TUCSON, Ariz., March 16, 2015 /PRNewswire/ -- The
Providence Service Corporation (Nasdaq: PRSC) today announced its
financial results for the fourth quarter and year ended
December 31, 2014. Included in
the results are the acquired operations of Ingeus and Matrix
Medical Network from May 31, 2014 and
October 24, 2014,
respectively.
Fourth Quarter 2014 Results
For the fourth quarter of
2014, the Company reported consolidated revenue of $453.6 million, an increase of 63.8% from
$276.8 million in the comparable
period of 2013. This included $117.6
million of revenue contributed by Ingeus and Matrix.
Excluding this revenue from acquired businesses, consolidated
revenue was $336.0 million, an
increase of 21.4% from the year ago period.
General and administrative (G&A) expense as a percentage of
revenue decreased to 1.9% in the fourth quarter of 2014 from 4.5%
in fourth quarter of 2013. Fourth quarter 2014 G&A
benefited from a $16.3 million
reversal in the fair value of contingent consideration payable to
the sellers of certain of our acquisitions and included
$6.8 million in acquisition and
financing costs.
Fourth quarter 2014 results also included a $6.9 million asset impairment charge, a
$1.5 million expense related to the
amortization of the fair value of restricted stock awards issued in
connection with the acquisition of Ingeus, $1.0 million related to integration and
restructuring charges, and $4.5
million of financing fees related to the bridge financing
commitment that were deferred and recognized in interest
expense.
Adjusted EBITDA (non-GAAP) for the fourth quarter of 2014 was
$27.5 million compared to
$11.1 million in the same period last
year. A reconciliation of net income to EBITDA and Adjusted
EBITDA is presented below.
The Company reported net income of $7.1
million, or $0.45 per diluted
share, in the fourth quarter of 2014 compared to net income of
$3.4 million, or $0.24 per diluted share, in the prior year
period.
Full-Year 2014 Results
For the full year of 2014, the
Company reported consolidated revenue of $1.5 billion, an increase of 31.9% from
$1.1 billion in 2013. This
included $222.6 million of revenue
contributed by Ingeus and Matrix. Excluding this revenue from
acquired businesses, consolidated revenue was $1.3 billion, an increase of 12.1% from the year
ago period.
General and administrative expense as a percentage of revenue
remained constant at 4.3% in 2014 and 2013. 2014 G&A was
positively impacted by a $16.3
million reversal in the fair value of contingent
consideration payable to the sellers of certain of our acquisitions
and included $14.8 million in
acquisition and financing costs.
2014 results also included a $6.9
million asset impairment charge, a $3.4 million expense related to the amortization
of the fair value of restricted stock awards issued in connection
with the acquisition of Ingeus, $2.8
million related to integration and restructuring charges,
and $4.5 million of financing fees
related to the bridge financing commitment that were deferred and
recognized in interest
expense.
Adjusted EBITDA (non-GAAP) for 2014 was $84.0 million, an increase of 51.9% from
$55.3 million last year. A
reconciliation of net income to EBITDA and Adjusted EBITDA is
presented below.
Net income was $20.3 million, or
$1.35 per diluted share, in 2014,
compared to $19.4 million, or
$1.41 per diluted share, in
2013.
Warren Rustand, Chief Executive
Officer, stated, "With solid organic growth and profitability, and
the completion of two significant strategic acquisitions in 2014,
we have assembled a portfolio of businesses that span the
healthcare and social service continuum and diversify our profit
stream. In 2015, we expect to focus on disciplined growth,
providing unique solutions to our clients and increasing our
investment in our verticals in order to pursue our goal of creating
long term intrinsic value for our shareholders. More
specifically, in 2015 we will be increasing capital expenditures to
$35 to $45 million, led by
investments in the scalable areas of our businesses, in order to
drive top line growth and operational efficiency. Finally, we
also intend to invest significant capital in Ingeus in order to
support the standing up of new contracts that we expect to create
long term value for our shareholders."
