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Exhibit 99.1

 

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Press Release

PRGX Global, Inc. Announces Fourth Quarter

and Full Year 2017 Financial Results

ATLANTA, March 1, 2018 - PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced its unaudited financial results for the fourth quarter and year ended December 31, 2017.

“We are pleased to report a strong finish for 2017, with fourth quarter revenue and adjusted EBITDA from continuing operations growing 17% and 41%, respectively, on a year-over-year, constant dollar basis. These results mark our sixth consecutive quarter of revenue and adjusted EBITDA growth. For the year, we grew revenue by over 14% and adjusted EBITDA from continuing operations by over 25% on a year-over-year, constant dollar basis, with each service line and region showing revenue growth on a constant dollar basis. Cash flow from operations in 2017 exceeded $13 million, an increase of over 30% compared to the prior year,” said Ron Stewart, president and chief executive officer.

“Four years ago, we laid out a strategy to refocus on our core recovery audit business and invest in people, processes and technology to drive growth and extend our client value proposition. Our 2017 performance confirms that we are making significant progress in our transformation journey, delivering meaningful, sustainable and more predictable growth,” continued Stewart.

“Looking ahead, we believe our ability to generate meaningful operating cash flow, coupled with our increasing financial strength and flexibility, positions us to continue growing in 2018 and beyond. For 2018, we are projecting continued growth, including year-over-year revenue growth in the range of 8% to 10% and adjusted EBITDA growth in the range of 17% to 22%,” concluded Stewart.

Consolidated Results from Continuing Operations for the Three Months Ended December 31, 2017

Consolidated revenue from continuing operations for the fourth quarter of 2017 was $47.1 million, compared to $39.2 million for the same period last year, an increase of 20.2%. Fourth quarter 2017 revenue from the Recovery Audit Services segments was $46.4 million compared to $38.1 million in the prior year, and from the Adjacent Services segment was $0.7 million compared to $1.1 million in 2016. On a constant dollar basis adjusted for changes in foreign exchange rates, revenue increased by 17.0% in the fourth quarter of 2017, compared to the same period in the prior year. On a constant dollar basis, revenue from the Recovery Audit Services segments increased 18.7% in the fourth quarter of 2017 compared to the same period in 2016.


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3/1/18

Total cost of revenue from continuing operations for the fourth quarter of 2017 was $26.7 million, or 56.8% of revenue, compared to $23.9 million, or 60.9% of revenue, in the same period last year, representing a 4.1 % improvement as a percentage of revenue.

SG&A expenses from continuing operations for the fourth quarter of 2017 were $12.8 million, compared to $11.0 million in the prior year period. The increase in SG&A expenses was primarily attributable to operating costs associated with the Cost & Compliance Associates (“C&CA”) acquired business that was not in the prior year and incentive-based compensation expense.

Consolidated net income from continuing operations for the fourth quarter of 2017 was $5.7 million, or $0.26 per basic and diluted share, compared to net income of $0.2 million, or $0.01 per basic and diluted share, for the same period in 2016. The year-over-year change was primarily driven by the increase in revenue and improvement in cost of revenue and a $2.3 million acquisition-related income item resulting from an earn-out adjustment.

Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (Adjusted EBITDA) from continuing operations for the fourth quarter of 2017 was $9.3 million, or 19.8% of revenue, compared to Adjusted EBITDA of $6.3 million, or 16.2% of revenue, in the fourth quarter of 2016, an increase of $3.0 million or 46.8%. 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.

Consolidated Results from Continuing Operations for the Year Ended December 31, 2017

Consolidated revenue from continuing operations for the year ended December 31, 2017 was $161.6 million, compared to $140.8 million in 2016, an increase of 14.8%. On a constant dollar basis adjusted for changes in foreign exchange rates, revenue increased by 14.1% in the year ended December 31, 2017, compared to the prior year. On a constant dollar basis, revenue from the Recovery Audit Services segments increased 14.2% in the year ended December 31, 2017 compared to 2016. Revenue from the Adjacent Services segment increased 11.5% on a constant dollar basis for the year ended December 31, 2017 compared to the prior year.

Total cost of revenue from continuing operations for the year ended December 31, 2017 was $102.1 million, or 63.1% of revenue, compared to $91.3 million, or 64.8% of revenue, in 2016, an improvement of 1.7% as a percentage of revenue.

SG&A expenses from continuing operations for the year ended December 31, 2017 were $46.9 million, compared to $39.4 million in the prior year. The increase in SG&A expenses was primarily attributable to operating costs associated with the Lavante and C&CA acquired businesses that were not in the prior year and an increase in our stock-based compensation. The increase was partially offset by other cost reductions.


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Consolidated net income from continuing operations for the year ended December 31, 2017 was $4.6 million, or $0.21 per basic and diluted share, compared to net income of $2.2 million, or $0.10 per basic and diluted share, for the prior year.

