PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit
and Spend Analytics services, today announced its unaudited
financial results for the first quarter ended March 31, 2017.
“We delivered another solid quarter, increasing
revenue from continuing operations by 9.3% on a year-over-year
constant dollar basis, as we continued to execute on our long-term
strategy. Importantly, our largest business, retail recovery audit,
had its fourth consecutive quarter of year-over-year revenue growth
on a constant dollar basis. In addition, our adjacent services
revenue increased by over 200% on a year-over-year constant dollar
basis,” said Ron Stewart, president and chief executive
officer of PRGX.
“In February, we successfully closed the
acquisition of Cost & Compliance Associates and have made
excellent progress integrating their team into our organization. We
also recently announced the release of our PRGX OPTIX™ analytics
suite and are very pleased with the level of interest from our
client base,” continued Stewart.
“Based on our Q1 results and strong momentum, we
remain confident that we will meet our previous 2017 guidance of
year-over-year double digit revenue and Adjusted EBITDA growth on a
constant dollar basis,” concluded Stewart.
Consolidated Results from
Continuing Operations for the Three Months Ended March 31,
2017
Consolidated revenue from continuing operations
for the first quarter of 2017 was $33.6 million, compared to $31.2
million for the same period last year, an increase of 7.5%.
On a constant dollar basis adjusted for changes in foreign exchange
rates, revenue increased by 9.3% in the first 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 6.2% in the first quarter of 2017 compared to the same
period in 2016. On a constant dollar basis, first quarter
2017 revenue from the Adjacent Services segment was $1.4 million,
an increase of 236.0% compared to the same period in 2016.
Total cost of revenue from continuing operations
for the first quarter of 2017 was $23.0 million, or 68.6% of
revenue, compared to $21.6 million, or 69.3% of revenue, in the
same period last year, a 0.7% improvement.
SG&A expenses from continuing operations for
the first quarter of 2017 were $10.5 million, compared to $8.8
million in the prior year period. The increase in SG&A
expenses was primarily attributable to Lavante operating costs that
were not in the prior year, and increased stock-based
compensation.
Consolidated net loss from continuing operations
for the first quarter of 2017 was $1.8 million, or $0.08 per basic
and diluted share, compared to a net loss of $0.1 million, or $0.00
per basic and diluted share, for the same period in 2016.
Adjusted Earnings Before Interest, Taxes,
Depreciation and Amortization (Adjusted EBITDA) from continuing
operations for the first quarter of 2017 was $2.1 million, or 6.4%
of revenue, compared to Adjusted EBITDA of $2.0 million, or 6.5% of
revenue, in the first quarter 2016. 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.
On February 23, 2017, the Company announced that
it had completed its acquisition of substantially all of the assets
of Cost & Compliance Associates (C&CA), a commercial
Recovery Audit and Contract Compliance firm with operations in the
US and the UK. The results of C&CA operations subsequent
to the acquisition date have been included in first quarter
operating results.
Cash Flow and
Liquidity
Net cash used by operating activities for the
first quarter of 2017 was $3.3 million, compared to $4.9 million of
cash provided by operating activities in the first quarter of the
prior year.
At March 31, 2017, the Company had unrestricted
cash and cash equivalents of $11.6 million, and borrowings of $13.6
million against its $20.0 million revolving credit facility.
Stock Repurchase
Program
Since the February 2014 announcement of the
Company’s stock repurchase program, as of March 31, 2017, the
Company has repurchased 8.6 million shares, or 28.7% of its common
stock outstanding on the date of the announcement. No
repurchases of stock were made during the first quarter of 2017.
As of April 20, 2017, the Company had approximately
22.1 million shares of common stock outstanding.
First 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 first quarter 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
10006589.
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, 2017. 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.
