Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Entity Registrant Name | NAVIGANT CONSULTING INC | |
Entity Central Index Key | 1,019,737 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 47,894,058 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 | |
Trading Symbol | nci |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 3,854 | $ 2,648 |
Accounts receivable, net | 223,717 | 187,652 |
Prepaid expenses and other current assets | 28,923 | 27,142 |
Deferred income tax assets | 13,683 | 13,455 |
Total current assets | 270,177 | 230,897 |
Non-current assets: | ||
Property and equipment, net | 72,496 | 60,617 |
Intangible assets, net | 28,929 | 26,502 |
Goodwill | 582,836 | 568,091 |
Other assets | 19,547 | 17,386 |
Total assets | 973,985 | 903,493 |
Current liabilities: | ||
Accounts payable | 11,951 | 11,735 |
Accrued liabilities | 12,208 | 11,311 |
Accrued compensation-related costs | 60,118 | 83,061 |
Income tax payable | 3,132 | 1,763 |
Other current liabilities | 40,402 | 52,526 |
Total current liabilities | 127,811 | 160,396 |
Non-current liabilities: | ||
Deferred income tax liabilities | 81,194 | 76,329 |
Other non-current liabilities | 20,084 | 14,387 |
Bank debt non-current | 171,386 | 109,790 |
Total non-current liabilities | 272,664 | 200,506 |
Total liabilities | 400,475 | 360,902 |
Stockholders' equity: | ||
Common stock | 64 | 64 |
Additional paid-in capital | 622,260 | 611,882 |
Treasury stock | (287,684) | (275,608) |
Retained earnings | 251,307 | 218,337 |
Accumulated other comprehensive loss | (12,437) | (12,084) |
Total stockholders' equity | 573,510 | 542,591 |
Total liabilities and stockholders' equity | $ 973,985 | $ 903,493 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | ||||
Revenues before reimbursements | $ 211,023 | $ 186,504 | $ 412,179 | $ 361,560 |
Reimbursements | 22,416 | 21,593 | 44,431 | 44,285 |
Total revenues | 233,439 | 208,097 | 456,610 | 405,845 |
Cost of services before reimbursable expenses | 145,367 | 126,792 | 283,968 | 246,920 |
Reimbursable expenses | 22,416 | 21,593 | 44,431 | 44,285 |
Total costs of services | 167,783 | 148,385 | 328,399 | 291,205 |
General and administrative expenses | 39,068 | 34,237 | 74,733 | 67,339 |
Depreciation expense | 5,724 | 4,953 | 11,079 | 9,262 |
Amortization expense | 2,297 | 1,633 | 4,566 | 2,995 |
Contingent acquisition liability adjustments, net | 2,308 | (2,444) | (12,625) | (3,604) |
Office consolidation, net | 1,804 | 2,740 | ||
Goodwill impairment | 122,045 | 122,045 | ||
Other impairment | 98 | 204 | 98 | 204 |
Operating income (loss) | 14,357 | (100,916) | 47,620 | (83,601) |
Interest expense | 1,238 | 1,397 | 2,970 | 2,235 |
Interest income | (46) | (71) | (101) | (160) |
Other (income) expense, net | 176 | 186 | (152) | 268 |
Income (loss) from continuing operations before income tax (benefit) expense | 12,989 | (102,428) | 44,903 | (85,944) |
Income tax (benefit) expense | 5,162 | (26,569) | 11,933 | (20,455) |
Net income (loss) from continuing operations | 7,827 | (75,859) | 32,970 | (65,489) |
Income from discontinued operations, net of tax | 509 | |||
Net income (loss) | $ 7,827 | $ (75,859) | $ 32,970 | $ (64,980) |
Basic per share data | ||||
Net income (loss) from continuing operations | $ 0.16 | $ (1.55) | $ 0.68 | $ (1.34) |
Income from discontinued operations, net of tax | 0.01 | |||
Net income (loss) | $ 0.16 | $ (1.55) | $ 0.68 | $ (1.33) |
Shares used in computing basic per share data | 48,150 | 48,971 | 48,137 | 48,917 |
Diluted per share data | ||||
Net income (loss) from continuing operations | $ 0.16 | $ (1.55) | $ 0.67 | $ (1.34) |
Income from discontinued operations, net of tax | 0.01 | |||
Net income (loss) | $ 0.16 | $ (1.55) | $ 0.67 | $ (1.33) |
Shares used in computing diluted per share data | 49,310 | 48,971 | 49,369 | 48,917 |
Net income (loss) | $ 7,827 | $ (75,859) | $ 32,970 | $ (64,980) |
Other comprehensive income (loss), net of tax | ||||
Unrealized net gain (loss), foreign currency translation | 2,834 | 786 | (244) | 692 |
Unrealized net loss on interest rate derivatives | (46) | (14) | (264) | (34) |
Reclassification adjustment on interest rate derivatives included in interest expense and income tax expense | 80 | 39 | 155 | 77 |
Other comprehensive income (loss), net of tax | 2,868 | 811 | (353) | 735 |
Total comprehensive income (loss), net of tax | $ 10,695 | $ (75,048) | $ 32,617 | $ (64,245) |
Consolidated Statements Of Stoc
Consolidated Statements Of Stockholders' Equity - 6 months ended Jun. 30, 2015 - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2014 | $ 64 | $ (275,608) | $ 611,882 | $ (12,084) | $ 218,337 | $ 542,591 |
Balance, shares at Dec. 31, 2014 | 63,708 | (15,491) | ||||
Comprehensive income (loss) | (353) | 32,970 | 32,617 | |||
Issuances of common stock | 4,894 | 4,894 | ||||
Issuances of common stock, shares | 412 | |||||
Tax benefits on stock options exercised and restricted stock units vested | 239 | 239 | ||||
Vesting of restricted stock and restricted stock units, net of forfeitures and tax withholdings | $ 5 | (1,571) | (1,566) | |||
Vesting of restricted stock and restricted stock units, net of forfeitures and tax withholdings, shares | 246 | |||||
Share-based compensation expense | 5,524 | 5,524 | ||||
Additional paid-in capital recorded through compensation expense | 1,292 | 1,292 | ||||
Repurchases of common stock | $ (12,081) | (12,081) | ||||
Repurchases of common stock, shares | (848) | |||||
Balance at Jun. 30, 2015 | $ 64 | $ (287,684) | $ 622,260 | $ (12,437) | $ 251,307 | $ 573,510 |
Balance, shares at Jun. 30, 2015 | 64,366 | (16,339) |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 32,970 | $ (64,980) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation expense | 11,079 | 9,262 |
Accelerated depreciation - office consolidation | 139 | |
Amortization expense | 4,566 | 2,995 |
Amortization expense - client-facing software | 486 | 242 |
Share-based compensation expense | 5,524 | 5,236 |
Accretion of interest expense | 1,135 | 654 |
Deferred income taxes | 4,686 | (24,395) |
Allowance for doubtful accounts receivable | 1,592 | 2,784 |
Contingent acquisition liability adjustments, net | (12,625) | (3,604) |
Gain on disposition of discontinued operations | (509) | |
Goodwill impairment | 122,045 | |
Other impairment | 98 | 204 |
Changes in assets and liabilities (net of acquisitions and dispositions): | ||
Accounts receivable | (36,747) | (29,293) |
Prepaid expenses and other assets | (2,361) | 141 |
Accounts payable | 136 | (4,216) |
Accrued liabilities | 1,444 | (1,695) |
Accrued compensation-related costs | (22,896) | (21,619) |
Income taxes payable | 46 | (837) |
Other liabilities | 5,923 | (4,879) |
Net cash used in operating activities | (4,805) | (12,464) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (23,197) | (10,942) |
Acquisitions of businesses, net of cash acquired | (21,379) | (84,834) |
Proceeds from disposition, net of selling costs | 824 | |
Payments of acquisition liabilities | (1,530) | (443) |
Capitalized client-facing software | (346) | (864) |
Net cash used in investing activities | (46,452) | (96,259) |
Cash flows from financing activities: | ||
Issuances of common stock | 4,894 | 1,535 |
Repurchases of common stock | (12,081) | (14,427) |
Payments of contingent acquisition liabilities | (107) | |
Repayments to banks | (138,703) | (156,895) |
Borrowings from banks | 199,643 | 288,774 |
Other, net | (1,247) | (2,281) |
Net cash provided by financing activities | 52,506 | 116,599 |
Effect of exchange rate changes on cash and cash equivalents | (43) | 8 |
Net increase in cash and cash equivalents | 1,206 | 7,884 |
Cash and cash equivalents at beginning of the period | 2,648 | 1,968 |
Cash and cash equivalents at end of the period | 3,854 | 9,852 |
Supplemental Consolidated Cash Flow Information | ||
Interest paid | 1,543 | 1,192 |
Income taxes paid, net of refunds | $ 7,275 | $ 3,236 |
Description Of Business And Bas
Description Of Business And Basis Of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
