Highlights for the Second Quarter of
2017:
The Providence Service Corporation (the “Company” or “Providence”)
(Nasdaq:PRSC), today reported financial results for the three and
six months ended June 30, 2017.
“Our second quarter highlights included solid
profitability and strategic progress, particularly within our U.S.
healthcare service network platforms, where at LogistiCare we
appointed a new CEO, renewed our non-emergency medical
transportation contract with New Jersey and continued the
successful execution on our value enhancement initiatives,” stated
James Lindstrom, Chief Executive Officer. He continued,
“While our operating cash flow during the quarter was less than
expected related to temporary fluctuations in our working capital
balances due to the timing of certain payments, we remain confident
in the company’s cash generation profile and our ability to deploy
capital to ensure the best possible experience for our clients and
generate attractive returns for our shareholders in 2017 and
beyond.”
Second Quarter 2017 Results
For the second quarter of 2017, the Company
reported revenue from continuing operations of $408.0 million, an
increase of 2.5% from $398.1 million in the second quarter of
2016. Excluding the effects of changes in currency exchange
rates, revenue from continuing operations increased 3.8%.
Income from continuing operations, net of tax, in
the second quarter of 2017 was $3.9 million and $0.19 per diluted
common share, compared to $1.6 million and $0.07 per diluted common
share, in the second quarter of 2016. Income from continuing
operations, net of tax, in the second quarter of 2017 and 2016
includes restructuring and related charges of $1.9 million and $4.2
million, respectively. Adjusted Net Income in the second
quarter of 2017 was $6.1 million and $0.32 per diluted common
share, compared to $8.4 million and $0.43 per diluted common share,
in the second quarter of 2016.
Segment-level Adjusted EBITDA was $20.6 million in
the second quarter of 2017, compared to $23.5 million in the second
quarter of 2016. Adjusted EBITDA was $14.9 million in the
second quarter of 2017, compared to $17.9 million in the second
quarter of 2016.
Year to Date 2017 Results
For the first six months of 2017, the Company
reported revenue from continuing operations of $807.5 million, an
increase of 3.5% from $780.2 million in the comparable period of
2016. Excluding the effects of changes in currency exchange
rates, revenue from continuing operations increased 5.1%.
Income from continuing operations, net of tax, in
the first half of 2017 was $5.8 million and $0.22 per diluted
common share, compared to income of $3.0 million and $0.09 per
diluted common share, in the first half of 2016. Income from
continuing operations, net of tax, for the first half of 2017 and
2016 includes restructuring and related charges of $4.3
million and $5.6 million, respectively. Adjusted Net Income
in the first half of 2017 was $12.7 million and $0.67 per diluted
common share, compared to $15.5 million and $0.77 per diluted
common share, in the first half of 2016.
Segment-level Adjusted EBITDA was $43.1 million in
the first half of 2017, compared to $47.6 million in the comparable
period of 2016. Adjusted EBITDA was $30.5 million in the
first half of 2017, compared to $34.2 million in the first half of
2016.
Share Repurchases
As of August 8, 2017, the Company has not
repurchased any shares under its repurchase program since March 16,
2017. Since beginning to repurchase shares in the fourth quarter of
2015 through March 16, 2017, the Company repurchased 2.8 million
shares of common stock, or approximately 17.6% of the Company’s
common stock outstanding at the beginning of the fourth quarter of
2015, for $122.3 million, or at an average price of $43.10 per
share.
As previously announced, on October 26, 2016, the
Providence Board of Directors approved a new share repurchase
program under which the Company may purchase up to $100 million of
its outstanding common stock during the twelve-month period
following the approval date. As of August 8, 2017, $69.6
million of additional share repurchase capacity existed under this
program.
Segment Results
For analysis purposes, the Company provides
revenue, expenses, operating income (loss), income (loss) from
continuing operations, net of taxes, and Adjusted EBITDA on a
segment basis. Segment results include revenue and expenses
incurred by each segment, as well as an allocation of direct
expenses incurred by Corporate on behalf of the segment. No
direct expenses were incurred by Corporate on behalf of the Matrix
Investment segment. Indirect expenses, including unallocated
corporate functions and expenses, such as executive, accounting,
audit, process improvement, finance, human resources, information
technology and legal, as well as the results of our captive
insurance company and elimination entries recorded in
consolidation, are reflected in Corporate and Other.
NET Services
NET Services revenue was $338.8 million for the
second quarter of 2017, an increase of 9.7% from $308.9 million in
the second quarter of 2016. Operating income was $16.0
million, or 4.7% of revenue, in the second quarter of 2017,
compared to $17.8 million, or 5.7% of revenue, in the second
quarter of 2016. Included in NET Services operating income in
the second quarters of 2017 and 2016 was $1.4 million and $0.6
million, respectively, of restructuring and related charges.
NET Services Adjusted EBITDA was $20.7 million, or 6.1% of revenue,
in the second quarter of 2017, compared to $21.2 million, or 6.9%
of revenue, in the second quarter of 2016.
NET Services revenue was $662.8 million for the
first half of 2017, an increase of 10.5% from $599.9 million for
the first half of 2016. Operating income was $27.8 million,
or 4.2% of revenue, in the first half of 2017, compared to $36.1
million, or 6.0% of revenue, in the comparable period of
2016. Included in NET Services operating income in the first
half of 2017 and 2016 was $2.7 million and $0.6 million,
respectively, of restructuring and related charges. NET
Services Adjusted EBITDA was $36.9 million, or 5.6% of revenue, in
the first half of 2017, compared to $42.4 million, or 7.1% of
revenue, in the comparable period of 2016.
The year-over-year increase in NET Services revenue
in the second quarter of 2017 was primarily due to rate adjustments
related to recent increased utilization under a significant
contract, a net favorable impact of membership and rate changes in
certain other contracts, and new managed care organization
contracts in California, Florida and New York. Adjusted
EBITDA as a percentage of revenue declined as result of the
previously announced termination of a contract with the state of
New York, increased utilization across multiple contracts, and
on-going start-up costs in California and Florida. The overall
decline in Adjusted EBITDA as a percentage of revenue was partially
offset by the success of NET Services’ numerous operational
activities, or Value Enhancement initiatives, which drove a
reduction in payroll and certain transportation costs as a
percentage of revenue. Separately, NET Services was recently
notified by the state of New Jersey that it intends to renew its
contract with LogistiCare for a 5-year period commencing September
1, 2017 as noted in the Company’s Form 8-K filed on July 20,
2017.
WD Services
WD Services revenue was $69.2 million for the
second quarter of 2017, a decrease of 22.5% from $89.3 million in
the second quarter of 2016. Excluding the effects of changes
in currency exchange rates, revenue declined 16.7% in the second
quarter of 2017 versus the second quarter of 2016. Operating
loss was $4.1 million in the second quarter of 2017, compared to an
operating loss of $5.2 million in the second quarter of 2016.
Included within WD Services operating loss in the second quarters
of 2017 and 2016 were restructuring and related costs of $0.5
million and $3.7 million, respectively. WD Services Adjusted
EBITDA was negative $0.1 million, or 0.2% of revenue, in the second
quarter of 2017 compared to positive $2.3 million, or 2.6% of
revenue, in the second quarter of 2016.
WD Services revenue was $144.6 million for the
first half of 2017, a decrease of 19.8% from $180.3 million in the
first half of 2016. Excluding the effects of changes in
currency exchange rates, revenue declined 12.9% in the first half
of 2017 versus the first half of 2016. Operating loss was
$1.9 million in the first half of 2017, compared to an operating
loss of $7.3 million in the comparable period of 2016.
Included within WD Services operating loss in the first half of
2017 and 2016 were restructuring and related costs of $1.5 million
and $5.1 million, respectively. WD Services Adjusted EBITDA
was $6.1 million, or 4.2% of revenue, in the first half of 2017
compared to $5.2 million, or 2.9% of revenue, in the comparable
period of 2016.
The year-over-year decrease in WD Services revenue
and Adjusted EBITDA in the second quarter of 2017 was primarily due
to the anticipated reduction of revenue and profitability of the
segment’s primary employability program in the UK as the contract
reaches maturity. The revenue decline was partially offset by
revenue increases in France, Germany and Saudi Arabia. The decrease
in Adjusted EBITDA due to the declining revenue was partially
offset by improved profitability of the segment’s offender
rehabilitation program in the UK and employability services in
France. As the benefits of the segment’s restructuring programs,
including the Ingeus Futures initiative, in the UK take effect, we
anticipate profitability and margins will improve through the
remainder of the year.
