Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Nov. 03, 2019 | Jan. 10, 2020 | Apr. 28, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Nov. 3, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | VOLT INFORMATION SCIENCES, INC. | ||
Entity Central Index Key | 0000103872 | ||
Current Fiscal Year End Date | --11-03 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Small Business | true | ||
Entity Emerging Growth | false | ||
Entity Shell Company | false | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding (shares) | 21,408,659 | ||
Entity Public Float | $ 61,647,969 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Income Statement [Abstract] | ||||||||||
NET REVENUE | $ 258,408 | $ 233,176 | $ 252,070 | $ 253,436 | $ 264,805 | $ 257,808 | $ 263,219 | $ 253,338 | $ 997,090 | $ 1,039,170 |
Cost of services | 215,449 | 197,528 | 215,813 | 215,737 | 220,797 | 221,448 | 225,918 | 217,329 | 844,527 | 885,492 |
GROSS MARGIN | 42,959 | 35,648 | 36,257 | 37,699 | 44,008 | 36,360 | 37,301 | 36,009 | 152,563 | 153,678 |
Selling, administrative and other operating costs | 39,908 | 38,395 | 38,939 | 39,810 | 41,261 | 42,222 | 42,916 | 46,938 | 157,052 | 173,337 |
Restructuring and severance costs | 1,856 | 2,017 | 724 | 59 | 4,512 | 3,108 | 104 | 518 | 4,656 | 8,242 |
Impairment charges | 262 | 79 | 347 | 0 | 351 | 0 | 155 | 0 | 688 | 506 |
Operating income (loss) | 933 | (4,843) | (3,753) | (2,170) | (2,116) | (8,970) | (5,874) | (11,447) | (9,833) | (28,407) |
OTHER INCOME (EXPENSE), NET | ||||||||||
Interest income | 66 | 87 | 66 | 55 | 54 | 50 | 47 | 22 | 274 | 173 |
Interest expense | (789) | (801) | (765) | (801) | (681) | (602) | (678) | (804) | (3,156) | (2,765) |
Foreign exchange gain (loss), net | (360) | (151) | (314) | 213 | 491 | (294) | (497) | 703 | (612) | 403 |
Other income (expense), net | (292) | (184) | (166) | (239) | (252) | (296) | (55) | (528) | (881) | (1,131) |
TOTAL OTHER INCOME (EXPENSE), NET | (4,375) | (3,320) | ||||||||
LOSS BEFORE INCOME TAXES | (442) | (5,892) | (4,932) | (2,942) | (2,504) | (10,112) | (7,057) | (12,054) | (14,208) | (31,727) |
Income tax provision | 307 | 165 | 233 | 273 | 382 | 1,306 | 630 | (1,360) | 978 | 958 |
NET LOSS | $ (749) | $ (6,057) | $ (5,165) | $ (3,215) | $ (2,886) | $ (11,418) | $ (7,687) | $ (10,694) | $ (15,186) | $ (32,685) |
Basic: | ||||||||||
Net loss (USD per share) | $ (0.04) | $ (0.29) | $ (0.24) | $ (0.15) | $ (0.14) | $ (0.54) | $ (0.37) | $ (0.51) | $ (0.72) | $ (1.55) |
Weighted average number of shares (shares) | 21,157 | 21,157 | 21,082 | 21,080 | 21,072 | 21,071 | 21,032 | 21,029 | 21,119 | 21,051 |
Diluted: | ||||||||||
Net loss (USD per share) | $ (0.04) | $ (0.29) | $ (0.24) | $ (0.15) | $ (0.14) | $ (0.54) | $ (0.37) | $ (0.51) | $ (0.72) | $ (1.55) |
Weighted average number of shares (shares) | 21,157 | 21,157 | 21,082 | 21,080 | 21,072 | 21,071 | 21,032 | 21,029 | 21,119 | 21,051 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
NET LOSS | $ (15,186) | $ (32,685) |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments net of taxes of $0 and $0, respectively | 269 | (1,809) |
COMPREHENSIVE LOSS | $ (14,917) | $ (34,494) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, taxes | $ 0 | $ 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Nov. 03, 2019 | Oct. 28, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 28,672 | $ 24,763 |
Restricted cash | 9,772 | 11,781 |
Short-term investments | 3,022 | 3,063 |
Trade accounts receivable, net of allowances of $117 and $759, respectively | 135,950 | 157,445 |
Other current assets | 7,252 | 7,444 |
TOTAL CURRENT ASSETS | 184,668 | 204,496 |
Other assets, excluding current portion | 7,446 | 7,808 |
Property, equipment and software, net | 25,890 | 24,392 |
TOTAL ASSETS | 218,004 | 236,696 |
CURRENT LIABILITIES: | ||
Accrued compensation | 21,507 | 27,120 |
Accounts payable | 36,341 | 33,498 |
Accrued taxes other than income taxes | 11,244 | 15,275 |
Accrued insurance and other | 24,654 | 23,335 |
Income taxes payable | 1,570 | 1,097 |
TOTAL CURRENT LIABILITIES | 95,316 | 100,325 |
Accrued insurance and other, excluding current portion | 12,029 | 13,478 |
Deferred gain on sale of real estate, excluding current portion | 20,270 | 22,216 |
Income taxes payable, excluding current portion | 289 | 600 |
Deferred income taxes | 17 | 510 |
Long-term debt, net | 53,894 | 49,068 |
TOTAL LIABILITIES | 181,815 | 186,197 |
Commitments and contingencies | ||
STOCKHOLDERS’ EQUITY: | ||
Preferred stock, par value $1.00; Authorized - 500,000 shares; Issued - none | 0 | 0 |
Common stock, par value $0.10; Authorized - 120,000,000 shares; Issued - 23,738,003; Outstanding - 21,367,821 and 21,179,068, respectively | 2,374 | 2,374 |
Paid-in capital | 77,688 | 79,057 |
Retained earnings | (10,917) | 9,738 |
Accumulated other comprehensive loss | (6,801) | (7,070) |
Treasury stock, at cost; 2,370,182 and 2,558,935 shares, respectively | (26,155) | (33,600) |
TOTAL STOCKHOLDERS’ EQUITY | 36,189 | 50,499 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 218,004 | $ 236,696 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Nov. 03, 2019 | Oct. 28, 2018 |
Statement of Financial Position [Abstract] | ||
Trade accounts receivable, allowances | $ 117 | $ 759 |
Preferred stock, par value (USD per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (shares) | 500,000 | 500,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Common stock, par value (USD per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (shares) | 120,000,000 | 120,000,000 |
Common stock, shares issued (shares) | 23,738,003 | 23,738,003 |
Common stock, shares outstanding (shares) | 21,367,821 | 21,179,068 |
Treasury stock, shares (shares) | 2,370,182 | 2,558,935 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Paid-in Capital | (Accumulated Deficit) Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
BALANCE (shares) at Oct. 29, 2017 | 23,738,003 | |||||
BALANCE at Oct. 29, 2017 | $ 83,994 | $ 2,374 | $ 78,645 | $ 45,843 | $ (5,261) | $ (37,607) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (32,685) | (32,685) | ||||
Share-based compensation | 1,270 | 1,270 | ||||
Issuance of common stock | (271) | (858) | (3,420) | 4,007 | ||
Other comprehensive income (loss) | (1,809) | (1,809) | ||||
BALANCE (shares) at Oct. 28, 2018 | 23,738,003 | |||||
BALANCE at Oct. 28, 2018 | 50,499 | $ 2,374 | 79,057 | 9,738 | (7,070) | (33,600) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (3,215) | |||||
BALANCE (shares) at Oct. 28, 2018 | 23,738,003 | |||||
BALANCE at Oct. 28, 2018 | 50,499 | $ 2,374 | 79,057 | 9,738 | (7,070) | (33,600) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (15,186) | (15,186) | ||||
Share-based compensation | 499 | 499 | ||||
Issuance of common stock | (318) | (1,868) | (5,895) | 7,445 | ||
Other comprehensive income (loss) | 269 | 269 | ||||
BALANCE (shares) at Nov. 03, 2019 | 23,738,003 | |||||
BALANCE at Nov. 03, 2019 | 36,189 | $ 2,374 | $ 77,688 | (10,917) | $ (6,801) | $ (26,155) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Effect of new accounting principle | $ 426 | |||||
Effect of new accounting principle | Accounting Standards Update 2014-09 | $ 426 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | Nov. 03, 2019 | Oct. 28, 2018 | Oct. 29, 2017 |
Statement of Stockholders' Equity [Abstract] | |||
Common stock, par value (USD per share) | $ 0.10 | $ 0.10 | $ 0.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (15,186) | $ (32,685) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,955 | 7,209 |
Release of doubtful accounts and sales allowances | (245) | (198) |
Unrealized foreign currency exchange loss | 510 | 27 |
Impairment charges | 688 | 506 |
Loss on dispositions of property, equipment, and software | 14 | 266 |
Amortization of gain on sale leaseback of property | (1,944) | (1,944) |
Deferred income tax (benefit) provision | (88) | 24 |
Share-based compensation expense | 499 | 1,270 |
Change in operating assets and liabilities: | ||
Trade accounts receivable | 22,472 | 16,735 |
Other assets | 432 | 5,111 |
Accounts payable | 2,839 | (3,723) |
Accrued expenses and other liabilities | (9,712) | (4,107) |
Income taxes | 134 | 774 |
Net cash provided by (used in) operating activities | 7,368 | (10,735) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Sales of investments | 391 | 755 |
Purchases of investments | (221) | (443) |
Proceeds from sales of property, equipment and software | 41 | 19 |
Purchases of property, equipment, and software | (9,053) | (3,565) |
Net cash used in investing activities | (8,842) | (3,234) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Repayment of borrowings | (20,000) | (124,696) |
Draw-down on borrowings | 25,000 | 124,696 |
Debt issuance costs | (783) | (1,469) |
Withholding tax payment on vesting of restricted stock awards | (318) | (271) |
Net cash provided by (used in) financing activities | 3,899 | (1,740) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (525) | (1,844) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | 1,900 | (17,553) |
Cash, cash equivalents and restricted cash, beginning of year | 36,544 | 54,097 |
Cash, cash equivalents, and restricted cash, end of year | 38,444 | 36,544 |
Cash paid during the year: | ||
Interest | 3,156 | 2,765 |
Income taxes | 1,194 | 3,341 |
Current assets: | ||
Cash and cash equivalents | 28,672 | 24,763 |
Restricted cash | $ 9,772 | $ 11,781 |
Summary of Business and Signifi
Summary of Business and Significant Accounting Policies | 12 Months Ended |
Nov. 03, 2019 | |
Accounting Policies [Abstract] | |
Summary of Business and Significant Accounting Policies | Summary of Business and Significant Accounting Policies We are a global provider of staffing services (traditional time and materials-based as well as project-based). Our staffing services consist of workforce solutions that include providing contingent workers, personnel recruitment services, and managed staffing services programs supporting primarily administrative and light industrial (“commercial”) as well as technical, information technology and engineering (“professional”) positions. Our managed service programs (“MSP”) involves managing the procurement and on-boarding of contingent workers from multiple providers. Through the time of our exit from the customer care solutions business in June 2019, we served as an extension of our customers’ consumer relationships and processes including collaborating with customers, from help desk inquiries to advanced technical support. Our complementary businesses offer customized talent and supplier management solutions to a diverse client base. Volt services global industries including aerospace, automotive, banking and finance, consumer electronics, information technology, insurance, life sciences, manufacturing, media and entertainment, pharmaceutical, software, telecommunications, transportation, and utilities. The Company was incorporated in New York in 1957. The Company’s stock was traded on the NYSE AMERICAN under the symbol “VISI” until September 6, 2019. As of September 9, 2019, the Company’s stock was traded on the NYSE AMERICAN under the symbol "VOLT". (a) Fiscal Year The Company’s fiscal year ends on the Sunday nearest October 31st. The fiscal year 2019 consisted of 53 weeks and fiscal 2018 consisted of 52 weeks. (b) Consolidation The consolidated financial statements include the accounts of the Company and all subsidiaries over which the Company exercises control. All intercompany balances and transactions have been eliminated in consolidation. (c) Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, assumptions and judgments, including those related to revenue recognition, allowance for doubtful accounts, casualty reserves, valuation of goodwill, intangible assets and other long-lived assets, share-based compensation, employee benefit plans, restructuring and severance accruals, income taxes and related valuation allowances and loss contingencies. Actual results could differ from those estimates and changes in estimates are reflected in the period in which they become known. (d) Revenue Recognition 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 majority of customer contracts have performance obligations that the Company satisfies over time and revenue is recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. The Company will generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which depicts the progress toward completion of each performance obligation. Certain customer contracts have variable consideration, including rebates, guarantees, credits, or other similar items that reduce the transaction price. The Company will generally estimate the variable consideration using the expected value method to predict the amount of consideration to which it will become entitled, based on the circumstances of each customer contract and historical evidence. Revenue is recognized net of variable consideration to the extent that it is probable that a significant future reversal will not occur. In scenarios where a third-party vendor is involved in the Company's revenue transactions with its customers, the Company will evaluate whether it is the principal or the agent in the transaction. When Volt acts as the principal, it controls the performance obligation prior to transfer of the service to the customer and reports the related consideration as gross revenues and the costs as cost of services. When Volt acts as an agent, it does not control the performance obligation prior to transfer of the service to the customer and it reports the related amounts as revenue on a net basis. Refer to Note 2, Revenue Recognition for the revenue policies related to each specific transaction type. (e) Expense Recognition Cost of services within staffing services consists primarily of contingent worker payroll, related employment taxes and benefits, and the cost of facilities used by contingent workers in fulfilling assignments and projects for staffing services customers, including reimbursable costs. Indirect cost of staffing services is included in Selling, administrative and other operating costs in the Consolidated Statements of Operations. The Cost of services differ from the cost included within Selling, administrative and other operating costs in that they arise specifically and directly from the actions of providing staffing services to customers. Gross margin is calculated as revenue less direct costs for staffing services. Selling, Administrative and Other Operating Costs Selling, administrative and other operating costs primarily relate to the Company’s selling and administrative efforts, as well as the indirect costs associated with providing staffing services. (f) Comprehensive Income (Loss) Comprehensive income (loss) is the net income (loss) of the Company combined with other changes in stockholders’ equity not involving ownership interest changes. The Company recognizes foreign currency translation as comprehensive income (loss). (g) Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. (h) Short-Term Investments and Related Deferred Compensation, Net The Company has a nonqualified deferred compensation and supplemental savings plan that permits eligible employees to defer a portion of their compensation. The employee compensation deferral is invested in short-term investments corresponding to the employees’ investment selections, primarily mutual funds, which are held in a trust and are reported at current market prices. The liability associated with the nonqualified deferred compensation and supplemental savings plan consists of participant deferrals and earnings thereon, and is reflected as a current liability within Accrued compensation in an amount equal to the fair value of the underlying short-term investments held in the plan. Changes in asset values result in offsetting changes in the liability as the employees realize the rewards and bear the risks of their investment selections. (i) Property, Equipment and Software, Net Property and equipment are stated at cost and depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Costs for both on-premise and cloud computing software that will be used for internal purposes and incurred during the application development stage are capitalized and amortized to expense over the estimated useful life of the underlying software. Training and maintenance costs are expensed as incurred. The major classifications of property, equipment and software, including their respective expected useful lives, consisted of the following: Buildings 25 to 32 years Machinery and Equipment 3 to 15 years Leasehold improvements Shorter of length of lease or life of the asset Software 3 to 7 years Property, equipment and software are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or it is no longer probable that software development will be completed. If circumstances require a long-lived asset or asset group be reviewed for possible impairment, the Company first compares undiscounted cash flows expected to be generated by each asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds the fair value. (j) Goodwill Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. The Company early-adopted and applies the method of assessing goodwill for possible impairment permitted by Accounting Standards Update (“ASU”) No. 2017-04, Intangibles – Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment. The Company first assesses the qualitative factors for reporting units that carry goodwill. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. When a qualitative assessment is not used, or if the qualitative assessment is not conclusive and it is necessary to calculate fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a one-step approach. In conducting the goodwill impairment test, the fair value of a reporting unit is compared with its carrying amount utilizing various valuation techniques. If the fair value of the reporting unit exceeds its carrying value, then no further testing is performed. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The Company performs its annual impairment review of goodwill in its second fiscal quarter and when a triggering event occurs between annual impairment tests. (k) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using current tax laws and rates in effect for the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized within income in the period that includes the enactment date. The Company must then assess the likelihood that its deferred tax assets will be realized. If the Company does not believe that it is more likely than not that its deferred tax assets will be realized, a valuation allowance is established. When a valuation allowance is increased or decreased, a corresponding tax expense or benefit is recorded. Accounting for income taxes involves uncertainty and judgment in how to interpret and apply tax laws and regulations within the Company’s annual tax filings. Such uncertainties may result in tax positions that may be challenged and overturned by a tax authority in the future, which would result in additional tax liability, interest charges and possible penalties. Interest and penalties are classified as a component of income tax expense. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. Changes in recognition or measurement are reflected in the period in which the change in estimate occurs. (l) Share-Based Compensation The Company accounts for share-based awards as either equity or liability awards based upon the characteristics of each instrument. The compensation cost is measured based on the grant date fair value of the award. The fair value of liability awards is re-measured periodically based on the effect that the market condition has on these awards. The share-based compensation expense for all awards is recognized over the requisite service or performance periods as a cost in Selling, administrative and other operating costs in the Company’s Consolidated Statement of Operations. The Company has elected to account for forfeitures as they occur. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate any remaining unearned share-based compensation cost or incur incremental cost. (m) Foreign Currency Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense accounts are translated at average exchange rates during the year which approximate the rates in effect at the transaction dates. The resulting translation adjustments are directly recorded to a separate component of Accumulated other comprehensive income (loss). Gains and losses arising from intercompany foreign currency transactions that are of a long-term nature are reported in the same manner as translation adjustments. Gains and losses arising from intercompany foreign currency transactions that are not of a long-term nature and certain transactions of the Company’s subsidiaries which are denominated in currencies other than the subsidiaries’ functional currency are recognized as incurred in Foreign exchange gain (loss), net in the Consolidated Statements of Operations. (n) Fair Value Measurement In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements ( “ASC 820”), the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identically similar assets or liabilities in markets that are not active and models for which all significant inputs are observable either directly or indirectly. