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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended August 2, 2020

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

Commission File Number: 001-09232

VOLT INFORMATION SCIENCES, INC.

(Exact name of registrant as specified in its charter)


New York			13-5658129
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
2401 N. Glassell Street, Orange, California			92865
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code:

(714) 921-8800

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.10	VOLT	NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). x Yes ¨ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ¨

Accelerated filer ¨

Non-accelerated filer x

Smaller reporting company x

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ¨ No x

As of September 4, 2020, there were 21,702,078 shares of common stock outstanding.

PART I – FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(unaudited)


	Three Months Ended									Nine Months Ended
			August 2, 2020			July 28, 2019			August 2, 2020			July 28, 2019
NET REVENUE	$	185,941		$	233,176		$	610,982		$	738,682
Cost of services	155,983			197,528			517,360			629,078
GROSS MARGIN	29,958			35,648			93,622			109,604

EXPENSES
Selling, administrative and other operating costs	31,245			38,395			106,931			117,144
Restructuring and severance costs	546			2,017			2,203			2,800
Impairment charges	2,384			79			2,395			426
OPERATING LOSS	(4,217)			(4,843)			(17,907)			(10,766)

OTHER INCOME (EXPENSE), NET
Interest income (expense), net	(467)			(714)			(1,788)			(2,159)
Foreign exchange gain (loss), net	571			(151)			(23)			(252)
Other income (expense), net	(168)			(184)			(578)			(589)
TOTAL OTHER INCOME (EXPENSE), NET	(64)			(1,049)			(2,389)			(3,000)

LOSS BEFORE INCOME TAXES	(4,281)			(5,892)			(20,296)			(13,766)
Income tax provision	556			165			774			671
NET LOSS	$	(4,837)		$	(6,057)		$	(21,070)		$	(14,437)

PER SHARE DATA:
Basic and Diluted:
Net loss	$	(0.22)		$	(0.29)		$	(0.98)		$	(0.68)
Weighted average number of shares	21,589			21,157			21,474			21,106

See accompanying Notes to Condensed Consolidated Financial Statements.

VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Loss

(In thousands)

(unaudited)


	Three Months Ended									Nine Months Ended
			August 2, 2020			July 28, 2019			August 2, 2020			July 28, 2019
NET LOSS	$	(4,837)		$	(6,057)		$	(21,070)		$	(14,437)
Other comprehensive income (loss):
Foreign currency translation adjustments net of taxes of $0 and $0, respectively	733			(565)			495			(586)
COMPREHENSIVE LOSS	$	(4,104)		$	(6,622)		$	(20,575)		$	(15,023)

See accompanying Notes to Condensed Consolidated Financial Statements.

VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(In thousands, except share amounts)


	August 2, 2020		November 3, 2019
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	30,928	$	28,672
Restricted cash and short-term investments	24,285		12,794
Trade accounts receivable, net of allowances of $235 and $117, respectively	108,395		135,950

Other current assets	7,067		7,252
TOTAL CURRENT ASSETS	170,675		184,668
Property, equipment and software, net	23,706		25,890
Right of use assets - operating leases	40,146		—
Other assets, excluding current portion	6,802		7,446
TOTAL ASSETS	$	241,329	$	218,004
LIABILITIES AND STOCKHOLDERS’EQUITY
CURRENT LIABILITIES:
Accrued compensation	$	16,412	$	21,507
Accounts payable	27,010		36,341
Accrued taxes other than income taxes	10,292		11,244
Accrued insurance and other	19,077		24,654
Operating lease liabilities	7,552		—
Income taxes payable	955		1,570
TOTAL CURRENT LIABILITIES	81,298		95,316
Accrued payroll taxes and other, excluding current portion	21,099		12,029
Operating lease liabilities, excluding current portion	39,442		—
Deferred gain on sale of real estate, excluding current portion	—		20,270
Income taxes payable, excluding current portion	289		289
Deferred income taxes	11		17
Long-term debt, net	58,930		53,894
TOTAL LIABILITIES	201,069		181,815
Commitments and contingencies

STOCKHOLDERS’EQUITY:
Preferred stock, par value $1.00; Authorized - 500,000 shares; Issued - none	—		—
Common stock, par value $0.10; Authorized - 120,000,000 shares; Issued - 23,738,003 shares; Outstanding - 21,702,078 shares and 21,367,821 shares, respectively	2,374		2,374
Paid-in capital	79,686		77,688
Accumulated deficit	(16,777)		(10,917)
Accumulated other comprehensive loss	(6,306)		(6,801)
Treasury stock, at cost; 2,035,925and2,370,182 shares, respectively	(18,717)		(26,155)
TOTAL STOCKHOLDERS’EQUITY	40,260		36,189
TOTAL LIABILITIES AND STOCKHOLDERS’EQUITY	$	241,329	$	218,004

See accompanying Notes to Condensed Consolidated Financial Statements.

VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(In thousands, except number of share data)

(unaudited)


	Nine Months Ended August 2, 2020
	Common Stock $0.10 Par Value					Paid-in Capital		(Accumulated Deficit) Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Stockholders’ Equity
	Shares	Amount
BALANCE AT NOVEMBER 3, 2019	23,738,003	$	2,374	$	77,688	$	(10,917)	$	(6,801)	$	(26,155)	$	36,189
Effect of new accounting principle	—	—		—		22,216		—		—		22,216
Net loss	—	—		—		(10,808)		—		—		(10,808)
Share-based compensation	—	—		511		—		—		—		511
Issuance of common stock	—	—		(114)		(739)		—		846		(7)
Other comprehensive income	—	—		—		—		364		—		364
BALANCE AT FEBRUARY 2, 2020	23,738,003	$	2,374	$	78,085	$	(248)	$	(6,437)	$	(25,309)	$	48,465
Net loss	—	—		—		(5,425)		—		—		(5,425)
Share-based compensation	—	—		508		—		—		—		508
Other comprehensive loss	—	—		—		—		(602)		—		(602)
BALANCE AT MAY 3, 2020	23,738,003	$	2,374	$	78,593	$	(5,673)	$	(7,039)	$	(25,309)	$	42,946
Net loss	—	—		—		(4,837)		—		—		(4,837)
Share-based compensation	—	—		414		—		—		—		414
Issuance of common stock	—	—		679		(6,267)		—		6,592		1,004
Other comprehensive income	—	—		—		—		733		—		733
BALANCE AT AUGUST 2, 2020	23,738,003	$	2,374	$	79,686	$	(16,777)	$	(6,306)	$	(18,717)	$	40,260


	Nine Months Ended July 28, 2019
	Common Stock $0.10 Par Value					Paid-in Capital		(Accumulated Deficit) Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total Stockholders’ Equity
	Shares	Amount
BALANCE AT OCTOBER 28, 2018	23,738,003	$	2,374	$	79,057	$	9,738	$	(7,070)	$	(33,600)	$	50,499
Effect of new accounting principle	—	—		—		426		—		—		426
Net loss	—	—		—		(3,215)		—		—		(3,215)
Share-based compensation	—	—		(113)		—		—		—		(113)
Issuance of common stock	—	—		(35)		(206)		—		241		—
Other comprehensive income	—	—		—		—		158		—		158
BALANCE AT JANUARY 27, 2019	23,738,003	$	2,374	$	78,909	$	6,743	$	(6,912)	$	(33,359)	$	47,755
Net loss	—	—		—		(5,165)		—		—		(5,165)
Share-based compensation	—	—		(95)		—		—		—		(95)
Issuance of common stock	—	—		(883)		(2,234)		—		3,077		(40)
Other comprehensive loss	—	—		—		—		(179)		—		(179)
BALANCE AT APRIL 28, 2019	23,738,003	$	2,374	$	77,931	$	(656)	$	(7,091)	$	(30,282)	$	42,276
Net loss	—	—		—		(6,057)		—		—		(6,057)
Share-based compensation	—	—		294		—		—		—		294
Issuance of common stock	—	—		(942)		(3,413)		—		4,080		(275)
Other comprehensive loss	—	—		—		—		(565)		—		(565)
BALANCE AT JULY 28, 2019	23,738,003	$	2,374	$	77,283	$	(10,126)	$	(7,656)	$	(26,202)	$	35,673

See accompanying Notes to Condensed Consolidated Financial Statements.

VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(In thousands)

(unaudited)


	Nine Months Ended
	August 2, 2020		July 28, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(21,070)	$	(14,437)
Adjustment to reconcile net loss to cash provided by operating activities:
Depreciation and amortization	5,884		5,127
Operating lease asset amortization	6,024		—
Allowance (release) of doubtful accounts and sales allowances	4		(185)
Unrealized foreign currency exchange (gain) loss	796		(133)
Impairment charges	2,395		426
Amortization of gain on sale leaseback of property	—		(1,458)
Loss (gain) on dispositions of property, equipment and software	(287)		13
Share-based compensation	1,433		86
Change in operating assets and liabilities:
Trade accounts receivable	27,815		22,624
Other assets	1,011		895
Accounts payable	(9,507)		1,104
Accrued expenses and other liabilities	(868)		(3,583)
Income taxes	(548)		(318)
Net cash provided by operating activities	13,082		10,161
CASH FLOWS USED IN INVESTING ACTIVITIES:
Sales of investments	659		213
Purchases of investments	(469)		(178)
Proceeds from sale of property, equipment, and software	399		43
Purchases of property, equipment, and software	(3,925)		(6,305)
Net cash used in investing activities	(3,336)		(6,227)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of borrowings	(15,000)		(20,000)
Draw-down on borrowings	20,000		25,000
Debt issuance costs	(331)		(621)
Withholding tax payment on vesting of stock awards	(74)		(316)
Net cash provided by financing activities	4,595		4,063
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(463)		(633)
Net increase in cash, cash equivalents and restricted cash	13,878		7,364
Cash, cash equivalents and restricted cash, beginning of period	38,444		36,544
Cash, cash equivalents and restricted cash, end of period	$	52,322	$	43,908

Cash paid during the period:
Interest	$	1,858	$	2,367
Income taxes	$	1,445	$	1,174

Reconciliation of cash, cash equivalents, and restricted cash:
Current assets:
Cash and cash equivalents	$	30,928	$	36,031
Restricted cash included in Restricted cash and short-term investments	21,394		7,877
Cash, cash equivalents and restricted cash, end of period	$	52,322	$	43,908

See accompanying Notes to Condensed Consolidated Financial Statements.

VOLT INFORMATION SCIENCES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements

For the Fiscal Periods Ended August 2, 2020 and July 28, 2019

(Unaudited)

NOTE 1: Basis of Presentation

Basis of Presentation

The accompanying interim condensed consolidated financial statements of Volt Information Sciences, Inc. (“Volt” or the “Company”) have been prepared in conformity with generally accepted accounting principles ("GAAP"), consistent in all material respects with those applied in the Annual Report on Form 10-K for the year ended November 3, 2019. The Company makes estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates and changes in estimates are reflected in the period in which they become known. Accounting for certain expenses, including income taxes, is based on full year assumptions, and the financial statements reflect all normal adjustments that, in the opinion of management, are necessary for fair presentation of the interim periods presented. The interim information is unaudited and is prepared pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”), which provides for omission of certain information and footnote disclosures. This interim financial information should be read in conjunction with the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended November 3, 2019.

NOTE 2: Recently Issued Accounting Pronouncements

New Accounting Standards Not Yet Adopted by the Company

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The Company intends to apply ASU 2020-04 in the first quarter of fiscal 2021 and does not anticipate a significant impact on its consolidated financial statements upon adoption.

In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement: Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which changes the fair value measurement disclosure requirements of Accounting Standards Codification (“ASC”) 820. ASU 2018-13 is effective for all entities for fiscal years beginning after December 15, 2019, including interim periods therein. Early adoption is permitted for any eliminated or modified disclosures upon issuance of ASU 2018-13. ASU 2018-13 is effective for the Company in the first quarter of fiscal 2021. The Company does not anticipate a significant impact on the consolidated financial statements upon adoption.

In June 2016, the FASB issued ASU 2016-13 (ASC Topic 326), as clarified in ASU 2019-04, ASU 2019-05, ASU 2019-11, and ASU 2018-19, amending how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The guidance requires the application of a current expected credit loss model, which is a new impairment model based on expected losses. Under this model, an entity recognizes an allowance for expected credit losses based on historical experience, current conditions and forecasted information rather than the current methodology of delaying recognition of credit losses until it is probable a loss has been incurred. The amendments are effective for fiscal years beginning after December 15, 2022, which for the Company will be the first quarter of fiscal 2024. Although the impact upon adoption will depend on the financial instruments held by the Company at that time, the Company does not anticipate a significant impact on its consolidated financial statements based on the instruments currently held and its historical trend of bad debt expense relating to trade accounts receivable.

