Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Entity Registrant Name | 'NAVIGANT CONSULTING INC | ' |
Entity Central Index Key | '0001019737 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 49,148,365 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Trading Symbol | 'nci | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $2,738 | $1,968 |
Accounts receivable, net | 186,519 | 167,066 |
Prepaid expenses and other current assets | 27,257 | 24,554 |
Deferred income tax assets | 12,799 | 17,314 |
Total current assets | 229,313 | 210,902 |
Property and equipment, net | 44,182 | 44,338 |
Intangible assets, net | 9,402 | 10,778 |
Goodwill | 615,358 | 615,343 |
Other assets | 24,328 | 22,836 |
Total assets | 922,583 | 904,197 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ' | ' |
Accounts payable | 10,973 | 13,415 |
Accrued liabilities | 10,978 | 12,691 |
Accrued compensation-related costs | 37,301 | 78,610 |
Income tax payable | ' | 1,137 |
Other current liabilities | 24,884 | 32,009 |
Total current liabilities | 84,136 | 137,862 |
Non-current liabilities: | ' | ' |
Deferred income tax liabilities | 89,399 | 86,571 |
Other non-current liabilities | 25,115 | 26,016 |
Bank debt non-current | 120,835 | 56,673 |
Total non-current liabilities | 235,349 | 169,260 |
Total liabilities | 319,485 | 307,122 |
Stockholders' equity: | ' | ' |
Common stock | 63 | 63 |
Additional paid-in capital | 602,106 | 598,724 |
Treasury stock | -255,268 | -247,106 |
Retained earnings | 265,614 | 254,735 |
Accumulated other comprehensive loss | -9,417 | -9,341 |
Total stockholders' equity | 603,098 | 597,075 |
Total liabilities and stockholders' equity | $922,583 | $904,197 |
Consolidated_Statements_Of_Inc
Consolidated Statements Of Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Consolidated Statements of Income [Abstract] | ' | ' |
Revenues before reimbursements | $175,056 | $183,134 |
Reimbursements | 22,692 | 26,365 |
Total revenues | 197,748 | 209,499 |
Cost of services before reimbursable expenses | 120,128 | 123,052 |
Reimbursable expenses | 22,692 | 26,365 |
Total costs of services | 142,820 | 149,417 |
General and administrative expenses | 33,102 | 32,566 |
Depreciation expense | 4,309 | 3,730 |
Amortization expense | 1,362 | 1,698 |
Contingent acquisition liability adjustments, net | -1,160 | ' |
Office consolidation, net | ' | 208 |
Gain on disposition of assets | ' | -1,715 |
Operating income | 17,315 | 23,595 |
Interest expense | 838 | 1,225 |
Interest income | -89 | -163 |
Other (income) expense, net | 82 | -148 |
Income from continuing operations before income tax expense | 16,484 | 22,681 |
Income tax expense | 6,114 | 9,566 |
Net income from continuing operations | 10,370 | 13,115 |
Income from discontinued operations, net of tax | 509 | 683 |
Net income | 10,879 | 13,798 |
Basic per share data | ' | ' |
Net income from continuing operations | $0.21 | $0.26 |
Income from discontinued operations, net of tax | $0.01 | $0.01 |
Net income | $0.22 | $0.27 |
Shares used in computing net income per basic share | 48,906 | 50,295 |
Diluted per share data | ' | ' |
Net income from continuing operations | $0.21 | $0.26 |
Income from discontinued operations, net of tax | $0.01 | $0.01 |
Net income | $0.22 | $0.27 |
Shares used in computing net income per diluted share | 50,477 | 51,360 |
Net income | 10,879 | 13,798 |
Other comprehensive income (loss), net of tax | ' | ' |
Unrealized net loss, foreign currency translation | -95 | -5,341 |
Unrealized net loss on interest rate derivatives | -19 | -10 |
Reclassification adjustment on interest rate derivatives included in interest expense and income tax expense | 38 | 28 |
Other comprehensive loss, net of tax | -76 | -5,323 |
Total comprehensive income, net of tax | $10,803 | $8,475 |
Consolidated_Statements_Of_Sto
Consolidated Statements Of Stockholders' Equity (USD $) | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] | Total |
In Thousands | ||||||
Balance at Dec. 31, 2013 | $63 | ($247,106) | $598,724 | ($9,341) | $254,735 | $597,075 |
Balance, shares at Dec. 31, 2013 | 62,802 | -13,770 | ' | ' | ' | ' |
Comprehensive income (loss) | ' | ' | ' | -76 | 10,879 | 10,803 |
Issuances of common stock | ' | ' | 1,019 | ' | ' | 1,019 |
Issuances of common stock, shares | 61 | ' | ' | ' | ' | ' |
Tax benefits on stock options exercised and restricted stock units vested | ' | ' | 172 | ' | ' | 172 |
Vesting of restricted stock and restricted stock units, net of forfeitures and tax withholdings | ' | -599 | -695 | ' | ' | -1,294 |
Vesting of restricted stock and restricted stock units, net of forfeitures and tax withholdings, shares | 175 | -33 | ' | ' | ' | ' |
Share-based compensation expense | ' | -172 | 2,886 | ' | ' | 2,714 |
Share-based compensation expense, shares | 10 | -10 | ' | ' | ' | ' |
Repurchases of common stock | ' | -7,391 | ' | ' | ' | -7,391 |
Repurchases of common stock, shares | ' | -409 | ' | ' | ' | ' |
Balance at Mar. 31, 2014 | $63 | ($255,268) | $602,106 | ($9,417) | $265,614 | $603,098 |
Balance, shares at Mar. 31, 2014 | 63,048 | -14,222 | ' | ' | ' | ' |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | $10,879 | $13,798 |
Adjustments to reconcile net income to net cash used in operating activities: | ' | ' |
Depreciation expense | 4,309 | 3,730 |
Accelerated depreciation - office consolidation | ' | 208 |
Amortization expense | 1,362 | 1,698 |
Amortization expense - client-facing software | 64 | 73 |
Share-based compensation expense | 2,714 | 2,545 |
Accretion of interest expense | 164 | 219 |
Deferred income taxes | 7,243 | 7,022 |
Allowance for doubtful accounts receivable | 880 | 255 |
Contingent acquisition liability adjustments, net | -1,160 | ' |
Gain on disposition of assets | ' | -1,715 |
Gain on disposition of discontinued operations | -509 | ' |
Changes in assets and liabilities (net of acquisitions and dispositions): | ' | ' |
Accounts receivable | -20,350 | -16,944 |
Prepaid expenses and other assets | -2,723 | 1,397 |
Accounts payable | -2,451 | 70 |
Accrued liabilities | -1,223 | -1,373 |
Accrued compensation-related costs | -41,322 | -42,072 |
Income taxes payable | -1,076 | -5,544 |
Other liabilities | -4,509 | 4,713 |
Net cash used in operating activities | -47,708 | -31,920 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -6,492 | -3,680 |
Acquisitions of businesses, net of cash acquired | -1,500 | ' |
Proceeds from disposition, net of selling costs | 824 | 15,607 |
Capitalized client-facing software | -828 | -1,368 |
Net cash (used in) provided by investing activities | -7,996 | 10,559 |
Cash flows from financing activities: | ' | ' |
Issuances of common stock | 1,019 | 1,071 |
Repurchases of common stock | -7,391 | -6,194 |
Payments of contingent acquisition liabilities | -107 | -2,000 |
Repayments to banks | -68,398 | -102,680 |
Borrowings from banks | 132,354 | 134,114 |
Other, net | -1,009 | -945 |
Net cash provided by financing activities | 56,468 | 23,366 |
Effect of exchange rate changes on cash and cash equivalents | 6 | -118 |
Net increase in cash and cash equivalents | 770 | 1,887 |
Cash and cash equivalents at beginning of the period | 1,968 | 1,052 |
Cash and cash equivalents at end of the period | 2,738 | 2,939 |
Interest paid | 494 | 783 |
Income taxes paid, net of refunds | $1,615 | $8,085 |
Description_Of_Business_And_Ba
Description Of Business And Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Description Of Business And Basis Of Presentation [Abstract] | ' |
Description Of Business And Basis Of Presentation | ' |
1.DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION | |
Navigant Consulting, Inc. (“we,” “us,” or “our”) is an independent specialty consulting firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. We focus on industries and clients facing transformational change and significant regulatory and legal issues. We serve clients primarily in the healthcare, energy and financial services sectors which represent highly complex regulatory environments. Our professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions and dispute resolution services. We provide our services to companies, legal counsel and governmental agencies. Our business is organized in four reporting segments — Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. | |
The accompanying unaudited interim consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) for interim reporting and do not include all of the information and disclosures required by accounting principles generally accepted in the United States of America (GAAP). The information contained herein includes all adjustments, consisting of normal and recurring adjustments except where indicated, which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods presented. | |
The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the entire year ending December 31, 2014. | |
These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes as of and for the year ended December 31, 2013 included in our Annual Report on Form 10-K filed with the SEC on February 14, 2014 (2013 10-K). | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and the related notes. Actual results could differ from those estimates and may affect future results of operations and cash flows. We have evaluated events and transactions occurring after the balance sheet date and prior to the date of the filing of this report. | |
Acquisitions
Acquisitions | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Acquisitions [Abstract] | ' | |||||
Acquisitions | ' | |||||
2.ACQUISITIONS | ||||||
