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| 8-K - 8-K - PRGX GLOBAL, INC. | prgx_8-kx08012014.htm |
EXHIBIT 99.1
PRGX Global, Inc. Unaudited Selected Financial Information
Management evaluates the performance of its reportable segments based upon revenue and measures of profit or loss it refers to as EBITDA and Adjusted EBITDA. Management defines Adjusted EBITDA as earnings from continuing operations before interest and taxes (“EBIT”), adjusted for depreciation and amortization (“EBITDA”), and then further adjusted for unusual and other significant items that management views as distorting the operating results of the various segments from period to period. Such adjustments include restructuring charges, stock-based compensation, bargain purchase gains, acquisition-related charges and benefits (acquisition transaction costs, acquisition obligations classified as compensation, and fair value adjustments to acquisition-related contingent consideration), tangible and intangible asset impairment charges, certain litigation costs and litigation settlements, certain severance charges and foreign currency transaction gains and losses on short-term intercompany balances viewed by management as individually or collectively significant. We do not have any inter-segment revenue. Segment information is as follows (in thousands):
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Revenue | $ | 26,242 | $ | 11,017 | $ | 3,943 | $ | 3,899 | $ | — | $ | 45,101 | ||||||||||||
Net loss | $ | (497 | ) | |||||||||||||||||||||
Income tax expense | 56 | |||||||||||||||||||||||
Interest expense, net | (217 | ) | ||||||||||||||||||||||
EBIT | $ | 5,454 | $ | 441 | $ | (311 | ) | $ | (850 | ) | $ | (5,392 | ) | (658 | ) | |||||||||
Depreciation of property and equipment | 1,368 | 112 | 155 | 373 | — | 2,008 | ||||||||||||||||||
Amortization of intangible assets | 698 | 396 | 182 | — | — | 1,276 | ||||||||||||||||||
EBITDA | 7,520 | 949 | 26 | (477 | ) | (5,392 | ) | 2,626 | ||||||||||||||||
Foreign currency transaction (gains) losses on short-term intercompany balances | 52 | 306 | — | — | (1 | ) | 357 | |||||||||||||||||
Acquisition-related charges (benefits) | 10 | (732 | ) | 56 | — | — | (666 | ) | ||||||||||||||||
Stock-based compensation | — | — | — | — | 1,318 | 1,318 | ||||||||||||||||||
Adjusted EBITDA | $ | 7,582 | $ | 523 | $ | 82 | $ | (477 | ) | $ | (4,075 | ) | $ | 3,635 | ||||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
Revenue | $ | 29,392 | $ | 10,770 | $ | 3,137 | $ | 6,906 | $ | — | $ | 50,205 | ||||||||||||
Net income | $ | 1,831 | ||||||||||||||||||||||
Income tax expense | 586 | |||||||||||||||||||||||
Interest expense, net | 53 | |||||||||||||||||||||||
EBIT | $ | 6,771 | $ | (74 | ) | $ | (1,336 | ) | $ | 1,705 | $ | (4,596 | ) | 2,470 | ||||||||||
Depreciation of property and equipment | 1,356 | 126 | 154 | 391 | — | 2,027 | ||||||||||||||||||
Amortization of intangible assets | 698 | 452 | 182 | — | — | 1,332 | ||||||||||||||||||
EBITDA | 8,825 | 504 | (1,000 | ) | 2,096 | (4,596 | ) | 5,829 | ||||||||||||||||
