exv99w1
Exhibit 99.1
Press Release
PRGX Global, Inc. Announces
First Quarter 2011 Financial Results
Operating Highlights
|
|
Achieved sixth consecutive quarter of year-over-year revenue growth |
|
|
|
First quarter 2011 revenue increased by more than 20% vs. same period last year |
|
|
|
Adjusted EBITDA more than doubled from Q1 2010; EPS of $0.02 vs. a loss of ($0.15) |
|
|
|
Cost structure streamlining reflects success of next generation service model |
ATLANTA, April 25, 2011 PRGX Global, Inc. (Nasdaq: PRGX), the worlds leader in recovery
audit and the pioneer in profit discovery services, today announced its unaudited financial results
for the first quarter ended March 31, 2011.
I am pleased to report our sixth consecutive quarter of year-over-year growth, reflecting positive
growth trends across all of our service areas. Our recovery audit teams in the Americas delivered
year-over-year revenue increases for the second quarter in a row, showing that our efforts to
stabilize and rejuvenate our core business are paying off. The New Services segment, which includes
our newest Client Value Propositions built upon our Audit, Analytics and Advice capabilities, has
delivered strong revenue growth and is building momentum. Our business development teams are taking
the insights from wins across our expanded services portfolio and are combining those services in
better ways to serve clients needs. This in turn is helping us expand our client base, which is
further evidence that our growth strategy is working, said Romil Bahl, president and chief
executive officer.
Discussion of Consolidated Results for Three Months Ended March 31, 2011
Consolidated revenues for the first quarter of 2011 increased 22.7% to $50.7 million compared
to $41.3 million in the same prior year period. After adjusting for changes in foreign exchange
rates, consolidated first quarter revenues in 2011 increased 20.4% compared to the same period in
2010. Revenues for the first quarter of 2011 increased by $0.4 million, or 0.7%, compared to the
fourth quarter of 2010.
Total cost of revenues was $34.9 million in the first quarter of 2011 compared to $30.2 million in
the same prior year period, yielding a gross margin of 31.2% in the first quarter of 2011 compared
to 27.0%
in the first quarter of 2010. SG&A for the first quarter of 2011 was $14.0 million
compared to $12.4 million in the first quarter of 2010. The increase in SG&A in the first quarter
of 2011 was primarily due to severance costs related to the Companys service delivery model
transformation and incentive compensation accruals in 2011.
Net earnings for the first quarter of 2011 were $0.4 million, or $0.02 per basic and diluted share,
compared to a net loss of ($3.4 million), or ($0.15) per basic and diluted share for the same
period in 2010. The first quarter of 2010 included a $1.4 million loss on extinguishment of debt.
Net cash provided by operating activities for the three months ended March 31, 2011 amounted to
$6.2 million compared to a ($3.5 million) use of cash in the first quarter of 2010.
Adjusted EBITDA for the first quarter of 2011 was $5.5 million compared to $2.3 million for the
same period in 2010. For the first quarter of 2011, adjusted EBITDA was earnings before interest,
taxes, depreciation and amortization (EBITDA), excluding a charge of $0.9 million related to
stock-based compensation, $0.4 million of foreign currency gains on intercompany balances, a $0.8
million severance charge incurred as part of the Companys service delivery model transformation
and a $0.1 million charge for acquisition obligations classified as compensation. The comparable
adjusted EBITDA amount for the first quarter of 2010 excludes from EBITDA for such period a $0.8
million charge for stock-based compensation and $0.6 million of foreign currency losses on
intercompany balances. (Schedule 3 attached to this press release provides a reconciliation of net
earnings (loss) to each of EBITDA and adjusted EBITDA.)
Our growth strategy is also starting to drive improved bottom line results. This is highlighted by
our positive net income reported for the first quarter of 2011, as well as by improved adjusted
EBITDA results for the quarter, which increased by nearly 140% compared to the same period last
year. We are excited by the results of the first quarter of what we have previously called our
execution year, and are committed to delivering with excellence going forward, concluded Bahl.
Discussion of Segment Results for Three Months Ended March 31, 2011
Recovery Audit Services Americas revenues increased 16.6% for the first quarter of 2011 to
$29.1 million compared to $25.0 million in the same period last year. On a constant dollar basis,
adjusted for changes in foreign exchange rates, Recovery Audit Services Americas first quarter
2011 revenues increased by 14.6% compared to 2010s first quarter. A portion of this increase was
attributable to some atypical revenues at several clients, including revenues from client-driven
audit timeline changes and some individually significant claims. Gross margin for both periods was
significantly impacted by investments the Company is making in its growth strategies. Significant
portions of the non-capitalized amounts of these costs are being absorbed within the Recovery Audit
Services Americas segments cost of revenues.