On July 1, 2013, we acquired the assets of The Anson Group, LLC for an aggregate purchase price of $5.0 million, of which $3.0 million was paid in cash at closing and $2.0 million in deferred cash payments is payable in three equal installments on each of the first, second and third anniversaries of closing. Anson can also earn up to $3.0 million of additional payments based on the business achieving certain performance targets over a three-year period following the closing. We estimated the fair value of the contingent consideration on the date of closing to be $1.0 million. As part of the purchase price allocation, we recorded $0.1 million in property and equipment, $1.6 million in intangible assets and $4.3 million in goodwill. During the three months ended March 31, 2014, we recorded $0.2 million of other operating benefit reflecting a fair value adjustment (see Note – 11 Fair Value) to reduce the estimated contingent consideration obligation. The acquired business was integrated into our Disputes, Investigations & Economics segment. The purchase price paid in cash at closing was funded with borrowings under our credit facility. | ||||||
Pro Forma Information | ||||||
The following supplemental unaudited pro forma financial information was prepared as if the 2013 acquisition noted above had occurred as of January 1, 2013. The following table was prepared for comparative purposes only and does not purport to be indicative of what would have occurred had the acquisition been made at that time or of results which may occur in the future (in thousands, except per share data). | ||||||
For the three months ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Total revenues | $ | 197,748 | $ | 211,748 | ||
Net income from continuing operations | $ | 10,370 | $ | 13,433 | ||
Basic net income from continuing operations per basic share | $ | 0.21 | $ | 0.27 | ||
Shares used in computing net income per basic share | 48,906 | 50,295 | ||||
Diluted net income from continuing operations per diluted share | $ | 0.21 | $ | 0.26 | ||
Shares used in computing net income per diluted share | 50,477 | 51,360 | ||||
Dispositions_And_Discontinued_
Dispositions And Discontinued Operations | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | |||||
Dispositions And Discontinued Operations | ' | |||||
3.DISPOSITIONS AND DISCONTINUED OPERATIONS | ||||||
On July 8, 2013, we sold the United Kingdom financial services advisory business within our Financial, Risk & Compliance segment. The transaction included the transition of 45 employees to the purchaser. As part of the transaction we received $1.4 million in cash, net of selling costs and a holdback for post-closing working capital adjustments. The sale agreement also allowed for contingent deferred proceeds of $2.5 million payable to us on the 13th month anniversary of the closing based on the achievement of certain performance targets. Contingent deferred proceeds are currently estimated to be zero. During the three months ended March 31, 2014, we recorded a $0.5 million gain which was included in income from discontinued operations, net of tax, related to the settlement of the holdback mentioned above. | ||||||
The operating results of the United Kingdom financial services advisory business have been reported in accordance with ASC Topic 205 as “discontinued operations.” All other operations are considered “continuing operations.” Summarized operating results of the discontinued operations are presented in the following table (in thousands): | ||||||
For the three months ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Revenues before reimbursements | $ | - | $ | 4,123 | ||
Total revenues | $ | - | $ | 5,274 | ||
Income from discontinued operations before income tax expense | $ | 509 | $ | 894 | ||
Income tax expense from discontinued operations | $ | - | $ | 211 | ||
Income from discontinued operations, net of tax | $ | 509 | $ | 683 | ||
On January 31, 2013, we sold a portion of the economics business within our Disputes, Investigations & Economics segment. This disposition facilitated the transition of four experts and certain engagements and approximately 40 other employees to the purchaser. In 2013, we received $15.6 million in cash, net of selling costs, for the sale. As part of the transaction, we recorded a $1.7 million gain in other operating benefit, which reflected a reduction of $7.4 million in goodwill and $6.5 million in working capital. The economics business remains as a continuing operation and as such did not qualify as discontinued operations. | ||||||
Segment_Information
Segment Information | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Segment Information [Abstract] | ' | ||||||
Segment Information | ' | ||||||
4.SEGMENT INFORMATION | |||||||
Our business is assessed and resources are allocated based on the following four reportable segments: | |||||||
•The Disputes, Investigations & Economics segment provides accounting, financial and economic analysis, as well as discovery support, data management and analytics, on a wide range of legal and business issues including disputes, investigations and regulatory matters. The clients of this segment are principally companies, along with their in-house counsel and law firms, as well as accounting firms, corporate boards and government agencies. | |||||||
•The Financial, Risk & Compliance segment provides strategic, operational, valuation, risk management, investigative and compliance consulting to clients in the highly regulated financial services industry, including major financial and insurance institutions. This segment also provides anti-corruption solutions and anti-money laundering, valuation and restructuring consulting, litigation support and tax compliance services to clients in a broad variety of industries. | |||||||
•The Healthcare segment provides strategic, operational, performance improvement and outsourcing solutions to clients across the healthcare landscape including health systems, physician practice groups, health insurance providers, government and life sciences companies. We assist clients on issues such as the shift to an outcomes and value-based reimbursements model, ongoing industry consolidation and reorganization, and the required implementation of a new medical coding system. | |||||||
•The Energy segment provides management advisory services to utility, government and commercial clients. We focus on creating value for our clients by assisting in their implementation of new business models and creating sustainable excellence on issues ranging from asset investment management, integrated resource planning, renewables, distributed generation, energy efficiency and outage management and restoration. | |||||||
The following information includes segment revenues before reimbursements, segment total revenues and segment operating profit. Certain unallocated expense amounts related to specific reporting segments have been excluded from segment operating profit to be consistent with the information used by management to evaluate segment performance. Segment operating profit represents total revenues less costs of services excluding long-term compensation expense attributable to consultants. Long-term compensation expense attributable to consultants includes share-based compensation expense and compensation expense attributed to certain retention incentives (see Note 7 — Share-based Compensation Expense and Note 8 — Supplemental Consolidated Balance Sheet Information). During the year ended December 31, 2013, we disposed of a portion of our Financial, Risk & Compliance segment and the results of operations from the disposed business have been classified as discontinued operations. As such, the segment information reflects results of segment operations on a continuing basis (see Note 3 – Dispositions and Discontinued Operations). | |||||||
The information presented does not necessarily reflect the results of segment operations that would have occurred had the segments been stand-alone businesses. | |||||||
Information on the segment operations has been summarized as follows (in thousands): | |||||||
For the three months ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Revenues before reimbursements: | |||||||
Disputes, Investigations & Economics | $ | 76,032 | $ | 76,975 | |||
Financial, Risk & Compliance | 31,411 | 37,641 | |||||
Healthcare | 44,735 | 43,583 | |||||
Energy | 22,878 | 24,935 | |||||
Total revenues before reimbursements | $ | 175,056 | $ | 183,134 | |||
Total revenues: | |||||||
Disputes, Investigations & Economics | $ | 82,084 | $ | 83,458 | |||
Financial, Risk & Compliance | 37,998 | 47,329 | |||||
Healthcare | 50,366 | 49,191 | |||||
Energy | 27,300 | 29,521 | |||||
Total revenues | $ | 197,748 | $ | 209,499 | |||
Segment operating profit: | |||||||
Disputes, Investigations & Economics | $ | 24,718 | $ | 25,817 | |||
Financial, Risk & Compliance | 13,468 | 14,147 | |||||
Healthcare | 14,029 | 15,804 | |||||
Energy | 6,487 | 8,796 | |||||
Total segment operating profit | 58,702 | 64,564 | |||||
Segment reconciliation to income from continuing operations before income tax expense: | |||||||
Unallocated: | |||||||
General and administrative expenses | 33,102 | 32,566 | |||||
Depreciation expense | 4,309 | 3,730 | |||||
Amortization expense | 1,362 | 1,698 | |||||
Other operating benefit, net | -1,160 | -1,507 | |||||
Long-term compensation expense attributable to consultants (including share-based compensation expense) | 3,774 | 4,482 | |||||
