Hudson Global,Inc (HSON) 首席执行官 Jeff Eberwein 于 2019年 第三季度业绩-收益电话抄本

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Hudson Global, Inc (NASDAQ:HSON) Q3 2019 Results Earnings Conference Call November 1, 2019 10:00 AM ET

Hudson Global, Inc (NASDAQ:HSON) Q3 2019 Results Earnings Conference Call November 1, 2019 10:00 AM ET

公司参与者

Jeff Eberwein - Chief Executive Officer
Matthew Diamond - Vice President of Finance

  • Jeff Eberwein - Chief Executive Officer
  • Matthew Diamond - Vice President of Finance

电话会议参与者

Josh Vogel - Sidoti & Company

  • Josh Vogel - Sidoti

会议主持员

Good morning, and welcome to the Hudson Global Conference Call for the Third Quarter of 2019. Our call this morning will be led by Chief Executive Officer, Jeff Eberwein; and Vice President of Finance, Matthew Diamond.
Please be advised that the statements made during the presentation include forward-looking statements under applicable securities laws. Such forward-looking statements involve certain risk and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. These risks are discussed in our Form 8-K filed today and in our other filings made with the Securities and Exchange Commission, including our annual report on Form 10-K.
The company disclaims any obligation to update any forward-looking statements. During the course of this conference call, references will be made to non-GAAP terms such as adjusted EBITDA. An adjusted EBITDA reconciliation is included in our earnings release and quarterly slides, both posted on our website, hudsonrpo.com. I encourage you to access our earnings materials at this time as they will serve as a helpful reference guide during our call.
I will now turn the call over to Jeff Eberwein.

Good morning, and welcome to the Hudson Global Conference Call for the Third Quarter of 2019. Our call this morning will be led by Chief Executive Officer, Jeff Eberwein; and Vice President of Finance, Matthew Diamond.

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

The company disclaims any obligation to update any forward-looking statements. During the course of this conference call, references will be made to non-GAAP terms such as adjusted EBITDA. An adjusted EBITDA reconciliation is included in our earnings release and quarterly slides, both posted on our website, hudsonrpo.com. I encourage you to access our earnings materials at this time as they will serve as a helpful reference guide during our call.

I will now turn the call over to Jeff Eberwein.

Jeff Eberwein

Jeff Eberwein

Thank you, operator, and welcome, everyone. We thank you for your interest in Hudson Global and for joining us today. I'll start by reviewing the third quarter 2019 results. Matt Diamond, our VP of Finance, will then provide some additional details on our third quarter 2019 results. I will then give some perspective on our RPO business, Hudson's corporate costs and review the outlook for 2019. For the third quarter of 2019, we reported revenue of $25.8 million, up 57% year-over-year in constant currency. Gross profit of $11.4 million increased 9% year-over-year in constant currency, and we grew gross profit in constant currency in all 3 regions.
We saw a particularly strong growth in our businesses in Australia and Continental Europe in the third quarter. SG&A costs were $11 million in the second quarter, down 1% versus the same period last year in constant currency. We reported adjusted EBITDA of $800,000 compared to an adjusted EBITDA loss of $300,000 a year ago. In addition, we reported net income of $400,000 or $12 per share versus a loss of $900,000 or $26, $0.26 per share in the same period last year. I want to thank all of our highly dedicated employees for their hard work so far this year. It's beginning to show through in our operating results.
We believe our business is building strong momentum, and we're excited to continue improving our operating and financial results going forward. In September, Hudson RPO ranked among HRO Today magazine's Baker's Dozen list of top enterprise RPO providers for the 10th consecutive year. This recognition is a tremendous accolade for all of us at Hudson RPO. We're honored that based on client feedback, we have consistently ranked as a top global RPO provider.
Turning to regional performance for the quarter. Our Asia Pacific business had strong year-on-year growth in revenue of 97%, while gross profit grew 2% in constant currency. The revenue growth was driven by the commencement of a large MSP contract in Australia, as discussed on last quarter's call. Gross profit growth in Q3 was strongest in Australia, largely due to higher volumes at existing clients. Americas had gross profit increase of 7% year-over-year in constant currency, with strong performance at several newly won clients, somewhat offset by lower volumes at some legacy clients.
Adjusted EBITDA of $200,000 decreased from adjusted EBITDA of $300,000 a year ago. Our Europe business produced a very solid quarter, with gross profit up 29% in constant currency. The growth was driven by strong results in our businesses from Switzerland and Belgium. Adjusted EBITDA of $300,000 increased from breakeven adjusted EBITDA in Q3 of last year.
I'll now turn the call over to Matt Diamond, our VP of Finance, to review some additional financial details from the quarter.