Corporate and Other
Corporate and Other incurred a $5.8 million
operating loss in both the second quarter of 2017 and the second
quarter of 2016. Corporate and Other Adjusted EBITDA was
negative $5.6 million in the second quarter of 2017 compared to
negative $5.7 million in the second quarter of 2016.
Corporate and Other incurred a $13.0 million
operating loss in the first half of 2017, compared to a $13.8
million operating loss in the first half of 2016. Corporate
and Other Adjusted EBITDA was negative $12.6 million in the first
half of 2017 compared to negative $13.4 million in the comparable
period of 2016.
The year-over-year changes in corporate costs in
the second quarter of 2017 were primarily due to a $1.4 million
increase in cash settled stock-based compensation expense as a
result of the increase in the Company’s stock price during the
second quarter of 2017 as compared to a decline in the Company’s
stock price during the second quarter of 2016 as well as a $1.1
million increase in legal and consulting costs. This increase
was largely offset by a reduction in insurance loss reserves in the
second quarter of 2017 due to favorable claims history of our
Captive reinsurance programs. Included within Corporate and Other
Adjusted EBITDA for the second quarter of 2017 and the second
quarter of 2016 is $1.0 million and $0.8 million, respectively, of
expense related to a share-based long-term incentive plan, under
which no shares will be awarded unless the Company’s 90-day volume
weighted average share price as of December 31, 2017, exceeds
$56.79.
Equity Investments
Matrix Investment
As previously reported, on October 19, 2016,
Frazier Healthcare Partners subscribed for a 53.2% equity interest
in Matrix Medical Network (“Matrix” and the “Matrix
Transaction”). For all periods prior to the Matrix
Transaction, Matrix’s results are reported in Discontinued
Operations under the HA Services segment. For all periods,
subsequent to the Matrix Transaction, Providence’s retained 46.8%
equity interest is accounted for as an equity method investment
within the Matrix Investment segment within continuing
operations.
For the three and six months ended June 30, 2017,
Providence recorded a gain in equity earnings of $1.1 million and
$0.4 million, respectively, related to its Matrix
Investment.
As Providence’s interest in Matrix is accounted for
as an equity method investment, the following numbers are not
included within the Company’s consolidated results of operations.
For the second quarter of 2017, Matrix’s revenue was $60.9 million,
an increase of 16.4% from $52.3 million in the second quarter of
2016. Matrix’s operating income was $5.9 million, or 9.8% of
revenue, for the second quarter of 2017, compared to $6.7 million,
or 12.8% of revenue, for the second quarter of 2016. Included
within Matrix’s operating income in the second quarter of 2017 was
$0.5 million of transaction bonuses paid to the Matrix management
team and $0.7 million of management fees paid to Matrix
shareholders. Matrix’s Adjusted EBITDA was $15.3 million, or
25.2% of revenue, for the second quarter of 2017, compared to $14.6
million, or 28.0% of revenue, in the second quarter of
2016.
For the first half of 2017, Matrix’s revenue was
$116.7 million, an increase of 13.5% from $102.9 million in the
first half of 2016. Matrix’s operating income was $7.0
million, or 6.0% of revenue, for the first half of 2017, compared
to $11.0 million, or 10.7% of revenue, for the comparable period of
2016. Included within Matrix’s operating income in the first
half of 2017 was $2.7 million of transaction bonuses paid to the
Matrix management team, $1.2 million of management fees paid to
Matrix’s shareholders and $0.9 million of other transaction related
expenses. Matrix’s Adjusted EBITDA was $27.9 million, or
23.9% of revenue, for the first half of 2017, compared to $26.8
million, or 26.0% of revenue, in the first half of 2016.
The quarter-over-quarter increase in Matrix’s
revenue was the result of increased volumes. Adjusted
EBITDA as a percentage of revenue declined as a result of decreased
pricing partially offset by continued productivity
improvements.
As of June 30, 2017, Matrix had cash of $15.3
million and $195.5 million of term loan debt outstanding under its
credit facility.
Mission Providence
For the second quarter of 2017, Providence recorded
a gain in equity earnings of $0.4 million related to its Mission
Providence equity investment as compared to a loss in equity
earnings of $1.5 million in the second quarter of 2016. For
the first half of 2017, Providence recorded a loss in equity
earnings of $1.0 million related to its Mission Providence equity
investment as compared to a loss in equity earnings of $4.2 million
in the first half of 2016.
As Providence’s interest in Mission Providence is
accounted for as an equity method investment, the following numbers
are not included within the Company’s consolidated results of
operations. For the second quarter of 2017, Mission
Providence’s revenue was $10.5 million, an increase of 8.1% from
$9.7 million in the second quarter of 2016. Mission
Providence’s operating income was $0.6 million in the second
quarter of 2017, compared to a loss of $2.7 million in the second
quarter of 2016. Included within Mission Providence’s
operating income in the second quarter of 2017 was $0.3 million in
restructuring and related charges. Mission Providence’s
Adjusted EBITDA was $1.9 million, or 18.4% of revenue, for the
second quarter of 2017, compared to negative $1.6 million in the
second quarter of 2016. Adjusted EBITDA as a percentage of
revenue increased primarily due to productivity improvements.
For the first half of 2017, Mission Providence’s
revenue was $19.9 million, an increase of 16.1% from $17.1 million
in the first half of 2016. Mission Providence’s operating
loss was $1.2 million in the first half of 2017, compared to a loss
of $7.8 million in the comparable period of 2016. Included
within Mission Providence’s operating income in the first half of
2017 was $1.3 million in restructuring and related charges.
Mission Providence’s Adjusted EBITDA was $2.2 million, or 11.0% of
revenue, for the first half of 2017, compared to negative $5.6
million in the first half of 2016. Adjusted EBITDA as a
percentage of revenue increased primarily due to productivity
improvements and lower payroll costs driven by restructuring
activities.
Investor Presentation and Conference
Call
Providence will hold a conference call to discuss
its financial results on Wednesday, August 9, 2017 at 8:00 a.m.
ET. An investor presentation has been prepared to accompany
the conference call and can be found on the Company’s website
(investor.prscholdings.com). To access the call, please dial:
US toll-free: 1 (844) 244
3865International: 1 (518) 444 0681
Passcode: 62300446
Replay (available until August 23, 2017):US
toll-free: 1 (855) 859 2056
International: 1 (404) 537 3406
Passcode: 62300446
You may also access the conference call via webcast
at investor.prscholdings.com, where the call also will be
archived.
About Providence
The Providence Service Corporation is a holding
company which owns interests in subsidiaries and other companies
that are primarily engaged in the provision of healthcare and
workforce development services for public and private sector
entities seeking to control costs and promote positive outcomes.
For more information, please visit prscholdings.com.
Non-GAAP Financial Measures and
Adjustments
In addition to the financial results prepared in
accordance with U.S. generally accepted accounting principles
(GAAP), this press release includes EBITDA, Adjusted EBITDA and
Segment-level Adjusted EBITDA for the Company and its operating
segments, and Adjusted Net Income and Adjusted EPS for the Company,
which are performance measures that are not recognized under GAAP.
EBITDA is defined as income (loss) from continuing
operations, net of taxes, before: (1) interest expense, net, (2)
provision (benefit) for income taxes and (3) depreciation and
amortization. Adjusted EBITDA is calculated as EBITDA before
certain items, including: (1) restructuring and related charges,
(2) foreign currency transactions, (3) equity in net earnings or
losses of investees, (4) certain litigation related expenses, (5)
management fees, and (6) transaction costs. Segment-level
Adjusted EBITDA is calculated as Adjusted EBITDA for the company
excluding the Adjusted EBITDA associated with corporate and holding
company costs reported as our Corporate and Other Segment.
Adjusted Net Income is defined as income (loss) from
continuing operations, net of tax, before certain items, including
(1) restructuring and related charges, (2) foreign currency
transactions, (3) equity in net earnings or losses of investees,
(4) certain litigation related expenses, (5) intangible
amortization expense, (6) the impact of adjustments on
non-controlling interests, and (7) the income tax impact of such
adjustments. Adjusted EPS is calculated as Adjusted Net
Income less (as applicable): (1) dividends on convertible preferred
stock, (2) accretion of convertible preferred stock discount, and
(3) income allocated to participating stockholders, divided by the
diluted weighted-average number of common shares outstanding.
