
Total liabilities (a) | $ 25 | $ 291 |
DISCONTINUED OPERATIONS - Incom
DISCONTINUED OPERATIONS - Income Statement Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) from discontinued operations, net of income taxes | $ (53) | $ 209 | $ (18) | $ 292 |
Discontinued Operations | eDiscovery | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | 0 | 58 | 0 | 59 |
Disposal Group, Including Discontinued Operation, Restructuring Charges | 62 | (201) | 18 | (341) |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (61) | 247 | (18) | 356 |
Discontinued Operation, Tax Effect of Discontinued Operation | (8) | 38 | 0 | 64 |
Income (loss) from discontinued operations, net of income taxes | $ (53) | $ 209 | $ (18) | $ 292 |
REVENUE, DIRECT COSTS AND GRO41
REVENUE, DIRECT COSTS AND GROSS MARGIN Revenue, Direct Costs and Gross Margin (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue Direct Costs And Gross Margin Line Items [Line Items] | ||||
Revenue | $ 113,591 | $ 113,067 | $ 216,996 | $ 214,294 |
Direct costs | 65,265 | 66,228 | 126,238 | 126,193 |
Gross margin | 48,326 | 46,839 | 90,758 | 88,101 |
Contracting | ||||
Revenue Direct Costs And Gross Margin Line Items [Line Items] | ||||
Revenue | 70,264 | 72,035 | 136,716 | 137,890 |
Direct costs | 62,093 | 62,956 | 120,518 | 120,178 |
Gross margin | 8,171 | 9,079 | 16,198 | 17,712 |
Permanent Recruitment | ||||
Revenue Direct Costs And Gross Margin Line Items [Line Items] | ||||
Revenue | 32,190 | 29,491 | 60,208 | 56,062 |
Direct costs | 708 | 611 | 1,216 | 1,185 |
Gross margin | 31,482 | 28,880 | 58,992 | 54,877 |
Talent Management | ||||
Revenue Direct Costs And Gross Margin Line Items [Line Items] | ||||
Revenue | 10,559 | 11,013 | 18,976 | 19,449 |
Direct costs | 1,910 | 2,116 | 3,415 | 3,799 |
Gross margin | 8,649 | 8,897 | 15,561 | 15,650 |
Other Than Temporary Contracting Permanent Recruitment and Talent Management [Domain] | ||||
Revenue Direct Costs And Gross Margin Line Items [Line Items] | ||||
Revenue | 578 | 528 | 1,096 | 893 |
Direct costs | 554 | 545 | 1,089 | 1,031 |
Gross margin | $ 24 | $ (17) | $ 7 | $ (138) |
STOCK-BASED COMPENSATION Stock-
STOCK-BASED COMPENSATION Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | May 24, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,400,000 | ||||
Common stock reserved for issuance to participants | 1,848,602 | 1,848,602 | |||
Share-based compensation arrangement award vesting period | 5 years | ||||
Stock-based compensation | $ 517 | $ 754 | $ 708 | $ 1,126 | |
Restricted stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Performance and service conditions | 990,000 | ||||
Granted, Number of share of restricted stock (shares) | 1,323,033 | 684,342 | |||
Stock-based compensation | 517 | 529 | $ 708 | $ 656 | |
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 | 0 | 5 | $ 0 | $ 10 | |
Restricted stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, Number of share of restricted stock (shares) | 0 | 0 | |||
Stock-based compensation | $ 0 | $ 220 | $ 0 | $ 460 | |
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) | 333,033 | ||||
Americas, Asia Pacific and Europe [Member] | 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% | ||||
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% |
STOCK-BASED COMPENSATION Stock
STOCK-BASED COMPENSATION Stock options activity (Details) - Stock options - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
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% | |
Total compensation cost not yet recognized | $ 0 | |
Weighted average service period | 0 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) | 123,500 | 206,000 |
Expired, number of options (shares) | (23,500) | (27,500) |
Options outstanding, Number of Options, At the End of the Period (shares) | 100,000 | 178,500 |
Options exercisable, Number of Options, At the End of the Period (shares) | 100,000 | 153,500 |
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) | $ 6.16 | $ 8.13 |
Expired, weighted average exercise price per share (usd per share) | 15.97 | 15.86 |