Recovery Audit Services Europe Asia/Pacific revenues for the first quarter of 2011 were $14.8
million compared to $14.7 million in the prior years first quarter, an increase of 0.1%. On a
constant-dollar
basis, adjusted for changes in foreign exchange rates, Recovery Audit Services
Europe Asia/Pacific first quarter 2011 revenues decreased by 3.2% compared to 2010.
New Services revenues for the 2011 first quarter were $6.8 million compared to the prior years
first quarter revenues of $1.6 million, an increase of 324%. Growth in New Services revenues
includes growth in all of the Companys newly incubated Client Value Propositions, including
healthcare claims recovery audit, spend optimization, and profit performance optimization.
Liquidity
At March 31, 2011, the Company had unrestricted cash and cash equivalents of $22.7 million and
had no borrowings against its revolving credit facility. Total debt outstanding at quarter end was
$11.3 million, which represented the outstanding balance on a variable rate term loan due quarterly
through 2014.
First Quarter Earnings Call
As previously announced, management will hold a conference call tomorrow morning at 8:30 AM
(Eastern time) to discuss the Companys first quarter 2011 financial results. To access the
conference call, listeners in the U.S. and Canada should dial 866-804-6923 at least 5 minutes prior
to the start of the conference. Listeners outside the U.S. and Canada should dial 857-350-1669. To
be admitted to the call, listeners should use passcode 87799729. A replay of the call will be
available approximately two hours after the conclusion of the live call, extending through May 26,
2011. To access the replay, dial 888-286-8010 (U.S. and Canada) or 617-801-6888 (outside the U.S.
and Canada). The passcode for the replay is 57197296.
This teleconference will also be audiocast on the Internet at www.prgx.com (click on Audio
Archives 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 May 26, 2011. 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 Global, Inc.
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the worlds leading provider of
recovery audit services. With more than 1,400 employees, the Company operates and serves clients in
more than 30 countries and provides its services to over 75% of the top 30 global retailers. PRGX
is also pioneering profit discovery, a unique combination of audit, analytics and advisory
services that improves client financial performance. Beyond its core retail practice, PRGX is
actively pursuing initiatives to expand into new markets, most notably healthcare. For additional
information, please visit PRGX at www.prgx.com.
Non-GAAP Financial Measures
EBITDA and adjusted EBITDA are both non-GAAP financial measures presented as supplemental
measures of the Companys 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 Companys secured credit facility. However, EBITDA and adjusted EBITDA have limitations as
analytical tools, and you should not consider them in isolation, or as substitutes for analysis of
the Companys results as reported under GAAP. In addition, in evaluating 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 Companys 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 earnings to each of EBITDA and adjusted EBITDA.
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 Companys financial condition,
growth strategy, investment program, business development efforts, service offerings and service
delivery models. 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 Companys
future performance include revenues that do not meet expectations or justify costs incurred, the
Companys ability to develop material sources of new revenue in addition to revenues from its core
accounts payable recovery audit services, changes in the market for the Companys services, the
Companys ability to retain and attract qualified personnel, changes to Medicare and Medicaid
recovery audit contractor programs, the Companys ability to integrate recent and future
acquisitions, uncertainty in the credit markets, the Companys ability to maintain compliance with
its financial covenants, client bankruptcies, loss of major clients, and other risks generally
applicable to the Companys business. For a discussion of other risk factors that may impact the
Companys business, please see the Companys filings with the Securities and Exchange Commission,
including its Form 10-K filed on March 16, 2011. The Company disclaims any obligation or duty to
update or modify these forward-looking statements.
