Company Quick10K Filing
PRGX Global
Price5.66 EPS-0
Shares23 P/E-14
MCap131 P/FCF41
Net Debt25 EBIT-7
TEV156 TEV/EBIT-23
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-07
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-03-12
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-03-18
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-13
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-08
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-16
10-Q 2016-09-30 Filed 2016-11-08
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-15
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-13
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-12
10-K 2013-12-31 Filed 2014-03-14
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-07
10-K 2012-12-31 Filed 2013-03-13
10-Q 2012-09-30 Filed 2012-11-06
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-04
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-07
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-09
10-K 2010-12-31 Filed 2011-03-16
10-Q 2010-09-30 Filed 2010-11-15
10-Q 2010-06-30 Filed 2010-08-13
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-29
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-06-18
8-K 2020-04-28
8-K 2020-02-25
8-K 2020-02-13
8-K 2020-01-28
8-K 2019-10-30
8-K 2019-07-30
8-K 2019-06-06
8-K 2019-04-30
8-K 2019-04-16
8-K 2019-03-26
8-K 2019-03-07
8-K 2019-01-03
8-K 2018-11-01
8-K 2018-09-27
8-K 2018-08-30
8-K 2018-08-09
8-K 2018-06-26
8-K 2018-06-04
8-K 2018-05-29
8-K 2018-05-16
8-K 2018-05-01
8-K 2018-03-01

PRGX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 ex3112020q2.htm
EX-31.2 ex3122020q2.htm
EX-32.1 ex3212020q2.htm

PRGX Global Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
14511687582902012201420172020
Assets, Equity
554229163-102012201420172020
Rev, G Profit, Net Income
1593-3-9-152012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR 
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 0-28000
 PRGX Global, Inc.
(Exact name of registrant as specified in its charter) 
Georgia 58-2213805
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
600 Galleria Parkway 30339-5986
Suite 100 (Zip Code)
Atlanta, Georgia
 
(Address of principal executive offices) 
Registrants telephone number, including area code: (770779-3900
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.    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).    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     
Smaller reporting company
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 Exchange Act).    Yes      No  




Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, no par valuePRGXNasdaq Global Select Market
Common shares of the registrant outstanding at July 31, 2020 were 23,612,686.



PRGX GLOBAL, INC.
FORM 10-Q
For the Quarter Ended June 30, 2020
INDEX
 
 Page No.
Part I. Financial Information
Part II. Other Information



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
PRGX GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
 Three Months
Ended June 30,
Six Months
Ended June 30,
 2020201920202019
Revenue, net $39,011  $41,974  $75,850  $80,778  
Operating expenses:
Cost of revenue20,584  26,312  43,118  51,547  
Selling, general and administrative expenses14,726  15,748  28,190  29,665  
Depreciation of property, equipment and software assets1,965  2,381  4,106  4,584  
Amortization of intangible assets828  872  1,657  1,734  
Total operating expenses38,103  45,313  77,071  87,530  
Operating income (loss) from continuing operations908  (3,339) (1,221) (6,752) 
Foreign currency transaction (gains) losses on short-term intercompany balances(819) (77) 637  129  
Interest expense, net303  592  645  1,065  
Other loss (income)2  11  2  (8) 
       Income (loss) from continuing operations before income tax1,422  (3,865) (2,505) (7,938) 
Income tax expense1,004  311  960  479  
Net income (loss) from continuing operations$418  $(4,176) $(3,465) $(8,417) 
Discontinued operations:
Loss from discontinued operations$  $(103) $  $(258) 
Net loss from discontinued operations$  $(103) $  $(258) 
Net income (loss)$418  $(4,279) $(3,465) $(8,675) 
Basic income (loss) per common share (Note 2):
Basic income (loss) from continuing operations$0.02  $(0.18) $(0.15) $(0.37) 
Basic loss from discontinued operations      (0.01) 
Total basic income (loss) per common share$0.02  $(0.18) $(0.15) $(0.38) 
Diluted income (loss) per common share (Note 2):
Diluted income (loss) from continuing operations$0.02  $(0.18) $(0.15) $(0.37) 
Diluted loss from discontinued operations      (0.01) 
Total diluted income (loss) per common share$0.02  $(0.18) $(0.15) $(0.38) 
Weighted-average common shares outstanding (Note 2):
Basic22,606  22,763  22,542  22,687  
Diluted22,716  22,763  22,542  22,687  
See accompanying Notes to Condensed Consolidated Financial Statements.
1