Foreign currency transaction (gains) losses on short-term intercompany balances | 171 | 69 | — | — | (15 | ) | 225 | |||||||||||||||||
Acquisition-related charges (benefits) | 315 | (168 | ) | 44 | — | — | 191 | |||||||||||||||||
Transformation severance and related expenses | 80 | 537 | — | — | — | 617 | ||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,155 | 1,155 | ||||||||||||||||||
Adjusted EBITDA | $ | 9,391 | $ | 942 | $ | (956 | ) | $ | 2,096 | $ | (3,456 | ) | $ | 8,017 | ||||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Revenue | $ | 32,365 | $ | 12,009 | $ | 3,625 | $ | 5,404 | $ | — | $ | 53,403 | ||||||||||||
Net income | $ | 4,877 | ||||||||||||||||||||||
Income tax expense | 1,029 | |||||||||||||||||||||||
Interest expense, net | 75 | |||||||||||||||||||||||
EBIT | $ | 9,418 | $ | 1,987 | $ | (351 | ) | $ | 621 | $ | (5,694 | ) | 5,981 | |||||||||||
Depreciation of property and equipment | 1,414 | 124 | 167 | 329 | — | 2,034 | ||||||||||||||||||
Amortization of intangible assets | 698 | 323 | 183 | — | — | 1,204 | ||||||||||||||||||
EBITDA | 11,530 | 2,434 | (1 | ) | 950 | (5,694 | ) | 9,219 | ||||||||||||||||
Foreign currency transaction (gains) losses on short-term intercompany balances | (80 | ) | (574 | ) | — | — | 18 | (636 | ) | |||||||||||||||
Acquisition-related charges | 662 | — | 44 | — | — | 706 | ||||||||||||||||||
Transformation severance and related expenses | 20 | 56 | 81 | 4 | — | 161 | ||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,304 | 1,304 | ||||||||||||||||||
Adjusted EBITDA | $ | 12,132 | $ | 1,916 | $ | 124 | $ | 954 | $ | (4,372 | ) | $ | 10,754 | |||||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||
Revenue | $ | 30,650 | $ | 12,640 | $ | 2,478 | $ | 739 | $ | — | $ | 46,507 | ||||||||||||
Net loss | $ | (6,397 | ) | |||||||||||||||||||||
Income tax expense | 1,084 | |||||||||||||||||||||||
Interest expense, net | 12 | |||||||||||||||||||||||
EBIT | $ | 5,451 | $ | 1,547 | $ | (1,482 | ) | $ | (3,716 | ) | $ | (7,101 | ) | (5,301 | ) | |||||||||
Depreciation of property and equipment | 1,479 | 152 | 176 | 355 | — | 2,162 | ||||||||||||||||||
Amortization of intangible assets | 698 | 337 | 150 | — | — | 1,185 | ||||||||||||||||||
EBITDA | 7,628 | 2,036 | (1,156 | ) | (3,361 | ) | (7,101 | ) | (1,954 | ) | ||||||||||||||
Impairment charges | 2,702 | — | 71 | 1,434 | — | 4,207 | ||||||||||||||||||
Foreign currency transaction (gains) losses on short-term intercompany balances | 184 | (117 | ) | — | — | (26 | ) | 41 | ||||||||||||||||
Acquisition-related charges | 328 | — | 43 | — | — | 371 | ||||||||||||||||||
Transformation severance and related expenses | 7 | 542 | — | 83 | 1,134 | 1,766 | ||||||||||||||||||
Stock-based compensation | — | — | — | — | 2,517 | 2,517 | ||||||||||||||||||
Adjusted EBITDA | $ | 10,849 | $ | 2,461 | $ | (1,042 | ) | $ | (1,844 | ) | $ | (3,476 | ) | $ | 6,948 | |||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended March 31, 2012 | ||||||||||||||||||||||||
Revenue | $ | 28,813 | $ | 14,305 | $ | 3,222 | $ | 5,309 | $ | — | $ | 51,649 | ||||||||||||
Net income | $ | 292 | ||||||||||||||||||||||
