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Exhibit 99.1

 

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Press Release

PRGX Global, Inc. Announces Third Quarter

2015 Financial Results

ATLANTA, October 27, 2015 — PRGX Global, Inc. (Nasdaq:PRGX), the world’s leading provider of accounts payable recovery audit services, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2015.

“After two quarters of solid Adjusted EBITDA performance in 2015, we experienced several challenges which impacted our third quarter financial results. However, our core recovery audit business remains strong as we continue to build and invest in our growth platforms,” said Ron Stewart, president and chief executive officer.

“While claims production in the core business increased year-over-year, we experienced delays in converting claims to revenue. Additionally, a large client bankruptcy and lags in onboarding several new clients impacted our revenue for the quarter. The EBITDA impact of this revenue decline was partially offset by our consistently improving cost management performance,” continued Mr. Stewart.

“We are encouraged by the meaningful engagements underway in all three of our growth platforms and the other significant adjacent services opportunities under development with several of our large clients. In anticipation of significant future revenue streams we invested approximately $1.8 million in these services during the quarter,” concluded Mr. Stewart.

Consolidated Results for the Three Months Ended September 30, 2015

Consolidated revenue for the third quarter of 2015 was $33.9 million, compared to $43.0 million for the same period last year, a decrease of 21.2%. Adjusted for changes in foreign exchange rates, consolidated third quarter 2015 revenue decreased 15.7% compared to the same period in 2014. Excluding the Chicago-based consulting business divested in October 2014 and the Healthcare Claims Recovery Audit (“HCRA”) business, which the Company is in the process of exiting, and adjusted for changes in foreign exchange rates, consolidated third quarter 2015 revenue decreased 13.7% compared to the same period in 2014.

Total operating expenses for the third quarter of 2015 were $34.6 million, compared to $41.5 million, in the same period last year, a decrease of $6.9 million, which represents a 16.6% improvement. This decrease in total operating expenses was primarily driven by improving operational processes while right-sizing the Company’s cost structure.

Total cost of revenue for the third quarter of 2015 was $24.4 million, or 71.9% of revenue, compared to $28.7 million, or 66.7% of revenue, in the same period last year, for a 7.8% increase as a percentage of revenue.

 

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SG&A expenses for the third quarter of 2015 were $8.5 million, compared to $10.5 million in same period last year, an improvement of 19.1%.

Consolidated net loss for the third quarter of 2015 was $(3.4) million, or $(0.14) per basic and diluted share, compared to a net loss of $(0.2) million, or $(0.01) per basic and diluted share, for the same period in 2014. Included in the third quarter 2015 net loss is $0.6 million of foreign currency transaction losses on intercompany balances, compared to $1.2 million of such losses for the same period in 2014. Also included in the third quarter 2015 net loss is a non-cash loss of $1.6 million on the sale of certain non-core assets related to a document service offering purchased as part of the Business Strategy, Inc. acquisition in 2011.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) for the third quarter of 2015 was $3.3 million, or 9.7% of revenue, compared to Adjusted EBITDA of $5.6 million, or 13.1% of revenue, in the third quarter 2014. Improvements in the Company’s cost management performance partially offset the impact of the decline in consolidated revenue on Adjusted EBITDA. Schedule 3 attached to this press release provides a reconciliation of net income (loss) to each of EBIT (Earnings Before Interest and Taxes), EBITDA and Adjusted EBITDA.

Net cash provided by operating activities for the third quarter of 2015 was $4.9 million, compared to $1.3 million in the third quarter of the prior year.

Consolidated Results for the Nine Months Ended September 30, 2015

Consolidated revenue for the nine months ended September 30, 2015 was $104.3 million, compared to $122.9 million for the same period last year, a decrease of 15.1%. Adjusted for changes in foreign exchange rates, consolidated revenue for the nine months ended September 30, 2015 decreased 9.6% compared to the same period in 2014. Excluding the Chicago-based consulting business divested in October 2014 and HCRA, and adjusted for changes in foreign exchange rates, consolidated revenue for the nine months ended September 30, 2015 decreased 6.3% compared to the same period in 2014.

Total operating expenses for the nine months ended September 30, 2015 were $105.0 million, compared to $126.4 million in the same period last year, a decrease of $21.4 million, which represents a 16.9% improvement.

