CDI CORP. PHILADELPHIA, Aug. 8, 2017 /PRNewswire/ -- CDI Corp. (NYSE: CDI, the "Company") today reported results for the second quarter ended June 30, 2017.
Second Quarter 2017 Overview
-- Second quarter revenue of $169.5 million versus $226.7 million in second
quarter 2016, or $206.2 million in second quarter 2016 excluding CDI
AndersElite Limited ("Anders"), which was sold in September 2016
-- Second quarter net loss of $7.9 million, or $(0.42) per diluted share,
versus net loss of $7.5 million in second quarter 2016, or $(0.39) per
diluted share
-- Second quarter adjusted EBITDA(1) loss of $1.4 million versus a loss of
$2.7 million in second quarter 2016
-- Second quarter cash flow from operating activities of $11.5 million, and
total liquidity of $114.5 million as of June 30, 2017
Summary Results from Operations for the Second Quarter 2017
For the second quarter 2017, revenue of $169.5 million compares to prior-year second quarter revenue of $206.2 million, adjusting for the sale of Anders.
Enterprise Talent revenue of $86.8 million compares to prior-year second quarter revenue of $133.5 million, or $113.0 million excluding Anders.
Specialty Talent & Technology Solutions revenue of $17.2 million compares to prior-year second quarter revenue of $19.1 million. Specialty Talent revenue of $9.9 million compares to prior-year second quarter revenue of $11.0 million, while Technology Solutions revenue of $7.3 million compares to prior-year second quarter revenue of $8.2 million.
Engineering Solutions revenue of $54.3 million compares to prior-year second quarter revenue of $61.2 million. Energy, Chemicals and Infrastructure (EC&I) revenue of $26.2 million compares to prior-year second quarter revenue of $33.3 million. Aerospace and Industrial Equipment (AIE) revenue of $12.0 million compares to prior-year second quarter revenue of $12.5 million. Government Services revenue of $16.1 million compares to prior-year second quarter revenue of $15.3 million.
(1) Adjusted EBITDA excludes from net loss interest, income taxes, depreciation and amortization expense, restructuring and other related costs, share-based compensation expense, certain corporate development related items, reserve for project-related disputes, earnout adjustments and real estate exit and related charges. See the financial tables accompanying this release for more information on non-GAAP financial measures and the reconciliation of these measures to GAAP measures.
Management Recruiters International, Inc. (MRI) revenue of $11.1 million compares to prior-year second quarter revenue of $12.9 million. Contract Staffing revenue of $8.6 million compares to prior-year second quarter revenue of $9.8 million, while Royalty & Franchise Fees of $2.5 million compare to the prior-year figure of $3.2 million.
Gross profit of $32.3 million compares to prior-year second quarter gross profit of $42.1 million, or $38.6 million excluding Anders, a decline of $6.3 million. Gross margin when excluding Anders increased 30 basis points year-over-year, to 19.1%.
The Company reported an operating loss in the second quarter of $6.3 million compared to an operating loss of $6.5 million in the year-ago quarter.
Operating and administrative expenses in the second quarter were $38.5 million versus prior-year first quarter of $48.3 million, or $44.0 million excluding Anders, an improvement of $5.5 million.
More detailed segment data are included in the tables accompanying this release and in the Company's Form 10-Q Report.
Balance Sheet and Liquidity
CDI ended the second quarter with $19.2 million in cash and cash equivalents versus $3.2 million at the end of 2016 and $4.7 million as of June 30, 2016. The Company had $15.9 million of debt outstanding as of June 30, 2017, versus no debt outstanding at December 31, 2016, and $25.9 million outstanding as of June 30, 2016. Cash flow from operating activities was $3.7 million for the first half of 2017 versus a deficit of $7.7 million in the prior-year period. Liquidity, including availability under CDI's bank and credit facilities, totaled $114.5 million at June 30, 2017, versus $125.5 million at the end of 2016 and $120.9 million at June 30, 2016.