Income tax expense | 497 | |||||||||||||||||||||||
Interest expense, net | 504 | |||||||||||||||||||||||
EBIT | $ | 5,561 | $ | 1,657 | $ | (1,755 | ) | $ | 957 | $ | (5,127 | ) | 1,293 | |||||||||||
Depreciation of property and equipment | 915 | 40 | 250 | 308 | — | 1,513 | ||||||||||||||||||
Amortization of intangible assets | 1,586 | 539 | 202 | — | — | 2,327 | ||||||||||||||||||
EBITDA | 8,062 | 2,236 | (1,303 | ) | 1,265 | (5,127 | ) | 5,133 | ||||||||||||||||
Foreign currency transaction gains on short-term intercompany balances | (63 | ) | (257 | ) | (19 | ) | — | — | (339 | ) | ||||||||||||||
Acquisition-related charges | — | — | 101 | — | — | 101 | ||||||||||||||||||
Transformation severance and related expenses | 90 | 57 | 66 | 29 | — | 242 | ||||||||||||||||||
Wage claim costs | 249 | — | — | — | — | 249 | ||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,401 | 1,401 | ||||||||||||||||||
Adjusted EBITDA | $ | 8,338 | $ | 2,036 | $ | (1,155 | ) | $ | 1,294 | $ | (3,726 | ) | $ | 6,787 | ||||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended June 30, 2012 | ||||||||||||||||||||||||
Revenue | $ | 29,592 | $ | 13,411 | $ | 4,388 | $ | 4,267 | $ | — | $ | 51,658 | ||||||||||||
Net income | $ | 1,002 | ||||||||||||||||||||||
Income tax expense | 584 | |||||||||||||||||||||||
Interest expense, net | 529 | |||||||||||||||||||||||
EBIT | $ | 6,469 | $ | 1,554 | $ | (646 | ) | $ | (175 | ) | $ | (5,087 | ) | 2,115 | ||||||||||
Depreciation of property and equipment | 990 | 87 | 169 | 333 | — | 1,579 | ||||||||||||||||||
Amortization of intangible assets | 767 | 490 | 202 | — | — | 1,459 | ||||||||||||||||||
EBITDA | 8,226 | 2,131 | (275 | ) | 158 | (5,087 | ) | 5,153 | ||||||||||||||||
Foreign currency transaction losses on short-term intercompany balances | 71 | 406 | 20 | — | — | 497 | ||||||||||||||||||
Acquisition-related charges (benefits) | — | (471 | ) | 94 | — | — | (377 | ) | ||||||||||||||||
Transformation severance and related expenses | 23 | 21 | 232 | — | — | 276 | ||||||||||||||||||
Wage claim costs | 328 | — | — | — | — | 328 | ||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,239 | 1,239 | ||||||||||||||||||
Adjusted EBITDA | $ | 8,648 | $ | 2,087 | $ | 71 | $ | 158 | $ | (3,848 | ) | $ | 7,116 | |||||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Revenue | $ | 33,235 | $ | 11,406 | $ | 3,770 | $ | 3,676 | $ | — | $ | 52,087 | ||||||||||||
Net income | $ | 2,565 | ||||||||||||||||||||||
Income tax expense | 505 | |||||||||||||||||||||||
Interest expense, net | 515 | |||||||||||||||||||||||
EBIT | $ | 9,964 | $ | 304 | $ | (1 | ) | $ | (650 | ) | $ | (6,032 | ) | 3,585 | ||||||||||
Depreciation of property and equipment | 1,111 | 90 | 175 | 340 | — | 1,716 | ||||||||||||||||||
Amortization of intangible assets | 767 | 462 | 202 | — | — | 1,431 | ||||||||||||||||||
EBITDA | 11,842 | 856 | 376 | (310 | ) | (6,032 | ) | 6,732 | ||||||||||||||||
Foreign currency transaction (gains) losses on short-term intercompany balances | (85 | ) | (266 | ) | 3 | — | — | (348 | ) | |||||||||||||||