We utilize these non-GAAP performance measures, which exclude
certain expenses and amounts, because we believe the timing of such
expenses is unpredictable and not driven by our core operating
results, and therefore render comparisons with prior periods as
well as with other companies in our industry less meaningful.
We believe such measures allow investors to gain a better
understanding of the factors and trends affecting the ongoing
operations of our business. We consider our core operations
to be the ongoing activities to provide services from which we earn
revenue, including direct operating costs and indirect costs to
support these activities. In addition, our net earnings in
equity investees are excluded from these measures, as we do not
have the ability to manage these ventures, allocate resources
within the ventures, or directly control their operations or
performance.
Our non-GAAP financial measures may not provide
information that is directly comparable to that provided by other
companies in our industry, as other companies in our industry may
calculate non-GAAP financial results differently. In addition,
there are limitations in using non-GAAP financial measures because
they are not prepared in accordance with GAAP, may be different
from non-GAAP financial measures used by other companies, and
exclude expenses that may have a material impact on our reported
financial results. The presentation of non-GAAP financial
information is not meant to be considered in isolation from or as a
substitute for the directly comparable financial measures prepared
in accordance with GAAP. We urge you to review the
reconciliations of our non-GAAP financial measures to the
comparable GAAP financial measures included below, and not to rely
on any single financial measure to evaluate our business.
Forward-Looking
Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as “believe,” “demonstrate,”
“expect,” “estimate,” “forecast,” “anticipate,” “should” and
“likely” and similar expressions identify forward-looking
statements. In addition, statements that are not historical should
also be considered forward-looking statements. Readers are
cautioned not to place undue reliance on those forward-looking
statements, which speak only as of the date the statement was made.
Such forward-looking statements are based on current expectations
that involve a number of known and unknown risks, uncertainties and
other factors which may cause actual events to be materially
different from those expressed or implied by such forward-looking
statements. These factors include, but are not limited to, our
continuing relationship with government entities and our ability to
procure business from them, our ability to manage growing and
changing operations, the implementation of healthcare reform law,
government budget changes and legislation related to the services
that we provide, our ability to renew or replace existing contracts
that have expired or are scheduled to expire with significant
clients, and other risks detailed in Providence’s filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K. Providence is under no obligation to (and
expressly disclaims any such obligation to) update any of the
information in this press release if any forward-looking statement
later turns out to be inaccurate whether as a result of new
information, future events or otherwise.
--financial tables to
follow--
The Providence Service
Corporation |
Unaudited Condensed Consolidated Statements of
Income |
(in thousands except share and per share data) |
|
|
Three months ended June 30, |
Six months ended June 30, |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Service
revenue, net |
$ |
407,983 |
|
|
$ |
398,119 |
|
|
$ |
807,477 |
|
|
$ |
780,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service expense |
|
377,036 |
|
|
|
367,846 |
|
|
|
746,446 |
|
|
|
716,521 |
|
General and administrative expense |
|
18,048 |
|
|
|
16,711 |
|
|
|
35,076 |
|
|
|
35,228 |
|
Depreciation and amortization |
|
6,900 |
|
|
|
6,849 |
|
|
|
13,169 |
|
|
|
13,388 |
|
Total
operating expenses |
|
401,984 |
|
|
|
391,406 |
|
|
|
794,691 |
|
|
|
765,137 |
|
Operating
income |
|
5,999 |
|
|
|
6,713 |
|
|
|
12,786 |
|
|
|
15,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses: |
|
Interest expense, net |
|
329 |
|
|
|
407 |
|
|
|
681 |
|
|
|
902 |
|
Equity in net (gain) loss of investees |
|
(1,530 |
) |
|
|
1,459 |
|
|
|
530 |
|
|
|
4,176 |
|
Loss (gain) on foreign currency transactions |
|
463 |
|
|
|
(775 |
) |
|
|
400 |
|
|
|
(850 |
) |
Income from continuing
operations |
|
|
|
|
|
before income taxes |
|
6,737 |
|
|
|
5,622 |
|
|
|
11,175 |
|
|
|
10,789 |
|
Provision
for income taxes |
|
2,879 |
|
|
|
3,997 |
|
|
|
5,402 |
|
|
|
7,789 |
|
Income from
continuing operations, net of tax |
|
3,858 |
|
|
|
1,625 |
|
|
|
5,773 |
|
|
|
3,000 |
|
Discontinued operations, net of tax |
|
(117 |
) |
|
|
2,370 |
|
|
|
(5,984 |
) |
|
|
3,123 |
|
Net income
(loss) |
|
3,741 |
|
|
|
3,995 |
|
|
|
(211 |
) |
|
|
6,123 |
|
Net loss (income)
attributable to noncontrolling |
|
|
|
|
|
interests |
|
174 |
|
|
|
628 |
|
|
|
(200 |
) |
|
|
735 |
|
Net income
(loss) attributable to Providence |
$ |
3,915 |
|
|
$ |
4,623 |
|
|
$ |
(411 |
) |
|
$ |
6,858 |
|
|
Net income
(loss) available to common |
|
stockholders |
$ |
2,434 |
|
|
$ |
3,104 |
|
|
$ |
(3,037 |
) |
|
$ |
4,108 |
|
|
Basic
earnings (loss) per common share: |
|
Continuing
operations |
$ |
0.19 |
|
|
$ |
0.07 |
|
|
$ |
0.22 |
|
|
$ |
0.09 |
|
Discontinued operations |
|
(0.01 |
) |
|
|
0.14 |
|
|
|
(0.44 |
) |
|
|
0.18 |
|
Basic
earnings (loss) per common share |
$ |
0.18 |
|
|
$ |
0.21 |
|
|
$ |
(0.22 |
) |
|
$ |
0.27 |
|
|
Diluted
earnings (loss) per common share: |
|
Continuing
operations |
$ |
0.19 |
|
|
$ |
0.07 |
|
|
$ |
0.22 |
|
|
$ |
0.09 |
|
Discontinued operations |
|
(0.01 |
) |
|
|
0.14 |
|
|
|
(0.44 |
) |
|
|
0.18 |
|
Diluted
earnings (loss) per common share |
$ |
0.18 |
|
|
$ |
0.21 |
|
|
$ |
(0.22 |
) |
|
$ |
0.27 |
|
|
Weighted-average number of common |
|
shares outstanding: |
|
Basic |
|
|
13,553,704 |
|
|
|
14,893,595 |
|
|
|
13,628,572 |
|
|
|
14,975,582 |
|
Diluted |
|
|
13,607,576 |
|
|
|
15,019,312 |
|
|
|
13,687,183 |
|
|
|
15,098,945 |
|
The Providence Service
Corporation |
|
Condensed Consolidated Balance
Sheets |
|
(in thousands) |
|
|
|
|
|
|
|
|
|
June 30, 2017 |
|
December 31, 2016 |
|
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
56,583 |
|
$ |
72,262 |
|
Accounts
receivable, net of allowance |
|
|
172,189 |
|
|
162,115 |
|
Other
current assets (1) |
|
|
57,451 |
|
|
53,726 |
|
Total current
assets |
|
|
286,223 |
|
|
