ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||||||||||
☒ | Smaller reporting company | |||||||||||||
Emerging growth company |
Class | Outstanding on 03/01/2022 | |||||||
Common Stock - $0.001 par value |
Table of Contents | ||||||||
Page | ||||||||
PART I | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 1B. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II | ||||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
ITEM 7. | ||||||||
ITEM 7A. | ||||||||
ITEM 8. | ||||||||
ITEM 9. | ||||||||
ITEM 9A. | ||||||||
ITEM 9B. | ||||||||
PART III | ||||||||
ITEM 10. | ||||||||
ITEM 11. | ||||||||
ITEM 12. | ||||||||
ITEM 13. | ||||||||
ITEM 14. | ||||||||
PART IV | ||||||||
ITEM 15. | ||||||||
ITEM 16. | ||||||||
Revenue | ||||||||||||||
$ in thousands | Amount | Percentage | ||||||||||||
Americas | $ | 28,797 | 17.0 | % | ||||||||||
Asia Pacific | 118,597 | 70.1 | % | |||||||||||
Europe | 21,813 | 12.9 | % | |||||||||||
Total | $ | 169,207 | 100.0 | % |
Revenue | ||||||||||||||
$ in thousands | Amount | Percentage | ||||||||||||
RPO Recruitment | $ | 66,469 | 39.3 | % | ||||||||||
Contracting | 102,738 | 60.7 | % | |||||||||||
Total | $ | 169,207 | 100.0 | % |
Market Price | ||||||||||||||
High | Low | |||||||||||||
2021 | ||||||||||||||
Fourth quarter | $ | 30.99 | $ | 15.55 | ||||||||||
Third quarter | $ | 19.90 | $ | 15.46 | ||||||||||
Second quarter | $ | 19.90 | $ | 16.55 | ||||||||||
First quarter | $ | 18.27 | $ | 10.36 | ||||||||||
2020 | ||||||||||||||
Fourth quarter | $ | 11.96 | $ | 9.37 | ||||||||||
Third quarter | $ | 10.18 | $ | 8.63 | ||||||||||
Second quarter | $ | 9.50 | $ | 8.38 | ||||||||||
First quarter | $ | 13.10 | $ | 6.06 |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (a) | ||||||||||||||||||||||
October 1, 2021 - October 31, 2021 | — | $ | — | — | $ | 1,703,000 | ||||||||||||||||||||
November 1, 2021 - November 30, 2021 | — | $ | — | — | $ | 1,703,000 | ||||||||||||||||||||
December 1, 2021 - December 31, 2021 | — | $ | — | — | $ | 1,703,000 | ||||||||||||||||||||
Total | — | $ | — | — | $ | 1,703,000 |
Year Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||
As | As | Currency | Constant | ||||||||||||||||||||||||||
$ in thousands | reported | reported | translation | currency | |||||||||||||||||||||||||
Revenue: | |||||||||||||||||||||||||||||
Americas | $ | 28,797 | $ | 10,866 | $ | 89 | $ | 10,955 | |||||||||||||||||||||
Asia Pacific | 118,597 | 75,633 | 6,314 | 81,947 | |||||||||||||||||||||||||
Europe | 21,813 | 14,949 | 996 | 15,945 | |||||||||||||||||||||||||
Total | $ | 169,207 | $ | 101,448 | $ | 7,399 | $ | 108,847 | |||||||||||||||||||||
Adjusted net revenue (a): | |||||||||||||||||||||||||||||
Americas | $ | 27,087 | $ | 9,598 | $ | 82 | $ | 9,680 | |||||||||||||||||||||
Asia Pacific | 28,561 | 19,814 | 1,442 | 21,256 | |||||||||||||||||||||||||
Europe | 12,509 | 9,669 | 603 | 10,272 | |||||||||||||||||||||||||
Total | $ | 68,157 | $ | 39,081 | $ | 2,127 | $ | 41,208 | |||||||||||||||||||||
SG&A and Non-Op (b): | |||||||||||||||||||||||||||||
Americas | $ | 25,294 | $ | 10,738 | $ | 96 | $ | 10,834 | |||||||||||||||||||||
Asia Pacific | 23,104 | 16,943 | 1,175 | 18,118 | |||||||||||||||||||||||||
Europe | 11,500 | 9,086 | 547 | 9,633 | |||||||||||||||||||||||||
Corporate | 3,351 | 2,992 | — | 2,992 | |||||||||||||||||||||||||
Total | $ | 63,249 | $ | 39,759 | $ | 1,818 | $ | 41,577 | |||||||||||||||||||||
Operating income (loss): | |||||||||||||||||||||||||||||
Americas | $ | 1,689 | $ | (2,218) | $ | (14) | $ | (2,232) | |||||||||||||||||||||
Asia Pacific | 6,785 | 3,827 | 235 | 4,062 | |||||||||||||||||||||||||
Europe | 1,309 | 383 | 27 | 410 | |||||||||||||||||||||||||
Corporate | (5,389) | (4,638) | — | (4,638) | |||||||||||||||||||||||||
Total | $ | 4,394 | $ | (2,646) | $ | 248 | $ | (2,398) | |||||||||||||||||||||
Net income (loss), consolidated | $ | 3,227 | $ | (1,243) | $ | 211 | $ | (1,032) | |||||||||||||||||||||
EBITDA (loss)(c): | |||||||||||||||||||||||||||||
Americas | $ | 1,801 | $ | (1,044) | $ | (12) | $ | (1,056) | |||||||||||||||||||||
Asia Pacific | 5,452 | 2,877 | 241 | 3,118 | |||||||||||||||||||||||||
Europe | 1,007 | 481 | 52 | 533 | |||||||||||||||||||||||||
Corporate | (3,352) | (2,992) | — | (2,992) | |||||||||||||||||||||||||
Total | $ | 4,908 | $ | (678) | $ | 281 | $ | (397) |
Year Ended December 31, | |||||||||||||||||
$ in thousands | 2021 | 2020 | |||||||||||||||
Net income (loss) | $ | 3,227 | $ | (1,243) | |||||||||||||
Adjustments to net income (loss) | |||||||||||||||||
Provision for income taxes | 1,117 | 535 | |||||||||||||||
Interest income, net | (33) | (149) | |||||||||||||||
Depreciation and amortization expense | 597 | 179 | |||||||||||||||
Total adjustments from net income to EBITDA (loss) | 1,681 | 565 | |||||||||||||||
EBITDA (loss) | $ | 4,908 | $ | (678) |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | As reported | ||||||||||||||||||||||||
Americas | ||||||||||||||||||||||||||
Revenue | $ | 28.8 | $ | 10.9 | $ | 17.9 | 165 | % |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | As reported | ||||||||||||||||||||||||
Americas | ||||||||||||||||||||||||||
Adjusted net revenue | $ | 27.1 | $ | 9.6 | $ | 17.5 | 182 | % | ||||||||||||||||||
Adjusted net revenue as a percentage of revenue | 94 | % | 88 | % | N/A | N/A |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | As reported | ||||||||||||||||||||||||
Americas | ||||||||||||||||||||||||||
SG&A and Non-Op | $ | 25.3 | $ | 10.7 | $ | 14.6 | 136 | % | ||||||||||||||||||
SG&A and Non-Op as a percentage of revenue | 88 | % | 99 | % | N/A | N/A |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | As reported | ||||||||||||||||||||||||
Americas | ||||||||||||||||||||||||||
Operating income (loss) | $ | 1.7 | $ | (2.2) | $ | 3.9 | 176 | % | ||||||||||||||||||
EBITDA (loss) | $ | 1.8 | $ | (1.0) | $ | 2.8 | 273 | % | ||||||||||||||||||
EBITDA (loss) as a percentage of revenue | 6 | % | (10) | % | N/A | N/A |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | Constant currency | ||||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||||
Revenue | $ | 118.6 | $ | 81.9 | $ | 36.7 | 45 | % |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | Constant currency | ||||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||||
Adjusted net revenue | $ | 28.6 | $ | 21.3 | $ | 7.3 | 34 | % | ||||||||||||||||||
Adjusted net revenue as a percentage of revenue | 24 | % | 26 | % | N/A | N/A |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | Constant currency | ||||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||||
SG&A and Non-Op | $ | 23.1 | $ | 18.1 | $ | 5.0 | 28 | % | ||||||||||||||||||
SG&A and Non-Op as a percentage of revenue | 19 | % | 22 | % | N/A | N/A |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | Constant currency | ||||||||||||||||||||||||
Asia Pacific | ||||||||||||||||||||||||||
Operating income | $ | 6.8 | $ | 4.1 | $ | 2.7 | 67 | % | ||||||||||||||||||
EBITDA | $ | 5.5 | $ | 3.1 | $ | 2.3 | 75 | % | ||||||||||||||||||
EBITDA as a percentage of revenue | 5 | % | 4 | % | N/A | N/A |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | Constant currency | ||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Revenue | $ | 21.8 | $ | 15.9 | $ | 5.9 | 37 | % |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | Constant currency | ||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Adjusted net revenue | $ | 12.5 | $ | 10.3 | $ | 2.2 | 22 | % | ||||||||||||||||||
Adjusted net revenue as a percentage of revenue | 57 | % | 64 | % | N/A | N/A |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | Constant currency | ||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
SG&A and Non-Op | $ | 11.5 | $ | 9.6 | $ | 1.9 | 19 | % | ||||||||||||||||||
SG&A and Non-Op as a percentage of revenue | 53 | % | 60 | % | N/A | N/A |
Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | Change in amount | Change in % | |||||||||||||||||||||||
$ in millions | As reported | Constant currency | ||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||||
Operating income: | $ | 1.3 | $ | 0.4 | $ | 0.9 | 219 | % | ||||||||||||||||||
EBITDA | $ | 1.0 | $ | 0.5 | $ | 0.5 | 89 | % | ||||||||||||||||||
EBITDA as a percentage of revenue | 5 | % | 3 | % | N/A | N/A |
For The Year Ended December 31, | ||||||||||||||
$ in millions | 2021 | 2020 | ||||||||||||
Net cash provided by (used in) operating activities | $ | 2.5 | $ | (1.4) | ||||||||||
Net cash used in by investing activities | (6.3) | (4.0) | ||||||||||||
Net cash used in financing activities | — | (0.9) | ||||||||||||
Effect of exchange rates on cash, cash equivalents, and restricted cash | (0.3) | 0.9 | ||||||||||||
Net decrease in cash, cash equivalents, and restricted cash | $ | (4.1) | $ | (5.5) |
Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revenue | $ | $ | ||||||||||||
Operating expenses: | ||||||||||||||
Direct contracting costs and reimbursed expenses | ||||||||||||||
Salaries and related | ||||||||||||||
Office and general | ||||||||||||||
Marketing and promotion | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Total operating expenses | ||||||||||||||
Operating income (loss) | ( | |||||||||||||
Non-operating income (expense): | ||||||||||||||
Interest income, net | ||||||||||||||
PPP loan forgiveness | ||||||||||||||
Other (expense) income, net | ( | |||||||||||||
Income (loss) before income taxes | ( | |||||||||||||
Provision for income taxes | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Earnings (loss) per share: | ||||||||||||||
Basic | $ | $ | ( | |||||||||||
Diluted | $ | $ | ( | |||||||||||
Weighted-average shares outstanding: | ||||||||||||||
Basic | ||||||||||||||
Diluted |
Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Comprehensive income (loss): | ||||||||||||||
Net income (loss) | $ | $ | ( | |||||||||||
Other comprehensive (loss) income: | ||||||||||||||
Foreign currency translation adjustment, net of income taxes | ( | |||||||||||||
Total other comprehensive (loss) income, net of income taxes | ( | |||||||||||||
Comprehensive income (loss) | $ | $ | ( |
As of December 31, | |||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowance for doubtful accounts of $ | |||||||||||
Restricted cash, current | |||||||||||
Prepaid and other | |||||||||||
Total current assets | |||||||||||
Property and equipment, net of accumulated depreciation of $ | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Deferred tax assets | |||||||||||
Restricted cash | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued salaries, commissions, and benefits | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Operating lease obligations, current | |||||||||||
Total current liabilities | |||||||||||
Income tax payable | |||||||||||
Operating lease obligations | |||||||||||
Note payable – long term | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated deficit | ( | ( | |||||||||
Accumulated other comprehensive (loss) income, net of applicable tax | ( | ||||||||||
Treasury stock, | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income (loss) | $ | $ | ( | ||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Provision for doubtful accounts | |||||||||||
Benefit from deferred income taxes | ( | ( | |||||||||
Stock-based compensation | |||||||||||
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: | |||||||||||
(Increase) decrease in accounts receivable | ( | ||||||||||
Increase in prepaid and other assets | ( | ( | |||||||||
Increase (decrease) in accounts payable, accrued expenses and other liabilities | ( | ||||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | ( | ( | |||||||||
Cash paid for acquisitions, net of cash acquired | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from PPP loan | |||||||||||
Purchases of treasury stock | ( | ||||||||||
Purchases of restricted stock from employees | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Effect of exchange rates on cash and cash equivalents and restricted cash | ( | ||||||||||
Net decrease in cash and cash equivalents and restricted cash | ( | ( | |||||||||
Cash, cash equivalents, and restricted cash beginning of the period | |||||||||||
Cash, cash equivalents, and restricted cash end of the period | $ | $ | |||||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash payments during the period for interest | $ | $ | |||||||||
Cash payments during the period for income taxes, net of refunds | $ | $ | |||||||||
Cash paid for amounts included in operating lease liabilities | $ | $ | |||||||||
Supplemental non-cash disclosures: | |||||||||||
Right-of-use assets obtained in exchange for operating lease liabilities | $ | $ | |||||||||
PPP loan forgiveness | $ | $ | |||||||||
Note payable | $ | $ |
Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income (loss) | Treasury stock | Total | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Shares | Value | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, translation adjustments | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Purchase of treasury stock | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Purchase of restricted stock from employees | — | — | — | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and vesting of restricted stock units | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss, translation adjustments | — | — | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||
Purchase of restricted stock from employees | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation and vesting of restricted stock units | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | ( | $ | ( | ( | $ | ( | $ |
Years | ||||||||
Furniture and equipment | ||||||||
Capitalized software costs | ||||||||
Computer equipment |
Years | ||||||||
Non-compete agreements | ||||||||
Developed Technology | ||||||||
Customer lists | ||||||||
Trade name |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
RPO Recruitment | $ | $ | ||||||||||||
Contracting | ||||||||||||||
Total Revenue | $ | $ | ||||||||||||
Fair Value | ||||||||
Assets Acquired: | ||||||||
Cash and cash equivalents | $ | |||||||
Accounts receivable | ||||||||
Restricted cash, current | ||||||||
Prepaid expenses and other assets | ||||||||
Property and equipment | ||||||||
Operating lease right-of-use assets | ||||||||
Restricted cash | ||||||||
Other long-term assets | ||||||||
Intangible assets | ||||||||
Goodwill | ||||||||
Assets Acquired | $ | |||||||
Liabilities Assumed: | ||||||||
Accrued expenses and other current liabilities | $ | |||||||
Operating lease obligations, current | ||||||||
Operating lease obligations, non current | ||||||||
Other long-term liabilities | ||||||||
Liabilities Assumed | $ | |||||||
Fair value of assets acquired and consideration transferred | $ | |||||||
Fair Value | Useful Life | |||||||||||||
Developed technology | $ | |||||||||||||
Customer lists | ||||||||||||||
Trade name | ||||||||||||||
Total identifiable assets | $ | |||||||||||||
Fair Value | ||||||||
Assets Acquired: | ||||||||
Accounts receivable | $ | |||||||
Intangible assets | ||||||||
Goodwill | ||||||||
Assets Acquired | $ | |||||||
Liabilities Assumed: | ||||||||
Accrued commissions | $ | |||||||
Deferred revenue | ||||||||
Liabilities Assumed | $ | |||||||
Fair value of assets acquired and consideration transferred | $ | |||||||
Fair Value | Useful Life | |||||||||||||
Non-compete agreements | $ | |||||||||||||
Trade name | ||||||||||||||
Customer lists | ||||||||||||||
Total identifiable assets | $ | |||||||||||||
Year ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Revenue | $ | $ | ||||||||||||
Net income (loss) | $ | $ | ( |
Vesting conditions | Number of Restricted Stock Units Granted | |||||||
Performance and service conditions - Type 1 (1) (2) | ||||||||
Performance and service conditions - Type 2 (1) (2) | ||||||||
Service conditions only - Type 1 (2) | ||||||||
Total shares of stock award granted |
For The Year Ended December 31, | |||||||||||
2021 | 2020 | ||||||||||
Restricted shares of common stock | $ | $ | |||||||||
Restricted stock units | |||||||||||
Total | $ | $ | |||||||||
As of December 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Unrecognized Expense | Weighted Average Period in Years | Unrecognized Expense | Weighted Average Period in Years | |||||||||||||||||||||||
Restricted shares of common stock | $ | $ | ||||||||||||||||||||||||
Restricted stock units | $ | $ |
For The Year Ended December 31, | ||||||||||||||
2020 | ||||||||||||||
Number of Options | Weighted Average Exercise Price per Share | |||||||||||||
Options outstanding at January 1 | $ | |||||||||||||
Expired/forfeited | ( | $ | ( | |||||||||||
Options outstanding at December 31 | $ | |||||||||||||
Options exercisable at December 31 | $ |
Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Performance-based | Time-based/Director | Total | |||||||||||||||||||||||||||||||||
Number of Shares of Restricted Stock Units | Weighted Average Grant-Date Fair Value | Number of Shares of Restricted Stock Units | Weighted Average Grant-Date Fair Value | Number of Shares of Restricted Stock Units | Weighted Average Grant-Date Fair Value | ||||||||||||||||||||||||||||||
Unvested restricted stock units at January 1 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | $ | $ | $ | ||||||||||||||||||||||||||||||||
Vested | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Forfeited | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Unvested restricted stock units at December 31 | $ | $ | $ |
Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Performance-based | Time-based/Director | Total | |||||||||||||||||||||||||||||||||
Number of Shares of Restricted Stock Units | Weighted Average Grant-Date Fair Value | Number of Shares of Restricted Stock Units | Weighted Average Grant-Date Fair Value | Number of Shares of Restricted Stock Units | Weighted Average Grant-Date Fair Value | ||||||||||||||||||||||||||||||
Unvested restricted stock units at January 1 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | $ | $ | $ | ||||||||||||||||||||||||||||||||
Vested | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||
Forfeited | ( | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Unvested restricted stock units at December 31 | $ | $ | $ |
For The Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Fair value of restricted stock units vested | $ | $ |
For The Year Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | |||||||||||||||||||||||||
Number of Shares of Restricted Stock Units | Weighted Average Grant-Date Fair Value | Number of Shares of Restricted Stock Units | Weighted Average Grant-Date Fair Value | |||||||||||||||||||||||
Unvested restricted shares of common stock units at January 1 | $ | $ | ||||||||||||||||||||||||
Granted | $ | $ | ||||||||||||||||||||||||
Vested | ( | $ | $ | |||||||||||||||||||||||
Unvested restricted shares of common stock units at December 31 | $ | $ |
For The Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Fair value of restricted shares of common stock vested | $ | $ |
Year ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Domestic | $ | $ | ( | |||||||||||
Foreign | ||||||||||||||
Income (loss) before provision for income taxes | $ | $ | ( |
Year ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Current tax provision (benefit): | ||||||||||||||
U.S. Federal | $ | $ | ||||||||||||
State and local | ||||||||||||||
Foreign | ||||||||||||||
Total current provision for (benefit from) income taxes | ||||||||||||||
Deferred tax provision (benefit): | ||||||||||||||
U.S. Federal | ||||||||||||||
State and local | ||||||||||||||
Foreign | ( | ( | ||||||||||||
Total deferred benefit from income taxes | ( | ( | ||||||||||||
Total provision for provision for income taxes | $ | $ |
Year ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Benefit at federal statutory rates | $ | $ | ( | |||||||||||
State income taxes, net of federal benefit | ( | |||||||||||||
Change in valuation allowance | ( | |||||||||||||
Taxes related to foreign income | ||||||||||||||
Non-deductible expenses | ( | |||||||||||||
Other federal deferred tax adjustments | ( | |||||||||||||
Other state deferred tax adjustments | ||||||||||||||
Uncertain tax positions | ( | |||||||||||||
Provision for income taxes | $ | $ |
As of December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Deferred tax assets (liabilities): | ||||||||||||||
Allowance for doubtful accounts | $ | $ | ||||||||||||
Property and equipment | ( | |||||||||||||
Goodwill and intangibles | ( | |||||||||||||
Accrued compensation | ||||||||||||||
Accrued liabilities and other | ||||||||||||||
Loss carryforwards | ||||||||||||||
Deferred tax assets before valuation allowance | ||||||||||||||
Valuation allowance | ( | ( | ||||||||||||
Deferred tax assets, net of valuation allowance | $ | $ |
2021 | 2020 | |||||||||||||
Balance, beginning of year | $ | $ | ||||||||||||
Additions for tax positions of current years | ||||||||||||||
Additions for tax positions of prior years | ||||||||||||||
Reductions for tax positions of prior years | ( | |||||||||||||
Expiration of applicable statutes of limitations | ||||||||||||||
Balance, end of year | $ | $ |
Year | ||||||||
For The Year Ended December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Earnings (loss) per share (“EPS”): | |||||||||||||||||