PRGX GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(In thousands)
 Three Months
Ended June 30,
Six Months
Ended June 30,
 2020201920202019
Net income (loss)$418  $(4,279) $(3,465) $(8,675) 
Foreign currency translation adjustments, net of tax748  (269) (1,200) 244  
Comprehensive income (loss)$1,166  $(4,548) $(4,665) $(8,431) 

See accompanying Notes to Condensed Consolidated Financial Statements.
2


PRGX GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share data)
June 30,December 31,
20202019
ASSETS
Current assets:
Cash and cash equivalents$21,061  $14,982  
Restricted cash123  46  
Receivables:
Contract receivables, less allowances of $1,379 in 2020 and $1,781 in 2019
Billed32,748  38,201  
Unbilled3,312  4,911  
36,060  43,112  
Employee advances and miscellaneous receivables, net740  704  
Total receivables36,800  43,816  
Prepaid expenses and other current assets4,062  5,582  
Total current assets62,046  64,426  
Property, equipment and software66,950  63,557  
Less accumulated depreciation and amortization(47,813) (45,811) 
Property, equipment and software, net19,137  17,746  
Operating lease right-of-use assets (Note 9)11,044  10,969  
Goodwill14,962  15,070  
Intangible assets, less accumulated amortization of $48,206 in 2020 and $47,097 in 2019
9,714  11,506  
Unbilled receivables865  1,282  
Deferred income taxes3,636  3,921  
Other assets531  546  
Total assets$121,935  $125,466  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses$2,094  $4,326  
Accrued payroll and related expenses14,070  12,951  
Current portion of operating lease liabilities (Note 9)4,077  3,717  
Refund liabilities4,152  4,513  
Deferred revenue1,970  2,217  
Current portion of debt (Note 5)  17  
Total current liabilities26,363  27,741  
Long-term debt (Note 5)36,650  36,603  
Long-term operating lease liabilities (Note 9)7,368  7,435  
Refund liabilities21  9  
Deferred income taxes (Note 8)628  628  
Total liabilities71,030  72,416  
Commitments and contingencies (Note 7)
Shareholders’ equity (Note 2):
Common stock, no par value; $.01 stated value per share. Authorized 50,000,000 shares; 23,612,686 shares issued and outstanding at June 30, 2020 and 23,369,433 shares issued and outstanding at December 31, 2019
236  234  
Additional paid-in capital584,922  582,404  
Accumulated deficit(532,641) (529,176) 
Accumulated other comprehensive loss(1,612) (412) 
Total shareholders’ equity50,905  53,050  
Total liabilities and shareholders' equity$121,935  $125,466  
See accompanying Notes to Condensed Consolidated Financial Statements.
3


PRGX GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(In thousands, except share data)
Common Stock
SharesAmountAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Shareholders' Equity
Balance at March 31, 202023,595,079  $236  $583,161  $(533,059) $(2,360) $47,978  
Net income—  —  —  418  —  418  
Foreign currency translation adjustments—  —  —  —  748  748  
Issuances of common stock:
Restricted share awards30,769      —  —    
Restricted shares remitted by employees for taxes(27,977)   (115) —  —  (115) 
Restricted stock unit settlement17,519  —  —  —  —    
Forfeited restricted share awards(2,704) —  —  —  —    
Stock-based compensation expense—  —  1,876  —  —  1,876  
Balance at June 30, 202023,612,686  $236  $584,922  $(532,641) $(1,612) $50,905  
Balance at March 31, 201923,438,058  $234  $581,356  $(519,852) $(508) $61,230  
Net loss—  —  —  (4,279) —  (4,279) 
Foreign currency translation adjustments—  —  —  —  (269) (269) 
Issuances of common stock:
Restricted share awards183,403  2  (2) —  —    
Restricted shares remitted by employees for taxes(38,304)   (246) —  —  (246) 
Stock option exercises35,319  —  170  —  —  170  
Restricted stock unit settlement17,517  —  —  —  —    
Forfeited restricted share awards(24,590) —  —  —  —    
Stock-based compensation expense—  —  1,704  —  —  1,704  
Balance at June 30, 201923,611,403  $236  $582,982  $(524,131) $(777) $58,310  

See accompanying Notes to Condensed Consolidated Financial Statements.