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谢谢您,操作员,欢迎大家。感谢您对Hudson Global的关注,并感谢您今天加入我们。我将首先回顾2019年第三季度的结果。然后,我们的财务副总裁马特·戴蒙德(Matt Diamond)将提供有关我们2019年第三季度业绩的更多详细信息。然后,我将对我们的RPO业务,哈德森的公司成本发表一些看法,并回顾一下2019年的前景。在2019年第三季度,我们报告的收入为2580万美元,按固定汇率计算,同比增长57%。按固定汇率计算,毛利润为1,140万美元,同比增长9%,而我们在所有3个地区中按固定汇率计算的毛利润都在增长。

第三季度,我们在澳大利亚和欧洲大陆的业务增长尤其强劲。按固定汇率计算,第二季度的SG&A费用为1100万美元,比去年同期下降1%。我们报告的调整后EBITDA为80万美元,而一年前的调整后EBITDA亏损为300,000美元。此外,我们报告的净收入为40万美元或每股12美元,而去年同期则为亏损90万美元或26美元(每股0.26美元)。我要感谢我们所有敬业的员工今年到目前为止的辛勤工作。它开始在我们的运营结果中显示出来。

我们相信我们的业务发展势头强劲,我们很高兴能够继续改善我们的运营和财务业绩。 9月,Hudson RPO连续第十年荣登《 HRO Today》杂志的Baker's Dozen顶级企业RPO提供商清单。这种认可对我们哈德森RPO的所有人都是一个巨大的赞誉。我们很荣幸根据客户的反馈意见,一直被评为全球最佳RPO提供商。

谈到本季度的地区表现。我们的亚太业务收入同比强劲增长97%,而按固定汇率计算,毛利润增长2%。正如上个季度的电话会议所讨论的那样,收入增长是由澳大利亚一项大型MSP合同的开始所驱动的。澳大利亚第三季度的毛利润增长最强劲,这主要是由于现有客户的销量增加。按固定汇率计算,美洲的毛利润同比增长7%,一些新赢得的客户的业绩强劲,但部分被一些传统客户的销量下降所抵消。

调整后的EBITDA为200,000美元,而一年前的调整后EBITDA为300,000美元。我们的欧洲业务实现了非常稳定的季度,按固定汇率计算,毛利润增长了29%。增长得益于我们来自瑞士和比利时的业务的强劲业绩。经调整的EBITDA为300,000美元,较去年第三季度的收支平衡调整后EBITDA增加。

我现在将电话转给我们的财务副总裁马特·戴蒙德(Matt Diamond),以查看该季度的其他一些财务详细信息。

Matthew Diamond

Matthew Diamond

Thank you, Jeff, and good morning, everyone. Our third quarter tax provision from continuing operations was $150,000. The company generated approximately $200,000 in cash flow from operations during the third quarter. In addition, the company spent $271,000 in the quarter on the repurchase of 23,000 shares. Days sales outstanding was 51 days at the end of September, well improved from DSO of 70 days we had at September 2018.
We ended the quarter with $28.9 million in cash and restricted cash. As a reminder, in April, we finalized a new credit facility in Australia to support the expected growth in working capital needs as a result of new client wins in that market, but we had nothing drawn on this facility at the end of Q3.
I'll now turn the call back over to Jeff to give some more perspective on our RPO business, Hudson's corporate costs and to review our outlook for 2019.

Thank you, Jeff, and good morning, everyone. Our third quarter tax provision from continuing operations was $150,000. The company generated approximately $200,000 in cash flow from operations during the third quarter. In addition, the company spent $271,000 in the quarter on the repurchase of 23,000 shares. Days sales outstanding was 51 days at the end of September, well improved from DSO of 70 days we had at September 2018.

We ended the quarter with $28.9 million in cash and restricted cash. As a reminder, in April, we finalized a new credit facility in Australia to support the expected growth in working capital needs as a result of new client wins in that market, but we had nothing drawn on this facility at the end of Q3.

I'll now turn the call back over to Jeff to give some more perspective on our RPO business, Hudson's corporate costs and to review our outlook for 2019.

