TUCSON, Ariz., May 11, 2015 /PRNewswire/ -- The Providence
Service Corporation (Nasdaq: PRSC) today announced its financial
results for the first quarter ended March
31, 2015. Included in the results are the acquired
operations of Ingeus and Matrix Medical Network from May 31, 2014 and October
24, 2014, respectively.
First Quarter 2015 Results
For the first quarter of 2015, the Company reported consolidated
revenue of $505.8 million, an
increase of 74.8% from $289.4 million
in the comparable period of 2014. This included $158.4 million of revenue contributed by Ingeus
and Matrix. Excluding this revenue from acquired businesses,
consolidated revenue was $347.4
million, an increase of 20.0% from the comparable period of
2014.
Service expense as a percentage of revenue was 87.8% in the
first quarter of 2015 compared to 89.8% in the first quarter of
2014. First quarter 2015 service expense included a
$1.5 million charge related to the
amortization of the fair value of restricted stock awards issued in
connection with the acquisition of Ingeus. General and
administrative (G&A) expense as a percentage of revenue was
4.9% in the first quarter of 2015 compared to 4.7% in the first
quarter of 2014. The Company also reported a loss on equity
investment of $2.5 million in the
quarter related to the Company's investment in Mission Providence,
a joint venture in Australia,
which incurred start-up costs during the first quarter of 2015
related to recent successful bidding activity.
The Company reported net income available to common shareholders
of $5.1 million, or $0.32 per diluted common share, in the first
quarter of 2015 compared to net income available to common
shareholders of $6.3 million, or
$0.44 per diluted common share, in
the prior year period. Adjusted net income available to
common shareholders (non-GAAP) in the first quarter of 2015 was
$12.5 million, or $0.77 per diluted common share, versus first
quarter 2014 adjusted net income available to common shareholders
(non-GAAP) of $9.2 million, or
$0.60 per diluted common share.
A reconciliation of net income to adjusted net income available to
common shareholders (non-GAAP) and showing the calculation of
adjusted earnings per common share is presented below.
Adjusted EBITDA (non-GAAP) for the first quarter of 2015 was
$36.3 million compared to
$18.2 million in the same period last
year. Adjusted EBITDA includes the loss on equity investment
of $2.5 million related to Mission
Providence. A reconciliation of net income to EBITDA and
Adjusted EBITDA is presented below.
Warren Rustand, Chief Executive
Officer, stated, "We are pleased to report solid first quarter
financial results, driven by strong revenue growth and operating
margins at both our NET and Health Assessment Services
segments. We were also pleased to see continued revenue
growth and margin expansion in our Human Services segment and, as
expected, our Workforce Development segment experienced low-single
digit margins due to start-up costs associated with multiple new
contracts. Finally, while we experienced strong organic
growth in the first quarter across our segments, we remain
cognizant of the quarterly volatility of certain of our businesses
and focused on our 2015 goals as previously communicated."
Segment Results
For analysis purposes, revenue, expenses, operating income, net
income, EBITDA (non-GAAP), and Adjusted EBITDA (non-GAAP) on a
comparable basis are provided for Providence's four segments for the three month
period ended March 31, 2015 and
2014. Beginning in 2015, the Company began analyzing the
results of the segments without the historical allocation of
indirect corporate costs. Only corporate costs that represent
expenses directly attributable to specific segments are allocated
to the respective segment. As such, the operating segment
results for 2014 have been recast. Corporate and Other
includes corporate costs that are not directly attributable to a
segment, eliminations, and the activities of the Company's
wholly-owned captive insurance subsidiary. Additionally, in
2015, the oversight of the Company's legacy workforce development
businesses has been transferred to the management team of the WD
Services segment. As such, the financial results of these
legacy workforce development businesses have been reclassified from
the Human Services segment to the WD Services segment for the
periods presented.