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs for inactive markets. The Company uses this framework for measuring fair value and disclosures about fair value measurement. The Company uses fair value measurements in areas that include: impairment testing for goodwill and long-lived assets; share-based compensation arrangements, and financial instruments. The carrying amounts of the Company’s financial instruments, which include cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term borrowings under the Company’s credit facilities, approximated their fair values, due to the short-term nature of these instruments, and the fair value of the long-term debt is based on the interest rates the Company believes it could obtain for borrowings with similar terms. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. (o) Legal and Other Contingencies The Company is involved in various demands, claims and actual and threatened litigation that arise in the normal course of business. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, a liability and an expense are recorded for the estimated loss. Significant judgment is required in both the determination of probability and the determination of whether an exposure is reasonably estimable. Actual expenses could differ from these estimates in subsequent periods as additional information becomes known. (p) Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions and deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and the Company mitigates its credit risk by spreading its deposits across multiple financial institutions and monitoring their respective risk profiles. (q) Restructuring and Severance Charges The Company accounts for restructuring activities in accordance with ASC 420, Exit or Disposal Cost Obligations. Under the guidance, for the cost of restructuring activities that do not constitute a discontinued operation, the liability for the current fair value of expected future costs associated with such restructuring activity is recognized in the period in which the liability is incurred. The costs of restructuring activities taken pursuant to a management approved restructuring plan are segregated. (r) Earnings (Loss) Per Share Basic earnings per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. The diluted earnings per share computation includes the effect of potential common shares outstanding during the period. Potential common shares include the dilutive effects of shares that would be issuable upon the exercise of outstanding "in the money" stock options and unvested restricted stock units. The dilutive impact is determined by applying the treasury stock method. Performance-based share awards are included in the computation of diluted earnings per share only to the extent that the underlying performance conditions: (i) are satisfied by the end of the reporting period, or (ii) would be satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive. (s) Treasury Stock The Company records treasury stock at the cost to acquire it and includes treasury stock as a component of Stockholders’ Equity. In determining the cost of the treasury shares when either sold or issued, the Company uses the FIFO (first-in, first-out) method. If the proceeds from the sale of the treasury shares are greater than the cost of the shares sold, the excess proceeds are recorded as additional paid-in capital. If the proceeds from the sale of the treasury shares are less than the original cost of the shares sold, the excess cost first reduces any additional paid-in capital arising from previous sales of treasury shares for that class of stock, and any additional excess is recorded as a reduction of retained earnings. (t) New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. New Accounting Standards Not Yet Adopted by the Company 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 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 upon adoption. In June 2018, the FASB issued ASU 2018-07, C ompensation - 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. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year, which for the Company will be the first quarter of fiscal 2020. The Company does not anticipate a significant impact upon adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU provides guidance for recognizing credit losses on financial instruments based on an estimate of current expected credit losses model. The FASB subsequently issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses to clarify and address certain items related to the amendments in ASU 2016-13. ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief , was issued to provide entities that have certain instruments within the scope of ASC 326 with an option to irrevocably elect the fair value option under ASC 825-10, Financial Instruments - Overall , applied on an instrument-by-instrument basis for eligible instruments. ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842) amends the mandatory effective date for ASU 2016-13. The amendments are effective for fiscal years beginning after December 15, 2022 for entities that are eligible to be defined by the SEC as a smaller reporting company, which for the Company will be the first quarter of fiscal 2023. 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. 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. The amendments are effective for fiscal years beginning after December 15, 2018, which for the Company will be the first quarter of fiscal 2020. Although the Company has made significant progress toward completing its evaluation of the impact of the pending adoption of ASU 2016-02 on its consolidated financial statements, our preliminary assessments are subject to change. The transition will be applied on a modified retrospective basis and the package of three practical expedients has been elected to be used for transitional implementation. Accordingly, we will 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 expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will increase the Company’s total assets and total liabilities by approximately $50 - $60 million to such amounts prior to adoption. In addition, the Company’s deferred gain on the sale of real estate in the amount of $22.2 million will be recognized as a cumulative-effect adjustment to equity upon adoption. This gain is currently being amortized at approximately $0.5 million a quarter as an offset to rent expense in the Consolidated Statements of Operations and is included as an adjustment to reconcile net loss to cash provided by operating activities in the Consolidated Statements of Cash Flows. 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 August 2018, the FASB issued ASU 2018-15 , Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption of the amendments is permitted including adoption in any interim period. The amendments in ASU 2018-15 should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company early adopted this standard on a prospective basis in the second quarter of fiscal 2019. Adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. An entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The Company adopted this ASU in the first quarter of fiscal 2019, resulting in no significant impact on the Company’s consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Non-financial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-financial Assets. This ASU clarifies the scope and application of Subtopic 610-20 on the sale or transfer of non-financial assets and in substance non-financial assets to non-customers, including partial sales. The Company adopted this ASU in the first quarter of fiscal 2019, resulting in no significant impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This ASU clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows and requires the entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The Company adopted this ASU retrospectively in the first quarter of fiscal 2019, resulting in no significant impact on the Company’s consolidated financial statements other than a change in the presentation of restricted cash on the Consolidated Statements of Cash Flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments: A Consensus of the FASB Emerging Issues Task Force . The amendments provide guidance on eight specific cash flow classification issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, corporate and bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. The Company adopted this ASU in the first quarter of fiscal 2019, resulting in no significant impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The FASB issued subsequent amendments to improve and clarify the implementation guidance of Topic 606. This standard was adopted by the Company in the first quarter of fiscal 2019. Please refer to Note 2, Revenue Recognition for additional disclosures. All other ASUs that became effective for Volt in fiscal 2019 were not applicable to the Company at this time and therefore, did not have any impact during the period. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Nov. 03, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition Adoption of ASU 2014-09, Revenue from Contracts with Customers (Topic 606) As of October 29, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers , using the modified retrospective method applied to those contracts which were not completed as of October 29, 2018. Results for reporting periods beginning on October 29, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with historical accounting guidance. The cumulative impact of adopting ASC 606 resulted in an increase of $0.4 million to opening retained earnings. The impact is primarily driven by an adjustment to deferred revenue due to a change in the required criteria for defining customer contracts under the new guidance. As of and for the period ended November 3, 2019, the consolidated financial statements were not materially impacted by the implementation of ASC 606. 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. A performance obligation is a promise in a contract to transfer a distinct service to the customer. The majority of the Company’s contracts contain single performance obligations. For performance obligations that the Company satisfies over time, revenue is recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. The Company will generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which depicts the progress toward completion of each performance obligation. Volt generally determines the standalone selling prices based on the prices included in the customer contracts. The price as specified in its customer contracts is typically considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar customer. Certain customer contracts have variable consideration, including rebates, guarantees, credits, or other similar items that reduce the transaction price. The Company will generally estimate the variable consideration using the expected value method to predict the amount of consideration to which it will become entitled, based on the circumstances of each customer contract and historical evidence. Revenue is recognized net of variable consideration to the extent that it is probable that a significant future reversal will not occur. The Company’s estimated amounts of variable consideration are not material and it does not believe that there will be significant changes to its estimates. In certain scenarios where a third-party vendor is involved in the Company’s revenue transactions with its customers, the Company will evaluate whether it is the principal or the agent in the transaction. When Volt acts as the principal, it controls the performance obligation prior to transfer of the service to the customer and reports the related consideration as gross revenues and the costs as cost of services. When Volt acts as an agent, it does not control the performance obligation prior to transfer of the service to the customer and it reports the related amounts as revenue on a net basis. The Company generally demonstrates control over the service when it is responsible for the fulfillment of services under the contract, responsible for the workers performing the service and when it has latitude in establishing pricing. Volt generally acts as an agent in its transactions within its MSP programs where the Company provides comprehensive management of its customer’s contingent workforce and receive fees based on the volume of services managed within each program. The Company is the agent in these transactions since it does not have the responsibility for the fulfillment of the services by the vendors or contractors (referred to as associate vendors). In these transactions, the Company does not control the third-party providers’ staffing services provided to the customers prior to those services being transferred to the customer. 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. The Company recognizes revenue for its contingent staffing services over time as services are performed in an amount that reflects the consideration it expects to be entitled to in exchange for its services, which is generally calculated as hours worked multiplied by the agreed-upon hourly bill rate. The customer simultaneously receives and consumes the benefits of the services as they are provided. The Company applies the practical expedient to recognize revenue for these services over the term of the agreement commensurate to the amount it has the right to invoice the customer. Direct Placement Services Direct placement services include providing qualified candidates to the Company’s customers to hire on a permanent basis. These services are primarily recognized at a point in time when the qualified candidate is placed and begins permanent employment which is the point when control has transferred to the customer and the Company has the right to payment for the service. Each placement is a single performance obligation under the Company’s contracts and the related consideration is typically based upon a percentage of the candidates’ base salary. 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. Since the individual activities are not distinct, the Company accounts for these activities as a single performance obligation. The Company’s fee for these MSP services is a fixed percentage of the staffing services spend that is managed through the program. The Company recognizes revenue over time for each month of MSP services provided as the customer simultaneously receives and consumes the services the Company provides. The Company applies the practical expedient to recognize revenue for these services over the term of the agreement commensurate to the amount it has the right to invoice the customer. Call Center Services The customer care solutions business specializes in serving as an extension of its customers’ relationships and processes, from help desk inquiries to advanced technical support. The Company earns a fee based upon the type, volume and level of services provided as part of the call center operations. Since the individual activities are not distinct, the Company accounts for them as a single performance obligation. The Company recognizes revenue over time as the customer simultaneously receives and consumes the services the Company provides. The Company applies the practical expedient to recognize revenue for these services over the term of the agreement commensurate to the amount it has the right to invoice the customer. Disaggregation of Revenues The following table presents our segment revenues disaggregated by service type (in thousands): Fiscal Year Ended November 3, 2019 Segment Total North American Staffing International Staffing North American MSP Corporate and Other Eliminations Service Revenues: Staffing Services $ 950,595 $ 822,550 $ 105,815 $ 22,987 $ 728 $ (1,485 ) Direct Placement Services 14,880 8,397 4,600 2,962 — (1,079 ) Managed Service Programs 17,023 — 3,962 13,061 — — Call Center Services 14,592 — — — 14,592 — $ 997,090 $ 830,947 $ 114,377 $ 39,010 $ 15,320 $ (2,564 ) Geographical Markets: Domestic $ 878,095 $ 827,641 $ — $ 38,337 $ 14,592 $ (2,475 ) International, principally Europe 118,995 3,306 114,377 673 728 (89 ) $ 997,090 $ 830,947 $ 114,377 $ 39,010 $ 15,320 $ (2,564 ) Payment Terms Customer payment terms vary by arrangement although payments are typically due within 15 - 45 days of invoicing. The timing between the satisfaction of the performance obligations and the payment is not significant and the Company currently does not have any significant financing components or significant payment terms. Unsatisfied Performance Obligations The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which they will recognize revenue at the amount to which it has the right to invoice for services performed. Unsatisfied performance obligations for contracts not meeting the aforementioned criteria are immaterial. Accounts Receivable, Contract Assets and Contract Liabilities The Company records accounts receivable when its right to consideration becomes unconditional. The Company maintains a sales allowance for any potential billing errors and service-related adjustments to the customer. The amount of the sales allowance is determined based on a historical transaction analysis and additions to the sales allowance are recorded as a reduction to net revenue. As required under Topic 606, the Company changed its presentation to show this allowance as a liability, whereas under Topic 605, these accounts receivables were recorded net of an allowance. As of November 3, 2019, the change in the reserve balance from adoption was $0.4 million . Contract assets primarily relate to the Company’s rights to consideration for services provided that are conditional on satisfaction of future performance obligations. The Company records contract liabilities when payments are made or due prior to the related performance obligations being satisfied. The current portion of contract liabilities is included in Accrued insurance and other in the Consolidated Balance Sheets. The Company does not have any material contract assets or long-term contract liabilities as of November 3, 2019 and October 28, 2018. The Company may incur fulfillment costs after obtaining a contract to generate a resource that will be used to provide the MSP services. These costs are related to the set up and implementation of customer specific MSP programs and are considered incremental and recoverable costs to fulfill the Company’s contract with the customer. These costs are deferred and amortized over the expected period of benefit of the MSP services provided to the customer, determined by taking into consideration its customer contracts and other relevant factors. Amortization expense is included in Selling, administrative and other operating costs on the Consolidated Statements of Operations. Deferred fulfillment costs were immaterial as of November 3, 2019. |
Restricted Cash and Short-Term
Restricted Cash and Short-Term Investments | 12 Months Ended |
Nov. 03, 2019 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Cash and Short-Term Investments | Restricted Cash and Short-Term Investments Restricted cash primarily includes amounts related to requirements under certain contracts with MSP customers, for whom the Company manages the customers’ contingent staffing requirements, including processing of associate vendor billings into single, combined customer billings and distribution of payments to associate vendors on behalf of customers, as well as minimum cash deposits required to be maintained as collateral. Distribution of payments to associate vendors are generally made shortly after receipt of payment from customers, with undistributed amounts included in restricted cash and accounts payable between receipt and distribution of these amounts, where contractually required. At November 3, 2019 and October 28, 2018 restricted cash included $9.3 million and $11.3 million , respectively, restricted for payment to associate vendors and $0.5 million and $0.5 million , respectively, restricted for other collaterized accounts. At November 3, 2019 and October 28, 2018, short-term investments were $3.0 million and $3.1 million , respectively. These short-term investments consisted primarily of the fair value of deferred compensation investments corresponding to employees’ selections, primarily in mutual funds, based on quoted prices in active markets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Nov. 03, 2019 | |
Investments, All Other Investments [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The following table presents assets and liabilities measured at fair value (in thousands): November 3, 2019 October 28, Fair Value Hierarchy Short-term investments $ 3,022 $ 3,063 Level 1 Total financial assets $ 3,022 $ 3,063 Deferred compensation plan liabilities $ 3,022 $ 3,063 Level 1 Total financial liabilities $ 3,022 $ 3,063 The fair value of the deferred compensation plan liabilities is based on the fair value of the investments corresponding to the employees’ investment selections, primarily in mutual funds, based on quoted prices in active markets for identical assets. The deferred compensation plan liability is recorded in Accrued compensation in the Consolidated Balance Sheets. There have been no changes in the methodology used to fair value the financial instruments as well as no transfers between levels during the fiscal years ended November 3, 2019 and October 28, 2018. |
Trade Accounts Receivable
Trade Accounts Receivable | 12 Months Ended |
Nov. 03, 2019 | |
Receivables [Abstract] | |