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 specialized, global professional services 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 market and regulatory environments. Our professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolution services and business process management 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 six months ended June 30, 2015 are not necessarily indicative of the results to be expected for the enti re year ending December 31, 2015 . 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, 2014 included in our Annual Report on Form 10-K filed with the SEC on February 1 3, 2015 (201 4 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 | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Acquisitions | 2 . ACQUISITIONS 2015 Acquisitions On February 23, 2015 , we acquired RevenueMed, Inc. to expand our healthcare business. RevenueMed specializes in providing coding, revenue cycle management, and business process management services to healthcare providers. This acquisition included approximately 1,500 professionals primarily located in India and was integrated into the Technology, Data & Process business within our Healthcare segment. We paid $22.1 million, including selling costs, in cash at closing. The purchase agreement provided for a deferred contingent acquisition payment to be made to the selling stockholders of RevenueMed in an amount up to $4.0 million based on the business achieving certain performance targets over the period beginning January 1, 2015 and ending June 30, 2015 pursuant to the terms of the purchase agreement . We estimated the fair value of the deferred contingent consideration on the closing date to be $3.8 million which was recorded in other current liabilities at net present value using a risk-adjusted discount rate. Based on the acquired business’ operating results during the performance period, the maximum earned amount was achieved. As such, during the three months ended June 30, 2015, we recorded $0.2 million of other operating costs reflecting a fair value adjustment to increase the estimated deferred contingent consideration to $4.0 million . As part of our preliminary purchase price allocation, we recorded $7.0 million in identifiable intangible assets, $14.9 million in goodwill, $1.4 million of internally developed software and other n et assets of $2.6 million. Other net assets included a liability for uncertain tax positions of $1.3 million, and based on the indemnification terms of the purchase agreement, which entitles us to indemnification if tax is due, an offsetting receivable from RevenueMed was recorded. We are still in the process of finalizing our purchase price allocation and the assumptions used to determine the fair value of the intangible assets. In addition, as we complete our review, we may come across additional closing date adjustments not currently recognized in the unaudited consolidated financial statements. These adjustments may revise our preliminary purchase price allocation. Post-acquisition adjustments relating to facts and circumstances at the closing date, if any, will be recorded to goodwill when identified for a period not exceeding 12 months. 2014 Acquisitions On May 14, 2014 , we acquired Cymetrix Corporation to expand our healthcare business. Cymetrix specializes in providing business process management services to hospital and healthcare networks. This acquisition included approximately 600 professionals and was integrated into the Technology, Data & Process business within our Healthcare segment. We paid $76.9 million, including selling costs, in cash at closing. The terms of the original agreement, included deferred contingent consideration to be paid to the selling stockholders of Cymetrix of up to $25.0 million based on the business achieving certain performance targets over the period beginning November 1, 2014 and ending October 31, 2015 . The deferred contingent consideration fair value was estimated on the closing date to be $ 20.3 million which was recorded in other non-current liabilities at net present value using a risk-adjusted discount rate. During the three months ended March 31, 2015, we recorded $ 15.4 million of other operating benefit reflecting a fair value adjustment (see Note 12 — Fair Value). On May 15, 2015 , we signed an amendment to the original agreement which effectively changed the deferred contingent consideration to a fixed cash payment of $10.0 million to be paid on or before December 31, 2015 . During the three months ended June 30 , 2015, we removed the contingency and recorded $2.1 million of other operating costs reflecting a fair value adjustment. This resulted in a definitive deferred acquisition liability of $10.0 million . The final purchase price allocation for the Cymetrix acquisition was as follows (in thousands): Cash $ Accounts receivable, net Other current assets Property and equipment, net Goodwill Intangible assets Total assets $ Total liabilities $ The beginning fair value balance of the Cymetrix intangible assets consisted of the following (amounts in thousands, except year data): Category Useful Life (years) Amount Trade name 4.0 $ Customer lists and relationships 8.3 $ Also, during 2014, we acquired three small businesses, Leerink Swann Consulting (Leerink) in April 2014, HLP Consulting PTE. LTD (HLP) in June 2014 and Assay Healthcare Solutions, LLC (Assay) in August 2014 for an aggregate purchase price of $11.8 million, of which $9.3 million was paid in cash at closing. Leerink and Assay were integrated into our Healthcare segment, and HLP was integrated into our Disputes, Investigations & Economics segment. See Note 12 – Fair Value for additional information regarding deferred contingent consideration fair value adjustments. Pro Forma Information The following supplemental unaudited pro forma financial information was prepared as if the 2015 and 2014 acquisitions noted above had occurred as of January 1, 2014. The following table was prepared for comparative purposes only and does not purport to be indicative of what would have occurred had the acquisitions 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 For the six months ended June 30, June 30, 2015 2014 2015 2014 Total revenues $ $ $ $ Net income (loss) from continuing operations $ $ $ $ Basic net income from continuing operations per basic share $ $ $ $ Shares used in computing net income per basic share Diluted net income from continuing operations per diluted share $ $ $ $ Shares used in computing net income per diluted share |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2015 | |
Dispositions [Abstract] | |
Dispositions | 3. DISPOSITIONS On October 1, 2014 , we sold a portion of our Technology, Data & Process business within our Healthcare segment. We received $1.5 million in cash, net of selling costs, for the sale. As part of the transaction, we recorded a $0.5 million gain in other operating costs (benefit), which reflected a reduction of $0.8 million in goodwill, $0.1 million in intangible assets, and $0.2 million in other assets. The Technology, Data & Process business within our Healthcare segment remains a continuing operation and, as such, this transaction did not qualify as discontinued operations. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
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 Financ ial, 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 pro vides 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 business process management services which includes 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, the required implementation of a new medical coding system and the implications of maximizing the effects of revenue cycle management. • 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 cost s of services excluding long-term compensation expense attributable to c lient-service employees . Long-term compensation expense attributable to client-service employees 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). 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 For the six months ended June 30, June 30, 2015 2014 2015 2014 Revenues before reimbursements: Disputes, Investigations & Economics $ $ $ $ Financial, Risk & Compliance Healthcare Energy Total revenues before reimbursements $ $ $ $ Total revenues: Disputes, Investigations & Economics $ $ $ $ Financial, Risk & Compliance Healthcare Energy Total revenues $ $ $ $ Segment operating profit: Disputes, Investigations & Economics $ $ $ $ Financial, Risk & Compliance Healthcare Energy Total segment operating profit Segment reconciliation to income (loss) from continuing operations before income tax expense: Reconciling items: General and administrative expenses Depreciation expense Amortization expense Other operating costs (benefit), net Long-term compensation expense attributable to client-service employees (including share-based compensation expense) Operating income (loss) Interest and other expense, net Income (loss) from continuing operations before income tax expense $ $ $ $ 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): June 30, December 31, 2015 2014 Disputes, Investigations & Economics $ $ Financial, Risk & Compliance Healthcare Energy Unallocated assets Total assets $ $ |
Goodwill And Intangible Assets,