Segment Results
For analysis purposes, net sales,
costs of services and operating income on a comparable basis are
provided for Providence's four
segments for the three month and twelve month periods ended
December 31, 2014, or alternatively
for the periods that Providence
owned the segment. All segment results include an allocation
of Providence Service Corporation corporate overhead costs.
As a result, the operating income of all segments is impacted by
increases in general and administrative expenses due to
acquisition, financing, integration, and restructuring related
costs that are recorded at corporate.
Non-emergency Transportation (NET) Services
Revenue
from Providence's NET Services
segment increased 30.3% to $243.9
million in the fourth quarter from $187.2 million in the prior year period.
NET Services expenses were $222.3
million in the fourth quarter, or 91.2% of NET Services
revenue compared to expenses of $173.8
million or 92.8% of NET Services revenue in the fourth
quarter of 2013. NET Services operating income increased
85.2% to $14.3 million in the fourth
quarter from $7.7 million in the
prior year period. NET Services operating income in the
fourth quarter included the allocation from corporate of
approximately $1.4 million in
acquisition, financing, integration, and restructuring costs.
NET Services revenue grew 14.8% to $884.3
million in 2014 from $770.2
million in the prior year. NET Services expenses were
$800.2 million in 2014, or 90.5% of
NET Services revenue, compared to $710.4
million, or 92.2% of NET Services revenue, in 2013 due
primarily to lower utilization of transportation services than
historical trends. NET Services operating income increased
49.5% to $56.8 million in 2014 from
$38.0 million in 2013. NET
Services operating income for the year was burdened by the
allocation from corporate of approximately $3.7 million in acquisition, financing,
integration, and restructuring costs.
NET Services revenue was favorably impacted by new contracts and
expansion in certain markets, while the cost of transportation as a
percentage of non-emergency transportation services revenue
decreased due primarily to lower utilization of transportation
services than historical trends.
Human Services
Revenue
from the Human Services segment increased 2.8% to $92.1 million from $89.6
million in the fourth quarter of 2013. Client service
expense was $83.9 million in the
fourth quarter of 2014, or 91.1% of Human Services revenue,
compared to $80.9 million, or 90.3% of revenue in 2013.
Human Services operating loss was $8.5
million in the fourth quarter compared to a loss of
$1.6 million in the prior year
period. Human Services operating loss in the fourth quarter
included the allocation from corporate of approximately
$2.7 million in acquisition,
financing, integration, and restructuring costs as well as an asset
impairment charge of $6.9
million.
Human Services revenue increased 6.2% to $374.2 million in 2014 from $352.4 million in 2013. Client service
expense was $343.3 million in 2014,
or 91.7% of Human Services revenue compared $309.6 million, or 87.9% of revenue in
2013. Human Services operating income decreased to a loss of
$19.6 million in 2014 from income of
$0.6 million in 2013. Human
Services operating loss for the year included the allocation from
corporate of approximately $7.7
million in acquisition, financing, integration, and
restructuring costs as well as an asset impairment charge of
$6.9 million. In addition,
Human Services results for the year were negatively impacted by
litigation charges of $1.4 million
related to our Nevada
operations. This litigation charge has not been included as
an adjustment in our presentation of Adjusted EBITDA.
Our Human Services revenue benefited from new and expanded
contracts, including the Texas
foster care contract that began in 2013, as well as two small
tuck-in acquisitions. Higher than expected expenses in our
Texas foster care contract, which
contributed to $3.8 million of losses
in operating income in 2014, led us to exit this contract in
2014.
Workforce Development (WD) Services
WD Services revenue was $74.3
million in the fourth quarter and relates entirely to the
Ingeus business that was acquired May
30, 2014. WD Service expense was $69.0 million in the quarter, or 92.9% of WD
revenue. WD Services operating income was $10.0 million in the fourth quarter of 2014 and
included a $1.5 million expense
related to the amortization of the fair value of restricted stock
awards issued in connection with the acquisition of Ingeus.