Agreement to Be Acquired by Affiliates of AE Industrial Partners, LLC
On July 31, 2017, CDI announced that it entered into a definitive agreement to be acquired by affiliates of AE Industrial Partners, LLC ("AEI"), a private equity investor specializing in aerospace, power generation, and specialty industrial companies. Pursuant to the agreement, AEI will acquire all of the outstanding shares of the Company's common stock for $8.25 per share in an all-cash tender offer and follow-on merger. Additional details of the agreement were set forth in a Form 8-K filed with the Securities Exchange Commission on August 1, 2017.
In light of the agreement with AEI, CDI will not host a conference call to discuss second quarter results or provide a business outlook.
About CDI
CDI Corp. (NYSE: CDI) seeks to create extraordinary outcomes with our clients by delivering solutions based on highly skilled and professional talent. Our business is comprised of four segments: Enterprise Talent, Specialty Talent & Technology Solutions, Engineering Solutions, and MRI. We provide engineering, information technology, and staffing solutions to clients in multiple industries, including aerospace, chemicals, energy, industrial equipment, infrastructure, and technology, as well as municipal and state governments and the U.S. Department of Defense. We have offices and delivery centers in the U.S. and Canada. In addition, we also provide recruiting and staffing services through our global MRINetwork® of franchisees. Learn more at www.cdicorp.com.
Notice to Investors
The tender offer for the outstanding common stock of CDI has not yet commenced. This communication is for informational purposes only and does not constitute an offer to buy or a solicitation of an offer to sell any securities of CDI. The solicitation and offer to buy common stock of CDI will only be made pursuant to an Offer to Purchase and related materials. At the time the tender offer is commenced, Nova Intermediate Parent, LLC and Nova Merger Sub, Inc. will file a tender offer statement on Schedule TO with the SEC and CDI will file a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the tender offer. Investors are urged to read these materials when they become available, as well as any other relevant documents filed with the SEC when they become available, carefully and in their entirety because they will contain important information, including the terms and conditions of the tender offer. Investors may obtain a free copy of the Solicitation/Recommendation Statement and other documents (when available) that CDI files with the SEC at the SEC's website at www.sec.gov, or free of charge from CDI at www.cdicorp.com.
Caution Concerning Forward-Looking Statements
Certain statements in this news release and from time to time in other filings with the Securities and Exchange Commission (SEC), and other written and oral communications made by us and our representatives, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that address expectations or projections about the future, including, but not limited to, statements about the pending acquisition of the Company and our plans, strategies, adequacy of resources and future financial results, are forward-looking statements. Some of the forward-looking statements can be identified by words like "anticipates," "believes," "expects," "may," "will," "could," "should," "intends," "plans," "estimates" and similar references to future periods. These statements are not guarantees of future performance and involve a number of risks, uncertainties and assumptions that are difficult to predict. Because these forward-looking statements are based on expectations, estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. Important factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to: risks and uncertainties related to the pending acquisition of the Company by an affiliate of AEI, Nova Intermediate Parent, LLC, including the timing of completion of the associated tender offer and follow-on merger; how many of our stockholders will tender their shares in the offer; the possibility that various closing conditions for the offer or the merger may not be satisfied or waived; the possibility that competing offers will be made; possible litigation related to the offer and the merger; the impact of the offer and the merger on our operations and business and on our relationships with our employees, clients and suppliers; weakness or volatility in general economic conditions and levels of capital spending by clients in the industries we serve; weakness or volatility in the financial and capital markets, which may result in the postponement or cancellation of our clients' projects or the inability of our clients to pay our fees; the termination of one or more major client contracts or projects; the uncertain timing and funding of new contract awards and renewals; a high concentration of our business with a few large clients; restrictions on the availability of funds and on our activities under our asset-based, secured credit facility; improper disclosure or loss of sensitive or confidential company, client, government, employee or candidate information, including personal data; and the possibility of incurring liability for our business activities, including, but not limited to, the activities of our professional employees and our temporary employees. More detailed information about these and other risks and uncertainties may be found in our filings with the SEC, particularly in the "Risk Factors" sections in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. We assume no obligation to update such statements, whether as a result of new information, future events or otherwise, except as required by law.