About PRGX
PRGX Global, Inc. is a global leader in
Recovery Audit and Spend Analytics services. With over 1,400
employees, the Company serves clients in more than 30 countries and
provides its services to 75% of the top 20 global retailers and
over 20% 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, the
Company 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
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
Company's progress in integrating recent acquisitions, the level of
client interest in the PRGX OPTIX analytics suite, and the
Company's expectations regarding its ability to achieve its 2017
guidance. 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.
This news release was distributed by
GlobeNewswire, www.globenewswire.comCONTACT: PRGX Global, Inc.
investor-relations@prgx.com Phone: 770-779-3011
|
|
SCHEDULE 1 |
|
PRGX Global, Inc. and
Subsidiaries |
|
Condensed Consolidated Statements of
Operations |
|
(Amounts in thousands, except per share
data) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
Ended March 31, |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
Revenue |
|
|
$ |
33,569 |
|
|
$ |
31,233 |
|
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of revenue |
|
|
|
23,026 |
|
|
|
21,646 |
|
|
|
Selling,
general and administrative expenses |
|
|
10,536 |
|
|
|
8,848 |
|
|
|
Depreciation of
property and equipment |
|
|
|
1,220 |
|
|
|
1,232 |
|
|
|
Amortization of
intangible assets |
|
|
|
722 |
|
|
|
394 |
|
|
|
Total operating
expenses |
|
|
|
35,504 |
|
|
|
32,120 |
|
|
|
|
|
|
|
|
|
|
|
Operating income
(loss) |
|
|
|
(1,935 |
) |
|
|
(887 |
) |
|
|
|
|
|
|
|
|
|
Foreign
currency transaction (gains) losses |
|
|
|
|
|
|
|
on short-term
intercompany balances |
|
|
|
(552 |
) |
|
|
(1,007 |
) |
|
Interest
expense (income), net |
|
|
|
37 |
|
|
|
(29 |
) |
|
Other
(income) loss |
|
|
|
(199 |
) |
|
|
10 |
|
|
|
Income
(loss) from continuing operations before income taxes |
|
(1,220 |
) |
|
|
139 |
|
|
|
|
|
|
|
|
|
|
Income tax
expense |
|
|
|
627 |
|
|
|
204 |
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss) from continuing operations |
|
$ |
(1,847 |
) |
|
$ |
(65 |
) |
|
|
|
|
|
|
|
|
|
Discontinued operations: |
|
|
|
|
|
|
Income
(loss) from discontinued operations |
|
|
|
(336 |
) |
|
|
(487 |
) |
|
Other
(income) loss |
|
|
|
- |
|
|
|
- |
|
|
Income tax
expense (benefit) |
|
|
|
- |
|
|
|
- |
|
|
|
Net income
(loss) from discontinued operations |
|
(336 |
) |
|
|
(487 |
) |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
$ |
(2,183 |
) |
|
$ |
(552 |
) |
|
|
|
|
|
|
|
|
|
Basic
earnings (loss) per common share: |
|
|
|
|
|
|
Basic from
continuing operations |
|
|
|
(0.08 |
) |
|
|
(0.00 |
) |
|
Basic from
discontinued operations |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
Total basic
earnings (loss) per common share |
|
|
|
(0.10 |
) |
|
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
Diluted
earnings (loss) per common share: |
|
|
|
|
|
|
Diluted
from continuing operations |
|
|
|
(0.08 |
) |