Operating income | 17,315 | 23,595 | |||||
Interest and other expense, net | 831 | 914 | |||||
Income from continuing operations before income tax expense | $ | 16,484 | $ | 22,681 | |||
Total assets allocated by segment include accounts receivable (net), certain retention-related prepaid assets, intangible assets and goodwill. The remaining assets are unallocated. Allocated assets by segment were as follows (in thousands): | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Disputes, Investigations & Economics | $ | 454,400 | $ | 443,417 | |||
Financial, Risk & Compliance | 95,731 | 89,498 | |||||
Healthcare | 174,120 | 173,066 | |||||
Energy | 101,767 | 101,851 | |||||
Unallocated assets | 96,565 | 96,365 | |||||
Total assets | $ | 922,583 | $ | 904,197 | |||
Goodwill_And_Intangible_Assets
Goodwill And Intangible Assets, Net | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Goodwill And Intangible Assets, Net [Abstract] | ' | ||||||||||||||
Goodwill And Intangible Assets, Net | ' | ||||||||||||||
5.GOODWILL AND INTANGIBLE ASSETS, NET | |||||||||||||||
Goodwill consisted of (in thousands): | |||||||||||||||
March 31, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Goodwill | $ | 620,783 | $ | 620,768 | |||||||||||
Less - accumulated amortization | -5,425 | -5,425 | |||||||||||||
Goodwill, net | $ | 615,358 | $ | 615,343 | |||||||||||
Changes made to our goodwill balances during the three months ended March 31, 2014 and 2013 were as follows (in thousands): | |||||||||||||||
Disputes, | Financial, | ||||||||||||||
Investigations | Risk & | Total | |||||||||||||
& Economics | Compliance | Healthcare | Energy | Company | |||||||||||
Goodwill, net as of January 1, 2013 | $ | 357,091 | $ | 56,982 | $ | 129,231 | $ | 76,628 | $ | 619,932 | |||||
Adjustments | -35 | -12 | - | - | -47 | ||||||||||
Disposition | -7,350 | - | - | - | -7,350 | ||||||||||
Foreign currency | -5,165 | -158 | - | -69 | -5,392 | ||||||||||
Goodwill, net as of March 31, 2013 | $ | 344,541 | $ | 56,812 | $ | 129,231 | $ | 76,559 | $ | 607,143 | |||||
Goodwill, net as of January 1, 2014 | 354,221 | 55,330 | 129,191 | 76,601 | 615,343 | ||||||||||
Adjustments | -38 | -9 | -3 | - | -50 | ||||||||||
Foreign currency | 83 | -17 | - | -1 | 65 | ||||||||||
Goodwill, net as of March 31, 2014 | $ | 354,266 | $ | 55,304 | $ | 129,188 | $ | 76,600 | $ | 615,358 | |||||
We performed our annual goodwill impairment test as of May 31, 2013. The key assumptions used in our annual impairment test included: internal projections completed during our most recent quarterly forecasting process; profit margin improvement generally consistent with our longer-term historical performance; revenue growth rates consistent with our longer-term historical performance also considering our near term investment plans and growth objectives; discount rates that were determined based on comparable discount rates for our peer group; company specific risk considerations; and cost of capital based on our historical experience. Each reporting unit’s estimated fair value depends on various factors including its expected ability to achieve profitable growth. Based on our assumptions, the estimated fair value of each reporting unit as of May 31, 2013 exceeded its net asset carrying value. Accordingly, there was no indication of impairment of our goodwill. | |||||||||||||||
Based on our fair value assumptions as of May 31, 2013, the excess of estimated fair value over net asset carrying value of each of our reporting units approximated 7% for Disputes, Investigations & Economics, 54% for Financial, Risk & Compliance, 34% for Healthcare and 39% for Energy. If the estimated fair value of our Disputes, Investigations & Economics reporting unit decreases, there is risk that in future periods the second step of the goodwill impairment test will be required, and an impairment of goodwill could result. Our assumptions for this reporting unit include conservative growth assumptions for newly acquired businesses and future investments. Our results are dependent on the success of these businesses and investments and their future growth at the anticipated levels. | |||||||||||||||
We have reviewed our most recent financial projections and considered the impact of changes to our business and market conditions on our goodwill valuation and determined that no events or conditions have occurred or are expected to occur that would trigger a goodwill impairment test subsequent to our annual test. We will continue to monitor the factors and key assumptions used in determining the fair value of each of our reporting units. There can be no assurance that goodwill or intangible assets will not be impaired in the future. We will perform our next annual goodwill impairment test on May 31, 2014. | |||||||||||||||
As we review our portfolio of services in the future, we may exit certain markets or reposition certain service offerings within our business. Consistent with past evaluations, further evaluations may result in redefining our operating segments and may impact a significant portion of one or more of our reporting units. As noted above, if such actions occur, they may be considered triggering events that would result in our performing an interim impairment test of our goodwill and an impairment test of our intangible assets. | |||||||||||||||
Intangible assets consisted of (in thousands): | |||||||||||||||
March 31, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Intangible assets: | |||||||||||||||
Customer lists and relationships | $ | 79,571 | $ | 79,514 | |||||||||||
Non-compete agreements | 22,471 | 22,557 | |||||||||||||
Other | 24,100 | 24,297 | |||||||||||||
Intangible assets, at cost | 126,142 | 126,368 | |||||||||||||
Less: accumulated amortization | -116,740 | -115,590 | |||||||||||||
Intangible assets, net | $ | 9,402 | $ | 10,778 | |||||||||||
Our intangible assets have estimated remaining useful lives ranging up to seven years which approximate the estimated periods of consumption. We will amortize the remaining net book values of intangible assets over their remaining useful lives. At March 31, 2014, our intangible assets consisted of the following (amounts in thousands, except year data): | |||||||||||||||
Weighted Average | |||||||||||||||
Category | Remaining Years | Amount | |||||||||||||
Customer lists and relationships, net | 3.2 | $ | 6,885 | ||||||||||||
Non-compete agreements, net | 3.8 | 1,477 | |||||||||||||
Other intangible assets, net | 1.7 | 1,040 | |||||||||||||
Total intangible assets, net | 3.1 | $ | 9,402 | ||||||||||||
Below is the estimated annual aggregate amortization expense to be recorded for the remainder of 2014 and in future years related to intangible assets at March 31, 2014 (in thousands): | |||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||
2014 (April - December) | $ | 3,489 | |||||||||||||
2015 | 2,965 | ||||||||||||||
2016 | 1,398 | ||||||||||||||
2017 | 802 | ||||||||||||||
2018 | 505 | ||||||||||||||
Thereafter | 243 | ||||||||||||||
Total | $ | 9,402 | |||||||||||||
Net_Income_Per_Share_EPS
Net Income Per Share (EPS) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Net Income Per Share (EPS) [Abstract] | ' | ||||
Net Income Per Share (EPS) | ' | ||||
6.NET INCOME PER SHARE (EPS) | |||||
The components of basic and diluted shares (in thousands and based on the weighted average days outstanding for the periods) are as follows: | |||||
For the three months ended | |||||
March 31, | |||||
2014 | 2013 | ||||
Basic shares | 48,906 | 50,295 | |||
Employee stock options | 197 | 61 | |||
Restricted stock and restricted stock units | 1,225 | 809 | |||
Contingently issuable shares | 149 | 195 | |||
Diluted shares | 50,477 | 51,360 | |||
Antidilutive shares (1) | 49 | 590 | |||
-1 | Stock options with exercise prices greater than the average market price of our common stock during the respective time periods were excluded from the computation of diluted shares because the impact of including the shares subject to these stock options in the diluted share calculation would have been antidilutive. | ||||
ShareBased_Compensation_Expens
Share-Based Compensation Expense | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Share-Based Compensation Expense [Abstract] | ' | ||||||
Share-Based Compensation Expense | ' | ||||||
7.SHARE-BASED COMPENSATION EXPENSE | |||||||
Share-based compensation expense is recorded for restricted stock, restricted stock units, stock options and the discount given on employee stock purchase plan transactions. | |||||||
The following table shows the amounts attributable to each category (in thousands): | |||||||
For the three months ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Amortization of restricted stock and restricted stock unit awards | $ | 2,408 | $ | 2,132 | |||
Amortization of stock option awards | 193 | 292 | |||||
Discount given on employee stock purchase transactions through our Employee Stock Purchase Plan | 113 | 88 | |||||
Total share-based compensation expense | $ | 2,714 | $ | 2,512 | |||
Total share-based compensation expense consisted of the following (in thousands): | |||||||
For the three months ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Cost of services before reimbursable expenses | $ | 1,442 | $ | 1,282 | |||
General and administrative expenses | 1,272 | 1,230 | |||||
Total share-based compensation expense | $ | 2,714 | $ | 2,512 | |||