Non-emergency Transportation (NET) Services
Revenue from the NET Services segment increased 28.6% to
$254.8 million in the first quarter
from $198.1 million in the prior year
period. Service expense for the segment increased to
$229.2 million in the first quarter,
or 90.0% of NET Services revenue, compared to $175.2 million or 88.5% of NET Services revenue
in the first quarter of 2014. NET Services operating income
increased 8.4% to $20.7 million in
the first quarter from $19.1 million
in the prior year period. NET Services Adjusted EBITDA
(non-GAAP) increased $2.1 million, or
10.1%, to $23.0 million in the first
quarter from $20.9 million in the
prior year period.
NET Services revenue was favorably impacted by new contracts in
Rhode Island, Maine, and Texas and increased membership in certain
states, partially offset by the elimination of contracts in
Mississippi and Connecticut.
Our cost of transportation as a percentage of non-emergency
transportation services revenue increased due primarily to
increased utilization partially attributable to higher usage by
expansion and woodwork populations, as well as less severe weather
in the first quarter of 2015 compared to the prior year
period.
Human Services
Revenue from the Human Services segment increased 2.5% to
$86.2 million in the first quarter of
2015, compared to $84.1 million in
the first quarter of 2014. Both periods exclude revenue
related to the legacy workforce development services business that
was transitioned to the WD Services segment at the beginning of
2015. Service expense for the segment was $77.5 million in the first quarter of 2015, or
90.0% of Human Services revenue, compared to $78.9 million, or 93.8% of revenue in 2014.
Human Services operating income was $1.8
million in the first quarter compared to a loss of
$1.3 million in the prior year
period. Human Services Adjusted EBITDA (non-GAAP) increased
$2.9 million to $3.7 million in the first quarter from
$0.8 million in the prior year
period.
Human Services revenue increased primarily due to two
acquisitions and organic expansion in certain markets, partially
offset by the decrease in revenue related to the termination of the
Texas foster care contract.
The exit from Texas contributed to
the lower cost of services as a percent of revenue in the
quarter.
Workforce Development (WD) Services
WD Services revenue was $107.6
million in the first quarter of 2015 and relates primarily
to the Ingeus business that was acquired on May 30, 2014. In the first quarter of 2014,
WD Services revenue was $7.4 million
and represents the legacy workforce development services business
that had historically been part of Human Services. Service
expense for the segment was $94.2
million in the first quarter of 2015, or 87.6% of WD
revenue. WD Services operating income was $2.8 million in the first quarter of 2015 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 Adjusted EBITDA (non-GAAP) was $5.2 million in the first quarter of 2015 and
included a loss on equity investment of $2.5
million related to Mission Providence. In the first
quarter of 2014, service expense was $6.4
million, or 86.2% of WD revenue, operating income was
$0.4 million, and Adjusted EBITDA
(non-GAAP) was $0.5
million.
As previously disclosed, our WD Services operating results may
fluctuate from quarter to quarter due to the recognition of
revenues based upon the achievement of certain contract milestones
and expenses related to the commencement of new
contracts.
Health Assessment (HA) Services
HA Services revenue, primarily derived from providing
comprehensive health assessments, was $57.4
million in the first quarter of 2015 and is comprised of
revenue from Matrix, acquired on October
23, 2014. Service expense for the segment was
$43.2 million, or 75.2% of HA
Services revenue. HA Services operating income was
$6.5 million in the first quarter of
2015, and HA Services Adjusted EBITDA (non-GAAP) was $13.7 million for the same period.
Conference Call
Providence will hold a
conference call at 11:00 a.m. EDT
(8:00 a.m. PDT/MST) Tuesday, May 12, 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) 703-6103, or for international callers (857)
244-7302, and by using the passcode 86411673. A replay of the
teleconference will be available on http://investor.provcorp.com.
A replay will also be available until May 19, 2015 by dialing (888) 286-8010 or (617)
801-6888 and using passcode 41247620.