288,103 |
|
Property and equipment,
net |
|
|
47,761 |
|
|
46,220 |
|
Goodwill and intangible
assets, net |
|
|
167,617 |
|
|
168,748 |
|
Equity investments |
|
|
160,601 |
|
|
161,363 |
|
Other long-term assets
(2) |
|
|
20,674 |
|
|
20,845 |
|
Total assets |
|
$ |
682,876 |
|
$ |
685,279 |
|
|
|
|
|
|
|
Liabilities,
redeemable convertible preferred
stock and stockholders'
equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Current
portion of long-term obligations |
|
$ |
1,918 |
|
$ |
1,721 |
|
Other
current liabilities (3) |
|
|
236,703 |
|
|
226,075 |
|
Total current
liabilities |
|
|
238,621 |
|
|
227,796 |
|
Long-term obligations,
less current portion |
|
|
1,131 |
|
|
1,890 |
|
Other long-term
liabilities (4) |
|
|
79,891 |
|
|
80,353 |
|
Total liabilities |
|
|
319,643 |
|
|
310,039 |
|
|
|
|
|
|
|
Mezzanine and
stockholder's equity |
|
|
|
|
|
Convertible preferred
stock, net |
|
|
77,565 |
|
|
77,565 |
|
Stockholders'
equity |
|
|
285,668 |
|
|
297,675 |
|
Total liabilities,
redeemable convertible preferred stock and stockholders'
equity |
|
$ |
682,876 |
|
$ |
685,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Comprised of other receivables, restricted cash and prepaid
expenses and other. |
|
|
|
(2) Comprised of restricted cash, less current portion,
deferred tax assets and other assets. |
|
(3) Comprised of accounts payable, accrued expenses, accrued
transportation costs, deferred revenue and reinsurance and related
liability reserves. |
|
(4)
Includes deferred tax liabilities and other long-term
liabilities. |
|
|
|
|
|
|
|
|
|
|
|
The Providence Service
Corporation |
Unaudited Condensed Consolidated Statements of
Cash Flows |
(in thousands) |
|
|
|
|
|
|
|
Six months ended June 30, |
|
|
2017 (1) |
|
2016 (1) |
Operating
activities |
|
|
|
|
Net (loss) income |
|
$ |
(211 |
) |
|
$ |
6,123 |
|
Depreciation and amortization |
|
|
13,169 |
|
|
|
29,150 |
|
Stock-based compensation |
|
|
3,021 |
|
|
|
1,947 |
|
Equity in
net (gain) loss of investees |
|
|
530 |
|
|
|
4,176 |
|
Other
non-cash charges |
|
|
(4,901 |
) |
|
|
(7,909 |
) |
Changes
in working capital (2) |
|
|
(2,347 |
) |
|
|
4,268 |
|
Net cash provided by
operating activities |
|
|
9,261 |
|
|
|
37,755 |
|
Investing
activities |
|
|
|
|
Purchase of property
and equipment |
|
|
(10,745 |
) |
|
|
(23,636 |
) |
Equity investments/loan
to joint venture |
|
|
(566 |
) |
|
|
(6,381 |
) |
Other investing
activities |
|
|
6,516 |
|
|
|
3,840 |
|
Net cash used in
investing activities |
|
|
(4,795 |
) |
|
|
(26,177 |
) |
Financing
activities |
|
|
|
|
Preferred stock
dividends |
|
|
(2,191 |
) |
|
|
(2,197 |
) |
Repurchase of common
stock, for treasury |
|
|
(18,754 |
) |
|
|
(32,534 |
) |
Net proceeds of
long-term debt |
|
|
- |
|
|
|
7,000 |
|
Other financing
activities |
|
|
194 |
|
|
|
740 |
|
Net cash used in
financing activities |
|
|
(20,751 |
) |
|
|
(26,991 |
) |
Effect of exchange rate
changes on cash |
|
|
606 |
|
|
|
(533 |
) |
Net change in cash and
cash equivalents |
|
|
(15,679 |
) |
|
|
(15,946 |
) |
Cash and cash
equivalents at beginning of period |
|
|
72,262 |
|
|
|
84,770 |
|
Cash and cash
equivalents at end of period |
|
$ |
56,583 |
|
|
$ |
68,824 |
|
|
|
|
|
|
|
|
|
|
|
(1)
Includes both continuing and discontinued operations. |
|
|
|
|
(2) Comprised of changes in operating assets and
liabilities, net of effects of acquisitions |
|
|
|
|
|
The Providence Service
Corporation |
Reconciliation of Non-GAAP Financial
Measures |
Segment Information and Adjusted
EBITDA |
(in thousands) |
(Unaudited) |
|
|
|
Three months ended June 30, 2017 |
|
|
|
NET Services |
|
WD Services |
|
Total Segment-Level |
|
Matrix Investment |
|
Corporate and Other |
|
Total Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue, net |
$ |
338,805 |
|
$ |
69,178 |
|
|
$ |
407,983 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
407,983 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service expense |
|
316,435 |
|
|
62,882 |
|
|
|
379,317 |
|
|
|
- |
|
|
|
(2,281 |
) |
|
|
377,036 |
|
|
|
General and administrative expense |
|
3,089 |
|
|
6,919 |
|
|
|
10,008 |
|
|
|
- |
|
|
|
8,040 |
|
|
|
18,048 |
|
|
|
Depreciation and amortization |
|
3,326 |
|
|
3,489 |
|
|
|
6,815 |
|
|
|
- |
|
|
|
85 |
|
|
|
6,900 |
|
|
|
Total
operating expenses |
|
322,850 |
|
|
73,290 |
|
|
|
396,140 |
|
|
|
- |
|
|
|
5,844 |
|
|
|
401,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
15,955 |
|
|
(4,112 |
) |
|
|
11,843 |
|
|
|
- |
|
|
|
(5,844 |
) |
|
|
5,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
20 |
|
|
336 |
|
|
|
356 |
|
|
|
- |
|
|
|
(27 |
) |
|
|
329 |
|
|
|
Equity in net (gain) loss of investees |
|
- |
|
|
(440 |
) |
|
|
(440 |
) |
|
|
(1,090 |
) |
|
|
- |
|
|
|
(1,530 |
) |
|
|
Loss (gain) on foreign currency transactions |
|
- |
|
|
463 |
|
|
|
463 |
|
|
|
- |
|
|
|
- |
|
|
|
463 |
|
|
|
Income
(loss) from continuing operations, |
|
|
|
|
|
|
|
|
|
|
|
|
|
before income tax |
|
15,935 |
|
|
(4,471 |
) |
|
|
11,464 |
|
|
|
1,090 |
|
|
|
(5,817 |
) |
|
|
6,737 |
|
|
|
Provision
(benefit) for income taxes |
|
6,095 |
|
|
(1,238 |
) |
|
|
4,857 |
|
|
|
410 |
|
|
|
(2,388 |
) |
|
|
2,879 |
|
|
|
Income (loss) from continuing operations, net of
taxes |
|
9,840 |
|
|
(3,233 |
) |
|
|
6,607 |
|
|
|
680 |
|
|
|
(3,429 |
) |
|
|
3,858 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
20 |
|
|
336 |
|
|
|
356 |
|
|
|
- |
|
|
|
(27 |
) |
|
|
329 |
|
|
|
Provision (benefit) for income taxes |
|
6,095 |
|
|
(1,238 |
) |
|
|
4,857 |
|
|
|
410 |
|
|
|
(2,388 |
) |
|
|
2,879 |
|
|
|
Depreciation and amortization |
|
3,326 |
|
|
3,489 |
|
|
|
6,815 |
|
|
|
- |
|
|
|
85 |
|
|
|
6,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
19,281 |
|
|
(646 |
) |
|
|
18,635 |
|
|
|
1,090 |
|
|
|
(5,759 |
) |
|
|
13,966 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and related charges (1) |
|
1,410 |
|
|
490 |
|
|
|
1,900 |
|
|
|
- |
|
|
|
- |
|
|
|
1,900 |
|
|
|
Equity in net (gain) loss of investees |
|
- |
|
|
(440 |
) |
|
|
(440 |
) |
|
|
(1,090 |
) |
|
|
- |
|
|
|
(1,530 |
) |
|
|
Foreign currency transactions |
|
- |
|
|
463 |
|
|
|
463 |
|
|
|
- |
|
|
|
- |
|
|
|
463 |
|
|
|
Litigation expense (2) |
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
143 |
|
|
|
143 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
20,691 |
|
$ |
(133 |
) |
|
$ |
20,558 |
|
|
$ |
- |
|
|
$ |
(5,616 |
) |
|
$ |
14,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Restructuring and related charges are comprised of
employee separation costs, which include redundancy program costs
of $306 within WD Services, as well as third-party consulting and
implementation costs related to WD Services' Ingeus Futures
