EX-99.1 2 dex991.htm SLIDES HUDSON HIGHLAND GROUP, INC EARNINGS CONFERENCE CALL ENDED MARCH 31, 2009 Slides Hudson Highland Group, Inc earnings conference call ended March 31, 2009
HUDSON HIGHLAND
GROUP
Q1 2009
EARNINGS CALL
May 5, 2009
Exhibit 99.1

2
Forward Looking Statements
Please be advised that except for historical information, the statements
made during this presentation and in these slides constitute forward-
looking statements under applicable securities laws. Such forward-looking
statements involve certain risks and uncertainties, including statements
regarding the company's strategic direction, prospects and future results.
Certain factors, including factors outside of our control, may cause actual
results to differ materially from those contained in the forward-looking
statements, including economic and other conditions in the markets in
which we operate, risks associated with acquisitions, competition,
seasonality and the other risks discussed in our filings made with the
Securities and Exchange Commission. These forward-looking statements
speak only as of the date of this presentation. The company assumes no
obligation,
and
expressly
disclaims
any
obligation,
to
review
or
confirm
analysts' expectations or estimates or to update any forward-looking
statements, whether as a result of new information, future events or
otherwise.

3
Q1 2009 Consolidated Financial Results
$US in Millions
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation, amortization, and also
excludes merger and integration costs, business reorganization, acquisition-related compensation and impaired goodwill. A reconciliation
of EBITDA to operating income (loss) is included in the presentation.
(2)
CC represents constant currency variance.
$117.3
$72.3
38%
SG&A
CC
26%
$0.05
($0.22)
Diluted EPS
$1.4
($5.6)
Net Income
$1.6
($19.7)
Op Income
CC
249%
$6.8
($10.0)
246%
Adj. EBITDA
(1)
CC
39%
$124.2
$62.3
50%
Gross Margin
CC
31%
$294.0
$165.0
44%
Revenue
Q1 2008
Q1 2009
B / W

4
Q1 2009 Regional Data –
Hudson Americas
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation, amortization, and also
excludes merger and integration costs, business reorganization, acquisition-related compensation and impaired goodwill. A reconciliation
of EBITDA to operating income (loss) is included in the presentation.
$21.6
$14.1
35%
SG&A
1.5%
(7.2%)
Adj. EBITDA %
$1.2
($3.2)
Adj. EBITDA
(1)
$22.8
$11.0
52%
Gross Margin
$83.3
$44.0
47%
Revenue
Q1 2008
Q1 2009
$US in Millions
B / W

5
$52.7
$32.0
39%
SG&A
CC
24%
5.2%
(2.1%)
Adj. EBITDA %
CC
134%
$5.8
($1.4)
124%
Adj. EBITDA
(1)
CC
35%
$58.5
$30.6
48%
Gross Margin
CC
24%
$111.3
$66.2
41%
Revenue
Q1 2008
Q1 2009
Q1 2009 Regional Data –
Hudson Europe
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation, amortization, and also
excludes merger and integration costs, business reorganization, acquisition-related compensation and impaired goodwill. A reconciliation
of EBITDA to operating income (loss) is included in the presentation.
$US in Millions
B / W

6
Q1 2009 Regional Data –
Hudson Asia Pacific
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation, amortization, and also
excludes merger and integration costs, business reorganization, acquisition-related compensation and impaired goodwill. A reconciliation
of EBITDA to operating income (loss) is included in the presentation.
$37.1
$21.4
42%
SG&A
CC
26%
5.8%
(1.3%)
Adj. EBITDA %
CC
105%
$5.8
($0.7)
112%
Adj. EBITDA
(1)
CC
37%
$42.9
$20.7
52%
Gross Margin
CC
25%
$99.4
$54.7
45%
Revenue
Q1 2008
Q1 2009
$US in Millions
B / W

7
Q1 2009 Global Product Split
Q1 2009 Gross Margin
43%
17%
40%
Permanent
Recruitment    
Temporary
Contracting
Talent
Mgmt.
77%
Temporary
Contracting
Permanent
Recruitment    
Talent
Mgmt.
16%
7%
Q1 2009 Revenue
(1)
Product
percentages
above
include
“other
revenue”
or
“other
gross
margin,”
which
are
allocated
to
each
category
based
on
its
percentage
of
total
revenue
or
gross
margin
excluding
“other
revenue”
or
“other
gross
margin.”