Total cost of revenue for the nine months ended September 30, 2015 was $73.1 million, or 70.0% of revenue, compared to $87.5 million, or 71.2% of revenue, in the same period last year, for a 1.7% improvement as a percentage of revenue.

SG&A expenses for the nine months ended September 30, 2015 were $26.0 million, compared to $31.5 million in same period last year, an improvement of 17.4%.

Consolidated net loss for the nine months ended September 30, 2015 was $(5.3) million, or $(0.20) per basic share and diluted share, compared to a net loss of $(5.4) million, or $(0.18) per basic and diluted share, for the same period in 2014. Included in the net loss for the nine months ended September 30, 2015 is $1.9 million of foreign currency transaction losses on intercompany balances, compared to $1.1 million of such losses for the

 

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same period in 2014. Also included in the net loss for the nine months ended September 30, 2015, is the previously mentioned non-cash net loss of $1.6 million on the sale of certain non-core assets related to a document service offering purchased as part of the Business Strategy, Inc. acquisition in 2011.

Adjusted EBITDA for the nine months ended September 30, 2015 was $11.3 million, or 10.8% of revenue, compared to Adjusted EBITDA of $9.9 million, or 8.1% of revenue, in the same period in the prior year. This represents a 34.2% year-over-year improvement in nine month Adjusted EBITDA as a percentage of revenue. Schedule 3 attached to this press release provides a reconciliation of net income (loss) to each of EBIT, EBITDA and Adjusted EBITDA.

Net cash provided by operating activities for the nine months ended September 30, 2015 was $12.4 million, compared to $7.1 million in the same period in the prior year.

Liquidity

At September 30, 2015, the Company had unrestricted cash and cash equivalents of $15.7 million, no borrowings against its $20.0 million revolving credit facility, and no bank debt outstanding.

Stock Repurchase Program

During the third quarter of 2015 the Company repurchased 1.7 million shares of its outstanding common stock for an aggregate cost of $6.9 million completing the previously announced $40 million repurchase program. Since the February 2014 announcement of the Company’s stock repurchase program, the Company has repurchased 7.5 million shares, or 25.0% of its common stock outstanding on the date of the announcement. Earlier this month, the Company’s Board of Directors approved a $10 million increase in the program and extended the duration of the program to December 31, 2016. As of October 23, 2015, the Company had 22.9 million shares of common stock outstanding.

Third Quarter Earnings Call

As previously announced, management will hold a conference call later this morning at 8:30 AM (Eastern time) to discuss the Company’s third quarter 2015 financial results. To access the conference call, listeners in the U.S. and Canada should dial (877) 755-7423 at least 5 minutes prior to the start of the conference. Listeners outside the U.S. and Canada should dial (678) 894-3069. To be admitted to the call, listeners should use passcode 62978652.

This teleconference will also be audiocast on the Internet at www.prgx.com (click on “Events & Presentations” under “Investors”). A replay of the audiocast will be available at the same location on www.prgx.com beginning approximately two hours after the conclusion of the live audiocast, extending through January 31, 2016. Please note that the Internet audiocast is “listen-only.” Microsoft Windows Media Player is required to access the live audiocast and the replay and can be downloaded from www.microsoft.com/windows/mediaplayer.

 

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About PRGX Global, Inc.

Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world’s leading provider of accounts payable recovery audit services. With over 1,400 employees, the Company operates and serves clients in more than 30 countries and provides its services to over 75% of the top 20 global retailers. For additional information, please visit PRGX at www.prgx.com.

Forward-Looking Statements

In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the Company’s overall condition and growth prospects, the strength of the Company’s core recovery audit business, and the Company’s investments in, and opportunities associated with, its growth platforms. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company’s future performance include revenue that does not meet expectations or justify costs incurred, the Company’s ability to develop material sources of new revenue in addition to revenue from its core recovery audit services, changes in the market for the Company’s services, the Company’s ability to retain and attract qualified personnel, changes to Medicare and Medicaid recovery audit contractor programs and the effects of the Company’s decision to withdraw from the Medicare RAC rebid process, the Company’s ability to integrate recent and future acquisitions, uncertainty in the credit markets, the Company’s ability to maintain compliance with its financial covenants, client bankruptcies, loss of major clients, and other risks generally applicable to the Company’s business. For a discussion of other risk factors that may impact the Company’s business, please see the Company’s filings with the Securities and Exchange Commission, including its Form 10-K filed on March 13, 2015. The Company disclaims any obligation or duty to update or modify these forward-looking statements.

