Hudson Global, Inc. (NASDAQ:HSON) Q1 2024 Results Conference Call May 10, 2024 10:00 AM ET
Company Participants
Jeff Eberwein - CEO
Matt Diamond - CFO
Jake Zabkowicz - Global CEO, Hudson RPO
Conference Call Participants
Marc Riddick - Sidoti & Company
Operator
Good morning. And welcome to the Hudson Global Conference Call for the First Quarter of 2024. Our call today will be led by Chief Executive Officer, Jeff Eberwein; Chief Financial Officer, Matt Diamond; and Global CEO of Hudson RPO, Jake Zabkowicz. 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 to be 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. 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 Web site, 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. Please note today's conference is being recorded. I will now turn the call over to Jeff Eberwein.
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 2024 results and Matt Diamond, our CFO, will provide some additional details on our financials. We're also excited to be joined on the call today by Jake Zabkowicz, Global CEO of our Hudson RPO business, who joined the team in November and will provide us with an update today. As you can see in our news release issued this morning, our first quarter 2024 results were weak due to lower than normal hiring volumes at many of our clients. For the first quarter of 2024, we reported revenue of $33.9 million, down 20% year-over-year in constant currency, while our adjusted net revenue was $16.3 million, down 25% year-over-year in constant currency. Our adjusted EBITDA loss for the first quarter was $1.5 million versus positive adjusted EBITDA of $1.1 million a year ago. In addition, we reported net loss of $2.9 million or $0.95 per diluted share versus net income of $400,000 or $0.11 per diluted share in the same period of last year. Q1 2024 adjusted net loss per diluted share was $0.72 compared to net income per diluted share of $0.22 in the first quarter of 2023. Now I'll turn the call over to Matt Diamond, our CFO, to review our financial results by region, as well as some additional financial details from the first quarter.