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
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, |
|
|
|
2011 |
|
|
2010 |
|
Revenues |
|
$ |
50,718 |
|
|
$ |
41,329 |
|
Cost of revenues |
|
|
34,878 |
|
|
|
30,175 |
|
|
|
|
|
|
|
|
Gross margin |
|
|
15,840 |
|
|
|
11,154 |
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
14,000 |
|
|
|
12,388 |
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
1,840 |
|
|
|
(1,234 |
) |
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
|
347 |
|
|
|
384 |
|
Loss on debt extinguishment |
|
|
|
|
|
|
1,381 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) before income taxes |
|
|
1,493 |
|
|
|
(2,999 |
) |
|
|
|
|
|
|
|
|
|
Income tax expense |
|
|
1,121 |
|
|
|
436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
372 |
|
|
$ |
(3,435 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common share |
|
$ |
0.02 |
|
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share |
|
$ |
0.02 |
|
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
24,258 |
|
|
|
23,527 |
|
|
|
|
|
|
|
|
Diluted |
|
|
24,533 |
|
|
|
23,527 |
|
|
|
|
|
|
|
|
SCHEDULE 2
PRGX Global, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
|
|
2011 |
|
|
2010 |
|
|
|
(Unaudited) |
|
|
|
ASSETS
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
22,667 |
|
|
$ |
18,448 |
|
Restricted cash |
|
|
124 |
|
|
|
64 |
|
Receivables: |
|
|
|
|
|
|
|
|
Contract receivables, net |
|
|
36,117 |
|
|
|
35,893 |
|
Employee advances and miscellaneous receivables, net |
|
|
1,377 |
|
|
|
827 |
|
|
|
|
|
|
|
|
Total receivables |
|
|
37,494 |
|
|
|
36,720 |
|
|
|
|
|
|
|
|
|
|
Prepaid expenses and other current assets |
|
|
3,548 |
|
|
|
3,622 |
|
|
|
|
|
|
|
|
Total current assets |
|
|
63,833 |
|
|
|
58,854 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
15,946 |
|
|
|
15,695 |
|
Goodwill |
|
|
5,196 |
|
|
|
5,196 |
|
Intangible assets, net |
|
|
22,923 |
|
|
|
23,855 |
|
Deferred income taxes |
|
|
519 |
|
|
|
403 |
|
Other assets |
|
|
2,115 |
|
|
|
2,318 |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
110,532 |
|
|
$ |
106,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS EQUITY
|
Current liabilities: |
|
|
|
|
|
|
|
|
Current portion of debt |
|
$ |
3,000 |
|
|
$ |
3,000 |
|
Accounts payable and accrued expenses |
|
|
14,422 |
|
|
|
14,365 |
|
Accrued payroll and related expenses |
|
|
17,075 |
|
|
|
13,871 |
|
Refund liabilities and deferred revenue |
|
|
8,752 |
|
|
|
8,560 |
|
Acquisition obligations |
|
|
1,376 |
|
|
|
1,380 |
|
|
|
|
|
|
|
|
Total current liabilities |
|
|
44,625 |
|
|
|
41,176 |
|
|
|
|
|
|
|
|
|
|
Long-term debt |
|
|
8,250 |
|
|
|
9,000 |
|
Noncurrent compensation obligations |
|
|
267 |
|
|
|
271 |
|
Other long-term liabilities |
|
|
7,124 |
|
|
|
7,031 |
|
|
|
|
|
|
|
|
Total liabilities |
|
|
60,266 |
|
|
|
57,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity: |
|
|
|
|
|
|
|
|
Common stock |
|
|
240 |
|
|
|
239 |
|
Additional paid-in capital |
|
|
567,100 |
|
|
|
566,328 |
|
Accumulated deficit |
|
|
(521,036 |
) |
|
|
(521,408 |
) |
Accumulated other comprehensive income |
|
|
3,962 |
|
|
|
3,684 |
|
|
|
|
|
|
|
|
Total shareholders equity |
|
|
50,266 |
|
|
|
48,843 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders equity |
|
$ |
110,532 |
|
|
$ |
106,321 |
|
|
|
|
|
|
|
|
SCHEDULE 3
PRGX Global, Inc. and Subsidiaries
Reconciliation of Net Earnings to EBITDA and Adjusted EBITDA
(Amounts in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months |
|
|
|
Ended March 31, |
|
|
|
2011 |
|
|
2010 |
|
Reconciliation of net earnings to EBITDA
and to adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
372 |
|
|
$ |
(3,435 |
) |
|
|
|
|
|
|
|
|
|
Adjust for: |
|
|
|
|
|
|
|
|
Income tax expense |
|
|
1,121 |
|
|
|
436 |
|
Interest expense, net |
|
|
347 |
|
|
|
384 |
|
Loss on debt extinguishment |
|
|
|
|
|
|
1,381 |
|
Depreciation and amortization |
|
|
2,302 |
|
|
|
2,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
|
4,142 |
|
|
|
876 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency (gains) losses on
intercompany balances |
|
|
(448 |
) |
|
|
621 |
|
Acquisition obligations classified
as compensation |
|
|
97 |
|
|
|
|
|
Transformation severance |
|
|
827 |
|
|
|
|
|
Stock-based compensation |
|
|