8
Q1 2009 Regional Split
Q1 2009 Gross Margin
Europe
Asia Pacific
Americas
49%
33%
18%
Q1 2009 Revenue
Europe
Asia Pacific
Americas
40%
33%
27%

9
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation, amortization,
and also excludes merger and integration costs, business reorganization, acquisition-related compensation and impaired
goodwill. A reconciliation of EBITDA to operating income (loss) is included in the presentation.
Adjusted EBITDA Progress
$US in Millions
($0.4)
$11.1
$13.4
$2.7
$4.0
($0.3)
$6.4
$8.4
$11.1
$(4.8)
$4.7
$12.0
($2.6)
$6.5
$11.5
$6.8
$(10.0)
(12.0)
(8.0)
(4.0)
0.0
4.0
8.0
12.0
16.0
Q1
Q2
Q3
Q4
2005
2006
2007
2008
2009

10
Q1 2009 vs Q1 2008 –
Regional Adj. EBITDA Margin
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation, amortization, and also
excludes merger and integration costs, business reorganization, acquisition-related compensation and impaired goodwill.
-2.1%
-1.3%
-6.1%
5.8%
5.2%
1.5%
2.3%
-7.2%
-9.0%
-6.0%
-3.0%
0.0%
3.0%
6.0%
9.0%
Hudson Americas
Hudson Europe
Hudson Asia
Pacific
Total
Q1 2009
Q1 2008

11
Balance Sheet -
Select Items
$US in Millions
108
103
Shareholders' Equity
$5
$11
Short-term Borrowings
December 31,
2008
March 31,
2009
Selected Liabilities
128
104
Accounts Receivables
$49
$46
Cash
December 31,
2008
March 31,
2009
Selected Assets

12
Q1 Cash Flow Summary
$US in Millions
QTD
QTD
Mar-09
Mar-08
Net (loss) income
(5.6)
$        
1.4
$      
Depreciation and amortization
3.8
           
4.0
        
Stock-based compensation
0.4
           
1.1
        
Gain on asset disposition
(11.6)
        
(2.8)
       
Change in accounts receivable
23.0
         
(12.1)
     
Change in accounts payable and other liabilities
(18.4)
        
(9.6)
       
Other
0.8
           
(2.0)
       
Cash from operations
(7.6)
          
(20.2)
     
Capital expenditures
(0.5)
          
(2.2)
       
Free cash flow
(8.1)
          
(22.3)
     
Payments for acquisitions and intangibles, net
-
(0.6)
       
Proceeds from the sale of assets
-
11.0
      
Net borrowings (repayments)
6.0
           
1.6
        
Purchase of treasury shares
(0.7)
          
(5.3)
       
Other
(0.1)
          
0.0
        
Effect of exchange rates
(0.1)
          
1.6
        
Change in cash
(2.9)
          
(14.0)
     

13
Q1 2009: Hudson Americas Practice Groups
Q1 2009 Revenue
Legal
IT&T
58%
26%
13%
3%
Financial
Solutions
Q1 2009 Gross Margin
Legal
Recruitment &
Talent Mgmt.
46%
26%
15%
13%
Financial
Solutions
IT&T
Recruitment &
Talent Mgmt.

14
Q1 Regional Gross Margin Composition:
Europe
Q1 2009 Gross Margin:
United Kingdom
Continental Europe
Asia Pacific
Q1 2009 Gross Margin:
Australia / New Zealand
Asia
62%
38%
79%
21%

15
Q1 Temporary Contracting Gross Margin by Region
21.6%
20.5%
HHGP Total
17.4%
16.8%
Asia Pacific
23.0%
22.8%
Europe
24.0%
21.7%
Americas
Q1 2008
Q1 2009

17
Appendix

18
Q1 09 -
Regional Gross Margin Mix
15%
55%
30%
Asia Pacific
40%
90%
40%
45%
45%
45%
15%
Perm
35%
20%
Cont Europe
20%
40%
ANZ
10%
--
Asia
20%
40%
HHGP Total
5%
50%
UK
25%
30%
Europe
--
85%
Americas
Talent
Mgmt
Temp
Approximate mix of gross margin by product around the globe