Use of Non-GAAP Financial Measures
This news release contains financial information calculated other than pursuant to U.S. Generally Accepted Accounting Principles (GAAP). In particular, it includes Adjusted EBITDA and Adjusted EBITDA Margin which are adjusted to exclude from net loss interest, income taxes, depreciation and amortization expense, restructuring and other related costs, share-based compensation expense, certain corporate development related costs, reserve for project-related disputes, earnout adjustments, real estate exit and related charges, and Adjusted EPS which excludes from diluted earnings per common share, restructuring and other related costs, certain corporate development related costs, reserve for project-related disputes, earnout adjustments, amortization of acquired intangibles, real estate exit and related charges, and the related income tax effect. We present these as supplemental measures of performance.
These non-GAAP measures have limitations as analytical tools, should not be viewed as a substitute for financial information determined in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. Some of the limitations of Adjusted EBITDA and Adjusted EPS as analytical tools are: (i) these measures do not reflect all our cash expenditures, or future requirements, for capital expenditures or contractual commitments; (ii) these measures do not reflect changes in, or cash requirements for, our working capital needs; (iii) these measures do not reflect interest expense, or the cash requirements necessary to service interest or principal payments, on our debts; (iv) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized often will have to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for such replacements; (v) share-based compensation is and will remain a key element of our overall long-term incentive compensation package, although we exclude it from Adjusted EBITDA as an expense when evaluating our ongoing operating performance for a particular period; (vi) these measures do not reflect the impact of certain cash charges resulting from matters we consider not to be indicative of our ongoing operations; and (vii) other companies in our industry may calculate these measures differently than we do, limiting its usefulness as a comparative measure.
We present these non-GAAP financial measures because we believe these assist investors and analysts in comparing our performance across reporting periods on a consistent basis by excluding items that we do not believe are indicative of our core operating performance. These non-GAAP financial measures are also used by management in its evaluation of core operations and financial and operational decision-making.
CDI CORP. AND SUBSIDIARIES
(Amounts in thousands, except per share data)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
Consolidated Statements of Operations: 2017 2016 2017 2016
-------------------------------------- ---- ---- ---- ----
Revenue $169,468 $226,693 $357,033 $460,217
Cost of services 137,184 184,598 290,630 374,847
------- ------- ------- -------
Gross profit 32,284 42,095 66,403 85,370
Operating and administrative expenses (1), (2) 38,541 48,315 78,519 95,362
Restructuring and other related costs (3) - 240 - 289
Operating loss (6,257) (6,460) (12,116) (10,281)
Other income (expense), net (309) (452) (722) (601)
---- ---- ---- ----
Loss before income taxes (6,566) (6,912) (12,838) (10,882)
Income tax expense 1,325 572 1,890 1,419
----- --- ----- -----
Net loss $(7,891) $(7,484) $(14,728) $(12,301)
------- ------- -------- --------
Earnings (loss) per common share:
Basic and diluted $(0.42) $(0.39) $(0.79) $(0.63)
Weighted-average shares outstanding - Basic and Diluted 18,739 19,174 18,709 19,427
Selected Balance Sheet
Data: June 30, December 31,
2017 2016
--- ---- ----
Cash and cash
equivalents $19,186 $3,165
Accounts receivable,
net 167,762 178,365
Total current assets 201,761 196,368
Total assets 292,185 289,292
Total current
liabilities 96,144 80,870
Total equity 176,661 188,976
Six Months Ended