Jeff Eberwein

Jeff Eberwein

Thank you, Matt. Turning to Hudson's corporate costs. Immediately following the closing of the divestitures at the end of the first quarter of 2018, management reviewed the company's corporate costs on a line by line basis and began to rightsize these costs for the new business model. We believe the run rate for corporate costs in 2019 should be approximately $4 million, excluding nonrecurring items, or about 1/3 lower than 2018's level. This reduction does not impact our operating business. Year-to-date, the company's corporate costs of $3.2 million exclude $1 million of nonrecurring expenses. In the first 3 quarters of 2018, corporate costs of $4.4 million excluded nonrecurring expenses of $2.4 million related to severance expense.
Turning to our stock buyback program. We continue to view share repurchases as an extremely attractive use of capital, and we expect to continue to be aggressive in repurchasing shares going forward. Since the inception of this program in the third quarter of 2015 through the end of the third quarter 2019, the company purchased, has purchased 427,000 shares for a total of $8.2 million. To accelerate buyback activity at these attractive stock price levels, the company completed a tender offer in March of 2019 for 247,000 shares of the company's common stock for an aggregate cost of $3.7 million, excluding fees and expenses.
Turning to our outlook for 2019. We continue to have a goal of 10% growth in gross profit year-over-year in constant currency, while revenue growth will far exceed this rate due to the new MSP project that we started in Australia in April. The company expects to generate positive adjusted EBITDA in 2019 at the total company level and particularly so in the second half of this year. In addition, we believe investors should focus on our gross profit line in addition to the revenue line. The reason is that we had a large MSP contract go live in April in Australia, which we alluded to earlier. Contracting-type projects like this inflate revenues due to the labor cost pass-throughs.
Since the payroll costs of the contingent workforce and MSP projects are accounted for above the gross profit line, the gross profit margins are much lower than for RPO projects, where the delivery costs are mainly below the gross profit line. Including MSP in our service offering is an important part of being a total talent solutions provider and also positions us well to win new RPO business in the future, both with this new client and other potential new clients. We believe another key metric to focus on is adjusted EBITDA before corporate costs as a percentage of gross profit. Over the long term, we're targeting 20% for this metric, which would translate into mid-teens margins for EBITDA divided by gross profit after corporate costs.
Operator, can you please open the line for questions?

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谢谢你,马特。谈到哈德森的公司成本。在2018年第一季度末资产剥离结束后,管理层立即逐行审核了公司的企业成本,并开始根据新的业务模式对这些成本进行合理化调整。我们认为,2019年公司成本的运行率应约为400万美元,不包括非经常性项目,比2018年的水平低约1/3。减少并不影响我们的经营业务。迄今为止,该公司的公司成本为320万美元,其中不包括100万美元的非经常性支出。在2018年前三个季度中,440万美元的公司成本不包括与遣散费相关的240万美元的非经常性支出。

转向我们的股票回购计划。我们继续将股票回购视为对资本的极具吸引力的利用,并且我们预计今后将继续积极回购股票。自2015年第三季度开始实施该计划至2019年第三季度末,该公司购买了427,000股股票,总价为820万美元。为了在这些有吸引力的股价水平上加速回购活动,该公司于2019年3月完成了对247,000股普通股的要约收购,总成本为370万美元,不包括费用和支出。

回顾我们对2019年的展望。我们继续设定以固定汇率计算的毛利润同比增长10%的目标,而由于我们4月份在澳大利亚启动了新的MSP项目,收入增长将远远超过这一速度。该公司预计将在2019年对整个公司产生积极的调整后EBITDA,尤其是在今年下半年。此外,我们认为投资者除了收益线外,还应关注我们的毛利线。原因是我们有一个大的MSP合同在4月在澳大利亚生效,我们早些时候提到过。由于人工成本的传递,像这样的合同型项目使收入增加。

由于临时工和MSP项目的工资成本占毛利润线以上,因此毛利率远低于RPO项目的毛利率,后者的交付成本主要低于毛利润线。将MSP包含在我们的服务产品中,是成为整体人才解决方案提供商的重要组成部分,并且也使我们能够很好地赢得未来的RPO新业务,无论是与这个新客户还是其他潜在的新客户。我们认为,另一个需要关注的关键指标是调整后的EBITDA(未计公司成本)占毛利的百分比。从长远来看,我们将该指标目标定为20%,这将转化为EBITDA的中间利润率除以扣除公司成本后的毛利。

接线员,您可以打开电话提问吗?