19
EBITDA Reconciliation, Full Year
$US in Millions
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation,
amortization, and also excludes merger and integration costs, business reorganization, acquisition-related
compensation and impaired goodwill. A reconciliation of EBITDA to operating income (loss) is included in
the
presentation.
2008
Americas
Europe
Asia Pac
Corp
Total
Revenue
273.6
411.5
389.6
-
1,074.7
Gross margin
75.0
216.3
167.4
-
458.6
Adjusted EBITDA
(1)
4.0
23.0
23.5
(28.3)
22.3
Acquisition-related exp
-
-
-
-
-
Reorg expense
3.1
3.0
4.3
1.0
11.4
M&I expense
0.0
0.0
-
-
0.0
Goodwill and other
impairment charges
40.7
19.6
6.7
-
67.1
EBITDA
(1)
(39.8)
0.4
12.5
(29.3)
(56.2)
D&A
4.6
5.8
4.0
0.2
14.7
Operating income (loss)
(44.4)
(5.4)
8.5
(29.5)
(70.9)
2007
Americas
Europe
Asia Pac
Corp
Total
Revenue
291.5
466.4
409.1
-
1,167.0
Gross margin
87.5
237.5
175.0
-
500.0
Adjusted EBITDA
(1)
(0.1)
33.4
34.4
(26.5)
41.1
Acquisition-related exp
3.6
1.7
-
-
5.3
Reorg expense
0.5
2.4
(0.0)
1.4
4.4
M&I expense
(0.1)
-
-
(0.7)
(0.8)
EBITDA
(1)
(4.2)
29.2
34.4
(27.2)
32.2
D&A
4.4
6.0
3.7
0.3
14.4
Operating income (loss)
(8.5)
23.1
30.7
(27.5)
17.8
Hudson
Hudson
2006
Americas
Europe
Asia Pac
Corp
Total
Revenue
306.7
454.4
382.0
-
1,143.1
Gross margin
91.5
207.6
148.9
-
447.9
Adjusted EBITDA
(1)
(5.4)
24.9
29.3
(27.7)
21.1
Acquisition-related exp
-
1.7
-
-
1.7
Reorg expense
1.8
2.7
0.7
0.7
5.9
M&I expense
0.4
0.0
(0.0)
-
0.4
EBITDA
(1)
(7.6)
20.5
28.6
(28.4)
13.2
D&A
6.3
6.9
2.9
3.4
19.5
Operating
income
(loss)
(13.9)
13.7
25.7
(31.8)
(6.3)
2005
Americas
Europe
Asia Pac
Corp
Total
Revenue
291.2
450.0
378.4
-
1,119.6
Gross margin
91.5
189.1
143.8
-
424.4
Adjusted EBITDA
(1)
5.0
12.6
26.1
(37.4)
6.2
Acquisition-related exp
-
-
-
-
-
Reorg expense
0.5
(0.0)
0.0
-
0.5
M&I expense
(0.0)
-
(0.0)
-
(0.1)
EBITDA
(1)
4.5
12.6
26.1
(37.4)
5.8
D&A
5.1
4.3
6.3
0.6
16.3
Operating income (loss)
(0.6)
8.3
19.7
(38.0)
(10.5)
Hudson
Hudson