initiative of $184 and NET Services' LogistiCare Member Experience
initiative. |
|
|
|
|
|
(2) Litigation expense related to defense cost for a putative
stockholder class action derivative complaint, which is more fully
described in the Company's Form 10-Q. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Providence Service
Corporation |
Reconciliation of Non-GAAP Financial
Measures |
Segment Information and Adjusted
EBITDA |
(in thousands) |
(Unaudited) |
|
|
|
Three months ended June 30, 2016 |
|
|
|
NET Services (1) |
|
WD Services |
|
Total Segment-Level |
|
Matrix
Investment |
|
Corporate and Other |
|
Total Continuing
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue, net |
$ |
308,915 |
|
|
$ |
89,289 |
|
|
$ |
398,204 |
|
|
$ |
- |
|
$ |
(85 |
) |
|
$ |
398,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service expense |
|
285,446 |
|
|
|
82,073 |
|
|
|
367,519 |
|
|
|
- |
|
|
327 |
|
|
|
367,846 |
|
|
|
General and administrative expense |
|
2,785 |
|
|
|
8,585 |
|
|
|
11,370 |
|
|
|
- |
|
|
5,341 |
|
|
|
16,711 |
|
|
|
Depreciation and amortization |
|
2,931 |
|
|
|
3,836 |
|
|
|
6,767 |
|
|
|
- |
|
|
82 |
|
|
|
6,849 |
|
|
|
Total
operating expenses |
|
291,162 |
|
|
|
94,494 |
|
|
|
385,656 |
|
|
|
- |
|
|
5,750 |
|
|
|
391,406 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
17,753 |
|
|
|
(5,205 |
) |
|
|
12,548 |
|
|
|
- |
|
|
(5,835 |
) |
|
|
6,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(1 |
) |
|
|
56 |
|
|
|
55 |
|
|
|
- |
|
|
352 |
|
|
|
407 |
|
|
|
Equity in net (gain) loss of investees |
|
- |
|
|
|
1,459 |
|
|
|
1,459 |
|
|
|
- |
|
|
- |
|
|
|
1,459 |
|
|
|
Loss (gain) on foreign currency transactions |
|
- |
|
|
|
(773 |
) |
|
|
(773 |
) |
|
|
- |
|
|
(2 |
) |
|
|
(775 |
) |
|
|
Income
(loss) from continuing operations, |
|
|
|
|
|
|
|
|
|
|
|
|
|
before income tax |
|
17,754 |
|
|
|
(5,947 |
) |
|
|
11,807 |
|
|
|
- |
|
|
(6,185 |
) |
|
|
5,622 |
|
|
|
Provision
(benefit) for income taxes |
|
6,044 |
|
|
|
(797 |
) |
|
|
5,247 |
|
|
|
- |
|
|
(1,250 |
) |
|
|
3,997 |
|
|
|
Income (loss) from continuing operations, net of
taxes |
|
11,710 |
|
|
|
(5,150 |
) |
|
|
6,560 |
|
|
|
- |
|
|
(4,935 |
) |
|
|
1,625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(1 |
) |
|
|
56 |
|
|
|
55 |
|
|
|
- |
|
|
352 |
|
|
|
407 |
|
|
|
Provision (benefit) for income taxes |
|
6,044 |
|
|
|
(797 |
) |
|
|
5,247 |
|
|
|
- |
|
|
(1,250 |
) |
|
|
3,997 |
|
|
|
Depreciation and amortization |
|
2,931 |
|
|
|
3,836 |
|
|
|
6,767 |
|
|
|
- |
|
|
82 |
|
|
|
6,849 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
20,684 |
|
|
|
(2,055 |
) |
|
|
18,629 |
|
|
|
- |
|
|
(5,751 |
) |
|
|
12,878 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and related charges (2) |
|
565 |
|
|
|
3,665 |
|
|
|
4,230 |
|
|
|
- |
|
|
- |
|
|
|
4,230 |
|
|
|
Equity in net (gain) loss of investees |
|
- |
|
|
|
1,459 |
|
|
|
1,459 |
|
|
|
- |
|
|
- |
|
|
|
1,459 |
|
|
|
Foreign currency transactions |
|
- |
|
|
|
(773 |
) |
|
|
(773 |
) |
|
|
- |
|
|
(2 |
) |
|
|
(775 |
) |
|
|
Litigation expense (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
78 |
|
|
|
78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
21,249 |
|
|
$ |
2,296 |
|
|
$ |
23,545 |
|
|
$ |
- |
|
$ |
(5,675 |
) |
|
$ |
17,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) We have reclassified certain amounts relating to our prior
period results to conform to our current period presentation. |
|
|
(2) Restructuring and related charges include employee
separation costs related to redundancy programs within WD Services
of $3,665, as well as third-party consulting and implementation
costs related to NET Services' LogistiCare Member Experience
initiative of $565. |
|
|
(3) Litigation expense related to defense cost for a putative
stockholder class action derivative complaint, which is more fully
described in the Company's Form 10-Q. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Providence Service
Corporation |
Reconciliation of Non-GAAP Financial
Measures |
Segment Information and Adjusted
EBITDA |
(in thousands) |
(Unaudited) |
|
|
|
Six months ended June 30, 2017 |
|
|
|
NET Services |
|
WD Services |
|
Total Segment-Level |
|
Matrix Investment |
|
Corporate and Other |
|
Total Continuing Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue, net |
$ |
662,839 |
|
$ |
144,638 |
|
|
$ |
807,477 |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
807,477 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service expense |
|
622,627 |
|
|
126,084 |
|
|
|
748,711 |
|
|
- |
|
|
|
(2,265 |
) |
|
|
746,446 |
|
|
General and administrative expense |
|
5,980 |
|
|
13,964 |
|
|
|
19,944 |
|
|
- |
|
|
|
15,132 |
|
|
|
35,076 |
|
|
Depreciation and amortization |
|
6,477 |
|
|
6,529 |
|
|
|
13,006 |
|
|
- |
|
|
|
163 |
|
|
|
13,169 |
|
|
Total
operating expenses |
|
635,084 |
|
|
146,577 |
|
|
|
781,661 |
|
|
- |
|
|
|
13,030 |
|
|
|
794,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
27,755 |
|
|
(1,939 |
) |
|
|
25,816 |
|
|
- |
|
|
|
(13,030 |
) |
|
|
12,786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
31 |
|
|
603 |
|
|
|
634 |
|
|
- |
|
|
|
47 |
|
|
|
681 |
|
|
Equity in net (gain) loss of investees |
|
- |
|
|
960 |
|
|
|
960 |
|
|
(430 |
) |
|
|
- |
|
|
|
530 |
|
|
Loss (gain) on foreign currency transactions |
|
- |
|
|
400 |
|
|
|
400 |
|
|
- |
|
|
|
- |
|
|
|
400 |
|
|
Income
(loss) from continuing operations, |
|
|
|
|
|
|
|
|
|
|
|
|
|
before income tax |
|
27,724 |
|
|
(3,902 |
) |
|
|
23,822 |
|
|
430 |
|
|
|
(13,077 |
) |
|
|
11,175 |
|
|
Provision
(benefit) for income taxes |
|
10,715 |
|
|
(433 |
) |
|
|
10,282 |
|
|
162 |
|
|
|
(5,042 |
) |
|
|
5,402 |
|
|
Income (loss) from continuing operations, net of
taxes |
|
17,009 |
|
|
(3,469 |
) |
|
|
13,540 |
|
|
268 |
|
|
|
(8,035 |
) |
|
|
5,773 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
31 |
|
|
603 |
|
|
|
634 |
|
|
- |
|
|
|
47 |
|
|
|
681 |
|
|
Provision (benefit) for income taxes |
|
10,715 |
|
|
(433 |
) |
|
|
10,282 |
|
|
162 |
|
|
|
(5,042 |
) |
|
|
5,402 |
|
|
Depreciation and amortization |
|
6,477 |
|
|
6,529 |
|
|
|
13,006 |
|
|
- |
|
|
|
163 |
|
|
|
13,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
34,232 |
|
|
3,230 |
|
|
|
37,462 |
|
|
430 |
|
|
|
(12,867 |
) |
|
|
25,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and related charges (1) |
|
2,709 |
|
|
1,546 |
|
|
|
4,255 |
|
|
- |
|
|
|
- |
|
|
|
4,255 |
|
|
Equity in net (gain) loss of investees |
|
- |
|
|
960 |
|
|
|
960 |
|
|
(430 |
) |
|
|
- |
|
|
|
530 |
|
|
Foreign currency transactions |
|
- |
|
|
400 |
|
|
|
400 |
|
|
- |
|
|
|
- |
|
|
|
400 |
|
