Hudson Global Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
STRR$9.12-4.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-08.
0001210708-24-000065
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0001210708-24-000081
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 167 previous paragraphs and 173 current paragraphs.
81 unchanged; 71 reworded; 19 added; 15 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
•Adjusted net revenue was $18.6 million for the three months ended September 30, 2024, compared to $19.4 million for the same period in 2023, a decrease of $0.8 million, or 4.0%.
Current report
•Revenue was $106.5 million for the nine months ended September 30, 2024, compared to $127.4 million for the same period in 2023, a decrease of $20.9 million, or 16.4%. The decrease in revenue was principally driven by a decline in Australia.
Current report
•Adjusted net revenue was $52.5 million for the nine months ended September 30, 2024, compared to $63.7 million for the same period in 2023, a decrease of $11.2 million, or 17.5%.
Current report
•SG&A and Non-Op was $55.5 million for the nine months ended September 30, 2024, compared to $60.3 million for the same period in 2023, a decrease of $4.8 million, or 8.0%.
Current report
For the three months ended September 30, 2024, contracting revenue increased by $1.5 million, or 714%, while RPO revenue decreased by $1.1 million, or 16%, compared to the same period in 2023. The increase in contracting revenue was driven by new client wins, while the decline in RPO revenue reflected lower demand from existing clients.
Current report
For the three months ended September 30, 2024, RPO adjusted net revenue decreased by $0.5 million, or 8%, while contracting adjusted net revenue increased by $0.3 million, or 967%. The decrease in RPO adjusted net revenue was due to lower demand from existing clients, while the increase in contracting adjusted net revenue was due to new client wins. For the nine months ended September 30, 2024, RPO adjusted net revenue decreased by $5.6 million, or 23%, reflecting the lower demand from existing clients.
Current report
For the nine months ended September 30, 2024, contracting revenue decreased by $10.2 million, or 18%, while RPO revenue decreased by $4.1 million, or 17%, as discussed below.
Current report
Total adjusted net revenue as a percentage of revenue was 35% for the three months ended September 30, 2024, compared to 33% for the same period in 2023. The increase in total adjusted net revenue as a percentage of revenue was attributed to a greater mix of higher margin RPO revenue to contracting revenue.
Current report
For the nine months ended September 30, 2024, RPO adjusted net revenue decreased by $3.7 million, or 16%, while contracting adjusted net revenue decreased by $0.7 million or by 28%, compared to the same period in 2023.
Current report
In the Middle East, total revenue and RPO revenue was $0.1 million for the three months ended September 30, 2024.
Current report
For the nine months ended September 30, 2024, RPO revenue decreased by $1.4 million, or 10%, while contracting revenue decreased by $0.5 million, or 7%, compared to the same period in 2023.
Current report
In the Middle East, total revenue and RPO revenue was $0.1 million for the nine months ended September 30, 2024.
Current report
For the three months ended September 30, 2024, adjusted net revenue increased by $0.2 million, or 5%, primarily driven by an increase in RPO adjusted net revenue of $0.2 million, or 4%, while contracting adjusted net revenue increased slightly, or 63%, compared to the same period in 2023, as further discussed below.
Current report
In the Middle East, total adjusted net revenue and RPO adjusted net revenue was $0.1 million for the three months ended September 30, 2024.
Current report
In the Middle East, total adjusted net revenue and RPO adjusted net revenue was $0.1 million for the nine months ended September 30, 2024.
Current report
For the three months ended September 30, 2024, SG&A and Non-Op as a percentage of revenue was 61%, compared to 67%, respectively, in 2023. The decrease in SG&A and Non-Op as a percentage of revenue was primarily due to the revenue increase.
Current report
For the nine months ended September 30, 2024, SG&A and Non-Op as a percentage of revenue was 59%, compared to 58%, in 2023. The increase in SG&A and Non-Op as a percentage of revenue was primarily due to the revenue decline outpacing the decrease in SG&A and Non-op.
Current report
For the three months ended September 30, 2024, operating income was $0.1 million, compared to operating income of $0.2 million for the same period in 2023, and EBITDA was up slightly, or 1% of revenue, compared to EBITDA loss of $0.3 million, or 5% of revenue, for the same period in 2023.