4


PRGX GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(In thousands, except share data)

Common Stock
SharesAmountAdditional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive LossTotal Shareholders' Equity
Balance at December 31, 201923,369,433  $234  $582,404  $(529,176) $(412) $53,050  
Net loss—  —  —  (3,465) —  (3,465) 
Foreign currency translation adjustments—  —  —  —  (1,200) (1,200) 
Issuances of common stock:
Restricted share awards429,269  4  (4) —  —    
Restricted shares remitted by employees for taxes(112,020) (1) (397) —  —  (398) 
Restricted stock unit settlement61,521  —  —  —  —    
Forfeited restricted share awards(31,655) —  —  —  —    
Repurchase of common stock(103,862) (1) (283) —  —  (284) 
Stock-based compensation expense—  —  3,202  —  —  3,202  
Balance at June 30, 202023,612,686  $236  $584,922  $(532,641) $(1,612) $50,905  
Balance at December 31, 201823,186,258  $232  $582,574  $(515,456) $(1,021) $66,329  
Net loss—  —  —  (8,675) —  (8,675) 
Foreign currency translation adjustments—  —  —  —  244  244  
Issuances of common stock:
Restricted share awards516,955  5  (5) —  —    
Restricted shares remitted by employees for taxes(99,885) (1) (749) —  —  (750) 
Stock option exercises45,380  —  221  —  —  221  
Performance-based restricted stock unit settlement203,524  2  (2) —  —  —  
Restricted stock unit settlement27,516  —  —  —  —    
Forfeited restricted share awards(24,590) —  —  —  —    
Repurchase of common stock(243,755) (2) (2,226) (2,228) 
Stock-based compensation expense—  —  3,169  —  —  3,169  
Balance at June 30, 201923,611,403  $236  $582,982  $(524,131) $(777) $58,310  

See accompanying Notes to Condensed Consolidated Financial Statements
5


PRGX GLOBAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Six Months Ended June 30,
 20202019
Cash flows from operating activities:
Net loss$(3,465) $(8,675) 
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization5,763  6,318  
Operating lease right-of-use asset expense2,195  2,248  
Amortization of deferred loan costs48  117  
Noncash interest expense643    
Stock-based compensation expense3,196  3,046  
Foreign currency transaction losses on short-term intercompany balances637  129  
Deferred income taxes338    
Changes in operating assets and liabilities
Billed receivables4,550  6,593  
Unbilled receivables2,018  (851) 
Prepaid expenses and other current assets1,438  (1,296) 
Operating lease liabilities(1,979)   
Other assets(53) (1,567) 
Accounts payable and accrued expenses(3,890) (2,930) 
Accrued payroll and related expenses1,326  (4,970) 
Refund liabilities(270) (314) 
Deferred revenue(224) (292) 
Net cash provided by (used in) operating activities12,271  (2,444) 
Cash flows from investing activities:
Purchases of property, equipment and software, net of disposal proceeds(5,620) (7,640) 
Net cash used in investing activities(5,620) (7,640) 
Cash flows from financing activities:
Repayments of credit facility(38,000) (3,000) 
Proceeds from credit facility38,000  14,400  
Payment of deferred loan costs  (394) 
Payment of earnout liability related to business acquisitions  (479) 
Restricted stock repurchased from employees for withholding taxes(398) (750) 
Repurchases of common stock(284) (2,228) 
Proceeds from option exercises  221  
Net cash (used in) provided by financing activities(682) 7,770  
Effect of exchange rates on cash and cash equivalents187  (55) 
Net increase (decrease) in cash, cash equivalents and restricted cash6,156  (2,369) 
Cash, cash equivalents and restricted cash at beginning of period15,028  14,019  
Cash, cash equivalents and restricted cash at end of period$21,184  $11,650  
Supplemental disclosure of cash flow information:
Cash paid during the period for interest