Adjusted net revenue was up 98.8% YoY to $18 million and 92.7% in constant currency. Hudson Global reported a net income increase to $1.5 million or $0.49 per share relative to a loss of $1.2 million or $0.41 per share a year ago. Adjusted EBITDA during the quarter was $3 million improving from last year’s EBITDA loss of $0.7 million.
Hudson Global reports strong across all three regions
Hudson Global CEO Jeff Eberwein said:
Our business exhibited very strong growth in revenue, adjusted net revenue, and adjusted EBITDA across all three regions in the third quarter of 2021 versus the prior year quarter.
The company’s Asia Pacific revenue was $32.3 million, increasing 58% YoY, while adjusted net revenue was up 54% to $7.9 million. Hudson Global had an EBITDA of $1.8 million for the Asia Pacific region and an adjusted EBITDA of $2.2 million.
In the Americas, revenue was up 280% to $7.4 million, with adjusted net revenue increasing 315% to $7 million during the quarter. The impressive top-line growth was a result of strong organic growth and Coit Group acquisition in Q4 2020. European revenue in Q3 was up 39% to $5.3 million, with adjusted net revenue increased 22% to $3.1 million. Eberwein said:
I continue to be particularly encouraged by the success and collaboration of our sales teams globally as our new business pipeline remains robust and growing. Coit Group, our 2020 acquisition, has significantly outperformed our expectations this year and we are very excited to see what Karani, our new 2021 acquisition, will be able to do as part of Hudson RPO.
Hudson global continues to repurchase shares.
The company had $26.5 million in cash at the end of Q3 2021, including $0.3 million in restricted cash. In addition, Hudson Global earned $2.3 million in cash flow from operations during the quarter, compared to an outflow of $0.5 million in Q3 2020.
Hudson Global decreased its number of shares by 15% since the start of 2019 and continues to see share repurchases as an attractive use of resources. Currently, it has $1.7 million left under its $10 million common stock share repurchase program.
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