Non-GAAP Financial Measures

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. Schedule 3 to this press release provides a reconciliation of net income (loss) to each of EBIT, EBITDA and Adjusted EBITDA.

 

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This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: PRGX Global, Inc.

CONTACT: PRGX Global, Inc.

investor-relations@prgx.com

Phone: 770-779-3011

 

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SCHEDULE 1

PRGX Global, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(Amounts in thousands, except per share data)

(Unaudited)

 

     Three Months
Ended September 30,
    Nine Months
Ended September 30,
 
     2015     2014     2015     2014  

Revenue

   $ 33,923      $ 42,988      $ 104,344      $ 122,870   

Operating expenses:

        

Cost of revenue

     24,387        28,681        73,085        87,457   

Selling, general and administrative expenses

     8,487        10,492        26,043        31,505   

Depreciation of property and equipment

     1,262        1,428        3,858        4,696   

Amortization of intangible assets

     517        895        2,017        2,700   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     34,653        41,496        105,003        126,358   
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

     (730     1,492        (659     (3,488

Foreign currency transaction (gains) losses on short-term intercompany balances

     654        1,221        1,930        1,073   

Interest expense (income), net

     (8     (44     (103     (33

Other (income) loss

     1,612        —          1,612        —     
  

 

 

   

 

 

   

 

 

   

 

 

 

Income (loss) before income taxes

     (2,988     315        (4,098     (4,528

Income tax expense

     421        554        1,172        853   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income (loss)

   $ (3,409   $ (239   $ (5,270   $ (5,381
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) per common share

   $ (0.14   $ (0.01   $ (0.20   $ (0.18
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per common share

   $ (0.14   $ (0.01   $ (0.20   $ (0.18
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares outstanding:

        

Basic

     25,167        27,744        26,015        29,203   
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     25,167        27,744        26,015        29,203   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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SCHEDULE 2

PRGX Global, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

 

     September 30,
2015
    December 31,
2014
 
ASSETS   

Current assets:

    

Cash and cash equivalents

   $ 15,673      $ 25,735   

Restricted cash

     98        53   

Receivables:

    

Contract receivables, net

     25,543        35,182   

Employee advances and miscellaneous receivables, net

     1,781        1,993   
  

 

 

   

 

 

 

Total receivables

     27,324        37,175   

Prepaid expenses and other current assets

     3,141        3,421   
  

 

 

   

 

 

 

Total current assets

     46,236        66,384   

Property and equipment, net

     11,340        12,220   

Goodwill

     11,589        13,036   

Intangible assets, net

     7,131        9,439   

Deferred income taxes

     234        36   

Other assets

     1,419        1,667   
  

 

 

   

 

 

 

Total assets

   $ 77,949      $ 102,782   
  

 

 

   

 

 

 
LIABILITIES AND SHAREHOLDERS’ EQUITY   

Current liabilities:

    

Accounts payable and accrued expenses

   $ 6,437      $ 7,397   

Accrued payroll and related expenses

     12,103        15,415   

Refund liabilities and deferred revenue

     6,047        7,566   

Other current liabilities

     254        —     
  

 

 

   

 

 

 

Total current liabilities

     24,841        30,378   

Other long-term liabilities

     1,934        1,418   
  

 

 

   

 

 

 

Total liabilities

     26,775        31,796   
  

 

 

   

 

 

 

Shareholders’ equity:

    

Common stock

     229        268   

Additional paid-in capital

     576,256        590,067   

Accumulated deficit

     (526,182     (520,912

Accumulated other comprehensive income

     871        1,563   
  

 

 

   

 

 

 

Total shareholders’ equity

     51,174        70,986   
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 77,949      $ 102,782   
  

 

 

   

 

 

 

 

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SCHEDULE 3

PRGX Global, Inc. and Subsidiaries

Reconciliation of Net Income (Loss) to EBIT, EBITDA and Adjusted EBITDA

(Amounts in thousands)