Acquisition-related charges (benefits) | — | (14 | ) | 93 | — | — | 79 | |||||||||||||||||
Transformation severance and related expenses | 245 | 273 | — | — | — | 518 | ||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,839 | 1,839 | ||||||||||||||||||
Adjusted EBITDA | $ | 12,002 | $ | 849 | $ | 472 | $ | (310 | ) | $ | (4,193 | ) | $ | 8,820 | ||||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||||||
Revenue | $ | 29,998 | $ | 14,661 | $ | 3,610 | $ | 4,840 | $ | — | $ | 53,109 | ||||||||||||
Net income | $ | 1,533 | ||||||||||||||||||||||
Income tax expense | (289 | ) | ||||||||||||||||||||||
Interest expense, net | (582 | ) | ||||||||||||||||||||||
EBIT | $ | 6,595 | $ | 1,520 | $ | (994 | ) | $ | (539 | ) | $ | (5,920 | ) | 662 | ||||||||||
Depreciation of property and equipment | 1,635 | 105 | 176 | 360 | — | 2,276 | ||||||||||||||||||
Amortization of intangible assets | 1,235 | 571 | 201 | — | — | 2,007 | ||||||||||||||||||
EBITDA | 9,465 | 2,196 | (617 | ) | (179 | ) | (5,920 | ) | 4,945 | |||||||||||||||
Foreign currency transaction (gains) losses on short-term intercompany balances | 33 | (214 | ) | (4 | ) | — | (2 | ) | (187 | ) | ||||||||||||||
Acquisition-related charges (benefits) | (1 | ) | (127 | ) | 94 | — | — | (34 | ) | |||||||||||||||
Transformation severance and related expenses | 135 | 805 | 67 | — | 64 | 1,071 | ||||||||||||||||||
Wage claim costs | — | — | — | 407 | — | 407 | ||||||||||||||||||
Stock-based compensation | — | — | — | — | 1,842 | 1,842 | ||||||||||||||||||
Adjusted EBITDA | $ | 9,632 | $ | 2,660 | $ | (460 | ) | $ | 228 | $ | (4,016 | ) | $ | 8,044 | ||||||||||
EBIT, EBITDA and Adjusted EBITDA are all "non-GAAP financial measures" presented as supplemental measures of the Company’s performance. They are not presented in accordance with accounting principles generally accepted in the United States, or GAAP. The Company believes these measures provide additional meaningful information in evaluating its performance over time, and that the rating agencies and a number of lenders use EBITDA and similar measures for similar purposes. In addition, a measure similar to Adjusted EBITDA is used in the restrictive covenants contained in the Company’s secured credit facility. However, EBIT, EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of the Company’s results as reported under GAAP. In addition, in evaluating EBIT, EBITDA and Adjusted EBITDA, you should be aware that, as described above, the adjustments may vary from period to period and in the future the Company will incur expenses such as those used in calculating these measures. The Company’s presentation of these measures should not be construed as an inference that future results will be unaffected by unusual or nonrecurring items.
The following tables set forth the quarterly and annual operating results (in thousands) by operating segments for each of the quarters in the years ended December 31, 2013 and 2012 and for the first quarter of 2014. Certain reclassifications have been made to conform with classifications adopted in 2013 and in the first and second quarters of 2014.