Goodwill And Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Goodwill And Intangible Assets, Net | 5 . GOOD WILL AND INTANGIBLE ASSETS, NET Goodwill consisted of (in thousands): June 30, December 31, 2015 2014 Goodwill $ $ Less - accumulated amortization Less - accumulated goodwill impairment Goodwill, net $ $ Changes made to our goodwill balances during the six months ended June 30, 2015 and 2014 were as follows (in thousands): Disputes, Financial, Investigations Risk & Total & Economics Compliance Healthcare Energy Company Goodwill, net as of January 1, 2014 $ $ $ $ $ Acquisitions - - Impairment - - - Adjustments - Foreign currency - Goodwill, net as of June 30, 2014 $ $ $ $ $ Goodwill, net as of January 1, 2015 Acquisitions - - - Adjustments - Foreign currency Goodwill, net as of June 30, 2015 $ $ $ $ $ We performed our annual goodwill impairment test as of May 31, 2015 (see Note 2 – Summary of Significant Accounting Policies in our 2014 10-K). The key assumptions included: internal projections completed during our most recent quarterly forecasting process; profit margin improvement generally consistent with our longer-term historical performance; assumptions regarding contingent revenue; 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, at that time, the estimated fair value exceeded the net asset carrying value for each of our reporting units as of May 31, 201 5 . Accordingly, there was no indication of impairment of our goodwill for any of our reporting units. As of May 31, 2015, the estimated fair value of our Disputes, Investigations & Economics, Healthcare, Energy and Financial, Risk & Compliance reporting units exceeded their net asset carrying values by 16% , 25% , 32% and 61% , respectively. There can be no assurance that goodwill or intangible assets will not be impaired in the future. We will perform our next annual goodwill impair ment test on May 31, 2016 . In the prior year annual impairment test, the estimated fair value of our Disputes, Investigations & Economics reporting unit was less than its net asset carrying value by approximately 1% as of May 31, 2014. As such, we performed the second step of the goodwill impairment test on this reporting unit, and based on the result in May 2014 , a pre-tax goodwill impairment of $122.0 million was recorded as a separate line item within other operating costs (benefit) during the three months ended June 30, 2014 . The impairment was non-cash in nature and did not affect our liquidity, cash flows, borrowing capability or operations , nor did it impact the debt covenants under our credit agreement. For further information regarding the impairment, see Note 6 – Goodwill and Intangible Assets, Net in our 2014 10-K. 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. 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): June 30, December 31, 2015 2014 Intangible assets: Customer lists and relationships $ $ Non-compete agreements Other Intangible assets, at cost Less: accumulated amortization Intangible assets, net $ $ Our intangible assets have estimated remaining useful lives ranging up to ten 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 June 30, 2015 , our intangible assets consisted of the following (in thousands, except year data): Weighted Average Category Remaining Years Amount Customer lists and relationships, net 7.0 $ Non-compete agreements, net 3.7 Other intangible assets, net 2.8 Total intangible assets, net 6.4 $ Total amortization expense was $ 4.6 million and $ 3.0 million for the six months ended June 30, 2015 and 201 4 , respectively. Below is the estimated annual aggregate amortization expense to be recorded in future periods related to intangible assets at June 30, 2015 (in thousands): Year Ending December 31, Amount 2015 (July-December) $ 2016 2017 2018 2019 Thereafter Total $ |
Net Income Per Share (EPS)
Net Income Per Share (EPS) | 6 Months Ended |
Jun. 30, 2015 | |
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 For the six months ended June 30, June 30, 2015 2014 2015 2014 Basic shares Employee stock options - - Restricted stock and restricted stock units - - Contingently issuable shares - - Diluted shares Antidilutive shares 1 (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. Due to a net loss applicable to common stockholders for the three and six months ended June 30, 2014, we excluded 1,107,060 and 1,339,087 shares , respectively, in potentially dilutive securities from the computation as their effect would be anti-dilutive. |
Share-Based Compensation Expens
Share-Based Compensation Expense | 6 Months Ended |
Jun. 30, 2015 | |
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 For the six months ended June 30, June 30, 2015 2014 2015 2014 Amortization of restricted stock and restricted stock unit awards $ $ $ $ Amortization of stock option awards Discount given on employee stock purchase transactions through our Employee Stock Purchase Plan Total share-based compensation expense $ $ $ $ Total share-based compensation expense consisted of the following (in thousands): For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Cost of services before reimbursable expenses $ $ $ $ General and administrative expenses Total share-based compensation expense $ $ $ $ Share-based compensation expense attributable to client-service employees 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 June 30, 2015 , we had $17.4 million of total compensation costs related to unvested share-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 two years. During the six months ended June 30, 2015 , we granted an aggregate of 1,060,786 share-based awards, consisting of restricted stock units and stock options with an aggregate fair value of $13.3 million at the time of grant. These grants include certain awards that vest based on relative achievement of pre-established performance criteria. |
Supplemental Consolidated Balan
Supplemental Consolidated Balance Sheet Information | 6 Months Ended |
Jun. 30, 2015 | |
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): June 30, December 31, 2015 2014 Billed amounts $ $ Engagements in process Allowance for uncollectible billed amounts Allowance for uncollectible engagements in process Accounts receivable, net $ $ 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): June 30, December 31, 2015 2014 Notes receivable - current $ $ Prepaid recruiting and retention incentives - current Other prepaid expenses and other current assets Prepaid expenses and other current assets $ $ Other Assets The components of other assets were as follows (in thousands): June 30, December 31, 2015 2014 Notes receivable - non-current $ $ Capitalized client-facing software Prepaid recruiting and retention incentives - non-current Prepaid expenses and other non-current assets Other assets $ $ Notes receivable, current and non-current, represent unsecured employee loans. These loans were issued to recruit or r etain certain senior-level client-service employees . During the six months ended June 30, 2015, we issued unsecured employee loans aggregating $2.1 million, and during the six months ended June 30, 2014 no such loans were issued. The principal amount and accrued interest on these loans is either paid by the employee or forgiven by us over the term of the loans so long as the employee 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 used by our clients as part of client engagements. These amounts are amortized into cost of services before reimbursable expenses over their estimated remaining useful life. During the six months ended June 30, 2015 and 2 014, we capitalized or acquired $ 0.3 million and $ 2.4 million, respectively, in capitalized client-facin g software . In addition, during the six months ended June 30, 2015, we transferred $ 0.5 million of developed software from capitalized client-facing software included in other assets into property and equipment, net due to a change in scope for its use. Prepaid recruiting and retention incentives, current and non-current, include sign-on and retention bonuses that are generally recoverable from an employee if the employee voluntarily terminates employment or if the employee’s employment is terminated for “cause” 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 six months ended June 30, 2015 and 2014 , we granted $11.3 million and $7.8 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): June 30, December 31, 2015 2014 Furniture, fixtures and equipment $ $ Software Leasehold improvements Property and equipment, at cost Less: accumulated depreciation and amortization Property and equipment, net $ $ During the six months ended June 30, 2015 , we invested $23.2 million in property and equipment which included $9.8 million in our technology infrastructure and software of which $2.1 million was previously accrued, and $11.2 million in leasehold improvements mainly relating to the build-out of our new consolidated office space located in New York, New York. During the six months ended June 30, 2015 we disposed of $7.9 million in fully depreciated assets. In addition, we acquired $2.3 million in property and equipment relating to our RevenueMed acquisition and transferred $ 0.5 million of developed software from capitalized client-facing software included in other assets into property and equipment, net due to a change in scope for its use . Other Current Liabilities The components of other current liabilities were as follows (in thousands): June 30, December 31, 2015 2014 Deferred acquisition liabilities $ $ Deferred revenue Deferred rent - short term Other current liabilities Total other current liabilities $ $ D eferred acquisition liabilities at June 30, 2015 consisted of cash obligations related to definitive and contingent purchase price considerations recorded at net present value and fair value, respectively. During the six months ended June 30, 2015 , we reduced the deferred contingent acquisition liabilities by $ 12.6 million relating to net fair value adjustments and added $3.8 million in deferred contingent acquisition liabilities relating to the RevenueMed acquisition (see Note 2 – Acquisitions and Note 12 – 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 2025 . 