Share-based compensation expense attributable to consultants was included in cost of services before reimbursable expenses. Share-based compensation expense attributable to corporate management and support personnel was included in general and administrative expenses. Amounts are presented on a continuing operations basis. | |||||||
At March 31, 2014, we had $11.2 million of total compensation costs related to unvested stock-based awards that have not been recognized as share-based compensation expense. The compensation costs will be recognized as an expense over the remaining vesting periods. The weighted average remaining vesting period is approximately 2 years. During the three months ended March 31, 2014, we granted an aggregate of 233,722 shares underlying restricted stock unit and stock option awards with an aggregate fair value of $3.3 million at the time of grant. These grants include certain awards that vest based on relative achievement of pre-established performance criteria. | |||||||
Supplemental_Consolidated_Bala
Supplemental Consolidated Balance Sheet Information | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ||||||
Supplemental Consolidated Balance Sheet Information | ' | ||||||
8.SUPPLEMENTAL CONSOLIDATED BALANCE SHEET INFORMATION | |||||||
Accounts Receivable, net | |||||||
The components of accounts receivable were as follows (in thousands): | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Billed amounts | $ | 130,112 | $ | 121,335 | |||
Engagements in process | 67,122 | 55,650 | |||||
Allowance for uncollectible accounts | -10,715 | -9,919 | |||||
Accounts receivable, net | $ | 186,519 | $ | 167,066 | |||
Receivables attributable to engagements in process represent balances for services that have been performed and earned but have not been billed to the client. Services are generally billed on a monthly basis for the prior month’s services. Our allowance for uncollectible accounts is based on historical experience and management judgment and may change based on market conditions or specific client circumstances. | |||||||
Prepaid Expenses and Other Current Assets | |||||||
The components of prepaid expenses and other current assets were as follows (in thousands): | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Notes receivable - current | $ | 4,843 | $ | 4,906 | |||
Income tax receivable | 2,025 | - | |||||
Prepaid recruiting and retention incentives | 8,348 | 8,001 | |||||
Other prepaid expenses and other current assets | 12,041 | 11,647 | |||||
Prepaid expenses and other current assets | $ | 27,257 | $ | 24,554 | |||
Other Assets | |||||||
The components of other assets were as follows (in thousands): | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Notes receivable - non-current | $ | 5,462 | $ | 7,155 | |||
Capitalized client-facing software | 7,850 | 5,586 | |||||
Prepaid recruiting and retention incentives – non-current | 6,665 | 6,773 | |||||
Prepaid expenses and other non-current assets | 4,351 | 3,322 | |||||
Other assets | $ | 24,328 | $ | 22,836 | |||
Notes receivable represent unsecured employee loans. These loans were issued to recruit or retain certain senior-level consultants. The principal amount and accrued interest on these loans is either paid by the consultant or forgiven by us over the term of the loans so long as the consultant remains continuously employed by us and complies with certain contractual requirements. The expense associated with the forgiveness of the principal amount of the loans is amortized as compensation expense over the service period, which is consistent with the term of the loans. | |||||||
Capitalized client-facing software is marketed or licensed to our clients. These amounts are amortized into cost of services before reimbursable expenses over their estimated remaining useful life. During the three months ended March 31, 2014 and 2013, we capitalized and acquired $2.3 million and $1.4 million, respectively. | |||||||
Prepaid recruiting and retention incentives include sign-on and retention bonuses that are generally recoverable from an employee if the employee terminates employment prior to fulfilling his or her obligations to us. These amounts are amortized as compensation expense over the period in which they are recoverable from the employee, generally in periods up to six years. During the three months ended March 31, 2014 and 2013, we granted $2.7 million and $2.6 million, respectively, of sign-on and retention bonuses, which have been included in current and non-current prepaid recruiting and retention incentives. | |||||||
Property and Equipment, net | |||||||
Property and equipment, net consisted of (in thousands): | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Furniture, fixtures and equipment | $ | 64,802 | $ | 62,486 | |||
Software | 44,856 | 43,867 | |||||
Leasehold improvements | 31,457 | 32,416 | |||||
Property and equipment, at cost | 141,115 | 138,769 | |||||
Less: accumulated depreciation and amortization | -96,933 | -94,431 | |||||
Property and equipment, net | $ | 44,182 | $ | 44,338 | |||
During the three months ended March 31, 2014, we invested $4.1 million in our technology infrastructure and software. Additionally, we disposed of $1.8 million in fully depreciated assets. During the same period, we made a cash payment of $2.2 million relating to additions accrued in prior years. | |||||||
Other Current Liabilities | |||||||
The components of other current liabilities were as follows (in thousands): | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Deferred acquisition liabilities | $ | 5,413 | $ | 5,773 | |||
Deferred revenue | 14,612 | 19,503 | |||||
Deferred rent - short term | 1,671 | 997 | |||||
Other current liabilities | 3,188 | 5,736 | |||||
Total other current liabilities | $ | 24,884 | $ | 32,009 | |||
The deferred acquisition liabilities at March 31, 2014 consisted of cash obligations related to definitive and contingent purchase price considerations recorded at net present value and fair value, respectively. During the three months ended March 31, 2014, we made cash payments of $0.1 million in connection with deferred contingent acquisition liabilities relating to prior period acquisitions. Additionally, we reduced the fair value of certain current contingent acquisition liabilities by $0.3 million during the quarter ended March 31, 2014 (see Note 11 – Fair Value). | |||||||
The current portion of deferred rent relates to rent allowances and incentives on lease arrangements for our office facilities that expire at various dates through 2022. | |||||||
Deferred revenue represents advance billings to our clients for services that have not yet been performed and earned. | |||||||
Other Non-Current Liabilities | |||||||
The components of other non-current liabilities were as follows (in thousands): | |||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Deferred acquisition liabilities | $ | 7,268 | $ | 8,038 | |||
Deferred rent - long term | 10,070 | 10,642 | |||||
Other non-current liabilities | 7,777 | 7,336 | |||||
Total other non-current liabilities | $ | 25,115 | $ | 26,016 | |||
The deferred acquisition liabilities at March 31, 2014 consisted of cash obligations related to definitive and contingent purchase price considerations recorded at net present value and fair value, respectively. As obligations become payable within the year these cash obligations are moved to other current liabilities. Additionally, we reduced the fair value of certain non-current contingent acquisition liabilities by $0.9 million during the quarter ended March 31, 2014 (see Note 11 – Fair Value). | |||||||
The long-term portion of deferred rent relates to rent allowances and incentives on lease arrangements for our office facilities that expire at various dates through 2022. | |||||||
At March 31, 2014, other non-current liabilities included $3.0 million of performance-based long-term incentive compensation liabilities. As part of our long-term incentive plan, we intend to issue long-term restricted stock units to select senior-level consultants and leaders based on the achievement of certain performance targets. | |||||||
Derivatives_And_Hedging_Activi
Derivatives And Hedging Activity | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Derivatives And Hedging Activity [Abstract] | ' | |||||
Derivatives And Hedging Activity | ' | |||||
9.DERIVATIVES AND HEDGING ACTIVITY | ||||||
During the three months ended March 31, 2014, the following interest rate derivatives were outstanding (summarized based on month of execution): | ||||||
Number of | Total Notional Amount | |||||
Month executed | Contracts | Beginning Date | Maturity Date | Rate | (millions) | |
Nov-11 | 1 | 31-May-12 | 31-May-15 | 0.98% | $10.00 | |
Dec-11 | 2 | 31-Dec-12 | 31-Dec-15 | 1.17% | $10.00 | |
Mar-12 | 1 | 29-Jun-12 | 30-Jun-15 | 1.01% | $5.00 | |
May-12 | 1 | 28-Jun-13 | 27-May-16 | 1.15% | $5.00 | |
We expect the interest rate derivatives to be highly effective against changes in cash flows related to changes in interest rates and have recorded the derivatives as a cash flow hedge. As a result, gains or losses related to fluctuations in the fair value of the interest rate derivatives are recorded as a component of accumulated other comprehensive (loss) income and reclassified into interest expense as the variable interest expense on our bank debt is recorded. There was no ineffectiveness related to the interest rate derivatives during the three months ended March 31, 2014. During each of the three months ended March 31, 2014 and 2013, we recorded $0.1 million in interest expense associated with differentials received or paid under the interest rate derivatives. | ||||||