Basic | $ | $ | ( | ||||||||||||||
Diluted | $ | $ | ( | ||||||||||||||
EPS numerator - basic and diluted: | |||||||||||||||||
Net income (loss) | $ | $ | ( | ||||||||||||||
EPS denominator (in thousands): | |||||||||||||||||
Weighted average common stock outstanding - basic | |||||||||||||||||
Common stock equivalents: stock options and restricted stock units | (a) | ||||||||||||||||
Weighted average number of common stock outstanding - diluted |
For The Year Ended December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Unvested restricted stock units | ||||||||||||||
Unvested restricted shares of common stock | ||||||||||||||
Total |
Carrying Value | ||||||||||||||
2021 | 2020 | |||||||||||||
Goodwill, January 1 | $ | $ | ||||||||||||
Acquisition | ||||||||||||||
Goodwill, December 31 | $ | $ |
2021 | Weighted Average Remaining Amortization Useful Lives (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||
Non-compete agreements | $ | $ | ( | $ | ||||||||||||||||||||||
Trade name | ( | |||||||||||||||||||||||||
Customer lists | ( | |||||||||||||||||||||||||
Developed technology | ( | |||||||||||||||||||||||||
$ | $ | ( | $ | |||||||||||||||||||||||
2020 | Weighted Average Remaining Amortization Useful Lives (in years) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||
Non-compete agreements | $ | $ | ( | $ | ||||||||||||||||||||||
Trade name | ( | |||||||||||||||||||||||||
Customer lists | ( | |||||||||||||||||||||||||
$ | $ | ( | $ | |||||||||||||||||||||||
2022 | $ | ||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
Thereafter | |||||||||||
$ |
January 1, 2021 Beginning Balance | Acquisition | Amortization | December 31, 2021 Ending Balance | |||||||||||||||||||||||
Non-compete agreements | $ | $ | $ | ( | $ | |||||||||||||||||||||
Trade name | ( | |||||||||||||||||||||||||
Customer lists | ( | |||||||||||||||||||||||||
Developed technology | ( | |||||||||||||||||||||||||
$ | $ | $ | ( | $ | ||||||||||||||||||||||
January 1, 2020 Beginning Balance | Acquisition | Amortization | December 31, 2020 Ending Balance | |||||||||||||||||||||||
Non-compete agreements | $ | $ | $ | ( | $ | |||||||||||||||||||||
Trade name | ( | |||||||||||||||||||||||||
Customer lists | ( | |||||||||||||||||||||||||
$ | $ | $ | ( | $ | ||||||||||||||||||||||
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Severance | $ | $ | ||||||||||||
Sales, use, payroll, and income taxes | ||||||||||||||
Fees for professional services | ||||||||||||||
Note payable – short term | ||||||||||||||
Deferred revenue | ||||||||||||||
Other accruals | ||||||||||||||
Total accrued expenses and other current liabilities | $ | $ |
2021 | 2022 | Total | |||||||||||||||
Minimum lease payments | $ | $ | $ |
December 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Foreign currency translation adjustments | $ | ( | $ | |||||||||||
Accumulated other comprehensive (loss) income | $ | ( | $ |
Americas | Asia Pacific | Europe | Corporate | Inter-segment elimination | Total | ||||||||||||||||||||||||||||||
For the Year Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Revenue, from external customers | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Inter-segment revenue | ( | ||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Adjusted net revenue, from external customers (a) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Inter-segment adjusted net revenue | ( | ( | |||||||||||||||||||||||||||||||||
Total adjusted net revenue | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
EBITDA (loss) (b) | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Interest income, net | |||||||||||||||||||||||||||||||||||
Intercompany interest (expense) income, net | ( | ||||||||||||||||||||||||||||||||||
Benefit from (provision for) income taxes | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Net income (loss) | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||||||||
Accounts receivable, net | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Long-lived assets, net of accumulated depreciation and amortization | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ |
Americas | Asia Pacific | Europe | Corporate | Inter-segment elimination | Total | ||||||||||||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||||||||
Revenue, from external customers | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Inter-segment revenue | ( | ||||||||||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
Adjusted net revenue, from external customers (a) | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Inter-segment adjusted net revenue | ( | ( | |||||||||||||||||||||||||||||||||
Total adjusted net revenue | $ | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||
EBITDA (loss) (b) | $ | ( | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Depreciation and amortization | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||
Interest income, net | |||||||||||||||||||||||||||||||||||
Intercompany interest (expense) income, net | ( | ||||||||||||||||||||||||||||||||||
(Provision for) benefit from income taxes | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Net income (loss) | $ | ( | $ | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
PPP Loan forgiveness | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||||||||
Accounts receivable, net | $ | $ | $ | $ | ( | $ | $ | ||||||||||||||||||||||||||||
Long-lived assets, net of accumulated depreciation and amortization | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ |
Information by geographic region | Australia | United Kingdom | United States | Other | Total | ||||||||||||||||||||||||
For the Year Ended December 31, 2021 | |||||||||||||||||||||||||||||
Revenue (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
For the Year Ended December 31, 2020 | |||||||||||||||||||||||||||||
Revenue (a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
As of December 31, 2021 | |||||||||||||||||||||||||||||
Long-lived assets, net (b) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net assets | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
As of December 31, 2020 | |||||||||||||||||||||||||||||
Long-lived assets, net (b) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net assets | $ | $ | $ | $ | $ |
Balance at | Charged to | Balance at | ||||||||||||||||||||||||
Beginning | Costs and | Deductions | End | |||||||||||||||||||||||
(in thousands) | of Period | Expenses | and Other | of Period | ||||||||||||||||||||||
Year Ended December 31, 2021 | ||||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | $ | $ | $ | ||||||||||||||||||||||
Deferred tax assets-valuation allowance | $ | $ | $ | ( | $ | |||||||||||||||||||||
Year Ended December 31, 2020 | ||||||||||||||||||||||||||
Allowance for Doubtful Accounts | $ | $ | $ | ( | $ | |||||||||||||||||||||
Deferred tax assets-valuation allowance | $ | $ | $ | ( | $ |
Name | Age | Title | ||||||||||||
Jeffrey E. Eberwein | 51 | Chief Executive Officer | ||||||||||||
Matthew K. Diamond | 46 | Chief Financial Officer |
Number of shares remaining available for future issuance under equity compensation plans | |||||||||||
Equity Compensation Plans approved by stockholders: | |||||||||||
2009 Incentive Stock and Awards Plan | 74,718 | (1) | |||||||||
Employee Stock Purchase Plan | 11,632 | (2) | |||||||||
Total | 86,350 |
Exhibit Number | Exhibit Description | |||||||
(2.1) | ||||||||
(2.2) | ||||||||
(2.3) | ||||||||
(2.4) | ||||||||
(2.5) | ||||||||
(3.1) | ||||||||
(3.2) | ||||||||
(3.3) | ||||||||
(3.4) | ||||||||
(3.5) | ||||||||
(3.6) | ||||||||
(4.1) | ||||||||
(4.2) | ||||||||
(4.3) | ||||||||
(10.1)* |
(10.2)* | ||||||||
(10.3)* | ||||||||
(10.4)* | ||||||||
(10.5)* | ||||||||
(10.6)* | ||||||||
(10.7)* | ||||||||
(10.8)* | ||||||||
(10.9)* | ||||||||
(10.10)* | ||||||||
(10.11)* | ||||||||
(10.12)* | ||||||||
(10.13)* | ||||||||
(10.14)* | ||||||||
(10.15)* | ||||||||
(10.16)* | ||||||||
(10.17)* | ||||||||
(10.18)* | ||||||||
(10.19)* | ||||||||
(10.20)* | ||||||||
(10.21)* |
(10.22)* | ||||||||
(10.23) | ||||||||
(10.24)* | ||||||||
(21) | ||||||||
(23.1) | ||||||||
(31.1) | ||||||||
(31.2) | ||||||||
(32.1) | ||||||||
(32.2) | ||||||||
(99.1) | Proxy Statement for the 2022 Annual Meeting of Stockholders (To be filed with the Securities and Exchange Commission under Regulation 14A within 120 days after December 31, 2021; except to the extent specifically incorporated by reference, the Proxy Statement for the 2022 Annual Meeting of Stockholders shall not be deemed to be filed with the Securities and Exchange Commission as part of this Annual Report on Form 10-K.) | |||||||
(101) | The following materials from Hudson Global, Inc.’s Annual Report on Form 10-K for the year ended December 31, 2021 are filed herewith, formatted in XBRL (Extensible Business Reporting Language): (i) the Consolidated Statements of Operations for the years ended December 31, 2021 and 2020, (ii) the Consolidated Statements of Comprehensive Income (Loss) for the years ended December 31, 2021 and 2020, (iii) the Consolidated Balance Sheets as of December 31, 2021 and 2020, (iv) the Consolidated Statements of Cash Flows for the years ended December 31, 2021 and 2020, (v) the Consolidated Statement of Stockholders’ Equity for the years ended December 31, 2021 and 2020, and (vi) Notes to Consolidated Financial Statements. | |||||||
* | A management contract or compensatory plan or arrangement |
HUDSON GLOBAL, INC. | |||||||||||
(Registrant) | |||||||||||
By: | /s/ JEFFREY E. EBERWEIN | ||||||||||
Jeffrey E. Eberwein | |||||||||||
Chief Executive Officer | |||||||||||
(Principal Executive Officer) | |||||||||||
Date: | March 11, 2022 |
Signature | Title | Date | ||||||||||||
/s/ JEFFREY E. EBERWEIN | Chief Executive Officer and Director (Principal Executive Officer) | March 11, 2022 | ||||||||||||
Jeffrey E. Eberwein | ||||||||||||||
/s/ MATTHEW K. DIAMOND | Chief Financial Officer (Principal Financial Officer) | March 11, 2022 | ||||||||||||
Matthew K. Diamond | ||||||||||||||
/S/ MIMI DRAKE | Director | March 11, 2022 | ||||||||||||
Mimi Drake | ||||||||||||||
/s/ IAN V. NASH | Director | March 11, 2022 | ||||||||||||
Ian V. Nash | ||||||||||||||
/S/ CONNIA NELSON | Director | March 11, 2022 | ||||||||||||
Connia Nelson | ||||||||||||||
Subsidiary | State or jurisdiction of incorporation | Percentage owned | ||||||||||||
Hudson RPO (Aust) Pty Ltd | Australia | 100 | % | |||||||||||
Hudson Global Resources Belgium NV | Belgium | 100 | % | |||||||||||
Hudson Global Recursos Humanos Ltda | Brazil (a) | 100 | % | |||||||||||
Leadway Holdings Group Ltd | BVI (a) | 100 | % | |||||||||||
James Botrie and Associates, Inc. | Canada | 100 | % | |||||||||||
Tenpath Tech Pros ULC | Canada | 100 | % | |||||||||||
Hudson RPO (Shanghai) Limited | China | 100 | % | |||||||||||
Hudson COIT, Inc. | Delaware | 100 | % | |||||||||||
Karani, LLC | Delaware | 100 | % | |||||||||||
247 Talent, LLC (formerly known as Tenpath, LLC) | Delaware | 100 | % | |||||||||||
Hudson Highland Group Holdings International, LLC | Delaware (a) | 100 | % | |||||||||||
Hudson Staffing, LLC | Delaware (a) | 100 | % | |||||||||||
Hudson RPO Germany GmbH | Germany | 100 | % | |||||||||||
Hudson RPO (Hong Kong) Limited | Hong Kong | 100 | % | |||||||||||
Hudson RPO (India) Private Limited (formerly known as Hudson Talent Management (India) Private Limited) | India | 100 | % | |||||||||||
Tenpath Solutions Private Limited | India | 100 | % | |||||||||||
Hudson Global Resources Jersey Limited | Jersey | 100 | % | |||||||||||
Hudson Europe BV | Netherlands | 100 | % | |||||||||||
Hudson RPO (NZ) Limited | New Zealand | 100 | % | |||||||||||
Hudson Global Resources Management, Inc. | Pennsylvania | 100 | % | |||||||||||
Hudson RPO Philippines Inc. | Philippines | 100 | % | |||||||||||
Hudson RPO Sourcing Inc. | Philippines | 100 | % | |||||||||||
Tenpath Global Solutions Inc | Philippines | 100 | % | |||||||||||
Hudson RPO (Singapore) Pte Limited | Singapore | 100 | % | |||||||||||
Hudson Global Resources Switzerland AG | Switzerland | 100 | % | |||||||||||
Hudson RPO Limited | United Kingdom | 100 | % |
Dated: | March 11, 2022 | /s/ JEFFREY E. EBERWEIN | ||||||
Jeffrey E. Eberwein | ||||||||
Chief Executive Officer |
Dated: | March 11, 2022 | /s/ MATTHEW K. DIAMOND | ||||||
Matthew K. Diamond | ||||||||
Chief Financial Officer |
/s/ JEFFREY E. EBERWEIN | |||||
Jeffrey E. Eberwein | |||||
March 11, 2022 |
/s/ MATTHEW K. DIAMOND | |||||
Matthew K. Diamond | |||||
March 11, 2022 |
Audit Information |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | BDO USA, LLP |
Auditor Firm ID | 243 |
Auditor Location | Stamford, Connecticut |
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
Income Statement [Abstract] | ||||
Revenue | [1] | $ 169,207 | $ 101,448 | |
Operating expenses: | ||||
Direct contracting costs and reimbursed expenses | 101,050 | 62,367 | ||
Salaries and related | 53,038 | 33,974 | ||
Office and general | 8,108 | 6,632 | ||
Marketing and promotion | 2,020 | 942 | ||
Depreciation and amortization | 597 | 179 | ||
Total operating expenses | 164,813 | 104,094 | ||
Operating income (loss) | 4,394 | (2,646) | ||
Non-operating income (expense): | ||||
Interest income, net | 33 | 149 | ||
PPP loan forgiveness | 0 | 1,326 | ||
Other (expense) income, net | (83) | 463 | ||
Income (loss) before income taxes | 4,344 | (708) | ||
Provision for income taxes | 1,117 | 535 | ||
Net income (loss) | $ 3,227 | $ (1,243) | ||
Earnings (loss) per share: | ||||
Basic (in dollars per share) | $ 1.11 | $ (0.43) | ||
Diluted (in dollars per share) | $ 1.07 | $ (0.43) | ||
Weighted-average shares outstanding: | ||||
Basic (in shares) | 2,917 | 2,911 | ||
Diluted (in shares) | 3,003 | 2,911 | ||
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Consolidated Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 3,227 | $ (1,243) |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustment, net of income taxes | (611) | 1,005 |
Total other comprehensive (loss) income, net of income taxes | (611) | 1,005 |
Comprehensive income (loss) | $ 2,616 | $ (238) |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Accounts receivable, allowance for doubtful accounts, current | $ 196 | $ 10 |
Less: acccumulated depreciation and amortization | $ 807 | $ 356 |
Preferred stock, par value (per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares, issued (in shares) | 3,694,000 | 3,672,000 |
Common stock, shares, outstanding (in shares) | 2,707,000 | 2,685,000 |
Treasury stock, shares (in shares) | 987,000 | 987,000 |
DESCRIPTION OF BUSINESS |
12 Months Ended |
---|---|
Dec. 31, 2021 | |
Description of Business [Abstract] | |
DESCRIPTION OF BUSINESS | DESCRIPTION OF BUSINESS Hudson Global, Inc. and its subsidiaries (the “Company”) are comprised of the operations, assets and liabilities of the three Hudson regional businesses: the Americas, Asia Pacific, and Europe. The Company provides Recruitment Process Outsourcing (“RPO”) permanent recruitment and contracting outsourced recruitment solutions tailored to the individual needs of primarily mid-to-large-cap multinational companies. The Company’s RPO 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. The Company’s RPO services include complete recruitment outsourcing, project-based outsourcing, contingent workforce solutions, and recruitment consulting. On October 29, 2021, Hudson completed the acquisition of Karani, LLC, a Chicago-headquartered recruiting services provider that primarily serves U.S.-based customers from its operations in India and the Philippines. Karani, LLC partners with recruitment and staffing firms to assist with recruiting, sourcing, screening, onboarding, and other talent-related services across a variety of industries. This acquisition has enhanced Hudson RPO’s global delivery capability by adding a substantial presence in India and the Philippines, fostering business in new markets, and further developing Hudson RPO’s technology recruitment capabilities. On October 1, 2020, Hudson completed its acquisition of Coit Staffing, Inc., which expanded its presence in the technology sector and established a Technology Group located in San Francisco. The Technology Group operates jointly with Hudson RPO’s existing teams in the Americas, Asia Pacific, and Europe, to provide continuous access to knowledge regarding new and emerging technologies in the RPO, Managed Solutions Provider (“MSP”), and Total Talent Solutions space, enabling the Company to better serve its clients around the world. As of December 31, 2021, the Company operated directly in fourteen countries with three reportable geographic business segments: Americas, Asia Pacific, and Europe.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”). Certain prior period amounts have been reclassified to conform to the current year presentation with no material impact on the Consolidated Financial Statements. Unless otherwise stated, amounts are presented in U.S. dollars and all amounts are in thousands, except for number of shares and per share amounts. Recently Adopted Accounting Standards On January 1, 2021, the Company adopted Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes”. The standard simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also clarifies and amends existing guidance to improve consistent application. For public business entities, this standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. The adoption of this standard did not have a material impact on the Consolidated Financial Statements. Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and all of its wholly owned and majority-owned subsidiaries. All significant inter-company accounts and transactions between and among the Company and its subsidiaries have been eliminated in consolidation. Impact of COVID-19 Pandemic on Consolidated Financial Statements. In December 2019, a novel strain of coronavirus, referred to as COVID-19, was reported. On March 11, 2020 the World Health Organization declared the COVID-19 outbreak to be a pandemic, based on the rapid increase in exposure globally. Many countries around the world have imposed quarantines and restrictions on travel and mass gatherings to slow the spread of the virus. COVID-19 continues to have an impact around the world and presents risks to the Company, which the Company is unable to fully evaluate or foresee at the current time. However, the Company is vigilantly monitoring the business environment surrounding COVID-19 and continues to proactively address this situation as it evolves. The Company believes it can continue to take appropriate actions to manage the business in this challenging environment due to the flexibility of its workforce and the strength of its balance sheet. In 2020, in connection with the COVID-19 pandemic, certain foreign government organizations offered wage assistance subsidies and tax credits to companies in exchange for maintaining specified levels of compensation and related costs for employees residing in those countries. The Company recognized the receipt of funds from these organizations in “Other income (expense), net” on the Condensed Consolidated Statements of Operations. For the years ended December 31, 2021 and 2020, the Company received $49 and $527, respectively, related to foreign government assistance, included within Other income (expense), net, mainly in the U.K., Hong Kong, and Singapore. In the U.S. the Company received a $1,326 loan in the second quarter of 2020 in connection with the Paycheck Protection Program (“PPP”), administered by the U.S. Small Business Administration (“SBA”), under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The SBA approved the forgiveness of the full amount of the loan on November 30, 2020. The Company recognized $1,326 of loan forgiveness in the consolidated statements of operations in 2020 (see Note 10). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities, the disclosures about contingent assets and liabilities, and the reported amounts of revenue and expenses. Such estimates include the value of allowances for doubtful accounts, goodwill, intangible assets, other long-lives assets and the valuation of deferred tax assets. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates the estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates. Concentration and Credit Risk The Company’s revenue is comprised of the operations, assets, and liabilities of the three regional businesses: Americas, Asia Pacific, and Europe. For the years ended December 31, 2021 and 2020, the Company’s top 25 clients generated over 85% of the Company’s revenue. Three clients accounted for an aggregate 65% of revenue in 2021, and two clients accounted for an aggregate 66% of revenue in 2020. As of December 31, 2021, two clients accounted for 10% or greater of accounts receivable. As of December 31, 2020, three clients accounted for 10% or greater of accounts receivable. Our business is dependent upon the continuation of these business relationships as well as new client development. Financial instruments, which potentially subject the Company to concentrations of credit risk, are primarily cash and accounts receivable. The Company performs continuing credit evaluations of its customers and does not require collateral. The Company has not experienced significant losses related to receivables in the Consolidated Statements of Operations. The Company may from time to time maintain cash in banks in excess of Federal Deposit Insurance Corporation insurance limits. However, the Company regularly monitors the financial condition of the institutions in which it has depository accounts and believes the risk of loss is minimal as these banks are large financial institutions with strong credit ratings. Revenue Recognition Revenue is measured according to ASC 606, Revenue - “Revenue from Contracts with Customers,” and is recognized based on consideration specified in a contract with a client. We account for a contract when both parties to the contract have approved the contract, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. Revenues are recognized over time, using an input or output method, as the control of the promised services is transferred to the client in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The majority of our contracts are short-term in nature as they include termination clauses that allow either party to cancel within a short termination period, without cause. Revenue includes billable travel and other reimbursable costs and is reported net of value added taxes, sales, or use taxes collected from clients and remitted to taxing authorities. Certain client contracts have variable consideration, including usage-based fees that increase the transaction price and volume rebates or other similar items that generally reduce the transaction price. We estimate variable consideration using the expected value method based on the terms of the client contract and historical evidence. These amounts may be constrained and are only included in revenue to the extent we do not expect a significant reversal when the uncertainty associated with the variable consideration is resolved. Our estimated amounts of variable consideration subject to constraints at period end are not material and we do not believe that there will be significant changes to our estimates. We record accounts receivable when our right to consideration becomes unconditional. The Company’s accounts receivable balances are composed of trade and unbilled receivables. Unbilled accounts receivable represent revenue recorded in advance of processing formal invoices pursuant to the completion of contract provisions and, generally, become billable at contractually specified dates. Unbilled amounts are expected to be invoiced and collected within one year. Contract assets primarily relate to our rights to consideration for services provided that such rights to consideration are conditional on satisfaction of future performance obligations. A contract liability for deferred revenue is recorded when consideration is received, or is unconditionally due, from a client prior to transferring control of services to the client under the terms of a contract. Deferred revenue balances typically result from advance payments received from clients prior to transferring control of services. We do not have any material contract assets or liabilities as of and for the years ended December 31, 2021 and 2020. Payment terms vary by client and the services offered. We consider payment terms that exceed one year to be extended payment terms. Substantially all of the Company’s contracts include payment terms of 90 days or less and we do not extend payment terms beyond one year. We primarily record revenue on a gross basis in the Consolidated Statements of Operations based upon the following key factors: •We maintain the direct contractual relationship with the client and are responsible for fulfilling the service promised to the client. •We maintain control over our contractors while the services to the client are being performed, including our contractors’ billing rates. RPO Recruitment We provide complete recruitment outsourcing, project-based outsourcing, and recruitment consulting for clients’ permanent staff hires. We recognize revenue for our RPO recruitment over time in an amount that reflects the consideration we expect to be entitled to and have an enforceable right to payment in exchange for our services. The client simultaneously receives and consumes the benefits of the services as they are provided. The transaction prices contain both fixed fee and variable usage-based consideration. Variable usage-based consideration is constrained by candidates accepting offers of permanent employment. We recognize revenue on fixed fees as the performance obligations are satisfied and on usage-based fees as the constraint is lifted. We do not incur incremental costs to obtain our RPO recruitment contracts. The costs to fulfill these contracts are expensed as incurred. We recognize permanent placement revenue when employment candidates accept offers of permanent employment. We have a substantial history of estimating the financial impact of permanent placement candidates who do not remain with our clients through a guarantee period. Fees to clients are generally calculated as a percentage of the new employee’s annual compensation. No fees for permanent placement services are charged to employment candidates. Contracting We provide RPO clients with a range of outsourced professional contract staffing services and managed service provider services offered sometimes on a standalone basis and sometimes as part of a blended total talent solution. We recognize revenue for our contracting services over time as services are performed in an amount that reflects the consideration we expect to be entitled to and have an enforceable right to payment in exchange for our services, which is generally calculated as hours worked multiplied by the agreed-upon hourly bill rate. The client simultaneously receives and consumes the benefits of the services as they are provided. We do not incur incremental costs to obtain our contracting contracts. The costs incurred to fulfill these contracts are expensed as incurred. Unsatisfied performance obligations As a practical expedient, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an expected original duration of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. See Note 3 for information on disaggregated revenue. Operating Expenses Salaries and related expenses include the salaries, commissions, payroll taxes and employee benefits related to recruitment professionals, executive level employees, administrative staff, and other employees of the Company who are not temporary contractors. Office and general expenses include occupancy, equipment leasing and maintenance, utilities, travel expenses, professional fees, and provision for doubtful accounts. The Company expenses the costs of advertising and legal costs as incurred. Stock-Based Compensation The Company applies the fair value recognition provisions of ASC 718, “Compensation - Stock Compensation.” The Company determines the fair value as of the grant date. For awards with graded vesting conditions, the values of the awards are determined by valuing each tranche separately and expensing each tranche over the required service period. The service period is the period over which the related service is performed, which is generally the same as the vesting period. The Company accounts for forfeitures as they occur. During the years ended December 31, 2021 and 2020, the Company only granted restricted stock units and restricted shares of common stock. Employee Benefit Programs The Company in the U.S. sponsors a defined contribution plan covering substantially all of its full-time employees (the “401(k) Plan”). The Company recognized expense related to the 401(k) Plan totaling approximately $144 and $92 for the years ended December 31, 2021 and 2020, respectively. Income Taxes Earnings from the Company’s global operations are subject to tax in various jurisdictions both within and outside the United States. The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” This standard establishes financial accounting and reporting standards for the effects of income taxes that result from an enterprise’s activities. It requires an asset and liability approach for financial accounting and reporting of income taxes. The calculation of net deferred tax assets assumes sufficient future earnings for the realization of such assets as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets where management believes it is more likely than not that the deferred tax assets will not be realized in the relevant jurisdiction. If we determine that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of earnings at that time. See Note 6 to the Consolidated Financial Statements for further information regarding deferred tax assets and our valuation allowance. ASC 740-10-55-3, “Recognition and Measurement of Tax Positions - a Two Step Process,” provides implementation guidance related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a two-step evaluation process for a tax position taken or expected to be taken in a tax return. The first step is recognition and the second is measurement. ASC 740 also provides guidance on derecognition, measurement, classification, disclosures, transition, and accounting for interim periods. The Company provides tax reserves for U.S. federal, state, local, and international unrecognized tax benefits for all periods subject to audit. The development of reserves for these exposures requires judgments about tax issues, potential outcomes and timing, and is a subjective critical estimate. The Company assesses its tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon settlement with a tax authority that has full knowledge of all relevant information. For those tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized as a component of income tax expense. Although the outcome related to these exposures is uncertain, in management’s opinion, adequate provisions for income taxes have been made for estimable potential liabilities emanating from these exposures. In certain circumstances, the ultimate outcome for exposures and risks involves significant uncertainties which render them inestimable. If actual outcomes differ materially from these estimates, including those that cannot be quantified, they could have material impact on the Company’s results of operations. The Company has provided tax on all unremitted earnings of our foreign subsidiaries taking into consideration all expected future events based on presently existing tax laws and rates. The Company has elected to recognize the tax on Global Intangible Low Taxed Income (“GILTI”) as a period expense in the year the tax is incurred. Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) 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” and unvested restricted stock. The dilutive impact of stock options and unvested restricted stock 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. Income (loss) per share calculations for each quarter include the weighted average effect for the quarter; therefore, the sum of quarterly income (loss) per share amounts may not equal year-to-date income (loss) per share amounts, which reflect the weighted average effect on a year-to-date basis. In addition, the calculation of the impact of dilutive potential common shares might be dilutive on a quarterly basis but anti-dilutive on a year-to-date basis or vice versa. Fair Value of Financial Instruments The carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair value because of the immediate or short-term maturity of these financial instruments. Cash and Cash Equivalents For financial statement presentation purposes, the Company considers all highly liquid investments having an original maturity of three months or less as cash equivalents. Restricted Cash Restricted cash primarily represents amounts required to be held on deposit for a travel and entertainment program in the U.K., a bank guarantee for licensing in Switzerland, and deposits held for office space, as well as under a collateral trust agreement in the U.S., which supports the Company’s workers’ compensation policy. Accounts Receivable The Company’s accounts receivable balances are composed of trade and unbilled receivables. Unbilled accounts receivable represent revenue recorded in advance of processing formal invoices pursuant to the completion of contract provisions and, generally, become billable at contractually specified dates. Unbilled receivables of $6,267 and $3,425 as of December 31, 2021 and 2020, respectively, are expected to be invoiced and collected within one year. The Company records accounts receivable when its right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditioned on satisfaction of future performance obligations. The Company maintains an allowance for doubtful accounts in order to record accounts receivable at their net realizable value. Judgment is involved as to the collectability of the various receivables. If the Company determines that the allowance for doubtful accounts is not adequate to cover estimated losses, an expense to provide for doubtful accounts is recorded in selling, general and administrative expenses. If an account is determined to be uncollectible, it is written off against the allowance for doubtful accounts. Management’s assessment and judgment are vital requirements in assessing the ultimate realization of these receivables, including the current creditworthiness, financial stability and effect of market conditions on each customer. Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:
Leasehold improvements are amortized over the shorter of their estimated useful lives or the lease term. The amortization periods of material leasehold improvements are estimated at the inception of the lease term. Leases Lease liabilities are recognized at the commencement of a lease based on the sum of lease payments over the term of the lease. Lease liabilities are reduced as payments are made. A corresponding right-of-use asset is recognized at the same time as the lease liability based on the total amount of lease expense to be recognized, which is generally the same amount as the corresponding lease liabilities. Right-of-use assets are amortized over the life of the lease on a straight-line basis. The Company’s lease agreements may include options to renew, extend, or terminate the lease. These clauses are included in the measurement of the lease liabilities when the Company is reasonably certain that it will exercise such options. The Company has elected to exclude short-term leases from the recognition requirements of ASC 842. A lease is short-term if, at the commencement date, it has a term of less than or equal to one year. Lease expense related to short-term leases is recognized on a straight-line basis over the lease term. Capitalized Software Costs Capitalized software costs consist of costs to purchase and develop software for internal use. The Company capitalizes certain incurred software development costs in accordance with ASC 350-40, “Intangibles Goodwill and Other: Internal-Use Software.” Costs incurred during the application-development stage for software purchased and further customized by outside vendors for the Company’s use and software developed by a vendor for the Company’s proprietary use have been capitalized. Labor costs incurred during the application-development stage for the Company’s own personnel which are directly associated with software development are capitalized as appropriate. The Company expenses software and overhead cost incurred during the preliminary and/or post implementation of the project stage such as maintenance, training and upgrades or enhancements that do not increase functionality. Capitalized software costs are included in property and equipment. Business Combinations and Asset Acquisitions Business Combinations are accounted for under the acquisition method in accordance with ASC 805, “Business Combinations.” The acquisition method requires identifiable assets acquired and liabilities assumed in the business acquired to be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred as the purchase price exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. Transaction costs are expensed in a business combination and included in Office and General. Intangible Assets Intangible assets consist of customer relationships, trade names, non-competition agreements and developed technology. The Company’s definite-life intangible assets are being amortized on a straight-line basis over their estimated lives ranging from to ten years. The Company periodically evaluates whether events or changes in circumstances have occurred that indicate long-lived assets may not be recoverable. When such circumstances are present, the Company assesses whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the long-lived asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the long-lived asset, an impairment loss equal to the excess of the long-lived asset’s carrying value over its fair value is recorded in accordance with ASC 360-1-35. There were no impairment triggers during the year ended December 31, 2021. Amortization expense is computed using the straight-line method over the following estimated useful lives:
Goodwill The Company records the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed as goodwill. The Company has allocated goodwill for the Coit Staffing, Inc. and Karani, LLC acquisitions to its Americas reportable segment. Goodwill is not amortized and is tested for impairment on an annual basis on October 1, or when an event or changes in circumstances indicate that its carrying value may not be recoverable. The Company identified two reporting units, Hudson Coit, Inc. and Karani, LLC, that carry a goodwill balance, both of which are included in the Americas reportable segment. Goodwill impairment is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The Company has the option to perform a qualitative assessment for reporting units to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one or more of its reporting units is greater than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, there is no need to perform any further testing. However, if the Company concludes otherwise, then it is required to perform a quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded based on that difference. Alternatively, the Company has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. There were no impairment charges recorded in either fiscal year 2021 or 2020. Foreign Currency Translation The financial position and results of operations of the Company’s international subsidiaries are determined using local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each year-end. Statements of Operations accounts are translated at the average rate of exchange prevailing during each period. Translation adjustments arising from the use of differing exchange rates from period to period are included in the accumulated other comprehensive income (loss) account in stockholders’ equity, other than translation adjustments on short-term intercompany balances, which are included in other income (expense). Gains and losses resulting from other foreign currency transactions are included in other income (expense). Intercompany receivable balances of a long-term investment nature are considered part of the Company’s permanent investment in a foreign jurisdiction and the gains or losses on such balances are reported in other comprehensive income (loss). Comprehensive Income (Loss) Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. The Company’s other comprehensive income (loss) is primarily comprised of foreign currency translation adjustments, which relate to investments that are permanent in nature. Recent Accounting Standard Update Not Yet Adopted In June 2016, the Financial Account Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This standard requires an impairment model (known as the current expected credit loss (“CECL”) model) that is based on expected losses rather than incurred losses. Under the new guidance, each reporting entity should estimate an allowance for expected credit losses, which is intended to result in more timely recognition of losses. This model replaces multiple existing impairment models in current GAAP, which generally requires a loss to be incurred before it is recognized. The new standard applies to trade receivables arising from revenue transactions such as contract assets and accounts receivable. Under ASC 606, revenue is recognized when, among other criteria, it is probable that an entity will collect the consideration it is entitled to when goods or services are transferred to a customer. When trade receivables are recorded, they become subject to the CECL model and estimates of expected credit losses on trade receivables over their contractual life will be required to be recorded at inception based on historical information, current conditions, and reasonable and supportable forecasts. This guidance is effective for smaller reporting companies for annual periods beginning after December 15, 2022, including the interim periods in the year. Early adoption is permitted. The Company is currently evaluating this ASU but does not believe it will have a material impact on its Consolidated Financial Statements and related disclosures.