Options outstanding, weighted average exercise price per share, At the End of the Period (usd per share) | 3.86 | 6.94 |
Options exercisable, weighted average exercise price per share, At the End of the Period (usd per share) | $ 3.86 | $ 7.67 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration period | 5 years | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiration period | 10 years |
STOCK-BASED COMPENSATION Restri
STOCK-BASED COMPENSATION Restricted stock (Details) - Restricted stock - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total compensation cost not yet recognized | $ 0 | |
Weighted average service period | 0 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 | 680,000 |
Granted, Number of share of restricted stock (shares) | 0 | 0 |
Vested, number of share of restricted stock (shares) | 0 | 0 |
Forfeited, number of share of restricted stock (shares) | 0 | (51,800) |
Non-vested restricted stock (units), number of shares of restricted stock (unit), At the End of the Period (shares) | 0 | 628,200 |
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 | $ 1.60 |
Granted, weighted average grant date fair value (usd per share) | 0 | 0 |
Vested, weighted average grant date fair value (usd per share) | 0 | 0 |
Forfeited, weighted average grant date fair value (usd per share) | 0 | 0.79 |
Non-vested restricted stock (units), weighted average grant date fair value, At the End of the Period (usd per share) | $ 0 | $ 1.69 |
STOCK-BASED COMPENSATION Rest45
STOCK-BASED COMPENSATION Restricted stock units (Details) - Restricted stock units - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total compensation cost not yet recognized | $ 928 | |
Weighted average service period | 1 year 8 months 23 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) | 480,000 | 0 |
Granted, Number of share of restricted stock (shares) | 1,323,033 | 684,342 |
Vested, number of share of restricted stock (shares) | (381,760) | (184,342) |
Forfeited, number of share of restricted stock (shares) | (332,340) | 0 |
Non-vested restricted stock (units), number of shares of restricted stock (unit), At the End of the Period (shares) | 1,088,933 | 500,000 |
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) | $ 2.79 | $ 0 |
Granted, weighted average grant date fair value (usd per share) | 1.07 | 2.67 |
Vested, weighted average grant date fair value (usd per share) | 1.47 | 2.33 |
Forfeited, weighted average grant date fair value (usd per share) | 2.79 | 0 |
Non-vested restricted stock (units), weighted average grant date fair value, At the End of the Period (usd per share) | $ 1.16 | $ 2.79 |
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) | 333,033 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Tax open years subject to examination [Line Items] | |||||
Income tax benefit (provision) | $ 1,025 | $ 482 | |||
Pre-tax income (loss) | $ 2,149 | $ (2,539) | $ 955 | $ (6,435) | |
Effective income tax rate | 107.30% | (7.50%) | |||
U.S. Federal statutory rate | 35.00% | ||||
Unrecognized tax benefits | 2,140 | $ 2,140 | $ 2,211 | ||
Accrued interest and penalties | 628 | 628 | $ 610 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 3 | $ 11 | |||
U.S. Federal [Member] | |||||
Tax open years subject to examination [Line Items] | |||||
Open Tax Year | 2,013 | ||||
Other U.S. state and local juristictions [Member] | |||||
Tax open years subject to examination [Line Items] | |||||
Open Tax Year | 2,012 | ||||
United Kingdon | |||||
Tax open years subject to examination [Line Items] | |||||
Open Tax Year | 2,015 | ||||
Australia | |||||
Tax open years subject to examination [Line Items] | |||||
Open Tax Year | 2,012 | ||||
Other Jurisdictions [Member] | |||||
Tax open years subject to examination [Line Items] | |||||
Open Tax Year | 2,012 | ||||
Minimum | |||||
Tax open years subject to examination [Line Items] | |||||
Possible decrease of unrecognized tax benefits | 200 | $ 200 | |||
Maximum | |||||
Tax open years subject to examination [Line Items] | |||||