WD Services operating income for the quarter also included the
allocation from corporate of approximately $1.5 million in acquisition, financing,
integration, and restructuring costs as well as a benefit of
$16.1 million related to the
reduction in contingent consideration liabilities.
WD Services revenue was $179.3
million for 2014. WD Services expense was $160.2 million in 2014, or 89.3% of WD
revenue. WD Services operating income was $6.0 million in 2014 and included a $3.4 million expense related to the amortization
of the fair value of restricted stock awards issued in connection
with the acquisition of Ingeus. WD Services operating income
for the year also included the allocation from corporate of
approximately $4.0 million in
acquisition, financing, integration, and restructuring costs as
well as a benefit of $16.1 million
related to the reduction in contingent consideration
liabilities. Our WD Services operating results fluctuate from
period to period based upon contract milestones and start-up costs
associated with new contracts.
Health Assessment (HA) Services
HA Services revenue, primarily derived from providing
comprehensive health assessments, was $43.3
million for the fourth quarter and full year period and was
comprised of revenue from Matrix, acquired on October 23, 2014. HA Service expense was
$35.2 million, or 81.2% of HA
Services revenue. HA Services operating loss was $0.9 million in the fourth quarter and full year
of 2014. HA Services operating loss in the fourth quarter and
full year included the allocation from corporate of approximately
$2.2 million in acquisition,
financing, integration, and restructuring costs.
Goodwill Impairment and Changes in Acquisition Related Fair
Value Measurements
In conjunction with our annual review of goodwill impairment as
of December 31, 2014, we performed an
impairment analysis and determined that goodwill was impaired for
two of our Human Services segment reporting units. The
goodwill impairment in the Maple Star reporting unit was
attributable to declines in forecasted referrals, leading to a
decline in projected future cash flows of the entity. We recorded
an impairment charge of $3.8 million
related to the Maple Star reporting unit. The impairment for
the second reporting unit was attributable to lower than expected
performance during 2014 in the Providence of Idaho reporting unit, as well as lower than
expected projections in future years. An impairment charge of
$2.8 million was recorded related to
the Providence of Idaho reporting unit.
The Company periodically reviews the fair value measurement of
contingent consideration related to certain acquisitions, as the
Company may be required to pay additional consideration based on
the achievement of certain earnings targets. Acquisition-related
contingent consideration was initially measured and recorded at
fair value as an element of consideration paid in connection with
the acquisition. Subsequent changes in the estimated fair value of
the contingent consideration that relate to events occurring
subsequent to the date of the acquisition are recorded in operating
income over the period in which the obligation is expected to be
settled. As previously mentioned, the Company recorded a gain of
$16.3 million within 2014 G&A
expense due to a decline in the estimated fair value of contingent
consideration. We anticipate periodic reviews of this fair
value measurement and may experience increases or decreases in the
measurement as our outlook changes. We anticipate that this
outlook will be impacted by the anticipated performance of
significant projects, which we continuously evaluate, particularly
as they emerge from their start-up phases.
Conference Call
Providence will hold a
conference call at 11:00 a.m. EDT
(8:00 a.m. PDT/MST) Tuesday, March 17, 2015 to discuss its financial
results and corporate developments. Interested parties are invited
to listen to the call live over the Internet at
http://investor.provcorp.com. The call is also available by
dialing (877) 415-3183, or for international callers (857)
244-7326, and by using the passcode 18601508. A replay of the
teleconference will be available on http://investor.provcorp.com. A
replay will also be available until March
24, 2015 by dialing (888) 286-8010 or (617) 801-6888 and
using passcode 52088848.