20
EBITDA Reconciliation, Q1
$US in Millions
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation,
amortization, and also excludes merger and integration costs, business reorganization, acquisition-related
compensation and impaired goodwill. A reconciliation of EBITDA to operating income (loss) is included in
the
presentation.
Q1 2007
Americas
Europe
Asia Pac
Corp
Total
Revenue
76.5
117.0
91.7
-
285.3
Gross margin
22.1
56.6
37.1
-
115.8
Adjusted EBITDA
(1)
(1.4)
6.6
5.7
(6.2)
4.7
Acquisition-related exp
-
0.3
-
0.3
Reorg
expense
0.7
2.4
-
(0.1)
3.1
M&I expense
-
-
-
-
-
EBITDA
(1)
(2.1)
3.8
5.7
(6.2)
1.2
D&A
1.1
1.6
0.8
0.1
3.6
Operating income (loss)
(3.2)
2.2
4.9
(6.3)
(2.4)
Q1 2006
Americas
Europe
Asia Pac
Corp
Total
Revenue
72.8
110.3
88.6
-
271.7
Gross margin
18.4
48.6
33.7
-
100.7
Adjusted EBITDA
(1)
(6.8)
5.4
4.4
(7.9)
(4.8)
Acquisition-related exp
-
-
-
-
-
Reorg
expense
-
-
(0.0)
-
(0.0)
M&I expense
-
-
-
-
-
EBITDA
(1)
(6.8)
5.4
4.4
(7.9)
(4.8)
D&A
1.5
1.6
0.7
0.2
4.0
Operating income (loss)
(8.2)
3.8
3.8
(8.1)
(8.8)
Hudson
Hudson
Q1 2009
Americas
Europe
Asia Pac
Corp
Total
Revenue
44.0
66.2
54.7
-
165.0
Gross margin
11.0
30.6
20.7
-
62.3
Adjusted EBITDA
(1)
(3.2)
(1.4)
(0.7)
(4.7)
(10.0)
Acquisition-related exp
-
-
-
-
-
Reorg
expense
1.6
2.4
1.9
-
5.9
M&I expense
-
-
-
-
-
EBITDA
(1)
(4.8)
(3.8)
(2.6)
(4.7)
(15.9)
D&A
1.0
1.8
0.9
0.1
3.8
Operating income (loss)
(5.8)
(5.6)
(3.5)
(4.8)
(19.7)
Q1 2008
Americas
Europe
Asia Pac
Corp
Total
Revenue
83.3
111.3
99.4
-
294.0
Gross margin
22.8
58.5
42.9
-
124.2
Adjusted EBITDA
(1)
1.2
5.8
5.8
(5.9)
6.8
Acquisition-related exp
-
-
-
-
-
Reorg
expense
1.5
(0.2)
0.1
-
1.3
M&I expense
(0.0)
0.1
-
-
0.1
EBITDA
(1)
(0.2)
5.9
5.7
(5.9)
5.4
D&A
1.2
1.6
1.0
0.1
3.8
Operating income (loss)
(1.4)
4.3
4.7
(6.0)
1.6
Hudson
Hudson

21
EBITDA Reconciliation, Q1
$US in Millions
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation,
amortization, and also excludes merger and integration costs, business reorganization, acquisition-related
compensation and impaired goodwill. A reconciliation of EBITDA to operating income (loss) is included in
the presentation.
Q1 2005
Americas
Europe
Asia Pac
Corp
Total
Revenue
74.5
114.2
88.1
-
276.8
Gross margin
22.6
47.4
32.4
-
102.4
Adjusted EBITDA
(1)
0.9
3.1
5.9
(10.1)
(0.3)
Acquisition-related exp
-
-
-
-
-
Reorg
expense
0.6
(0.1)
(0.0)
-
0.5
M&I expense
(0.0)
-
-
-
(0.0)
EBITDA
(1)
0.3
3.2
5.9
(10.1)
(0.8)
D&A
0.9
0.9
2.4
0.1
4.4
Operating income (loss)
(0.6)
2.3
3.5
(10.3)
(5.1)
Hudson