|
|
(0.00 |
) |
|
Diluted
from discontinued operations |
|
|
|
(0.02 |
) |
|
|
(0.02 |
) |
|
Total
diluted earnings (loss) per common share |
|
|
(0.10 |
) |
|
|
(0.02 |
) |
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding: |
|
|
|
|
|
|
Basic |
|
|
|
21,945 |
|
|
|
22,438 |
|
|
|
Diluted |
|
|
|
21,945 |
|
|
|
22,438 |
|
|
|
|
|
|
|
|
|
|
SCHEDULE 2 |
|
PRGX Global, Inc. and
Subsidiaries |
|
Condensed Consolidated Balance
Sheets |
|
(Amounts in thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS |
|
Current
assets: |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
|
$ |
11,535 |
|
|
$ |
15,723 |
|
|
|
Restricted
cash |
|
|
|
|
102 |
|
|
|
47 |
|
|
|
Receivables: |
|
|
|
|
|
|
|
|
|
Contract
receivables, net |
|
|
31,516 |
|
|
|
31,464 |
|
|
|
|
Employee
advances and miscellaneous receivables, net |
|
|
2,020 |
|
|
|
2,184 |
|
|
|
|
|
Total
receivables |
|
|
|
33,536 |
|
|
|
33,648 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prepaid
expenses and other current assets |
|
|
3,291 |
|
|
|
3,363 |
|
|
|
|
|
Total
current assets |
|
|
|
48,464 |
|
|
|
52,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
|
12,562 |
|
|
|
12,236 |
|
|
Goodwill |
|
|
|
|
|
22,364 |
|
|
|
13,823 |
|
|
Intangible
assets, net |
|
|
|
10,278 |
|
|
|
10,998 |
|
|
Deferred
income taxes |
|
|
|
2,259 |
|
|
|
2,269 |
|
|
Other
assets |
|
|
|
|
894 |
|
|
|
1,367 |
|
|
|
|
|
Total
assets |
|
|
$ |
96,821 |
|
|
$ |
93,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS'
EQUITY |
|
Current
liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
6,250 |
|
|
$ |
7,299 |
|
|
|
Accrued
payroll and related expenses |
|
|
10,871 |
|
|
|
13,868 |
|
|
|
Refund
liabilities |
|
|
|
7,718 |
|
|
|
9,230 |
|
|
|
Short-term
debt |
|
|
|
|
13,600 |
|
|
|
3,600 |
|
|
|
Other
current liabilities |
|
|
|
3,497 |
|
|
|
2,078 |
|
|
|
|
|
Total
current liabilities |
|
|
41,936 |
|
|
|
36,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Refund
Liabilities |
|
|
|
|
746 |
|
|
|
804 |
|
|
Other
long-term liabilities |
|
|
|
2,557 |
|
|
|
4,205 |
|
|
|
|
|
Total
liabilities |
|
|
|
45,239 |
|
|
|
41,084 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
|
|
Common
stock |
|
|
|
|
221 |
|
|
|
218 |
|
|
|
Additional
paid-in capital |
|
|
|
575,215 |
|
|
|
575,118 |
|
|
|
Accumulated
deficit |
|
|
|
(525,416 |
) |
|
|
(523,233 |
) |
|
|
Accumulated
other comprehensive income |
|
|
562 |
|
|
|
287 |
|
|
|
|
|
Total
shareholders' equity |
|
|
50,582 |
|
|
|
52,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
|
$ |
95,821 |
|
|
$ |
93,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 March 31, |
|
|
|
|
2017 |
|
|
|
2016 |
|
Reconciliation of net loss to EBIT, EBITDA |
|
|
|
|
and Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
Net income
(loss) |
$ |
(2,183 |
) |
|
$ |
(552 |
) |
|
|
|
|
|
|
|
Income tax
expense |
|
627 |
|
|
|
204 |
|
|
Interest
expense (income), net |
|
37 |
|
|
|
(29 |
) |
|
|
|
|
|
|
EBIT |
|
|
(1,519 |
) |
|
|
(377 |
) |
|
|
|
|
|
|
|
Depreciation of property and equipment |