Bank_Debt
Bank Debt | 3 Months Ended |
Mar. 31, 2014 | |
Bank Debt [Abstract] | ' |
Bank Debt | ' |
10.BANK DEBT | |
Our credit agreement provides a $400.0 million revolving credit facility. At our option, subject to the terms and conditions specified in the credit agreement, we may elect to increase the commitments under the credit facility up to an aggregate amount of $500.0 million. The credit facility becomes due and payable in full upon maturity in September 2018. Borrowings and repayments under the credit facility may be made in multiple currencies including U.S. Dollars, Canadian Dollars, United Kingdom Pound Sterling and Euro. | |
At March 31, 2014, we had aggregate borrowings outstanding of $120.8 million, compared to $56.7 million at December 31, 2013. Based on our financial covenants at March 31, 2014, approximately $260 million in additional borrowings were available to us under the credit facility. | |
At our option, borrowings under the credit facility bear interest at a variable rate equal to an applicable base rate or LIBOR, in each case plus an applicable margin. For LIBOR loans, the applicable margin varies depending upon our consolidated leverage ratio (the ratio of total funded debt to adjusted EBITDA, as defined in the credit agreement). At March 31, 2014, the applicable margins on LIBOR and base rate loans were 1.00% and zero, respectively. Depending upon our performance and financial condition, our LIBOR loans will have applicable margins varying between 1.00% and 2.00%, and our base rate loans will have applicable margins varying between zero and 1.00%. Our average borrowing rate (including the impact of our interest rate derivatives; see Note 9 — Derivatives and Hedging Activity) was 3.1% and 2.6% for the three months ended March 31, 2014 and 2013, respectively. | |
Our credit agreement contains certain financial covenants, including covenants that require that we maintain a consolidated leverage ratio of not greater than 3.25:1 (except for the first quarter of each calendar year when the covenant requires us to maintain a consolidated leverage ratio of not greater than 3.5:1) and a consolidated interest coverage ratio (the ratio of the sum of adjusted EBITDA (as defined in the credit agreement) and rental expense to the sum of cash interest expense and rental expense) of not less than 2.0:1. At March 31, 2014, under the definitions in the credit agreement, our consolidated leverage ratio was 1.1 and our consolidated interest coverage ratio was 5.3. In addition, the credit agreement contains customary affirmative and negative covenants (subject to customary exceptions), including covenants that limit our ability to incur liens or other encumbrances, make investments, incur indebtedness, enter into mergers, consolidations and asset sales, change the nature of our business and engage in transactions with affiliates, as well as customary provisions with respect to events of default. We were in compliance with the terms of our credit agreement at March 31, 2014; however, there can be no assurances that we will remain in compliance in the future. | |
Fair_Value
Fair Value | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Fair Value [Abstract] | ' | |||||||||||
Fair Value | ' | |||||||||||
11.FAIR VALUE | ||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The inputs used to measure fair value are classified into the following hierarchy: | ||||||||||||
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities | ||||||||||||
Level 2: Unadjusted quoted prices in active markets for similar assets or liabilities, or unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or inputs other than quoted prices that are observable for the asset or liability | ||||||||||||
Level 3: Unobservable inputs for the asset or liability | ||||||||||||
We endeavor to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. | ||||||||||||
Our interest rate derivatives (see Note 9 — Derivatives and Hedging Activity) are valued using counterparty quotations in over-the-counter markets. In addition, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. The credit valuation adjustments associated with our interest rate derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by ourselves and our counterparties. However, at March 31, 2014, we assessed the significance of the impact on the overall valuation and believe that these adjustments are not significant. As such, our interest rate derivatives are classified within Level 2. | ||||||||||||
In certain instances our acquisitions provide for deferred contingent acquisition payments. These deferred payments are recorded at fair value at the time of acquisition and are included in other current and/or non-current liabilities on our consolidated balance sheets. We estimate the fair value of our deferred contingent acquisition liabilities using a probability-weighted discounted cash flow model. This fair value measure is based on significant inputs not observed in the market and thus represents a Level 3 measurement. Fair value measurements characterized within Level 3 of the fair value hierarchy are measured based on unobservable inputs that are supported by little or no market activity and reflect our own assumptions in measuring fair value. | ||||||||||||
The significant unobservable inputs used in the fair value measurements of our deferred contingent acquisition liabilities are our measures of the future profitability and related cash flows and discount rates. The fair value of our deferred contingent acquisition liabilities is reassessed on a quarterly basis based on assumptions provided to us by segment and business area leaders in conjunction with our business development and finance departments. Any change in the fair value estimate is recorded in the earnings of that period. During the three months ended March 31, 2014, we recorded $1.2 million in other operating benefit for a reduction in the liability reflecting changes in the fair value estimate of the deferred contingent consideration for certain acquisitions made in 2012 and 2013 (see Note 2 – Acquisitions). During the three months ended March 31, 2014, we settled $0.1 million in deferred contingent acquisition liabilities and recorded $0.1 million of imputed interest. | ||||||||||||
At March 31, 2014, the carrying value of our bank debt approximated fair value as it bears interest at variable rates. We consider the recorded value of our other financial assets and liabilities, which consist primarily of cash and cash equivalents, accounts receivable and accounts payable, to approximate the fair value of the respective assets and liabilities at March 31, 2014 based upon the short-term nature of the assets and liabilities. | ||||||||||||
The following table summarizes our financial liabilities measured at fair value on a recurring basis at March 31, 2014 and December 31, 2013 (in thousands): | ||||||||||||
Quoted Prices in | ||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||
At March 31, 2014 | ||||||||||||
Interest rate derivatives, net | $ | — | $ | 324 | $ | — | $ | 324 | ||||
Deferred contingent acquisition liabilities | $ | — | $ | — | $ | 5,157 | $ | 5,157 | ||||
At December 31, 2013 | ||||||||||||
Interest rate derivatives, net | $ | — | $ | 355 | $ | — | $ | 355 | ||||
Deferred contingent acquisition liabilities | $ | — | $ | — | $ | 6,322 | $ | 6,322 | ||||
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Acquisitions [Abstract] | ' | |||||
Schedule Of Supplemental Unaudited Pro Forma Financial Information | ' | |||||
For the three months ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Total revenues | $ | 197,748 | $ | 211,748 | ||
Net income from continuing operations | $ | 10,370 | $ | 13,433 | ||
Basic net income from continuing operations per basic share | $ | 0.21 | $ | 0.27 | ||
Shares used in computing net income per basic share | 48,906 | 50,295 | ||||
Diluted net income from continuing operations per diluted share | $ | 0.21 | $ | 0.26 | ||
Shares used in computing net income per diluted share | 50,477 | 51,360 | ||||
Dispositions_And_Discontinued_1
Dispositions And Discontinued Operations (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Discontinued Operations And Disposal Groups [Abstract] | ' | |||||
Schedule Of Discontinued Operations | ' | |||||
For the three months ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Revenues before reimbursements | $ | - | $ | 4,123 | ||
Total revenues | $ | - | $ | 5,274 | ||
Income from discontinued operations before income tax expense | $ | 509 | $ | 894 | ||
Income tax expense from discontinued operations | $ | - | $ | 211 | ||
Income from discontinued operations, net of tax | $ | 509 | $ | 683 | ||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Segment Information [Abstract] | ' | ||||||
Schedule Of Segment Revenues Before Reimbursements, Segment Total Revenues And Segment Operating Profit | ' | ||||||
For the three months ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Revenues before reimbursements: | |||||||
Disputes, Investigations & Economics | $ | 76,032 | $ | 76,975 | |||
Financial, Risk & Compliance | 31,411 | 37,641 | |||||
Healthcare | 44,735 | 43,583 | |||||
Energy | 22,878 | 24,935 | |||||
Total revenues before reimbursements | $ | 175,056 | $ | 183,134 | |||
Total revenues: | |||||||
Disputes, Investigations & Economics | $ | 82,084 | $ | 83,458 | |||
Financial, Risk & Compliance | 37,998 | 47,329 | |||||
Healthcare | 50,366 | 49,191 | |||||
Energy | 27,300 | 29,521 | |||||
Total revenues | $ | 197,748 | $ | 209,499 | |||
