Hudson Global, Inc. (NASDAQ:HSON) Q1 2022 Results Conference Call May 10, 2022 12:00 PM ET

Company Participants

Jeff Eberwein - Chief Executive Officer

Matt Diamond - Chief Financial Officer

Conference Call Participants

Walter Schenker - MAZ Partners

Marc Riddick - Sidoti

Operator

Good afternoon, and welcome to the Hudson Global Conference Call for the First Quarter of 2022. Our call this afternoon will be led by Chief Executive Officer, Jeff Eberwein; and Chief Financial Officer, Matt Diamond.

Please be advised that the statements made during the presentation include forward-looking statements under applicable securities laws. Such forward-looking statements involve certain risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These risks are discussed in our Form 8-K filed today and in our other filings made with the Securities and Exchange Commission, including our annual report on Form 10-K.

The company disclaims any obligation to update any forward-looking statements. And during the course of this conference call, references will be made to non-GAAP terms such as constant currency, adjusted EBITDA and adjusted earnings per diluted share. Reconciliations for these measures are included in our earnings release and quarterly slides, both posted on our website, hudsonrpo.com. I encourage you to access our earnings materials at this time as they will serve as a helpful reference guide during our call.

I will now turn the call over to Jeff Eberwein. Sir, you may begin.

Jeff Eberwein

Thank you, operator, and welcome, everyone. We thank you for your interest in Hudson Global and for joining us today. I'll start by reviewing the first quarter 2022 highlights; and Matt Diamond, our CFO, will provide some additional details on our financial results. I'll then give an update on current business conditions.

For the first quarter of 2022, we reported revenue of $51.9 million, up 58% year-over-year in constant currency. Adjusted net revenue was $25.6 million, an increase of 107% year-over-year in constant currency. And I would note that our organic adjusted revenue growth was 86% in constant currency.

SG&A costs were $20.3 million in the first quarter, up 74% versus the same period last year in constant currency. And we reported adjusted EBITDA of $5.2 million versus $800,000 a year ago. In addition, we reported net income of $3 million or $0.97 per diluted share versus a net loss of $200,000 or $0.07 a diluted share in the same period last year.