Trade Accounts Receivable | Trade Accounts Receivable Trade accounts receivable includes both billed and unbilled amounts due from customers. Billed trade receivables generally do not bear interest. Unbilled receivables represent accrued revenue earned and recognized on contracts for which billings have not yet been presented to the customer. At November 3, 2019 and October 28, 2018, trade accounts receivable included unbilled receivables of $7.7 million and $7.9 million , respectively. The Company maintains an allowance for doubtful accounts for estimated losses inherent in its accounts receivable portfolio. In establishing the required allowance, management considers historical losses adjusted to take into account current market conditions, customers’ financial condition, and current receivable aging and payment patterns. Additions to the allowance for doubtful accounts are recorded to Selling, administrative and other operating costs in the Consolidated Statement of Operations. The Company also maintains a sales allowance for specific customers related to billing disputes. The amount of the sales allowance is determined based on discount estimates and historical credits issued and additions to the sales allowance are recorded as a reduction to net revenue. Account balances are written off against the allowances when the Company believes it is probable the amount will not be received. As required under ASC 606 , the Company changed its presentation to show this sales allowance as a liability, which is included in Accrued insurance and other in the Consolidated Balance Sheet. For the years ended November 3, 2019 and October 28, 2018, the activity in the allowance accounts were as follows (in thousands): Balance at beginning of year Adoption of Topic 606 Provision / (Release) Deductions Balance at end of year Year Ended November 3, 2019 Sales allowance $ 705 $ (705 ) $ — $ — $ — Allowance for doubtful accounts 54 — 150 (87 ) 117 Total included in Trade Accounts Receivable $ 759 $ (705 ) $ 150 $ (87 ) $ 117 Accrued Sales Reserve included in Accrued insurance and other $ — $ 705 $ (395 ) $ — $ 310 Balance at beginning of year Provision / (Release) Deductions Balance at end of year Year Ended October 28, 2018 Sales allowance $ 895 $ (190 ) $ — $ 705 Allowance for doubtful accounts 354 (8 ) (292 ) 54 Total included in Trade Accounts Receivable $ 1,249 $ (198 ) $ (292 ) $ 759 |
Property, Equipment and Softwar
Property, Equipment and Software | 12 Months Ended |
Nov. 03, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Equipment and Software | Property, Equipment and Software Property, equipment and software consisted of (in thousands): November 3, 2019 October 28, Land and buildings $ 375 $ 363 Machinery and equipment 30,215 31,856 Leasehold improvements 3,398 4,322 Less: Accumulated depreciation and amortization (29,757 ) (31,751 ) Property and equipment 4,231 4,790 Software 101,903 94,527 Less: Accumulated amortization (80,244 ) (74,925 ) Property, equipment, and software, net $ 25,890 $ 24,392 Depreciation and amortization expense totaled $7.0 million and $7.2 million for the fiscal years ended 2019 and 2018, respectively. Depreciation and amortization is included in Cost of services and Selling, administrative and other operating costs in the Consolidated Statements of Operations. |
Impairment Charges
Impairment Charges | 12 Months Ended |
Nov. 03, 2019 | |
Restructuring and Related Activities [Abstract] | |
Impairment Charges | Impairment Charges Impairment of Property, Equipment and Software In fiscal 2019, there was a $0.3 million impairment of equipment used in the customer care solutions business, which was exited in June 2019. In addition, the Company recorded a $0.3 million impairment charge for previously purchased software that will no longer be used, as well as a $0.1 million impairment charge on equipment from closed facilities. In fiscal 2018, the Company recorded an impairment charge of $0.5 million for previously purchased software no longer in use. Impairment of Goodwill The Company performs its annual impairment test for goodwill during the second quarter of the fiscal year and when a triggering event occurs between annual impairment tests. For the fiscal 2019 test performed in the second quarter, we elected to bypass the qualitative assessment and prepared a Step 1 analysis. Our Step 1 analysis used significant assumptions including expected revenue and expense growth rates, forecasted capital expenditures, working capital levels and a discount rate of 15% . Under the market-based approach significant assumptions included relevant comparable company earnings multiples including the determination of whether a premium or discount should be applied to those comparables. During the second quarter of fiscal 2019, it was determined that no adjustment to the carrying value of goodwill of $5.4 million was required as our Step 1 analysis resulted in the fair value of the reporting unit exceeding its carrying value. The following represents the change in the carrying amount of goodwill during each fiscal year (in thousands): International Staffing October 28, 2018 Foreign Currency Translation Adjustment November 3, 2019 Aggregate goodwill acquired $ 10,483 $ — $ 10,483 Accumulated impairment losses (3,733 ) — (3,733 ) Foreign currency translation adjustment (1,399 ) 46 (1,353 ) Goodwill, net of impairment losses $ 5,351 $ 46 $ 5,397 Restructuring and Severance Charges The Company incurred total restructuring and severance costs of $4.7 million and $8.2 million for fiscal 2019 and 2018, respectively. 2018 Restructuring Plan On October 16, 2018, the Company approved a restructuring plan (the “2018 Plan”) based on an organizational and process redesign intended to optimize the Company’s strategic growth initiatives and overall business performance. In connection with the 2018 Plan, the Company incurred restructuring charges comprised of severance and benefit costs and facility and lease termination costs. The 2018 Plan was completed by the end of fiscal 2019. The total costs since inception through November 3, 2019 were approximately $5.4 million , consisting of $1.1 million in North American Staffing, $0.4 million in International Staffing and $3.9 million in Corporate and Other. As of November 3, 2019, the Company anticipates payments of $0.9 million will be made in fiscal 2020. The remaining $1.3 million related to facility and lease termination costs will be paid through December 2025. Change in Executive Management Effective June 6, 2018, Michael Dean departed from his role as President and Chief Executive Officer of the Company and is no longer a member of the Board of Directors of the Company (the “Board of Directors”). The Company and Mr. Dean subsequently executed a separation agreement, effective June 29, 2018. The Company incurred related severance costs of $2.6 million in the third quarter of fiscal 2018, which is payable over a period of 24 months . Effective August 23, 2019, Paul Tomkins stepped down from his role as Senior Vice President and Chief Financial Officer of the Company. The Company and Mr. Tomkins subsequently executed a separation agreement, effective September 11, 2019. The Company incurred related severance costs of $0.9 million in the fourth quarter of fiscal 2019, which is payable over a period of 12 months beginning November 2019. Exit of Customer Care Solutions Business In June 2019, the Company exited its customer care solutions business, which is currently reported as a part of the Corporate and Other category. This exit will enable the Company to further strengthen its focus on its core staffing business, align its resources to streamline operations, improve cost competitiveness and increase profitability. As a result of this exit, the Company incurred restructuring and severance costs of $2.1 million during fiscal 2019. Other Restructuring Costs During fiscal 2019 and 2018, there were other restructuring actions taken by the Company as part of its continued efforts to reduce costs and achieve operational efficiency. The Company recorded severance costs of $0.7 million and $1.3 million , respectively, primarily resulting from the elimination of certain positions. The following tables present the restructuring and severance and benefit costs for the twelve months ended November 3, 2019 and October 28, 2018 (in thousands): Year Ended November 3, 2019 Total North American Staffing International Staffing North American MSP Corporate & Other Severance and benefit costs $ 803 $ 200 $ 404 $ — $ 199 Other 260 37 33 14 176 2018 Plan 1,063 237 437 14 375 Severance and benefit costs 212 — — — 212 Other 1,849 — — — 1,849 Exit of Customer Care Solutions Business 2,061 — — — 2,061 Severance and benefit costs 493 390 48 — 55 Other 171 92 25 54 — Other 664 482 73 54 55 Change in Executive Management 868 — — — 868 Total $ 4,656 $ 719 $ 510 $ 68 $ 3,359 Year Ended October 28, 2018 Total North American Staffing International Staffing North American MSP Corporate & Other Severance and benefit costs $ 1,526 $ 401 $ — $ — $ 1,125 Other 2,826 428 — — 2,398 2018 Plan 4,352 829 — — 3,523 Severance and benefit costs 1,009 103 210 37 659 Other 246 — 118 108 20 Other 1,255 103 328 145 679 Change in Executive Management 2,635 — — — 2,635 Total $ 8,242 $ 932 $ 328 $ 145 $ 6,837 Accrued restructuring and severance costs are included in Accrued compensation and Accrued insurance and other in the Consolidated Balance Sheets. Activity for the fiscal years ended November 3, 2019 and October 28, 2018 are summarized as follows (in thousands): November 3, 2019 October 28, 2018 Balance, beginning of year $ 5,702 $ 297 Charged to expense 4,656 8,242 Cash payments (6,513 ) (2,837 ) Ending Balance $ 3,845 $ 5,702 The remaining balance at November 3, 2019 of $3.8 million , primarily related to Corporate and Other, includes $1.6 million related to the cost reduction plan implemented in fiscal 2018, $1.5 million related to change in executive management, $0.6 million related to the exit of the customer care solutions business and $0.1 million of other restructuring and severance charges. |
Restructuring and Severance Cha
Restructuring and Severance Charges | 12 Months Ended |
Nov. 03, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Severance Charges | Impairment Charges Impairment of Property, Equipment and Software In fiscal 2019, there was a $0.3 million impairment of equipment used in the customer care solutions business, which was exited in June 2019. In addition, the Company recorded a $0.3 million impairment charge for previously purchased software that will no longer be used, as well as a $0.1 million impairment charge on equipment from closed facilities. In fiscal 2018, the Company recorded an impairment charge of $0.5 million for previously purchased software no longer in use. Impairment of Goodwill The Company performs its annual impairment test for goodwill during the second quarter of the fiscal year and when a triggering event occurs between annual impairment tests. For the fiscal 2019 test performed in the second quarter, we elected to bypass the qualitative assessment and prepared a Step 1 analysis. Our Step 1 analysis used significant assumptions including expected revenue and expense growth rates, forecasted capital expenditures, working capital levels and a discount rate of 15% . Under the market-based approach significant assumptions included relevant comparable company earnings multiples including the determination of whether a premium or discount should be applied to those comparables. During the second quarter of fiscal 2019, it was determined that no adjustment to the carrying value of goodwill of $5.4 million was required as our Step 1 analysis resulted in the fair value of the reporting unit exceeding its carrying value. The following represents the change in the carrying amount of goodwill during each fiscal year (in thousands): International Staffing October 28, 2018 Foreign Currency Translation Adjustment November 3, 2019 Aggregate goodwill acquired $ 10,483 $ — $ 10,483 Accumulated impairment losses (3,733 ) — (3,733 ) Foreign currency translation adjustment (1,399 ) 46 (1,353 ) Goodwill, net of impairment losses $ 5,351 $ 46 $ 5,397 Restructuring and Severance Charges The Company incurred total restructuring and severance costs of $4.7 million and $8.2 million for fiscal 2019 and 2018, respectively. 2018 Restructuring Plan On October 16, 2018, the Company approved a restructuring plan (the “2018 Plan”) based on an organizational and process redesign intended to optimize the Company’s strategic growth initiatives and overall business performance. In connection with the 2018 Plan, the Company incurred restructuring charges comprised of severance and benefit costs and facility and lease termination costs. The 2018 Plan was completed by the end of fiscal 2019. The total costs since inception through November 3, 2019 were approximately $5.4 million , consisting of $1.1 million in North American Staffing, $0.4 million in International Staffing and $3.9 million in Corporate and Other. As of November 3, 2019, the Company anticipates payments of $0.9 million will be made in fiscal 2020. The remaining $1.3 million related to facility and lease termination costs will be paid through December 2025. Change in Executive Management Effective June 6, 2018, Michael Dean departed from his role as President and Chief Executive Officer of the Company and is no longer a member of the Board of Directors of the Company (the “Board of Directors”). The Company and Mr. Dean subsequently executed a separation agreement, effective June 29, 2018. The Company incurred related severance costs of $2.6 million in the third quarter of fiscal 2018, which is payable over a period of 24 months . Effective August 23, 2019, Paul Tomkins stepped down from his role as Senior Vice President and Chief Financial Officer of the Company. The Company and Mr. Tomkins subsequently executed a separation agreement, effective September 11, 2019. The Company incurred related severance costs of $0.9 million in the fourth quarter of fiscal 2019, which is payable over a period of 12 months beginning November 2019. Exit of Customer Care Solutions Business In June 2019, the Company exited its customer care solutions business, which is currently reported as a part of the Corporate and Other category. This exit will enable the Company to further strengthen its focus on its core staffing business, align its resources to streamline operations, improve cost competitiveness and increase profitability. As a result of this exit, the Company incurred restructuring and severance costs of $2.1 million during fiscal 2019. Other Restructuring Costs During fiscal 2019 and 2018, there were other restructuring actions taken by the Company as part of its continued efforts to reduce costs and achieve operational efficiency. The Company recorded severance costs of $0.7 million and $1.3 million , respectively, primarily resulting from the elimination of certain positions. The following tables present the restructuring and severance and benefit costs for the twelve months ended November 3, 2019 and October 28, 2018 (in thousands): Year Ended November 3, 2019 Total North American Staffing International Staffing North American MSP Corporate & Other Severance and benefit costs $ 803 $ 200 $ 404 $ — $ 199 Other 260 37 33 14 176 2018 Plan 1,063 237 437 14 375 Severance and benefit costs 212 — — — 212 Other 1,849 — — — 1,849 Exit of Customer Care Solutions Business 2,061 — — — 2,061 Severance and benefit costs 493 390 48 — 55 Other 171 92 25 54 — Other 664 482 73 54 55 Change in Executive Management 868 — — — 868 Total $ 4,656 $ 719 $ 510 $ 68 $ 3,359 Year Ended October 28, 2018 Total North American Staffing International Staffing North American MSP Corporate & Other Severance and benefit costs $ 1,526 $ 401 $ — $ — $ 1,125 Other 2,826 428 — — 2,398 2018 Plan 4,352 829 — — 3,523 Severance and benefit costs 1,009 103 210 37 659 Other 246 — 118 108 20 Other 1,255 103 328 145 679 Change in Executive Management 2,635 — — — 2,635 Total $ 8,242 $ 932 $ 328 $ 145 $ 6,837 Accrued restructuring and severance costs are included in Accrued compensation and Accrued insurance and other in the Consolidated Balance Sheets. Activity for the fiscal years ended November 3, 2019 and October 28, 2018 are summarized as follows (in thousands): November 3, 2019 October 28, 2018 Balance, beginning of year $ 5,702 $ 297 Charged to expense 4,656 8,242 Cash payments (6,513 ) (2,837 ) Ending Balance $ 3,845 $ 5,702 The remaining balance at November 3, 2019 of $3.8 million , primarily related to Corporate and Other, includes $1.6 million related to the cost reduction plan implemented in fiscal 2018, $1.5 million related to change in executive management, $0.6 million related to the exit of the customer care solutions business and $0.1 million of other restructuring and severance charges. |
Accrued Insurance
Accrued Insurance | 12 Months Ended |
Nov. 03, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Insurance | Accrued Insurance (a) Casualty Insurance Program Workers’ compensation insurance is purchased through mandated participation in certain state funds, and the experience-rated premiums in these state plans relieve the Company of any additional liability. Liability for workers’ compensation in all other states as well as automobile and general liability (collectively “casualty liability”) is insured under a paid loss deductible casualty insurance program for losses exceeding specified deductible levels. The Company is financially responsible for losses below the specified policy deductible limits while losses incurred above the deductible limit are absorbed by the insurer. The casualty program is secured by a letter of credit against the Company’s DZ Financing Program of $22.8 million as of November 3, 2019. The Company recognizes expense and establishes accruals for amounts estimated to be incurred up to the policy deductible, both reported and not yet reported, policy premiums and related legal and other claims administration costs. The Company develops estimates for claims, as well as claims incurred but not yet reported, using actuarial principles and assumptions based on historical and projected claim incidence patterns, claim size and the length of time over which payments are expected to be made. Actuarial estimates are updated as loss experience develops, additional claims are reported or settled and new information becomes available. Any changes in estimates are reflected in operating results in the period in which the estimates are changed. Depending on the policy year, adjustments to final expected paid amounts are determined as of five years after the end of the respective policy year or through the ultimate life of the claim. Expense recognized by the Company under its casualty insurance program amounted to $9.6 million and $10.2 million in fiscal 2019 and 2018, respectively. (b) Medical Insurance Programs The Company is self-insured for a portion of its medical benefit programs for its employees. Eligible contingent staff on assignment with customers are offered medical benefits through a fully insured program administered by a third-party. Employees contribute a portion of the cost of these medical benefit programs. The liability for the self-insured medical benefits is limited on a per claimant basis through the purchase of stop-loss insurance. The Company’s retained liability for the self-insured medical benefits is determined utilizing actuarial estimates of expected claims based on statistical analysis of historical data. The Company records the expense associated with the expected losses, net of employee contributions, primarily in Selling, administrative and other operating costs in the Consolidated Statement of Operations, depending on the employee’s role. Expense recognized by the Company under its self-insured medical benefit programs amounted to $5.4 million and $4.3 million in fiscal 2019 and 2018, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Nov. 03, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Loss before income taxes is derived from (in thousands): Year Ended November 3, 2019 October 28, U.S. Domestic $ (17,529 ) $ (36,077 ) International 3,321 4,350 Loss before income tax $ (14,208 ) $ (31,727 ) Income tax provision (benefit) by taxing jurisdiction consists of (in thousands): Year Ended November 3, 2019 October 28, Current: U.S. Federal $ — $ (1,423 ) U.S. State and local 6 188 International 1,060 2,169 Total current $ 1,066 $ 934 Deferred: U.S. State and local $ 4 $ (2 ) International (92 ) 26 Total deferred (88 ) 24 Income tax provision $ 978 $ 958 The difference between the income tax provision on income (loss) and the amount computed at the U.S. federal statutory rate is due to (in thousands): Year Ended November 3, 2019 October 28, U.S. Federal statutory rate $ (2,984 ) $ (7,424 ) U.S. State income tax, net of U.S. Federal tax benefits 142 212 International permanent differences 95 (161 ) International tax rate differentials 145 1,282 U.S. tax on international income 471 (1,136 ) General business credits (1,718 ) (2,400 ) Non-deductible expenses 358 64 Other, net — (1,108 ) Change in valuation allowance for rate change — 26,798 Change in valuation allowance for deferred tax assets 4,469 (15,169 ) Income tax provision $ 978 $ 958 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and also include operating loss carryforwards. The significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): November 3, October 28, Deferred tax assets: Net operating loss carryforwards $ 60,706 $ 55,522 Capital loss carryforwards 3,357 3,403 U.S. federal tax credit carryforwards 53,462 51,288 Deferred income 6,045 6,366 Compensation accruals 3,199 4,305 Other, net 5,744 5,365 Total deferred tax assets 132,513 126,249 Less