Segment operating profit: | |||||||
Disputes, Investigations & Economics | $ | 24,718 | $ | 25,817 | |||
Financial, Risk & Compliance | 13,468 | 14,147 | |||||
Healthcare | 14,029 | 15,804 | |||||
Energy | 6,487 | 8,796 | |||||
Total segment operating profit | 58,702 | 64,564 | |||||
Segment reconciliation to income from continuing operations before income tax expense: | |||||||
Unallocated: | |||||||
General and administrative expenses | 33,102 | 32,566 | |||||
Depreciation expense | 4,309 | 3,730 | |||||
Amortization expense | 1,362 | 1,698 | |||||
Other operating benefit, net | -1,160 | -1,507 | |||||
Long-term compensation expense attributable to consultants (including share-based compensation expense) | 3,774 | 4,482 | |||||
Operating income | 17,315 | 23,595 | |||||
Interest and other expense, net | 831 | 914 | |||||
Income from continuing operations before income tax expense | $ | 16,484 | $ | 22,681 | |||
Total Assets By Segment | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Disputes, Investigations & Economics | $ | 454,400 | $ | 443,417 | |||
Financial, Risk & Compliance | 95,731 | 89,498 | |||||
Healthcare | 174,120 | 173,066 | |||||
Energy | 101,767 | 101,851 | |||||
Unallocated assets | 96,565 | 96,365 | |||||
Total assets | $ | 922,583 | $ | 904,197 | |||
Goodwill_And_Intangible_Assets1
Goodwill And Intangible Assets, Net (Tables) | 3 Months Ended | ||||||||||||||
Mar. 31, 2014 | |||||||||||||||
Goodwill And Intangible Assets, Net [Abstract] | ' | ||||||||||||||
Schedule Of Goodwill Balance | ' | ||||||||||||||
March 31, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Goodwill | $ | 620,783 | $ | 620,768 | |||||||||||
Less - accumulated amortization | -5,425 | -5,425 | |||||||||||||
Goodwill, net | $ | 615,358 | $ | 615,343 | |||||||||||
Schedule Of Change In Carrying Values Of Goodwill Assets By Segment | ' | ||||||||||||||
Disputes, | Financial, | ||||||||||||||
Investigations | Risk & | Total | |||||||||||||
& Economics | Compliance | Healthcare | Energy | Company | |||||||||||
Goodwill, net as of January 1, 2013 | $ | 357,091 | $ | 56,982 | $ | 129,231 | $ | 76,628 | $ | 619,932 | |||||
Adjustments | -35 | -12 | - | - | -47 | ||||||||||
Disposition | -7,350 | - | - | - | -7,350 | ||||||||||
Foreign currency | -5,165 | -158 | - | -69 | -5,392 | ||||||||||
Goodwill, net as of March 31, 2013 | $ | 344,541 | $ | 56,812 | $ | 129,231 | $ | 76,559 | $ | 607,143 | |||||
Goodwill, net as of January 1, 2014 | 354,221 | 55,330 | 129,191 | 76,601 | 615,343 | ||||||||||
Adjustments | -38 | -9 | -3 | - | -50 | ||||||||||
Foreign currency | 83 | -17 | - | -1 | 65 | ||||||||||
Goodwill, net as of March 31, 2014 | $ | 354,266 | $ | 55,304 | $ | 129,188 | $ | 76,600 | $ | 615,358 | |||||
Schedule Of Finite-Lived Intangible Assets By Major Category | ' | ||||||||||||||
March 31, | December 31, | ||||||||||||||
2014 | 2013 | ||||||||||||||
Intangible assets: | |||||||||||||||
Customer lists and relationships | $ | 79,571 | $ | 79,514 | |||||||||||
Non-compete agreements | 22,471 | 22,557 | |||||||||||||
Other | 24,100 | 24,297 | |||||||||||||
Intangible assets, at cost | 126,142 | 126,368 | |||||||||||||
Less: accumulated amortization | -116,740 | -115,590 | |||||||||||||
Intangible assets, net | $ | 9,402 | $ | 10,778 | |||||||||||
Schedule Of Intangible Assets Estimated Useful Lives | ' | ||||||||||||||
Weighted Average | |||||||||||||||
Category | Remaining Years | Amount | |||||||||||||
Customer lists and relationships, net | 3.2 | $ | 6,885 | ||||||||||||
Non-compete agreements, net | 3.8 | 1,477 | |||||||||||||
Other intangible assets, net | 1.7 | 1,040 | |||||||||||||
Total intangible assets, net | 3.1 | $ | 9,402 | ||||||||||||
Schedule Of Amortization Expense | ' | ||||||||||||||
Year Ending December 31, | Amount | ||||||||||||||
2014 (April - December) | $ | 3,489 | |||||||||||||
2015 | 2,965 | ||||||||||||||
2016 | 1,398 | ||||||||||||||
2017 | 802 | ||||||||||||||
2018 | 505 | ||||||||||||||
Thereafter | 243 | ||||||||||||||
Total | $ | 9,402 | |||||||||||||
Net_Income_Per_Share_EPS_Table
Net Income Per Share (EPS) (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Net Income Per Share (EPS) [Abstract] | ' | ||||
Schedule Of Weighted Average Number Of Shares | ' | ||||
For the three months ended | |||||
March 31, | |||||
2014 | 2013 | ||||
Basic shares | 48,906 | 50,295 | |||
Employee stock options | 197 | 61 | |||
Restricted stock and restricted stock units | 1,225 | 809 | |||
Contingently issuable shares | 149 | 195 | |||
Diluted shares | 50,477 | 51,360 | |||
Antidilutive shares (1) | 49 | 590 | |||
-1 | Stock options with exercise prices greater than the average market price of our common stock during the respective time periods were excluded from the computation of diluted shares because the impact of including the shares subject to these stock options in the diluted share calculation would have been antidilutive. | ||||
ShareBased_Compensation_Expens1
Share-Based Compensation Expense (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Share-Based Compensation Expense [Abstract] | ' | ||||||
Schedule Of Total Share-Based Compensation Expense | ' | ||||||
For the three months ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Amortization of restricted stock and restricted stock unit awards | $ | 2,408 | $ | 2,132 | |||
Amortization of stock option awards | 193 | 292 | |||||
Discount given on employee stock purchase transactions through our Employee Stock Purchase Plan | 113 | 88 | |||||
Total share-based compensation expense | $ | 2,714 | $ | 2,512 | |||
Schedule Of Share-Based Compensation Expense Showing Amount Attributable To Each Category | ' | ||||||
For the three months ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Cost of services before reimbursable expenses | $ | 1,442 | $ | 1,282 | |||
General and administrative expenses | 1,272 | 1,230 | |||||
Total share-based compensation expense | $ | 2,714 | $ | 2,512 | |||
Supplemental_Consolidated_Bala1
Supplemental Consolidated Balance Sheet Information (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ||||||
Components Of Accounts Receivable | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Billed amounts | $ | 130,112 | $ | 121,335 | |||
Engagements in process | 67,122 | 55,650 | |||||
Allowance for uncollectible accounts | -10,715 | -9,919 | |||||
Accounts receivable, net | $ | 186,519 | $ | 167,066 | |||
Components Of Prepaid Expenses And Other Current Assets | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Notes receivable - current | $ | 4,843 | $ | 4,906 | |||
Income tax receivable | 2,025 | - | |||||
Prepaid recruiting and retention incentives | 8,348 | 8,001 | |||||
Other prepaid expenses and other current assets | 12,041 | 11,647 | |||||
Prepaid expenses and other current assets | $ | 27,257 | $ | 24,554 | |||
Components Of Other Assets | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Notes receivable - non-current | $ | 5,462 | $ | 7,155 | |||
Capitalized client-facing software | 7,850 | 5,586 | |||||
Prepaid recruiting and retention incentives – non-current | 6,665 | 6,773 | |||||
Prepaid expenses and other non-current assets | 4,351 | 3,322 | |||||
Other assets | $ | 24,328 | $ | 22,836 | |||
Property And Equipment | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Furniture, fixtures and equipment | $ | 64,802 | $ | 62,486 | |||
Software | 44,856 | 43,867 | |||||
Leasehold improvements | 31,457 | 32,416 | |||||
Property and equipment, at cost | 141,115 | 138,769 | |||||
Less: accumulated depreciation and amortization | -96,933 | -94,431 | |||||
Property and equipment, net | $ | 44,182 | $ | 44,338 | |||
Components Of Other Current Liabilities | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Deferred acquisition liabilities | $ | 5,413 | $ | 5,773 | |||
Deferred revenue | 14,612 | 19,503 | |||||
Deferred rent - short term | 1,671 | 997 | |||||
Other current liabilities | 3,188 | 5,736 | |||||
Total other current liabilities | $ | 24,884 | $ | 32,009 | |||
Components Of Other Non-Current Liabilities | ' | ||||||
March 31, | December 31, | ||||||
2014 | 2013 | ||||||
Deferred acquisition liabilities | $ | 7,268 | $ | 8,038 | |||
Deferred rent - long term | 10,070 | 10,642 | |||||
Other non-current liabilities | 7,777 | 7,336 | |||||
Total other non-current liabilities | $ | 25,115 | $ | 26,016 | |||
Derivative_And_Hedging_Activit
Derivative And Hedging Activity (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Derivatives And Hedging Activity [Abstract] | ' | |||||
Schedule Of Interest Rate Derivatives | ' | |||||
Number of | Total Notional Amount | |||||
Month executed | Contracts | Beginning Date | Maturity Date | Rate | (millions) | |
Nov-11 | 1 | 31-May-12 | 31-May-15 | 0.98% | $10.00 | |
Dec-11 | 2 | 31-Dec-12 | 31-Dec-15 | 1.17% | $10.00 | |
Mar-12 | 1 | 29-Jun-12 | 30-Jun-15 | 1.01% | $5.00 | |
May-12 | 1 | 28-Jun-13 | 27-May-16 | 1.15% | $5.00 | |
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Fair Value [Abstract] | ' | |||||||||||
Schedule Of Liability Measured At Fair Value On Recurring Basis | ' | |||||||||||
Quoted Prices in | ||||||||||||
Active Markets for | Significant Other | Significant | ||||||||||
Identical Assets | Observable Inputs | Unobservable Inputs | ||||||||||
(Level 1) | (Level 2) | (Level 3) | Total | |||||||||
At March 31, 2014 | ||||||||||||
Interest rate derivatives, net | $ | — | $ | 324 | $ | — | $ | 324 | ||||
Deferred contingent acquisition liabilities | $ | — | $ | — | $ | 5,157 | $ | 5,157 | ||||