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||
Revenue | $ | 24,798 | $ | 9,702 | $ | 2,283 | $ | 1,118 | $ | — | $ | 37,901 | ||||||||||||
Cost of revenue | 16,000 | 7,417 | 3,035 | 2,380 | — | 28,832 | ||||||||||||||||||
Selling, general and administrative expenses | 2,848 | 1,804 | 566 | 624 | 4,134 | 9,976 | ||||||||||||||||||
Depreciation of property and equipment | 1,256 | 146 | 160 | 120 | — | 1,682 | ||||||||||||||||||
Amortization of intangible assets | 500 | 307 | 96 | — | — | 903 | ||||||||||||||||||
Operating income (loss) | $ | 4,194 | $ | 28 | $ | (1,574 | ) | $ | (2,006 | ) | $ | (4,134 | ) | $ | (3,492 | ) | ||||||||
Adjusted EBITDA | $ | 5,958 | $ | 560 | $ | (1,156 | ) | $ | (1,731 | ) | $ | (3,113 | ) | $ | 518 | |||||||||
Three Months Ended March 31, 2013 | ||||||||||||||||||||||||
Revenue | $ | 26,242 | $ | 11,017 | $ | 3,943 | $ | 3,899 | $ | — | $ | 45,101 | ||||||||||||
Cost of revenue | 15,704 | 9,022 | 3,200 | 3,612 | — | 31,538 | ||||||||||||||||||
Selling, general and administrative expenses | 2,966 | 740 | 717 | 764 | 5,393 | 10,580 | ||||||||||||||||||
Depreciation of property and equipment | 1,368 | 112 | 155 | 373 | — | 2,008 | ||||||||||||||||||
Amortization of intangible assets | 698 | 396 | 182 | — | — | 1,276 | ||||||||||||||||||
Operating income (loss) | $ | 5,506 | $ | 747 | $ | (311 | ) | $ | (850 | ) | $ | (5,393 | ) | $ | (301 | ) | ||||||||
Adjusted EBITDA | $ | 7,582 | $ | 523 | $ | 82 | $ | (477 | ) | $ | (4,075 | ) | $ | 3,635 | ||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||
Revenue | $ | 29,392 | $ | 10,770 | $ | 3,137 | $ | 6,906 | $ | — | $ | 50,205 | ||||||||||||
Cost of revenue | 16,631 | 8,758 | 3,074 | 4,059 | — | 32,522 | ||||||||||||||||||
Selling, general and administrative expenses | 3,765 | 1,439 | 1,063 | 751 | 4,611 | 11,629 | ||||||||||||||||||
Depreciation of property and equipment | 1,356 | 126 | 154 | 391 | — | 2,027 | ||||||||||||||||||
Amortization of intangible assets | 698 | 452 | 182 | — | — | 1,332 | ||||||||||||||||||
Operating income (loss) | $ | 6,942 | $ | (5 | ) | $ | (1,336 | ) | $ | 1,705 | $ | (4,611 | ) | $ | 2,695 | |||||||||
Adjusted EBITDA | $ | 9,391 | $ | 942 | $ | (956 | ) | $ | 2,096 | $ | (3,456 | ) | $ | 8,017 | ||||||||||
Three Months Ended September 30, 2013 | ||||||||||||||||||||||||
Revenue | $ | 32,365 | $ | 12,009 | $ | 3,625 | $ | 5,404 | $ | — | $ | 53,403 | ||||||||||||
Cost of revenue | 16,920 | 8,423 | 2,907 | 3,553 | — | 31,803 | ||||||||||||||||||
Selling, general and administrative expenses | 3,995 | 1,726 | 719 | 901 | 5,676 | 13,017 | ||||||||||||||||||
Depreciation of property and equipment | 1,414 | 124 | 167 | 329 | — | 2,034 | ||||||||||||||||||
Amortization of intangible assets | 698 | 323 | 183 | — | — | 1,204 | ||||||||||||||||||
Operating income (loss) | $ | 9,338 | $ | 1,413 | $ | (351 | ) | $ | 621 | $ | (5,676 | ) | $ | 5,345 | ||||||||||