Current report
Other expense was $0.2 million and $0.3 million for the three and nine months ended September 30, 2024, respectively, as compared to other expense of $0.4 million and $0.3 million for the same periods in 2023. The lower net expense for the three months ended September 30, 2024 was primarily due to one-time client administrative costs of $0.3 million in the prior year.
Removed paragraphs (15)
Previous report
•Revenue was $35.7 million for the three months ended June 30, 2024, compared to $44.9 million for the same period in 2023, a decrease of $9.2 million, or 20.5%. The decrease in revenue was principally driven by declines in Australia, the U.K, and the U.S.
Previous report
•Adjusted net revenue was $17.6 million for the three months ended June 30, 2024, compared to $22.6 million for the same period in 2023, a decrease of $5.0 million, or 22.0%.
Previous report
•Adjusted net revenue was $33.9 million for the six months ended June 30, 2024, compared to $44.3 million for the same period in 2023, a decrease of $10.4 million, or 23.5%.
Previous report
•SG&A and Non-Op was $36.6 million for the six months ended June 30, 2024, compared to $42.2 million for the same period in 2023, a decrease of $5.6 million, or 13.2%.
Previous report
For the six months ended June 30, 2024, RPO revenue decreased by $4.7 million, or 27%, while contracting revenue decreased by $0.2 million, or 38%, as compared to the same period in 2023. The decreases in both RPO and contracting revenue were due to the same factor noted above.
Previous report
For the three and six months ended June 30, 2024, RPO adjusted net revenue decreased by $2.0 million, or 24%, and $5.1 million, or 29%, respectively, compared to 2023. The decrease in RPO adjusted net revenue was due to the same factor noted above under “Revenue – Americas”.
Previous report
For the six months ended June 30, 2024, contracting revenue decreased by $6.9 million, or 18%, while RPO revenue decreased by $3.4 million, or 20%, as discussed below.
Previous report
Total adjusted net revenue as a percentage of revenue was 34% for the each of three months ended June 30, 2024 and 2023.
Previous report
For the six months ended June 30, 2024, RPO adjusted net revenue decreased by $3.0 million, or 19%, while contracting adjusted net revenue decreased by $0.4 million or by 25%, compared to the same period in 2023.
Previous report
For the three months ended June 30, 2024, SG&A and Non-Op increased slightly, compared to the same period in 2023.
Previous report
For the six months ended June 30, 2024, RPO revenue decreased by $1.7 million, or 18%, while contracting revenue decreased by $0.7 million, or 12%, compared to the same period in 2023.
Previous report
For the three months ended June 30, 2024, adjusted net revenue decreased by $1.1 million, or 23%, driven by a decrease in RPO revenue of $1.0 million, or 23%, led by the U.K. as discussed below.
Previous report
For the three and six months ended June 30, 2024, SG&A and Non-Op as a percentage of revenue was 58% and 58%, compared to 48% and 54%, respectively, in 2023. The increases in SG&A and Non-Op as a percentage of revenue were primarily due to the revenue declines outpacing decreases in SG&A and Non-op.
Previous report
For the six months ended June 30, 2024, operating income was $0.5 million, compared to operating income of $1.4 million for the same period in 2023, and EBITDA was $0.4 million, or 3% of revenue, compared to EBITDA of $1.3 million, or 9% of revenue, for the same period in 2023.
Previous report
Other expense, net was $0.1 million for each of the three months ended June 30, 2024 and 2023. For the six months ended June 30, 2024, other expense, net was $0.1 million, compared to other income, net of $0.1 million in 2023.
Reworded paragraphs (71)
Previous wording
This MD&A discusses the results of the Company’s business for the three and six months ended June 30, 2024 and 2023.
Current wording
This MD&A discusses the results of the Company’s business for the three and nine months ended September 30, 2024 and 2023.
Previous wording
Our clients’ demands for RPO and contracting services largely depend on the market conditions and the strength of the labor markets in the countries where we operate. In the second quarter of 2024, the market conditions continued to be challenging due to higher inflation, higher interest rates and decreased demand for labor in certain markets. We anticipate that the market conditions will continue to be challenging into the second half of 2024.