About Providence
Providence is a Tucson, Arizona-based company that provides
and manages government sponsored human services, innovative global
employment services, comprehensive health assessment and care
management services, and non-emergency transportation
services. It offers: (1) non-emergency transportation
management services to state Medicaid programs, local government
agencies, hospital systems, health maintenance organizations,
private managed care organizations and commercial insurers, as well
as to individuals with limited mobility, people with limited means
of transportation, people with disabilities and Medicaid members
(2) home- and community-based counseling services, which include
home-based and intensive home-based counseling, workforce
development, substance abuse treatment services, school support
services and correctional services; (3) foster care and therapeutic
foster care services; (4) case management, referral and monitoring
services; (5) social improvement, employment and welfare services
to various international government bodies and corporations; and
(6) in-home comprehensive health assessment and care management
services primarily to Medicare Advantage programs.
Providence is unique in that it
provides and manages its human services primarily in the client's
own home or in community based settings, rather than in hospitals
or treatment facilities and provides its non-emergency
transportation services clients through local transportation
providers rather than an owned fleet of vehicles.
Non-GAAP Presentation
In addition to the financial results prepared in accordance with
US generally accepted accounting principles (GAAP) provided
throughout this press release, the Company has provided EBITDA and
Adjusted EBITDA, non-GAAP measurements. Providence's management utilizes these
non-GAAP measurements as a means to measure overall operating
performance and to better compare current operating results with
other companies within its industry. Details of the excluded
items and a reconciliation of the non-GAAP financial measures to
the most comparable GAAP financial measure are presented in the
table below. The non-GAAP measures do not replace the presentation
of our GAAP financial results. The Company has provided this
supplemental non-GAAP information because the Company believes it
provides meaningful comparisons of the results of Providence's operations for the periods
presented in this press release. The non-GAAP measures are not in
accordance with, or an alternative for, GAAP and may be different
from non-GAAP measures used by some other companies.
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 the healthcare reform law, state
budget changes and legislation and other risks detailed in
Providence's filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended December
31, 2014. 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
|
Consolidated
Statements of Income
|
(in thousands except
share and per share data)
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
Service
revenue
|
|
453,596
|
|
276,845
|
|
1,481,171
|
|
1,122,682
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Service
expense
|
|
410,383
|
|
254,694
|
|
1,338,793
|
|
1,020,051
|
General and
administrative expense
|
|
8,692
|
|
12,368
|
|
63,635
|
|
48,633
|
Depreciation