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Revenues [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DISAGGREGATED REVENUE | DISAGGREGATED REVENUE The Company’s revenues for the years ended December 31, 2021 and 2020 were as follows:
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACQUISITION | ACQUISITION Karani, LLC On October 29, 2021, the Company entered into a membership interest purchase agreement (the “MIPA”) by and among the Company, Hudson Global Resources Management, Inc. (“HGRM”), a wholly owned subsidiary of the Company, and Daniel Williams (“Williams”), and completed the acquisition (the “Karani Acquisition”) by HGRM of all of the membership interests of Karani, LLC, a Delaware limited liability company. Karani, LLC partners with recruitment and staffing firms to assist with recruiting, sourcing, screening, onboarding, and other talent-related services across a variety of industries to customers primarily located in the United States. Karani, LLC has approximately 560 employees in India and 120 employees in the Philippines. As outlined in the MIPA, Williams received (i) $6,805 in cash subject to certain adjustments set forth in the MIPA at the closing of the Karani Acquisition; and (ii) a non-interest bearing promissory note in the aggregate principal amount of $2,000, payable in installments on the six-month and eighteen-month anniversaries of the closing date subject to the satisfaction of certain conditions as further described in the MIPA. There are no employment stipulations for Williams associated with the MIPA. The Karani Acquisition was accounted for as a business combination under the acquisition method of accounting. The purchase price of $8,673, which consists of the amount paid in cash of $6,805, a promissory note of $2,000, and a working capital credit of $132, was allocated to the net tangible and intangible assets and liabilities based on their fair values on the acquisition date of October 29, 2021, with the excess recorded as goodwill. The purchase price included $737 of cash and cash equivalents acquired. The Company incurred transaction costs related to the acquisition of $200 that were expensed as part of Office and general on the Consolidated Statements of Operations. In addition to the purchase price, Hudson agreed to pay a $250 retention payment to the Chief Financial Officer of Karani, LLC, which is classified as compensation expense, recorded on a straight-line basis. Included in the Company’s Consolidated Statements of Operations from the acquisition date of October 29, 2021 to the period ended December 31, 2021 are revenue of $1,648 and net income of $186. Below is a summary of the fair value of the net assets acquired on the acquisition date based on external valuations at the date of acquisition.
Intangible assets are amortized on a straight-line basis over their estimated useful lives. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.
Coit Staffing, Inc. On October 1, 2020, the Company, entered into an asset purchase agreement (the “APA”) by and among the Company, Hudson Coit, Inc. (“Buyer”), a wholly-owned subsidiary of the Company, Coit Staffing, Inc. (“Seller”), Joe Belluomini, and Tim Farrelly (together with Mr. Belluomini, the “Principals”) and completed the acquisition by Buyer of substantially all of the assets used in the business of the Seller, as set forth in the APA (the “Coit Acquisition”). Per the terms of the APA, the Seller received (i) $3,997 in cash subject to certain adjustments set forth in the APA at the closing of the Coit Acquisition; (ii) a promissory note in the aggregate principal amount of $1,350, payable in annual installments of $450 per year on the first, second, and third anniversaries of the closing; (iii) $500 worth of shares of the Company’s common stock, with the amount of such shares to be determined by dividing $500 by the weighted average price of the Company’s common stock for the five trading days prior to the closing date, to be issued in three equal installments on each of the 10-month, 20-month, and 30-month anniversaries of the closing date; and (iv) earn-out payments not to exceed $1,500 and $2,030 in the years ended December 31, 2021 and 2022, respectively, based upon the achievement of certain performance thresholds in those years. In addition, the Principals each entered into employment agreements with the Company for a term of two years. The Coit Acquisition was accounted for as a business combination under the acquisition method of accounting. The purchase price consists of the amount paid in cash of $3,997, which was allocated to the net tangible and intangible assets and liabilities based on their fair values on the acquisition date of October 1, 2020, with the excess recorded as goodwill. The Company incurred transaction costs related to the acquisition of $436 that were expensed as part of Office and general on the Consolidated Statements of Operations. The promissory note and shares of the Company’s common stock to be paid to the Seller as outlined in the APA are tied to the continuing employment of the Principals at the Company, and therefore have been accounted for as compensation expense. This compensation expense is recorded on a straight-line basis under the assumption that the Principals will remain employed by the Company, and therefore that the note will be paid in full and the shares will be issued. As of December 31, 2021, the Company recognized $283 in stock-based compensation associated with the 52,226 restricted shares of common stock which were issued over 30 months (see Note 5). In addition, for the year ended December 31, 2021 the Company recognized expense of $384 related to the promissory note, and $1,500 related to earn-out payments. The amount due associated with the promissory note payable to the Principals is reflected in Accrued expenses and other current liabilities on the Consolidated Balance Sheets. The compensation expense recognized of $2,167 for the year ended December 31, 2021 was reflected in Salaries and related expenses on the Consolidated Statements of Operations. Included in the Company’s Consolidated Statements of Operations for period ended December 31, 2021 are revenue of $11,001 and net income of $99. Below is a summary of the fair value of the net assets acquired on the acquisition date based on external valuations at the date of acquisition.
Intangible assets are amortized on a straight-line basis over their estimated useful lives. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.
Unaudited Pro Forma Financial Information The following unaudited consolidated pro forma information gives effect to the acquisitions of Karani, LLC and Coit Staffing, Inc. as if the transactions had occurred on January 1, 2020.
The unaudited pro forma supplemental information provided above is based on estimates and assumptions that the Company believes are reasonable, and reflects the pro forma impact of additional amortization related to the fair value of acquired intangible assets for the years ended December 31, 2021 and 2020. This supplemental pro forma information has been prepared for comparative purposes and is not intended to reflect what would have occurred had the acquisitions taken place on January 1, 2020.
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STOCK-BASED COMPENSATION |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Equity Compensation Plans The Company maintains the Hudson Global, Inc. 2009 Incentive Stock and Awards Plan, as amended and restated on May 24, 2016 and further amended on September 14, 2020 (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 (the “Compensation Committee”) of the Board 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 may also 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 September 14, 2020, the Company’s stockholders approved amendments to the ISAP to, among other things, increase the number of shares of the Company’s common stock that are reserved for issuance by 250,000 shares. As of December 31, 2021, there were 74,718 shares of the Company’s common stock available for future issuance under the ISAP. In 2021, the Company granted restricted stock units subject to performance vesting conditions for the years ended December 31, 2021 and December 31, 2020 of 73,596 and 53,075, respectively. For the year ended December 31, 2021, the Company granted 47,500 of discretionary time-vested stock units to certain employees that were not subject to performance conditions. A summary of the quantity and vesting conditions for stock-based units granted to the Company’s employees for the year ended December 31, 2021 was as follows:
(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 70% of the restricted stock units may be earned on the basis of performance as measured by a “regional adjusted EBITDA”, and 30% of the restricted stock units may be earned on the basis of performance as measured by a “group adjusted EBITDA”; and (b)For grants to Corporate office employees subject to 2020 performance conditions, 75% of the restricted stock units may be earned on the basis of performance as measured by a “group adjusted EBITDA”, and 25% of the restricted stock units may be earned on the basis of performance as measured by a “corporate costs” target. For grants to Corporate office employees subject to 2021 performance conditions, 100% of the restricted stock units may be earned on the basis of performance as measured by a “group adjusted EBITDA”. (c)For grants to Coit Principals subject to 2021 performance conditions, 100% of the restricted stock units may be earned on the basis of performance as measured by a “Coit EBITDA”. (2)To the extent restricted stock units are earned, such restricted stock units will vest on the basis of service as follows: (a)33% and 66.6% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the first anniversary of the grant date; (b)33% and 16.7% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the second anniversary of the grant date; and (c)34% and 16.7% for Type 1 and Type 2, respectively, 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”) as part of the ISAP 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 Company’s Board. 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 years ended December 31, 2021 and 2020, the Company granted 24,219 and 46,697 restricted stock units to its non-employee directors pursuant to the Director Plan, respectively. As of December 31, 2021, 232,542 restricted stock units are deferred under the Company’s ISAP. On October 1, 2020, the Company granted 52,226 restricted shares of common stock to be issued over 30 months in connection with the acquisition of Coit Staffing, Inc. Accordingly, for the years ended December 31, 2021 and 2020, the Company recognized $283 and $92 in stock-based compensation. See Note 4 for additional information. For the years ended December 31, 2021 and 2020, the Company’s stock-based compensation expense related to restricted stock units and restricted shares of common stock, which are included in the accompanying Consolidated Statements of Operations, were as follows:
As of December 31, 2021 and 2020, the Company's unrecognized compensation expense and the weighted average periods over which the compensation expense is expected to be recognized relating to the unvested portion of the Company’s restricted stock unit awards, were as follows:
Stock Options Stock options granted by the Company generally expire between 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 and generally vest ratably over a four-year period. No stock options were issued or outstanding in 2021. For the year ended December 31, 2020, changes in the Company’s stock options were as follows:
Restricted Stock Units Changes in the Company’s restricted stock units arising from grants to certain employees and non-employee directors for the year ended December 31, 2021 were as follows:
(a) The number of shares earned above target are based on the performance target established by the Compensation Committee at the initial grant date. Changes in the Company’s restricted stock units arising from grants to certain employees and non-employee directors for the year ended December 31, 2020 were as follows:
(a) The number of shares earned above target are based on the performance target established by the Compensation Committee at the initial grant date. The total fair value of restricted stock units vested during the years ended December 31, 2021 and 2020 were as follows:
Restricted Shares of Common Stock Changes in the Company’s restricted shares of common stock arising from the grants issued in connection with the acquisition of Coit Staffing, Inc. (see Note 4) were as follows:
The total fair value of restricted shares of common stock during the years ended December 31, 2021 and 2020 were as follows:
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INCOME TAXES |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INCOME TAXES | INCOME TAXES Income Tax Provision The domestic and foreign components of net income (loss) before provision for income taxes is as follows:
The components of the provision for (benefit from) income taxes are as follows:
Tax Rate Reconciliation The effective tax rates for the years ended December 31, 2021 and 2020 were 25.7% and negative 75.5%, respectively. The change in effective tax rate in 2021 is primarily related to the reduction and effective lapsing of statutes for certain historic foreign uncertain tax positions and mix of income and losses in different jurisdictions taxed at different rates, as well as changes in valuations allowances in the U.S. and in our foreign subsidiaries. The change in the effective tax rate in 2020 is primarily related to the mix of income and losses in different jurisdictions taxed at different rates, as well as changes in valuation allowances in the U.S. and in our foreign subsidiaries. The effects of other federal and state deferred tax adjustments in 2021 and 2020 were offset by changes in valuation allowances and have no net impact on effective tax rates. The following is a reconciliation of the effective tax rate for the years ended December 31, 2021 and 2020 to the U.S. federal statutory rate of 21%:
Deferred Taxes Assets (Liabilities) Deferred income taxes are provided for the tax effect of temporary differences between the financial reporting basis and the tax basis of assets and liabilities. Net deferred tax assets have been reported as non-current in the accompanying Consolidated Balance Sheets. Significant temporary differences at December 31, 2021 and 2020 are as follows:
As a result of the enactment of the Tax Act, the Company has provided tax on GILTI, and therefore, future repatriations of previously unremitted foreign earnings are expected to either be exempt from U.S. taxation or offset by net operating losses (“NOLs”). The Company has not provided any withholding tax with respect to unremitted foreign earnings, respectively, at December 31, 2021 and December 31, 2020. Net Operating Losses (“NOLs”), Capital Losses, and Valuation Allowance At December 31, 2021, the Company had losses for U.S. federal and state tax purposes of approximately $690,704 in total, made up of net U.S. federal and state NOLs incurred through December 31, 2021 of $312,041 and U.S. federal and state capital losses of $378,663 as a result of the sale of all of our RTM businesses in three separate transactions, which was completed on March 31, 2018. The NOLs include approximately $13,144 of tax losses that were not absorbed by Monster Worldwide, Inc. (“Monster”) on its consolidated U.S. federal tax returns through the spin-off of the Company on April 1, 2003. U.S. federal and state NOLs incurred through December 31, 2017 expire at various dates through 2037 with $7,984 scheduled to expire during 2022. U.S. federal and state NOLs incurred in or after 2018 have an indefinite carryforward period, which can be offset by 80% of future taxable income in any given year. U.S. federal and state capital losses incurred in 2018 will expire after five years during 2023. The Company’s utilization of U.S. NOLs is subject to an annual limitation imposed by Section 382 of the Internal Revenue Code (“IRC”), which may limit our ability to utilize all the existing NOLs before the expiration dates. Based upon IRC Section 382 studies prepared by the Company, Section 382 ownership changes have occurred that will result in $224,124 of the Company’s federal and state NOLs generated through September 2006 and recognized built-in losses during the five- year period after September 2006 being subject to IRC Section 382 limitations. As a result of IRC Section 382 limitations, $27,848 of the $224,124 NOLs that are limited are expected to expire prior to utilization specifically as a result of the IRC Section 382 cumulative annual limitations. Accordingly, the U.S. federal and state NOLs of $312,041, as indicated above, excluded the $27,848 of tax losses expected to expire prior to utilization due to IRC Section 382 cumulative annual limitations and the deferred tax asset for loss carryforwards of $179,985 also excluded $7,416 of related tax benefits. As of December 31, 2021, certain international subsidiaries had NOLs for local tax purposes of $12,264. With the exception of $5,280 of NOLs with an indefinite carry forward period as of December 31, 2021, these losses will expire at various dates through 2039, with $0 scheduled to expire during 2022. The deferred tax recognized for NOLs are presented net of unrecognized tax benefits, where applicable. ASC 740-10-30-5 requires that a valuation allowance be established when it is more likely than not that all or a portion of a deferred tax asset will not be realized. In making this assessment, management considers the level of historical taxable income, scheduled reversals of deferred tax liabilities, tax planning strategies, and projected future taxable income. As of December 31, 2021, $182,768 of the valuation allowance relates to the deferred tax asset for NOLs, $179,985 of which is U.S. federal and state and $2,783 of which is foreign, that management has determined will more likely than not expire prior to realization. The remaining valuation allowance of $1,206 relates to deferred tax assets on U.S. and foreign temporary differences that management estimates will not be realized due to the Company’s U.S. and foreign tax losses. Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties is as follows:
The total amount of state and local and foreign unrecognized tax benefits that, if recognized, would affect the effective tax rate as of December 31, 2021 and December 31, 2020 was $360 and $669, respectively, exclusive of interest and penalties. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as part of the provision for income taxes. As of December 31, 2021 and December 31, 2020, the Company had $110 and $594, respectively, of accrued interest and penalties associated with unrecognized tax benefits. During 2021, the Canada Tax Authority concluded its investigations into the prior year tax positions and issued its final assessment for Canadian interest and penalties of $42. The remaining FIN48 reserve for Canada tax, interest and penalties of approximately $560 was released as a tax benefit in the third quarter of 2021. Based on information available as of December 31, 2021, it is reasonably possible that the total amount of unrecognized tax benefits is not expected to increase or decrease over the next 12 months as a result of projected resolutions of global tax examinations and controversies and potential lapses of the applicable statutes of limitations. 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 NOLs remain open until such losses expire or the statutes of limitations for those years when the NOLs are used or expire. As of December 31, 2021, the Company’s open tax years which remain subject to examination by the relevant tax authorities, are between 2013 and 2021 depending on the jurisdiction.