Current wording
Our clients’ demands for RPO and contracting services largely depend on the market conditions and the strength of the labor markets in the countries where we operate. In the third quarter of 2024, the market conditions remained challenging due to persistent inflation, higher interest rates, and decreased demand for labor in certain markets. We anticipate that these challenging market conditions will continue into the final quarter of 2024.
Previous wording
Economic conditions in most of the world’s major markets slowed down in 2023 and the first half of 2024. Higher than expected inflation in most markets and rising interest rates have led to significant market disruption, including further wage inflation, increased operating costs, staffing challenges, reduced consumer confidence, and limited capital market accessibility that impact our business. In addition, in connection with the challenging business environment, some of our customers have reduced demand, and certain other customers have eliminated our services on a temporary or permanent basis. These conditions and expected future inflation and potential interest rate increases could have material adverse impacts on various aspects of our business in the future.
Current wording
Economic conditions in most of the world’s major markets continued to slow down throughout 2023 and into the third quarter of 2024. Higher than expected inflation in most markets and rising interest rates have led to significant market disruption, including further wage inflation, increased operating costs, staffing challenges, reduced consumer confidence, and limited capital market accessibility that impact our business. In addition, in connection with the challenging business environment, some of our customers have reduced demand, and certain other customers have eliminated our services on a temporary or permanent basis. These conditions and expected future inflation and potential interest rate increases could have material adverse impacts on various aspects of our business in the future.
Previous wording
The following is a summary of the Company’s financial performance highlights for the three and six months ended June 30, 2024 and 2023. This summary should be considered in the context of the additional disclosures in this MD&A which further highlight Company results by segment.
Current wording
The following is a summary of the Company’s financial performance highlights for the three and nine months ended September 30, 2024 and 2023. This summary should be considered in the context of the additional disclosures in this MD&A which further highlight Company results by segment.
Previous wording
•Revenue was $69.6 million for the six months ended June 30, 2024, compared to $88.0 million for the same period in 2023, a decrease of $18.4 million, or 20.9%. The decrease in revenue was principally driven by declines in Australia and the US.
Current wording
•Revenue was $36.9 million for the three months ended September 30, 2024, compared to $39.4 million for the same period in 2023, a decrease of $2.5 million, or 6.5%. The decrease in revenue was principally driven by declines in Australia.
Previous wording
◦On a constant currency basis, the Company’s revenue decreased $17.4 million, or 20.0%, due to a decrease in RPO revenue of $9.7 million, or 22.3%, while contracting revenue decreased by $7.7 million, or 17.7%, compared to the same period in 2023.
Current wording
◦On a constant currency basis, the Company’s revenue decreased $3.2 million, or 8.1%, primarilydue to declines in contracting revenue of $1.7 million, or 8.0%, and in RPO revenue of $1.5 million, or 8.1%, compared to the same period in 2023.
Previous wording
◦On a constant currency basis, adjusted net revenue decreased $10.2 million, or 23.1%, primarily due to a decrease in RPO adjusted net revenue of$9.8 million, or 23.2%, compared to the same period in 2023.
Current wording
◦On a constant currency basis, adjusted net revenue decreased$1.0 million, or 5.2%, due to a decrease in RPO adjusted net revenue of$1.1 million, or 5.9%, partially offset by an increase in contracting adjusted net revenue of $0.1 million, or 7.0%, compared to the same period in 2023.
Previous wording
•Selling, general and administrative expenses (including salaries and related expenses) and other non-operating income (expense) (“SG&A and Non-Op”) was $17.6 million for the three months ended June 30, 2024, compared to $20.9 million for the same period in 2023, a decrease of $3.3 million, or 15.8%.
Current wording
•Selling, general and administrative expenses (including salaries and related expenses) and other non-operating income (expense) (“SG&A and Non-Op”) was $18.9 million for the three months ended September 30, 2024, compared to $18.1 million for the same period in 2023, an increase of $0.8 million, or 4.2%.
Previous wording
◦On a constant currency basis, SG&A and Non-Op decreased $3.2 million, or 15.4%, as compared to the same period in 2023. SG&A and Non-Op as a percentage of revenue was 49.3% for the three months ended June 30, 2024, compared to 46.7% for the same period in 2023.
Current wording
◦On a constant currency basis, SG&A and Non-Op increased $0.5 million, or 3.0%, as compared to the same period in 2023. SG&A and Non-Op as a percentage of revenue was 51.2% for the three months ended September 30, 2024, compared to 45.8% for the same period in 2023.