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): June 30, December 31, 2015 2014 Deferred acquisition liabilities $ $ Deferred rent - long term Other non-current liabilities Total other non-current liabilities $ $ D eferred acquisition liabilities at June 30, 2015 consisted of cash obligations related to definitive and contingent purchase price considerations recorded at net present value and fair value, respectively. 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 2025 . At June 30, 2015 , other non-current liabilities included $0.8 million of performance-based long-term incentive compensation liabilities. As part of our long-term incentive plan, we issue restricted stock units which vest three years from the grant date to select senior-level client-service employees and leaders based on the achievement of certain performance targets during the prior year. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Accumulated Other Comprehensive Loss | 9. ACCUMULATED OTHER COMPREHENSIVE LOSS The following table summarizes the activity in accumulated other comprehensive loss (in thousands): For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Unrealized gain (loss) on foreign exchange: Balance at beginning of period $ $ $ $ Unrealized gain (loss) on foreign exchange Balance at end of period $ $ $ $ Unrealized gain (loss) on derivatives: Balance at beginning of period $ $ $ $ Unrealized loss on derivatives, net of reclassification Reclassified to interest expense Income tax expense Balance at end of period $ $ $ $ 2015 2014 2015 2014 Accumulated other comprehensive loss at June 30, $ $ $ $ |
Derivatives And Hedging Activit
Derivatives And Hedging Activity | 6 Months Ended |
Jun. 30, 2015 | |
Derivatives And Hedging Activity [Abstract] | |
Derivatives And Hedging Activity | 10. DERIVATIVES AND HEDGING ACTIVITY During the six months ended June 30, 2015 , 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) December 2011 2 December 31, 2012 December 31, 2015 $10.0 May 2012 1 June 28, 2013 May 27, 2016 $5.0 July 2014 5 July 11, 2014 July 11, 2017 $30.0 March 2015 1 May 29, 2015 May 31, 2018 $10.0 June 2015 1 June 30, 2015 June 30, 2018 $5.0 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 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 six months ended June 30, 2015 . For t he six months ended June 30, 2015 and 2014 , we recorded $0.3 million and $0.1 million , respectively, in interest expense associated with differentials received or paid under the interest rate derivatives. At June 30, 2015 , we had $ 0.4 million of net liability related to the interest rate derivatives. |
Bank Debt
Bank Debt | 6 Months Ended |
Jun. 30, 2015 | |
Bank Debt [Abstract] | |
Bank Debt | 1 1 . 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 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 June 30, 2015 , we had aggregate borrowings outstanding of $171.4 million, compared to $109.8 million at December 31, 2014 . Based on our financial covenants at June 30, 2015 , approximately $ 217.0 million in additional borrowings were available to us under the credit facility. At June 30, 2015 we had $7.6 million of unused letters of credit under our credit facility, which have been included as a reduction in the available borrowings above. The letters of credit are primarily related to the requirements of certain lease agreements for office space. 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 June 30, 2015 , the applicable margins on LIBOR and base rate loans were 1.00 % and 0.00% , 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 have applicable margins varying between zero and 1.00 % . Our average borrowing rate (including the impact of our interest rate derivatives; see Note 1 0 — Derivatives and Hedging Activity) was 2.0% for the three months ended June 30, 2015 and 2014, and 2.2% and 2.4% for the six months ended June 30, 2015 and 2014, 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 June 30, 2015 , under the definitions in the credit agreement, our consolidated leverage ratio was 1.3 and our consolidated interest coverage ratio was 5.1 . 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 June 30, 2015 ; however, there can be no assurances that we will remain in compliance in the future. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value [Abstract] | |
Fair Value | 1 2 . FAIR VALUE Fair value is defined as the price that would be received on the sale of 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 10 — 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 June 30, 2015 , we assessed the significance of the impact on the overall valuation and believe that these adjustments are not significant. As such, our interest rate derivati ves 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 the 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 six months ended June 30, 2015 and 2014 , we recorded $ 12.6 million and $ 3.6 million , respectively, in other operating costs (benefit) for a net reduction in the liability reflecting changes in the fair value estimate of the contingent consideration for certain acquisitions made in 2014, 2013, and 2012 (see Note 2 – Acquisitions). Also during the six months ended June 30, 2015, the contingent consideration liability related to the Cymetrix acquisition was reclassified as a definitive consideration liability (see Note 2 – Acquisitions). The following table summarizes the changes in deferred contingent acquisition liabilities (in thousands): For the six months ended June 30, 2015 2014 Beginning Balance $ $ Acquisitions Accretion of acquisition-related contingent consideration Remeasurement of acquisition-related contingent consideration Payments - Reclassification to definitive consideration liability - Ending Balance $ $ At June 30, 2015 , 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 June 30, 2015 based upon the short-term nature of the assets and liabilities. The following table summarizes our financial assets and liabilities measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 ( 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 June 30, 2015 Interest rate derivatives, net $ — $ $ — $ Deferred contingent acquisition liabilities $ — $ — $ $ At December 31, 2014 Interest rate derivatives, net $ — $ $ — $ Deferred contingent acquisition liabilities $ — $ — $ $ |
Other Operating Costs (Benefit)
Other Operating Costs (Benefit) | 6 Months Ended |
Jun. 30, 2015 | |
Other Operating Costs (Benefit) [Abstract] | |
Other Operating Costs (Benefits) | 13. OTHER OPERATING COSTS (BENEFIT) Contingent Acquisition Liability Adjustment, Net During the three months ended June 30, 2015 we recorded a cost of $2.3 million, and during the three months ended June 30, 2014 we recorded a benefit of $2.4 million. On May 15, 2015 , we signed an amendment to the merger agreement pursuant to which we acquired Cymetrix which effectively changed the deferred contingent consideration to be a fixed cash payment of $10.0 million to be paid on or before December 31, 2015 . The remaining adjustments in both periods relate to fair value adjustments to our estimated contingent acquisition liabilities (see Note 12 – Fair Value). During the six months ended June 30, 2015 and 2014, we recorded a benefit of $12.6 million and $3.6 million, respectively, relating to fair value adjustments to our estimated deferred contingent acquisition liabilities (see Note 12 – Fair Value). The adjustment made in 2015 relates primarily to our Cymetrix acquisition. Contingent acquisition liabilities are initially estimated based on expected performance at the acquisition date and subsequently re viewed each quarter (see Note 12 – Fair Value). Office Consolidation, Net During the three months ended June 30, 2015 , we recorded a cost of $1.8 million related to our new consolidated office space located in New York, New York which we took possession of on October 22, 2014. The cost includes future rent expense, net of expected sublease income, accelerated depreciation and deferred rent relating to the old space and rent expense for duplicate rent as we occupied our old New York offices un til completion of the build-out of the new space. During the six months ended June 30, 2015 , we recorded a cost of $2.7 million as discussed above. We have recorded $3.6 million in current and non-current liabilities for restructured real estate. The activity for the six months ended June 30, 2015 was as follows: Office Space Reductions Balance at December 31, 2014 $ Cost to operations during the six months ended June 30, 2015 Deferred rent liability Utilized during the six months ended June 30, 2015 Balance at June 30, 2015 $ Goodwill impairment During the three months ended June 30, 2014, we recorded a pretax goodwill impairment of $122.0 million. See Note 5 – Goodwill and Intangible Assets, Net. O ther impairment During the three months ended June 30, 2015 and 2014, we recorded $0.1 million and $0.2 million, respectively, of impairment on software that is no longer being utilized by our client-service employees for client engagements. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Acquisitions [Abstract] | |