valuation allowance (123,266 ) (118,559 ) Deferred tax assets, net 9,247 7,690 Deferred tax liabilities: Unremitted earnings from foreign subsidiaries 2,017 2,010 Software development costs 6,767 4,884 Other, net 466 959 Total deferred tax liabilities 9,250 7,853 Net deferred tax liability $ (3 ) $ (163 ) Balance sheet classification Non-current assets $ 14 $ 347 Non-current liabilities (17 ) (510 ) Net deferred tax asset (liability) $ (3 ) $ (163 ) At November 3, 2019, the Company has available unused U.S. federal net operating loss (“NOL”) carryforwards of $207.2 million , U.S. state NOL carryforwards of $239.3 million , international NOL carryforwards of $9.3 million , capital loss carryforwards of $12.9 million and federal tax credits of $53.5 million . As of November 3, 2019, the U.S. federal NOL carryforwards expire at various dates between 2031 and 2038 (with some indefinite), the U.S. state NOL carryforwards expire at various dates between 2020 and 2038, the international NOL carryforwards expire at various dates beginning in 2020 (with some indefinite), capital loss carryforwards expire between 2020 and 2022 and federal tax credits expire between 2020 and 2037. At November 3, 2019, the undistributed earnings of the Company’s non-U.S. subsidiaries are not intended to be permanently invested outside of the U.S. and therefore U.S. deferred taxes have been provided. A valuation allowance has been recognized due to the uncertainty of realization of the loss carryforwards and other deferred tax assets. Beginning in fiscal 2010, the Company’s cumulative U.S. domestic and certain non-U.S. results for each three -year period were a loss. Accordingly, the Company recorded a full valuation allowance against its net U.S. domestic and certain net non-U.S. deferred tax assets as a non-cash charge to income tax expense. The three -year cumulative loss continued in fiscal 2019 so the Company maintained a full valuation allowance against its net U.S. domestic and certain net non-U.S. deferred tax assets resulting in a total valuation allowance of $123.3 million and $118.6 million for fiscal 2019 and 2018, respectively. In reaching this conclusion, the Company considered the U.S. domestic demand and recent operating losses causing the Company to be in a three -year cumulative loss position. Management believes that the remaining deferred tax assets are more likely than not to be realized based upon consideration of all positive and negative evidence, including scheduled reversal of deferred tax liabilities and tax planning strategies determined on a jurisdiction-by-jurisdiction basis. The Company recognizes income tax benefits for tax positions determined more likely than not to be sustained upon examination based on the technical merits of the positions. The following table sets forth the change in the accrual for uncertain tax positions, excluding interest and penalties (in thousands): November 3, October 28, Balance, beginning of year $ 491 $ 1,495 Decreases relating to tax positions taken in a prior period (21 ) (10 ) Settlements (146 ) — Lapse of statute of limitations (41 ) (994 ) Total $ 283 $ 491 Of the total unrecognized tax benefits at November 3, 2019 and October 28, 2018, approximately $0.3 million and $0.5 million , respectively, would affect the Company’s effective income tax rate, if and when recognized in future years. The amount accrued for related potential interest and penalties at October 28, 2018 was $0.1 million . The income tax provision for the fiscal years ended November 3, 2019 and October 28, 2018 included a reversal of reserves on uncertain tax provisions of $0.2 million and $1.1 million , respectively. The Company is subject to taxation at the federal, state and local levels in the U.S. and in various international jurisdictions. With few exceptions, the Company is generally no longer subject to examination by the U.S. federal, state, local or non-U.S. income tax authorities for years before fiscal 2008. On December 22, 2017, the U.S. President signed the Tax Cuts and Jobs Act (“Tax Act”) into law. The Tax Act includes a number of provisions, including the lowering of the U.S. corporate tax rate from 35.0% to 21.0% , and the establishment of a territorial-style system for taxing foreign-source income of domestic multinational corporations. Other provisions under the Tax Act which are effective for the Company in fiscal 2019, includes limitations on deductibility of executive compensation and interest, as well as a new minimum tax on Global Intangible Low-Taxed Income (“GILTI”), both of which did not have a material impact on the Company's financial statements. The SEC staff issued Staff Accounting Bulletin (“SAB”) 118, which provides guidance on accounting for the tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. The measurement period ended on December 22, 2018. There was no significant impact. |
Real Estate Transactions
Real Estate Transactions | 12 Months Ended |
Nov. 03, 2019 | |
Leases [Abstract] | |
Real Estate Transactions | Real Estate Transactions Orange, CA In March 2016, Volt Orangeca Real Estate Corp., an indirect wholly-owned subsidiary of the Company, completed the sale of real property comprised of land and buildings with office space of approximately 200,000 square feet in Orange, California for a purchase price of $35.9 million . The Company concurrently entered into a Purchase and Sale Agreement (the “PSA”) and a Lease Agreement (the “Lease”) with Glassell Grand Avenue Partners, LLC (the “Buyer”), a limited liability company formed by Hines, a real estate investment and management firm, and funds managed by Oaktree Capital Management L.P., an investment management firm. The Buyer assigned the PSA and the Lease to Glassell Acquisitions Partners LLC, an affiliate of the Buyer, prior to the closing. The transaction was accounted for as a sale-leaseback transaction and as an operating lease. The initial lease term is 15 years plus renewal options for two terms of five years, each based on the greater of fair market value at the time of the renewal or the base annual rent payable during the last month of the then-current term immediately preceding the extended period. The annual base rent was $2.9 million for the first year of the initial term and subsequently increases on each adjustment date by 3.0% of the then-current annual base rent. A security deposit of $2.1 million was required for the first year of the lease term which is secured by a letter of credit under the Company’s existing financing program, which was reduced to $1.4 million in the second quarter of fiscal 2017 and further reduced to $0.7 million in the second quarter of fiscal 2018. The security deposit will subsequently be reduced if certain conditions are met. Accordingly, the gain on sale of $29.4 million was deferred and, through the fourth quarter of fiscal 2019, was being recognized over the remaining lease term in proportion to the related gross rental charges. However, in the first quarter of fiscal 2020, the unamortized deferred gain of $22.2 million will be recognized as a cumulative-effect adjustment to equity upon adoption of ASU 2016-02, Leases (Topic 842) . For fiscal 2019 and 2018, the amortization was $1.9 million and $1.9 million , respectively. |
Debt
Debt | 12 Months Ended |
Nov. 03, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company’s primary sources of liquidity are cash flows from operations and proceeds from our financing arrangements. Both operating cash flows and borrowing capacity under the Company’s financing arrangements are directly related to the levels of accounts receivable generated by its businesses. The Company’s operating cash flows consist primarily of collections of customer receivables offset by payments for payroll and related items for the Company’s contingent staff and in-house employees; federal, foreign, state and local taxes; and trade payables. The Company’s level of borrowing capacity under its financing arrangements increases or decreases in tandem with any change in accounts receivable based on revenue fluctuations. The Company manages its cash flow and related liquidity on a global basis. The weekly payroll payments inclusive of employment-related taxes and payments to vendors are approximately $20.0 million . The Company generally targets minimum global liquidity to be 1.5 times its average weekly requirements. The Company also maintains minimum effective cash balances in foreign operations and uses a multi-currency netting and overdraft facility for its European entities to further minimize overseas cash requirements. On July 19, 2019, the Company amended and restated its long-term $115.0 million accounts receivable securitization program (“DZ Financing Program”) with DZ Bank AG Deutsche Zentral-Genossenschafsbank (“DZ Bank”), which was originally executed on January 25, 2018. The restated agreement allows for the inclusion of certain accounts receivable from an originator in the United Kingdom, which added an additional $5.0 - $7.0 million in borrowing availability. All other material terms and conditions of the original agreement remained substantially unchanged. The DZ Financing Program is fully collateralized by certain receivables of the Company that are sold to a wholly-owned, consolidated, bankruptcy-remote subsidiary. To finance the purchase of such receivables, that subsidiary may request that DZ Bank make loans from time-to-time to that subsidiary which are secured by liens on those receivables. On June 4, 2019, the Company entered into an amendment with DZ Bank to temporarily exclude the receivables due from a specific customer from the securitization pool under its DZ Financing Program for three subsequent reporting periods as of May 2019 through July 2019. This customer experienced internal processing issues related to specific Volt purchase orders resulting in significant payment delays, which negatively impacted the 90 -Day Delinquency Rate, as defined in the DZ Financing Program. Although this change improved the delinquency rate, it temporarily decreased the Company’s borrowing availability under the DZ Financing Program by approximately $2.0 - $3.0 million. These payment delays were not credit related and the Company collected the past due amounts. The issue was resolved and the receivables from this customer were added back to the securitization pool under the original terms of the agreement, as permitted under a provision in the amendment. Loan advances may be made under the DZ Financing Program through January 25, 2021 and all loans will mature no later than July 25, 2021. Loans will accrue interest (i) with respect to loans that are funded through the issuance of commercial paper notes, at the commercial paper (“CP”) rate, and (ii) otherwise, at a rate per annum equal to adjusted LIBOR. The CP rate will be based on the rates paid by the applicable lender on notes it issues to fund related loans. Adjusted LIBOR is based on LIBOR for the applicable interest period and the rate prescribed by the Board of Governors of the Federal Reserve System for determining the reserve requirements with respect to Eurocurrency funding. If an event of default occurs, all loans shall bear interest at a rate per annum equal to the prime rate (the federal funds rate plus 3% ) plus 2.5% . The DZ Financing Program also includes a letter of credit sub-facility with a sub-limit of $35.0 million . As of November 3, 2019, the letter of credit participation was $24.2 million , inclusive of $22.8 million for the Company’s casualty insurance program, $1.2 million for the security deposit required under certain real estate lease agreements, and $0.2 million for the Company’s corporate credit card program. The Company used $30.0 million of funds available under the DZ Financing Program to temporarily collateralize the letters of credit, until the letters of credit were established with DZ Bank on January 31, 2018. The DZ Financing Program contains customary representations and warranties as well as affirmative and negative covenants, with such covenants being less restrictive than those under the PNC Financing Program (as defined below). The agreement also contains customary default, indemnification and termination provisions. The DZ Financing Program is not an off-balance sheet arrangement, as the bankruptcy-remote subsidiary is a 100%-owned consolidated subsidiary of the Company. The Company is subject to certain financial and portfolio performance covenants under the DZ Financing Program, including (1) a minimum Tangible Net Worth (as defined under the DZ Financing Program) of at least $30.0 million through fiscal 2019, which will increase to $40.0 million in fiscal 2020; (2) positive net income in any fiscal year ending after 2019; (3) maximum debt to tangible net worth ratio of 3 :1 and (4) a minimum of $15.0 million in liquid assets (as defined under the DZ Financing Program). At November 3, 2019, there was $22.3 million of borrowing availability, as defined, under the DZ Financing program and the Company was in compliance with all debt covenants. The Company uses the availability from the DZ Financing Program from time-to-time for working capital and other general corporate purposes. The Company had entered into the original agreement with DZ Bank when it exited its financing relationship with PNC Bank (“PNC Financing Program”). The Company used funds made available by the DZ Financing Program to repay all amounts outstanding under the PNC Financing Program, which terminated in accordance with its terms. At November 3, 2019 and October 28, 2018, the Company had outstanding borrowings under the DZ Financing Program of $55.0 million and $50.0 million , respectively, with a weighted average annual interest rate of 4.1% and 3.6% during fiscal years 2019 and 2018, respectively. Long-term debt consists of the following (in thousands): November 3, October 28, Financing programs $ 55,000 $ 50,000 Less: Deferred financing fees 1,106 932 Total long-term debt, net $ 53,894 $ 49,068 On January 14, 2020, the Company executed an amendment to the DZ Financing Program. The modifications to the agreement were to (1) extend the Amortization Date, as defined, from January 25, 2021 to January 25, 2023, and extend the Facility Maturity Date, as defined, from July 25, 2021 to July 25, 2023; and (2) revise an existing covenant to maintain positive net income in any fiscal year ending after 2020. All other terms and conditions remain unchanged. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Nov. 03, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity (a) Common Stock Each outstanding share of common stock is entitled to one vote per share on all matters submitted to a vote by shareholders. Subject to the rights of any preferred stock which may from time-to-time be outstanding, the holders of outstanding shares of common stock are entitled to receive dividends and, upon liquidation or dissolution, are entitled to receive pro rata all assets legally available for distribution to stockholders. No dividends were declared or paid on the common stock during fiscal 2019 or 2018. The holders of common stock have no preemptive or other subscription rights and there is no redemption or sinking fund provisions with respect to such shares. There is no preferred stock outstanding. (b) Treasury Stock The Company issues shares out of treasury stock to satisfy share-based compensation awards. Activity for the fiscal years ended November 3, 2019 and October 28, 2018 is summarized as follows (in thousands): November 3, 2019 October 28, 2018 Balance, beginning of the year $ (33,600 ) $ (37,607 ) Shares issued for share-based compensation awards 7,445 4,007 Ending Balance $ (26,155 ) $ (33,600 ) (c) Comprehensive Income (Loss) The accumulated balances for each classification of other comprehensive income (loss) are as follows (in thousands): Foreign currency gains/(losses) Balance at October 29, 2017 $ (5,261 ) Other comprehensive income (loss) before reclassifications (1,809 ) Current period other comprehensive income (loss) (1,809 ) Balance at October 28, 2018 (7,070 ) Other comprehensive income (loss) before reclassifications 269 Current period other comprehensive income 269 Balance at November 3, 2019 $ (6,801 ) There were no reclassifications from accumulated other comprehensive loss in fiscal 2019 and 2018. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 12 Months Ended |
Nov. 03, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation Plans | Share-Based Compensation Plans For the twelve months ended in fiscal year 2019 and 2018, the Company recognized share-based compensation expense of $1.4 million and $1.8 million , respectively. These expenses are included in Selling, administrative and other operating costs in the Company’s Consolidated Statements of Operations. 2019 Equity Incentive Plan On May 1, 2019, the stockholders of the Company approved the Company’s 2019 Equity Incentive Plan (the “2019 Plan”). The 2019 Plan permits the granting of (1) stock options, including incentive stock options, (2) stock appreciation rights, (3) restricted stock, (4) restricted stock units, (5) performance awards, and (6) other awards valued in whole or in part by reference to or otherwise based on our common stock (as defined in the 2019 Plan, “other share-based awards”). Subject to adjustment as provided in the 2019 Plan, up to an aggregate of 2,500,000 shares of the Company’s common stock will be available for awards under the 2019 Plan, plus any shares granted under the Company’s 2015 Equity Incentive Plan that become available for awards under such plan. Equity Awards During fiscal 2019, the Company granted long-term incentive awards in the aggregate of 297,229 performance stock units (“PSUs”) to executive management and 430,563 restricted stock units (“RSUs”) to certain employees including executive management. Additionally, an annual equity grant totaling 86,405 RSUs was made to the Board of Directors of the Company (“Board of Directors”). The PSUs are eligible to vest in three equal tranches at the end of each performance period. Vesting of the PSUs is dependent on the achievement of the adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) margin percentage goals based on adjusted revenues at the end of each fiscal year end of the one -year, two -year and three -year performance periods and provided that the employees remain employed with the Company on each of those vesting dates. The payout percentages can range from 0% to 150% . The RSUs for the employees vest in equal annual tranches over three years , provided the employees remain employed with the Company on each of those vesting dates. The RSUs for the Board of Directors vest in one year from the grant date provided that the director provides continued service through the vesting date. The grant date fair value for the PSUs and RSUs is measured using the closing stock price on the grant date. The total fair value of the PSUs and RSUs granted during fiscal 2019 was approximately $1.2 million and $2.1 million , respectively. There were no grants of stock options in fiscal 2019. For stock options granted in the prior fiscal years, the fair value of the option grants was estimated using the Black-Scholes option-pricing model, which requires estimates of key assumptions based on both historical information and management judgment regarding market factors and trends. For RSUs granted in the prior fiscal year that are classified as equity awards, the grant date fair value is measured using the closing stock price on the grant date. These awards vest in equal annual tranches over three years , provided the employees remain employed with the Company on each of those vesting dates. The Company granted 133,181 stock options in fiscal 2018 with a total grant date fair value of $0.2 million . Determining Fair Value - Stock Options The fair value of the option grants under both plans was estimated using the Black-Scholes option-pricing model, which requires estimates of key assumptions based on both historical information and management judgment regarding market factors and trends. Expected volatility - We developed the expected volatility by using the historical volatilities of the Company for a period equal to the expected life of the option. Expected term - We derived our expected term assumption based on the simplified method due to a lack of historical exercise data, which results in an expected term based on the midpoint between the graded vesting dates and contractual term of an option. Risk-free interest rate - The rates are based on the average yield of a U.S. Treasury bond, with a term that was consistent with the expected life of the stock options. Expected dividend yield - We have not paid and do not anticipate paying cash dividends on our shares of common stock; therefore, the expected dividend yield was assumed to be zero . The weighted average assumptions used to estimate the fair value of stock options for fiscal 2018 were as follows: Fiscal Year Ended October 28, Weighted-average fair value of stock option granted $1.75 Expected volatility 40.0% Expected term (in years) 6.00 Risk-free interest rate 2.73% Expected dividend yield 0.0% The grants vest in equal annual tranches over three years , provided the employees remain employed on each of those vesting dates. Compensation expense for the stock options is recognized over the vesting period. The stock options expire 10 years from the initial grant date and have a weighted average exercise price of $4.10 for fiscal 2018. Liability Awards During fiscal 2018, the Company granted 276,396 PSUs and 