|
Litigation expense (2) |
|
- |
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
286 |
|
|
|
286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
36,941 |
|
$ |
6,136 |
|
|
$ |
43,077 |
|
$ |
- |
|
|
$ |
(12,581 |
) |
|
$ |
30,496 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Restructuring and related charges are comprised of
employee separation costs, which include redundancy program costs
of $859 and other severance costs of $182 within WD Services and
NET Services chief executive officer search fees of $211, as well
as third-party consulting and implementation costs related to WD
Services' Ingeus Futures initiative of $505 and NET Services'
LogistiCare Member Experience initiative of $2,498. |
|
|
(2) Litigation expense related to defense cost for a putative
stockholder class action derivative complaint, which is more fully
described in the Company's Form 10-Q. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Providence Service
Corporation |
Reconciliation of Non-GAAP Financial
Measures |
Segment Information and Adjusted
EBITDA |
(in thousands) |
(Unaudited) |
|
|
|
Six months ended June 30, 2016 |
|
|
|
NET Services (1) |
|
WD Services |
|
Total Segment-Level |
|
Matrix
Investment |
|
Corporate and Other |
|
Total Continuing
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
revenue, net |
$ |
599,876 |
|
|
$ |
180,332 |
|
|
$ |
780,208 |
|
|
$ |
- |
|
$ |
(54 |
) |
|
$ |
780,154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service expense |
|
552,392 |
|
|
|
163,745 |
|
|
|
716,137 |
|
|
|
- |
|
|
384 |
|
|
|
716,521 |
|
|
|
General and administrative expense |
|
5,622 |
|
|
|
16,456 |
|
|
|
22,078 |
|
|
|
- |
|
|
13,150 |
|
|
|
35,228 |
|
|
|
Depreciation and amortization |
|
5,807 |
|
|
|
7,415 |
|
|
|
13,222 |
|
|
|
- |
|
|
166 |
|
|
|
13,388 |
|
|
|
Total
operating expenses |
|
563,821 |
|
|
|
187,616 |
|
|
|
751,437 |
|
|
|
- |
|
|
13,700 |
|
|
|
765,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
36,055 |
|
|
|
(7,284 |
) |
|
|
28,771 |
|
|
|
- |
|
|
(13,754 |
) |
|
|
15,017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(2 |
) |
|
|
89 |
|
|
|
87 |
|
|
|
- |
|
|
815 |
|
|
|
902 |
|
|
|
Equity in net (gain) loss of investees |
|
- |
|
|
|
4,176 |
|
|
|
4,176 |
|
|
|
- |
|
|
- |
|
|
|
4,176 |
|
|
|
Loss (gain) on foreign currency transactions |
|
- |
|
|
|
(848 |
) |
|
|
(848 |
) |
|
|
- |
|
|
(2 |
) |
|
|
(850 |
) |
|
|
Income
(loss) from continuing operations, |
|
|
|
|
|
|
|
|
|
|
|
|
|
before income tax |
|
36,057 |
|
|
|
(10,701 |
) |
|
|
25,356 |
|
|
|
- |
|
|
(14,567 |
) |
|
|
10,789 |
|
|
|
Provision
(benefit) for income taxes |
|
13,193 |
|
|
|
(979 |
) |
|
|
12,214 |
|
|
|
- |
|
|
(4,425 |
) |
|
|
7,789 |
|
|
|
Income (loss) from continuing operations, net of
taxes |
|
22,864 |
|
|
|
(9,722 |
) |
|
|
13,142 |
|
|
|
- |
|
|
(10,142 |
) |
|
|
3,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense, net |
|
(2 |
) |
|
|
89 |
|
|
|
87 |
|
|
|
- |
|
|
815 |
|
|
|
902 |
|
|
|
Provision (benefit) for income taxes |
|
13,193 |
|
|
|
(979 |
) |
|
|
12,214 |
|
|
|
- |
|
|
(4,425 |
) |
|
|
7,789 |
|
|
|
Depreciation and amortization |
|
5,807 |
|
|
|
7,415 |
|
|
|
13,222 |
|
|
|
- |
|
|
166 |
|
|
|
13,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
41,862 |
|
|
|
(3,197 |
) |
|
|
38,665 |
|
|
|
- |
|
|
(13,586 |
) |
|
|
25,079 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and related charges (2) |
|
565 |
|
|
|
5,056 |
|
|
|
5,621 |
|
|
|
- |
|
|
- |
|
|
|
5,621 |
|
|
|
Equity in net (gain) loss of investees |
|
- |
|
|
|
4,176 |
|
|
|
4,176 |
|
|
|
- |
|
|
- |
|
|
|
4,176 |
|
|
|
Foreign currency transactions |
|
- |
|
|
|
(848 |
) |
|
|
(848 |
) |
|
|
- |
|
|
(2 |
) |
|
|
(850 |
) |
|
|
Litigation expense (3) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
184 |
|
|
|
184 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
42,427 |
|
|
$ |
5,187 |
|
|
$ |
47,614 |
|
|
$ |
- |
|
$ |
(13,404 |
) |
|
$ |
34,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) We have reclassified certain amounts relating to our prior
period results to conform to our current period presentation. |
|
|
(2) Restructuring and related charges include employee
separation costs related to redundancy programs within WD Services
of $5,056, as well as third-party consulting and implementation
costs related to NET Services' LogistiCare Member Experience
initiative of $565. |
|
|
(3) Litigation expense related to defense cost for a putative
stockholder class action derivative complaint, which is more fully
described in the Company's Form 10-Q. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Providence Service
Corporation |
Summary Financial Information of Equity
Investments (1) |
(in thousands) |
(Unaudited) |
|
|
Three months ended June 30, 2017 |
|
|
Matrix Investment |
|
Mission
Providence |
|
Other |
|
Total |
|
Revenue |
$ |
60,852 |
|
|
$ |
10,493 |
|
|
$ |
503 |
|
|
$ |
71,848 |
|
|
Operating expense
(2) |
|
46,783 |
|
|
|
8,809 |
|
|
|
489 |
|
|
|
56,081 |
|
|
Depreciation and
amortization |
|
8,127 |
|
|
|
1,045 |
|
|
|
7 |
|
|
|
9,179 |
|
|
Operating income |
|
5,942 |
|
|
|
639 |
|
|
|
7 |
|
|
|
6,588 |
|
|
|
|
|
|
|
|
|
|
|
Other Expense
(Income) |
|
- |
|
|
|
6 |
|
|
|
(11 |
) |
|
|
(5 |
) |
|
Interest Expense |
|
3,658 |
|
|
|
56 |
|
|
|
- |
|
|
|
3,714 |
|
|
Taxes |
|
665 |
|
|
|
- |
|
|
|
4 |
|
|
|
669 |
|
|
Net
Income |
|
1,619 |
|
|
|
577 |
|
|
|
14 |
|
|
|
2,210 |
|
|
|
|
|
|
|
|
|
|
- |
|
|
Interest |
|
46.8 |
% |
|
|
75.0 |
% |
|
|
50.0 |
% |
|
N/A |
|
Net Income -
Equity Investment |
|
758 |
|
|
|
433 |
|
|
|
7 |
|
|
|
1,198 |
|
|
Management fee and
other (3) |
|
332 |
|
|
|
- |
|
|
|
- |
|
|
|
332 |
|
|
Equity in net
gain of investee |
|
1,090 |
|
|
|
433 |
|
|
|
7 |
|
|
|
1,530 |
|
|
|
|
|
|
|
|
|
|
|
Net Debt (4) |
|
180,183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2016 |
|
|
Matrix
Investment |
|
Mission
Providence |
|
Other |
|
Total |
|
Revenue |
$ |
- |
|
|
$ |
9,708 |
|
|
$ |
- |
|
|
$ |
9,708 |
|
|
Operating expense
(2) |
|
- |
|
|
|
11,511 |
|
|
|
- |
|
|
|
11,511 |
|
|
Depreciation and
amortization |
|
- |
|
|
|
906 |
|
|
|
- |
|
|
|
906 |
|
|
Operating loss |
|
- |
|
|
|
(2,709 |
) |
|
|
- |
|
|
|
(2,709 |
) |
|
|
|
|
|
|
|
|
|
|
Other Income |
|
- |
|
|
|
(215 |
) |
|
|
- |
|
|
|
(215 |
) |
|
Interest Expense |
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
6 |
|
|
Taxes |
|
- |
|
|
|
(555 |
) |
|
|
- |
|
|
|
(555 |
) |
|
Net
Loss |
|
- |
|
|
|
(1,945 |
) |
|
|
- |
|
|
|
(1,945 |
) |
|
|
|
|
|
|
|
|
|
- |
|
|
Interest |
N/A |
|
|
75.0 |
% |
|
N/A |
|
N/A |
|
Net Loss -
Equity Investment |
|
- |
|
|
|
(1,459 |
) |
|
|
- |
|
|
|
(1,459 |