At December 31, 2013 | ||||||||||||
Interest rate derivatives, net | $ | — | $ | 355 | $ | — | $ | 355 | ||||
Deferred contingent acquisition liabilities | $ | — | $ | — | $ | 6,322 | $ | 6,322 | ||||
Acquisitions_Narrative_Details
Acquisitions (Narrative) (Details) (USD $) | 0 Months Ended | 3 Months Ended |
Jul. 01, 2013 | Mar. 31, 2014 | |
Business Acquisition [Line Items] | ' | ' |
Contingent consideration, adjustment | ' | ($1,160,000) |
Contingent consideration, fair value | ' | 100,000 |
The Anson Group [Member] | Disputes, Investigations & Economics [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Contingent consideration, maximum target | 3,000,000 | ' |
Contingent consideration, target period | '3 years | ' |
Contingent consideration, adjustment | ' | 200,000 |
Contingent consideration, fair value | 1,000,000 | ' |
Purchase price, property and equipment acquired | 100,000 | ' |
Purchase price, allocation of identifiable intangible assets | 1,600,000 | ' |
Purchase Price, goodwill acquired during the period | 4,300,000 | ' |
Purchase price | 5,000,000 | ' |
Cash paid, at closing | 3,000,000 | ' |
Deferred acquisition liability | $2,000,000 | ' |
Period of time deferred acquisition payments are made over | '3 years | ' |
Date of acquisition | ' | 1-Jul-13 |
Acquisitions_Schedule_Of_Suppl
Acquisitions (Schedule Of Supplemental Unaudited Pro Forma Financial Information) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Acquisitions [Abstract] | ' | ' |
Total revenues | $197,748 | $211,748 |
Net income from continuing operations | $10,370 | $13,433 |
Basic net income from continuing operations per basic share | $0.21 | $0.27 |
Shares used in computing net income per basic share | 48,906 | 50,295 |
Diluted net income from continuing operations per diluted share | $0.21 | $0.26 |
Shares used in computing net income per diluted share | 50,477 | 51,360 |
Dispositions_And_Discontinued_2
Dispositions And Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Financial Services UK [Member] | Disputes, Investigations & Economics [Member] | Disputes, Investigations & Economics [Member] | Disputes, Investigations & Economics [Member] | |||
Economics Group [Member] | Economics Group [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' |
Value of Contingent Proceeds | ' | ' | $0 | ' | ' | ' |
Contingent consideration, target period | ' | ' | '13 months | ' | ' | ' |
Contingent proceeds | ' | ' | 2,500,000 | ' | ' | ' |
Employees Sold with Disposition | ' | ' | 45 | ' | 40 | ' |
Gain on disposition of assets | ' | -1,715,000 | 500,000 | ' | 1,700,000 | ' |
Working Capital Included in the Sale of Portion of a Business | ' | ' | ' | ' | ' | 6,500,000 |
Proceeds from disposition, net of selling costs | 824,000 | 15,607,000 | 1,400,000 | ' | ' | 15,600,000 |
Goodwill disposition | ' | $7,350,000 | ' | $7,350,000 | ' | $7,400,000 |
Dispositions_And_Discontinued_3
Dispositions And Discontinued Operations (Schedule Of Discontinued Operations) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Discontinued Operations And Disposal Groups [Abstract] | ' | ' |
Revenue before reimbursements | ' | $4,123 |
Total revenues | ' | 5,274 |
Income from discontinued operations before income tax expense | 509 | 894 |
Income tax expense from discontinued operations | ' | 211 |
Income from discontinued operations, net of tax | $509 | $683 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Segment Revenues Before Reimbursements, Segment Total Revenues And Segment Operating Profit) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues before reimbursements | $175,056 | $183,134 |
Total revenues | 197,748 | 209,499 |
Total segment operating profit | 58,702 | 64,564 |
General and administrative expenses | 33,102 | 32,566 |
Depreciation expense | 4,309 | 3,730 |
Amortization expense | 1,362 | 1,698 |
Other operating benefit, net | -1,160 | -1,507 |
Long-term compensation expense attributable to consultants (including share-based compensation expense) | 3,774 | 4,482 |
Operating income | 17,315 | 23,595 |
Interest and other expense, net | 831 | 914 |
Income from continuing operations before income tax expense | 16,484 | 22,681 |
Disputes, Investigations & Economics [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues before reimbursements | 76,032 | 76,975 |
Total revenues | 82,084 | 83,458 |
Total segment operating profit | 24,718 | 25,817 |
Financial, Risk & Compliance [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues before reimbursements | 31,411 | 37,641 |
Total revenues | 37,998 | 47,329 |
Total segment operating profit | 13,468 | 14,147 |
Healthcare [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues before reimbursements | 44,735 | 43,583 |
Total revenues | 50,366 | 49,191 |
Total segment operating profit | 14,029 | 15,804 |
Energy [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total revenues before reimbursements | 22,878 | 24,935 |
Total revenues | 27,300 | 29,521 |
Total segment operating profit | $6,487 | $8,796 |
Segment_Information_Total_Asse
Segment Information (Total Assets By Segment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $922,583 | $904,197 |
Disputes, Investigations & Economics [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 454,400 | 443,417 |
Financial, Risk & Compliance [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 95,731 | 89,498 |
Healthcare [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 174,120 | 173,066 |
Energy [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | 101,767 | 101,851 |
Unallocated Assets [Member] | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Total assets | $96,565 | $96,365 |
Goodwill_And_Intangible_Assets2
Goodwill And Intangible Assets, Net (Goodwill Narrative) (Details) | Mar. 31, 2014 |
Disputes, Investigations & Economics [Member] | ' |
Goodwill [Line Items] | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 7.00% |
Financial, Risk & Compliance [Member] | ' |
Goodwill [Line Items] | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 54.00% |
Healthcare [Member] | ' |
Goodwill [Line Items] | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 34.00% |
Energy [Member] | ' |
Goodwill [Line Items] | ' |
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 39.00% |
Goodwill_And_Intangible_Assets3
Goodwill And Intangible Assets, Net (Finite-Lived Intangible Assets Narrative) (Details) (Maximum [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Maximum [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated remaining useful lives | '7 years |
Goodwill_And_Intangible_Assets4
Goodwill And Intangible Assets, Net (Schedule Of Goodwill Balance) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Goodwill And Intangible Assets, Net [Abstract] | ' | ' | ' | ' |
Goodwill | $620,783 | $620,768 | ' | ' |
Less - accumulated amortization | -5,425 | -5,425 | ' | ' |
Goodwill, net | $615,358 | $615,343 | $607,143 | $619,932 |
Goodwill_And_Intangible_Assets5
Goodwill And Intangible Assets, Net (Schedule Of Change In Carrying Values Of Goodwill Assets By Segment) (Details) (USD $) | 3 Months Ended | 3 Months Ended | |||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 |
Disputes, Investigations & Economics [Member] | Disputes, Investigations & Economics [Member] | Financial, Risk & Compliance [Member] | Financial, Risk & Compliance [Member] | Healthcare [Member] | Healthcare [Member] | Healthcare [Member] | Energy [Member] | Energy [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Balance as of the beginning of the period - Goodwill, net | $615,343 | $619,932 | $354,221 | $357,091 | $55,330 | $56,982 | $129,191 | $129,231 | $129,231 | $76,601 | $76,628 |
Adjustments | -50 | -47 | -38 | -35 | -9 | -12 | -3 | ' | ' | ' | ' |
Disposition | ' | -7,350 | ' | -7,350 | ' | ' | ' | ' | ' | ' | ' |
Foreign currency | 65 | -5,392 | 83 | -5,165 | -17 | -158 | ' | ' | ' | -1 | -69 |
Balance as of the end of the period - Goodwill, net | $615,358 | $607,143 | $354,266 | $344,541 | $55,304 | $56,812 | $129,188 | $129,231 | $129,231 | $76,600 | $76,559 |
Recovered_Sheet1
Goodwill and Intangible Assets, Net (Schedule Of Finite-Lived Intangible Assets By Major Category) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets, Net [Abstract] | ' | ' |
Customer lists and relationships | $79,571 | $79,514 |
Non-compete agreements | 22,471 | 22,557 |
Other | 24,100 | 24,297 |
Intangible assets, at cost | 126,142 | 126,368 |
Less: accumulated amortization | -116,740 | -115,590 |
Intangible assets, net | $9,402 | $10,778 |
Goodwill_And_Intangible_Assets6
Goodwill And Intangible Assets, Net (Schedule Of Intangible Assets Estimated Useful Lives) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets remaining amortization, Weighted Average Remaining Years | '3 years 1 month 6 days | ' |
Intangible assets remaining amortization, Amount | $9,402 | $10,778 |
Customer Lists and Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets remaining amortization, Weighted Average Remaining Years | '3 years 2 months 12 days | ' |
Intangible assets remaining amortization, Amount | 6,885 | ' |
Non-compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets remaining amortization, Weighted Average Remaining Years | '3 years 9 months 18 days | ' |
Intangible assets remaining amortization, Amount | 1,477 | ' |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets remaining amortization, Weighted Average Remaining Years | '1 year 8 months 12 days | ' |
Intangible assets remaining amortization, Amount | $1,040 | ' |
Goodwill_And_Intangible_Assets7