Possible decrease of unrecognized tax benefits | $ 400 | $ 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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings (loss) per share (EPS): | ||||
Income (loss) from continuing operations (in dollars per share) | $ 0.04 | $ (0.10) | $ 0 | $ (0.21) |
Income (loss) from discontinued operations (in dollars per share) | 0 | 0.01 | 0 | 0.01 |
Basic and diluted earnings (loss) per share | $ 0.04 | $ (0.09) | $ 0 | $ (0.20) |
EPS numerator - basic and diluted: | ||||
Income (loss) from continuing operations | $ 1,279 | $ (3,347) | $ (70) | $ (6,917) |
Income (loss) from discontinued operations, net of income taxes | (53) | 209 | (18) | 292 |
Net income (loss) | $ 1,226 | $ (3,138) | $ (88) | $ (6,625) |
EPS denominator: | ||||
Weighted-average common stock outstanding - basic (in shares) | 32,048 | 33,252 | 32,104 | 33,434 |
Common stock equivalents: stock options and other stock-based awards (a) | 0 | 0 | 0 | 0 |
Weighted-average number of common stock outstanding - diluted (in shares) | 32,048 | 33,252 | 32,104 | 33,434 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 1,188,933 | 547,958 | 1,188,933 | 547,958 |
Unvested restricted stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 0 | 330,000 | 0 | 330,000 |
Unvested restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 1,088,933 | 39,458 | 1,088,933 | 39,458 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 100,000 | 178,500 | 100,000 | 178,500 |
RESTRICTED CASH (Details)
RESTRICTED CASH (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 942 | $ 1,189 |
Prepaid Expenses and Other Current Assets | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 295 | 247 |
Prepaid Expenses and Other Current Assets | Client guarantees | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 180 | 139 |
Prepaid Expenses and Other Current Assets | Others | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 115 | 108 |
Other Noncurrent Assets | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 647 | 942 |
Other Noncurrent Assets | Collateral accounts | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 131 | 557 |
Other Noncurrent Assets | Rental deposits | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 516 | $ 385 |
PROPERTY AND EQUIPMENT, NET Pro
PROPERTY AND EQUIPMENT, NET Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Construction in Progress, Gross | $ 190 | $ 235 |
Property, plant and equipment, gross | 41,334 | 38,841 |
Less: acccumulated depreciation and amortization | 34,839 | 31,800 |
Property and equipment, net | 6,495 | 7,041 |
Capital lease obligation, current | 72 | 65 |
Capital lease obligation, non-current | 101 | 140 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,320 | 5,888 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,443 | 2,244 |
Capitalized software costs | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 18,123 | 17,010 |
Leasehold and building improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 14,448 | $ 13,699 |
GOODWILL (Details)
GOODWILL (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, At the Beginning of the Year | $ 1,812 |
Currency translation | 44 |
Goodwill, At the End of the Period | $ 1,856 |
BUSINESS REORGANIZATION EXPEN52
BUSINESS REORGANIZATION EXPENSES (Reorganization expenses by Plan) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||
Business reorganization | $ (63) | $ 144 | $ 159 | $ 781 |
Continuing Operations [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business reorganization | (63) | 144 | 159 | 781 |
Continuing Operations [Member] | Previous Plans [Member] | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Business reorganization | $ (63) | $ 144 | $ 159 | $ 781 |
BUSINESS REORGANIZATION EXPEN53
BUSINESS REORGANIZATION EXPENSES (Changes in accrued business reorganization expenses) (Details) - Continuing Operations [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of year | $ 2,571 |
Changes in estimate | 134 |
Restructuring Charges | 25 |
Payments | (837) |
Balance, end of period | 1,893 |