问答环节

[Operator Instructions] Our first question comes from Josh Vogel with Sidoti & Company.

[Operator Instructions] Our first question comes from Josh Vogel with Sidoti

Josh Vogel

So I guess my first question is, I know you touched on it, but obviously, you're sitting on a very strong balance sheet, sizable cash position, no debt. We know you're going to be aggressive on the share buyback front. Just was wondering if you could talk a little bit more about your capital allocation strategy. And outside of repurchases, what other avenues are the best way to return capital to shareholders? Would you maybe explore a one-time dividend? Or, and just on a tangent, can you just talk about what you're seeing on the M&A front and what's your appetite for deals today.

So I guess my first question is, I know you touched on it, but obviously, you're sitting on a very strong balance sheet, sizable cash position, no debt. We know you're going to be aggressive on the share buyback front. Just was wondering if you could talk a little bit more about your capital allocation strategy. And outside of repurchases, what other avenues are the best way to return capital to shareholders? Would you maybe explore a one-time dividend? Or, and just on a tangent, can you just talk about what you're seeing on the M

JeffEberwein

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杰夫·艾伯文

Sure. And we evaluate all those things. The Board of Directors and the management team are constantly thinking about capital allocation and thinking about how can we allocate capital to its highest and best use. And our strong balance sheet is a real strength of the company. We worked hard to get to that point, sold off a lot of noncore businesses and had a tremendous amount of transition as a company. I would say, look at what we've done. We put in place a $10 million stock buyback program, and we have completed 82% of that, so that's putting our money where our mouth is. And then in addition, we did a tender offer earlier this year that shrank the share count by about 7% or 8% at a cost of $3.7 million.
We think our stock price is incredibly attractive relative to the value of our business. And so continuing to aggressively repurchase shares is, we think, a really, really good use of our strong balance sheet, especially now that we've become profitable and we're generating positive cash, that just makes us want to buy back stock even more. So that's a really big item for us, is having an aggressive stock repurchase program. But we have talked about and we have looked at bolt-on acquisitions.
And what we're looking for there is not just to grow for growth's sake, but we do, we are optimistic on the RPO business and we, there are opportunities out there to look at our small, smaller RPO players that might have a particular niche in a geography or in a sector. And we're not just looking to get bigger. But if we found something that was a good fit, good cultural fit, good business fit, where we could look at it and say, inside of Hudson, we could really expand what they're doing.
We have 400 employees, roughly, globally. And if you have an RPO business that's just focused on 1 region or even 1 city or even 1 industry, we could be excited about combining that with what we're already doing and significantly increasing what that target can do versus if they just stayed independent. So we think we can do both. We think we can aggressively, the short version is we think we can do both. We think we can aggressively repurchase shares and continue to look at bolt-on acquisition targets, but it's got to make sense.

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当然。我们会评估所有这些东西。董事会和管理团队一直在思考资本分配问题,并思考如何分配资本以最大程度地利用其最佳用途。我们强大的资产负债表是公司的真正实力。我们努力做到这一点,卖掉了许多非核心业务,并经历了公司的巨大转型。我会说,看看我们做了什么。我们实施了一项价值1000万美元的股票回购计划,目前已完成82%的回购计划,这使我们的资金得以发挥。此外,我们在今年早些时候进行了要约收购,以370万美元的价格将股票数量减少了7%或8%。

我们认为,相对于我们的业务价值,我们的股价具有令人难以置信的吸引力。因此,我们认为继续积极回购股票是对我们强大资产负债表的一种非常非常好的利用,尤其是在我们已经实现盈利并产生正现金的情况下,这使得我们甚至想回购股票。更多。因此,对于我们来说,这是一个非常大的项目,它具有积极的股票回购计划。但是,我们已经讨论过,并且已经研究了固定收购。

我们正在寻找的不仅是为了增长而增长,而且我们确实如此,我们对RPO业务持乐观态度,而且我们还有很多机会来研究我们规模较小,规模较小的RPO参与者在地理或部门中的利基市场。而且我们不仅仅是在寻求变大。但是,如果我们发现合适的,适合文化的,适合商务的东西,可以在哈德森内部观察并说,我们真的可以扩大他们的工作范围。