Previous wording
•EBITDA was $0.0 million for the three months ended June 30, 2024, compared to EBITDA of $1.7 million for the same period in 2023, a decrease in EBITDA of $1.7 million. On a constant currency basis, EBITDA decreased $1.6 million.
Current wording
•EBITDA loss was $0.3 million for the three months ended September 30, 2024, compared to EBITDA of $1.2 million for the same period in 2023, a decrease in EBITDA of $1.5 million. On a constant currency basis, EBITDA decreased $1.6 million.
Previous wording
•Net loss was $0.4 million for the three months ended June 30, 2024, compared to net income of $0.6 million for the same period in 2023, a decrease in net income of $1.0 million. On a constant currency basis, net income also decreased $1.0 million.
Current wording
•Net loss was $0.8 million for the three months ended September 30, 2024, compared to net income of $0.5 million for the same period in 2023, a decrease in net income of $1.4 million. On a constant currency basis, net income also decreased $1.4 million.
Previous wording
Summary of Financial Performance Highlights for the Six Months Ended
Current wording
Summary of Financial Performance Highlights for the Nine Months Ended
Previous wording
◦On a constant currency basis, the Company’s revenue decreased $8.9 million, or 19.9%, due to a decrease in contracting revenue of $4.8 million, or 21.2%, coupled with a decrease in RPO revenue of $4.1 million, or 18.6%, compared to the same period in 2023.
Current wording
◦On a constant currency basis, the Company’s revenue decreased $20.6 million, or 16.2%, due to a decrease in RPO revenue of $11.2 million, or 18.0%, coupled with a decrease in contracting revenue of $9.4 million, or 14.6%, compared to the same period in 2023.
Previous wording
◦On a constant currency basis, adjusted net revenue decreased$4.9 million, or 21.7%, primarily due to a decrease in RPO adjusted net revenue of$4.6 million, or 21.3%, compared to the same period in 2023.
Current wording
◦On a constant currency basis, adjusted net revenue decreased $11.2 million, or 17.6%, due to a decrease in RPO adjusted net revenue of$10.9 million, or 17.9%, while contracting revenue decreased by $0.4 million, or 12.1%, compared to the same period in 2023.
Previous wording
◦On a constant currency basis, SG&A and Non-Op decreased $5.4 million, or 12.8%, as compared to the same period in 2023. SG&A and Non-Op as a percentage of revenue was 52.6% for the six months ended June 30, 2024, compared to 48.3% for the same period in 2023.
Current wording
◦On a constant currency basis, SG&A and Non-Op decreased $4.8 million, or 8.0%, as compared to the same period in 2023. SG&A and Non-Op as a percentage of revenue was 52.1% for the nine months ended September 30, 2024, compared to 47.5% for the same period in 2023.
Previous wording
•EBITDA loss was $2.7 million for the six months ended June 30, 2024, compared to EBITDA of $2.2 million for the same period in 2023, a decrease in EBITDA of $4.8 million. On a constant currency basis, EBITDA also decreased $4.8 million.
Current wording
•EBITDA loss was $3.0 million for the nine months ended September 30, 2024, compared to EBITDA of $3.4 million for the same period in 2023, a decrease in EBITDA of $6.4 million. On a constant currency basis, EBITDA also decreased $6.4 million.
Previous wording
•Net loss was $3.3 million for the six months ended June 30, 2024, compared to net income of $0.9 million for the same period in 2023, a decrease in net income of $4.3 million. On a constant currency basis, net income also decreased $4.3 million.
Current wording
•Net loss was $4.2 million for the nine months ended September 30, 2024, compared to net income of $1.5 million for the same period in 2023, a decrease in net income of $5.7 million. On a constant currency basis, net income also decreased $5.7 million.
Previous wording
Changes in revenue, adjusted net revenue, SG&A and Non-Op, operating income (loss), net income (loss), and EBITDA (loss) include the effect of changes in foreign currency exchange rates. The tables below summarize the impact of foreign currency exchange adjustments on the Company’s operating results for the three and six months ended June 30, 2024 and 2023.