Management has evaluated other recently issued accounting pronouncements and does not believe that any of these pronouncements will have a significant impact on the Company’s consolidated financial statements and related disclosures.

Recently Adopted by the Company

In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU 2018-07”). ASU 2018-07 expands the guidance in Topic 718 to include share-based payments for goods and services to non-employees and generally aligns it with the guidance for share-based payments to employees. ASU 2018-07 was effective for the Company in the first quarter of fiscal 2020 and the adoption of this guidance had no impact on the Company’s consolidated financial statements.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). This ASU requires that lessees recognize assets and liabilities for leases with lease terms greater than twelve months in the statement of financial position and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. This ASU was effective in the first quarter of fiscal 2020 resulting in the Company recording right-of-use (“ROU”) assets and lease liabilities on the consolidated balance sheet. The adoption of this standard did not have a material impact on the consolidated financial statements of operations and consolidated statements of cash flows. For the impact on the Company's consolidated financial statements, refer to Note 3 - Leases.

All other ASUs that became effective for Volt in the first nine months of fiscal 2020 were not applicable to the Company at this time and therefore, did not have any impact during the period.

NOTE 3: Leases

The Company adopted ASC 842, Leases on November 4, 2019 using the modified transition method without retrospective application to comparative periods. The Company elected the package of three practical expedients allowed for under the transition guidance. Accordingly, the Company did not reassess: (1) whether any expired or existing contracts are/or contain leases; (2) the lease classification for any expired or existing leases; or (3) initial direct costs for any existing leases. The Company has also elected not to recognize ROU assets and lease liabilities for short-term leases that have a term of 12 months or less.

The Company’s material operating leases consist of branch locations, as well as corporate office space. Our leases have remaining terms of 1-11 years. The lease term is the minimum of the non-cancelable period of the lease or the lease term inclusive of reasonably certain renewal option periods. Volt determines if an arrangement meets the criteria of a lease at inception, at which time it also performs an analysis to determine whether the lease qualifies as operating or financing. The Company does not currently have any finance leases.

Upon adoption, the Company recorded approximately $47.2 million of ROU assets and $52.0 million of lease liabilities related to operating leases in the Condensed Consolidated Balance Sheet. At transition, the ROU asset was measured at the initial amount of the lease liability adjusted for any deferred rent and cease-use liabilities. The Company also recognized a $22.2 million cumulative-effect adjustment to retained earnings related to the deferred gain on the sale and leaseback of real estate. This gain was previously being amortized at approximately $0.5 million per quarter as an offset to rent expense in the Condensed Consolidated Statements of Operations. Since the Company has a full valuation allowance against its deferred tax assets, the impact is a reduction to our deferred tax assets and related valuation allowance, which resulted in no tax impact to the net change to equity.

Operating lease liabilities represent the present value of lease payments not yet paid. ROU assets represent Volt's right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepaid or accrued lease payments, initial direct costs, lease incentives, and impairment of operating lease assets. As the rate implicit in the lease is not readily determinable, the Company used its incremental borrowing rates based on the information available at the lease commencement date in determining the present value of lease payments. To determine the present value of lease payments not yet paid, the Company estimates incremental secured borrowing rates corresponding to the maturities of the leases.

The Company has elected the practical expedient to not separate non-lease components from the lease components to which they relate, and instead account for each as a single lease component, for all underlying asset classes. Some leasing arrangements require variable payments that are dependent on usage or may vary for other reasons, such as payments for insurance, tax payments and other miscellaneous costs. The variable portion of lease payments is not included in the ROU assets or lease liabilities. Rather, variable payments, other than those dependent upon an index or rate, are expensed when the obligation for those payments is incurred and are included in lease expenses. Accordingly, all expenses associated with a lease contract are accounted for as lease expenses.

Operating leases are included in Right of use assets - operating leases and Operating lease liabilities, current and long-term, in the Condensed Consolidated Balance Sheet. Lease expense for operating leases is recognized on a straight-line basis over the lease term, and is included in Selling, administrative and other operating costs in the Condensed Consolidated Statement of Operations. During the nine months ended August 2, 2020, cash paid for the amount that was included in the measurement of operating lease liabilities was $8.8 million and the ROU assets obtained in exchange for operating lease liabilities was $1.7million.