and amortization
|
|
12,583
|
|
3,683
|
|
29,488
|
|
14,872
|
Asset
impairment charge
|
|
6,915
|
|
-
|
|
6,915
|
|
492
|
Total operating
expenses
|
|
438,573
|
|
270,745
|
|
1,438,831
|
|
1,084,048
|
Operating
income
|
|
15,023
|
|
6,100
|
|
42,340
|
|
38,634
|
|
|
|
|
|
|
|
|
|
Other (income)
expense:
|
|
|
|
|
|
|
|
|
Interest
expense, net
|
|
10,380
|
|
1,578
|
|
14,600
|
|
6,894
|
Loss(Gain) on
foreign currency translation
|
|
26
|
|
-
|
|
(37)
|
|
-
|
Loss on
extinguishment of debt
|
|
-
|
|
-
|
|
-
|
|
525
|
Income before income
taxes
|
|
4,617
|
|
4,522
|
|
27,777
|
|
31,215
|
Provision for income
taxes
|
|
(2,433)
|
|
1,165
|
|
7,502
|
|
11,777
|
Net
income
|
|
$
7,050
|
|
$ 3,357
|
|
$ 20,275
|
|
$
19,438
|
|
|
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
0.46
|
|
$
0.24
|
|
$
1.37
|
|
$
1.44
|
Diluted
|
|
$
0.45
|
|
$
0.24
|
|
$
1.35
|
|
$
1.41
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of common shares
|
|
|
|
|
|
|
|
|
outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
|
15,379,414
|
|
13,763,037
|
|
14,765,303
|
|
13,499,885
|
Diluted
|
|
15,573,109
|
|
14,121,956
|
|
15,018,561
|
|
13,809,874
|
|
The Providence
Service Corporation
|
|
Consolidated
Balance Sheets
|
|
(in thousands except
share and per share data)
|
|
(UNAUDITED)
|
|
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ 160,406
|
|
$ 98,995
|
|
Accounts receivable, net of allowance of
|
|
|
|
|
|
$6,034 in 2014 and
$4,218 in 2013
|
|
151,344
|
|
88,315
|
|
Other receivables
|
|
6,866
|
|
6,607
|
|
Prepaid expenses and other
|
|
46,157
|
|
11,831
|
|
Restricted cash
|
|
3,807
|
|
3,772
|
|
Deferred tax assets
|
|
6,066
|
|
2,152
|
|
Total current
assets
|
|
374,646
|
|
211,672
|
|
Property and
equipment, net
|
|
57,148
|
|
32,709
|
|
Goodwill
|
|
355,641
|
|
113,263
|
|
Intangible assets,
net
|
|
340,673
|
|
43,476
|
|
Other
assets
|
|
22,373
|
|
11,681
|
|
Restricted cash, less
current portion
|
|
14,764
|
|
11,957
|
|
Total
assets
|
|
$ 1,165,245
|
|
$ 424,758
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Current portion of long-term obligations
|
|
$ 25,188
|
|
$ 48,250
|
|
Note payable to related party
|
|
65,500
|
|
-
|
|
Accounts payable
|
|
48,061
|
|
3,904
|
|
Accrued expenses
|
|
121,857
|
|
52,484
|
|
Accrued transportation costs
|
|
55,492
|
|
54,962
|
|
Deferred revenue
|
|
12,245
|
|
3,687
|
|
Reinsurance liability reserve
|
|
11,115
|
|
10,778
|
|
Total current
liabilities
|
|
339,458
|
|
174,065
|
|
Long-term
obligations, less current portion
|
|
484,525
|
|
75,250
|
|
Other long-term
liabilities
|
|
26,609
|
|
15,359
|
|
Deferred tax
liabilities
|
|
93,239
|
|
9,447
|
|
Total
liabilities
|
|
943,831
|
|
274,121
|
|
Commitments and
contingencies
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
Common stock: authorized 40,000,000 shares; $0.001 par
|
|
|
|
|
|
value;
16,807,285 and 14,477,312 issued and outstanding
|
|
|
|
|
|
(including
treasury shares)
|
|
17
|
|
14
|
|
Additional paid-in capital
|
|
261,155
|
|
194,363
|
|
Accumulated deficit
|
|
(13,366)
|
|
(33,641)
|
|
Accumulated other comprehensive loss, net of tax
|
|
(8,756)
|
|
(1,419)
|
|
Treasury shares, at cost, 1,014,108 and 956,442 shares
|
|
(17,686)
|
|
(15,641)
|
|
Total
Providence stockholders' equity
|
|
221,364
|
|
143,676
|
|
Non-controlling
interest
|
|
50
|
|
6,961
|
|
Total stockholders'