) |
|
Management fee and
other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Equity in net
loss of investee |
|
- |
|
|
|
(1,459 |
) |
|
|
- |
|
|
|
(1,459 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The results of equity method investments are excluded from
the calculation of Providence's Adjusted EBITDA and Adjusted Net
Income. |
(2) Excludes depreciation and amortization. |
(3) Includes amounts relating to management fees due from
Matrix to Providence of $345 and Providence share-based
compensation expense of $13. |
(4) Represents cash of $15,342 and debt of $195,525 on
Matrix's standalone balance sheet as of June 30, 2017. |
|
|
|
|
|
|
|
|
|
The Providence Service
Corporation |
Summary Financial Information of Equity
Investments (1) |
(in thousands) |
(Unaudited) |
|
|
Six months ended June 30, 2017 |
|
|
Matrix Investment |
|
Mission
Providence |
|
Other |
|
Total |
|
Revenue |
$ |
116,707 |
|
|
$ |
19,880 |
|
|
$ |
928 |
|
|
$ |
137,515 |
|
|
Operating expense
(2) |
|
93,597 |
|
|
|
18,998 |
|
|
|
934 |
|
|
|
113,529 |
|
|
Depreciation and
amortization |
|
16,160 |
|
|
|
2,048 |
|
|
|
9 |
|
|
|
18,217 |
|
|
Operating income |
|
6,950 |
|
|
|
(1,166 |
) |
|
|
(15 |
) |
|
|
5,769 |
|
|
|
|
|
|
|
|
|
|
|
Other Expense
(Income) |
|
- |
|
|
|
8 |
|
|
|
(22 |
) |
|
|
(14 |
) |
|
Interest Expense |
|
7,264 |
|
|
|
108 |
|
|
|
- |
|
|
|
7,372 |
|
|
Taxes |
|
(76 |
) |
|
|
1 |
|
|
|
1 |
|
|
|
(74 |
) |
|
Net
Income |
|
(238 |
) |
|
|
(1,283 |
) |
|
|
6 |
|
|
|
(1,515 |
) |
|
|
|
|
|
|
|
|
|
- |
|
|
Interest |
|
46.8 |
% |
|
|
75.0 |
% |
|
|
50.0 |
% |
|
N/A |
|
Net Income -
Equity Investment |
|
(111 |
) |
|
|
(963 |
) |
|
|
3 |
|
|
|
(1,071 |
) |
|
Management fee and
other (3) |
|
541 |
|
|
|
- |
|
|
|
- |
|
|
|
541 |
|
|
Equity in net
gain (loss) of investee |
|
430 |
|
|
|
(963 |
) |
|
|
3 |
|
|
|
(530 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2016 |
|
|
Matrix
Investment |
|
Mission
Providence |
|
Other |
|
Total |
|
Revenue |
$ |
- |
|
|
$ |
17,126 |
|
|
$ |
- |
|
|
$ |
17,126 |
|
|
Operating expense
(2) |
|
- |
|
|
|
23,174 |
|
|
|
- |
|
|
|
23,174 |
|
|
Depreciation and
amortization |
|
- |
|
|
|
1,746 |
|
|
|
- |
|
|
|
1,746 |
|
|
Operating loss |
|
- |
|
|
|
(7,794 |
) |
|
|
- |
|
|
|
(7,794 |
) |
|
|
|
|
|
|
|
|
|
|
Other Income |
|
- |
|
|
|
(401 |
) |
|
|
- |
|
|
|
(401 |
) |
|
Interest Expense |
|
- |
|
|
|
12 |
|
|
|
- |
|
|
|
12 |
|
|
Taxes |
|
- |
|
|
|
(1,837 |
) |
|
|
- |
|
|
|
(1,837 |
) |
|
Net
Loss |
|
- |
|
|
|
(5,568 |
) |
|
|
- |
|
|
|
(5,568 |
) |
|
|
|
|
|
|
|
|
|
- |
|
|
Interest |
N/A |
|
|
75.0 |
% |
|
N/A |
|
N/A |
|
Net Loss -
Equity Investment |
|
- |
|
|
|
(4,176 |
) |
|
|
- |
|
|
|
(4,176 |
) |
|
Management fee and
other |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Equity in net
loss of investee |
|
- |
|
|
|
(4,176 |
) |
|
|
- |
|
|
|
(4,176 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The results of equity method investments are excluded from
the calculation of Providence's Adjusted EBITDA and Adjusted Net
Income. |
(2) Excludes depreciation and amortization. |
(3) Includes amounts relating to management fees due from
Matrix to Providence of $580 and Providence share-based
compensation expense of $39. |
|
|
|
|
|
|
|
|
|
The Providence Service
Corporation |
Reconciliation of Non-GAAP Financial
Measures |
Adjusted EBITDA: Matrix Medical Network
(1) |
(in thousands) |
(Unaudited) |
|
|
|
Three months ended June 30, 2017 |
|
|
|
HA Services Segment |
|
Matrix Investment
(2) |
|
Total Matrix |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
- |
|
$ |
60,852 |
|
$ |
60,852 |
|
Operating
expense (3) |
|
- |
|
|
46,783 |
|
|
46,783 |
|
Depreciation and amortization |
|
- |
|
|
8,127 |
|
|
8,127 |
|
Operating
income |
|
- |
|
|
5,942 |
|
|
5,942 |
|
|
|
|
|
|
Other
expense |
|
- |
|
|
- |
|
|
- |
|
Interest
expense |
|
- |
|
|
3,658 |
|
|
3,658 |
|
Taxes |
|
|
- |
|
|
665 |
|
|
665 |
|
Net
income |
|
- |
|
|
1,619 |
|
|
1,619 |
|
|
|
|
|
|
Depreciation and amortization |
|
- |
|
|
8,127 |
|
|
8,127 |
|
Interest
expense |
|
- |
|
|
3,658 |
|
|
3,658 |
|
Taxes |
|
|
- |
|
|
665 |
|
|
665 |
|
EBITDA |
|
|
- |
|
|
14,069 |
|
|
14,069 |
|
Matrix
management transaction bonuses |
|
- |
|
|
503 |
|
|
503 |
|
Management
fees |
|
- |
|
|
738 |
|
|
738 |
|
Transaction
costs |
|
- |
|
|
20 |
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
- |
|
$ |
15,330 |
|
$ |
15,330 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, 2016 |
|
|
|
HA Services Segment
(4) |
Matrix
Investment |
Total Matrix |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
52,272 |
|
$ |
- |
|
$ |
52,272 |
|
Operating
expense (3) |
|
37,625 |
|
|
- |
|
|
37,625 |
|
Depreciation and amortization |
|
7,965 |
|
|
- |
|
|
7,965 |
|
Operating
income |
|
6,682 |
|
|
- |
|
|
6,682 |
|
|
|
|
|
|
Interest
expense |
|
3,029 |
|
|
- |
|
|
3,029 |
|
Taxes |
|
|
1,283 |
|
|
- |
|
|
1,283 |
|
Net
income |
|
2,370 |
|
|
- |
|
|
2,370 |
|
|
|
|
|
|
Depreciation and amortization |
|
7,965 |
|
|
- |
|
|
7,965 |
|
Interest
expense |
|
3,029 |
|
|
- |
|
|
3,029 |
|
Taxes |
|
|
1,283 |
|
|
- |
|
|
1,283 |
|
EBITDA |
|
|
14,647 |
|
|
- |
|
|
14,647 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
14,647 |
|
$ |
- |
|
$ |
14,647 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Matrix's Adjusted EBITDA is not included within
Providence's Adjusted EBITDA in any period presented. |
(2) Represents Matrix's results of operation from April 1,
2017 to June 30, 2017. Providence accounts for its
proportionate share of Matrix's results during this time period
using the equity method. |
(3) Excludes depreciation and amortization. |
(4) Represents Matrix's results of operations from April 1,
2016 to June 30, 2016. These results are included within
Discontinued Operations on the Company's consolidated financial
statements. |
|
The Providence Service
Corporation |
Reconciliation of Non-GAAP Financial
Measures |
Adjusted EBITDA: Matrix Medical Network
(1) |
(in thousands) |
(Unaudited) |
|
|
|
Six months ended June 30, 2017 |
|
|
|
HA Services Segment |
|
Matrix Investment
(2) |
|
|
Total Matrix |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
- |
|
$ |
116,707 |
|
|
$ |
116,707 |
|
Operating
expense (3) |
|
- |
|
|
93,597 |
|
|
|
93,597 |
|
Depreciation and amortization |
|
- |
|
|
16,160 |
|
|
|
16,160 |
|
Operating
income |
|
- |
|
|
6,950 |
|
|
|
6,950 |
|
|
|
|
|
|
Other
expense |
|
- |
|
|
- |
|
|
|
- |
|
Interest
expense |
|
- |
|
|
7,264 |
|
|
|
7,264 |
|
Taxes |
|
|
- |
|
|
(76 |
) |
|
|
(76 |
) |
Net
loss |
|
|
- |
|
|
(238 |
) |
|
|
(238 |
) |
|
|
|
|
|
Depreciation and amortization |
|
- |
|
|
16,160 |
|
|
|