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,
Adjusted EBITDA, Adjusted net income, and Adjusted diluted EPS,
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 and subsequent filings. 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
|
|
|
|
March
31,
|
|
|
|
2015
|
|
2014
|
|
|
|
|
|
|
|
Service
revenue
|
|
$
505,795
|
|
$
289,403
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Service expense
|
|
443,868
|
|
259,937
|
|
General and administrative expense
|
|
24,684
|
|
13,617
|
|
Depreciation and amortization
|
|
14,900
|
|
3,728
|
|
Total operating
expenses
|
|
483,452
|
|
277,282
|
|
Operating
income
|
|
22,343
|
|
12,121
|
|
|
|
|
|
|
|
Other
expenses:
|
|
|
|
|
|
Interest expense, net
|
|
6,007
|
|
1,585
|
|
Loss on equity investment
|
|
2,483
|
|
-
|
|
Loss on foreign currency translation
|
|
319
|
|
41
|
|
Income before income
taxes
|
|
13,534
|
|
10,495
|
|
Provision for income
taxes
|
|
7,297
|
|
4,208
|
|
Net
income
|
|
$
6,237
|
|
$
6,287
|
|
|
|
|
|
|
|
Net income available
to common stockholders
|
|
$
5,093
|
|
$
6,287
|
|
|
|
|
|
|
|
Earnings per common
share:
|
|
|
|
|
|
Basic
|
|
$
0.32
|
|
$
0.45
|
|
Diluted
|
|
$
0.32
|
|
$
0.44
|
|
|
|
|
|
|
|
Weighted-average
number of common
|
|
|
|
|
|
shares
outstanding:
|
|
|
|
|
|
Basic
|
|
15,976,050
|
|
13,801,456
|
|
Diluted
|
|
16,145,176
|
|
15,257,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Providence
Service Corporation
|
Condensed
Consolidated Balance Sheets
|
(in thousands except
share and per share data)
|
|
|
March
31,
|
|
December
31,
|
|
|
2015
|
|
2014
|
Assets
|
|
(Unaudited)
|
|
|
Current
assets:
|
|
|
|
|
Cash and
cash equivalents
|
|
$ 170,130
|
|
$ 160,406
|
Accounts
receivable, net of allowance of
|
|
|
|
|
$6,449
in 2015 and $6,034 in 2014
|
|
198,644
|
|
151,344
|
Other
receivables
|
|
6,724
|
|
6,866
|
Prepaid
expenses and other
|
|
36,323
|
|
46,157
|
Restricted cash
|
|
2,633
|
|
3,807
|
Deferred
tax assets
|
|
5,729
|
|
6,066
|
Total current
assets
|
|
420,183
|
|
374,646
|
Property and
equipment, net
|
|
58,689
|
|
57,148
|
Goodwill
|
|
353,995
|
|
355,641
|
Intangible assets,
net
|
|
328,289
|
|
340,673
|
Other
assets
|
|
22,053
|
|
22,373
|
Restricted cash, less
current portion
|
|
15,349
|
|
14,764
|
Total
assets
|
|
$ 1,198,558
|
|
$ 1,165,245
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current
portion of long-term obligations
|
|
$ 27,125
|
|
$ 25,188
|
Note
payable to related party
|
|
-
|
|
65,500
|
Accounts
payable
|
|
34,626
|
|
48,061
|
Accrued
expenses
|
|
137,682
|
|
121,857
|
Accrued
transportation costs
|
|
73,322
|
|
55,492
|
Deferred
revenue
|
|
14,678
|
|
12,245
|
Reinsurance liability reserve
|
|
6,880
|
|
11,115
|
Total current
liabilities
|
|
294,313
|
|
339,458
|
Long-term
obligations, less current portion
|
|
476,898
|
|
484,525
|
Other long-term
liabilities
|
|
30,139
|
|
26,609
|