Opening Balance Sheet for Cymetrix | Cash $ Accounts receivable, net Other current assets Property and equipment, net Goodwill Intangible assets Total assets $ Total liabilities $ |
Beginning Balance of Cymetrix Intangible Assets | Category Useful Life (years) Amount Trade name 4.0 $ Customer lists and relationships 8.3 $ |
Schedule Of Supplemental Unaudited Pro Forma Financial Information | For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Total revenues $ $ $ $ Net income (loss) from continuing operations $ $ $ $ Basic net income from continuing operations per basic share $ $ $ $ Shares used in computing net income per basic share Diluted net income from continuing operations per diluted share $ $ $ $ Shares used in computing net income per diluted share |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Information [Abstract] | |
Schedule Of Segment Revenues Before Reimbursements, Segment Total Revenues And Segment Operating Profit | For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Revenues before reimbursements: Disputes, Investigations & Economics $ $ $ $ Financial, Risk & Compliance Healthcare Energy Total revenues before reimbursements $ $ $ $ Total revenues: Disputes, Investigations & Economics $ $ $ $ Financial, Risk & Compliance Healthcare Energy Total revenues $ $ $ $ Segment operating profit: Disputes, Investigations & Economics $ $ $ $ Financial, Risk & Compliance Healthcare Energy Total segment operating profit Segment reconciliation to income (loss) from continuing operations before income tax expense: Reconciling items: General and administrative expenses Depreciation expense Amortization expense Other operating costs (benefit), net Long-term compensation expense attributable to client-service employees (including share-based compensation expense) Operating income (loss) Interest and other expense, net Income (loss) from continuing operations before income tax expense $ $ $ $ |
Total Assets By Segment | June 30, December 31, 2015 2014 Disputes, Investigations & Economics $ $ Financial, Risk & Compliance Healthcare Energy Unallocated assets Total assets $ $ |
Goodwill And Intangible Asset21
Goodwill And Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets, Net [Abstract] | |
Schedule Of Goodwill Balance | June 30, December 31, 2015 2014 Goodwill $ $ Less - accumulated amortization Less - accumulated goodwill impairment Goodwill, net $ $ |
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, 2014 $ $ $ $ $ Acquisitions - - Impairment - - - Adjustments - Foreign currency - Goodwill, net as of June 30, 2014 $ $ $ $ $ Goodwill, net as of January 1, 2015 Acquisitions - - - Adjustments - Foreign currency Goodwill, net as of June 30, 2015 $ $ $ $ $ |
Schedule Of Finite-Lived Intangible Assets By Major Category | June 30, December 31, 2015 2014 Intangible assets: Customer lists and relationships $ $ Non-compete agreements Other Intangible assets, at cost Less: accumulated amortization Intangible assets, net $ $ |
Schedule Of Intangible Assets Estimated Useful Lives | Weighted Average Category Remaining Years Amount Customer lists and relationships, net 7.0 $ Non-compete agreements, net 3.7 Other intangible assets, net 2.8 Total intangible assets, net 6.4 $ |
Schedule Of Amortization Expense | Year Ending December 31, Amount 2015 (July-December) $ 2016 2017 2018 2019 Thereafter Total $ |
Net Income Per Share (EPS) (Tab
Net Income Per Share (EPS) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Net Income Per Share (EPS) [Abstract] | |
Schedule Of Weighted Average Number Of Shares | For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Basic shares Employee stock options - - Restricted stock and restricted stock units - - Contingently issuable shares - - Diluted shares Antidilutive shares 1 (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. Due to a net loss applicable to common stockholders for the three and six months ended June 30, 2014, we excluded 1,107,060 and 1,339,087 shares , respectively, in potentially dilutive securities from the computation as their effect would be anti-dilutive. |
Share-Based Compensation Expe23
Share-Based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Share-Based Compensation Expense [Abstract] | |
Schedule Of Share-Based Compensation Expense Showing Amount Attributable To Each Category | For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Amortization of restricted stock and restricted stock unit awards $ $ $ $ Amortization of stock option awards Discount given on employee stock purchase transactions through our Employee Stock Purchase Plan Total share-based compensation expense $ $ $ $ |
Schedule Of Total Share-Based Compensation Expense | For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Cost of services before reimbursable expenses $ $ $ $ General and administrative expenses Total share-based compensation expense $ $ $ $ |
Supplemental Consolidated Bal24
Supplemental Consolidated Balance Sheet Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Supplemental Consolidated Balance Sheet Information [Abstract] | |
Components Of Accounts Receivable | June 30, December 31, 2015 2014 Billed amounts $ $ Engagements in process Allowance for uncollectible billed amounts Allowance for uncollectible engagements in process Accounts receivable, net $ $ |
Components Of Prepaid Expenses And Other Current Assets | June 30, December 31, 2015 2014 Notes receivable - current $ $ Prepaid recruiting and retention incentives - current Other prepaid expenses and other current assets Prepaid expenses and other current assets $ $ |
Components Of Other Assets | June 30, December 31, 2015 2014 Notes receivable - non-current $ $ Capitalized client-facing software Prepaid recruiting and retention incentives - non-current Prepaid expenses and other non-current assets Other assets $ $ |
Property And Equipment | June 30, December 31, 2015 2014 Furniture, fixtures and equipment $ $ Software Leasehold improvements Property and equipment, at cost Less: accumulated depreciation and amortization Property and equipment, net $ $ |
Components Of Other Current Liabilities | June 30, December 31, 2015 2014 Deferred acquisition liabilities $ $ Deferred revenue Deferred rent - short term Other current liabilities Total other current liabilities $ $ |
Components Of Other Non-Current Liabilities | June 30, December 31, 2015 2014 Deferred acquisition liabilities $ $ Deferred rent - long term Other non-current liabilities Total other non-current liabilities $ $ |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accumulated Other Comprehensive Loss [Abstract] | |
Summary Of Activity In Accumulated Other Comprehensive Loss | For the three months ended For the six months ended June 30, June 30, 2015 2014 2015 2014 Unrealized gain (loss) on foreign exchange: Balance at beginning of period $ $ $ $ Unrealized gain (loss) on foreign exchange Balance at end of period $ $ $ $ Unrealized gain (loss) on derivatives: Balance at beginning of period $ $ $ $ Unrealized loss on derivatives, net of reclassification Reclassified to interest expense Income tax expense Balance at end of period $ $ $ $ 2015 2014 2015 2014 Accumulated other comprehensive loss at June 30, $ $ $ $ |
Derivatives And Hedging Activ26
Derivatives And Hedging Activity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivatives And Hedging Activity [Abstract] | |
Schedule Of Interest Rate Derivatives | Number of Total Notional Amount Month executed Contracts Beginning Date Maturity Date Rate (millions) December 2011 2 December 31, 2012 December 31, 2015 $10.0 May 2012 1 June 28, 2013 May 27, 2016 $5.0 July 2014 5 July 11, 2014 July 11, 2017 $30.0 March 2015 1 May 29, 2015 May 31, 2018 $10.0 June 2015 1 June 30, 2015 June 30, 2018 $5.0 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value [Abstract] | |
Changes In The Deferred Contingent Consideration Liabilities | For the six months ended June 30, 2015 2014 Beginning Balance $ $ Acquisitions Accretion of acquisition-related contingent consideration Remeasurement of acquisition-related contingent consideration Payments - Reclassification to definitive consideration liability - Ending Balance $ $ |
Schedule Of Assets And Liabilities 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 June 30, 2015 Interest rate derivatives, net $ — $ $ — $ Deferred contingent acquisition liabilities $ — $ — $ $ At December 31, 2014 Interest rate derivatives, net $ — $ $ — $ Deferred contingent acquisition liabilities $ — $ — $ $ |
Other Operating Costs (Benefi28
Other Operating Costs (Benefit) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Operating Costs (Benefit) [Abstract] | |