Goodwill And Intangible Assets, Net (Schedule Of Amortization Expense) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets, Net [Abstract] | ' |
2014 | $3,489 |
2015 | 2,965 |
2016 | 1,398 |
2017 | 802 |
2018 | 505 |
Thereafter | 243 |
Total | $9,402 |
Net_Income_Per_Share_EPS_Detai
Net Income Per Share (EPS) (Details) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ||
Basic shares | 48,906 | 50,295 | ||
Contingently issuable shares | 149 | 195 | ||
Diluted shares | 50,477 | 51,360 | ||
Antidilutive shares (in thousands) | 49 | [1] | 590 | [1] |
Employee Stock Options [Member] | ' | ' | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ||
Share-based Awards | 197 | 61 | ||
Restricted Stock And Restricted Stock Units [Member] | ' | ' | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ||
Share-based Awards | 1,225 | 809 | ||
[1] | Stock options with exercise prices greater than the average market price of our common stock during the respective time periods were excluded from the computation of diluted shares because the impact of including the shares subject to these stock options in the diluted share calculation would have been antidilutive. |
ShareBased_Compensation_Expens2
Share-Based Compensation Expense (Narrative) (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share Based Awards Granted, Fair Value | $3.30 |
Share-based Awards, Grants | 233,722 |
Unvested Stock-Based Awards [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Total compensation cost related to the outstanding or unvested stock-based compensation awards | $11.20 |
Weighted-average remaining vesting period | '2 years |
ShareBased_Compensation_Expens3
Share-Based Compensation Expense (Schedule Of Total Share-Based Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-Based Compensation Expense [Abstract] | ' | ' |
Amortization of restricted stock and restricted stock unit awards | $2,408 | $2,132 |
Amortization of stock option awards | 193 | 292 |
Discount given on employee stock purchase transactions through our Employee Stock Purchase Plan | 113 | 88 |
Total share-based compensation | $2,714 | $2,512 |
ShareBased_Compensation_Expens4
Share-Based Compensation Expense (Schedule Of Share-Based Compensation Expense Showing Amount Attributable To Different Categories) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-Based Compensation Expense [Abstract] | ' | ' |
Cost of services before reimbursable expenses | $1,442 | $1,282 |
General and administrative expenses | 1,272 | 1,230 |
Total share-based compensation | $2,714 | $2,512 |
Supplemental_Consolidated_Bala2
Supplemental Consolidated Balance Sheet Information (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' | ' |
Employee retention and signing bonuses, term, years | '6 years | ' | ' |
Sign-on and retention bonuses issued | $2,700,000 | $2,600,000 | ' |
External use Software | 7,850,000 | ' | 5,586,000 |
Capitalized computer software, additions | 2,300,000 | 1,400,000 | ' |
Investment in technological infrastructure and software | 4,100,000 | ' | ' |
Disposals of fully depreciated assets | 1,800,000 | ' | ' |
Cash payment related to additions accrued in prior years | 2,200,000 | ' | ' |
Cash payments in connection with deferred acquisition liabilities | 100,000 | ' | ' |
Deferred business acquisition obligations | 5,413,000 | ' | 5,773,000 |
Liabilities fair value adjustment, current | 300,000 | ' | ' |
Deferred acquistion liability, long-term | 900,000 | ' | ' |
Performance-based long-term incentive compensation liabilities | $3,000,000 | ' | ' |
Supplemental_Consolidated_Bala3
Supplemental Consolidated Balance Sheet Information (Components Of Accounts Receivable) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Billed amounts | $130,112 | $121,335 |
Engagements in process | 67,122 | 55,650 |
Allowance for uncollectible accounts | -10,715 | -9,919 |
Accounts receivable, net | $186,519 | $167,066 |
Supplemental_Consolidated_Bala4
Supplemental Consolidated Balance Sheet Information (Components Of Prepaid Expenses And Other Current Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Notes receivable - current | $4,843 | $4,906 |
Income tax receivable | 2,025 | ' |
Prepaid recruiting and retention incentives | 8,348 | 8,001 |
Other prepaid expenses and other current assets | 12,041 | 11,647 |
Prepaid expenses and other current assets | $27,257 | $24,554 |
Supplemental_Consolidated_Bala5
Supplemental Consolidated Balance Sheet Information (Components Of Other Assets) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Notes receivable - non-current | $5,462 | $7,155 |
Capitalized client-facing software | 7,850 | 5,586 |
Prepaid recruiting and retention incentives - non-current | 6,665 | 6,773 |
Prepaid expenses and other non-current assets | 4,351 | 3,322 |
Other assets | $24,328 | $22,836 |
Supplemental_Consolidated_Bala6
Supplemental Consolidated Balance Sheet Information (Property And Equipment) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Furniture, fixtures and equipment | $64,802 | $62,486 |
Software | 44,856 | 43,867 |
Leasehold improvements | 31,457 | 32,416 |
Property and equipment, at cost | 141,115 | 138,769 |
Less: accumulated depreciation and amortization | -96,933 | -94,431 |
Property and equipment, net | $44,182 | $44,338 |
Supplemental_Consolidated_Bala7
Supplemental Consolidated Balance Sheet Information (Components Of Other Current Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Deferred acquisition liabilities | $5,413 | $5,773 |
Deferred revenue | 14,612 | 19,503 |
Deferred rent - short term | 1,671 | 997 |
Other current liabilities | 3,188 | 5,736 |
Total other current liabilities | $24,884 | $32,009 |
Supplemental_Consolidated_Bala8
Supplemental Consolidated Balance Sheet Information (Components Of Other Non-Current Liabilities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Supplemental Consolidated Balance Sheet Information [Abstract] | ' | ' |
Deferred acquisition liabilities | $7,268 | $8,038 |
Deferred rent - long-term | 10,070 | 10,642 |
Other non-current liabilities | 7,777 | 7,336 |
Total other non-current liabilities | $25,115 | $26,016 |
Derivatives_And_Hedging_Activi1
Derivatives And Hedging Activity (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative [Line Items] | ' | ' |
Interest expense | $838 | $1,225 |
Interest Rate Derivatives [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Interest expense | $100 | $100 |
Derivatives_And_Hedging_Activi2
Derivatives And Hedging Activity (Schedule Of Interest Rate Derivatives) (Details) (USD $) | 1 Months Ended | |||
In Millions, unless otherwise specified | 31-May-12 | Mar. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2011 |
contract | contract | contract | contract | |
Derivatives And Hedging Activity [Abstract] | ' | ' | ' | ' |
Month executed | 1-May-12 | 1-Mar-12 | 1-Dec-11 | 1-Nov-11 |
Beginning date | 28-Jun-13 | 29-Jun-12 | 31-Dec-12 | 31-May-12 |
Maturity date | 27-May-16 | 30-Jun-15 | 31-Dec-15 | 31-May-15 |
Rate | 1.15% | 1.01% | 1.17% | 0.98% |
Total notional amount | $5 | $5 | $10 | $10 |
Number of contracts | 1 | 1 | 2 | 1 |
Bank_Debt_Narrative_Details
Bank Debt (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Line of Credit Facility [Line Items] | ' | ' | ' |
Revolving credit facility | $400 | ' | ' |
Increase in revolving credit facility | 500 | ' | ' |
Aggregate bank borrowings | 120.8 | ' | 56.7 |
Additional bank borrowings | $260 | ' | ' |
Consolidated leverage ratio | 1.1 | ' | ' |
Consolidated interest coverage ratio | 5.3 | ' | ' |
Credit agreement, average borrowing rate | 3.10% | 2.60% | ' |
Minimum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Consolidated interest coverage ratio | 2 | ' | ' |
Revolving Credit Facility [Member] | Maximum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Consolidated leverage ratio | 3.25 | ' | ' |
First Quarter Leverage Ratio [Member] | Revolving Credit Facility [Member] | Maximum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Maximum consolidated leverage ratio | 3.5 | ' | ' |
Base Rate [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt facility, applicable margin | 0.00% | ' | ' |
Base Rate [Member] | Minimum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt facility, applicable margin | 0.00% | ' | ' |
Base Rate [Member] | Maximum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt facility, applicable margin | 1.00% | ' | ' |
LIBOR [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt facility, applicable margin | 1.00% | ' | ' |
LIBOR [Member] | Minimum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt facility, applicable margin | 1.00% | ' | ' |
LIBOR [Member] | Maximum [Member] | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' |
Debt facility, applicable margin | 2.00% | ' | ' |
Fair_Value_Narrative_Details
Fair Value (Narrative) (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Fair Value [Abstract] | ' |
Contingent consideration, fair value | $100,000 |
Contingent acquisition liability adjustment | 1,160,000 |
Imputed Interest on Deferred Acquisition Payments | $100,000 |
Fair_Value_Schedule_Of_Liabili
Fair Value (Schedule Of Liability Measured At Fair Value On Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swaps (recorded in other liabilities) | $324 | $355 |
Total deferred contingent acquisition liabilities | 5,157 | 6,322 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Interest rate swaps (recorded in other liabilities) | 324 | 355 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total deferred contingent acquisition liabilities | $5,157 | $6,322 |