(Unaudited)

 

     Three Months
Ended September 30,
    Nine Months
Ended September 30,
 
     2015     2014     2015     2014  

Reconciliation of net loss to EBIT, EBITDA and Adjusted EBITDA:

        

Net income (loss)

   $ (3,409   $ (239   $ (5,270   $ (5,381

Income tax expense

     421        554        1,172        853   

Interest expense (income), net

     (8     (44     (103     (33
  

 

 

   

 

 

   

 

 

   

 

 

 

EBIT

     (2,996     271        (4,201     (4,561

Depreciation of property and equipment

     1,262        1,428        3,858        4,696   

Amortization of intangible assets

     517        895        2,017        2,700   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     (1,217     2,594        1,674        2,835   

Foreign currency transaction (gains) losses on short-term intercompany balances

     654        1,221        1,930        1,073   

Acquisition-related charges

     —          —          —          249   

Transformation severance and related expenses

     845        413        1,554        2,352   

Loss on sale/disposal of assets

     1,612        —          1,612        —     

Stock-based compensation

     1,381        1,405        4,530        3,409   
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 3,275      $ 5,633      $ 11,300      $ 9,918   
  

 

 

   

 

 

   

 

 

   

 

 

 

EBIT, EBITDA and Adjusted EBITDA are all “non-GAAP financial measures” presented as supplemental measures of our 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 the Company’s performance over time, and that the rating agencies and a number of lenders use EBIT, 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 our results as reported under GAAP. In addition, in evaluating EBIT, EBITDA and Adjusted EBITDA, you should be aware that in the future we will incur expenses such as those used in calculating these measures. Our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or nonrecurring items.

 

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SCHEDULE 4

PRGX Global, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(Amounts in thousands)

(Unaudited)

 

     Three Months
Ended September 30,
    Nine Months
Ended September 30,
 
     2015     2014     2015     2014  

Cash flows from operating activities:

        

Net loss

   $ (3,409   $ (239   $ (5,270   $ (5,381

Adjustments to reconcile net loss to net cash provided by operating activities:

        

Depreciation and amortization

     1,779        2,323        5,875        7,396   

Amortization of deferred debt costs

     (100     28        (100     67   

Loss on sale of assets

     1,561        —          1,561        —     

Stock-based compensation expense

     1,381        1,405        4,530        3,409   

Foreign currency transaction (gains) losses on short-term intercompany balances

     654        1,221        1,930        1,073   

Decrease in receivables

     2,265        (2,573     8,658        5,159   

Increase (decrease) in accounts payable, accrued payroll and other accrued expenses

     1,479        (987     (3,683     (4,639

Other, primarily changes in assets and liabilities

     (729     100        (1,138     46   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     4,881        1,278        12,363        7,130   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

        

Purchases of property and equipment, net of disposals

     (972     (1,241     (3,169     (3,574
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (972     (1,241     (3,169     (3,574
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

        

Repurchase of common stock

     (6,921     (9,002     (17,261     (20,000

Other, net

     (31     142        (266     (90
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash (used in) provided by financing activities

     (6,952     (8,860     (17,527     (20,090
  

 

 

   

 

 

   

 

 

   

 

 

 

Effect of exchange rates on cash and cash equivalents

     (966     (1,251     (1,729     (873
  

 

 

   

 

 

   

 

 

   

 

 

 

Net (decrease) increase in cash and cash equivalents

     (4,009     (10,074     (10,062     (17,407

Cash and cash equivalents at beginning of period

     19,682        36,367        25,735        43,700   
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 15,673      $ 26,293      $ 15,673      $ 26,293   
  

 

 

   

 

 

   

 

 

   

 

 

 

 

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SCHEDULE 5

PRGX Global, Inc. and Subsidiaries

Results by Operating Segment *

(Amounts in thousands)

(Unaudited)

 

     Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
     2015     2014     Change     2015     2014     Change  

Revenue

            