Adjusted EBITDA | $ | 12,132 | $ | 1,916 | $ | 124 | $ | 954 | $ | (4,372 | ) | $ | 10,754 | |||||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended December 31, 2013 | ||||||||||||||||||||||||
Revenue | $ | 30,650 | $ | 12,640 | $ | 2,478 | $ | 739 | $ | — | $ | 46,507 | ||||||||||||
Cost of revenue | 16,722 | 8,742 | 2,750 | 2,025 | — | 30,239 | ||||||||||||||||||
Selling, general and administrative expenses | 3,414 | 1,979 | 813 | 641 | 7,127 | 13,974 | ||||||||||||||||||
Depreciation of property and equipment | 1,479 | 152 | 176 | 355 | — | 2,162 | ||||||||||||||||||
Amortization of intangible assets | 698 | 337 | 150 | — | — | 1,185 | ||||||||||||||||||
Impairment charges | 2,702 | — | 71 | 1,434 | — | 4,207 | ||||||||||||||||||
Operating income (loss) | $ | 5,635 | $ | 1,430 | $ | (1,482 | ) | $ | (3,716 | ) | $ | (7,127 | ) | $ | (5,260 | ) | ||||||||
Adjusted EBITDA | $ | 10,849 | $ | 2,461 | $ | (1,042 | ) | $ | (1,844 | ) | $ | (3,476 | ) | $ | 6,948 | |||||||||
Twelve Months Ended December 31, 2013 | ||||||||||||||||||||||||
Revenue | $ | 118,649 | $ | 46,436 | $ | 13,183 | $ | 16,948 | $ | — | $ | 195,216 | ||||||||||||
Cost of revenue | 65,977 | 34,945 | 11,931 | 13,249 | — | 126,102 | ||||||||||||||||||
Selling, general and administrative expenses | 14,140 | 5,884 | 3,312 | 3,057 | 22,807 | 49,200 | ||||||||||||||||||
Depreciation of property and equipment | 5,617 | 514 | 652 | 1,448 | — | 8,231 | ||||||||||||||||||
Amortization of intangible assets | 2,792 | 1,508 | 697 | — | — | 4,997 | ||||||||||||||||||
Impairment charges | 2,702 | — | 71 | 1,434 | — | 4,207 | ||||||||||||||||||
Operating income (loss) | $ | 27,421 | $ | 3,585 | $ | (3,480 | ) | $ | (2,240 | ) | $ | (22,807 | ) | $ | 2,479 | |||||||||
Adjusted EBITDA | $ | 39,954 | $ | 5,842 | $ | (1,792 | ) | $ | 729 | $ | (15,379 | ) | $ | 29,354 | ||||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended March 31, 2012 | ||||||||||||||||||||||||
Revenue | $ | 28,813 | $ | 14,305 | $ | 3,222 | $ | 5,309 | $ | — | $ | 51,649 | ||||||||||||
Cost of revenue | 17,203 | 10,659 | 3,852 | 3,339 | — | 35,053 | ||||||||||||||||||
Selling, general and administrative expenses | 3,611 | 1,667 | 692 | 705 | 5,127 | 11,802 | ||||||||||||||||||
Depreciation of property and equipment | 915 | 40 | 250 | 308 | — | 1,513 | ||||||||||||||||||
Amortization of intangible assets | 1,586 | 539 | 202 | — | — | 2,327 | ||||||||||||||||||
Operating income (loss) | $ | 5,498 | $ | 1,400 | $ | (1,774 | ) | $ | 957 | $ | (5,127 | ) | $ | 954 | ||||||||||
Adjusted EBITDA | $ | 8,338 | $ | 2,036 | $ | (1,155 | ) | $ | 1,294 | $ | (3,726 | ) | $ | 6,787 | ||||||||||
Three Months Ended June 30, 2012 | ||||||||||||||||||||||||
Revenue | $ | 29,592 | $ | 13,411 | $ | 4,388 | $ | 4,267 | $ | — | $ | 51,658 | ||||||||||||
Cost of revenue | 17,307 | 9,547 | 3,788 | 3,448 | — | 34,090 | ||||||||||||||||||
Selling, general and administrative expenses | 3,988 | 1,327 | 855 | 661 | 5,087 | 11,918 | ||||||||||||||||||