Lease termination payments | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of year | 2,273 |
Changes in estimate | 142 |
Restructuring Charges | 0 |
Payments | (677) |
Balance, end of period | 1,738 |
Employee termination benefits | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of year | 266 |
Changes in estimate | (8) |
Restructuring Charges | 0 |
Payments | (137) |
Balance, end of period | 121 |
Other associated costs | |
Restructuring Reserve [Roll Forward] | |
Balance, beginning of year | 32 |
Changes in estimate | 0 |
Restructuring Charges | 25 |
Payments | (23) |
Balance, end of period | $ 34 |
COMMITMENTS AND CONTINGENCIES54
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | May 27, 2016 | Jun. 30, 2016 | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Aug. 31, 2015 |
Commitments And Contingencies [Line Items] | ||||||
Current portion of asset retirement obligations | $ 68 | $ 78 | ||||
Non-current portion of asset retirement obligations | 1,856 | 1,693 | ||||
Loss contingency accrual | 114 | 105 | ||||
Asset retirement obligation: | ||||||
Total asset retirement obligations | $ 1,924 | $ 1,771 | ||||
Key Management | ||||||
Commitments And Contingencies [Line Items] | ||||||
Usual length of consulting, employment and non-compete agreements | 1 year | |||||
Chief Executive Officer | ||||||
Commitments And Contingencies [Line Items] | ||||||
Restructuring Reserve | $ 747 | |||||
Range of possible loss, maximum | $ 2,000 | |||||
Increase (Decrease) in Postemployment Obligations | $ 1,800 | |||||
Legal Fees | $ 700 | |||||
Postemployment Benefits, Period Expense | $ 2,514 | $ 3,025 |
CREDIT AGREEMENTS (Details)
CREDIT AGREEMENTS (Details) € in Thousands, £ in Thousands, SGD in Thousands, NZD in Thousands, AUD in Thousands, $ in Thousands | Sep. 15, 2016GBP (£) | Aug. 01, 2014GBP (£) | Jun. 30, 2017AUD | Jun. 30, 2017USD ($) | Jun. 30, 2017NZD | Jun. 30, 2017SGD | Jun. 30, 2017GBP (£) | Jun. 30, 2017USD ($) | Jun. 30, 2017EUR (€) | Sep. 15, 2016USD ($) | Aug. 01, 2014USD ($) |
Lloyds | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Debt Instrument, Term | 2 years | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | £ 12,000 | £ 15,000 | $ 15,629 | $ 19,536 | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 9,550 | ||||||||||
Line of credit facility, covenant, maximum credit dilution | 5.00% | ||||||||||
Additional borrowing availability | $ 8,702 | ||||||||||
Interest rates on outstanding borrowing | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% | |||||
Minimum availability required | £ 2,000 | $ 2,605 | |||||||||
Debt Instrument, Renewal Term | 3 months | ||||||||||
Debt Instrument, Rolling Period | 3 months | ||||||||||
Lloyds | Credit Facility Lending based on Billed Revenue [Member] | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | £ 11,500 | 14,978 | |||||||||
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 | £ 500 | $ 651 | |||||||||
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 | $ 2,307 | |||||||||
Debt Instrument, Fee Percent | 1.50% | ||||||||||
Interest rates on financial guarantee requested | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | 1.50% | |||||
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 | $ 3,076 | |||||||||
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 | $ 11,282 | ||||||||||
Debt, weighted average interest rate | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% | 3.07% | |||||
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% | ||||||||||
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, Current Borrowing Capacity | SGD 200 | $ 145 | |||||||||
Additional borrowing availability | SGD 44 | $ 32 | |||||||||
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 | $ 3,668 | |||||||||
LIne of Credit Facility, Notice Period | 90 days | ||||||||||
Line of Credit Facility, Current Borrowing Capacity | 2,256 | ||||||||||
Additional borrowing availability | $ 2,256 | ||||||||||
Interest rates on outstanding borrowing | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% | |||||
Debt Instrument, Fee Amount | NZD 1 | $ 1 | |||||||||