The components of lease expense were as follows (in thousands):


	Three Months Ended			Nine Months Ended
			August 2, 2020
Operating lease expense	$	2,827		$	8,751
Sublease income	(394)			(1,183)
Variable lease expense	$	213		$	482
Total⁽¹⁾	$	2,646		$	8,050

(1) The Company's short term lease expense was minimal.

Weighted average remaining lease terms and discount rates were as follows:


	Nine Months Ended August 2, 2020

Weighted average remaining lease term (years)	8.1
Weighted average discount rate	6.3	%

Maturities of operating lease liabilities as of August 2, 2020 were as follows (in thousands):


Fiscal Year:	Amount
Remainder of 2020	$	2,786
2021	9,476
2022	7,901
2023	6,786
2024	5,595
Thereafter	28,150
Total future lease payments	$	60,694
Less: Imputed interest	13,700
Total operating lease liabilities	$	46,994

Maturities of operating leases accounted for under ASC 840 as of fiscal year-end 2019 were as follows (in thousands):


Fiscal Year:	Amount
2020	$	11,782
2021	9,287
2022	7,457
2023	6,328
2024	5,486
Thereafter	28,422
Total future lease payments	$	68,762

NOTE 4: Revenue Recognition

Revenue Recognition

All of the Company’s revenue and trade receivables are generated from contracts with customers. Revenue is recognized when control of the promised services is transferred to the Company's customers at an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. The Company's revenue is recorded net of any sales or other similar taxes collected from its customers.

Revenue Service Types

Staffing Services

Volt’s primary service is providing contingent (temporary) workers to its customers. These services are primarily provided through direct agreements with customers, and Volt provides these services using its employees and, in some cases, by subcontracting with other vendors of contingent workers. Volt’s costs in providing these services consist of the wages and benefits provided to the contingent workers as well as the recruiting costs, payroll department costs and other administrative costs.

Direct Placement Services

Direct placement services include providing qualified candidates to the Company's customers to hire on a permanent basis. Direct placement revenue is recognized net of a reserve for permanent placement candidates that do not remain with the customer through the contingency period, which is typically 60 days or less. This contingency is estimated based on historical data and recorded as a refund liability.

Managed Service Programs ("MSP")

The Company's MSP programs provide comprehensive solutions for delivery of contingent labor for assignment to customers, including supplier and worker sourcing, selecting, qualifying, on/off-boarding, time and expense recordation, reporting and approved invoicing and payment processing procedures. The Company’s fee for these MSP services is a fixed percentage of the staffing services spend that is managed through the program.

Disaggregation of Revenues

The following table presents our segment revenues disaggregated by service type (in thousands):


	Three Months Ended August 2, 2020
Segment	Total		North American Staffing		International Staffing		North American MSP		Corporate and Other		Eliminations
Service Revenues:
Staffing Services	$	178,829	$	153,642	$	18,829	$	6,313	$	149	$	(104)
Direct Placement Services	2,587		1,069		935		583		—		—
Managed Service Programs	4,525		—		1,985		2,540		—		—
	$	185,941	$	154,711	$	21,749	$	9,436	$	149	$	(104)

Geographical Markets:
Domestic	$	163,397	$	154,123	$	—	$	9,358	$	—	$	(84)
International	22,544		588		21,749		78		149		(20)
	$	185,941	$	154,711	$	21,749	$	9,436	$	149	$	(104)


	Three Months Ended July 28, 2019
Segment	Total		North American Staffing		International Staffing		North American MSP		Corporate and Other (1)		Eliminations
Service Revenues:
Staffing Services	$	223,754	$	191,575	$	26,704	$	5,664	$	194	$	(383)
Direct Placement Services	3,679		2,066		1,137		697		—		(221)
Managed Service Programs	4,081		—		887		3,194		—		—
Call Center Services	1,662		—		—		—		1,662		—
	$	233,176	$	193,641	$	28,728	$	9,555	$	1,856	$	(604)

Geographical Markets:
Domestic	$	203,266	$	192,704	$	—	$	9,478	$	1,662	$	(578)
International	29,910		937