我们在全球大约有400名员工。而且,如果您的RPO业务仅专注于1个地区甚至1个城市甚至1个行业,那么我们很高兴将其与我们已经在做的事情相结合,并大大提高了目标的可实现性(如果他们保持独立性) 。因此,我们认为我们可以同时做到。我们认为我们可以积极进取,简而言之,我们认为我们可以做到。我们认为我们可以积极回购股票,并继续关注附加的收购目标,但这是有道理的。

Josh Vogel

Okay, great. Obviously, you did a great job on the corporate cost line. You've been doing that for the better part of a year now. Q3 came in lower than at least what I was expecting. I was just wondering if you could talk to if there was anything onetime in there, or any cost items that usually hit up that didn't hit up in the quarter. And do you think that in, taking into consideration your $4 million run rate for the year, is there opportunity for that to come in even lower?

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好,太棒了。 显然,您在公司成本方面做得很好。 您已经做了一年的大部分时间了。 第三季度至少低于我的预期。 我只是想知道您是否可以谈谈一次是否有任何东西,或者通常会上涨的成本项目在该季度没有上升。 并且您是否认为,考虑到您本年度的400万美元运行速度,是否有机会将其降得更低?

Jeff Eberwein

Jeff Eberwein

I would say $4 million is a good number to use, that is audit, legal, management. We've worked really hard to get it down to that number. On a quarterly basis, some quarters will come in, so that, that would average $1 million a quarter in corporate costs. We think some quarters will come in a little ahead of that. Some quarters, like this one, will come in a little below that. This is a quarter where all the stars lined up. We didn't have anything unusual that hit us. So this was just one of those quarters that came in a little bit below that $1 million number. But I would continue to use that number. But the great thing I would say about that is we've worked really hard to get to this point, and we strongly think we can grow and not have that number increase at all. So we think there's a lot of leverage in the business, and we think we can grow and really leverage the fixed costs. So we're excited about that.

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我想说400万美元是一个很好的数字,那就是审计,法律,管理。 我们已经非常努力地将其降至这个数字。 在每个季度中,会有一些季度进来,因此,平均每个季度公司成本为100万美元。 我们认为某些方面会提前一些。 像这样的一些地方,会比这个地方低一些。 这是所有星星排列的四分之一。 我们没有遇到任何异常情况。 因此,这只是那些不到100万美元的季度中的一个季度。 但是我会继续使用那个数字。 但是我要说的很棒的事情是,为了达到这一点,我们已经非常努力,我们坚信我们可以成长,而根本不会增加这个数字。 因此,我们认为业务中存在很多杠杆作用,并且我们认为我们可以发展并真正利用固定成本。 因此,我们对此感到兴奋。

Josh Vogel

Okay, great. We're now several months into the ramp of the large contingent contract to the Japanese tech company. I was just wondering, can you talk about that engagement? Is it hitting expectations? What do you look forward in Q4 and maybe beyond?

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好,太棒了。 现在,与日本科技公司的大型或有合同的准备工作已有几个月了。 我只是想知道,您能谈谈这种订婚吗? 达到预期了吗? 您对第四季度甚至未来的展望如何?

Jeff Eberwein

Jeff Eberwein

Sure. So we're very excited about this project. We're very excited to work with this client. It's a very prestigious, well-known global company to work for. And the thesis behind doing that project with them is that it would lead to RPO work and lead to work in other geographic regions with them. And we are having those conversations, and so that part of the thesis is certainly playing out. In terms of the specific contract itself on the contingent workforce, it's been a little slower to get fully, fully operational and fully ramped up versus what we initially thought. We think we'll still get there and have all of the roles, the contingent workforce that we originally envisioned when we signed up. It's just taking a little longer to be at kind of that 100% ramp level that we looked at.

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当然。 因此,我们对该项目感到非常兴奋。 我们很高兴与该客户合作。 这是一家非常有声望的知名全球公司。 与他们一起进行该项目背后的论点是,这将导致RPO的工作,并导致与他们一起在其他地理区域的工作。 而且我们正在进行这些对话,因此论文的一部分肯定正在发挥作用。 就特遣队劳动力本身的具体合同而言,与我们最初的想法相比,要完全,完全投入运营并全面增加工作要慢一些。 我们认为我们仍然可以到达那里并拥有所有角色,即我们最初注册时所设想的临时员工队伍。 达到我们所看到的那种100%斜坡水平只需要一点时间。

Josh Vogel

Understood. And if I could just sneak in one more, a little bit higher level. Outside of maybe what's been going on in Hong Kong and, obviously, Brexit in the UK, it this impressive to see growth in Europe, especially with everything in the UK especially with Brexit going on. But I was just curious, how predictive is your business to economic cycles or downturns? If you could maybe just talk to the visibility within your business, that'd be helpful.