The Company believes that its unrecognized tax benefits as of December 31, 2021 are appropriately recorded for all years subject to examination above.
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EARNINGS (LOSS) PER SHARE |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EARNINGS (LOSS) PER SHARE | EARNINGS (LOSS) PER SHARE A reconciliation of the numerators and denominators of the basic and diluted loss per share calculations were as follows:
(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 5 for further details on outstanding stock options and unvested restricted stock units) 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 years ended December 31, 2021 and 2020 did not include the effect of the following potentially outstanding shares of common stock because the effect would have been anti-dilutive:
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GOODWILL AND INTANGIBLE ASSETS |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS Goodwill The Company recorded goodwill of $2,131 on October 29, 2021 in connection with its acquisition of Karani, LLC and goodwill of $2,088 in connection with its acquisition of Coit Staffing, Inc. (see Note 4 for further information). For the years ended December 31, 2021 and 2020, the changes in carrying amount of goodwill were as follows:
On October 1, 2021, the Company applied ASC 350, and performed quantitative assessments to determine whether it was more likely than not that the fair value of its Coit Staffing, Inc. reporting unit was less than its carrying value. To estimate the fair value of the Coit Staffing, Inc. reporting unit, the Company used both an income approach and a market approach. The income approach required management to make significant estimates and judgments regarding future cash flows that were based on a number of factors including actual operating results, forecasted revenue and expenses, discount rate assumptions, and long-term growth rate assumptions. The market approach required the use of multiples based on financial metrics for both acquisitions and peer group companies. The Company did not recognize any impairment of goodwill related to the acquisition of Coit Staffing, Inc. At the conclusion of its assessment, the Company determined the fair value of the reporting unit exceeded its carrying value. As such, the Company determined that no impairment of goodwill had taken place as of December 31, 2021. In addition, the Company did not identify any impairment indicators associated with Karani, LLC in the two months following the acquisition. Intangible Assets For the years ended December 31, 2021 and 2020, the Company’s Intangible assets consisted of the following components:
Amortization expense for the years ended December 31, 2021 and 2020 was $452 and $80, respectively. Intangible assets are amortized on a straight-line basis over their estimated useful lives. No impairment in the value of amortizable intangible assets was recognized during the years ended December 31, 2021 or 2020. Estimated future amortization expense of intangible assets for each of the next five fiscal years are as follows:
The change in the book value of amortizable intangible assets is as follows:
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES As of December 31, 2021 and 2020, the Company’s accrued expenses and other current liabilities consisted of the following:
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COMMITMENTS AND CONTINGENCIES |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES 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 leased 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 reach the threshold of probable and estimable, the Company establishes reserves for legal, regulatory and other contingent liabilities. The Company’s reserves were $0 as of December 31, 2021 and 2020, respectively. Operating Leases Our office space leases have remaining lease terms of one year to two years. Some of these operating leases include options to extend the lease terms, and some operating leases include options to terminate the leases earlier than the full terms. These options are considered in our determination of the valuation of our right-of-use assets and lease liabilities. None of our operating leases include implicit rates, and we have determined that the difference between the contractual cost basis and the present value of lease payments calculated using incremental borrowing rates is not material. Our operating lease costs for the years ended December 31, 2021 and 2020 were $756 and $604, respectively (reflected in Net cash used in operating activities). The weighted average remaining lease term of our operating leases as of December 31, 2021 was 1.3 years. As of December 31, 2021, future minimum operating lease payments are as follows:
As of December 31, 2020, future minimum operating lease payments for capitalized leases due in 2021 was $192. Invoice Finance Credit Facility On April 8, 2019, the Company’s Australian subsidiary (“Australian Borrower”) entered into an invoice finance credit facility agreement (the “NAB Facility Agreement”) with National Australia Bank Limited (“NAB”). The NAB Facility Agreement provides the Australian Borrower with the ability to borrow funds based on a percentage of eligible trade receivables up to a maximum of 4 million Australian dollars. No receivables have terms greater than 90 days, and any risk of loss is retained by the Australian Borrower. The interest rate is calculated as the variable receivable finance indicator rate, plus a margin of 1.60% per annum. Borrowings under this facility are secured by substantially all of the assets of the Australian Borrower. The NAB Facility Agreement does not have a stated maturity date and can be terminated by either the Australian Borrower or NAB upon 90 days written notice. As of December 31, 2021, there were no amounts outstanding under the NAB Facility Agreement. Interest expense and fees incurred on the NAB Facility Agreement were $20 and $19 for the years ended December 31, 2021 and 2020, respectively. The NAB Facility Agreement contains various restrictions and covenants for the Australian Borrower including (1) that EBITDA must be at least two times total interest paid on debt on a 12-month rolling basis; (2) minimum tangible net worth must be at least 2.5 million Australian dollars and be equal to at least 25% of total tangible assets on June 30 and December 31 (as defined in the NAB Facility Agreement); and (3) additional periodic reporting requirements to NAB. The Company was in compliance with all financial covenants under the NAB Facility Agreement as of December 31, 2021. Amounts borrowed from the NAB Facility are large, contain short maturities and have quick turnovers. Amounts borrowed and repaid are presented on a net basis on the Consolidated Statements of Cash Flows. Paycheck Protection Program On April 26, 2020, the Company’s wholly owned U.S. subsidiary, Hudson Global Resources Management, Inc., received a $1,326 loan in connection with the PPP as part of the CARES Act, administered by the SBA. As a result of the COVID-19 pandemic, in applying for the loan, the Company made a good faith assertion based upon the degree of uncertainty introduced to the capital markets and the industries affecting the Company’s customers and the Company’s dependency to curtail expenses to fund ongoing operations as the anticipated reduction in RPO recruitment revenue is expected to impact the business. The PPP loan proceeds were to be used to help offset payroll costs as stipulated in the legislation. All or a portion of the PPP loan was eligible to be forgiven by the SBA upon application by the Company and upon documentation of expenditures in accordance with the SBA requirements. Under the CARES Act, loan forgiveness was available for the sum of documented payroll costs, covered rent payments, covered mortgage interest and covered utilities. The PPP loan had a 1.00% interest rate and was scheduled to mature on April 26, 2022. The loan was subject to the terms and conditions applicable to loans administered by the SBA under the CARES Act. The Company complied with all provisions related to the PPP loan. The Company submitted its application for forgiveness in September 2020 and the SBA approved the forgiveness of the full amount of the loan on November 30, 2020. The Company recognized the gain on extinguishment of debt from the loan within PPP loan forgiveness on the Consolidated Statements of Operations.
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STOCKHOLDERS' EQUITY |
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Dec. 31, 2021 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Common Stock 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. The Company did not repurchase any shares under this authorization in 2021 or 2020. As of December 31, 2021 and 2020, under the July 30, 2015 authorization, the Company had repurchased 432,563 shares for a total cost of $8,297. In addition to the shares repurchased above under the $10,000 authorization plan, on March 27, 2020, the Company completed transactions with certain stockholders to repurchase 259,331 shares of the Company’s common stock, for an aggregate cost of $2,238, excluding fees of $1.
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ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME |
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated other comprehensive (loss) income, net of tax, consisted of the following:
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STOCKHOLDER RIGHTS PLAN |
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Dec. 31, 2021 | |
Shelf Registrations Disclosure [Abstract] | |
STOCKHOLDER RIGHTS PLAN | STOCKHOLDER RIGHTS PLAN Stockholder Rights Plan On October 15, 2018, the Company’s Board of Directors declared a dividend to the Company’s stockholders of record as of the close of business on October 25, 2018 (the “Record Date”), for each outstanding share of the Company’s common stock, of one right (a “Right”) to purchase one one-hundredth of a share of a new series of participating preferred stock of the Company. The terms of the Rights are set forth in the Rights Agreement, dated as of October 15, 2018 (as amended, the “Rights Agreement”), by and between the Company and Computershare Trust Company, N.A., as rights agent (the “Rights Agent”). The Company's stockholders approved the Rights Agreement at the Company’s 2019 Annual Meeting of Stockholders held on May 6, 2019. On September 28, 2021, the Company and the Rights Agent entered into a First Amendment to Rights Agreement (the “Amendment”) that amended the Rights Agreement to extend its term through October 15, 2024. The Company will include the Amendment in its proxy statement for its 2022 Annual Meeting of Stockholders and recommend that its stockholders approve the Amendment. Each Right allows its holder to purchase from the Company one one-hundredth of a share of the Company’s Series B Junior Participating Preferred Stock (“Series B Preferred Stock”) for a purchase price of $3.50. Each fractional share of Series B Preferred Stock would give the stockholder approximately the same dividend, voting and liquidation rights as does one share of common stock. Prior to exercise, however, a Right does not give its holder any dividend, voting or liquidation rights. The Board entered into the Rights Agreement in an effort to preserve the value of the Company’s significant U.S. NOLs and other tax benefits. The Company’s ability to utilize its NOLs may be substantially limited if the Company experiences an “ownership change” within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). In general, an “ownership change” would occur if the percentage of the Company’s ownership by one or more “5-percent shareholders” (as defined in the Code) increases by more than 50 percent over the lowest percentage owned by such stockholders at any time during the prior three years. The Rights Agreement is designed to preserve the Company’s tax benefits by deterring transfers of common stock that could result in an “ownership change” under Section 382 of the Code. The Rights Agreement replaced the Company’s prior rights agreement designed to preserve the value of the Company’s NOLs, which was approved by stockholders in 2015 and expired in accordance with its terms in January 2018. The Company also has a provision in its Amended and Restated Certificate of Incorporation (the “Charter Provision”) which generally prohibits transfers of its common stock that could result in an ownership change. The Company believes that in light of the significant amount of the NOLs, it is advisable to adopt the Amendment to extend the term of the Rights Agreement. In general terms, the Rights Agreement imposes a significant penalty upon any person or group that acquires beneficial ownership (as defined under the Rights Agreement) of 4.99% or more of the outstanding common stock without the prior approval of the Board (an “Acquiring Person”). Any Rights held by an Acquiring Person are void and may not be exercised. The Rights will not be exercisable until the earlier of (i) 10 days after a public announcement by the Company that a person or group has become an Acquiring Person; and (ii) 10 business days (or a later date determined by the Board) after a person or group begins a tender or an exchange offer that, if completed, would result in that person or group becoming an Acquiring Person. Until the date that the Rights become exercisable (the “Distribution Date”), common stock certificates will also evidence the Rights and will contain a notation to that effect. Any transfer of shares of common stock prior to the Distribution Date will constitute a transfer of the associated Rights. After the Distribution Date, the Rights will separate from the common stock and be evidenced by Right certificates, which the Company will mail to all holders of Rights that have not become void. After the Distribution Date, if a person or group already is or becomes an Acquiring Person, all holders of Rights, except the Acquiring Person, may exercise their Rights upon payment of the purchase price to purchase shares of common stock (or other securities or assets as determined by the Board) with a market value of two times the purchase price (a “Flip-in Event”). After the Distribution Date, if a Flip-in Event has already occurred and the Company is acquired in a merger or similar transaction, all holders of Rights, except the Acquiring Person, may exercise their Rights upon payment of the purchase price, to purchase shares of the acquiring or other appropriate entity with a market value of two times the purchase price of the Rights. Rights may be exercised to purchase Series B Preferred Stock only after the Distribution Date occurs and prior to the occurrence of a Flip-in Event as described above. A Distribution Date resulting from the commencement of a tender offer or an exchange offer as described in the second bullet point above could precede the occurrence of a Flip-in Event, in which case the Rights could be exercised to purchase Series B Preferred Stock. A Distribution Date resulting from any occurrence described in the first bullet point above would necessarily follow the occurrence of a Flip-in Event, in which case the Rights could be exercised to purchase shares of common stock (or other securities or assets) as described above. If the Amendment is approved at the Company’s 2022 Annual Meeting of Stockholders, the Rights will expire on the earliest of (i) October 15, 2024, or such earlier date as of which the Board determines that the Rights Agreement is no longer necessary for the preservation of the Company’s tax benefits, (ii) the time at which the Rights are redeemed, (iii) the time at which the Rights are exchanged, (iv) the effective time of the repeal of Section 382 of the Code if the Board determines that the Rights Agreement is no longer necessary for the preservation of the Company’s tax benefits, (v) the first day of a taxable year to which the Board determines that no NOLs or other tax benefits may be carried forward, and (vi) the close of business on the first business day following the certification of the voting results of the Company’s 2022 Annual Meeting of Stockholders, if stockholder approval has not been obtained prior to such date. The Board may redeem all (but not less than all) of the Rights for a redemption price of $0.001 per Right at any time before the later of the Distribution Date and the date of the first public announcement or disclosure by the Company that a person or group has become an Acquiring Person. Once the Rights are redeemed, the right to exercise the Rights will terminate, and the only right of the holders of such Rights will be to receive the redemption price. The Board may adjust the purchase price of the Series B Preferred Stock, the number of shares of Series B Preferred Stock issuable and the number of outstanding Rights to prevent dilution that may occur as a result of certain events, including, among others, a stock dividend, a stock split or a reclassification of the Series B Preferred Stock or common stock. Before the time the Rights cease to be redeemable, the Board may amend or supplement the Rights Agreement without the consent of the holders of the Rights, except that no amendment may decrease the redemption price below $0.001 per Right.
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SEGMENT AND GEOGRAPHIC DATA |
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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 Americas, Asia Pacific, and Europe. Corporate expenses are reported separately for the three reportable segments and pertain to certain functions, such as executive management, corporate governance, investor relations, legal, accounting, tax, 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 expenses, and are included in the segments’ non-operating other income (expense). 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 and long-lived assets are the only significant assets separated by segment for internal reporting purposes.
(a) Adjusted net revenue are net of the Direct contracting costs and reimbursed expenses caption on the Consolidated Statements of Operations. Direct contracting costs and reimbursed expenses include the direct staffing costs of salaries, payroll taxes, employee benefits, travel expenses, and insurance costs for the Company’s contractors and reimbursed out-of-pocket expenses and other direct costs. The region where services are provided, the mix of RPO recruitment and contracting, and the functional nature of the staffing services provided can affect operating income and EBITDA. The salaries, commissions, payroll taxes, and employee benefits related to recruitment professionals are included under the caption “Salaries and related” in the Consolidated Statements of Operations. (b)SEC Regulation S-K 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 years ended December 31, 2021 and 2020 and net assets by geographic area as of December 31, 2021 and 2020 were as follows:
(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, intangible and goodwill, net of accumulated depreciation and amortization.