22
EBITDA Reconciliation, Q2
$US in Millions
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation,
amortization, and also excludes merger and integration costs, business reorganization, acquisition-related
compensation and impaired goodwill. A reconciliation of EBITDA to operating income (loss) is included in
the presentation.
Q2 2008
Americas
Europe
Asia Pac
Corp
Total
Revenue
71.5
116.8
115.9
-
304.3
Gross margin
20.2
64.5
50.9
-
135.6
Adjusted EBITDA
(1)
1.7
10.0
9.0
(9.2)
11.5
Acquisition-related exp
-
-
-
-
-
Reorg
expense
0.2
0.8
-
-
1.1
M&I expense
0.0
(0.1)
-
-
(0.0)
EBITDA
(1)
1.5
9.2
9.0
(9.2)
10.5
D&A
1.2
1.3
1.0
0.1
3.5
Operating income (loss)
0.3
7.9
8.0
(9.3)
7.0
Q2 2007
Americas
Europe
Asia Pac
Corp
Total
Revenue
70.8
120.8
103.6
-
295.2
Gross margin
21.2
62.7
44.1
-
128.0
Adjusted EBITDA
(1)
(1.3)
10.6
9.2
(6.5)
12.0
Acquisition-related exp
3.6
0.3
-
-
3.9
Reorg
expense
(0.0)
(0.0)
0.0
1.6
1.6
M&I expense
(0.0)
-
-
-
(0.0)
EBITDA
(1)
(4.8)
10.3
9.2
(8.1)
6.6
D&A
1.2
1.6
0.9
0.1
3.8
Operating income (loss)
(6.0)
8.7
8.3
(8.2)
2.8
Hudson
Hudson
Q2 2006
Americas
Europe
Asia Pac
Corp
Total
Revenue
80.2
116.5
96.6
-
293.2
Gross margin
23.8
54.0
38.8
-
116.6
Adjusted EBITDA
(1)
(3.0)
7.9
8.3
(6.8)
6.4
Acquisition-related exp
-
-
-
-
-
Reorg
expense
0.2
(0.1)
-
0.3
0.5
M&I expense
0.1
-
-
-
0.1
EBITDA
(1)
(3.3)
8.0
8.3
(7.2)
5.8
D&A
1.3
1.7
0.7
0.2
3.8
Operating income (loss)
(4.5)
6.3
7.6
(7.3)
2.0
Q2 2005
Americas
Europe
Asia Pac
Corp
Total
Revenue
71.4
116.0
101.2
-
288.6
Gross margin
22.3
50.1
38.9
-
111.3
Adjusted EBITDA
(1)
0.6
4.2
8.5
(9.4)
4.0
Acquisition-related exp
-
-
-
-
-
Reorg
expense
(0.1)
-
-
-
(0.1)
M&I expense
0.0
-
-
-
0.0
EBITDA
(1)
0.7
4.2
8.5
(9.4)
4.1
D&A
1.0
0.8
2.1
0.1
4.1
Operating income (loss)
(0.3)
3.4
6.4
(9.5)
(0.1)
Hudson
Hudson

23
EBITDA Reconciliation, Q3
$US in Millions
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation,
amortization, and also excludes merger and integration costs, business reorganization, acquisition-related
compensation and impaired goodwill. A reconciliation of EBITDA to operating income (loss) is included in
the
presentation.
Q3 2006
Americas
Europe
Asia Pac
Corp
Total
Revenue
79.4
114.4
102.2
-
296.0
Gross margin
24.9
51.0
39.8
-
115.7
Adjusted EBITDA
(1)
2.0
4.2
9.6
(7.4)
8.4
Acquisition-related exp
-
0.8
-
-
0.8
Reorg
expense
1.2
0.6
0.1
0.2
2.1
M&I expense
0.0
0.0
-
-
0.0
EBITDA
(1)
0.8
2.8
9.6
(7.6)
5.5
D&A
1.1
1.7
0.7
0.2
3.7
Operating income (loss)
(0.3)
1.1
8.9
(7.8)
1.9
Q3 2005
Americas
Europe
Asia Pac
Corp
Total
Revenue
73.7
109.9
99.8
-
283.3
Gross margin
23.5
45.4
37.7
-
106.5
Adjusted EBITDA
(1)
2.1
2.8
7.5
(9.8)
2.7
Acquisition-related exp
-
-
-
-
-
Reorg
expense
-
-
-
-
-
M&I expense
-
-
-
-
-
EBITDA
(1)
2.1
2.8
7.5
(9.8)
2.7
D&A
1.7
0.9
0.9
0.1
3.7
Operating income (loss)
0.4
1.9
6.6
(9.9)
(1.0)
Hudson
Hudson
Q3 2008
Americas
Europe
Asia Pac
Corp
Total
Revenue
66.5
99.1
104.5
-
270.1
Gross margin
18.0
50.5
45.0
-
113.5
Adjusted EBITDA
(1)
1.6
3.2
7.6
(6.0)
6.5
Acquisition-related exp
-
-
-
-
-
Reorg
expense
0.1
0.8
1.9
-
2.8
M&I expense
(0.0)
0.0
-
-
0.0
EBITDA
(1)
1.5
2.4
5.7
(6.0)
3.6
D&A
1.2
1.5
1.2
0.1
3.9
Operating income (loss)
0.3
0.9
4.6
(6.1)
(0.3)
Q3 2007
Americas
Europe
Asia Pac
Corp
Total
Revenue
75.7
115.0
108.5
-
299.2
Gross margin
23.2
58.4
46.7
-
128.3
Adjusted EBITDA
(1)
1.4
6.1
10.4
(6.8)
11.1
Acquisition-related exp
-
0.3
-
-
0.3
Reorg
expense
(0.1)
(0.0)
(0.0)
0.0
(0.1)
M&I expense
(0.0)
-
-
(0.7)
(0.8)
EBITDA
(1)
1.4
5.7
10.4
(6.0)
11.6
D&A
1.0
1.5
1.0
0.0
3.5
Operating income (loss)
0.4
4.3
9.4
(6.1)
8.1
Hudson
Hudson