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明白了 而且,如果我能再偷偷摸摸,那就更高一点了。 除了香港可能发生的事情,以及英国的英国脱欧之外,欧洲的增长令人印象深刻,尤其是英国的一切,尤其是随着英国脱欧的进行。 但是我很好奇,您的企业对经济周期或经济低迷的预测如何? 如果您可以仅谈谈企业内的知名度,那将有所帮助。

Jeff Eberwein

Jeff Eberwein

Sure. We only have as much visibility as our clients have because we're in a talent business, talent procurement business, and economies change and business plans change. Sometimes, businesses change solely for company-specific reasons, and that is most of what we see. So if I look at the results on a client-by-client basis and, inevitably, some clients come in stronger, some come in weaker, that is almost always explained by something specific going on with the client. That said, there are times when you have some macro factor that impacts our business, and this quarter was one of them. We saw a very significant decline in our Hong Kong business year-over-year.
So we had a good quarter in Australia. And then the whole region, the Asia-Pacific region results were brought down by the weakness that we saw in Hong Kong. So we still grew, that's the positive note. We still have positive growth in gross profit in the Asia Pac region, but it was one of the situations where the good growth that Australia had was largely offset by the weakness that we saw in Hong Kong. And I would say visibility there right now is poor. We don't have clients just canceling hiring plans and talent-related plans. All together, it's just been somewhat on hold. And our experience is that there's usually a catch-up, but trying to predict when that's going to occur is really difficult, if not impossible.

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当然。我们只有客户才能看到,因为我们从事的是人才业务,人才采购业务,经济不断变化,业务计划也在变化。有时,业务变化仅仅是出于公司特定的原因,这就是我们所看到的大部分。因此,如果我逐个客户查看结果,那么不可避免地,有些客户会变得更强一些,有些客户会变得更弱,这几乎总是由特定于客户的事情来解释的。就是说,有时候您会受到一些宏观因素的影响,而我们这个季度就是其中之一。我们看到在我们的香港业务与去年同期相比,今年非常显著下跌。

因此,我们在澳大利亚度过了一个愉快的季度。然后,整个地区,亚太地区的业绩都因我们在香港看到的疲软而下降。所以我们仍然成长,这是积极的方面。我们在亚太地区的毛利润仍然有正增长,但这是澳大利亚在香港取得的良好增长在很大程度上抵消了我们在香港所看到的疲软的一种情况。我想说的是,现在那里的知名度很差。我们没有客户只是取消招聘计划和与人才相关的计划。总之,它只是被搁置了。我们的经验是通常会有追赶,但要预测何时会发生确实很困难,即使不是不可能。

会议主持员

[Operator Instructions] That concludes our question-and-answer session. I will now turn the call over to Jeff Eberwein for closing remarks.

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[操作员说明]结束了我们的问答环节。 我现在将电话转给Jeff Eberwein致闭幕词。

Jeff Eberwein

Jeff Eberwein

Great. Thank you for your interest. In conclusion, I would just say that we're very optimistic about our business going forward. Our growth this year has largely been driven by new clients that we've added in the year, and we have a pretty exciting pipeline going forward. So we're very excited about our business. We're very excited about our growth outlook going forward. We do expect to grow our business, our gross profit more than 10% a year, going forward, on a trend line basis. We have really great clients. We have a great team. We've worked very hard as a business to get to this point. And so we're excited about our future. We thank you very much for joining us today. We thank you for your interest in the company. And we look forward to next quarter's update call.

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大。 感谢您的关注。 最后,我只想说我们对我们的业务发展非常乐观。 我们今年的增长在很大程度上是由我们在这一年中增加的新客户推动的,并且我们有一个非常令人兴奋的渠道。 因此,我们对我们的业务感到非常兴奋。 我们对未来的增长前景感到非常兴奋。 我们确实希望以趋势线为基础,使我们的业务增长,我们的毛利润每年超过10%。 我们有非常好的客户。 我们有一支很棒的团队。 为了达到这一目标,我们一直非常努力。 因此,我们对我们的未来感到兴奋。 非常感谢您今天加入我们。 感谢您对公司的关注。 我们期待下一季度的更新电话。

会议主持员

And pardon me. We do have a follow-up question from Josh Vogel with Sidoti & Company.