Depreciation of property and equipment | 990 | 87 | 169 | 333 | — | 1,579 | ||||||||||||||||||
Amortization of intangible assets | 767 | 490 | 202 | — | — | 1,459 | ||||||||||||||||||
Operating income (loss) | $ | 6,540 | $ | 1,960 | $ | (626 | ) | $ | (175 | ) | $ | (5,087 | ) | $ | 2,612 | |||||||||
Adjusted EBITDA | $ | 8,648 | $ | 2,087 | $ | 71 | $ | 158 | $ | (3,848 | ) | $ | 7,116 | |||||||||||
Three Months Ended September 30, 2012 | ||||||||||||||||||||||||
Revenue | $ | 33,235 | $ | 11,406 | $ | 3,770 | $ | 3,676 | $ | — | $ | 52,087 | ||||||||||||
Cost of revenue | 18,187 | 8,776 | 3,010 | 3,283 | — | 33,256 | ||||||||||||||||||
Selling, general and administrative expenses | 3,291 | 2,040 | 381 | 703 | 6,032 | 12,447 | ||||||||||||||||||
Depreciation of property and equipment | 1,111 | 90 | 175 | 340 | — | 1,716 | ||||||||||||||||||
Amortization of intangible assets | 767 | 462 | 202 | — | — | 1,431 | ||||||||||||||||||
Operating income (loss) | $ | 9,879 | $ | 38 | $ | 2 | $ | (650 | ) | $ | (6,032 | ) | $ | 3,237 | ||||||||||
Adjusted EBITDA | $ | 12,002 | $ | 849 | $ | 472 | $ | (310 | ) | $ | (4,193 | ) | $ | 8,820 | ||||||||||
Recovery Audit Services – Americas | Recovery Audit Services – Europe/Asia- Pacific | Adjacent Services | Healthcare Claims Recovery Audit Services | Corporate Support | Total | |||||||||||||||||||
Three Months Ended December 31, 2012 | ||||||||||||||||||||||||
Revenue | $ | 29,998 | $ | 14,661 | $ | 3,610 | $ | 4,840 | $ | — | $ | 53,109 | ||||||||||||
Cost of revenue | 16,644 | 10,558 | 3,627 | 4,123 | — | 34,952 | ||||||||||||||||||
Selling, general and administrative expenses | 3,856 | 2,121 | 604 | 896 | 5,922 | 13,399 | ||||||||||||||||||
Depreciation of property and equipment | 1,635 | 105 | 176 | 360 | — | 2,276 | ||||||||||||||||||
Amortization of intangible assets | 1,235 | 571 | 201 | — | — | 2,007 | ||||||||||||||||||
Operating income (loss) | $ | 6,628 | $ | 1,306 | $ | (998 | ) | $ | (539 | ) | $ | (5,922 | ) | $ | 475 | |||||||||
Adjusted EBITDA | $ | 9,632 | $ | 2,660 | $ | (460 | ) | $ | 228 | $ | (4,016 | ) | $ | 8,044 | ||||||||||
Twelve Months Ended December 31, 2012 | ||||||||||||||||||||||||
Revenue | $ | 121,638 | $ | 53,783 | $ | 14,990 | $ | 18,092 | $ | — | $ | 208,503 | ||||||||||||
Cost of revenue | 69,341 | 39,540 | 14,277 | 14,193 | — | 137,351 | ||||||||||||||||||
Selling, general and administrative expenses | 14,746 | 7,155 | 2,532 | 2,965 | 22,168 | 49,566 | ||||||||||||||||||
Depreciation of property and equipment | 4,651 | 322 | 770 | 1,341 | — | 7,084 | ||||||||||||||||||
Amortization of intangible assets | 4,355 | 2,062 | 807 | — | — | 7,224 | ||||||||||||||||||
Operating income (loss) | $ | 28,545 | $ | 4,704 | $ | (3,396 | ) | $ | (407 | ) | $ | (22,168 | ) | $ | 7,278 | |||||||||
Adjusted EBITDA | $ | 38,620 | $ | 7,632 | $ | (1,072 | ) | $ | 1,370 | $ | (15,783 | ) | $ | 30,767 | ||||||||||