equity
|
|
221,414
|
|
150,637
|
|
Total liabilities and
stockholders' equity
|
|
$ 1,165,245
|
|
$ 424,758
|
|
|
|
|
|
|
|
The Providence
Service Corporation
|
|
Consolidated
Statements of Cash Flows
|
|
(in
thousands)
|
|
(Unaudited)
|
|
|
|
Year
ended
|
|
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
Operating
activities
|
|
|
|
|
|
Net income
|
|
$ 20,275
|
|
$ 19,438
|
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
|
provided by
operating activities:
|
|
|
|
|
|
Depreciation
|
|
14,051
|
|
7,738
|
|
Amortization
|
|
15,437
|
|
7,134
|
|
Provision for
doubtful accounts
|
|
2,589
|
|
3,245
|
|
Stock based
compensation
|
|
7,562
|
|
3,079
|
|
Deferred
income taxes
|
|
(5,208)
|
|
(3,282)
|
|
Amortization
of deferred financing costs
|
|
5,561
|
|
960
|
|
Loss on
extinguishment of debt
|
|
-
|
|
525
|
|
Excess tax
benefit upon exercise of stock options
|
|
(2,722)
|
|
(1,120)
|
|
Gains on
remeasurement of contingent consideration
|
|
(16,314)
|
|
-
|
|
Asset
impairment charge
|
|
6,915
|
|
492
|
|
Other non-cash
charges
|
|
3,088
|
|
364
|
|
Changes in
operating assets and liabilities, net of effects
|
|
|
|
|
|
of
acquisitions:
|
|
|
|
|
|
Accounts receivable
|
|
(17,208)
|
|
7,186
|
|
Other receivables
|
|
327
|
|
1,199
|
|
Restricted cash
|
|
266
|
|
(141)
|
|
Prepaid expenses and other
|
|
(7,954)
|
|
(856)
|
|
Reinsurance liability reserve
|
|
3,761
|
|
(19)
|
|
Accounts payable and accrued expenses
|
|
28,483
|
|
18,863
|
|
Accrued transportation costs
|
|
530
|
|
(6,354)
|
|
Deferred revenue
|
|
(3,454)
|
|
(3,366)
|
|
Other long-term liabilities
|
|
(790)
|
|
152
|
|
Net cash provided by
operating activities
|
|
55,195
|
|
55,237
|
|
Investing
activities
|
|
|
|
|
|
Acquisitions, net of
cash acquired
|
|
(416,986)
|
|
(989)
|
|
Purchase of property
and equipment
|
|
(23,242)
|
|
(10,183)
|
|
Net increase in
short-term investments
|
|
(19)
|
|
177
|
|
Restricted cash for
reinsured claims losses
|
|
(3,108)
|
|
(2,848)
|
|
Net cash used in
investing activities
|
|
(443,355)
|
|
(13,843)
|
|
Financing
activities
|
|
|
|
|
|
Repurchase of common
stock, for treasury
|
|
(524)
|
|
(547)
|
|
Proceeds from common
stock issued pursuant to stock
|
|
|
|
|
|
option
exercise
|
|
11,019
|
|
10,069
|
|
Excess tax benefit
upon exercise of stock options
|
|
2,722
|
|
1,120
|
|
Proceeds from
long-term debt
|
|
501,200
|
|
76,000
|
|
Repayment of
long-term debt
|
|
(48,625)
|
|
(82,500)
|
|
Debt financing
costs
|
|
(12,769)
|
|
(2,082)
|
|
Capital lease
payments
|
|
73
|
|
(9)
|
|
Net cash provided by
financing activities
|
|
453,096
|
|
2,051
|
|
Effect of exchange
rate changes on cash
|
|
(3,525)
|
|
(313)
|
|
Net change in
cash
|
|
61,411
|
|
43,132
|
|
Cash at beginning of
period
|
|
98,995
|
|
55,863
|
|
Cash at end of
period
|
|
$ 160,406
|
|
$ 98,995
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Providence
Service Corporation
|
|
Reconciliation of
Non-GAAP Financial Measures
|
|
Adjusted
EBITDA
|
|
(in
thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
|
|
Year
ended
|
|
|
|
December
31,
|
|
December
31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$
7,050
|
|
$
3,357
|
|
$ 20,275
|
|
$ 19,438
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
10,380
|
|
1,578
|
|
14,600
|
|
6,894
|
|
Provision for income
taxes
|
(2,433)
|
|
1,165
|
|
7,502
|
|