Current wording
Changes in revenue, adjusted net revenue, SG&A and Non-Op, operating income (loss), net income (loss), and EBITDA (loss) include the effect of changes in foreign currency exchange rates. The tables below summarize the impact of foreign currency exchange adjustments on the Company’s operating results for the three and nine months ended September 30, 2024 and 2023.
Previous wording
For the three months ended June 30, 2024, RPO revenue decreased by $1.5 million, or 19%, while contracting revenue decreased by $0.0 million, or 22%, compared to the same period in 2023. The decreases in both RPO and contracting revenue were mainly due to lower demand from existing clients.
Current wording
For the nine months ended September 30, 2024, RPO revenue decreased by $5.7 million, or 24%, while contracting revenue increased by $1.3 million, or 162%, as compared to the same period in 2023. The changes in both RPO and contracting revenue were due to lower demand from existing clients.
Previous wording
For the three months ended June 30, 2024 and 2023, total adjusted net revenue as a percentage of revenue was 91%, compared to 97% for the same period in 2023. The decrease in total adjusted net revenue as a percentage of revenue was attributed to the lower mix of RPO to contracting revenue.
Current wording
For the three months ended September 30, 2024 and 2023, total adjusted net revenue as a percentage of revenue was 88%, compared to 96% for the same period in 2023. The decrease in total adjusted net revenue as a percentage of revenue was attributed to the lower mix of RPO to contracting revenue.
Previous wording
For the six months ended June 30, 2024, total adjusted net revenue as a percentage of revenue was 94%, compared to 97% for the same period in 2023. The decrease in total adjusted net revenue as a percentage of revenue was due to the same factor noted above.
Current wording
For the nine months ended September 30, 2024, total adjusted net revenue as a percentage of revenue was 91%, compared to 96% for the same period in 2023. The decrease in total adjusted net revenue as a percentage of revenue was due to the same factor noted above.
Previous wording
For the three months ended June 30, 2024, SG&A and Non-Op decreased $2.9 million, or 32%, compared to the same period in 2023, while SG&A and Non-Op as a percentage of revenue decreased from 104% to 86%. The decrease in SG&A and No-Op was principally due to lower consultant staff costs. The decrease in SG&A and Non-Op as a percentage of revenue was primarily due to the decline in consultant staff costs as a percentage of adjusted net revenue.
Current wording
For the three months ended September 30, 2024, SG&A and Non-Op decreased $0.6 million, or 9%, compared to the same period in 2023, while SG&A and Non-Op as a percentage of revenue decreased from 97% to 83%. The decrease in SG&A and No-Op was principally due to lower staff costs. The decrease in SG&A and Non-Op as a percentage of revenue was primarily due to the decline in staff costs as a percentage of adjusted net revenue.
Previous wording
For the six months ended June 30, 2024, SG&A and Non-Op decreased $5.5 million, or 30%, compared to the same period in 2023, while SG&A and Non-Op as a percentage of revenue decreased from 102% to 98%. The decrease in SG&A and Non-Op as a percentage of revenue was primarily due to the same factor noted above.
Current wording
For the nine months ended September 30, 2024, SG&A and Non-Op decreased $6.2 million, or 24%, compared to the same period in 2023, while SG&A and Non-Op as a percentage of revenue decreased from 101% to 93%. The decrease in SG&A and No-Op was principally due to lower staff costs and overhead costs. The decrease in SG&A and Non-Op as a percentage of revenue was primarily due to the decline in staff costs and overhead costs as a percentage of adjusted net revenue.
Previous wording
For the three months ended June 30, 2024, operating income was $0.3 million, compared to operating loss of $0.6 million in 2023, and EBITDA was $0.4 million, compared to EBITDA loss of $0.5 million in 2023.
Current wording
For the three months ended September 30, 2024, operating income was $0.2 million, compared to operating loss of $0.2 million in 2023, and EBITDA was $0.4 million, compared to EBITDA of $0.0 million in 2023.
Previous wording
For the six months ended June 30, 2024, operating loss was $0.9 million, compared to operating loss of $1.2 million in 2023, and EBITDA loss was $0.5 million, compared to EBITDA loss of $0.9 million in 2023.
Current wording
For the nine months ended September 30, 2024, operating loss was $0.7 million, compared to operating loss of $1.4 million in 2023, and EBITDA loss was $0.1 million, compared to EBITDA loss of $0.9 million in 2023.