June 30,
Selected Cash Flow Data: 2017 2016
------------------------ ---- ----
Net cash provided by (used in)
operating activities $3,666 $(7,742)
Depreciation and amortization 4,156 5,707
Capital expenditures 1,306 4,475
Three Months Ended Six Months Ended
June 30, June 30,
Selected Earnings and Other Financial Data: 2017 2016 2017 2016
------------------------------------------- ---- ---- ---- ----
Gross margin 19.1% 18.6% 18.6% 18.5%
Operating and administrative expenses as a percentage of revenue 22.7% 21.3% 22.0% 20.7%
Operating margin (3.7)% (2.8)% (3.4)% (2.2)%
Effective income tax rate (20.2)% (8.3)% (14.7)% (13.0)%
Three Months Ended Six Months Ended
June 30, June 30,
Selected Segment Data: 2017 2016 2017 2016
---------------------- ---- ---- ---- ----
Enterprise Talent
Revenue:
North America Staffing $86,820 $112,978 $188,981 $229,662
UK Staffing (4) - 20,502 - 43,467
--- ------ --- ------
Total revenue $86,820 $133,480 $188,981 $273,129
------- -------- -------- --------
Gross profit $8,779 $15,434 $19,093 $31,915
Gross margin 10.1% 11.6% 10.1% 11.7%
Operating profit (3), (5) $764 $(458) $2,544 $677
Operating margin 0.9% (0.3)% 1.3% 0.2%
Specialty Talent and Technology Solutions
Revenue:
Specialty Talent $9,864 $10,951 $20,037 $20,971
Technology Solutions 7,344 8,178 15,085 16,551
----- ----- ------ ------
Total revenue $17,208 $19,129 $35,122 $37,522
------- ------- ------- -------
Gross profit $4,683 $5,510 $9,638 $10,822
Gross margin 27.2% 28.8% 27.4% 28.8%
Operating profit (loss) (1), (5) $(1,163) $(436) $(2,205) $9
Operating margin (6.8)% (2.3)% (6.3)% - %
Engineering Solutions
Revenue:
Energy, Chemicals and Infrastructure (EC&I) $26,161 $33,279 $53,584 $67,230
Aerospace and Industrial Equipment (AIE) 12,030 12,525 24,645 25,656
Government Services 16,125 15,349 32,283 31,521
------ ------ ------ ------
Total revenue $54,316 $61,153 $110,512 $124,407
------- ------- -------- --------
Gross profit $13,490 $14,776 $26,971 $30,253
Gross margin 24.8% 24.2% 24.4% 24.3%
Operating loss (2), (3), (5) $(3,420) $(2,943) $(6,021) $(4,878)
Operating margin (6.3)% (4.8)% (5.4)% (3.9)%
Management Recruiters International (MRI)
Revenue:
Contract Staffing $8,575 $9,752 $17,447 $18,979
Royalties and Franchise Fees 2,549 3,179 4,971 6,180
----- ----- ----- -----
Total revenue $11,124 $12,931 $22,418 $25,159
------- ------- ------- -------
Gross profit $5,332 $6,375 $10,701 $12,380
Gross margin 47.9% 49.3% 47.7% 49.2%
Operating profit (5) $1,520 $1,081 $1,769 $1,664
Operating margin 13.7% 8.4% 7.9% 6.6%
Three Months Ended Six Months Ended
June 30, June 30,
Non-GAAP Financial Measures: 2017 2016 2017 2016
---------------------------- ---- ---- ---- ----
Adjusted EBITDA (6) $(1,444) $(2,744) $(4,050) $(3,510)
Adjusted EBITDA margin (6) (0.9)% (1.2)% (1.1)% (0.8)%
Adjusted operating expenses (6) $33,735 $44,685 $70,461 $88,820
Adjusted EPS (6) $(0.30) $(0.33) $(0.63) $(0.57)
(1) In the first quarter of 2016, the
Company's Specialty Talent and
Technology Solutions segment
recorded a benefit to "Operating
and administrative expenses" of
$0.8 million related to the
reversal of an acquisition-
related earnout.
(2) In the second quarter of 2017, the
Company's Engineering Solutions
segment recorded an expense to
"Operating and administrative
expenses" of $1.2 million related
to real estate exit and related
charges in the EC&I business.
(3) The following table summarizes the
amount of "Restructuring and other
related costs" in the consolidated
statements of operations related
to restructuring plans undertaken
during 2015 by reporting segment
for the indicated periods:
Three Months Ended Six Months Ended
June 30, June 30,
2017 2016 2017 2016
---- ---- ---- ----
Restructuring and other
related costs:
Enterprise Talent $ - $90 $ - $102
Engineering Solutions - 149 - 186
Corporate - 1 - 1
--- --- --- ---
Total restructuring and
other related costs $ - $240 $ - $289
--- --- ---- --- --- ----
(4) On September 16, 2016, the
Company completed the sale of
CDI AndersElite Limited
(Anders), the Company's UK
staffing business.