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对不起 我们确实有Josh Vogel和Sidoti&Company的后续问题。

Josh Vogel

Yes, I figured I would sneak one more in. I was just curious when we, hold on, just getting into my notes. So when I think about the sales cycle today on an average RPO engagement, maybe from introduction to winning the business, signing the contract, and then ramping them and going online, have you seen any changes? Is the cycle getting any longer, shorter or similar to maybe a year ago?

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是的,我想我会再偷偷溜进去。当我们坚持下去时,我只是感到好奇。 因此,当我以平均RPO参与度来考虑今天的销售周期时,也许从介绍到赢得业务,签订合同,然后逐步扩大销售和上线,您是否看到了任何变化? 周期会比一年前更长或更短吗?

Jeff Eberwein

Jeff Eberwein

We haven't noticed a big change on that. Most of our new client wins come from companies that have never used RPO before. We do win business from competitors on occasion. And there have been a few instances where we've lost business to competitors, that's normal. But by far, our growth tends to come from, our new clients tend to be companies that have never used RPO before. And it is a really long sales cycle. You're talking about changing how large companies do their whole talent procurement, talent management process. And it takes a long time to show them the case studies and do all the analysis of the money they'll save and how the outcome will be better.
So it's always been a long sales cycle business. The good news on that is once we get in the door with the client, it tends to be very sticky. We typically have 3-year contracts. We have a very high renewal rate when those contracts come up for renewal. And so it's a really great business to be in, but it is a very long sales cycle. I wouldn't say that we've noticed any change in that. I think it's always been a long sales cycle. I don't think the sales cycle has gotten slower or gotten faster. I guess one other note I would say is that the sales cycle, interestingly, tends to be shorter in places like Asia, China, Singapore, Southeast Asia.
We're really seeing really good growth in our Singapore, Southeast Asia region. That's often work that we do for large multinationals that are typically headquartered in Europe or the UK or the U.S. And once they make the decision to grow or expand in a new country, they tend to make decisions fairly quickly, move fairly quickly and want to ramp fairly quickly. The slower end of the spectrum might be multinationals in Continental Europe. But it's really a client-by-client thing. But the shorter version is we haven't noticed any big change in the sales cycle lengthening or shortening.

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我们还没有注意到这方面的重大变化。我们赢得的大多数新客户来自从未使用过RPO的公司。我们有时会从竞争对手那里赢得业务。在某些情况下,我们已经失去了竞争对手的业务,这很正常。但是到目前为止,我们的增长趋向于来自,我们的新客户往往是以前从未使用过RPO的公司。这是一个非常长的销售周期。您正在谈论改变大型公司如何进行整个人才采购,人才管理流程。而且需要很长时间才能向他们展示案例研究,并对他们将节省的资金以及结果将如何改善进行所有分析。

因此,这一直是一个漫长的销售周期业务。好消息是,一旦我们与客户接触,这往往会很棘手。我们通常有3年的合同。这些合同需要续签时,我们的续签率很高。因此,这确实是一项很棒的业务,但是这是一个非常长的销售周期。我不会说我们注意到了任何变化。我认为销售周期一直很长。我认为销售周期不会变慢或变快。我想说的另一点是,有趣的是,在亚洲,中国,新加坡,东南亚等地,销售周期往往会更短。

我们在新加坡,东南亚地区确实看到了非常好的增长。对于通常总部位于欧洲或英国或美国的大型跨国公司,这通常是我们的工作。一旦他们决定在一个新的国家中成长或扩张,他们往往会相当迅速地做出决定,相当迅速地采取行动,并且想要迅速上升。比较慢的一端可能是欧洲大陆的跨国公司。但这确实是逐个客户端的事情。但是较短的版本是我们没有注意到延长或缩短销售周期的任何大变化。

会议主持员

[Operator Instructions] And I'm not showing any further questions at this time. Thank you for joining the Hudson Global third quarter conference call. Today's call has been recorded and will be available on the Investors section of our website, hudsonrpo.com.

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[操作员说明]并且我现在不显示任何其他问题。 感谢您参加哈德森全球第三季度电话会议。 今天的电话会议已经记录在案,并将在我们网站hudsonrpo.com的“投资者”部分提供。

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