491,138 RSUs that are classified as a liability at fair value, which is computed using a Monte Carlo simulation and re-measured periodically based on the effect that the market condition has on these awards. The liability and corresponding expense are adjusted accordingly until the awards are settled. As of the fiscal year ended November 3, 2019, the total fair value of the remaining PSUs and RSUs was approximately $0.1 million and $0.5 million , respectively. Vesting of the PSUs is dependent on the achievement of target stock prices at the end of each of the one -year, two -year and three -year performance periods. The ending stock price is the average price of the last 20 trading days prior to and including the final day of each performance period. The payout percentages can range from 0% to 200% . The RSUs vest in equal annual tranches over three years , provided the employees remain employed with the Company on each of those vesting dates. Upon vesting, the PSUs and RSUs may be settled in either cash or stock at the Company’s election, with any stock settlement being subject to the Company having a sufficient number of shares then available under its equity incentive plan to satisfy such awards. Any awards settled in cash will be capped at two times the Company’s closing stock price on the grant date, multiplied by the number of awards vesting. During the third quarter of fiscal 2019, the first tranches of the PSUs and RSUs that vested were settled in stock. In prior years, the Company granted phantom units in the form of cash-settled RSUs to certain senior management level employees. The total fair value at the grant date was approximately $0.3 million with a weighted average fair value per unit of $4.35 . The units vest in equal annual tranches over three years , provided the employees remain employed on each of those vesting dates. These awards are classified as a liability and re-measured at the end of each reporting period based on the change in fair value of one share of the Company’s common stock. As of the end of fiscal 2019, the total fair value was less than $0.1 million and 6,012 phantom units were outstanding. Summary of Equity and Liability Awards The following tables summarize the activities related to the Company’s share-based equity and liability awards for the fiscal year ended November 3, 2019: Stock Options Number of shares Weighted average exercise price Weighted average contractual life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at October 29, 2017 2,499,922 $ 6.32 8.20 $ 6,051 Granted 133,181 $ 4.10 — $ — Forfeited (1,033,063 ) $ 7.16 — $ — Outstanding at October 28, 2018 1,600,040 $ 5.25 7.27 $ — Exercised (200,000 ) $ 4.35 — $ — Forfeited (335,972 ) $ 5.42 — $ — Expired (460,584 ) $ 5.36 — $ — Outstanding at November 3, 2019 603,484 $ 6.28 6.81 $ — Unvested at November 3, 2019 108,695 $ — — $ — Exercisable at November 3, 2019 494,789 $ 6.75 6.55 $ — Number of Weighted Average Performance Share Units Shares Grant Date Fair Value Outstanding at October 29, 2017 — $ — Granted 276,396 $ 3.38 Outstanding at October 28, 2018 276,396 $ 3.38 Granted (a) (b) 377,833 $ 4.05 Forfeited (179,981 ) $ 3.61 Vested (97,262 ) $ 3.82 Outstanding at November 3, 2019 376,986 $ 3.90 (a) Includes the incremental issuance of shares related to the Fiscal 2018 PSU grant. (b) Includes the incremental shares for the first tranche of the fiscal 2019 PSU grant based on attainment of the fiscal 2019 EBITDA margin percentage goal. These shares will be issued upon vesting. Number of Weighted Average Restricted Stock Units Shares Grant Date Fair Value Outstanding at October 29, 2017 338,966 $ 5.20 Granted 491,138 $ 3.23 Forfeited (40,769 ) $ 4.62 Vested (206,504 ) $ 5.33 Outstanding at October 28, 2018 582,831 $ 3.53 Granted 516,968 $ 4.11 Forfeited (236,035 ) $ 3.73 Vested (196,682 ) $ 3.75 Outstanding at November 3, 2019 667,082 $ 3.86 As of November 3, 2019 total unrecognized compensation expense of $2.6 million related to PSUs, stock options, RSUs and phantom units will be recognized over the remaining weighted average vesting period of 2.1 years, of which $1.8 million , $0.6 million , and $0.2 million is expected to be recognized in fiscal 2020, 2021 and 2022, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Nov. 03, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic and diluted net income (loss) per share is calculated as follows (in thousands, except per share amounts): Year Ended November 3, 2019 October 28, 2018 Numerator Net income (loss) $ (15,186 ) $ (32,685 ) Denominator Basic weighted average number of shares 21,119 21,051 Dilutive weighted average number of shares 21,119 21,051 Per Share Data: Basic: Net income (loss) $ (0.72 ) $ (1.55 ) Diluted: Net income (loss) $ (0.72 ) $ (1.55 ) The fiscal 2019 diluted earnings per share did not include the effect of potentially dilutive outstanding shares comprised of 667,082 RSUs, 603,484 of stock options and 376,986 PSUs because the effect would have been anti-dilutive. The fiscal 2018 diluted earnings per share did not include the effect of potentially dilutive outstanding shares comprised of 97,719 RSUs, 1,600,040 of stock options and 276,936 PSUs because the effect would have been anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Nov. 03, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies (a) Leases The future minimum rental commitments as of November 3, 2019 for all non-cancelable operating leases 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 minimum payments required (a) $ 68,762 (a) - Minimum payments have not been reduced by minimum sublease rentals of $9.6 million , or approximately $1.5 million annually, due in the future under noncancelable subleases. Many of the leases also require the Company to pay and contribute to property taxes, insurance and ordinary repairs and maintenance. The lease agreements, which expire at various dates through 2031 , may be subject in some cases to renewal options, early termination options or escalation clauses. Rent expense for all operating leases in fiscal 2019 and 2018 were $13.8 million and $16.3 million , respectively. (b) Legal Proceedings The Company is involved in various claims and legal actions arising in the ordinary course of business. The Company’s loss contingencies not discussed elsewhere consist primarily of claims and legal actions arising in the normal course of business related to contingent worker employment matters in the staffing services business. These matters are at varying stages of investigation, arbitration or adjudication. The Company has accrued for losses on individual matters that are both probable and reasonably estimable. Estimates are based on currently available information and assumptions. Significant judgment is required in both the determination of probability and the determination of whether a matter is reasonably estimable. The Company’s estimates may change and actual expenses could differ in the future as additional information becomes available. (c) Other Matters As previously disclosed in the Annual Report on Form 10-K for the year ended October 28, 2018, certain qualification failures related to nondiscrimination testing for the Company’s 401(k) plans consisting of the (1) Volt Technical Services Savings Plan and the (2) Volt Information Sciences, Inc. Savings Plan occurred during plan years prior to 2016. The Company has obtained the approval from the Internal Revenue Service regarding the method for curing the failures and made a contribution of $0.8 million in the fourth quarter of fiscal 2019. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Nov. 03, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 14, 2020, the Company executed an amendment to the DZ Financing Program. The modifications to the agreement were to (1) extend the Amortization Date, as defined, from January 25, 2021 to January 25, 2023, and extend the Facility Maturity Date, as defined, from July 25, 2021 to July 25, 2023; and (2) revise an existing covenant to maintain positive net income in any fiscal year ending after 2020. All other terms and conditions remain unchanged. In the first quarter of fiscal 2020, the Company approved a restructuring plan (the “Plan”) as part of its strategic initiative to optimize the Company’s cost infrastructure. Included in this initiative is the Company’s plan to leverage the global capabilities of our staffing operations based in Bangalore, India and offshore a significant number of strategically identified roles to this location. The plan will affect approximately 125 employees. The Company expects to incur a total estimated pre-tax restructuring charge of approximately $1.2 million of severance and benefit costs in the first half of its fiscal year ending November 1, 2020. |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Nov. 03, 2019 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures We report our segment data in accordance with the provisions of ASC 280, Segment Reporting , aligning with the way the Company evaluates its business performance and manages its operations. Our current reportable segments are (i) North American Staffing, (ii) International Staffing and (iii) North American MSP. The non-reportable businesses are combined and disclosed with corporate services under the category Corporate and Other. In June 2019, the Company exited its customer care solutions business, which was currently reported as a part of the Corporate and Other category. This exit allows the Company to further strengthen its focus on its core staffing business and align its resources to streamline operations, improve cost competitiveness and increase profitability. The Company’s other non-reportable businesses continued to be combined and disclosed with corporate services under the category Corporate and Other. Segment operating income (loss) is comprised of segment net revenue less cost of services, selling, administrative and other operating costs, impairment charges and restructuring and severance costs. The Company allocates to the segments all operating costs except for costs not directly related to the operating activities such as corporate-wide general and administrative costs. These costs are not allocated because doing so would not enhance the understanding of segment operating performance and are not used by management to measure segment performance. Financial data concerning the Company’s segment revenue and operating income (loss) as well as results from Corporate and Other are summarized in the following tables (in thousands): Year Ended November 3, 2019 Total North American Staffing International Staffing North American Corporate and Other (1) Eliminations (2) Net revenue $ 997,090 $ 830,947 $ 114,377 $ 39,010 $ 15,320 $ (2,564 ) Cost of services 844,527 708,824 95,552 28,324 14,391 (2,564 ) Gross margin 152,563 122,123 18,825 10,686 929 — Selling, administrative and other operating costs 157,052 103,437 15,422 5,595 32,598 — Restructuring and severance costs 4,656 719 510 68 3,359 — Impairment charges 688 4 — — 684 — Operating income (loss) (9,833 ) 17,963 2,893 5,023 (35,712 ) — Other income (expense), net (4,375 ) Income tax provision 978 Net loss $ (15,186 ) Year Ended October 28, 2018 Total North American Staffing International Staffing North American MSP Corporate and Other (1) Eliminations (2) Net revenue $ 1,039,170 $ 860,544 $ 117,351 $ 29,986 $ 35,228 $ (3,939 ) Cost of services 885,492 735,050 98,640 22,637 33,104 (3,939 ) Gross margin 153,678 125,494 18,711 7,349 2,124 — Selling, administrative and other operating costs 173,337 112,459 15,986 5,571 39,321 — Restructuring and severance costs 8,242 932 328 145 6,837 — Impairment charges 506 — — — 506 — Operating income (loss) (28,407 ) 12,103 2,397 1,633 (44,540 ) — Other income (expense), net (3,320 ) Income tax provision 958 Net loss $ (32,685 ) (1) Revenues are primarily derived from Volt Customer Care Solutions business through June 7, 2019. (2) The majority of intersegment sales results from North American Staffing providing resources to Volt Customer Care Solutions business. Assets of the Company by reportable segment are summarized in the following table (in thousands): November 3, October 28, Assets: North American Staffing $ 109,067 $ 121,510 International Staffing 30,327 27,765 North American MSP 19,196 20,194 Corporate & Other 59,414 67,227 Total Assets $ 218,004 $ 236,696 Sales to external customers and long-lived assets of the Company by geographic area are as follows (in thousands): Year Ended November 3, October 28, Net Revenue: Domestic $ 878,095 $ 916,561 International 118,995 122,609 Total Net Revenue $ 997,090 $ 1,039,170 November 3, October 28, Long-Lived Assets: Domestic $ 24,525 $ 23,274 International 1,365 1,118 Total Long-Lived Assets $ 25,890 $ 24,392 Capital expenditures and depreciation and amortization by the Company’s operating segments are as follows (in thousands): Year Ended November 3, October 28, Capital Expenditures: North American Staffing $ 415 $ 340 International Staffing 315 207 North American MSP 295 28 Corporate & Other 8,028 2,990 Total Capital Expenditures $ 9,053 $ 3,565 Depreciation and Amortization: North American Staffing $ 415 $ 464 International Staffing 281 359 North American MSP 50 9 Corporate & Other 6,209 6,377 Total Depreciation and Amortization $ 6,955 $ 7,209 |
Quarterly Financial Information
Quarterly Financial Information (unaudited) | 12 Months Ended |
Nov. 03, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) The following tables present certain unaudited consolidated quarterly financial information for each quarter in the fiscal years ended November 3, 2019 and October 28, 2018 (in thousands, except per share amounts): Three Months Ended January 27, 2019 April 28, 2019 July 28, 2019 November 3, 2019 (unaudited) (unaudited) (unaudited) (unaudited) 13 weeks 13 weeks 13 weeks 14 weeks NET REVENUE $ 253,436 $ 252,070 $ 233,176 $ 258,408 Cost of services 215,737 215,813 197,528 215,449 GROSS MARGIN 37,699 36,257 35,648 42,959 Selling, administrative and other operating costs 39,810 38,939 38,395 39,908 Restructuring and severance costs 59 724 2,017 1,856 Impairment charges — 347 79 262 OPERATING INCOME (LOSS) (2,170 ) (3,753 ) (4,843 ) 933 Interest income 55 66 87 66 Interest expense (801 ) (765 ) (801 ) (789 ) Foreign exchange gain (loss), net 213 (314 ) (151 ) (360 ) Other income (expense), net (239 ) (166 ) (184 ) (292 ) LOSS BEFORE INCOME TAXES (2,942 ) (4,932 ) (5,892 ) (442 ) Income tax provision 273 233 165 307 NET LOSS $ (3,215 ) $ (5,165 ) $ (6,057 ) $ (749 ) PER SHARE DATA: Basic: Net Loss $ (0.15 ) $ (0.24 ) $ (0.29 ) $ (0.04 ) Weighted average number of shares 21,080 21,082 21,157 21,157 Diluted: Net Loss $ (0.15 ) $ (0.24 ) $ (0.29 ) $ (0.04 ) Weighted average number of shares 21,080 21,082 21,157 21,157 Three Months Ended January 28, 2018 April 29, 2018 July 29, 2018 October 28, 2018 (unaudited) (unaudited) (unaudited) (unaudited) 13 weeks 13 weeks 13 weeks 13 weeks NET REVENUE $ 253,338 $ 263,219 $ 257,808 $ 264,805 Cost of services 217,329 225,918 221,448 220,797 GROSS MARGIN 36,009 37,301 36,360 44,008 Selling, administrative and other operating costs 46,938 42,916 42,222 41,261 Restructuring and severance costs 518 104 3,108 4,512 Impairment charges — 155 — 351 OPERATING LOSS (11,447 ) (5,874 ) (8,970 ) (2,116 ) Interest income 22 47 50 54 Interest expense (804 ) (678 ) (602 ) (681 ) Foreign exchange gain (loss), net 703 (497 ) (294 ) 491 Other income (expense), net (528 ) (55 ) (296 ) (252 ) LOSS BEFORE INCOME TAXES (12,054 ) (7,057 ) (10,112 ) (2,504 ) Income tax provision (benefit) (1,360 ) 630 1,306 382 NET LOSS $ (10,694 ) $ (7,687 ) $ (11,418 ) $ (2,886 ) PER SHARE DATA: Basic: Net loss $ (0.51 ) $ (0.37 ) $ (0.54 ) $ (0.14 ) Weighted average number of shares 21,029 21,032 21,071 21,072 Diluted: Net loss $ (0.51 ) $ (0.37 ) $ (0.54 ) $ (0.14 ) Weighted average number of shares 21,029 21,032 21,071 21,072 |
Summary of Business and Signi_2
Summary of Business and Significant Accounting Policies (Policies) | 12 Months Ended |
Nov. 03, 2019 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on the Sunday nearest October 31st. The fiscal year 2019 consisted of 53 weeks and fiscal 2018 consisted of 52 weeks. |
Consolidation | Consolidation The consolidated financial statements include the accounts of the Company and all subsidiaries over which the Company exercises control. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company evaluates its estimates, assumptions and judgments, including those related to revenue recognition, allowance for doubtful accounts, casualty reserves, valuation of goodwill, intangible assets and other long-lived assets, share-based compensation, employee benefit plans, restructuring and severance accruals, income taxes and related valuation allowances and loss contingencies. Actual results could differ from those estimates and changes in estimates are reflected in the period in which they become known. |
Revenue Recognition | Revenue Recognition 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 majority of customer contracts have performance obligations that the Company satisfies over time and revenue is recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. The Company will generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which depicts the progress toward completion of each performance obligation. Certain customer contracts have variable consideration, including rebates, guarantees, credits, or other similar items that reduce the transaction price. The Company will generally estimate the variable consideration using the expected value method to predict the amount of consideration to which it will become entitled, based on the circumstances of each customer contract and historical evidence. Revenue is recognized net of variable consideration to the extent that it is probable that a significant future reversal will not occur. In scenarios where a third-party vendor is involved in the Company's revenue transactions with its customers, the Company will evaluate whether it is the principal or the agent in the transaction. When Volt acts as the principal, it controls the performance obligation prior to transfer of the service to the customer and reports the related consideration as gross revenues and the costs as cost of services. When Volt acts as an agent, it does not control the performance obligation prior to transfer of the service to the customer and it reports the related amounts as revenue on a net basis. 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. A performance obligation is a promise in a contract to transfer a distinct service to the customer. The majority of the Company’s contracts contain single performance obligations. For performance obligations that the Company satisfies over time, revenue is recognized by consistently applying a method of measuring progress toward satisfaction of that performance obligation. The Company will generally utilize an input measure of time (e.g., hours, weeks, months) of service provided, which depicts the progress toward completion of each performance obligation. Volt generally determines the standalone selling prices based on the prices included in the customer contracts. The price as specified in its customer contracts is typically considered the standalone selling price as it is an observable input that depicts the price as if sold to a similar customer. Certain customer contracts have variable consideration, including rebates, guarantees, credits, or other similar items that reduce the transaction price. The Company will generally estimate the variable consideration using the expected value method to predict the amount of consideration to which it will become entitled, based on the circumstances of each customer contract and historical evidence. Revenue is recognized net of variable consideration to the extent that it is probable that a significant future reversal will not occur. The Company’s estimated amounts of variable consideration are not material and it does not believe that there will be significant changes to its estimates. In certain scenarios where a third-party vendor is involved in the Company’s revenue transactions with its customers, the Company will evaluate whether it is the principal or the agent in the transaction. When Volt acts as the principal, it controls the performance obligation prior to transfer of the service to the customer and reports the related consideration as gross revenues and the costs as cost of services. When Volt acts as an agent, it does not control the performance obligation prior to transfer of the service to the customer and it reports the related amounts as revenue on a net basis. The Company generally demonstrates control over the service when it is responsible for the fulfillment of services under the contract, responsible for the workers performing the service and when it has latitude in establishing pricing. Volt generally acts as an agent in its transactions within its MSP programs where the Company provides comprehensive management of its customer’s contingent workforce and receive fees based on the volume of services managed within each program. The Company is the agent in these transactions since it does not have the responsibility for the fulfillment of the services by the vendors or contractors (referred to as associate vendors). In these transactions, the Company does not control the third-party providers’ staffing services provided to the customers prior to those services being transferred to the customer. 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. The Company recognizes revenue for its contingent staffing services over time as services are performed in an amount that reflects the consideration it expects to be entitled to in exchange for its services, which is generally calculated as hours worked multiplied by the agreed-upon hourly bill rate. The customer simultaneously receives and consumes the benefits of the services as they are provided. The Company applies the practical expedient to recognize revenue for these services over the term of the agreement commensurate to the amount it has the right to invoice the customer. Direct Placement Services Direct placement services include providing qualified candidates to the Company’s customers to hire on a permanent basis. These services are primarily recognized at a point in time when the qualified candidate is placed and begins permanent employment which is the point when control has transferred to the customer and the Company has the right to payment for the service. Each placement is a single performance obligation under the Company’s contracts and the related consideration is typically based upon a percentage of the candidates’ base salary. 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. Since the individual activities are not distinct, the Company accounts for these activities as a single performance obligation. The Company’s fee for these MSP services is a fixed percentage of the staffing services spend that is managed through the program. The Company recognizes revenue over time for each month of MSP services provided as the customer simultaneously receives and consumes the services the Company provides. The Company applies the practical expedient to recognize revenue for these services over the term of the agreement commensurate to the amount it has the right to invoice the customer. Call Center Services The customer care solutions business specializes in serving as an extension of its customers’ relationships and processes, from help desk inquiries to advanced technical support. The Company earns a fee based upon the type, volume and level of services provided as part of the call center operations. Since the individual activities are not distinct, the Company accounts for them as a single performance obligation. The Company recognizes revenue over time as the customer simultaneously receives and consumes the services the Company provides. The Company applies the practical expedient to recognize revenue for these services over the term of the agreement commensurate to the amount it has the right to invoice the customer. |