Schedule Of Activity For Restructured Real Estate | Office Space Reductions Balance at December 31, 2014 $ Cost to operations during the six months ended June 30, 2015 Deferred rent liability Utilized during the six months ended June 30, 2015 Balance at June 30, 2015 $ |
Acquisitions (Narrative) (Detai
Acquisitions (Narrative) (Details) $ in Thousands | Feb. 23, 2015USD ($)employee | May. 14, 2014USD ($)employee | Aug. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($)item | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | ||||||||||
Reclassification to definitive consideration liability | $ 10,000 | |||||||||
Purchase price allocation of goodwill | $ 582,836 | $ 571,863 | 582,836 | $ 571,863 | $ 568,091 | $ 615,343 | ||||
Contingent acquisition liability adjustments, net | 2,308 | (2,444) | (12,625) | (3,604) | ||||||
Healthcare [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Purchase price allocation of goodwill | 219,313 | $ 203,909 | $ 219,313 | $ 203,909 | $ 204,469 | $ 129,191 | ||||
RevenueMed, Inc [Member] | Healthcare [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | Feb. 23, 2015 | |||||||||
Number of professionals in acquired entity | employee | 1,500 | |||||||||
Cash paid, at closing | $ 22,100 | |||||||||
Contingent consideration, maximum target | $ 4,000 | |||||||||
Contingent consideration, target period | 6 months | |||||||||
Deferred contingent consideration liability, current | $ 3,800 | 4,000 | $ 4,000 | |||||||
Purchase price allocation of identifiable intangible assets | 7,000 | |||||||||
Purchase price allocation of goodwill | 14,900 | |||||||||
Purchase price allocation of internally developed software | 1,400 | |||||||||
Purchase price allocation of other net assets | 2,600 | |||||||||
Uncertain tax positions | $ 1,300 | |||||||||
Contingent acquisition liability adjustments, net | 200 | |||||||||
Cymetrix [Member] | Healthcare [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Date of acquisition | May 14, 2014 | |||||||||
Number of professionals in acquired entity | employee | 600 | |||||||||
Cash paid, at closing | $ 76,900 | |||||||||
Contingent consideration, maximum target | $ 25,000 | |||||||||
Contingent consideration, target period | 1 year | |||||||||
Date agreement was amended | May 15, 2015 | |||||||||
Reclassification to definitive consideration liability | $ 10,000 | |||||||||
Deferred contingent consideration liability, non-current | $ 20,300 | |||||||||
Purchase price allocation of goodwill | $ 71,264 | |||||||||
Contingent acquisition liability adjustments, net | $ 2,100 | $ 15,400 | ||||||||
Leerink, HLP and Assay [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash paid, at closing | $ 9,300 | |||||||||
Purchase price | $ 11,800 | |||||||||
Number of businesses acquired | item | 3 |
Acquisitions (Opening Balance S
Acquisitions (Opening Balance Sheet for Cymetrix) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | May. 14, 2014 | Dec. 31, 2013 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 582,836 | $ 568,091 | $ 571,863 | $ 615,343 | |
Healthcare [Member] | |||||
Business Acquisition [Line Items] | |||||
Goodwill | $ 219,313 | $ 204,469 | $ 203,909 | $ 129,191 | |
Healthcare [Member] | Cymetrix [Member] | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 1,357 | ||||
Accounts receivable, net | 11,283 | ||||
Other current assets | 1,563 | ||||
Property and equipment, net | 11,824 | ||||
Goodwill | 71,264 | ||||
Intangible assets | 18,000 | ||||
Total assets | 115,291 | ||||
Total liabilities | $ 36,924 |
Acquisitions (Beginning Balance
Acquisitions (Beginning Balance of Cymetrix Intangible Assets) (Details) - May. 14, 2014 - Healthcare [Member] - Cymetrix [Member] - USD ($) $ in Thousands | Total |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Amount | $ 18,000 |
Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 4 years |
Amount | $ 1,900 |
Customer Lists and Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Useful Life | 8 years 3 months 18 days |
Amount | $ 16,100 |
Acquisitions (Schedule Of Suppl
Acquisitions (Schedule Of Supplemental Unaudited Pro Forma Financial Information) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Acquisitions [Abstract] | ||||
Total revenues | $ 233,439 | $ 219,875 | $ 458,727 | $ 437,386 |
Net income (loss) from continuing operations | $ 7,827 | $ (75,805) | $ 32,908 | $ (65,881) |
Basic net income from continuing operations per basic share | $ 0.16 | $ (1.55) | $ 0.68 | $ (1.35) |
Shares used in computing net income per basic share | 48,150 | 48,971 | 48,137 | 48,917 |
Diluted net income from continuing operations per diluted share | $ 0.16 | $ (1.55) | $ 0.67 | $ (1.35) |
Shares used in computing net income per diluted share | 49,310 | 48,971 | 49,369 | 48,917 |
Dispositions (Details)
Dispositions (Details) - Oct. 01, 2014 - Healthcare [Member] - Disposal Group, Not Discontinued Operations [Member] - USD ($) $ in Millions | Total |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Date of disposition | Oct. 1, 2014 |
Proceeds from disposition, net of selling costs | $ 1.5 |
Gain on disposition | 0.5 |
Goodwill disposition | 0.8 |
Intangible assets disposition | 0.1 |
Other assets | $ 0.2 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Revenues Before Reimbursements, Segment Total Revenues And Segment Operating Profit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Segment Reporting Information [Line Items] | ||||
Total revenues before reimbursements | $ 211,023 | $ 186,504 | $ 412,179 | $ 361,560 |
Total revenues | 233,439 | 208,097 | 456,610 | 405,845 |
Total segment operating profit | 69,161 | 62,238 | 134,678 | 120,940 |
General and administrative expenses | 39,068 | 34,237 | 74,733 | 67,339 |
Depreciation expense | 5,724 | 4,953 | 11,079 | 9,262 |
Amortization expense | 2,297 | 1,633 | 4,566 | 2,995 |
Other operating costs (benefit), net | 4,210 | 119,805 | (9,787) | 118,645 |
Long-term compensation expense attributable to client-service employees (including share-based compensation expense) | 3,505 | 2,526 | 6,467 | 6,300 |
Operating income (loss) | 14,357 | (100,916) | 47,620 | (83,601) |
Interest and other expense, net | 1,368 | 1,512 | 2,717 | 2,343 |
Income (loss) from continuing operations before income tax (benefit) expense | 12,989 | (102,428) | 44,903 | (85,944) |
Disputes, Investigations & Economics [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues before reimbursements | 81,116 | 76,294 | 157,709 | 152,326 |
Total revenues | 87,515 | 82,444 | 168,726 | 164,528 |
Total segment operating profit | 25,721 | 26,213 | 49,990 | 50,931 |
Financial, Risk & Compliance [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues before reimbursements | 29,509 | 32,193 | 64,452 | 63,604 |
Total revenues | 34,439 | 38,224 | 76,739 | 76,222 |
Total segment operating profit | 11,201 | 13,541 | 26,271 | 27,009 |
Healthcare [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues before reimbursements | 74,245 | 54,446 | 138,239 | 99,181 |
Total revenues | 80,652 | 60,476 | 149,981 | 110,842 |
Total segment operating profit | 24,726 | 15,475 | 42,982 | 29,504 |
Energy [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues before reimbursements | 26,153 | 23,571 | 51,779 | 46,449 |
Total revenues | 30,833 | 26,953 | 61,164 | 54,253 |
Total segment operating profit | $ 7,513 | $ 7,009 | $ 15,435 | $ 13,496 |
Segment Information (Total Asse
Segment Information (Total Assets By Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 973,985 | $ 903,493 |
Disputes, Investigations & Economics [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 344,902 | 322,014 |
Financial, Risk & Compliance [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 90,523 | 83,834 |
Healthcare [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 314,721 | 289,229 |
Energy [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | 105,538 | 103,218 |
Unallocated Assets [Member] | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total assets | $ 118,301 | $ 105,198 |
Goodwill And Intangible Asset36
Goodwill And Intangible Assets, Net (Goodwill Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | May. 31, 2014 | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 122,045 | $ 122,045 | |||
Amortization expense | $ 2,297 | $ 1,633 | $ 4,566 | 2,995 | |
Healthcare [Member] | |||||
Goodwill [Line Items] | |||||
Percentage of fair value of reporting unit in excess of carrying value | 25.00% | ||||
Energy [Member] | |||||
Goodwill [Line Items] | |||||
Percentage of fair value of reporting unit in excess of carrying value | 32.00% | ||||
Financial, Risk & Compliance [Member] | |||||
Goodwill [Line Items] | |||||
Percentage of fair value of reporting unit in excess of carrying value | 61.00% | ||||
Disputes, Investigations & Economics [Member] | |||||
Goodwill [Line Items] | |||||
Percentage of fair value of reporting unit in excess of carrying value | 16.00% | ||||
Percentage of carrying amount in excess of fair value | 1.00% | ||||
Goodwill impairment | $ 122,045 |
Goodwill And Intangible Asset37