901 |
|
|
|
818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
5,519 |
|
|
$ |
2,315 |
|
|
|
|
|
|
|
|
EBITDA and adjusted EBITDA are both 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 Companys 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 Companys secured credit facility. However, 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 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, |
|
|
|
2011 |
|
|
2010 |
|
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) |
|
$ |
372 |
|
|
$ |
(3,435 |
) |
Adjustments to reconcile net earnings to net cash provided
by operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
2,302 |
|
|
|
2,110 |
|
Amortization of deferred debt costs |
|
|
45 |
|
|
|
1,411 |
|
Stock-based compensation expense |
|
|
901 |
|
|
|
818 |
|
(Increase) decrease in receivables |
|
|
634 |
|
|
|
3,421 |
|
Increase (decrease) in accounts payable, accrued
payroll and other accrued expenses |
|
|
2,679 |
|
|
|
(7,287 |
) |
Other, primarily changes in assets and liabilities |
|
|
(779 |
) |
|
|
(505 |
) |
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
|
6,154 |
|
|
|
(3,467 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in investing activities: |
|
|
|
|
|
|
|
|
Business acquisitions |
|
|
|
|
|
|
(3,841 |
) |
Purchases of property and equipment, net of disposals |
|
|
(1,479 |
) |
|
|
(1,457 |
) |
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(1,479 |
) |
|
|
(5,298 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(859 |
) |
|
|
(450 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rates on cash and cash equivalents |
|
|
403 |
|
|
|
(304 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
4,219 |
|
|
|
(9,519 |
) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
18,448 |
|
|
|
33,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
22,667 |
|
|
$ |
23,507 |
|
|
|
|
|
|
|
|
SCHEDULE 5
PRGX Global, Inc. and Subsidiaries
Results by Operating Segment *
(Amounts in thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
2011 |
|
|
2010 |
|
|
Change |
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Audit Services Americas |
|
$ |
29,113 |
|
|
$ |
24,974 |
|
|
$ |
4,139 |
|
Recovery Audit Services Europe/Asia-Pacific |
|
|
14,752 |
|
|
|
14,738 |
|
|
|
14 |
|
New Services |
|
|
6,853 |
|
|
|
1,617 |
|
|
|
5,236 |
|
|
|
|
|
|
|
Total |
|
$ |
50,718 |
|
|
$ |
41,329 |
|
|
$ |
9,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Audit Services Americas |
|
$ |
16,868 |
|
|
$ |
16,375 |
|
|
$ |
(493 |
) |
Recovery Audit Services Europe/Asia-Pacific |
|
|
11,615 |
|
|
|
11,267 |
|
|
|
(348 |
) |
New Services |
|
|
6,395 |
|
|
|
2,533 |
|
|
|
(3,862 |
) |
|
|
|
|
|
|
Total |
|
$ |
34,878 |
|
|
$ |
30,175 |
|
|
$ |
(4,703 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Audit Services Americas |
|
$ |
6,489 |
|
|
$ |
4,762 |
|
|
$ |
(1,727 |
) |
Recovery Audit Services Europe/Asia-Pacific |
|
|
1,120 |
|
|
|
2,358 |
|
|
|
1,238 |
|
New Services |
|
|
1,728 |
|
|
|
544 |
|
|
|
(1,184 |
) |
Corporate |
|
|
4,663 |
|
|
|
4,724 |
|
|
|
61 |
|
|
|
|
|
|
|
Total |
|
$ |
14,000 |
|
|
$ |
12,388 |
|
|
$ |
(1,612 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Audit Services Americas |
|
$ |
5,756 |
|
|
$ |
3,837 |
|
|
$ |
1,919 |
|
Recovery Audit Services Europe/Asia-Pacific |
|
|
2,017 |
|
|
|
1,113 |
|
|
|
904 |
|
New Services |
|
|
(1,270 |
) |
|
|
(1,460 |
) |
|
|
190 |
|
Corporate |
|
|
(4,663 |
) |
|
|
(4,724 |
) |
|
|
61 |
|
|
|
|
|
|
|
Total |
|
$ |
1,840 |
|
|
$ |
(1,234 |
) |
|
$ |
3,074 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
Recovery Audit Services Americas |
|
$ |
7,761 |
|
|
$ |
5,310 |
|
|
$ |
2,451 |
|
Recovery Audit Services Europe/Asia-Pacific |
|
|
2,159 |
|
|
|
2,146 |
|
|
|
13 |
|
New Services |
|
|
(639 |
) |
|
|
(1,235 |
) |
|
|
596 |
|
Corporate |
|
|
(3,762 |
) |
|
|
(3,906 |
) |
|
|
144 |
|
|
|
|
|
|
|
Total |
|
$ |
5,519 |
|
|
$ |
2,315 |
|
|
$ |
3,204 |
|
|
|
|
|
|
|
|
|
|
* |
|
The Recovery Audit Services Americas segment represents recovery audit services,
excluding New 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 New Services segment represents services provided to healthcare
organizations (including recovery audit services), financial advisory services and business
analytics services. |