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 | 19,223 | |||||||||
Line of Credit Facility, Current Borrowing Capacity | 16,413 | ||||||||||
Debt instrument, interest rate increase | 1.50% | ||||||||||
Additional borrowing availability | $ 10,612 | ||||||||||
Interest rates on outstanding borrowing | 3.17% | 3.17% | 3.17% | 3.17% | 3.17% | 3.17% | |||||
Debt Instrument, Fee Amount | AUD 6 | $ 5 | |||||||||
Belgium Subsidiary | Lending Arrangements Belgium Bank | Overdraft Facility | |||||||||||
Line of Credit Facility [Line Items] | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,143 | € 1,000 | |||||||||
LIne of Credit Facility, Notice Period | 15 days |
CREDIT AGREEMENTS - Credit Fac
CREDIT AGREEMENTS - Credit Facilities (Details) - 6 months ended Jun. 30, 2017 SGD in Thousands, NZD in Thousands, AUD in Thousands, $ in Thousands | AUDRate | NZDRate | SGDRate | USD ($)Rate |
Lloyds | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 9,550 | |||
Less: outstanding borrowing | (848) | |||
Additional borrowing availability | $ 8,702 | |||
Interest rates on outstanding borrowing | 2.00% | 2.00% | 2.00% | 2.00% |
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% | 150.00% |
Line of Credit Facility, Covenants, Minimum Receivables Ratio | Rate | 120.00% | 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] | ||||
Less: outstanding borrowing | $ (2,024) | |||
Line of Credit Facility, Additional Availability for Financial Guarantee | $ 283 | |||
Interest rates on financial guarantee requested | 1.50% | 1.50% | 1.50% | 1.50% |
Singapore Subsidiary | Lending Arrangements Singapore Bank | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | SGD 200 | $ 145 | ||
Less: outstanding borrowing | (156) | (114) | ||
Additional borrowing availability | SGD 44 | 32 | ||
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 | ||
Line of Credit Facility, Current Borrowing Capacity | 2,256 | |||
Less: outstanding borrowing | 0 | |||
Additional borrowing availability | $ 2,256 | |||
Interest rates on outstanding borrowing | 4.00% | 4.00% | 4.00% | 4.00% |
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 | AUD 6 | $ 5 | ||
Line of Credit Facility, Current Borrowing Capacity | 16,413 | |||
Less: outstanding borrowing | (5,801) | |||
Additional borrowing availability | $ 10,612 | |||
Interest rates on outstanding borrowing | 3.17% | 3.17% | 3.17% | 3.17% |
ACCUMUATED OTHER COMPREHENSIV57
ACCUMUATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Foreign currency translation adjustments | $ 9,455 | $ 6,826 |
Pension plan obligations | 109 | 105 |
Accumulated other comprehensive income (loss) | $ 9,564 | $ 6,931 |
STOCKHOLDERS' EQUITY (Details)
STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 23 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jul. 30, 2015 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0 | $ 0.05 | $ 0 | $ 0.10 | ||
Authorized amount of stock repurchase program | $ 10,000 | |||||
Treasury Stock, Value, Acquired, Cost Method | $ 522 | |||||
Stock Repurchased and Retired During Period, Shares | 3,406,991 | |||||
Purchase of treasury stock | $ 522 | $ 2,352 | $ 7,035 | |||
Open Market | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 140,839 | 417,864 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 193 | $ 522 | ||||
Private Transaction | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury Stock, Shares, Acquired | 1,100,000 | 1,100,000 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 1,980 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 1.80 |
SEGMENT AND GEOGRAPHIC DATA Seg
SEGMENT AND GEOGRAPHIC DATA Segment Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)segments | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Reportable Segments | segments | 3 | ||||
Revenue, from external customers | $ 113,591 | $ 113,067 | $ 216,996 | $ 214,294 | |
Inter-segment revenue | 0 | 0 | 0 | 0 | |
Total revenue | 113,591 | 113,067 | 216,996 | 214,294 | |
Gross margin, from external customers | 48,326 | 46,839 | 90,758 | 88,101 | |