Goodwill And Intangible Assets, Net (Finite-Lived Intangible Assets Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 2,297 | $ 1,633 | $ 4,566 | $ 2,995 |
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated remaining useful lives | 10 years |
Goodwill And Intangible Asset38
Goodwill And Intangible Assets, Net (Schedule Of Goodwill Balance) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Goodwill And Intangible Assets, Net [Abstract] | ||||
Goodwill | $ 710,306 | $ 695,561 | ||
Less - accumulated amortization | (5,425) | (5,425) | ||
Less - accumulated goodwill impairment | (122,045) | (122,045) | ||
Goodwill, net | $ 582,836 | $ 568,091 | $ 571,863 | $ 615,343 |
Goodwill And Intangible Asset39
Goodwill And Intangible Assets, Net (Schedule Of Change In Carrying Values Of Goodwill Assets By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Goodwill [Line Items] | |||
Balance as of the beginning of the period - Goodwill, net | $ 568,091 | $ 615,343 | |
Acquisitions | 14,854 | 77,824 | |
Impairment | $ (122,045) | (122,045) | |
Adjustments | (101) | (101) | |
Foreign currency | (8) | 842 | |
Balance as of the end of the period - Goodwill, net | 571,863 | 582,836 | 571,863 |
Disputes, Investigations & Economics [Member] | |||
Goodwill [Line Items] | |||
Balance as of the beginning of the period - Goodwill, net | 231,730 | 354,221 | |
Acquisitions | 3,100 | ||
Impairment | (122,045) | ||
Adjustments | (77) | (78) | |
Foreign currency | (75) | 852 | |
Balance as of the end of the period - Goodwill, net | 236,050 | 231,578 | 236,050 |
Financial, Risk & Compliance [Member] | |||
Goodwill [Line Items] | |||
Balance as of the beginning of the period - Goodwill, net | 55,320 | 55,330 | |
Adjustments | (18) | (17) | |
Foreign currency | 44 | (14) | |
Balance as of the end of the period - Goodwill, net | 55,299 | 55,346 | 55,299 |
Healthcare [Member] | |||
Goodwill [Line Items] | |||
Balance as of the beginning of the period - Goodwill, net | 204,469 | 129,191 | |
Acquisitions | 14,854 | 74,724 | |
Adjustments | (6) | (6) | |
Foreign currency | (4) | ||
Balance as of the end of the period - Goodwill, net | 203,909 | 219,313 | 203,909 |
Energy [Member] | |||
Goodwill [Line Items] | |||
Balance as of the beginning of the period - Goodwill, net | 76,572 | 76,601 | |
Foreign currency | 27 | 4 | |
Balance as of the end of the period - Goodwill, net | $ 76,605 | $ 76,599 | $ 76,605 |
Goodwill And Intangible Asset40
Goodwill And Intangible Assets, Net (Schedule Of Finite-Lived Intangible Assets By Major Category) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Goodwill And Intangible Assets, Net [Abstract] | ||
Customer lists and relationships | $ 101,722 | $ 95,616 |
Non-compete agreements | 23,072 | 22,326 |
Other | 26,188 | 26,520 |
Intangible assets, at cost | 150,982 | 144,462 |
Less: accumulated amortization | (122,053) | (117,960) |
Intangible assets, net | $ 28,929 | $ 26,502 |
Goodwill And Intangible Asset41
Goodwill And Intangible Assets, Net (Schedule Of Intangible Assets Estimated Useful Lives) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets remaining amortization, Weighted Average Remaining Years | 6 years 4 months 24 days | |
Intangible assets remaining amortization, Amount | $ 28,929 | $ 26,502 |
Customer Lists and Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets remaining amortization, Weighted Average Remaining Years | 7 years | |
Intangible assets remaining amortization, Amount | $ 24,348 | |
Non-compete Agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets remaining amortization, Weighted Average Remaining Years | 3 years 8 months 12 days | |
Intangible assets remaining amortization, Amount | $ 1,947 | |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets remaining amortization, Weighted Average Remaining Years | 2 years 9 months 18 days | |
Intangible assets remaining amortization, Amount | $ 2,634 |
Goodwill And Intangible Asset42
Goodwill And Intangible Assets, Net (Schedule Of Amortization Expense) (Details) $ in Thousands | Jun. 30, 2015USD ($) |
Goodwill And Intangible Assets, Net [Abstract] | |
2015 (July-December) | $ 4,764 |
2,016 | 7,251 |
2,017 | 5,344 |
2,018 | 3,864 |
2,019 | 2,590 |
Thereafter | 5,116 |
Total | $ 28,929 |
Net Income Per Share (EPS) (Det
Net Income Per Share (EPS) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Basic shares | 48,150,000 | 48,971,000 | 48,137,000 | 48,917,000 |
Contingently issuable shares | 53,000 | 81,000 | ||
Diluted shares | 49,310,000 | 48,971,000 | 49,369,000 | 48,917,000 |
Antidilutive shares | 304,000 | 1,283,000 | 243,000 | 1,452,000 |
Potentially dilutive excluded from the computation as their effect would be anti-dilutive | 1,107,060 | 1,339,087 | ||
Employee Stock Options [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Share-based awards | 88,000 | 108,000 | ||
Restricted Stock And Restricted Stock Units [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Share-based awards | 1,019,000 | 1,043,000 |
Share-Based Compensation Expe44
Share-Based Compensation Expense (Narrative) (Details) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total compensation cost related to the outstanding or unvested stock-based compensation awards | $ 17.4 |
Weighted average remaining vesting period | 2 years |
Number of shares granted, value | $ 13.3 |
Restricted Stock Units And Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Stock options, Granted | 1,060,786 |
Share-Based Compensation Expe45
Share-Based Compensation Expense (Schedule Of Total Share-Based Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-Based Compensation Expense [Abstract] | ||||
Amortization of restricted stock and restricted stock unit awards | $ 3,163 | $ 2,274 | $ 4,989 | $ 4,682 |
Amortization of stock option awards | 203 | 193 | 373 | 386 |
Discount given on employee stock purchase transactions through our Employee Stock Purchase Plan | 54 | 55 | 162 | 168 |
Total share-based compensation | $ 3,420 | $ 2,522 | $ 5,524 | $ 5,236 |
Share-Based Compensation Expe46
Share-Based Compensation Expense (Schedule Of Share-Based Compensation Expense Showing Amount Attributable To Different Categories) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-Based Compensation Expense [Abstract] | ||||
Cost of services before reimbursable expenses | $ 2,232 | $ 1,183 | $ 3,367 | $ 2,625 |
General and administrative expenses | 1,188 | 1,339 | 2,157 | 2,611 |
Total share-based compensation | $ 3,420 | $ 2,522 | $ 5,524 | $ 5,236 |
Supplemental Consolidated Bal47
Supplemental Consolidated Balance Sheet Information (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Feb. 23, 2015 | Dec. 31, 2014 | |
Supplemental Consolidated Balance Sheet Information [Line Items] | ||||||
Capitalized client-facing software, additions | $ 300 | $ 2,400 | ||||
Prepaid and other current assets | $ 16,557 | 16,557 | $ 14,808 | |||
Transfer of property, plant, and equipment | 500 | |||||
Unsecured employee loans issued | $ 2,100 | 0 | ||||
Employee retention and signing bonuses, term, years | 6 years | |||||
Sign-on and retention bonuses issued | $ 11,300 | 7,800 | ||||
Investment in property, plant and equipment | 23,197 | 10,942 | ||||
Disposals of fully depreciated assets | 7,900 | |||||
Contingent acquisition liability adjustments, net | 2,308 | $ (2,444) | (12,625) | $ (3,604) | ||
Deferred acquisition liabilities | 1,400 | 1,400 | $ 1,760 | |||
Performance-based long-term incentive compensation liabilities | 800 | 800 | ||||
RevenueMed, Inc [Member] | ||||||
Supplemental Consolidated Balance Sheet Information [Line Items] | ||||||
Transfer of property, plant, and equipment | 500 | |||||
Technology Infrastructure and Software [Member] | ||||||
Supplemental Consolidated Balance Sheet Information [Line Items] | ||||||
Investment in property, plant and equipment | 9,800 | |||||
Previously Accrued [Member] | ||||||
Supplemental Consolidated Balance Sheet Information [Line Items] | ||||||
Investment in property, plant and equipment | 2,100 | |||||
Leasehold Improvements [Member] | ||||||
Supplemental Consolidated Balance Sheet Information [Line Items] | ||||||
Investment in property, plant and equipment | $ 11,200 | |||||
Maximum [Member] | ||||||
Supplemental Consolidated Balance Sheet Information [Line Items] | ||||||
Lease expiration year | 2,025 | |||||
Healthcare [Member] | RevenueMed, Inc [Member] | ||||||
Supplemental Consolidated Balance Sheet Information [Line Items] | ||||||
Property and equipment acquired | $ 2,300 | |||||
Contingent acquisition liability adjustments, net | 200 | |||||
Deferred contingent consideration liability, current | $ 4,000 | $ 4,000 | $ 3,800 |
Supplemental Consolidated Bal48
Supplemental Consolidated Balance Sheet Information (Components Of Accounts Receivable) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Supplemental Consolidated Balance Sheet Information [Abstract] | ||
Billed amounts | $ 144,683 | $ 135,787 |
Engagements in process | 101,907 | 69,704 |
Allowance for uncollectible accounts | (10,946) | (10,847) |
Allowance For Uncollectible Engagements In Process | (11,927) | (6,992) |
Accounts receivable, net | $ 223,717 | $ 187,652 |