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VALUATION RESERVES |
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SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
VALUATION RESERVES | VALUATION RESERVES The following table summarizes the activity in our valuation accounts during the fiscal years ended December 31, 2021 and 2020.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of PresentationThe Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) in the United States of America (“U.S.”). Certain prior period amounts have been reclassified to conform to the current year presentation with no material impact on the Consolidated Financial Statements. Unless otherwise stated, amounts are presented in U.S. dollars and all amounts are in thousands, except for number of shares and per share amounts. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recently Adopted Accounting Standards and Recent Accounting Standard Update Not Yet Adopted | Recently Adopted Accounting Standards On January 1, 2021, the Company adopted Accounting Standards Update (“ASU”) 2019-12, “Income Taxes (“Topic 740”): Simplifying the Accounting for Income Taxes”. The standard simplifies accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The ASU also clarifies and amends existing guidance to improve consistent application. For public business entities, this standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. The adoption of this standard did not have a material impact on the Consolidated Financial Statements. |
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Principles of Consolidation | Principles of ConsolidationThe Consolidated Financial Statements include the accounts of the Company and all of its wholly owned and majority-owned subsidiaries. All significant inter-company accounts and transactions between and among the Company and its subsidiaries have been eliminated in consolidation. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the reported amounts of assets and liabilities, the disclosures about contingent assets and liabilities, and the reported amounts of revenue and expenses. Such estimates include the value of allowances for doubtful accounts, goodwill, intangible assets, other long-lives assets and the valuation of deferred tax assets. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates the estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. As future events and their effects cannot be determined with precision, actual results could differ significantly from those estimates.
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Concentration and Credit Risk | Concentration and Credit Risk The Company’s revenue is comprised of the operations, assets, and liabilities of the three regional businesses: Americas, Asia Pacific, and Europe. For the years ended December 31, 2021 and 2020, the Company’s top 25 clients generated over 85% of the Company’s revenue. Three clients accounted for an aggregate 65% of revenue in 2021, and two clients accounted for an aggregate 66% of revenue in 2020. As of December 31, 2021, two clients accounted for 10% or greater of accounts receivable. As of December 31, 2020, three clients accounted for 10% or greater of accounts receivable. Our business is dependent upon the continuation of these business relationships as well as new client development. Financial instruments, which potentially subject the Company to concentrations of credit risk, are primarily cash and accounts receivable. The Company performs continuing credit evaluations of its customers and does not require collateral. The Company has not experienced significant losses related to receivables in the Consolidated Statements of Operations. The Company may from time to time maintain cash in banks in excess of Federal Deposit Insurance Corporation insurance limits. However, the Company regularly monitors the financial condition of the institutions in which it has depository accounts and believes the risk of loss is minimal as these banks are large financial institutions with strong credit ratings.
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Revenue Recognition | Revenue Recognition Revenue is measured according to ASC 606, Revenue - “Revenue from Contracts with Customers,” and is recognized based on consideration specified in a contract with a client. We account for a contract when both parties to the contract have approved the contract, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. Revenues are recognized over time, using an input or output method, as the control of the promised services is transferred to the client in an amount that reflects the consideration we expect to be entitled to in exchange for those services. The majority of our contracts are short-term in nature as they include termination clauses that allow either party to cancel within a short termination period, without cause. Revenue includes billable travel and other reimbursable costs and is reported net of value added taxes, sales, or use taxes collected from clients and remitted to taxing authorities. Certain client contracts have variable consideration, including usage-based fees that increase the transaction price and volume rebates or other similar items that generally reduce the transaction price. We estimate variable consideration using the expected value method based on the terms of the client contract and historical evidence. These amounts may be constrained and are only included in revenue to the extent we do not expect a significant reversal when the uncertainty associated with the variable consideration is resolved. Our estimated amounts of variable consideration subject to constraints at period end are not material and we do not believe that there will be significant changes to our estimates. We record accounts receivable when our right to consideration becomes unconditional. The Company’s accounts receivable balances are composed of trade and unbilled receivables. Unbilled accounts receivable represent revenue recorded in advance of processing formal invoices pursuant to the completion of contract provisions and, generally, become billable at contractually specified dates. Unbilled amounts are expected to be invoiced and collected within one year. Contract assets primarily relate to our rights to consideration for services provided that such rights to consideration are conditional on satisfaction of future performance obligations. A contract liability for deferred revenue is recorded when consideration is received, or is unconditionally due, from a client prior to transferring control of services to the client under the terms of a contract. Deferred revenue balances typically result from advance payments received from clients prior to transferring control of services. We do not have any material contract assets or liabilities as of and for the years ended December 31, 2021 and 2020. Payment terms vary by client and the services offered. We consider payment terms that exceed one year to be extended payment terms. Substantially all of the Company’s contracts include payment terms of 90 days or less and we do not extend payment terms beyond one year. We primarily record revenue on a gross basis in the Consolidated Statements of Operations based upon the following key factors: •We maintain the direct contractual relationship with the client and are responsible for fulfilling the service promised to the client. •We maintain control over our contractors while the services to the client are being performed, including our contractors’ billing rates. RPO Recruitment We provide complete recruitment outsourcing, project-based outsourcing, and recruitment consulting for clients’ permanent staff hires. We recognize revenue for our RPO recruitment over time in an amount that reflects the consideration we expect to be entitled to and have an enforceable right to payment in exchange for our services. The client simultaneously receives and consumes the benefits of the services as they are provided. The transaction prices contain both fixed fee and variable usage-based consideration. Variable usage-based consideration is constrained by candidates accepting offers of permanent employment. We recognize revenue on fixed fees as the performance obligations are satisfied and on usage-based fees as the constraint is lifted. We do not incur incremental costs to obtain our RPO recruitment contracts. The costs to fulfill these contracts are expensed as incurred. We recognize permanent placement revenue when employment candidates accept offers of permanent employment. We have a substantial history of estimating the financial impact of permanent placement candidates who do not remain with our clients through a guarantee period. Fees to clients are generally calculated as a percentage of the new employee’s annual compensation. No fees for permanent placement services are charged to employment candidates. Contracting We provide RPO clients with a range of outsourced professional contract staffing services and managed service provider services offered sometimes on a standalone basis and sometimes as part of a blended total talent solution. We recognize revenue for our contracting services over time as services are performed in an amount that reflects the consideration we expect to be entitled to and have an enforceable right to payment in exchange for our services, which is generally calculated as hours worked multiplied by the agreed-upon hourly bill rate. The client simultaneously receives and consumes the benefits of the services as they are provided. We do not incur incremental costs to obtain our contracting contracts. The costs incurred to fulfill these contracts are expensed as incurred. Unsatisfied performance obligations As a practical expedient, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an expected original duration of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.
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Operating Expenses | Operating Expenses Salaries and related expenses include the salaries, commissions, payroll taxes and employee benefits related to recruitment professionals, executive level employees, administrative staff, and other employees of the Company who are not temporary contractors. Office and general expenses include occupancy, equipment leasing and maintenance, utilities, travel expenses, professional fees, and provision for doubtful accounts. The Company expenses the costs of advertising and legal costs as incurred.
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Stock-Based Compensation | Stock-Based Compensation The Company applies the fair value recognition provisions of ASC 718, “Compensation - Stock Compensation.” The Company determines the fair value as of the grant date. For awards with graded vesting conditions, the values of the awards are determined by valuing each tranche separately and expensing each tranche over the required service period. The service period is the period over which the related service is performed, which is generally the same as the vesting period. The Company accounts for forfeitures as they occur. During the years ended December 31, 2021 and 2020, the Company only granted restricted stock units and restricted shares of common stock.
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Employee Benefit Programs | Employee Benefit ProgramsThe Company in the U.S. sponsors a defined contribution plan covering substantially all of its full-time employees (the “401(k) Plan”). | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Earnings from the Company’s global operations are subject to tax in various jurisdictions both within and outside the United States. The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” This standard establishes financial accounting and reporting standards for the effects of income taxes that result from an enterprise’s activities. It requires an asset and liability approach for financial accounting and reporting of income taxes. The calculation of net deferred tax assets assumes sufficient future earnings for the realization of such assets as well as the continued application of currently anticipated tax rates. Included in net deferred tax assets is a valuation allowance for deferred tax assets where management believes it is more likely than not that the deferred tax assets will not be realized in the relevant jurisdiction. If we determine that a deferred tax asset will not be realizable, an adjustment to the deferred tax asset will result in a reduction of earnings at that time. See Note 6 to the Consolidated Financial Statements for further information regarding deferred tax assets and our valuation allowance. ASC 740-10-55-3, “Recognition and Measurement of Tax Positions - a Two Step Process,” provides implementation guidance related to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a two-step evaluation process for a tax position taken or expected to be taken in a tax return. The first step is recognition and the second is measurement. ASC 740 also provides guidance on derecognition, measurement, classification, disclosures, transition, and accounting for interim periods. The Company provides tax reserves for U.S. federal, state, local, and international unrecognized tax benefits for all periods subject to audit. The development of reserves for these exposures requires judgments about tax issues, potential outcomes and timing, and is a subjective critical estimate. The Company assesses its tax positions and records tax benefits for all years subject to examination based upon management’s evaluation of the facts, circumstances, and information available at the reporting dates. For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon settlement with a tax authority that has full knowledge of all relevant information. For those tax positions where it is not more likely than not that a tax benefit will be sustained, no tax benefit has been recognized in the financial statements. Where applicable, associated interest and penalties have also been recognized as a component of income tax expense. Although the outcome related to these exposures is uncertain, in management’s opinion, adequate provisions for income taxes have been made for estimable potential liabilities emanating from these exposures. In certain circumstances, the ultimate outcome for exposures and risks involves significant uncertainties which render them inestimable. If actual outcomes differ materially from these estimates, including those that cannot be quantified, they could have material impact on the Company’s results of operations. The Company has provided tax on all unremitted earnings of our foreign subsidiaries taking into consideration all expected future events based on presently existing tax laws and rates. The Company has elected to recognize the tax on Global Intangible Low Taxed Income (“GILTI”) as a period expense in the year the tax is incurred.
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Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) 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” and unvested restricted stock. The dilutive impact of stock options and unvested restricted stock 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. Income (loss) per share calculations for each quarter include the weighted average effect for the quarter; therefore, the sum of quarterly income (loss) per share amounts may not equal year-to-date income (loss) per share amounts, which reflect the weighted average effect on a year-to-date basis. In addition, the calculation of the impact of dilutive potential common shares might be dilutive on a quarterly basis but anti-dilutive on a year-to-date basis or vice versa.
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Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe carrying amounts reported in the Consolidated Balance Sheets for cash and cash equivalents, accounts receivable, accounts payable and short-term borrowings approximate fair value because of the immediate or short-term maturity of these financial instruments. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents For financial statement presentation purposes, the Company considers all highly liquid investments having an original maturity of three months or less as cash equivalents. Restricted Cash Restricted cash primarily represents amounts required to be held on deposit for a travel and entertainment program in the U.K., a bank guarantee for licensing in Switzerland, and deposits held for office space, as well as under a collateral trust agreement in the U.S., which supports the Company’s workers’ compensation policy.
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Accounts Receivable | Accounts Receivable The Company’s accounts receivable balances are composed of trade and unbilled receivables. Unbilled accounts receivable represent revenue recorded in advance of processing formal invoices pursuant to the completion of contract provisions and, generally, become billable at contractually specified dates. Unbilled receivables of $6,267 and $3,425 as of December 31, 2021 and 2020, respectively, are expected to be invoiced and collected within one year. The Company records accounts receivable when its right to consideration becomes unconditional. Contract assets primarily relate to our rights to consideration for services provided that they are conditioned on satisfaction of future performance obligations. The Company maintains an allowance for doubtful accounts in order to record accounts receivable at their net realizable value. Judgment is involved as to the collectability of the various receivables. If the Company determines that the allowance for doubtful accounts is not adequate to cover estimated losses, an expense to provide for doubtful accounts is recorded in selling, general and administrative expenses. If an account is determined to be uncollectible, it is written off against the allowance for doubtful accounts. Management’s assessment and judgment are vital requirements in assessing the ultimate realization of these receivables, including the current creditworthiness, financial stability and effect of market conditions on each customer.
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Property and Equipment | Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:
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Leases | Leases Lease liabilities are recognized at the commencement of a lease based on the sum of lease payments over the term of the lease. Lease liabilities are reduced as payments are made. A corresponding right-of-use asset is recognized at the same time as the lease liability based on the total amount of lease expense to be recognized, which is generally the same amount as the corresponding lease liabilities. Right-of-use assets are amortized over the life of the lease on a straight-line basis. The Company’s lease agreements may include options to renew, extend, or terminate the lease. These clauses are included in the measurement of the lease liabilities when the Company is reasonably certain that it will exercise such options. The Company has elected to exclude short-term leases from the recognition requirements of ASC 842. A lease is short-term if, at the commencement date, it has a term of less than or equal to one year. Lease expense related to short-term leases is recognized on a straight-line basis over the lease term.
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Capitalized Software Costs | Capitalized Software Costs Capitalized software costs consist of costs to purchase and develop software for internal use. The Company capitalizes certain incurred software development costs in accordance with ASC 350-40, “Intangibles Goodwill and Other: Internal-Use Software.” Costs incurred during the application-development stage for software purchased and further customized by outside vendors for the Company’s use and software developed by a vendor for the Company’s proprietary use have been capitalized. Labor costs incurred during the application-development stage for the Company’s own personnel which are directly associated with software development are capitalized as appropriate. The Company expenses software and overhead cost incurred during the preliminary and/or post implementation of the project stage such as maintenance, training and upgrades or enhancements that do not increase functionality. Capitalized software costs are included in property and equipment.
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Business Combinations and Asset Acquisitions | Business Combinations and Asset Acquisitions Business Combinations are accounted for under the acquisition method in accordance with ASC 805, “Business Combinations.” The acquisition method requires identifiable assets acquired and liabilities assumed in the business acquired to be recognized and measured at fair value on the acquisition date, which is the date that the acquirer obtains control of the acquired business. The amount by which the fair value of consideration transferred as the purchase price exceeds the net fair value of assets acquired and liabilities assumed is recorded as goodwill. Transaction costs are expensed in a business combination and included in Office and General.
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Long-Lived Assets and Amortizable Intangibles | Intangible Assets Intangible assets consist of customer relationships, trade names, non-competition agreements and developed technology. The Company’s definite-life intangible assets are being amortized on a straight-line basis over their estimated lives ranging from to ten years. The Company periodically evaluates whether events or changes in circumstances have occurred that indicate long-lived assets may not be recoverable. When such circumstances are present, the Company assesses whether the carrying value will be recovered through the expected undiscounted future cash flows resulting from the use and eventual disposition of the long-lived asset. In the event the sum of the expected undiscounted future cash flows is less than the carrying value of the long-lived asset, an impairment loss equal to the excess of the long-lived asset’s carrying value over its fair value is recorded in accordance with ASC 360-1-35. There were no impairment triggers during the year ended December 31, 2021. Amortization expense is computed using the straight-line method over the following estimated useful lives:
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Goodwill | Goodwill The Company records the excess of purchase price over the fair value of the tangible and identifiable intangible assets acquired and liabilities assumed as goodwill. The Company has allocated goodwill for the Coit Staffing, Inc. and Karani, LLC acquisitions to its Americas reportable segment. Goodwill is not amortized and is tested for impairment on an annual basis on October 1, or when an event or changes in circumstances indicate that its carrying value may not be recoverable. The Company identified two reporting units, Hudson Coit, Inc. and Karani, LLC, that carry a goodwill balance, both of which are included in the Americas reportable segment. Goodwill impairment is tested at the reporting unit level, which is defined as an operating segment or one level below the operating segment. The annual, or interim, goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. The Company has the option to perform a qualitative assessment for reporting units to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one or more of its reporting units is greater than its carrying amount. If, after assessing the totality of events or circumstances, the Company determines it is more likely than not that the fair value of a reporting unit is greater than its carrying amount, there is no need to perform any further testing. However, if the Company concludes otherwise, then it is required to perform a quantitative impairment test by calculating the fair value of the reporting unit and comparing the fair value with the carrying amount of the reporting unit. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recorded based on that difference. Alternatively, the Company has the option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test. There were no impairment charges recorded in either fiscal year 2021 or 2020.
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Foreign Currency Translation | Foreign Currency Translation The financial position and results of operations of the Company’s international subsidiaries are determined using local currency as the functional currency. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at each year-end. Statements of Operations accounts are translated at the average rate of exchange prevailing during each period. Translation adjustments arising from the use of differing exchange rates from period to period are included in the accumulated other comprehensive income (loss) account in stockholders’ equity, other than translation adjustments on short-term intercompany balances, which are included in other income (expense). Gains and losses resulting from other foreign currency transactions are included in other income (expense). Intercompany receivable balances of a long-term investment nature are considered part of the Company’s permanent investment in a foreign jurisdiction and the gains or losses on such balances are reported in other comprehensive income (loss).
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Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined to include all changes in equity except those resulting from investments by owners and distributions to owners. The Company’s other comprehensive income (loss) is primarily comprised of foreign currency translation adjustments, which relate to investments that are permanent in nature.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment | Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the following estimated useful lives:
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Schedule of finite-lived intangible assets, amortization expense period | Amortization expense is computed using the straight-line method over the following estimated useful lives:
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DISAGGREGATED REVENUE (Tables) |
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Disaggregation of Revenue | The Company’s revenues for the years ended December 31, 2021 and 2020 were as follows:
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ACQUISITION (Tables) |
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Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | Below is a summary of the fair value of the net assets acquired on the acquisition date based on external valuations at the date of acquisition.
Below is a summary of the fair value of the net assets acquired on the acquisition date based on external valuations at the date of acquisition.
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Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination | Intangible assets are amortized on a straight-line basis over their estimated useful lives. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.
Intangible assets are amortized on a straight-line basis over their estimated useful lives. The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.