Inter-segment gross margin | 0 | 0 | 0 | 0 | |
Gross margin | 48,326 | 46,839 | 90,758 | 88,101 | |
Business reorganization | (63) | 144 | 159 | 781 | |
EBITDA (loss) | 2,955 | (1,633) | 2,515 | (4,787) | |
Depreciation and amortization | 687 | 805 | 1,353 | 1,493 | |
Intercompany interest income (expense), net | 0 | 0 | 0 | 0 | |
Interest income (expense), net | (119) | (101) | (207) | (155) | |
Income (loss) from continuing operations before provision for income taxes | 2,149 | (2,539) | 955 | (6,435) | |
Accounts receivable, net | 72,147 | 67,368 | 72,147 | 67,368 | $ 58,517 |
Long-lived assets, net of accumulated depreciation and amortization | 8,436 | 9,365 | 8,436 | 9,365 | |
Total assets | 110,048 | 115,928 | 110,048 | 115,928 | $ 101,812 |
Hudson Asia Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 11,567 | 9,864 | 21,092 | 17,820 | |
Long-lived assets, net of accumulated depreciation and amortization | 581 | 456 | 581 | 456 | |
Hudson Europe | |||||
Segment Reporting Information [Line Items] | |||||
Total revenue | 15,849 | 14,903 | 30,062 | 27,025 | |
Long-lived assets, net of accumulated depreciation and amortization | 257 | 180 | 257 | 180 | |
Operating Segments | Hudson Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, from external customers | 4,161 | 3,661 | 8,475 | 7,498 | |
Inter-segment revenue | 0 | (22) | 0 | (22) | |
Total revenue | 4,161 | 3,639 | 8,475 | 7,476 | |
Gross margin, from external customers | 3,735 | 3,180 | 7,571 | 6,520 | |
Inter-segment gross margin | (4) | (25) | (8) | (25) | |
Gross margin | 3,731 | 3,155 | 7,563 | 6,495 | |
Business reorganization | 1 | (22) | (91) | (38) | |
EBITDA (loss) | 301 | (178) | 635 | (15) | |
Depreciation and amortization | 0 | 8 | 2 | 31 | |
Intercompany interest income (expense), net | 0 | 0 | 0 | 0 | |
Interest income (expense), net | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before provision for income taxes | 301 | (186) | 633 | (46) | |
Accounts receivable, net | 2,378 | 2,637 | 2,378 | 2,637 | |
Long-lived assets, net of accumulated depreciation and amortization | 0 | 20 | 0 | 20 | |
Total assets | 5,674 | 5,793 | 5,674 | 5,793 | |
Operating Segments | Hudson Asia Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, from external customers | 69,264 | 62,039 | 128,974 | 113,110 | |
Inter-segment revenue | 0 | (1) | 0 | 0 | |
Total revenue | 69,264 | 62,038 | 128,974 | 113,110 | |
Gross margin, from external customers | 23,432 | 22,416 | 43,166 | 41,187 | |
Inter-segment gross margin | (60) | (62) | (119) | (121) | |
Gross margin | 23,372 | 22,354 | 43,047 | 41,066 | |
Business reorganization | 0 | 77 | 0 | 274 | |
EBITDA (loss) | 1,309 | 575 | 617 | (656) | |
Depreciation and amortization | 437 | 435 | 865 | 838 | |
Intercompany interest income (expense), net | 0 | 0 | 0 | 0 | |
Interest income (expense), net | (116) | (88) | (213) | (128) | |
Income (loss) from continuing operations before provision for income taxes | 756 | 52 | (461) | (1,622) | |
Accounts receivable, net | 39,258 | 35,272 | 39,258 | 35,272 | |
Long-lived assets, net of accumulated depreciation and amortization | 6,801 | 7,323 | 6,801 | 7,323 | |
Total assets | 57,133 | 55,990 | 57,133 | 55,990 | |
Operating Segments | Hudson Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, from external customers | 40,166 | 47,367 | 79,547 | 93,686 | |
Inter-segment revenue | 67 | 86 | 129 | 147 | |
Total revenue | 40,233 | 47,453 | 79,676 | 93,833 | |
Gross margin, from external customers | 21,159 | 21,243 | 40,021 | 40,394 | |
Inter-segment gross margin | 65 | 87 | 127 | 146 | |
Gross margin | 21,224 | 21,330 | 40,148 | 40,540 | |
Business reorganization | (64) | 109 | 272 | 593 | |
EBITDA (loss) | 2,612 | 1,553 | 3,440 | 1,223 | |
Depreciation and amortization | 171 | 193 | 328 | 376 | |
Intercompany interest income (expense), net | (46) | (58) | (89) | (115) | |
Interest income (expense), net | 0 | (9) | 6 | (23) | |
Income (loss) from continuing operations before provision for income taxes | 2,395 | 1,293 | 3,029 | 709 | |
Accounts receivable, net | 30,511 | 29,459 | 30,511 | 29,459 | |