Adjusted EBITDA from continuing operations for the year ended December 31, 2017 was $21.3 million, or 13.2% of revenue, compared to Adjusted EBITDA of $16.6 million, or 11.8% of revenue, for the prior year, an increase of $4.8 million or 28.6%. Schedule 3 attached to this press release provides a reconciliation of net income (loss) to each of EBIT, EBITDA and Adjusted EBITDA.

Cash Flow and Liquidity

Net cash provided by operating activities for the fourth quarter of 2017 was $10.0 million, compared to $3.9 million in the fourth quarter of the prior year, and $13.5 million for the year ended December 31, 2017 compared to $10.1 million in the prior year.

At December 31, 2017, the Company had unrestricted cash and cash equivalents of $18.8 million, and borrowings of $13.6 million against its $35.0 million revolving credit facility.

Fourth Quarter Earnings Call

As previously announced, management will hold a conference call later today at 5:00 PM (Eastern time) to discuss the Company’s fourth quarter and full year 2017 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 4470009.

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 June 30, 2018. 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/en-us/downloads.

About PRGX

PRGX Global, Inc. is a global leader in Recovery Audit and Spend Analytics services. With over 1,500 employees, the Company serves clients in more than 30 countries and provides its services to 75% of the top 20 global retailers and over 30% of the top 50 companies in the Fortune 500. PRGX delivers more than $1 billion in cash flow improvement for its clients each year. The creator of the recovery audit industry more than 40 years ago, PRGX continues to innovate through technology and expanded service offerings. In addition to Recovery Audit, PRGX provides Contract Compliance, Spend Analytics and Supplier Information Management services to improve clients’ financial performance and manage risk. For additional information on PRGX, please visit www.prgx.com


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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 Company’s execution of its business strategy, the sustainability and predictability of the Company’s growth, and the Company’s expectations regarding its 2018 financial performance. 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, 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 16, 2017. 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     Twelve Months  
     Ended December 31,     Ended December 31,  
     2017     2016     2017     2016  

Revenue

   $ 47,074     $ 39,183     $ 161,620     $ 140,844  

Operating expenses:

        

Cost of revenue

     26,746       23,855       102,052       91,299  

Selling, general and administrative expenses

     12,792       11,048       46,941       39,399  

Depreciation of property and equipment

     1,107       1,209       4,569       5,033  

Amortization of intangible assets

     1,468       650       3,634       1,832  

Acquisition-related adjustments

     (2,283     —         (2,283     —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     39,830       36,762       154,913       137,563  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating income

     7,244       2,421       6,707       3,281  

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

     (263     1,060       (2,190     84  

Interest expense (income), net

     1,312       (98     1,539       (153

Other loss (income)

     17       19       (160     (121
  

 

 

   

 

 

   

 

 

   

 

 

 

Income from continuing operations before income taxes

     6,178       1,440       7,518       3,471  
  

 

 

   

 

 

   

 

 

   

 

 

 

Income tax expense

     526       1,263       2,962       1,242  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net income from continuing operations

   $ 5,652     $ 177     $ 4,556     $ 2,229  
  

 

 

   

 

 

   

 

 

   

 

 

 

Discontinued operations:

        

Loss from discontinued operations

   $ (343   $ (410   $ (1,372   $ (1,324

Other (income) loss

     —         —         —         —    

Income tax expense (benefit)

     —         —         —         —    
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss from discontinued operations

   $ (343   $ (410   $ (1,372   $ (1,324

Net income (loss)

   $ 5,309     $ (233   $ 3,184     $ 905  
  

 

 

   

 

 

   

 

 

   

 

 

 

Basic earnings (loss) per common share:

        

Basic from continuing operations

   $ 0.26     $ 0.01     $ 0.21     $ 0.10  

Basic from discontinued operations

     (0.02     (0.02     (0.06     (0.06
  

 

 

   

 

 

   

 

 

   

 

 

 

Total basic earnings (loss) per common share

   $ 0.24     $ (0.01   $ 0.15     $ 0.04  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings (loss) per common share:

        

Diluted from continuing operations

   $ 0.26     $ 0.01     $ 0.21     $ 0.10  

Diluted from discontinued operations

     (0.02     (0.02     (0.06     (0.06
  

 

 

   

 

 

   

 

 

   

 

 

 

Total diluted earnings (loss) per common share

   $ 0.24     $ (0.01   $ 0.15     $ 0.04  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted average common shares outstanding:

        

Basic

     22,017       21,857       21,937       21,969  
  

 

 

   

 

 

   

 

 

   

 

 

 

Diluted

     22,303       21,924       22,111       22,016  
  

 

 

   

 

 

   

 

 

   

 

 

 