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Business Acquisition, Pro Forma Information | The following unaudited consolidated pro forma information gives effect to the acquisitions of Karani, LLC and Coit Staffing, Inc. as if the transactions had occurred on January 1, 2020.
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STOCK-BASED COMPENSATION (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based payment arrangement, restricted stock and restricted stock unit, activity | A summary of the quantity and vesting conditions for stock-based units granted to the Company’s employees for the year ended December 31, 2021 was as follows:
(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 70% of the restricted stock units may be earned on the basis of performance as measured by a “regional adjusted EBITDA”, and 30% of the restricted stock units may be earned on the basis of performance as measured by a “group adjusted EBITDA”; and (b)For grants to Corporate office employees subject to 2020 performance conditions, 75% of the restricted stock units may be earned on the basis of performance as measured by a “group adjusted EBITDA”, and 25% of the restricted stock units may be earned on the basis of performance as measured by a “corporate costs” target. For grants to Corporate office employees subject to 2021 performance conditions, 100% of the restricted stock units may be earned on the basis of performance as measured by a “group adjusted EBITDA”. (c)For grants to Coit Principals subject to 2021 performance conditions, 100% of the restricted stock units may be earned on the basis of performance as measured by a “Coit EBITDA”. (2)To the extent restricted stock units are earned, such restricted stock units will vest on the basis of service as follows: (a)33% and 66.6% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the first anniversary of the grant date; (b)33% and 16.7% for Type 1 and Type 2, respectively, of the restricted stock units will vest on the second anniversary of the grant date; and (c)34% and 16.7% for Type 1 and Type 2, respectively, 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.
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Schedule of stock-based compensation expense | For the years ended December 31, 2021 and 2020, the Company’s stock-based compensation expense related to restricted stock units and restricted shares of common stock, which are included in the accompanying Consolidated Statements of Operations, were as follows:
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Schedule of unrecognized compensation cost, nonvested awards | As of December 31, 2021 and 2020, the Company's unrecognized compensation expense and the weighted average periods over which the compensation expense is expected to be recognized relating to the unvested portion of the Company’s restricted stock unit awards, were as follows:
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Changes in stock options | For the year ended December 31, 2020, changes in the Company’s stock options were as follows:
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Restricted stock units | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of share based compensation arrangements other than options fair value vested | Changes in the Company’s restricted stock units arising from grants to certain employees and non-employee directors for the year ended December 31, 2021 were as follows:
(a) The number of shares earned above target are based on the performance target established by the Compensation Committee at the initial grant date. Changes in the Company’s restricted stock units arising from grants to certain employees and non-employee directors for the year ended December 31, 2020 were as follows:
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Fair value activity of instrument vested | The total fair value of restricted stock units vested during the years ended December 31, 2021 and 2020 were as follows:
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Restricted stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of share based compensation arrangements other than options fair value vested | Changes in the Company’s restricted shares of common stock arising from the grants issued in connection with the acquisition of Coit Staffing, Inc. (see Note 4) were as follows:
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Fair value activity of instrument vested | The total fair value of restricted shares of common stock during the years ended December 31, 2021 and 2020 were as follows:
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INCOME TAXES (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of income before income tax, domestic and foreign | The domestic and foreign components of net income (loss) before provision for income taxes is as follows:
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Schedule of components of income tax expense (benefit) | The components of the provision for (benefit from) income taxes are as follows:
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Schedule of effective income tax rate reconciliation | The following is a reconciliation of the effective tax rate for the years ended December 31, 2021 and 2020 to the U.S. federal statutory rate of 21%:
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Schedule of deferred tax assets and liabilities | Deferred income taxes are provided for the tax effect of temporary differences between the financial reporting basis and the tax basis of assets and liabilities. Net deferred tax assets have been reported as non-current in the accompanying Consolidated Balance Sheets. Significant temporary differences at December 31, 2021 and 2020 are as follows:
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Summary of income tax contingencies | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties is as follows:
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EARNINGS (LOSS) PER SHARE (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share, basic and diluted | A reconciliation of the numerators and denominators of the basic and diluted loss per share calculations were as follows:
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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 years ended December 31, 2021 and 2020 did not include the effect of the following potentially outstanding shares of common stock because the effect would have been anti-dilutive:
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GOODWILL AND INTANGIBLE ASSETS (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | For the years ended December 31, 2021 and 2020, the changes in carrying amount of goodwill were as follows:
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Schedule of Finite-Lived Intangible Assets | For the years ended December 31, 2021 and 2020, the Company’s Intangible assets consisted of the following components:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future amortization expense of intangible assets for each of the next five fiscal years are as follows:
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Schedule of Amortizable Intangible Assets | The change in the book value of amortizable intangible assets is as follows:
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ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Payable and Accrued Liabilities | As of December 31, 2021 and 2020, the Company’s accrued expenses and other current liabilities consisted of the following:
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COMMITMENTS AND CONTINGENCIES (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of future minimum rental payments for operating leases | As of December 31, 2021, future minimum operating lease payments are as follows:
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ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive (Loss) Income | Accumulated other comprehensive (loss) income, net of tax, consisted of the following:
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SEGMENT AND GEOGRAPHIC DATA (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of segment reporting information |
(a) Adjusted net revenue are net of the Direct contracting costs and reimbursed expenses caption on the Consolidated Statements of Operations. Direct contracting costs and reimbursed expenses include the direct staffing costs of salaries, payroll taxes, employee benefits, travel expenses, and insurance costs for the Company’s contractors and reimbursed out-of-pocket expenses and other direct costs. The region where services are provided, the mix of RPO recruitment and contracting, and the functional nature of the staffing services provided can affect operating income and EBITDA. The salaries, commissions, payroll taxes, and employee benefits related to recruitment professionals are included under the caption “Salaries and related” in the Consolidated Statements of Operations. (b)SEC Regulation S-K 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.
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Revenue by geographic area | A summary of revenues for the years ended December 31, 2021 and 2020 and net assets by geographic area as of December 31, 2021 and 2020 were as follows:
(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, intangible and goodwill, net of accumulated depreciation and amortization.
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VALUATION RESERVES (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Valuation Allowance | The following table summarizes the activity in our valuation accounts during the fiscal years ended December 31, 2021 and 2020.
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DESCRIPTION OF BUSINESS (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2021
segments
Country
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Dec. 31, 2021
Segment
Country
|
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Description of Business [Abstract] | ||
Number of reportable segments | 3 | 3 |
Number of countries in which entity operates | 14 | 14 |
DISAGGREGATED REVENUE (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
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Disaggregation of Revenue [Line Items] | ||||
Revenues | [1] | $ 169,207 | $ 101,448 | |
RPO Recruitment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 66,469 | 38,521 | ||
Contracting | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 102,738 | $ 62,927 | ||
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ACQUISITION (Pro Forma) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
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Dec. 31, 2021 |
Dec. 31, 2020 |
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Business Combinations [Abstract] | ||
Revenue | $ 176,174 | $ 110,317 |
Net (loss) income | $ 3,335 | $ (1,246) |
STOCK-BASED COMPENSATION (Vesting Conditions) (Details) - shares |
12 Months Ended | |||||
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Dec. 31, 2021 |
Dec. 31, 2020 |
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of share of restricted stock (units) | 174,171 | |||||
Restricted stock units, type 1 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of share of restricted stock (units) | [1],[2] | 66,220 | ||||
Target, Regional adjusted EBITDA, percentage | 70.00% | |||||
Target, Group adjusted EBITDA, percentage | 30.00% | |||||
Restricted stock units, type 1 | Performance Conditions, 2020 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target, Group adjusted EBITDA, percentage | 75.00% | |||||
Target, Corporate costs , percentage | 25.00% | |||||
Restricted stock units, type 1 | Performance Conditions, 2021 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target, Group adjusted EBITDA, percentage | 100.00% | |||||
Restricted stock units, type 1 | First Anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of share of restricted stock (units) | 53,075 | |||||
Vesting rights, percentage | 33.00% | |||||
Restricted stock units, type 1 | Second Anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting rights, percentage | 33.00% | |||||
Restricted stock units, type 1 | Third Anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting rights, percentage | 34.00% | |||||
Restricted stock units, type 2 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of share of restricted stock (units) | [1],[2] | 60,451 | ||||
Restricted stock units, type 2 | First Anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of share of restricted stock (units) | 73,596 | |||||
Vesting rights, percentage | 66.60% | |||||
Restricted stock units, type 2 | Second Anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting rights, percentage | 16.70% | |||||
Restricted stock units, type 2 | Third Anniversary | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting rights, percentage | 16.70% | |||||
Restricted stock units, time | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, number of share of restricted stock (units) | [2] | 47,500 | ||||
Restricted stock units, time | Performance Conditions, 2021 | Coit Staffing, Inc. | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Target, Group adjusted EBITDA, percentage | 100.00% | |||||
|
STOCK-BASED COMPENSATION (Stock Options Activity) (Details) - Stock options |
12 Months Ended |
---|---|
Dec. 31, 2020
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Roll Forward] | |
Options outstanding at January 1, number of options outstanding | shares | 5,000 |
Expired/forfeited, number of options outstanding | shares | (5,000) |
Options outstanding at December 31, number of options outstanding | shares | 0 |
Options exercisable at December 31, number of options outstanding | shares | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Options outstanding at January 1, weighted average exercise price per share | $ / shares | $ 24.90 |
Expired/forfeited, weighted average exercise price per share | $ / shares | (24.90) |
Options outstanding at December 31, weighted average exercise price per share | $ / shares | 0 |
Options exercisable at December 31, weighted average exercise price per share | $ / shares | $ 0 |
STOCK-BASED COMPENSATION (Restricted Stock Units) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
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 (units) | 174,171 | |
Restricted stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested restricted stock (units) at January 1, number of shares of restricted stock (unit) | 14,676 | 63,436 |
Granted, number of share of restricted stock (units) | 198,390 | 46,697 |
Vested, number of share of restricted stock (units) | (32,762) | (73,073) |
Forfeited, number of share of restricted stock (units) | (12,411) | (22,384) |
Unvested restricted stock (units) at December 31, number of shares of restricted stock (unit) | 167,893 | 14,676 |
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) at January 1, weighted average grant date fair value | $ 15.45 | $ 15.12 |
Granted, weighted average grant date fair value | 16.41 | 9.49 |
Vested, weighted average grant date fair value | 17.62 | 11.43 |
Forfeitures, Weighted Average Grant Date Fair Value | 14.54 | 15.20 |
Non-vested restricted stock (units) at December 31, weighted average grant date fair value | $ 16.23 | $ 15.45 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 591 | $ 685 |
Restricted Stock Units (RSUs), Performance -based | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested restricted stock (units) at January 1, number of shares of restricted stock (unit) | 14,676 | 63,436 |
Granted, number of share of restricted stock (units) | 126,671 | 0 |
Vested, number of share of restricted stock (units) | (8,543) | (26,376) |
Forfeited, number of share of restricted stock (units) | (11,411) | (22,384) |
Unvested restricted stock (units) at December 31, number of shares of restricted stock (unit) | 121,393 | 14,676 |
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) at January 1, weighted average grant date fair value | $ 15.45 | $ 15.12 |
Granted, weighted average grant date fair value | 15.79 | 0 |
Vested, weighted average grant date fair value | 15.68 | 14.87 |
Forfeitures, Weighted Average Grant Date Fair Value | 14.54 | 15.20 |
Non-vested restricted stock (units) at December 31, weighted average grant date fair value | $ 15.88 | $ 15.45 |
Restricted Stock Units (RSUs), Time-based | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested restricted stock (units) at January 1, number of shares of restricted stock (unit) | 0 | 0 |
Granted, number of share of restricted stock (units) | 71,719 | 46,697 |
Vested, number of share of restricted stock (units) | (24,219) | (46,697) |
Forfeited, number of share of restricted stock (units) | (1,000) | 0 |
Unvested restricted stock (units) at December 31, number of shares of restricted stock (unit) | 46,500 | 0 |
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) at January 1, weighted average grant date fair value | $ 0 | $ 0 |
Granted, weighted average grant date fair value | 17.50 | 9.49 |
Vested, weighted average grant date fair value | 18.30 | 9.49 |
Forfeitures, Weighted Average Grant Date Fair Value | 14.54 | 0 |
Non-vested restricted stock (units) at December 31, weighted average grant date fair value | $ 17.15 | $ 0 |
STOCK-BASED COMPENSATION (Restricted Shares) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
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 (units) | 174,171 | |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested restricted stock (units) at January 1, number of shares of restricted stock (unit) | 52,226 | 0 |
Granted, number of share of restricted stock (units) | 0 | 52,226 |
Vested, number of share of restricted stock (units) | (17,408) | 0 |
Unvested restricted stock (units) at December 31, number of shares of restricted stock (unit) | 34,818 | 52,226 |
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) at January 1, weighted average grant date fair value | $ 9.57 | $ 0 |
Granted, weighted average grant date fair value | 0 | 9.57 |
Vested, weighted average grant date fair value | 9.57 | 0 |
Non-vested restricted stock (units) at December 31, weighted average grant date fair value | $ 9.57 | $ 9.57 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 310 | $ 0 |
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Sep. 30, 2021 |
Dec. 31, 2019 |
|
Operating Loss Carryforwards [Line Items] | ||||
Effective income tax rate reconciliation, percent | 25.70% | 75.50% | ||
Effective income tax rate reconciliation, at federal statutory income tax rate | 21.00% | 21.00% | ||
NOL Carryforward, net | $ 312,041 | |||
NOL not absorbed by former parent | 13,144 | |||
Operating loss subject to expiration in the next twelve months | $ 7,984 | |||
Operating loss carryforwards, section 382 | 224,124 | |||
Operating loss carryforwards, section 382, expected to expire prior to utilization | 27,848 | |||
Deferred tax assets, operating loss carryforwards, state and local | 179,985 | |||
Operating loss carryforwards, section 382, expected to expire prior to utilization, tax benefits | 7,416 | |||