Deferred tax
liabilities
|
|
91,386
|
|
93,239
|
Total
liabilities
|
|
892,736
|
|
943,831
|
Commitments and
contingencies
|
|
|
|
|
Mezzanine
equity
|
|
|
|
|
Preferred stock: Authorized 10,000,000 shares; $0.001 par
value;
|
|
|
|
|
805,000
and 0 issued and outstanding; 5.5%/8.5% dividend rate
|
|
76,894
|
|
-
|
Stockholders'
equity
|
|
|
|
|
Common
stock: Authorized 40,000,000 shares; $0.001 par
|
|
|
|
|
value;
17,060,002 and 16,870,285 issued and outstanding
|
|
|
|
|
(including treasury shares)
|
|
17
|
|
17
|
Additional paid-in capital
|
|
268,438
|
|
261,155
|
Accumulated deficit
|
|
(7,129)
|
|
(13,366)
|
Accumulated other comprehensive loss, net of tax
|
|
(14,051)
|
|
(8,756)
|
Treasury
shares, at cost, 1,029,294 and 1,014,108 shares
|
|
(18,407)
|
|
(17,686)
|
Total
Providence stockholders' equity
|
|
228,868
|
|
221,364
|
Non-controlling interest
|
|
60
|
|
50
|
Total stockholders'
equity
|
|
228,928
|
|
221,414
|
Total liabilities and
stockholders' equity
|
|
$ 1,198,558
|
|
$ 1,165,245
|
|
|
|
|
|
|
The Providence
Service Corporation
|
|
Unaudited
Condensed Consolidated Statements of Cash Flows
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
Three months ended
March 31,
|
|
|
|
2015
|
|
2014
|
|
Operating
activities
|
|
|
|
|
|
Net
income
|
|
$
6,237
|
|
$
6,287
|
|
Adjustments to
reconcile net income to net cash
|
|
|
|
|
|
provided by
operating activities:
|
|
|
|
|
|
Depreciation
|
|
5,089
|
|
2,103
|
|
Amortization
|
|
9,811
|
|
1,625
|
|
Provision for
doubtful accounts
|
|
599
|
|
557
|
|
Stock based
compensation
|
|
2,864
|
|
408
|
|
Deferred
income taxes
|
|
(1,512)
|
|
(1,333)
|
|
Amortization
of deferred financing costs
|
|
539
|
|
214
|
|
Excess tax
benefit upon exercise of stock options
|
|
(1,989)
|
|
(323)
|
|
Loss on equity
investment
|
|
2,483
|
|
-
|
|
Other non-cash
charges
|
|
319
|
|
35
|
|
Changes in
operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
(49,699)
|
|
(12,534)
|
|
Other receivables
|
|
77
|
|
984
|
|
Restricted cash
|
|
(106)
|
|
(111)
|
|
Prepaid expenses and other
|
|
6,364
|
|
6,049
|
|
Reinsurance liability reserve
|
|
(1,121)
|
|
(1,950)
|
|
Accounts payable and accrued expenses
|
|
14,083
|
|
8,862
|
|
Accrued transportation costs
|
|
17,830
|
|
(98)
|
|
Deferred revenue
|
|
2,879
|
|
131
|
|
Other long-term liabilities
|
|
631
|
|
(3,060)
|
|
Net cash provided by
operating activities
|
|
15,378
|
|
7,846
|
|
Investing
activities
|
|
|
|
|
|
Purchase of property
and equipment
|
|
(6,394)
|
|
(2,723)
|
|
Acquisitions, net of
cash acquired
|
|
(1,665)
|
|
-
|
|
Net decrease in
short-term investments
|
|
(5)
|
|
(5)
|
|
Restricted cash for
reinsured claims losses
|
|
694
|
|
1,525
|
|
Net cash used in
investing activities
|
|
(7,370)
|
|
(1,203)
|
|
Financing
activities
|
|
|
|
|
|
Proceeds from
issuance of preferred stock, net of issuance costs
|
|
80,667
|
|
-
|
|
Preferred stock