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SCHEDULE 2

PRGX Global, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Amounts in thousands)

(Unaudited)

 

     December 31,     December 31,  
     2017     2016  
ASSETS  

Current assets:

    

Cash and cash equivalents

   $ 18,823     $ 15,723  

Restricted cash

     51       47  

Receivables:

    

Contract receivables, net

     38,767       31,464  

Employee advances and miscellaneous receivables, net

     1,665       2,184  
  

 

 

   

 

 

 

Total receivables

     40,432       33,648  

Prepaid expenses and other current assets

     4,608       3,363  
  

 

 

   

 

 

 

Total current assets

     63,914       52,781  

Property and equipment, net

     17,478       12,236  

Goodwill

     17,648       13,823  

Intangible assets, net

     18,478       10,998  

Deferred income taxes

     1,538       2,269  

Other assets

     1,162       1,367  
  

 

 

   

 

 

 

Total assets

   $ 120,218     $ 93,474  
  

 

 

   

 

 

 
LIABILITIES AND SHAREHOLDERS’ EQUITY  

Current liabilities:

    

Accounts payable and accrued expenses

   $ 8,548     $ 7,299  

Accrued payroll and related expenses

     18,194       13,868  

Refund liabilities and deferred revenue

     9,295       9,230  

Short-term debt

     48       3,600  

Other current liabilities

     3,759       2,078  
  

 

 

   

 

 

 

Total current liabilities

     39,844       36,075  

Refund liabilities

     957       804  

Long-term debt

     13,526       —    

Other long-term liabilities

     5,577       4,205  
  

 

 

   

 

 

 

Total liabilities

     59,904       41,084  
  

 

 

   

 

 

 

Shareholders’ equity:

    

Common stock

     224       218  

Additional paid-in capital

     580,032       575,118  

Accumulated deficit

     (520,049     (523,233

Accumulated other comprehensive income

     107       287  
  

 

 

   

 

 

 

Total shareholders’ equity

     60,314       52,390  
  

 

 

   

 

 

 

Total liabilities and shareholders’ equity

   $ 120,218     $ 93,474  
  

 

 

   

 

 

 


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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     Twelve Months  
     Ended December 31,     Ended December 31,  
     2017     2016     2017     2016  

Reconciliation of net income (loss) to EBIT, EBITDA and Adjusted EBITDA:

        

Net income (loss)

   $ 5,309     $ (233   $ 3,184     $ 905  

Income tax expense

     526       1,263       2,962       1,242  

Interest expense (income), net

     1,312       (98     1,539       (153
  

 

 

   

 

 

   

 

 

   

 

 

 

EBIT

     7,147       932       7,685       1,994  

Depreciation of property and equipment

     1,109       1,209       4,577       5,047  

Amortization of intangible assets

     1,468       650       3,634       1,832  
  

 

 

   

 

 

   

 

 

   

 

 

 

EBITDA

     9,724       2,791       15,896       8,873  

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

     (263     1,060       (2,190     84  

Acquisition-related adjustments

     (2,283     —         (2,283     —    

Transformation severance and related expenses

     74       149       1,666       1,383  

Other loss (income)

     17       20       (160     (121

Stock-based compensation

     1,690       1,900       7,052       5,123  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

   $ 8,959     $ 5,920     $ 19,981     $ 15,342  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA from continuing operations

   $ 9,300     $ 6,329     $ 21,345     $ 16,598  
  

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA from discontinued operations

   $ (341   $ (409   $ (1,364   $ (1,256
  

 

 

   

 

 

   

 

 

   

 

 

 

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     Twelve Months  
     Ended December 31,     Ended December 31,  
     2017     2016     2017     2016  

Cash flows from operating activities:

        

Net income (loss)

   $ 5,309     $ (233   $ 3,184     $ 905  

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

        

Depreciation and amortization

     2,575       1,862       8,203       6,879  

Amortization of deferred debt costs

     9       60       85       60  

Deferred income taxes

     933       614       798       (861

Stock-based compensation expense

     1,690       1,900       7,052       5,123  

Changes in fair value of contingent consideration

     (2,283     —         (2,283     —    

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

     (263     1,060       (2,190     84  

(Increase) decrease in receivables

     (3,704     (3,379     (4,418     (3,848

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

     2,109       2,571       1,790       3,823  

Other, primarily changes in assets and liabilities

     3,664       (511     1,239       (2,047
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by operating activities

     10,039       3,944       13,460       10,118  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from investing activities:

        

Acquistion of businesses, net of cash acquired

     —         (3,669     (10,128     (3,669

Purchases of property and equipment, net of disposals

     (2,922     (1,239     (9,355     (5,887
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash used in investing activities

     (2,922     (4,908     (19,483     (9,556
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

        