11,777
|
|
Depreciation and
amortization
|
12,583
|
|
3,683
|
|
29,488
|
|
14,872
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
27,580
|
|
9,783
|
|
71,865
|
|
52,981
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related
costs
|
3,827
|
|
-
|
|
11,838
|
|
-
|
|
Integration and
restructuring charges
|
1,024
|
|
-
|
|
2,785
|
|
-
|
|
General and
administrative financing costs
|
2,971
|
|
-
|
|
2,971
|
|
-
|
|
Ingeus acquisition
related equity compensation
|
1,502
|
|
-
|
|
3,426
|
|
-
|
|
Loss(Gain) on foreign
currency translation
|
26
|
|
-
|
|
(37)
|
|
-
|
|
Contingent
consideration adjustments
|
(16,314)
|
|
-
|
|
(16,314)
|
|
-
|
|
Asset impairment
charge
|
6,915
|
|
-
|
|
6,915
|
|
492
|
|
Payments related to
retirement and
|
|
|
|
|
|
|
|
|
termination of
executive officers
|
-
|
|
1,277
|
|
511
|
|
1,277
|
|
Loss on
extinguishment of debt
|
-
|
|
-
|
|
-
|
|
525
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 27,531
|
|
$ 11,060
|
|
$ 83,960
|
|
$ 55,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Providence
Service Corporation
Segment
Information
|
(in
thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter
ended December 31, 2014
|
|
|
NET
|
|
Human
|
|
WD
|
|
HA
|
|
|
|
Consolidated
|
|
|
Services
|
|
Services
|
|
Services
|
|
Services
|
|
Corporate
(a)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 243,859
|
|
$
92,111
|
|
$
74,295
|
|
$
43,331
|
|
$
-
|
|
$
453,596
|
Depreciation and
amortization
|
|
2,147
|
|
1,975
|
|
2,842
|
|
5,619
|
|
-
|
|
12,583
|
Operating
income
|
|
14,338
|
|
(8,499)
|
|
10,041
|
|
(857)
|
|
-
|
|
15,023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the quarter
ended December 31, 2013
|
|
|
NET
|
|
Human
|
|
WD
|
|
HA
|
|
|
|
Consolidated
|
|
|
Services
|
|
Services
|
|
Services
|
|
Services
|
|
Corporate
(a)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 187,218
|
|
$
89,627
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$
276,845
|
Depreciation and
amortization
|
|
1,861
|
|
1,822
|
|
-
|
|
-
|
|
-
|
|
3,683
|
Operating
income
|
|
7,741
|
|
(1,641)
|
|
-
|
|
-
|
|
-
|
|
6,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended
December 31, 2014
|
|
|
NET
|
|
Human
|
|
WD
|
|
HA
|
|
|
|
Consolidated
|
|
|
Services
|
|
Services
|
|
Services
|
|
Services
|
|
Corporate
(a)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 884,287
|
|
$
374,245
|
|
$
179,308
|
|
$
43,331
|
|
$
-
|
|
$ 1,481,171
|
Depreciation and
amortization
|
|
7,699
|
|
8,268
|
|
7,902
|
|
5,619
|
|
-
|
|
29,488
|
Operating
income
|
|
56,804
|
|
(19,597)
|
|
5,990
|
|
(857)
|
|
-
|
|
42,340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the year ended
December 31, 2013
|
|
|
NET
|
|
Human
|
|
WD
|
|
HA
|
|
|
|
Consolidated
|
|
|
Services
|
|
Services
|
|
Services
|
|
Services
|
|
Corporate
(a)
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$ 770,246
|
|
$
352,436
|
|
$
-
|
|
$
-
|
|
$
-
|
|
$ 1,122,682
|
Depreciation and
amortization
|
|
7,725
|
|
7,147
|
|
-
|
|
-
|
|
-
|
|
14,872
|
Operating
income
|
|
37,994
|
|
640
|
|
-
|
|
-
|
|
-
|
|
38,634
|
|
|
|
|
|
|
-
|
|
-
|
|
|
|
|
(a) Corporate costs
have been allocated to the four operating segments.
|
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/providence-service-corporation-reports-2014-results-300051313.html
SOURCE The Providence Service Corporation