Supplemental Consolidated Bal49
Supplemental Consolidated Balance Sheet Information (Components Of Prepaid Expenses And Other Current Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Supplemental Consolidated Balance Sheet Information [Abstract] | ||
Notes receivable - current | $ 3,139 | $ 3,701 |
Prepaid recruiting and retention incentives - current | 9,227 | 8,633 |
Other prepaid expenses and other current assets | 16,557 | 14,808 |
Prepaid expenses and other current assets | $ 28,923 | $ 27,142 |
Supplemental Consolidated Bal50
Supplemental Consolidated Balance Sheet Information (Components Of Other Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Supplemental Consolidated Balance Sheet Information [Abstract] | ||
Notes receivable - non-current | $ 3,421 | $ 3,401 |
Capitalized client-facing software | 1,560 | 2,163 |
Prepaid recruiting and retention incentives - non-current | 11,047 | 7,482 |
Prepaid expenses and other non-current assets | 3,519 | 4,340 |
Other assets | $ 19,547 | $ 17,386 |
Supplemental Consolidated Bal51
Supplemental Consolidated Balance Sheet Information (Property And Equipment) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 179,865 | $ 164,294 |
Less: accumulated depreciation and amortization | (107,369) | (103,677) |
Property and equipment, net | 72,496 | 60,617 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 70,028 | 65,077 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | 72,175 | 65,410 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, at cost | $ 37,662 | $ 33,807 |
Supplemental Consolidated Bal52
Supplemental Consolidated Balance Sheet Information (Components Of Other Current Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Supplemental Consolidated Balance Sheet Information [Abstract] | ||
Deferred business acquisition obligations | $ 17,273 | $ 26,202 |
Deferred revenue | 16,497 | 16,405 |
Deferred rent - short term | 2,757 | 3,006 |
Other current liabilities | 3,875 | 6,913 |
Total other current liabilities | $ 40,402 | $ 52,526 |
Supplemental Consolidated Bal53
Supplemental Consolidated Balance Sheet Information (Components Of Other Non-Current Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Supplemental Consolidated Balance Sheet Information [Abstract] | ||
Deferred acquisition liabilities | $ 1,400 | $ 1,760 |
Deferred rent - long-term | 13,365 | 9,015 |
Other non-current liabilities | 5,319 | 3,612 |
Total other non-current liabilities | $ 20,084 | $ 14,387 |
Accumulated Other Comprehensi54
Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | $ (12,084) | |||
Balance at end of period | $ (12,437) | $ (8,606) | (12,437) | $ (8,606) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (15,051) | (9,223) | (11,973) | (9,129) |
Unrealized gain (loss) | 2,834 | 786 | (244) | 692 |
Balance at end of period | (12,217) | (8,437) | (12,217) | (8,437) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at beginning of period | (254) | (194) | (111) | (212) |
Unrealized gain (loss) | (46) | (14) | (264) | (34) |
Reclassified to interest expense | 134 | 65 | 259 | 128 |
Income tax expense | (54) | (26) | (104) | (51) |
Balance at end of period | $ (220) | $ (169) | $ (220) | $ (169) |
Derivatives And Hedging Activ55
Derivatives And Hedging Activity (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative [Line Items] | ||||
Ineffectiveness related to the interest rate derivatives | $ 0 | |||
Interest expense | $ 1,238,000 | $ 1,397,000 | 2,970,000 | $ 2,235,000 |
Interest Rate Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Interest expense | 300,000 | $ 100,000 | ||
Liability related to interest rate derivatives | $ 400,000 | $ 400,000 |
Derivatives And Hedging Activ56
Derivatives And Hedging Activity (Schedule Of Interest Rate Derivatives) (Details) - Jun. 30, 2015 $ in Millions | USD ($)contract |
Interest Rate Contract December 2011 [Member] | |
Derivative [Line Items] | |
Number of contracts | 2 |
Beginning date | Dec. 31, 2012 |
Maturity date | Dec. 31, 2015 |
Rate | 1.17% |
Total notional amount | $ | $ 10 |
Interest Rate Contract May 2012 [Member] | |
Derivative [Line Items] | |
Number of contracts | 1 |
Beginning date | Jun. 28, 2013 |
Maturity date | May 27, 2016 |
Rate | 1.15% |
Total notional amount | $ | $ 5 |
Interest Rate Contract July 2014 [Member] | |
Derivative [Line Items] | |
Number of contracts | 5 |
Beginning date | Jul. 11, 2014 |
Maturity date | Jul. 11, 2017 |
Rate | 1.10% |
Total notional amount | $ | $ 30 |
Interest Rate Contract March 2015 [Member] | |
Derivative [Line Items] | |
Number of contracts | 1 |
Beginning date | May 29, 2015 |
Maturity date | May 31, 2018 |
Rate | 1.47% |
Total notional amount | $ | $ 10 |
Interest Rate Contract June 2015 [Member] | |
Derivative [Line Items] | |
Number of contracts | 1 |
Beginning date | Jun. 30, 2015 |
Maturity date | Jun. 30, 2018 |
Rate | 1.40% |
Total notional amount | $ | $ 5 |
Bank Debt (Narrative) (Details)
Bank Debt (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014 | Jun. 30, 2015USD ($) | Jun. 30, 2014 | Dec. 31, 2014USD ($) | |
Line of Credit Facility [Line Items] | |||||
Revolving credit facility | $ 400 | $ 400 | |||
Maximum borrowing capacity | 500 | $ 500 | |||
Maturity date of bank borrowings | Sep. 1, 2018 | ||||
Aggregate bank borrowings | 171.4 | $ 171.4 | $ 109.8 | ||
Additional bank borrowings | $ 217 | $ 217 | |||
Credit agreement, average borrowing rate | 2.00% | 2.00% | 2.20% | 2.40% | |
Letter of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Additional bank borrowings | $ 7.6 | $ 7.6 | |||
Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Consolidated leverage ratio | 1.3 | ||||
Consolidated interest coverage ratio | 5.1 | ||||
Revolving Credit Facility [Member] | 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 | ||||
Maximum consolidated leverage ratio first quarter of every calendar year | 3.5 | ||||
LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt facility, applicable margin | 1.00% | 1.00% | |||
LIBOR [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt facility, applicable margin | 1.00% | 1.00% | |||
LIBOR [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt facility, applicable margin | 2.00% | 2.00% | |||
Base Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt facility, applicable margin | 0.00% | 0.00% | |||
Base Rate [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt facility, applicable margin | 0.00% | 0.00% | |||
Base Rate [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt facility, applicable margin | 1.00% | 1.00% |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value [Abstract] | ||||
Contingent acquisition liability adjustments, net | $ 2,308 | $ (2,444) | $ (12,625) | $ (3,604) |
Fair Value (Changes In The Defe
Fair Value (Changes In The Deferred Contingent Consideration Liabilities) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value [Abstract] | ||||
Beginning Balance | $ 23,272 | $ 6,322 | ||
Acquisitions | 3,765 | 20,285 | ||
Accretion of acquisition-related contingent consideration | 1,063 | 531 | ||
Remeasurement of acquisition-related contingent consideration | $ 2,308 | $ (2,444) | (12,625) | (3,604) |
Payments of contingent acquisition liabilities | (107) | |||
Reclassification to definitive consideration liability | (10,000) | |||
Ending Balance | $ 5,475 | $ 23,427 | $ 5,475 | $ 23,427 |
Fair Value (Schedule Of Assets
Fair Value (Schedule Of Assets And Liabilities Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate derivatives, net | $ 364 | $ 184 | ||
Deferred contingent acquisition liabilities | 5,475 | 23,272 | $ 23,427 | $ 6,322 |
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Interest rate derivatives, net | 364 | 184 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Deferred contingent acquisition liabilities | $ 5,475 | $ 23,272 |
Other Operating Costs (Benefi61
Other Operating Costs (Benefit) (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Income and Other Expense [Line Items] | ||||
Contingent acquisition liability adjustments, net | $ 2,308 | $ (2,444) | $ (12,625) | $ (3,604) |
Reclassification to definitive consideration liability | 10,000 | |||
Rent expense during office consolidation | (1,804) | (2,740) | ||
Accelerated depreciation - office consolidation | 139 | |||
Goodwill impairment | 122,045 | 122,045 | ||
Other impairment | $ 98 | $ 204 | $ 98 | 204 |
Disputes, Investigations & Economics [Member] | ||||
Other Income and Other Expense [Line Items] | ||||
Goodwill impairment | $ 122,045 |
Other Operating Costs (Benefi62
Other Operating Costs (Benefit) (Schedule Of Activity For Restructured Real Estate) (Details) - Office Space Reductions [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Cost to operations during the six months ended June 30, 2015 | $ 1,354 |
Deferred rent liability | 2,366 |
Utilized during the six months ended June 30, 2015 | (396) |
Balance at June 30, 2015 | $ 3,566 |
Uncategorized Items - nci-20150
Label | Element | Value |
Office Space Reductions [Member] | ||
Restructuring Reserve | us-gaap_RestructuringReserve | $ 242 |