Borrowings under line of credit

     —         3,600       10,000       3,600  

Repurchase of common stock

     (100     (10     (100     (3,772

Other, net

     342       194       1,083       108  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net cash provided by (used in) financing activities

     242       3,784       10,983       (64
  

 

 

   

 

 

   

 

 

   

 

 

 

Effect of exchange rates on cash and cash equivalents

     (468     (267     (1,860     103  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in cash and cash equivalents

     6,891       2,553       3,100       601  

Cash and cash equivalents at beginning of period

     11,932       13,170       15,723       15,122  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of period

   $ 18,823     $ 15,723     $ 18,823     $ 15,723  
  

 

 

   

 

 

   

 

 

   

 

 

 


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SCHEDULE 5

PRGX Global, Inc. and Subsidiaries

Results by Operating Segment *

(Amounts in thousands)

(Unaudited)

 

     Three Months Ended     Twelve Months Ended  
     December 31,     December 31,  
     2017     2016     Change     2017     2016     Change  

Revenue

            

Recovery Audit Services - Americas

   $ 31,481     $ 27,453     $ 4,028     $ 113,122     $ 99,861     $ 13,261  

Recovery Audit Services - Europe/Asia-Pacific

     14,931       10,652       4,279       44,372       37,335       7,037  

Adjacent Services

     662       1,078       (416     4,126       3,648       478  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 47,074     $ 39,183     $ 7,891     $ 161,620     $ 140,844     $ 20,776  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenue

            

Recovery Audit Services - Americas

   $ 17,809     $ 15,969     $ 1,840     $ 68,963     $ 60,706     $ 8,257  

Recovery Audit Services - Europe/Asia-Pacific

     7,377       6,145       1,232       26,930       24,802       2,128  

Adjacent Services

     1,560       1,741       (181     6,159       5,791       368  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 26,746     $ 23,855     $ 2,891     $ 102,052     $ 91,299     $ 10,753  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Selling, general and administrative expenses

            

Recovery Audit Services - Americas

   $ 2,090     $ 1,987     $ 103     $ 9,410     $ 8,421     $ 989  

Recovery Audit Services - Europe/Asia-Pacific

     1,339       1,040       299       6,586       5,442       1,144  

Adjacent Services

     695       803       (108     3,735       1,469       2,266  

Corporate **

     6,385       7,218       (833     24,927       24,067       860  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 10,509     $ 11,048     $ (539   $ 44,658     $ 39,399     $ 5,259  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Depreciation of property and equipment

            

Recovery Audit Services - Americas

   $ 687     $ 888     $ (201   $ 3,165     $ 3,750     $ (585

Recovery Audit Services - Europe/Asia-Pacific

     146       150       (4     599       529       70  

Adjacent Services

     274       171       103       805       754       51  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,107     $ 1,209     $ (102   $ 4,569     $ 5,033     $ (464
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amortization of intangible assets

            

Recovery Audit Services - Americas

   $ 933     $ 359     $ 574     $ 1,919     $ 1,477     $ 442  

Recovery Audit Services - Europe/Asia-Pacific

     142       —         142       142       —         142  

Adjacent Services

     393       291       102       1,573       355       1,218  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 1,468     $ 650     $ 818     $ 3,634     $ 1,832     $ 1,802  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Operating income (loss)

            

Recovery Audit Services - Americas

   $ 9,962     $ 8,250     $ 1,712     $ 29,665     $ 25,507     $ 4,158  

Recovery Audit Services - Europe/Asia-Pacific

     5,927       3,317       2,610       10,115       6,562       3,553  

Adjacent Services

     (2,260     (1,928     (332     (8,146     (4,721     (3,425

Corporate

     (6,385     (7,218     833       (24,927     (24,067     (860
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 7,244     $ 2,421     $ 4,823     $ 6,707     $ 3,281     $ 3,426  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Adjusted EBITDA

            

Recovery Audit Services - Americas

   $ 11,582     $ 9,498     $ 2,084     $ 35,062     $ 31,251     $ 3,811  

Recovery Audit Services - Europe/Asia-Pacific

     6,288       3,495       2,793       11,511       7,403       4,108  

Adjacent Services

     (1,578     (1,346     (232     (5,448     (3,354     (2,094

Corporate

     (6,992     (5,318     (1,674     (19,780     (18,702     (1,078
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

   $ 9,300     $ 6,329     $ 2,971     $ 21,345     $ 16,598     $ 4,747  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

* The Recovery Audit Services - Americas segment represents recovery audit services provided in the United States, Canada and Latin America. The Recovery Audit Services - Europe/Asia-Pacific segment represents recovery audit services provided in Europe, Asia and the Pacific region. The Adjacent Services segment represents spend analytics and supplier information management services.
** Corporate - Includes $2,283 of acquisition-related adjustments in the three months and twelve ended December 31, 2017.