24
EBITDA Reconciliation, Q4
$US in Millions
(1)
Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, income taxes, depreciation,
amortization, and also excludes merger and integration costs, business reorganization, acquisition-related
compensation and impaired goodwill. A reconciliation of EBITDA to operating income (loss) is included in
the
presentation.
Q4 2008
Americas
Europe
Asia Pac
Corp
Total
Revenue
52.4
84.2
69.8
-
206.4
Gross margin
14.0
42.8
28.6
-
85.4
Adjusted EBITDA
(1)
(0.5)
4.0
1.1
(7.1)
(2.6)
Acquisition-related exp
-
-
-
-
-
Reorg
expense
1.2
1.6
2.3
1.0
6.2
M&I expense
-
0.0
-
-
0.0
Goodwill and other
impairment
charges
40.7
19.6
6.7
-
67.1
EBITDA
(1)
(42.5)
(17.2)
(8.0)
(8.1)
(75.8)
D&A
1.1
1.3
0.9
0.1
3.4
Operating income (loss)
(43.6)
(18.5)
(8.9)
(8.2)
(79.2)
Q4 2007
Americas
Europe
Asia Pac
Corp
Total
Revenue
68.5
113.6
105.3
-
287.3
Gross margin
21.0
59.8
47.1
-
127.9
Adjusted EBITDA
(1)
1.2
10.1
9.1
(7.0)
13.4
Acquisition-related exp
-
0.8
-
-
0.8
Reorg
expense
(0.1)
(0.0)
(0.0)
(0.1)
(0.3)
M&I expense
0.0
-
-
0.0
0.0
EBITDA
(1)
1.3
9.3
9.1
(6.9)
12.8
D&A
1.1
1.4
1.0
0.0
3.5
Operating income (loss)
0.3
7.9
8.1
(6.9)
9.3
Hudson
Hudson
Q4 2006
Americas
Europe
Asia Pac
Corp
Total
Revenue
74.3
113.2
94.6
-
282.2
Gross margin
24.4
53.9
36.6
-
114.9
Adjusted EBITDA
(1)
2.3
7.4
6.9
(5.5)
11.1
Acquisition-related exp
-
0.9
-
-
0.9
Reorg
expense
0.3
2.2
0.7
0.1
3.3
M&I expense
0.3
-
(0.0)
-
0.3
EBITDA
(1)
1.7
4.3
6.3
(5.7)
6.6
D&A
2.5
1.8
0.8
2.9
8.0
Operating income (loss)
(0.8)
2.5
5.5
(8.6)
(1.4)
Q4 2005
Americas
Europe
Asia Pac
Corp
Total
Revenue
71.6
110.0
87.1
-
268.7
Gross margin
23.1
46.2
32.6
-
101.9
Adjusted EBITDA
(1)
1.4
2.5
3.8
(8.2)
(0.4)
Acquisition-related exp
-
-
-
-
-
Reorg
expense
-
0.0
0.0
-
0.1
M&I expense
-
-
(0.0)
-
(0.0)
EBITDA
(1)
1.4
2.4
3.8
(8.2)
(0.4)
D&A
1.4
1.7
0.9
0.2
4.2
Operating income (loss)
(0.0)
0.7
3.0
(8.3)
(4.6)
Hudson
Hudson