Long-lived assets, net of accumulated depreciation and amortization | 1,426 | 1,506 | 1,426 | 1,506 | |
Total assets | 44,980 | 51,663 | 44,980 | 51,663 | |
Corporate | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, from external customers | 0 | 0 | 0 | 0 | |
Inter-segment revenue | 0 | 0 | 0 | 0 | |
Total revenue | 0 | 0 | 0 | 0 | |
Gross margin, from external customers | 0 | 0 | 0 | 0 | |
Inter-segment gross margin | 0 | 0 | 0 | 0 | |
Gross margin | 0 | 0 | 0 | 0 | |
Business reorganization | 0 | (20) | (22) | (48) | |
EBITDA (loss) | (1,267) | (3,583) | (2,177) | (5,339) | |
Depreciation and amortization | 79 | 169 | 158 | 248 | |
Intercompany interest income (expense), net | 46 | 58 | 89 | 115 | |
Interest income (expense), net | (3) | (4) | 0 | (4) | |
Income (loss) from continuing operations before provision for income taxes | (1,303) | (3,698) | (2,246) | (5,476) | |
Accounts receivable, net | 0 | 0 | 0 | 0 | |
Long-lived assets, net of accumulated depreciation and amortization | 209 | 516 | 209 | 516 | |
Total assets | 2,261 | 2,482 | 2,261 | 2,482 | |
Elimination | |||||
Segment Reporting Information [Line Items] | |||||
Revenue, from external customers | 0 | 0 | 0 | 0 | |
Inter-segment revenue | (67) | (63) | (129) | (125) | |
Total revenue | (67) | (63) | (129) | (125) | |
Gross margin, from external customers | 0 | 0 | 0 | 0 | |
Inter-segment gross margin | (1) | 0 | 0 | 0 | |
Gross margin | (1) | 0 | 0 | 0 | |
Business reorganization | 0 | 0 | 0 | 0 | |
EBITDA (loss) | 0 | 0 | 0 | 0 | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Intercompany interest income (expense), net | 0 | 0 | 0 | ||
Interest income (expense), net | 0 | 0 | 0 | 0 | |
Income (loss) from continuing operations before provision for income taxes | 0 | 0 | 0 | 0 | |
Accounts receivable, net | 0 | 0 | 0 | 0 | |
Long-lived assets, net of accumulated depreciation and amortization | 0 | 0 | 0 | 0 | |
Total assets | $ 0 | $ 0 | $ 0 | $ 0 |
SEGMENT AND GEOGRAPHIC DATA Geo
SEGMENT AND GEOGRAPHIC DATA Geographic Data Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Revenue | $ 113,591 | $ 113,067 | $ 216,996 | $ 214,294 | |
Long-lived assets, net of accumulated depreciation and amortization | 8,436 | 9,365 | 8,436 | 9,365 | |
Net assets | 44,611 | 48,757 | 44,611 | 48,757 | $ 41,885 |
United Kingdon | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 24,317 | 32,464 | 49,485 | 66,661 | |
Long-lived assets, net of accumulated depreciation and amortization | 1,169 | 1,317 | 1,169 | 1,317 | |
Net assets | 9,839 | 14,221 | 9,839 | 14,221 | |
Australia | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 53,312 | 47,882 | 99,866 | 87,015 | |
Long-lived assets, net of accumulated depreciation and amortization | 3,870 | 4,268 | 3,870 | 4,268 | |
Net assets | 12,847 | 9,450 | 12,847 | 9,450 | |
CHINA | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 4,385 | 4,293 | 8,016 | 8,275 | |
Long-lived assets, net of accumulated depreciation and amortization | 2,350 | 2,600 | 2,350 | 2,600 | |
Net assets | 5,581 | 10,294 | 5,581 | 10,294 | |
United States | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 3,942 | 3,462 | 8,047 | 7,096 | |
Long-lived assets, net of accumulated depreciation and amortization | 209 | 544 | 209 | 544 | |
Net assets | 2,244 | 2,037 | 2,244 | 2,037 | |
Europe | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 15,849 | 14,903 | 30,062 | 27,025 | |
Long-lived assets, net of accumulated depreciation and amortization | 257 | 180 | 257 | 180 | |
Net assets | 9,911 | 8,987 | 9,911 | 8,987 | |
Asia Pacific | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 11,567 | 9,864 | 21,092 | 17,820 | |
Long-lived assets, net of accumulated depreciation and amortization | 581 | 456 | 581 | 456 | |
Net assets | 4,352 | 3,847 | 4,352 | 3,847 | |
Other Americas | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 219 | 199 | 428 | 402 | |
Long-lived assets, net of accumulated depreciation and amortization | 0 | 0 | 0 | 0 | |
Net assets | $ (163) | $ (79) | $ (163) | $ (79) |