Previous wording
The increases in operating income and EBITDA for the three and six months ended June 30, 2024, were due to the same factors noted above.
Current wording
The increases in operating income and EBITDA for the three and nine months ended September 30, 2024, were due to the same factors noted above.
Previous wording
For the three months ended June 30, 2024, contracting revenue decreased by $3.8 million, or 20%, while RPO revenue decreased $1.6 million, or 18%, compared to 2023, as discussed below.
Current wording
For the three months ended September 30, 2024, contracting revenue decreased by $3.3 million, or 18%, while RPO revenue decreased $0.8 million, or 9%, compared to 2023, as discussed below.
Previous wording
In Australia, revenue decreased $6.5 million, or 26%, for the three months ended June 30, 2024, compared to the same period in 2023. The decrease was primarily driven by contracting revenue which declined by $3.9 million, or 22% driven by reduced demand from existing clients. RPO revenue declined by $2.6 million, or 36%, compared to 2023, also due to lower demand from existing clients.
Current wording
In Australia, revenue decreased $6.1 million, or 25%, for the three months ended September 30, 2024, compared to the same period in 2023. The decrease was primarily driven by contracting revenue which declined by $3.6 million, or 21% driven by reduced demand from existing clients. RPO revenue declined by $2.4 million, or 35%, compared to 2023, also due to lower demand from existing clients.
Previous wording
In Asia, revenue increased $1.2 million, or 44%, for the three months ended June 30, 2024, compared to the same period in 2023. The increase in revenue was primarily driven by the acquisition of Hudson Global Resources (Singapore) Pte. Ltd. (“Singapore Acquisition”) (see Note 5 to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q), which contributed 58 percentage points to the revenue growth.
Current wording
In Asia, revenue increased $1.9 million, or 86%, for the three months ended September 30, 2024, compared to the same period in 2023. The increase in revenue was primarily driven by the acquisition of Hudson Global Resources (Singapore) Pte. Ltd. (“Singapore Acquisition”) (see Note 5 to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q), which contributed 83 percentage points to the revenue growth.
Previous wording
In Australia, revenue decreased $11.9 million, or 24%, for the six months ended June 30, 2024, compared to the same period in 2023. The decrease was primarily in contracting revenue, which decreased by $6.8 million, or 19%, while RPO revenue decreased by $5.0 million, or 38%, compared to 2023. The decreases in contracting and recruitment revenue were primarily due to lower demand from existing clients.
Current wording
In Australia, revenue decreased $17.9 million, or 25%, for the nine months ended September 30, 2024, compared to the same period in 2023. The decrease was primarily in contracting revenue, which decreased by $10.4 million, or 20%, while RPO revenue decreased by $7.5 million, or 37%, compared to 2023. The decreases in contracting and recruitment revenue were primarily due to lower demand from existing clients.
Previous wording
In Asia, revenue increased $1.8 million or 35%, for the six months ended June 30, 2024, compared to 2023. The increase in revenue was primarily driven by the Singapore Acquisition, which contributed 46 percentage points to the revenue growth.
Current wording
In Asia, revenue increased $3.8 million or 51%, for the nine months ended September 30, 2024, compared to 2023. The increase in revenue was primarily driven by the Singapore Acquisition, which contributed 57 percentage points to the revenue growth.
Previous wording
For the three months ended June 30, 2024, RPO adjusted net revenue declined by $1.5 million, or 18%, while contracting adjusted net revenue decreased $0.3 million or 32%, compared to the same period in 2023.
Current wording
For the three months ended September 30, 2024, RPO adjusted net revenue declined by $0.7 million, or 9%, while contracting adjusted net revenue decreased $0.3 million or 32%, compared to the same period in 2023.
Previous wording
In Australia, adjusted net revenue decreased by $2.8 million, or 36%, for the three months ended June 30, 2024, compared to the same period in 2023. The decrease was primarily reflected in RPO adjusted net revenue, which declined $2.5 million, or 37%, while contracting adjusted net revenue decreased by $0.3 million, or 28% compared to 2023.