(5) The following table summarizes
the amount of depreciation and
amortization recognized by
reporting segment for the
indicated periods:
Three Months Ended Six Months Ended
June 30, June 30,
2017 2016 2017 2016
---- ---- ---- ----
Depreciation and
amortization:
Enterprise Talent $152 $315 $307 $631
Specialty Talent and
Technology Solutions 436 652 876 1,654
Engineering Solutions 978 1,197 1,992 2,468
MRI 68 66 136 132
Corporate 412 395 845 822
--- ---
Total Depreciation and
amortization $2,046 $2,625 $4,156 $5,707
------ ------ ------ ------
(6) Adjusted EBITDA, Adjusted EBITDA
Margin, Adjusted operating
expenses and Adjusted EPS are non-
GAAP financial measures. Adjusted
EBITDA is calculated by excluding
from net loss, interest, income
taxes, depreciation and
amortization expense,
restructuring and other related
costs, share-based compensation
expense, certain corporate
development-related costs,
reserve for project-related
disputes, earnout adjustments and
real estate exit and related
charges. Adjusted EBITDA Margin is
Adjusted EBITDA as a percentage of
revenue. Adjusted operating
expenses excludes from operating
expenses, which is the sum of
"Operating and administrative
expenses", "Restructuring and
other related costs" in the
consolidated statements of
operations, depreciation and
amortization expense,
restructuring and other related
costs, share-based compensation
expense, certain corporate
development-related costs,
reserve for project-related
disputes, earnout adjustments and
real estate exit and related
charge. Adjusted EPS excludes from
diluted earnings per common share,
restructuring and other related
costs, certain corporate
development-related costs,
reserve for project-related
disputes, earnout adjustments,
amortization of acquired
intangibles, real estate exit and
related charges and the related
specific income tax effect. See
reconciliation of these non-GAAP
financial measures to U.S. GAAP
financial measures below.
Reconciliations of non-GAAP Financial Measures to U.S. GAAP Financial Measures:
-------------------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, June 30,
2017 2016 2017 2016
---- ---- ---- ----
Net loss to Adjusted EBITDA:
Net loss $(7,891) $(7,484) $(14,728) $(12,301)
Interest expense, net 316 298 730 541
Income tax expense 1,325 572 1,890 1,419
Depreciation and amortization 2,046 2,625 4,156 5,707
Restructuring and other related costs (a) - 240 - 289
Share-based compensation (b) 648 463 1,283 1,156
Corporate development related (c) 893 9 1,400 25
Reserve for project-related disputes (d) - 500 - 500
Earnout adjustments (e) - 33 - (846)
Real estate exit and related charges (f) 1,219 - 1,219 -
Adjusted EBITDA $(1,444) $(2,744) $(4,050) $(3,510)
------- ------- ------- -------
Adjusted EBITDA margin (0.9)% (1.2)% (1.1)% (0.8)%
Operating expenses to Adjusted operating expenses:
Operating expenses (g) $38,541 $48,555 $78,519 $95,651
Depreciation and amortization 2,046 2,625 4,156 5,707
Restructuring and other related costs (a) - 240 - 289
Share-based compensation (b) 648 463 1,283 1,156
Corporate development related (c) 893 9 1,400 25
Reserve for project-related disputes (d) - 500 - 500
Earnout adjustments (e) - 33 - (846)
Real estate exit and related charges (f) 1,219 - 1,219 -
----- --- ----- ---
Adjusted operating expenses $33,735 $44,685 $70,461 $88,820
------- ------- ------- -------
EPS to Adjusted EPS:
Earnings (loss) per common share - diluted $(0.42) $(0.39) $(0.79) $(0.63)
Restructuring and other related costs (a) - 0.01 - 0.01
Corporate development related (c) 0.05 - 0.07 -
Reserve for project-related disputes (d) - 0.03 - 0.03
Earnout adjustments (e) - - - (0.04)
Amortization of acquired intangibles (h) 0.02 0.03 0.04 0.08
Real estate exit and related charges (f) 0.06 - 0.06 -
Income tax effect (i) (0.01) (0.01) (0.01) (0.02)
----- ----- ----- -----
Adjusted EPS $(0.30) $(0.33) $(0.63) $(0.57)
------ ------ ------ ------
(a) Represents "Restructuring and other
related costs" in the consolidated
statements of operations related
to restructuring plan undertaken
during 2015.
(b) Represents share-based
compensation expense included in
"Operating and administrative
expenses" in the consolidated
statements of operations.