Expense Recognition | Expense Recognition Cost of services within staffing services consists primarily of contingent worker payroll, related employment taxes and benefits, and the cost of facilities used by contingent workers in fulfilling assignments and projects for staffing services customers, including reimbursable costs. Indirect cost of staffing services is included in Selling, administrative and other operating costs in the Consolidated Statements of Operations. The Cost of services differ from the cost included within Selling, administrative and other operating costs in that they arise specifically and directly from the actions of providing staffing services to customers. Gross margin is calculated as revenue less direct costs for staffing services. Selling, Administrative and Other Operating Costs Selling, administrative and other operating costs primarily relate to the Company’s selling and administrative efforts, as well as the indirect costs associated with providing staffing services. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is the net income (loss) of the Company combined with other changes in stockholders’ equity not involving ownership interest changes. The Company recognizes foreign currency translation as comprehensive income (loss). |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. |
Short-Term Investments and Related Deferred Compensation, Net | Short-Term Investments and Related Deferred Compensation, Net The Company has a nonqualified deferred compensation and supplemental savings plan that permits eligible employees to defer a portion of their compensation. The employee compensation deferral is invested in short-term investments corresponding to the employees’ investment selections, primarily mutual funds, which are held in a trust and are reported at current market prices. The liability associated with the nonqualified deferred compensation and supplemental savings plan consists of participant deferrals and earnings thereon, and is reflected as a current liability within Accrued compensation in an amount equal to the fair value of the underlying short-term investments held in the plan. Changes in asset values result in offsetting changes in the liability as the employees realize the rewards and bear the risks of their investment selections. |
Property, Equipment and Software, Net | Property, Equipment and Software, Net Property and equipment are stated at cost and depreciation is calculated on the straight-line method over the estimated useful lives of the assets. Costs for both on-premise and cloud computing software that will be used for internal purposes and incurred during the application development stage are capitalized and amortized to expense over the estimated useful life of the underlying software. Training and maintenance costs are expensed as incurred. The major classifications of property, equipment and software, including their respective expected useful lives, consisted of the following: Buildings 25 to 32 years Machinery and Equipment 3 to 15 years Leasehold improvements Shorter of length of lease or life of the asset Software 3 to 7 years Property, equipment and software are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable or it is no longer probable that software development will be completed. If circumstances require a long-lived asset or asset group be reviewed for possible impairment, the Company first compares undiscounted cash flows expected to be generated by each asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent that the carrying value exceeds the fair value. |
Goodwill | Goodwill Goodwill represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. The Company early-adopted and applies the method of assessing goodwill for possible impairment permitted by Accounting Standards Update (“ASU”) No. 2017-04, Intangibles – Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment. The Company first assesses the qualitative factors for reporting units that carry goodwill. If the qualitative assessment results in a conclusion that it is more likely than not that the fair value of a reporting unit exceeds the carrying value, then no further testing is performed for that reporting unit. When a qualitative assessment is not used, or if the qualitative assessment is not conclusive and it is necessary to calculate fair value of a reporting unit, then the impairment analysis for goodwill is performed at the reporting unit level using a one-step approach. In conducting the goodwill impairment test, the fair value of a reporting unit is compared with its carrying amount utilizing various valuation techniques. If the fair value of the reporting unit exceeds its carrying value, then no further testing is performed. If the fair value of the reporting unit is less than its carrying value, an impairment loss is recognized for any excess of the carrying amount of the reporting unit’s goodwill over the implied fair value of that goodwill. The Company performs its annual impairment review of goodwill in its second fiscal quarter and when a triggering event occurs between annual impairment tests. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using current tax laws and rates in effect for the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized within income in the period that includes the enactment date. The Company must then assess the likelihood that its deferred tax assets will be realized. If the Company does not believe that it is more likely than not that its deferred tax assets will be realized, a valuation allowance is established. When a valuation allowance is increased or decreased, a corresponding tax expense or benefit is recorded. Accounting for income taxes involves uncertainty and judgment in how to interpret and apply tax laws and regulations within the Company’s annual tax filings. Such uncertainties may result in tax positions that may be challenged and overturned by a tax authority in the future, which would result in additional tax liability, interest charges and possible penalties. Interest and penalties are classified as a component of income tax expense. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized upon ultimate settlement. Changes in recognition or measurement are reflected in the period in which the change in estimate occurs. |
Share-Based Compensation | Share-Based Compensation The Company accounts for share-based awards as either equity or liability awards based upon the characteristics of each instrument. The compensation cost is measured based on the grant date fair value of the award. The fair value of liability awards is re-measured periodically based on the effect that the market condition has on these awards. The share-based compensation expense for all awards is recognized over the requisite service or performance periods as a cost in Selling, administrative and other operating costs in the Company’s Consolidated Statement of Operations. The Company has elected to account for forfeitures as they occur. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate any remaining unearned share-based compensation cost or incur incremental cost. |
Foreign Currency | Foreign Currency Assets and liabilities of non-U.S. subsidiaries that operate in a local currency environment, where that local currency is the functional currency, are translated to U.S. dollars at exchange rates in effect at the balance sheet date. Income and expense accounts are translated at average exchange rates during the year which approximate the rates in effect at the transaction dates. The resulting translation adjustments are directly recorded to a separate component of Accumulated other comprehensive income (loss). Gains and losses arising from intercompany foreign currency transactions that are of a long-term nature are reported in the same manner as translation adjustments. Gains and losses arising from intercompany foreign currency transactions that are not of a long-term nature and certain transactions of the Company’s subsidiaries which are denominated in currencies other than the subsidiaries’ functional currency are recognized as incurred in Foreign exchange gain (loss), net in the Consolidated Statements of Operations. |
Fair Value Measurement | Fair Value Measurement In accordance with Accounting Standards Codification (“ASC”) 820, Fair Value Measurements ( “ASC 820”), the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. Fair value is defined as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets and liabilities, quoted prices for identically similar assets or liabilities in markets that are not active and models for which all significant inputs are observable either directly or indirectly. Level 3: Unobservable inputs reflecting the reporting entity’s own assumptions or external inputs for inactive markets. The Company uses this framework for measuring fair value and disclosures about fair value measurement. The Company uses fair value measurements in areas that include: impairment testing for goodwill and long-lived assets; share-based compensation arrangements, and financial instruments. The carrying amounts of the Company’s financial instruments, which include cash, cash equivalents, restricted cash, accounts receivable, accounts payable, and short-term borrowings under the Company’s credit facilities, approximated their fair values, due to the short-term nature of these instruments, and the fair value of the long-term debt is based on the interest rates the Company believes it could obtain for borrowings with similar terms. The Company recognizes transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. |
Legal and Other Contingencies | Legal and Other Contingencies The Company is involved in various demands, claims and actual and threatened litigation that arise in the normal course of business. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, a liability and an expense are recorded for the estimated loss. Significant judgment is required in both the determination of probability and the determination of whether an exposure is reasonably estimable. Actual expenses could differ from these estimates in subsequent periods as additional information becomes known. |
Concentrations of Credit Risk | Concentrations of Credit Risk Cash and cash equivalents are maintained with several financial institutions and deposits held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and the Company mitigates its credit risk by spreading its deposits across multiple financial institutions and monitoring their respective risk profiles. |
Restructuring and Severance Charges | Restructuring and Severance Charges The Company accounts for restructuring activities in accordance with ASC 420, Exit or Disposal Cost Obligations. Under the guidance, for the cost of restructuring activities that do not constitute a discontinued operation, the liability for the current fair value of expected future costs associated with such restructuring activity is recognized in the period in which the liability is incurred. The costs of restructuring activities taken pursuant to a management approved restructuring plan are segregated. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. The diluted earnings per share computation includes the effect of potential common shares outstanding during the period. Potential common shares include the dilutive effects of shares that would be issuable upon the exercise of outstanding "in the money" stock options and unvested restricted stock units. The dilutive impact is determined by applying the treasury stock method. Performance-based share awards are included in the computation of diluted earnings per share only to the extent that the underlying performance conditions: (i) are satisfied by the end of the reporting period, or (ii) would be satisfied if the end of the reporting period were the end of the related performance period and the result would be dilutive. |
Treasury Stock | Treasury Stock The Company records treasury stock at the cost to acquire it and includes treasury stock as a component of Stockholders’ Equity. In determining the cost of the treasury shares when either sold or issued, the Company uses the FIFO (first-in, first-out) method. If the proceeds from the sale of the treasury shares are greater than the cost of the shares sold, the excess proceeds are recorded as additional paid-in capital. If the proceeds from the sale of the treasury shares are less than the original cost of the shares sold, the excess cost first reduces any additional paid-in capital arising from previous sales of treasury shares for that class of stock, and any additional excess is recorded as a reduction of retained earnings. |
New Accounting Pronouncements | New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial position or results of operations upon adoption. New Accounting Standards Not Yet Adopted by the Company 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 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 upon adoption. In June 2018, the FASB issued ASU 2018-07, C ompensation - 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. The amendments are effective for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year, which for the Company will be the first quarter of fiscal 2020. The Company does not anticipate a significant impact upon adoption. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This ASU provides guidance for recognizing credit losses on financial instruments based on an estimate of current expected credit losses model. The FASB subsequently issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments - Credit Losses to clarify and address certain items related to the amendments in ASU 2016-13. ASU 2019-05, Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief , was issued to provide entities that have certain instruments within the scope of ASC 326 with an option to irrevocably elect the fair value option under ASC 825-10, Financial Instruments - Overall , applied on an instrument-by-instrument basis for eligible instruments. ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842) amends the mandatory effective date for ASU 2016-13. The amendments are effective for fiscal years beginning after December 15, 2022 for entities that are eligible to be defined by the SEC as a smaller reporting company, which for the Company will be the first quarter of fiscal 2023. 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. 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. The amendments are effective for fiscal years beginning after December 15, 2018, which for the Company will be the first quarter of fiscal 2020. Although the Company has made significant progress toward completing its evaluation of the impact of the pending adoption of ASU 2016-02 on its consolidated financial statements, our preliminary assessments are subject to change. The transition will be applied on a modified retrospective basis and the package of three practical expedients has been elected to be used for transitional implementation. Accordingly, we will 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 expects that most of its operating lease commitments will be subject to the new standard and recognized as operating lease liabilities and right-of-use assets upon adoption, which will increase the Company’s total assets and total liabilities by approximately $50 - $60 million to such amounts prior to adoption. In addition, the Company’s deferred gain on the sale of real estate in the amount of $22.2 million will be recognized as a cumulative-effect adjustment to equity upon adoption. This gain is currently being amortized at approximately $0.5 million a quarter as an offset to rent expense in the Consolidated Statements of Operations and is included as an adjustment to reconcile net loss to cash provided by operating activities in the Consolidated Statements of Cash Flows. 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 August 2018, the FASB issued ASU 2018-15 , Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract (“ASU 2018-15”), which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal use software license). ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 and interim periods within those fiscal years. Early adoption of the amendments is permitted including adoption in any interim period. The amendments in ASU 2018-15 should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company early adopted this standard on a prospective basis in the second quarter of fiscal 2019. Adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. An entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The Company adopted this ASU in the first quarter of fiscal 2019, resulting in no significant impact on the Company’s consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Non-financial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Non-financial Assets. This ASU clarifies the scope and application of Subtopic 610-20 on the sale or transfer of non-financial assets and in substance non-financial assets to non-customers, including partial sales. The Company adopted this ASU in the first quarter of fiscal 2019, resulting in no significant impact on the Company’s consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash . This ASU clarifies how entities should present restricted cash and restricted cash equivalents in the statement of cash flows and requires the entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The Company adopted this ASU retrospectively in the first quarter of fiscal 2019, resulting in no significant impact on the Company’s consolidated financial statements other than a change in the presentation of restricted cash on the Consolidated Statements of Cash Flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) - Classification of Certain Cash Receipts and Cash Payments: A Consensus of the FASB Emerging Issues Task Force . The amendments provide guidance on eight specific cash flow classification issues: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, corporate and bank-owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. The Company adopted this ASU in the first quarter of fiscal 2019, resulting in no significant impact on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) . The core principle of this amendment is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The FASB issued subsequent amendments to improve and clarify the implementation guidance of Topic 606. This standard was adopted by the Company in the first quarter of fiscal 2019. Please refer to Note 2, Revenue Recognition for additional disclosures. All other ASUs that became effective for Volt in fiscal 2019 were not applicable to the Company at this time and therefore, did not have any impact during the period. |
Summary of Business and Signi_3
Summary of Business and Significant Accounting Policies (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Accounting Policies [Abstract] | |