|
1,220 |
|
|
|
1,236 |
|
|
Amortization of intangible assets |
|
722 |
|
|
|
394 |
|
|
|
|
|
|
|
EBITDA |
|
423 |
|
|
|
1,253 |
|
|
|
|
|
|
|
|
Foreign
currency transaction (gains) losses |
|
(552 |
) |
|
|
(1,007 |
) |
|
on short-term intercompany balances |
|
|
|
|
Transformation severance and related |
|
585 |
|
|
|
537 |
|
|
expenses |
|
|
|
|
Other Gains
and Losses |
|
(199 |
) |
|
|
10 |
|
|
Stock-based
compensation |
|
1,566 |
|
|
|
764 |
|
|
|
|
|
|
|
Adjusted
EBITDA |
$ |
1,823 |
|
|
$ |
1,557 |
|
|
|
|
|
|
|
Adjusted
EBITDA from continuing operations |
$ |
2,157 |
|
|
$ |
2,037 |
|
Adjusted
EBITDA from discontinued operations |
$ |
(334 |
) |
|
$ |
(480 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
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. |
|
SCHEDULE 4 |
PRGX Global, Inc. and
Subsidiaries |
Condensed Consolidated Statements of Cash
Flows |
(Amounts in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
|
|
Ended March 31, |
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
Cash flows
from operating activities: |
|
|
|
|
|
Net
loss |
|
$ |
(2,183 |
) |
|
$ |
(552 |
) |
|
|
Adjustments
to reconcile net loss to net cash |
|
|
|
|
|
|
provided by operating activities: |
|
|
|
|
|
|
|
Depreciation and
amortization |
|
|
1,944 |
|
|
|
1,644 |
|
|
|
|
Stock-based
compensation expense |
|
|
1,566 |
|
|
|
773 |
|
|
|
|
Foreign currency
transaction (gains) losses on |
|
|
|
|
|
|
|
short-term
intercompany balances |
|
|
(552 |
) |
|
|
(1,007 |
) |
|
|
|
Decrease in
receivables |
|
|
2,037 |
|
|
|
3,083 |
|
|
|
|
Decrease in accounts
payable, accrued |
|
|
|
|
|
|
|
payroll and
other accrued expenses |
|
|
(4,155 |
) |
|
|
1,355 |
|
|
|
|
Other, primarily
changes in assets and liabilities |
|
|
(1,998 |
) |
|
|
(378 |
) |
|
|
|
|
Net cash
provided by operating activities |
|
|
(3,341 |
) |
|
|
4,918 |
|
|
|
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
Purchases
of property and equipment, net of disposals |
|
|
(1,500 |
) |
|
|
(1,023 |
) |
|
Business
Acquisition |
|
|
(10,140 |
) |
|
|
- |
|
|
|
|
Net cash
used in investing activities |
|
|
(11,640 |
) |
|
|
(1,023 |
) |
|
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
Repurchase
of common stock |
|
|
- |
|
|
|
(2,624 |
) |
|
Borrowing
under line of credit |
|
|
10,000 |
|
|
|
- |
|
|
Other,
net |
|
|
382 |
|
|
|
84 |
|
|
|
|
Net cash
(used in) provided by financing activities |
|
|
10,382 |
|
|
|
(2,540 |
) |
|
|
|
|
|
|
|
|
Effect of
exchange rates on cash and cash equivalents |
|
|
411 |
|
|
|
(778 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net
(decrease) increase in cash and cash equivalents |
|
|
(4,188 |
) |
|
|
577 |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at beginning of period |
|
|
15,723 |
|
|
|
15,122 |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents at end of period |
|
$ |
11,535 |
|
|
$ |
15,699 |
|
|
|
|
|
|
|
|
|
SCHEDULE 5 |
|
PRGX Global, Inc. and
Subsidiaries |
|
Results by Operating Segment * |
|