16,160 |
|
Interest
expense |
|
- |
|
|
7,264 |
|
|
|
7,264 |
|
Taxes |
|
|
- |
|
|
(76 |
) |
|
|
(76 |
) |
EBITDA |
|
|
- |
|
|
23,110 |
|
|
|
23,110 |
|
Matrix
management transaction bonuses |
|
- |
|
|
2,667 |
|
|
|
2,667 |
|
Management
fees |
|
- |
|
|
1,241 |
|
|
|
1,241 |
|
Transaction
costs |
|
- |
|
|
851 |
|
|
|
851 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
- |
|
$ |
27,869 |
|
|
$ |
27,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2016 |
|
|
|
HA Services Segment
(4) |
Matrix
Investment |
|
|
Total Matrix |
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
$ |
102,864 |
|
$ |
- |
|
|
$ |
102,864 |
|
Operating
expense (3) |
|
76,071 |
|
|
- |
|
|
|
76,071 |
|
Depreciation and amortization |
|
15,762 |
|
|
- |
|
|
|
15,762 |
|
Operating
income |
|
11,031 |
|
|
- |
|
|
|
11,031 |
|
|
|
|
|
|
Interest
expense |
|
6,170 |
|
|
- |
|
|
|
6,170 |
|
Taxes |
|
|
1,738 |
|
|
- |
|
|
|
1,738 |
|
Net
income |
|
3,123 |
|
|
- |
|
|
|
3,123 |
|
|
|
|
|
|
Depreciation and amortization |
|
15,762 |
|
|
- |
|
|
|
15,762 |
|
Interest
expense |
|
6,170 |
|
|
- |
|
|
|
6,170 |
|
Taxes |
|
|
1,738 |
|
|
- |
|
|
|
1,738 |
|
EBITDA |
|
|
26,793 |
|
|
- |
|
|
|
26,793 |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
26,793 |
|
$ |
- |
|
|
$ |
26,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Matrix's Adjusted EBITDA is not included within
Providence's Adjusted EBITDA in any period presented. |
(2) Represents Matrix's results of operation from January 1,
2017 to June 30, 2017. Providence accounts for its
proportionate share of Matrix's results during this time period
using the equity method. |
(3) Excludes depreciation and amortization. |
(4) Represents Matrix's results of operations from January 1,
2016 to June 30, 2016. These results are included within
Discontinued Operations on the Company's consolidated financial
statements. |
|
The Providence Service
Corporation |
Reconciliation of Non-GAAP Financial
Measures |
Adjusted EBITDA: Mission Providence
(1) |
(in thousands) |
(Unaudited) |
|
|
|
|
|
Three months ended June
30, |
|
Six months ended June 30, |
|
|
|
|
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
|
$ |
10,493 |
|
$ |
9,708 |
|
|
$ |
19,880 |
|
|
$ |
17,126 |
|
Operating
expense |
|
|
|
8,809 |
|
|
11,511 |
|
|
|
18,998 |
|
|
|
23,174 |
|
Depreciation and amortization |
|
|
1,045 |
|
|
906 |
|
|
|
2,048 |
|
|
|
1,746 |
|
Operating
loss |
|
|
|
639 |
|
|
(2,709 |
) |
|
|
(1,166 |
) |
|
|
(7,794 |
) |
|
|
|
|
|
|
|
|
|
Other
expense (income) |
|
|
6 |
|
|
(215 |
) |
|
|
8 |
|
|
|
(401 |
) |
Interest
expense |
|
|
|
56 |
|
|
6 |
|
|
|
108 |
|
|
|
12 |
|
Taxes |
|
|
|
|
- |
|
|
(555 |
) |
|
|
1 |
|
|
|
(1,837 |
) |
Net
loss |
|
|
|
|
577 |
|
|
(1,945 |
) |
|
|
(1,283 |
) |
|
|
(5,568 |
) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
1,045 |
|
|
906 |
|
|
|
2,048 |
|
|
|
1,746 |
|
Interest
expense |
|
|
|
56 |
|
|
6 |
|
|
|
108 |
|
|
|
12 |
|
Taxes |
|
|
|
|
- |
|
|
(555 |
) |
|
|
1 |
|
|
|
(1,837 |
) |
EBITDA |
|
|
|
|
1,678 |
|
|
(1,588 |
) |
|
|
874 |
|
|
|
(5,647 |
) |
|
|
|
|
|
|
|
|
|
Restructuring and related charges (2) |
|
251 |
|
|
- |
|
|
|
1,314 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
|
$ |
1,929 |
|
$ |
(1,588 |
) |
|
$ |
2,188 |
|
|
$ |
(5,647 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Mission Providence's Adjusted EBITDA is not included
within Providence's Adjusted EBITDA in any period presented. |
|
(2) Restructuring and related charges include employee
separation costs related to redundancy programs of $41 and $772 as
well as third-party consulting and implementation costs of $210 and
$542 for the three and six months ended June 30, 2017,
respectively. |
The Providence Service
Corporation |
Reconciliation of Non-GAAP Financial
Measures |
Adjusted Net Income and Adjusted Net Income
per Common Share: |
(in thousands, except share and per share data) |
(Unaudited) |
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations, net of tax |
$ |
3,858 |
|
|
$ |
1,625 |
|
|
$ |
5,773 |
|
|
$ |
3,000 |
|
|
Net loss (income) attributable to noncontrolling
interests |
|
174 |
|
|
|
628 |
|
|
|
(200 |
) |
|
|
735 |
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and related charges (1) |
|
1,900 |
|
|
|
4,230 |
|
|
|
4,255 |
|
|
|
5,621 |
|
|
Equity in net (gain) loss of investees |
|
(1,530 |
) |
|
|
1,459 |
|
|
|
530 |
|
|
|
4,176 |
|
|
Foreign currency transactions |
|
463 |
|
|
|
(775 |
) |
|
|
400 |
|
|
|
(850 |
) |
|
Intangible amortization expense |
|
1,960 |
|
|
|
2,270 |
|
|
|
3,924 |
|
|
|
4,537 |
|
|
Litigation expense (2) |
|
143 |
|
|
|
78 |
|
|
|
286 |
|
|
|
184 |
|
|
Impact of adjustments on noncontrolling interests |
|
(5 |
) |
|
|
(316 |
) |
|
|
(23 |
) |
|
|
(423 |
) |
|
Tax effected impact of adjustments |
|
(868 |
) |
|
|
(815 |
) |
|
|
(2,237 |
) |
|
|
(1,528 |
) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income |
|
6,095 |
|
|
|
8,384 |
|
|
|
12,708 |
|
|
|
15,452 |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on convertible preferred stock |
|
(1,102 |
) |
|
|
(1,099 |
) |
|
|
(2,191 |
) |
|
|
(2,198 |
) |
|
Income allocated to participating securities |
|
(646 |
) |
|
|
(868 |
) |
|
|
(1,354 |
) |
|
|
(1,572 |
) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income available to common
stockholders |
$ |
4,347 |
|
|
$ |
6,417 |
|
|
$ |
9,163 |
|
|
$ |
11,682 |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EPS |
$ |
0.32 |
|
|
$ |
0.43 |
|
|
$ |
0.67 |
|
|
$ |
0.77 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted weighted-average number of common shares
outstanding |
|
|
|
|
|
|
|
|
outstanding |
|
13,607,576 |
|
|
|
15,019,312 |
|
|
|
13,687,183 |
|
|
|
15,098,945 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Restructuring and related charges are comprised of
employee separation costs, NET Services chief executive officer
search fees, as well as third-party consulting and implementation
costs related to WD Services' Ingeus Futures initiative and NET
Services' LogistiCare Member Experience initiative. See the
above Segment Information and Adjusted EBITDA tables for a detailed
breakdown of the restructuring and related charges for each time
period presented. |
|
(2) Litigation expense related to defense cost for a putative
stockholder class action derivative complaint, which is more fully
described in the Company's Form 10-Q. |
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact
David Shackelton – Chief Financial Officer
(203) 307-2800
Providence Service (NASDAQ:PRSC)
Historical Stock Chart
From Apr 2024 to May 2024
Providence Service (NASDAQ:PRSC)
Historical Stock Chart
From May 2023 to May 2024