dividends
|
|
(594)
|
|
-
|
|
Repurchase of common
stock, for treasury
|
|
(721)
|
|
(470)
|
|
Proceeds from common
stock issued pursuant to stock
|
|
|
|
|
|
option
exercise
|
|
2,199
|
|
506
|
|
Excess tax benefit
upon exercise of stock options
|
|
1,989
|
|
323
|
|
Repayment of
long-term debt
|
|
(71,312)
|
|
-
|
|
Payment of contingent
consideration
|
|
(7,496)
|
|
-
|
|
Other
|
|
13
|
|
(2)
|
|
Net cash provided by
financing activities
|
|
4,745
|
|
357
|
|
Effect of exchange
rate changes on cash
|
|
(3,029)
|
|
(155)
|
|
Net change in
cash
|
|
9,724
|
|
6,845
|
|
Cash at beginning of
period
|
|
160,406
|
|
98,995
|
|
Cash at end of
period
|
|
$
170,130
|
|
$
105,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Providence
Service Corporation
|
Reconciliation of
Non-GAAP Financial Measures
|
Adjusted
EBITDA
|
(in
thousands)
|
(Unaudited)
|
|
|
|
Three Months Ended
March 31, 2015
|
|
|
NET
Services
|
|
Human
Services
|
|
WD
Services
|
|
HA
Services
|
|
Corporate
and
Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$ 12,611
|
|
$
1,036
|
|
$ (2,380)
|
|
$ 3,846
|
|
$
(8,876)
|
|
$
6,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(1)
|
|
(20)
|
|
(16)
|
|
(4)
|
|
6,048
|
|
6,007
|
Provision for income
taxes
|
8,129
|
|
804
|
|
2,427
|
|
2,672
|
|
(6,735)
|
|
7,297
|
Depreciation and
amortization
|
2,277
|
|
1,847
|
|
3,316
|
|
7,182
|
|
278
|
|
14,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
23,016
|
|
3,667
|
|
3,347
|
|
13,696
|
|
(9,285)
|
|
34,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
costs
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Ingeus acquisition
related equity compensation
|
-
|
|
-
|
|
1,533
|
|
-
|
|
-
|
|
1,533
|
Loss on foreign
currency translation
|
-
|
|
-
|
|
319
|
|
-
|
|
-
|
|
319
|
Payments related to
the termination of an
|
|
|
|
|
|
|
|
|
|
|
|
executive
officer, net
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 23,016
|
|
$
3,667
|
|
$ 5,199
|
|
$ 13,696
|
|
$
(9,285)
|
|
$
36,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
|
NET
Services
|
|
Human
Services
|
|
WD
Services
|
|
HA
Services
|
|
Corporate
and
Other
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income
|
$ 11,408
|
|
$
(802)
|
|
$
209
|
|
$
-
|
|
$
(4,528)
|
|
$
6,287
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(5)
|
|
(11)
|
|
(14)
|
|
-
|
|
1,615
|
|
1,585
|
Provision for income
taxes
|
7,733
|
|
(507)
|
|
157
|
|
-
|
|
(3,175)
|
|
4,208
|
Depreciation and
amortization
|
1,761
|
|
1,579
|
|
131
|
|
-
|
|
257
|
|
3,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
20,897
|
|
259
|
|
483
|
|
-
|
|
(5,831)
|
|
15,808
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
costs
|
-
|
|
-
|
|
-
|
|
-
|
|
1,829
|
|
1,829
|
Ingeus acquisition
related equity compensation
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Loss on foreign
currency translation
|
-
|
|
-
|
|
42