Major classifications and expected useful lives of property, equipment and software | The major classifications of property, equipment and software, including their respective expected useful lives, consisted of the following: Buildings 25 to 32 years Machinery and Equipment 3 to 15 years Leasehold improvements Shorter of length of lease or life of the asset Software 3 to 7 years Property, equipment and software consisted of (in thousands): November 3, 2019 October 28, Land and buildings $ 375 $ 363 Machinery and equipment 30,215 31,856 Leasehold improvements 3,398 4,322 Less: Accumulated depreciation and amortization (29,757 ) (31,751 ) Property and equipment 4,231 4,790 Software 101,903 94,527 Less: Accumulated amortization (80,244 ) (74,925 ) Property, equipment, and software, net $ 25,890 $ 24,392 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of segment revenues disaggregated by service type | The following table presents our segment revenues disaggregated by service type (in thousands): Fiscal Year Ended November 3, 2019 Segment Total North American Staffing International Staffing North American MSP Corporate and Other Eliminations Service Revenues: Staffing Services $ 950,595 $ 822,550 $ 105,815 $ 22,987 $ 728 $ (1,485 ) Direct Placement Services 14,880 8,397 4,600 2,962 — (1,079 ) Managed Service Programs 17,023 — 3,962 13,061 — — Call Center Services 14,592 — — — 14,592 — $ 997,090 $ 830,947 $ 114,377 $ 39,010 $ 15,320 $ (2,564 ) Geographical Markets: Domestic $ 878,095 $ 827,641 $ — $ 38,337 $ 14,592 $ (2,475 ) International, principally Europe 118,995 3,306 114,377 673 728 (89 ) $ 997,090 $ 830,947 $ 114,377 $ 39,010 $ 15,320 $ (2,564 ) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Investments, All Other Investments [Abstract] | |
Schedule of assets and liabilities measured at fair value | The following table presents assets and liabilities measured at fair value (in thousands): November 3, 2019 October 28, Fair Value Hierarchy Short-term investments $ 3,022 $ 3,063 Level 1 Total financial assets $ 3,022 $ 3,063 Deferred compensation plan liabilities $ 3,022 $ 3,063 Level 1 Total financial liabilities $ 3,022 $ 3,063 |
Trade Accounts Receivable (Tabl
Trade Accounts Receivable (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Receivables [Abstract] | |
Summary of activity in allowance accounts | For the years ended November 3, 2019 and October 28, 2018, the activity in the allowance accounts were as follows (in thousands): Balance at beginning of year Adoption of Topic 606 Provision / (Release) Deductions Balance at end of year Year Ended November 3, 2019 Sales allowance $ 705 $ (705 ) $ — $ — $ — Allowance for doubtful accounts 54 — 150 (87 ) 117 Total included in Trade Accounts Receivable $ 759 $ (705 ) $ 150 $ (87 ) $ 117 Accrued Sales Reserve included in Accrued insurance and other $ — $ 705 $ (395 ) $ — $ 310 Balance at beginning of year Provision / (Release) Deductions Balance at end of year Year Ended October 28, 2018 Sales allowance $ 895 $ (190 ) $ — $ 705 Allowance for doubtful accounts 354 (8 ) (292 ) 54 Total included in Trade Accounts Receivable $ 1,249 $ (198 ) $ (292 ) $ 759 |
Property, Equipment and Softw_2
Property, Equipment and Software (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of property, equipment and software | The major classifications of property, equipment and software, including their respective expected useful lives, consisted of the following: Buildings 25 to 32 years Machinery and Equipment 3 to 15 years Leasehold improvements Shorter of length of lease or life of the asset Software 3 to 7 years Property, equipment and software consisted of (in thousands): November 3, 2019 October 28, Land and buildings $ 375 $ 363 Machinery and equipment 30,215 31,856 Leasehold improvements 3,398 4,322 Less: Accumulated depreciation and amortization (29,757 ) (31,751 ) Property and equipment 4,231 4,790 Software 101,903 94,527 Less: Accumulated amortization (80,244 ) (74,925 ) Property, equipment, and software, net $ 25,890 $ 24,392 |
Impairment Charges (Tables)
Impairment Charges (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Restructuring and Related Activities [Abstract] | |
Schedule of impaired intangible assets | The following represents the change in the carrying amount of goodwill during each fiscal year (in thousands): International Staffing October 28, 2018 Foreign Currency Translation Adjustment November 3, 2019 Aggregate goodwill acquired $ 10,483 $ — $ 10,483 Accumulated impairment losses (3,733 ) — (3,733 ) Foreign currency translation adjustment (1,399 ) 46 (1,353 ) Goodwill, net of impairment losses $ 5,351 $ 46 $ 5,397 |
Restructuring and Severance C_2
Restructuring and Severance Charges (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and severance costs | The following tables present the restructuring and severance and benefit costs for the twelve months ended November 3, 2019 and October 28, 2018 (in thousands): Year Ended November 3, 2019 Total North American Staffing International Staffing North American MSP Corporate & Other Severance and benefit costs $ 803 $ 200 $ 404 $ — $ 199 Other 260 37 33 14 176 2018 Plan 1,063 237 437 14 375 Severance and benefit costs 212 — — — 212 Other 1,849 — — — 1,849 Exit of Customer Care Solutions Business 2,061 — — — 2,061 Severance and benefit costs 493 390 48 — 55 Other 171 92 25 54 — Other 664 482 73 54 55 Change in Executive Management 868 — — — 868 Total $ 4,656 $ 719 $ 510 $ 68 $ 3,359 Year Ended October 28, 2018 Total North American Staffing International Staffing North American MSP Corporate & Other Severance and benefit costs $ 1,526 $ 401 $ — $ — $ 1,125 Other 2,826 428 — — 2,398 2018 Plan 4,352 829 — — 3,523 Severance and benefit costs 1,009 103 210 37 659 Other 246 — 118 108 20 Other 1,255 103 328 145 679 Change in Executive Management 2,635 — — — 2,635 Total $ 8,242 $ 932 $ 328 $ 145 $ 6,837 |
Schedule of restructuring and severance costs included in accrued compensation and accrued insurance | Activity for the fiscal years ended November 3, 2019 and October 28, 2018 are summarized as follows (in thousands): November 3, 2019 October 28, 2018 Balance, beginning of year $ 5,702 $ 297 Charged to expense 4,656 8,242 Cash payments (6,513 ) (2,837 ) Ending Balance $ 3,845 $ 5,702 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of loss before income tax, domestic and foreign | Loss before income taxes is derived from (in thousands): Year Ended November 3, 2019 October 28, U.S. Domestic $ (17,529 ) $ (36,077 ) International 3,321 4,350 Loss before income tax $ (14,208 ) $ (31,727 ) |
Schedule of components of income tax expense (benefit) | Income tax provision (benefit) by taxing jurisdiction consists of (in thousands): Year Ended November 3, 2019 October 28, Current: U.S. Federal $ — $ (1,423 ) U.S. State and local 6 188 International 1,060 2,169 Total current $ 1,066 $ 934 Deferred: U.S. State and local $ 4 $ (2 ) International (92 ) 26 Total deferred (88 ) 24 Income tax provision $ 978 $ 958 |
Schedule of income tax rate reconciliation | The difference between the income tax provision on income (loss) and the amount computed at the U.S. federal statutory rate is due to (in thousands): Year Ended November 3, 2019 October 28, U.S. Federal statutory rate $ (2,984 ) $ (7,424 ) U.S. State income tax, net of U.S. Federal tax benefits 142 212 International permanent differences 95 (161 ) International tax rate differentials 145 1,282 U.S. tax on international income 471 (1,136 ) General business credits (1,718 ) (2,400 ) Non-deductible expenses 358 64 Other, net — (1,108 ) Change in valuation allowance for rate change — 26,798 Change in valuation allowance for deferred tax assets 4,469 (15,169 ) Income tax provision $ 978 $ 958 |
Components of deferred tax assets and liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows (in thousands): November 3, October 28, Deferred tax assets: Net operating loss carryforwards $ 60,706 $ 55,522 Capital loss carryforwards 3,357 3,403 U.S. federal tax credit carryforwards 53,462 51,288 Deferred income 6,045 6,366 Compensation accruals 3,199 4,305 Other, net 5,744 5,365 Total deferred tax assets 132,513 126,249 Less valuation allowance (123,266 ) (118,559 ) Deferred tax assets, net 9,247 7,690 Deferred tax liabilities: Unremitted earnings from foreign subsidiaries 2,017 2,010 Software development costs 6,767 4,884 Other, net 466 959 Total deferred tax liabilities 9,250 7,853 Net deferred tax liability $ (3 ) $ (163 ) Balance sheet classification Non-current assets $ 14 $ 347 Non-current liabilities (17 ) (510 ) Net deferred tax asset (liability) $ (3 ) $ (163 ) |
Schedule of uncertain tax positions | The following table sets forth the change in the accrual for uncertain tax positions, excluding interest and penalties (in thousands): November 3, October 28, Balance, beginning of year $ 491 $ 1,495 Decreases relating to tax positions taken in a prior period (21 ) (10 ) Settlements (146 ) — Lapse of statute of limitations (41 ) (994 ) Total $ 283 $ 491 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consists of the following (in thousands): November 3, October 28, Financing programs $ 55,000 $ 50,000 Less: Deferred financing fees 1,106 932 Total long-term debt, net $ 53,894 $ 49,068 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Equity [Abstract] | |
Schedule of treasury stock value activity | Activity for the fiscal years ended November 3, 2019 and October 28, 2018 is summarized as follows (in thousands): November 3, 2019 October 28, 2018 Balance, beginning of the year $ (33,600 ) $ (37,607 ) Shares issued for share-based compensation awards 7,445 4,007 Ending Balance $ (26,155 ) $ (33,600 ) |
Accumulated balances for each classification of other comprehensive income (loss) | The accumulated balances for each classification of other comprehensive income (loss) are as follows (in thousands): Foreign currency gains/(losses) Balance at October 29, 2017 $ (5,261 ) Other comprehensive income (loss) before reclassifications (1,809 ) Current period other comprehensive income (loss) (1,809 ) Balance at October 28, 2018 (7,070 ) Other comprehensive income (loss) before reclassifications 269 Current period other comprehensive income 269 Balance at November 3, 2019 $ (6,801 ) |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of weighted average assumptions | The weighted average assumptions used to estimate the fair value of stock options for fiscal 2018 were as follows: Fiscal Year Ended October 28, Weighted-average fair value of stock option granted $1.75 Expected volatility 40.0% Expected term (in years) 6.00 Risk-free interest rate 2.73% Expected dividend yield 0.0% |
Schedule of share-based payment award activity | The following tables summarize the activities related to the Company’s share-based equity and liability awards for the fiscal year ended November 3, 2019: Stock Options Number of shares Weighted average exercise price Weighted average contractual life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at October 29, 2017 2,499,922 $ 6.32 8.20 $ 6,051 Granted 133,181 $ 4.10 — $ — Forfeited (1,033,063 ) $ 7.16 — $ — Outstanding at October 28, 2018 1,600,040 $ 5.25 7.27 $ — Exercised (200,000 ) $ 4.35 — $ — Forfeited (335,972 ) $ 5.42 — $ — Expired (460,584 ) $ 5.36 — $ — Outstanding at November 3, 2019 603,484 $ 6.28 6.81 $ — Unvested at November 3, 2019 108,695 $ — — $ — Exercisable at November 3, 2019 494,789 $ 6.75 6.55 $ — Number of Weighted Average Performance Share Units Shares Grant Date Fair Value Outstanding at October 29, 2017 — $ — Granted 276,396 $ 3.38 Outstanding at October 28, 2018 276,396 $ 3.38 Granted (a) (b) 377,833 $ 4.05 Forfeited (179,981 ) $ 3.61 Vested (97,262 ) $ 3.82 Outstanding at November 3, 2019 376,986 $ 3.90 (a) Includes the incremental issuance of shares related to the Fiscal 2018 PSU grant. (b) Includes the incremental shares for the first tranche of the fiscal 2019 PSU grant based on attainment of the fiscal 2019 EBITDA margin percentage goal. These shares will be issued upon vesting. Number of Weighted Average Restricted Stock Units Shares Grant Date Fair Value Outstanding at October 29, 2017 338,966 $ 5.20 Granted 491,138 $ 3.23 Forfeited (40,769 ) $ 4.62 Vested (206,504 ) $ 5.33 Outstanding at October 28, 2018 582,831 $ 3.53 Granted 516,968 $ 4.11 Forfeited (236,035 ) $ 3.73 Vested (196,682 ) $ 3.75 Outstanding at November 3, 2019 667,082 $ 3.86 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted net income (loss) per share | Basic and diluted net income (loss) per share is calculated as follows (in thousands, except per share amounts): Year Ended November 3, 2019 October 28, 2018 Numerator Net income (loss) $ (15,186 ) $ (32,685 ) Denominator Basic weighted average number of shares 21,119 21,051 Dilutive weighted average number of shares 21,119 21,051 Per Share Data: Basic: Net income (loss) $ (0.72 ) $ (1.55 ) Diluted: Net income (loss) $ (0.72 ) $ (1.55 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum rental payments for operating leases | The future minimum rental commitments as of November 3, 2019 for all non-cancelable operating leases 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 minimum payments required (a) $ 68,762 (a) - Minimum payments have not been reduced by minimum sublease rentals of $9.6 million , or approximately $1.5 million annually, due in the future under noncancelable subleases. |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Segment Reporting [Abstract] | |
Summary of sales and segment operating income (loss) by reportable operating segment | Financial data concerning the Company’s segment revenue and operating income (loss) as well as results from Corporate and Other are summarized in the following tables (in thousands): Year Ended November 3, 2019 Total North American Staffing International Staffing North American Corporate and Other (1) Eliminations (2) Net revenue $ 997,090 $ 830,947 $ 114,377 $ 39,010 $ 15,320 $ (2,564 ) Cost of services 844,527 708,824 95,552 28,324 14,391 (2,564 ) Gross margin 152,563 122,123 18,825 10,686 929 — Selling, administrative and other operating costs 157,052 103,437 15,422 5,595 32,598 — Restructuring and severance costs 4,656 719 510 68 3,359 — Impairment charges 688 4 — — 684 — Operating income (loss) (9,833 ) 17,963 2,893 5,023 (35,712 ) — Other income (expense), net (4,375 ) Income tax provision 978 Net loss $ (15,186 ) Year Ended October 28, 2018 Total North American Staffing International Staffing North American MSP Corporate and Other (1) Eliminations (2) Net revenue $ 1,039,170 $ 860,544 $ 117,351 $ 29,986 $ 35,228 $ (3,939 ) Cost of services 885,492 735,050 98,640 22,637 33,104 (3,939 ) Gross margin 153,678 125,494 18,711 7,349 2,124 — Selling, administrative and other operating costs 173,337 112,459 15,986 5,571 39,321 — Restructuring and severance costs 8,242 932 328 145 6,837 — Impairment charges 506 — — — 506 — Operating income (loss) (28,407 ) 12,103 2,397 1,633 (44,540 ) — Other income (expense), net (3,320 ) Income tax provision 958 Net loss $ (32,685 ) (1) Revenues are primarily derived from Volt Customer Care Solutions business through June 7, 2019. (2) The majority of intersegment sales results from North American Staffing providing resources to Volt Customer Care Solutions business. |
Summary of assets by reportable segment | Assets of the Company by reportable segment are summarized in the following table (in thousands): November 3, October 28, Assets: North American Staffing $ 109,067 $ 121,510 International Staffing 30,327 27,765 North American MSP 19,196 20,194 Corporate & Other 59,414 67,227 Total Assets $ 218,004 $ 236,696 |
Summary of sales to external customers and long-lived assets by geographic area | Sales to external customers and long-lived assets of the Company by geographic area are as follows (in thousands): Year Ended November 3, October 28, Net Revenue: Domestic $ 878,095 $ 916,561 International 118,995 122,609 Total Net Revenue $ 997,090 $ 1,039,170 November 3, October 28, Long-Lived Assets: Domestic $ 24,525 $ 23,274 International 1,365 1,118 Total Long-Lived Assets $ 25,890 $ 24,392 |
Summary of capital expenditures and depreciation and amortization by operating segments | Capital expenditures and depreciation and amortization by the Company’s operating segments are as follows (in thousands): Year Ended November 3, October 28, Capital Expenditures: North American Staffing $ 415 $ 340 International Staffing 315 207 North American MSP 295 28 Corporate & Other 8,028 2,990 Total Capital Expenditures $ 9,053 $ 3,565 Depreciation and Amortization: North American Staffing $ 415 $ 464 International Staffing 281 359 North American MSP 50 9 Corporate & Other 6,209 6,377 Total Depreciation and Amortization $ 6,955 $ 7,209 |
Quarterly Financial Informati_2
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Nov. 03, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected consolidated statements of operations data | The following tables present certain unaudited consolidated quarterly financial information for each quarter in the fiscal years ended November 3, 2019 and October 28, 2018 (in thousands, except per share amounts): Three Months Ended January 27, 2019 April 28, 2019 July 28, 2019 November 3, 2019 (unaudited) (unaudited) (unaudited) (unaudited) 13 weeks 13 weeks 13 weeks 14 weeks NET REVENUE $ 253,436 $ 252,070 $ 233,176 $ 258,408 Cost of services 215,737 215,813 197,528 215,449 GROSS MARGIN 37,699 36,257 35,648 42,959 Selling, administrative and other operating costs 39,810 38,939 38,395 39,908 Restructuring and severance costs 59 724 2,017 1,856 Impairment charges — 347 79 262 OPERATING INCOME (LOSS) (2,170 ) (3,753 ) (4,843 ) 933 Interest income 55 66 87 66 Interest expense (801 ) (765 ) (801 ) (789 ) Foreign exchange gain (loss), net 213 (314 ) (151 ) (360 ) Other income (expense), net (239 ) (166 ) (184 ) (292 ) LOSS BEFORE INCOME TAXES (2,942 ) (4,932 ) (5,892 ) (442 ) Income tax provision 273 233 165 307 NET LOSS $ (3,215 ) $ (5,165 ) $ (6,057 ) $ (749 ) PER SHARE DATA: Basic: Net Loss $ (0.15 ) $ (0.24 ) $ (0.29 ) $ (0.04 ) Weighted average number of shares 21,080 21,082 21,157 21,157 Diluted: Net Loss $ (0.15 ) $ (0.24 ) $ (0.29 ) $ (0.04 ) Weighted average number of shares 21,080 21,082 21,157 21,157 Three Months Ended January 28, 2018 April 29, 2018 July 29, 2018 October 28, 2018 (unaudited) (unaudited) (unaudited) (unaudited) 13 weeks 13 weeks 13 weeks 13 weeks NET REVENUE $ 253,338 $ 263,219 $ 257,808 $ 264,805 Cost of services 217,329 225,918 221,448 220,797 GROSS MARGIN 36,009 37,301 36,360 44,008 Selling, administrative and other operating costs 46,938 42,916 42,222 41,261 Restructuring and severance costs 518 104 3,108 4,512 Impairment charges — 155 — 351 OPERATING LOSS (11,447 ) (5,874 ) (8,970 ) (2,116 ) Interest income 22 47 50 54 Interest expense (804 ) (678 ) (602 ) (681 ) Foreign exchange gain (loss), net 703 (497 ) (294 ) 491 Other income (expense), net (528 ) (55 ) (296 ) (252 ) LOSS BEFORE INCOME TAXES (12,054 ) (7,057 ) (10,112 ) (2,504 ) Income tax provision (benefit) (1,360 ) 630 1,306 382 NET LOSS $ (10,694 ) $ (7,687 ) $ (11,418 ) $ (2,886 ) PER SHARE DATA: Basic: Net loss $ (0.51 ) $ (0.37 ) $ (0.54 ) $ (0.14 ) Weighted average number of shares 21,029 21,032 21,071 21,072 Diluted: Net loss $ (0.51 ) $ (0.37 ) $ (0.54 ) $ (0.14 ) Weighted average number of shares 21,029 21,032 21,071 21,072 |
Summary of Business and Signi_4
Summary of Business and Significant Accounting Policies - Major Classifications and Expected Useful Lives of Property, Equipment and Software (Details) | 12 Months Ended |
Nov. 03, 2019 | |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 25 years |
Minimum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 3 years |
Minimum | Software | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 3 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 32 years |
Maximum | Machinery and Equipment | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 15 years |
Maximum | Software | |
Property, Plant and Equipment [Line Items] | |
Useful lives of property, equipment and software | 7 years |
Summary of Business and Signi_5
Summary of Business and Significant Accounting Policies - New Accounting Standards Not Yet Adopted by the Company (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Nov. 03, 2019 | Nov. 03, 2019 | Oct. 28, 2018 | Nov. 04, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Deferred gain on sale of real estate, to be recognized as cumulative-effect adjustment upon adoption | $ 22,200 | $ 22,200 | ||
Amortization of deferred gain, per quarter | $ 500 | $ 1,944 | $ 1,944 | |
Minimum | Accounting Standards Update 2016-02 | Subsequent Event | Scenario, Forecast | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated impact of adoption, total assets | $ 50,000 | |||
Estimated impact of adoption, total liabilities | 50,000 | |||
Maximum | Accounting Standards Update 2016-02 | Subsequent Event | Scenario, Forecast | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Estimated impact of adoption, total assets | 60,000 | |||
Estimated impact of adoption, total liabilities | $ 60,000 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Nov. 03, 2019 | Jan. 27, 2019 | Oct. 29, 2018 | Oct. 28, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Cumulative impact of adopting ASU | $ 426 | |||
Performance obligation, payment terms description | Customer payment terms vary by arrangement although payments are typically due within 15 - 45 days of invoicing. | |||
Contract assets | $ 0 | $ 0 | ||
Long-term contract liabilities | 0 | $ 0 | ||
Deferred fulfillment costs | 0 | |||
Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Reserve balance | $ 400 | |||