Operating loss carryforwards, valuation allowance | 182,768 | |||
Deferred tax assets, valuation allowance, temporary differences | 1,206 | |||
Unrecognized tax benefits | 360 | 669 | $ 663 | |
Accrued interest and penalties | 110 | $ 594 | ||
Canada Revenue Agency | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Examination, Penalties and Interest Expense | 42 | |||
Federal and State | ||||
Operating Loss Carryforwards [Line Items] | ||||
NOL Carryforward | 690,704 | |||
NOL Carryforward, net | 312,041 | |||
Capital loss carryforwards, sale transaction | 378,663 | |||
Operating loss carryforwards, valuation allowance | 179,985 | |||
Foreign Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
NOL Carryforward | 12,264 | |||
Operating loss subject to expiration in the next twelve months | 0 | |||
Operating loss that can carryforward indefinitely from foreign subsidiaries | 5,280 | |||
Operating loss carryforwards, valuation allowance | $ 2,783 | |||
Foreign Tax Authority | Canada Revenue Agency | ||||
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Reversal | $ 560 |
INCOME TAXES (Foreign and Domestic Income Before Tax) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Domestic | $ 150 | $ (3,446) |
Foreign | 4,194 | 2,738 |
Income (loss) before income taxes | $ 4,344 | $ (708) |
INCOME TAXES (Components Of Income Tax Expense Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Current tax provision (benefit): | ||
U.S. Federal | $ 0 | $ 0 |
State and local | 5 | 5 |
Foreign | 1,462 | 699 |
Total current provision for (benefit from) income taxes | 1,467 | 704 |
Deferred tax provision (benefit): | ||
U.S. Federal | 0 | 0 |
State and local | 0 | 0 |
Foreign | (350) | (169) |
Total deferred benefit from income taxes | (350) | (169) |
Provision for income taxes | $ 1,117 | $ 535 |
INCOME TAXES (Federal Statutory Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Benefit at federal statutory rates | $ 912 | $ (149) |
State income taxes, net of federal benefit | 144 | (212) |
Change in valuation allowance | (3,893) | 227 |
Taxes related to foreign income | 1,256 | 195 |
Other federal deferred tax adjustments | 105 | (271) |
Other federal deferred tax adjustments | 791 | (23) |
Other state deferred tax adjustments | 2,362 | 738 |
Uncertain tax positions | (560) | 30 |
Provision for income taxes | $ 1,117 | $ 535 |
INCOME TAXES (Deferred Tax) (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Deferred tax assets (liabilities): | ||
Allowance for doubtful accounts | $ 96 | $ 23 |
Property and equipment | (169) | 2 |
Goodwill and intangibles | (113) | 204 |
Accrued compensation | 2,612 | 1,818 |
Accrued liabilities and other | 109 | 106 |
Loss carryforwards | 182,784 | 186,606 |
Deferred tax assets before valuation allowance | 185,319 | 188,759 |
Valuation allowance | (183,974) | (187,722) |
Deferred tax assets, net of valuation allowance | $ 1,345 | $ 1,037 |
INCOME TAXES (Summary of Income Tax Contingency) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1, 2019 | $ 669 | $ 663 |
Additions for tax positions of current years | 0 | 0 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | 6 |
Reductions for tax positions of prior years | (309) | 0 |
Expiration of applicable statutes of limitations | 0 | 0 |
Balance at December 31, 2018 | $ 360 | $ 669 |
EARNINGS (LOSS) PER SHARE (Computation of Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
EPS - basic and diluted: | ||||
Basic (in dollars per share) | $ 1.11 | $ (0.43) | ||
Diluted (in dollars per share) | $ 1.07 | $ (0.43) | ||
EPS numerator - basic and diluted: | ||||
Net income (loss) | $ 3,227 | $ (1,243) | ||
EPS denominator (in thousands): | ||||
Weighted-average common stock outstanding - basic (in shares) | 2,917 | 2,911 | ||
Common stock equivalents: stock options and restricted stock units (in shares) | [1] | 86 | 0 | |
Weighted-average number of common stock outstanding - diluted (in shares) | 3,003 | 2,911 | ||
|
EARNINGS (LOSS) PER SHARE (Antidilutive Securities Excluded from the Computation of Earnings (Loss) Per Share) (Details) - shares |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,000 | 66,902 |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,000 | 14,676 |
Restricted stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 0 | 52,226 |
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Oct. 29, 2021 |
Oct. 01, 2020 |
Dec. 31, 2019 |
|
Goodwill [Line Items] | |||||
Goodwill | $ 4,219,000 | $ 2,088,000 | $ 0 | ||
Amortization expense of intangible assets | 452,000 | 80,000 | |||
Goodwill, impairment loss | 0 | 0 | |||
Impairment of intangible assets, finite-lived | $ 0 | $ 0 | |||
Karani, LLC | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 2,131,000 | ||||
Coit Staffing, Inc. | |||||
Goodwill [Line Items] | |||||
Goodwill | $ 2,088,000 |
GOODWILL AND INTANGIBLE ASSETS (Changes in Goodwill ) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Goodwill [Roll Forward] | ||
Goodwill, January 1, | $ 2,088 | $ 0 |
Acquisition | 2,131 | 2,088 |
Goodwill, December 31, | $ 4,219 | $ 2,088 |
GOODWILL AND INTANGIBLE ASSETS (Intangible Assets) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 6,020 | $ 1,480 | |
Accumulated Amortization | (532) | (80) | |
Net Carrying Amount | 5,488 | 1,400 | $ 0 |
Non-compete agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 80 | 80 | |
Accumulated Amortization | (50) | (10) | |
Net Carrying Amount | $ 30 | $ 70 | 0 |
Weighted Average Remaining Amortization Useful Lives (in years) | 9 months 18 days | 1 year 9 months 18 days | |
Trade name | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 1,500 | $ 400 | |
Accumulated Amortization | (118) | (20) | |
Net Carrying Amount | $ 1,382 | $ 380 | 0 |
Weighted Average Remaining Amortization Useful Lives (in years) | 8 years 2 months 12 days | 4 years 9 months 18 days | |
Customer lists | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 3,800 | $ 1,000 | |
Accumulated Amortization | (328) | (50) | |
Net Carrying Amount | $ 3,472 | $ 950 | $ 0 |
Weighted Average Remaining Amortization Useful Lives (in years) | 5 years 3 months 18 days | 4 years 9 months 18 days | |
Developed Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 640 | ||
Accumulated Amortization | (36) | ||
Net Carrying Amount | $ 604 | $ 0 | |
Weighted Average Remaining Amortization Useful Lives (in years) | 2 years 9 months 18 days |
GOODWILL AND INTANGIBLE ASSETS (Future Amortization Expense ) (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
---|---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2022 | $ 1,100 | ||
2023 | 1,070 | ||
2024 | 1,034 | ||
2025 | 787 | ||
2026 | 577 | ||
Thereafter | 920 | ||
Net Carrying Amount | $ 5,488 | $ 1,400 | $ 0 |
GOODWILL AND INTANGIBLE ASSETS (Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning Balance | $ 1,400 | $ 0 |
Acquisition | 4,540 | 1,480 |
Amortization | (452) | (80) |
Ending Balance | 5,488 | 1,400 |
Non-compete agreements | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning Balance | 70 | 0 |
Acquisition | 0 | 80 |
Amortization | (40) | (10) |
Ending Balance | 30 | 70 |
Trade name | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning Balance | 380 | 0 |
Acquisition | 1,100 | 400 |
Amortization | (98) | (20) |
Ending Balance | 1,382 | 380 |
Customer lists | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning Balance | 950 | 0 |
Acquisition | 2,800 | 1,000 |
Amortization | (278) | (50) |
Ending Balance | 3,472 | 950 |
Developed Technology | ||
Finite-lived Intangible Assets [Roll Forward] | ||
Beginning Balance | 0 | |
Acquisition | 640 | |
Amortization | (36) | |
Ending Balance | $ 604 | $ 0 |
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Payables and Accruals [Abstract] | ||
Severance | $ 0 | $ 314 |
Sales, use, payroll, and income taxes | 3,526 | 2,088 |
Fees for professional services | 958 | 658 |
Note payable – short term | 750 | 0 |
Deferred revenue | 533 | 178 |
Other accruals | 1,731 | 1,203 |
Total accrued expenses and other current liabilities | $ 7,498 | $ 4,441 |
COMMITMENTS AND CONTINGENCIES (Details) |
12 Months Ended | ||
---|---|---|---|
Apr. 08, 2019
USD ($)
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Commitments And Contingencies [Line Items] | |||
Loss Contingency Accrual | $ 0 | $ 0 | |
Operating Lease, Cost | $ 756,000 | 604,000 | |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 3 months 18 days | ||
Lessee, Operating Lease, Liability, Payments, Due Year One | $ 363,000 | ||
Lessee, Operating Lease, Liability, Payments, Due Year Two | 118,000 | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 481,000 | 192,000 | |
Minimum | |||
Commitments And Contingencies [Line Items] | |||
Lessee, Operating Lease, Remaining Lease Term | 1 year | ||
Maximum | |||
Commitments And Contingencies [Line Items] | |||
Lessee, Operating Lease, Remaining Lease Term | 2 years | ||
Line of Credit [Member] | NAB Facility Agreement [Member] | |||
Commitments And Contingencies [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | ||
Debt Instrument, Termination of Debt Notice | 90 days | ||
Long-term Line of Credit | 0 | ||
Interest Expense | $ 20,000 | $ 19,000 | |
Debt Instrument, Restrictions and Covenants, Number Of Times EBITDA Must Be Paid Total Interest Period Within A Period of Twelve Months Rolling Basis | 2 | ||
Debt Instrument, Restrictions and Covenants, Tangible Net Worth, Minimum | $ 2,500,000 | ||
Debt Instrument, Restrictions and Covenants, Tangible Assets, Minimum | 25.00% | ||
Variable Receivable Finance Indicator [Member] | Line of Credit [Member] | NAB Facility Agreement [Member] | |||
Commitments And Contingencies [Line Items] | |||
Debt instrument, interest rate increase | 1.60% |
STOCKHOLDERS' EQUITY (Details) - USD ($) |
12 Months Ended | 53 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Mar. 27, 2020 |
Jul. 30, 2015 |
|
Stock repurchase program, authorized amount | $ 10,000,000 | ||||
Stock repurchased during period, shares | 432,563 | ||||
Payments for repurchase of common stock | $ 0 | $ 2,239,000 | $ 8,297,000 | ||
March 27, 2020 Program | |||||
Stock repurchase program, authorized amount | $ 2,238,000 | ||||
Stock repurchase program, number of shares authorized to be repurchased | 259,331 | ||||
Cost | $ 1,000 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) [Abstract] | ||
Foreign currency translation adjustments | $ (85) | $ 526 |
Accumulated other comprehensive (loss) income | $ (85) | $ 526 |
STOCKHOLDER RIGHTS PLAN (Details) - $ / shares |
Oct. 15, 2018 |
Dec. 31, 2021 |
Dec. 31, 2020 |
---|---|---|---|
Class of Stock [Line Items] | |||
Rights | 1 | ||
Number of securities called by each warrant or right | 0.01 | ||
Purchase price | $ 0.001 | $ 0.001 | |
Warrants and Rights, Preferred Stock to Common Stock Conversion, Treatment | 1 | ||
Number of days after public announcement of acquiring person | 10 days | ||
Number of days after tender or exchange offer is completed by acquiring person | 10 days | ||
Warrants and Rights, Option to Exercise, Market Value Multiplier of Purchase Price | 2 | ||
Redemption price per share | $ 0.001 | ||
Series B Preferred Stock | |||
Class of Stock [Line Items] | |||
Number of securities called by each warrant or right | 0.01 | ||
Purchase price | $ 3.50 | ||
Minimum | |||
Class of Stock [Line Items] | |||
Ownership percentage, common stock, without approval of board | 4.99% |
SEGMENT AND GEOGRAPHIC DATA (Segment Information) (Details) $ in Thousands |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2021
USD ($)
segments
|
Dec. 31, 2021
USD ($)
Segment
|
Dec. 31, 2020
USD ($)
|
|||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Number of reportable segments | 3 | 3 | ||||||||||
Revenue, from external customers | $ 169,207 | $ 101,448 | ||||||||||
Inter-segment revenue | 0 | 0 | ||||||||||
Total revenue | [1] | 169,207 | 101,448 | |||||||||
Adjusted net revenue, from external customers | [2] | 68,157 | 39,081 | |||||||||
Inter-segment adjusted net revenue | 0 | 0 | ||||||||||
Total adjusted net revenue | 68,157 | 39,081 | ||||||||||
EBITDA (loss) | [3] | 4,908 | (678) | |||||||||
Depreciation and amortization | 597 | 179 | ||||||||||
Interest income, net | 33 | 149 | ||||||||||
Intercompany interest (expense) income, net | 0 | 0 | ||||||||||
(Provision for) benefit from income taxes | (1,117) | (535) | ||||||||||
Net income (loss) | 3,227 | (1,243) | ||||||||||
PPP loan forgiveness | 0 | 1,326 | ||||||||||
Accounts receivable, net | 25,748 | $ 25,748 | $ 25,748 | 13,445 | ||||||||
Long-lived assets, net of accumulated depreciation and amortization | [4] | 10,078 | 10,078 | 10,078 | 3,603 | |||||||
Total assets | 61,242 | 61,242 | 61,242 | 45,386 | ||||||||
Inter-segment elimination | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, from external customers | 0 | 0 | ||||||||||
Inter-segment revenue | (94) | (103) | ||||||||||
Total revenue | (94) | (103) | ||||||||||
Adjusted net revenue, from external customers | [2] | 0 | 0 | |||||||||
Inter-segment adjusted net revenue | 0 | (1) | ||||||||||
Total adjusted net revenue | 0 | (1) | ||||||||||
EBITDA (loss) | [3] | 0 | 0 | |||||||||
Depreciation and amortization | 0 | 0 | ||||||||||
Interest income, net | 0 | 0 | ||||||||||
Intercompany interest (expense) income, net | 0 | 0 | ||||||||||
(Provision for) benefit from income taxes | 0 | 0 | ||||||||||
Net income (loss) | 0 | 0 | ||||||||||
PPP loan forgiveness | 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 | ||||||||
Americas | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, from external customers | 28,797 | 10,866 | ||||||||||
Inter-segment revenue | 41 | 97 | ||||||||||
Total revenue | 28,838 | 10,963 | ||||||||||
Adjusted net revenue, from external customers | [2] | 27,087 | 9,598 | |||||||||
Inter-segment adjusted net revenue | 7 | 97 | ||||||||||
Total adjusted net revenue | 27,094 | 9,695 | ||||||||||
EBITDA (loss) | [3] | 1,801 | (1,044) | |||||||||
Depreciation and amortization | 498 | 99 | ||||||||||
Interest income, net | 0 | 0 | ||||||||||
Intercompany interest (expense) income, net | 0 | 0 | ||||||||||
(Provision for) benefit from income taxes | 539 | (35) | ||||||||||
Net income (loss) | 1,842 | (1,178) | ||||||||||
PPP loan forgiveness | 1,326 | |||||||||||
Accounts receivable, net | 8,765 | 8,765 | 8,765 | 3,177 | ||||||||
Long-lived assets, net of accumulated depreciation and amortization | 9,964 | 9,964 | 9,964 | 3,508 | ||||||||
Total assets | 22,214 | 22,214 | 22,214 | 8,316 | ||||||||
Asia Pacific | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, from external customers | 118,597 | 75,633 | ||||||||||
Inter-segment revenue | 15 | 6 | ||||||||||
Total revenue | 118,612 | 75,639 | ||||||||||
Adjusted net revenue, from external customers | [2] | 28,561 | 19,814 | |||||||||
Inter-segment adjusted net revenue | (5) | 6 | ||||||||||
Total adjusted net revenue | 28,556 | 19,820 | ||||||||||
EBITDA (loss) | [3] | 5,452 | 2,877 | |||||||||
Depreciation and amortization | 66 | 51 | ||||||||||
Interest income, net | 4 | 2 | ||||||||||
Intercompany interest (expense) income, net | (330) | (322) | ||||||||||
(Provision for) benefit from income taxes | (1,334) | (552) | ||||||||||
Net income (loss) | 3,726 | 1,954 | ||||||||||
PPP loan forgiveness | 0 | |||||||||||
Accounts receivable, net | 12,073 | 12,073 | 12,073 | 7,580 | ||||||||
Long-lived assets, net of accumulated depreciation and amortization | 68 | 68 | 68 | 63 | ||||||||
Total assets | 21,744 | 21,744 | 21,744 | 14,651 | ||||||||
Europe | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, from external customers | 21,813 | 14,949 | ||||||||||
Inter-segment revenue | 38 | 0 | ||||||||||
Total revenue | 21,851 | 14,949 | ||||||||||
Adjusted net revenue, from external customers | [2] | 12,509 | 9,669 | |||||||||
Inter-segment adjusted net revenue | (2) | (102) | ||||||||||
Total adjusted net revenue | 12,507 | 9,567 | ||||||||||
EBITDA (loss) | [3] | 1,007 | 481 | |||||||||
Depreciation and amortization | 29 | 24 | ||||||||||
Interest income, net | 0 | 0 | ||||||||||
Intercompany interest (expense) income, net | 0 | 0 | ||||||||||
(Provision for) benefit from income taxes | (273) | 83 | ||||||||||
Net income (loss) | 705 | 540 | ||||||||||
PPP loan forgiveness | 0 | |||||||||||
Accounts receivable, net | 4,910 | 4,910 | 4,910 | 2,690 | ||||||||
Long-lived assets, net of accumulated depreciation and amortization | 42 | 42 | 42 | 27 | ||||||||
Total assets | 9,370 | 9,370 | 9,370 | 7,917 | ||||||||
Corporate | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenue, from external customers | 0 | 0 | ||||||||||
Inter-segment revenue | 0 | 0 | ||||||||||
Total revenue | 0 | 0 | ||||||||||
Adjusted net revenue, from external customers | [2] | 0 | 0 | |||||||||
Inter-segment adjusted net revenue | 0 | 0 | ||||||||||
Total adjusted net revenue | 0 | 0 | ||||||||||
EBITDA (loss) | [3] | (3,352) | (2,992) | |||||||||
Depreciation and amortization | 4 | 5 | ||||||||||
Interest income, net | 29 | 147 | ||||||||||
Intercompany interest (expense) income, net | 330 | 322 | ||||||||||
(Provision for) benefit from income taxes | (49) | (31) | ||||||||||
Net income (loss) | (3,046) | (2,559) | ||||||||||
PPP loan forgiveness | 0 | |||||||||||
Accounts receivable, net | 0 | 0 | 0 | (2) | ||||||||
Long-lived assets, net of accumulated depreciation and amortization | 4 | 4 | 4 | 5 | ||||||||
Total assets | $ 7,914 | $ 7,914 | $ 7,914 | $ 14,502 | ||||||||
|
SEGMENT AND GEOGRAPHIC DATA (Geographic Data Reporting) (Details) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|||||
Segment Reporting Information [Line Items] | ||||||
Revenue | [1] | $ 169,207 | $ 101,448 | |||
Long-lived assets, net | [2] | 10,078 | 3,603 | |||
Net assets | 39,316 | 34,280 | ||||
Australia | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | [1] | 109,388 | 68,039 | |||
Long-lived assets, net | [2] | 29 | 22 | |||
Net assets | 7,925 | 5,384 | ||||
United Kingdom | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | [1] | 19,686 | 12,930 | |||
Long-lived assets, net | [2] | 42 | 27 | |||
Net assets | 2,729 | 3,286 | ||||
United States | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | [1] | 27,299 | 9,595 | |||
Long-lived assets, net | [2] | 9,968 | 3,512 | |||
Net assets | 21,510 | 19,169 | ||||
Other | ||||||
Segment Reporting Information [Line Items] | ||||||
Revenue | [1] | 12,834 | 10,884 | |||
Long-lived assets, net | [2] | 39 | 42 | |||
Net assets | $ 7,152 | $ 6,441 | ||||
|
VALUATION RESERVES (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Allowance for Doubtful Accounts | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at Beginning of Period | $ 10 | $ 174 |
Additions Charged to Costs/Expenses (Recoveries) | 147 | 34 |
Deductions | 39 | (198) |
Balance at End of Period | 196 | 10 |
Deferred tax assets-valuation allowance | ||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | ||
Balance at Beginning of Period | 187,722 | 187,481 |
Additions Charged to Costs/Expenses (Recoveries) | 180 | 370 |
Deductions | (3,928) | (129) |
Balance at End of Period | $ 183,974 | $ 187,722 |
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