(Amounts in thousands) |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
March 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
|
|
2016 |
|
|
Change |
|
|
Revenue |
|
|
|
|
|
|
|
|
Recovery Audit Services
- Americas |
$ |
24,383 |
|
|
$ |
21,567 |
|
|
$ |
2,816 |
|
|
|
|
Recovery Audit Services
- Europe/Asia-Pacific |
|
7,831 |
|
|
|
9,249 |
|
|
|
(1,418 |
) |
|
|
|
Adjacent Services |
|
1,355 |
|
|
|
417 |
|
|
|
938 |
|
|
|
|
Total |
$ |
33,569 |
|
|
$ |
31,233 |
|
|
$ |
2,336 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue |
|
|
|
|
|
|
|
|
Recovery Audit Services
- Americas |
$ |
15,278 |
|
|
$ |
14,324 |
|
|
$ |
(954 |
) |
|
|
|
Recovery Audit Services
- Europe/Asia-Pacific |
|
6,186 |
|
|
|
6,112 |
|
|
|
(74 |
) |
|
|
|
Adjacent Services |
|
1,562 |
|
|
|
1,210 |
|
|
|
(352 |
) |
|
|
|
Total |
$ |
23,026 |
|
|
$ |
21,646 |
|
|
$ |
(1,380 |
) |
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
Recovery Audit Services
- Americas |
$ |
2,043 |
|
|
$ |
2,139 |
|
|
$ |
96 |
|
|
|
|
Recovery Audit Services
- Europe/Asia-Pacific |
|
1,347 |
|
|
|
1,530 |
|
|
|
183 |
|
|
|
|
Adjacent Services |
|
1,171 |
|
|
|
120 |
|
|
|
(1,051 |
) |
|
|
|
Corporate |
|
5,975 |
|
|
|
5,059 |
|
|
|
(916 |
) |
|
|
|
Total |
$ |
10,536 |
|
|
$ |
8,848 |
|
|
$ |
(1,688 |
) |
|
|
|
|
|
|
|
|
|
|
|
Depreciation of property and equipment |
|
|
|
|
|
|
|
|
Recovery Audit Services
- Americas |
$ |
910 |
|
|
$ |
992 |
|
|
$ |
82 |
|
|
|
|
Recovery Audit Services
- Europe/Asia-Pacific |
|
140 |
|
|
|
98 |
|
|
|
(42 |
) |
|
|
|
Adjacent Services |
|
170 |
|
|
|
142 |
|
|
|
(28 |
) |
|
|
|
Total |
$ |
1,220 |
|
|
$ |
1,232 |
|
|
$ |
12 |
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of intangible assets |
|
|
|
|
|
|
|
|
Recovery Audit Services
- Americas |
$ |
329 |
|
|
$ |
372 |
|
|
$ |
43 |
|
|
|
|
Recovery Audit Services
- Europe/Asia-Pacific |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Adjacent Services |
|
393 |
|
|
|
22 |
|
|
|
(371 |
) |
|
|
|
Total |
$ |
722 |
|
|
$ |
394 |
|
|
$ |
(328 |
) |
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
|
|
|
|
|
|
Recovery Audit Services
- Americas |
$ |
5,823 |
|
|
$ |
3,740 |
|
|
$ |
2,083 |
|
|
|
|
Recovery Audit Services
- Europe/Asia-Pacific |
|
158 |
|
|
|
1,509 |
|
|
|
(1,351 |
) |
|
|
|
Adjacent Services |
|
(1,941 |
) |
|
|
(1,077 |
) |
|
|
(864 |
) |
|
|
|
Corporate |
|
(5,975 |
) |
|
|
(5,059 |
) |
|
|
(916 |
) |
|
|
|
Total |
$ |
(1,935 |
) |
|
$ |
(887 |
) |
|
$ |
(1,048 |
) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
Recovery Audit Services
- Americas |
$ |
7,138 |
|
|
$ |
5,248 |
|
|
$ |
1,890 |
|
|
|
|
Recovery Audit Services
- Europe/Asia-Pacific |
|
436 |
|
|
|
1,677 |
|
|
|
(1,241 |
) |
|
|
|
Adjacent Services |
|
(1,379 |
) |
|
|
(913 |
) |
|
|
(466 |
) |
|
|
|
Corporate |
|
(4,038 |
) |
|
|
(3,975 |
) |
|
|
(63 |
) |
|
|
|
Total |
$ |
2,157 |
|
|
$ |
2,037 |
|
|
$ |
120 |
|
|
|
|
|
|
|
|
|
|
|
|
* 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. |
|
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