(c) Represents incremental costs
associated with corporate
development related activities,
including the acquisition and
divestiture of businesses and the
pursuit of strategic alternatives
and activities leading to the
merger agreement with AEI,
included in "Operating and
administrative expenses" in the
consolidated statements of
operations.
(d) Represents the impact to "Operating
and administrative expenses" in
the consolidated statements of
operations related to an increase
in reserves for project-related
disputes.
(e) Represents an expense (benefit)
from earnout adjustments
associated with the acquisition of
businesses included in "Operating
and administrative expenses" in
the consolidated statements of
operations.
(f) Represents a real estate exit and
related charges in connection with
the consolidation of facilities
included in "Operating and
administrative expenses" in the
consolidated statements of
operations.
(g) Operating expenses include
"Operating and administrative
expenses", "Restructuring and
other related costs", "Impairment"
and "Loss on disposition of
business interests" in the
consolidated statements of
operations.
(h) Represents the EPS impact to
"Operating and administrative
expenses" in the consolidated
statements of operations related
to the amortization of definite-
lived intangibles identified as a
result of acquisitions completed
during the fourth quarter of 2015.
(i) Represents the aggregate income tax
effect of each of the adjustments
to diluted earnings per common
share based on the specific income
tax effect, including any related
deferred tax adjustments.
Summary of Historical Impact of Anders on Reported Results
Supplemental Non-GAAP Financial Measures: Three Months
Ended Six Months Ended
-----------------------------------------
June 30, June 30,
2016 2016
---- ----
Revenue excluding Anders (i) $206,191 $416,750
Gross Profit excluding Anders (i) 38,642 78,058
Operating and administrative expenses excluding Anders (i), (ii) 44,015 86,694
Depreciation and amortization excluding Anders (i) 2,469 5,388
(i) Revenue excluding Anders, Gross
profit excluding Anders, Operating
and administrative expenses
excluding Anders, and Depreciation
and amortization excluding Anders
are non-GAAP financial measures.
Revenue, Gross profit, Operating
and administrative expenses and
Depreciation and amortization
excluding Anders exclude from the
Company's consolidated revenue,
gross profit, operating and
administrative expenses and
depreciation and amortization, the
revenue, gross profit, operating
and administrative expenses,
depreciation and amortization of
UK-based CDI AndersElite Limited,
which was sold in September 2016.
See reconciliation of these
supplemental non-GAAP financial
measures to U.S. GAAP financial
measures below.
(ii) Operating and administrative
expenses include depreciation and
amortization expense, share-based
compensation expense, certain
corporate development-related
costs and earnout adjustments as
detailed in the above
reconciliation of Operating
expenses to Adjusted operating
expenses.
Reconciliations of Supplemental non-GAAP Financial Measures to U.S. GAAP Financial Measures:
--------------------------------------------------------------------------------------------
Three Months
Ended Six Months Ended
June 30, June 30,
2016 2016
---- ----
Revenue to Revenue excluding
Anders:
Revenue $226,693 $460,217
Anders Revenue 20,502 43,467
------ ------
Revenue excluding Anders $206,191 $416,750
-------- --------
Gross Profit to Gross Profit
excluding Anders:
Gross profit $42,095 $85,370
Anders Gross profit 3,453 7,312
----- -----
Gross profit excluding Anders $38,642 $78,058
------- -------
Operating and Administrative
Expenses to Operating and
Administrative Expenses
excluding Anders:
Operating and administrative
expenses (i) $48,315 $95,362
Anders Operating and
administrative expenses 4,300 8,668
----- -----
Operating and administrative
expenses excluding Anders $44,015 $86,694
------- -------
Depreciation and Amortization
to Depreciation and
Amortization excluding Anders:
Depreciation and amortization $2,625 $5,707
Anders Depreciation and
amortization 156 319
--- ---
Depreciation and amortization
excluding Anders $2,469 $5,388
------ ------
(i) Operating and administrative
expenses include depreciation and
amortization expense, share-based
compensation expense, certain
corporate development-related
costs and earnout adjustments as
detailed in the above
reconciliation of Operating
expenses to Adjusted operating
expenses.
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SOURCE CDI Corp.