|
|
-
|
|
(1)
|
|
41
|
Payments related to
the termination of an
|
|
|
|
|
|
|
|
|
|
|
-
|
executive
officer, net
|
-
|
|
511
|
|
-
|
|
-
|
|
-
|
|
511
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$ 20,897
|
|
$
770
|
|
$
525
|
|
$
-
|
|
$
(4,003)
|
|
$
18,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The Providence
Service Corporation
|
Adjusted Earnings
Per Share
|
(in thousands, except
share and per share data)
|
(Unaudited)
|
|
|
|
(in
thousands)
|
|
|
Three months ended
March 31,
|
|
|
2015
|
|
2014
|
|
|
|
|
|
Net income
|
$
6,237
|
|
$
6,287
|
|
|
|
|
|
Acquisition
costs
|
-
|
|
1,829
|
Ingeus acquisition
related equity compensation
|
1,533
|
|
-
|
Loss on foreign
currency translation
|
319
|
|
41
|
Payments related to
the termination of an
|
|
|
|
executive
officer, net
|
-
|
|
511
|
Intangible
amortization expense
|
9,811
|
|
1,625
|
Tax effected impact
of adjustments
|
(3,828)
|
|
(1,597)
|
|
|
|
|
|
Adjusted net
income
|
14,072
|
|
8,696
|
|
|
|
|
|
Dividends on
preferred stock
|
(594)
|
|
-
|
Amortization of
preferred stock discount
|
(246)
|
|
-
|
Income allocated to
participating securities
|
(747)
|
|
-
|
|
|
|
|
|
Adjusted net income
available to common stockholders, basic
|
12,485
|
|
8,696
|
|
|
|
|
|
Effect of interest
related to the Senior Notes
|
-
|
|
499
|
Adjusted net income
available to common stockholders, diluted
|
$ 12,485
|
|
$
9,195
|
|
|
|
|
|
Adjusted diluted
earnings per common share
|
$
0.77
|
|
$
0.60
|
|
|
|
|
|
Diluted
weighted-average number of common shares outstanding
|
16,145,176
|
|
15,257,557
|
The Providence
Service Corporation
|
Segment
Information
|
(in
thousands)
|
(Unaudited)
|
|
|
Three Months Ended
March 31, 2015
|
|
NET
Services
|
|
Human
Services
|
|
WD
Services
|
|
HA
Services
|
|
Corporate
and
Other
|
|
Total
|
Revenues
|
$ 254,760
|
|
$ 86,187
|
|
$ 107,618
|
|
$ 57,432
|
|
$
(202)
|
|
$ 505,795
|
Operating
income
|
20,739
|
|
1,820
|
|
2,833
|
|
6,514
|
|
(9,563)
|
|
22,343
|
Depreciation and
amortization
|
2,277
|
|
1,847
|
|
3,316
|
|
7,182
|
|
278
|
|
14,900
|
Net Income
|
12,611
|
|
1,036
|
|
(2,380)
|
|
3,846
|
|
(8,876)
|
|
6,237
|
Adjusted EBITDA
(Non-GAAP)
|
23,016
|
|
3,667
|
|
5,199
|
|
13,696
|
|
(9,285)
|
|
36,293
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, 2014
|
|
NET
Services
|
|
Human
Services
|
|
WD
Services
|
|
HA
Services
|
|
Corporate
and
Other
|
|
Total
|
Revenues
|
$ 198,077
|
|
$ 84,102
|
|
$
7,448
|
|
$
-
|
|
$
(224)
|
|
$ 289,403
|
Operating
income
|
19,136
|
|
(1,320)
|
|
394
|
|
-
|
|
(6,089)
|
|
12,121
|
Depreciation and
amortization
|
1,761
|
|
1,579
|
|
131
|
|
-
|
|
257
|
|
3,728
|
Net Income
|
11,408
|
|
(802)
|
|
209
|
|
-
|
|
(4,528)
|
|
6,287
|
Adjusted EBITDA
(Non-GAAP)
|
20,897
|
|
770
|
|
525
|
|
-
|
|
(4,003)
|
|
18,189
|
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SOURCE The Providence Service Corporation