Recovery Audit Services - Americas

   $ 23,981      $ 28,550      $ (4,569   $ 71,748      $ 80,377      $ (8,629

Recovery Audit Services - Europe/Asia-Pacific

     8,052        10,708        (2,656     27,307        32,792        (5,485

Adjacent Services

     1,332        3,586        (2,254     4,290        8,150        (3,860

Healthcare Claims Recovery Audit Services

     558        144        414        999        1,551        (552
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 33,923      $ 42,988      $ (9,065   $ 104,344      $ 122,870      $ (18,526
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenue

            

Recovery Audit Services - Americas

   $ 15,139      $ 17,074      $ 1,935      $ 45,272      $ 50,148      $ 4,876   

Recovery Audit Services - Europe/Asia-Pacific

     5,883        7,608        1,725        18,927        23,698        4,771   

Adjacent Services

     2,485        3,284        799        6,586        9,168        2,582   

Healthcare Claims Recovery Audit Services

     880        715        (165     2,300        4,443        2,143   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 24,387      $ 28,681      $ 4,294      $ 73,085      $ 87,457      $ 14,372   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Selling, general and administrative expenses

            

Recovery Audit Services - Americas

   $ 1,810      $ 2,502      $ 692      $ 5,773      $ 8,320      $ 2,547   

Recovery Audit Services - Europe/Asia-Pacific

     1,322        1,610        288        4,248        5,350        1,102   

Adjacent Services

     129        326        197        527        1,838        1,311   

Healthcare Claims Recovery Audit Services

     203        540        337        630        1,717        1,087   

Corporate

     5,023        5,514        491        14,865        14,280        (585
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 8,487      $ 10,492      $ 2,005      $ 26,043      $ 31,505      $ 5,462   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation of property and equipment

            

Recovery Audit Services - Americas

   $ 947      $ 1,111      $ 164      $ 2,895      $ 3,612      $ 717   

Recovery Audit Services - Europe/Asia-Pacific

     148        150        2        454        445        (9

Adjacent Services

     160        145        (15     479        463        (16

Healthcare Claims Recovery Audit Services

     7        22        15        30        176        146   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,262      $ 1,428      $ 166      $ 3,858      $ 4,696      $ 838   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amortization of intangible assets

            

Recovery Audit Services - Americas

   $ 437      $ 500      $ 63      $ 1,319      $ 1,501      $ 182   

Recovery Audit Services - Europe/Asia-Pacific

     47        299        252        600        911        311   

Adjacent Services

     33        96        63        98        288        190   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 517      $ 895      $ 378      $ 2,017      $ 2,700      $ 683   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

            

Recovery Audit Services - Americas

   $ 5,648      $ 7,363      $ (1,715   $ 16,489      $ 16,796      $ (307

Recovery Audit Services - Europe/Asia-Pacific

     652        1,041        (389     3,078        2,388        690   

Adjacent Services

     (1,475     (265     (1,210     (3,400     (3,607     207   

Healthcare Claims Recovery Audit Services

     (532     (1,133     601        (1,961     (4,785     2,824   

Corporate

     (5,023     (5,514     491        (14,865     (14,280     (585
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ (730   $ 1,492      $ (2,222   $ (659   $ (3,488   $ 2,829   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

            

Recovery Audit Services - Americas

   $ 7,133      $ 9,018      $ (1,885   $ 20,968      $ 22,419      $ (1,451

Recovery Audit Services - Europe/Asia-Pacific

     847        1,497        (650     4,400        4,313        87   

Adjacent Services

     (1,282     (6     (1,276     (2,793     (2,211     (582

Healthcare Claims Recovery Audit Services

     (53     (1,085     1,032        (1,248     (4,178     2,930   

Corporate

     (3,370     (3,791     421        (10,027     (10,425     398   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 3,275      $ 5,633      $ (2,358   $ 11,300      $ 9,918      $ 1,382   
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* The Recovery Audit Services - Americas segment represents recovery audit services, excluding Healthcare Claims Recovery Audit Services, provided in the United States, Canada and Latin America. The Recovery Audit Services - Europe/Asia-Pacific segment represents recovery audit services, excluding Healthcare Claims Recovery Audit Services, provided in Europe, Asia and the Pacific region. The Adjacent Services segment represents financial advisory services and business analytics services. The Healthcare Claims Recovery Audit Services segment represents recovery audit services for healthcare claims, which consist primarily of services provided under subcontracts related to the Medicare Recovery Audit Contractor program.

 

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