Current wording
In Australia, adjusted net revenue decreased by $2.6 million, or 35%, for the three months ended September 30, 2024, compared to the same period in 2023. The decrease was primarily reflected in RPO adjusted net revenue, which declined $2.4 million, or 36%, while contracting adjusted net revenue decreased by $0.2 million, or 27% compared to 2023.
Previous wording
In Asia, adjusted net revenue increased by $0.9 million, or 56%, for the three months ended June 30, 2024, compared to the same period in 2023. The increase in adjusted net revenue was primarily driven by the acquisition of Hudson Global
Current wording
In Asia, adjusted net revenue increased by $1.6 million, or 127%, for the three months ended September 30, 2024, compared to the same period in 2023. The increase in adjusted net revenue was primarily driven by the acquisition of Hudson
Previous wording
Resources (Singapore) Pte. Ltd. (“Singapore Acquisition”) (see Note 5 to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q), which contributed 76 percentage points to the adjusted net revenue growth.
Current wording
Global Resources (Singapore) Pte. Ltd. (“Singapore Acquisition”) (see Note 5 to the Condensed Consolidated Financial Statements in Part I, Item 1 of this Form 10-Q), which contributed 125 percentage points to the adjusted net revenue growth.
Previous wording
In Australia, adjusted net revenue decreased by $5.1 million, or 35%, for the six months ended June 30, 2024, compared to the same period in 2023. The decrease was primarily reflected in RPO adjusted net revenue, which declined by $4.7 million, or 37%, while contracting adjusted net revenue decreased by $0.4 million, or 24%, compared to 2023.
Current wording
In Australia, adjusted net revenue decreased by $7.7 million, or 35%, for the nine months ended September 30, 2024, compared to the same period in 2023. The decrease was primarily reflected in RPO adjusted net revenue, which declined by $7.1 million, or 36%, while contracting adjusted net revenue decreased by $0.6 million, or 25%, compared to 2023.
Previous wording
In Asia, adjusted net revenue increased by $1.6 million, or 50%, for the six months ended June 30, 2024, compared to the same period in 2023. The increase in adjusted net revenue was primarily driven by the Singapore Acquisition, which contributed 63 percentage points to the revenue growth.
Current wording
In Asia, adjusted net revenue increased by $3.2 million, or 72%, for the nine months ended September 30, 2024, compared to the same period in 2023. The increase in adjusted net revenue was primarily driven by the Singapore Acquisition, which contributed 80 percentage points to the revenue growth.
Previous wording
Total adjusted net revenue as a percentage of revenue was 32% for each of the six months ended June 30, 2024 and 2023.
Current wording
Total adjusted net revenue as a percentage of revenue was 33% for each of the nine months ended September 30, 2024 and 2023.
Previous wording
For the six months ended June 30, 2024, SG&A and Non-Op increased $0.3 million, or 2%, compared to the same periods in 2023. The increase in SG&A and Non-Op was primarily due to the Singapore Acquisition.
Current wording
For the three and nine months ended September 30, 2024, SG&A and Non-Op increased $0.7 million, or 10%, and $1.0 million, or 5%, respectively, compared to the same periods in 2023. The increase in SG&A and Non-Op was primarily due to the Singapore Acquisition.
Previous wording
For three and six months ended June 30, 2024, SG&A and Non-Op as a percentage of revenue was 32% and 33%, as compared to 26%, respectively, for the same periods in 2023. For the three and six months ended June 30, 2024, the increase in SG&A and Non-Op as a percentage of revenue was principally due to the Singapore Acquisition.
Current wording
For each of the three and nine months ended September 30, 2024, SG&A and Non-Op as a percentage of revenue was 33%, as compared to 26% for the same periods in 2023. For the three and nine months ended September 30, 2024, the increase in SG&A and Non-Op as a percentage of revenue was principally due to the Singapore Acquisition.
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Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
For the nine months ended September 30, 2024, SG&A and Non-Op decreased $0.8 million, or 7%, compared to the same period in 2023. The decrease in SG&A and Non-Op was primarily the result of lower consultant staff costs in the current year.
Current report — wording carried from elsewhere
The economic conditions in the recent past have given rise to many news reports and bulletins from clients, tax authorities, and other parties about changes in their procedures for audits, payment, plans to challenge existing contracts, and other such matters aimed at being more aggressive in the resolution of such matters in their own favor. The Company believes