Retained Earnings | Accounting Standards Update 2014-09 | ||||
Disaggregation of Revenue [Line Items] | ||||
Cumulative impact of adopting ASU | $ 426 | $ 400 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue, by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | $ 258,408 | $ 233,176 | $ 252,070 | $ 253,436 | $ 264,805 | $ 257,808 | $ 263,219 | $ 253,338 | $ 997,090 | $ 1,039,170 |
Domestic | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 878,095 | 916,561 | ||||||||
International | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 118,995 | 122,609 | ||||||||
Staffing Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 950,595 | |||||||||
Direct Placement Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 14,880 | |||||||||
Managed Service Programs | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 17,023 | |||||||||
Call Center Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 14,592 | |||||||||
Operating Segments | North American Staffing | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 830,947 | 860,544 | ||||||||
Operating Segments | North American Staffing | Domestic | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 827,641 | |||||||||
Operating Segments | North American Staffing | International | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 3,306 | |||||||||
Operating Segments | North American Staffing | Staffing Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 822,550 | |||||||||
Operating Segments | North American Staffing | Direct Placement Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 8,397 | |||||||||
Operating Segments | North American Staffing | Managed Service Programs | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 0 | |||||||||
Operating Segments | North American Staffing | Call Center Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 0 | |||||||||
Operating Segments | International Staffing | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 114,377 | 117,351 | ||||||||
Operating Segments | International Staffing | Domestic | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 0 | |||||||||
Operating Segments | International Staffing | International | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 114,377 | |||||||||
Operating Segments | International Staffing | Staffing Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 105,815 | |||||||||
Operating Segments | International Staffing | Direct Placement Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 4,600 | |||||||||
Operating Segments | International Staffing | Managed Service Programs | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 3,962 | |||||||||
Operating Segments | International Staffing | Call Center Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 0 | |||||||||
Operating Segments | North American MSP | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 39,010 | 29,986 | ||||||||
Operating Segments | North American MSP | Domestic | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 38,337 | |||||||||
Operating Segments | North American MSP | International | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 673 | |||||||||
Operating Segments | North American MSP | Staffing Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 22,987 | |||||||||
Operating Segments | North American MSP | Direct Placement Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 2,962 | |||||||||
Operating Segments | North American MSP | Managed Service Programs | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 13,061 | |||||||||
Operating Segments | North American MSP | Call Center Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 0 | |||||||||
Corporate & Other | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 15,320 | $ 35,228 | ||||||||
Corporate & Other | Domestic | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 14,592 | |||||||||
Corporate & Other | International | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 728 | |||||||||
Corporate & Other | Staffing Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 728 | |||||||||
Corporate & Other | Direct Placement Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 0 | |||||||||
Corporate & Other | Managed Service Programs | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 0 | |||||||||
Corporate & Other | Call Center Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 14,592 | |||||||||
Eliminations | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | (2,564) | |||||||||
Eliminations | Domestic | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | (2,475) | |||||||||
Eliminations | International | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | (89) | |||||||||
Eliminations | Staffing Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | (1,485) | |||||||||
Eliminations | Direct Placement Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | (1,079) | |||||||||
Eliminations | Managed Service Programs | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | 0 | |||||||||
Eliminations | Call Center Services | ||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||
Revenues | $ 0 |
Restricted Cash and Short-Ter_2
Restricted Cash and Short-Term Investments - (Details) - USD ($) $ in Thousands | Nov. 03, 2019 | Oct. 28, 2018 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Short-term investments | $ 3,022 | $ 3,063 |
Restricted Cash and Short-term Investments | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Short-term investments | 3,000 | 3,100 |
Line of Credit and Letters of Credit | Restricted Cash and Short-term Investments | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted as collateral | 500 | 500 |
Associated Vendors | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 9,300 | $ 11,300 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value (Details) - Fair Value, Recurring - Level 1 - USD ($) $ in Thousands | Nov. 03, 2019 | Oct. 28, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 3,022 | $ 3,063 |
Total financial assets | 3,022 | 3,063 |
Deferred compensation plan liabilities | 3,022 | 3,063 |
Total financial liabilities | $ 3,022 | $ 3,063 |
Trade Accounts Receivable (Deta
Trade Accounts Receivable (Details) - USD ($) $ in Millions | Nov. 03, 2019 | Oct. 28, 2018 |
Receivables [Abstract] | ||
Unbilled receivables included in trade accounts receivable | $ 7.7 | $ 7.9 |
Trade Accounts Receivable - Sum
Trade Accounts Receivable - Summary of Activity in Allowance Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Allowance for Losses [Roll Forward] | ||
Balance at beginning of year | $ 759 | $ 1,249 |
Provision / (Release) | 150 | (198) |
Deductions | (87) | (292) |
Balance at end of year | 117 | 759 |
Accounting Standards Update 2014-09 | ||
Allowance for Losses [Roll Forward] | ||
Adoption of Topic 606 | (705) | |
Sales allowance | ||
Allowance for Losses [Roll Forward] | ||
Balance at beginning of year | 705 | 895 |
Provision / (Release) | 0 | (190) |
Deductions | 0 | 0 |
Balance at end of year | 0 | 705 |
Sales allowance | Accrued Insurance and Other | ||
Allowance for Losses [Roll Forward] | ||
Balance at beginning of year | 0 | |
Provision / (Release) | (395) | |
Deductions | 0 | |
Balance at end of year | 310 | 0 |
Sales allowance | Accounting Standards Update 2014-09 | ||
Allowance for Losses [Roll Forward] | ||
Adoption of Topic 606 | (705) | |
Sales allowance | Accounting Standards Update 2014-09 | Accrued Insurance and Other | ||
Allowance for Losses [Roll Forward] | ||
Adoption of Topic 606 | 705 | |
Allowance for doubtful accounts | ||
Allowance for Losses [Roll Forward] | ||
Balance at beginning of year | 54 | 354 |
Provision / (Release) | 150 | (8) |
Deductions | (87) | (292) |
Balance at end of year | 117 | $ 54 |
Allowance for doubtful accounts | Accounting Standards Update 2014-09 | ||
Allowance for Losses [Roll Forward] | ||
Adoption of Topic 606 | $ 0 |
Property, Equipment and Softw_3
Property, Equipment and Software - Summary of Property, Equipment and Software (Details) - USD ($) $ in Thousands | Nov. 03, 2019 | Oct. 28, 2018 |
Property, Plant and Equipment [Line Items] | ||
Less: Accumulated depreciation and amortization | $ (29,757) | $ (31,751) |
Property and equipment | 4,231 | 4,790 |
Software | 101,903 | 94,527 |
Less: Accumulated amortization | (80,244) | (74,925) |
Property, equipment, and software, net | 25,890 | 24,392 |
Land and buildings | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 375 | 363 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | 30,215 | 31,856 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, equipment and software, gross | $ 3,398 | $ 4,322 |
Property, Equipment and Softw_4
Property, Equipment and Software (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization | $ 6,955 | $ 7,209 |
Impairment Charges (Details)
Impairment Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 28, 2019 | Nov. 03, 2019 | Oct. 28, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill, impairment, discount rate | 15.00% | ||
Goodwill, carrying value | $ 5,400 | $ 5,397 | $ 5,351 |
Equipment | Facility Closing | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment charges | 100 | ||
Software systems | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment charges | 300 | $ 500 | |
Corporate & Other | Equipment | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment charges | $ 300 |
Impairment Charges - Summary of
Impairment Charges - Summary of Carrying Value of Goodwill (Details) $ in Thousands | 12 Months Ended |
Nov. 03, 2019USD ($) | |
Goodwill [Roll Forward] | |
Aggregate goodwill acquired, Beginning Balance | $ 10,483 |
Accumulated impairment losses, Beginning Balance | (3,733) |
Foreign currency translation adjustment, Beginning Balance | (1,399) |
Foreign currency translation adjustment, current period | 46 |
Goodwill, net of impairment losses, Beginning Balance | 5,351 |
Aggregate goodwill acquired, Ending Balance | 10,483 |
Accumulated impairment losses, Ending Balance | (3,733) |
Foreign currency translation adjustment, Ending Balance | (1,353) |
Goodwill, net of impairment losses, Ending Balance | $ 5,397 |
Restructuring and Severance C_3
Restructuring and Severance Charges (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 13 Months Ended | 62 Months Ended | ||||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 01, 2020 | Nov. 03, 2019 | Oct. 28, 2018 | Nov. 03, 2019 | Dec. 31, 2025 | Oct. 29, 2017 | |
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | $ 1,856 | $ 2,017 | $ 724 | $ 59 | $ 4,512 | $ 3,108 | $ 104 | $ 518 | $ 4,656 | $ 8,242 | ||||
Anticipated payments for restructuring | 6,513 | 2,837 | ||||||||||||
Severance costs | 700 | 1,300 | ||||||||||||
Restructuring costs | 3,845 | $ 5,702 | 3,845 | 5,702 | $ 3,845 | $ 297 | ||||||||
Corporate & Other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | 3,359 | 6,837 | ||||||||||||
Severance and Benefit Costs | Corporate & Other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | 2,100 | |||||||||||||
Severance and Benefit Costs | Former Chief Executive Officer | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | $ 2,600 | |||||||||||||
Restructuring costs, payment period | 24 months | |||||||||||||
Severance and Benefit Costs | Former Chief Financial Officer | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | $ 900 | |||||||||||||
Restructuring costs, payment period | 12 months | |||||||||||||
Executive Management Change | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | 868 | 2,635 | ||||||||||||
Restructuring costs | $ 1,500 | 1,500 | 1,500 | |||||||||||
Executive Management Change | Corporate & Other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | 868 | 2,635 | ||||||||||||
Exit of Customer Care Solutions Business | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring costs | 600 | 600 | 600 | |||||||||||
Other Costs | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Restructuring costs | 100 | 100 | 100 | |||||||||||
2018 Plan | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | 1,063 | 4,352 | 5,400 | |||||||||||
Restructuring costs | $ 1,600 | 1,600 | 1,600 | |||||||||||
2018 Plan | Corporate & Other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | 375 | 3,523 | $ 3,900 | |||||||||||
2018 Plan | Scenario, Forecast | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Anticipated payments for restructuring | $ 900 | $ 1,300 | ||||||||||||
2018 Plan | Severance and Benefit Costs | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | 803 | 1,526 | ||||||||||||
2018 Plan | Severance and Benefit Costs | Corporate & Other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | 199 | 1,125 | ||||||||||||
2018 Plan | Other Costs | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | 260 | 2,826 | ||||||||||||
2018 Plan | Other Costs | Corporate & Other | ||||||||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||||||||
Charged to expense | $ 176 | $ 2,398 |
Restructuring and Severance C_4
Restructuring and Severance Charges - Summary of Restructuring and Severance Costs, By Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 13 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | Nov. 03, 2019 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | $ 1,856 | $ 2,017 | $ 724 | $ 59 | $ 4,512 | $ 3,108 | $ 104 | $ 518 | $ 4,656 | $ 8,242 | |
Executive Management Change | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 868 | 2,635 | |||||||||
2018 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 1,063 | 4,352 | $ 5,400 | ||||||||
2018 Plan | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 803 | 1,526 | |||||||||
2018 Plan | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 260 | 2,826 | |||||||||
Exit of Customer Care Solutions Business | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 2,061 | ||||||||||
Exit of Customer Care Solutions Business | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 212 | ||||||||||
Exit of Customer Care Solutions Business | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 1,849 | ||||||||||
Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 664 | 1,255 | |||||||||
Other | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 493 | 1,009 | |||||||||
Other | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 171 | 246 | |||||||||
Operating Segments | North American Staffing | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 719 | 932 | |||||||||
Operating Segments | North American Staffing | Executive Management Change | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | 0 | |||||||||
Operating Segments | North American Staffing | 2018 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 237 | 829 | 1,100 | ||||||||
Operating Segments | North American Staffing | 2018 Plan | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 200 | 401 | |||||||||
Operating Segments | North American Staffing | 2018 Plan | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 37 | 428 | |||||||||
Operating Segments | North American Staffing | Exit of Customer Care Solutions Business | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | ||||||||||
Operating Segments | North American Staffing | Exit of Customer Care Solutions Business | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | ||||||||||
Operating Segments | North American Staffing | Exit of Customer Care Solutions Business | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | ||||||||||
Operating Segments | North American Staffing | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 482 | 103 | |||||||||
Operating Segments | North American Staffing | Other | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 390 | 103 | |||||||||
Operating Segments | North American Staffing | Other | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 92 | 0 | |||||||||
Operating Segments | International Staffing | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 510 | 328 | |||||||||
Operating Segments | International Staffing | Executive Management Change | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | 0 | |||||||||
Operating Segments | International Staffing | 2018 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 437 | 0 | 400 | ||||||||
Operating Segments | International Staffing | 2018 Plan | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 404 | 0 | |||||||||
Operating Segments | International Staffing | 2018 Plan | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 33 | 0 | |||||||||
Operating Segments | International Staffing | Exit of Customer Care Solutions Business | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | ||||||||||
Operating Segments | International Staffing | Exit of Customer Care Solutions Business | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | ||||||||||
Operating Segments | International Staffing | Exit of Customer Care Solutions Business | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | ||||||||||
Operating Segments | International Staffing | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 73 | 328 | |||||||||
Operating Segments | International Staffing | Other | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 48 | 210 | |||||||||
Operating Segments | International Staffing | Other | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 25 | 118 | |||||||||
Operating Segments | North American MSP | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 68 | 145 | |||||||||
Operating Segments | North American MSP | Executive Management Change | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | 0 | |||||||||
Operating Segments | North American MSP | 2018 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 14 | 0 | |||||||||
Operating Segments | North American MSP | 2018 Plan | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | 0 | |||||||||
Operating Segments | North American MSP | 2018 Plan | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 14 | 0 | |||||||||
Operating Segments | North American MSP | Exit of Customer Care Solutions Business | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | ||||||||||
Operating Segments | North American MSP | Exit of Customer Care Solutions Business | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | ||||||||||
Operating Segments | North American MSP | Exit of Customer Care Solutions Business | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | ||||||||||
Operating Segments | North American MSP | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 54 | 145 | |||||||||
Operating Segments | North American MSP | Other | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 0 | 37 | |||||||||
Operating Segments | North American MSP | Other | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 54 | 108 | |||||||||
Corporate & Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 3,359 | 6,837 | |||||||||
Corporate & Other | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 2,100 | ||||||||||
Corporate & Other | Executive Management Change | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 868 | 2,635 | |||||||||
Corporate & Other | 2018 Plan | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 375 | 3,523 | $ 3,900 | ||||||||
Corporate & Other | 2018 Plan | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 199 | 1,125 | |||||||||
Corporate & Other | 2018 Plan | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 176 | 2,398 | |||||||||
Corporate & Other | Exit of Customer Care Solutions Business | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 2,061 | ||||||||||
Corporate & Other | Exit of Customer Care Solutions Business | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 212 | ||||||||||
Corporate & Other | Exit of Customer Care Solutions Business | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 1,849 | ||||||||||
Corporate & Other | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 55 | 679 | |||||||||
Corporate & Other | Other | Severance and benefit costs | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | 55 | 659 | |||||||||
Corporate & Other | Other | Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring and severance costs | $ 0 | $ 20 |
Restructuring and Severance C_5
Restructuring and Severance Charges - Summary of Accrued Restructuring and Severance Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Restructuring Reserve [Roll Forward] | ||||||||||
Balance, beginning of year | $ 5,702 | $ 297 | $ 5,702 | $ 297 | ||||||
Charged to expense | $ 1,856 | $ 2,017 | $ 724 | $ 59 | $ 4,512 | $ 3,108 | $ 104 | $ 518 | 4,656 | 8,242 |
Cash payments | (6,513) | (2,837) | ||||||||
Ending Balance | $ 3,845 | $ 5,702 | $ 3,845 | $ 5,702 |
Accrued Insurance (Details)
Accrued Insurance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Casualty Insurance Program | ||
Effects of Reinsurance [Line Items] | ||
Recognized insurance expense | $ 9.6 | $ 10.2 |
Medical Insurance Programs | ||
Effects of Reinsurance [Line Items] | ||
Recognized insurance expense | $ 5.4 | $ 4.3 |
Maximum | Casualty Insurance Program | ||
Effects of Reinsurance [Line Items] | ||
Adjustments to final paid premium determined | 5 years | |
Short Term Financing Program | ||
Effects of Reinsurance [Line Items] | ||
Borrowing base | $ 22.8 |
Income Taxes - Schedule of Inc
Income Taxes - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Income Tax Disclosure [Abstract] | ||||||||||
U.S. Domestic | $ (17,529) | $ (36,077) | ||||||||
International | 3,321 | 4,350 | ||||||||
LOSS BEFORE INCOME TAXES | $ (442) | $ (5,892) | $ (4,932) | $ (2,942) | $ (2,504) | $ (10,112) | $ (7,057) | $ (12,054) | $ (14,208) | $ (31,727) |
Income Taxes - Schedule of Com
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Current: | ||||||||||
U.S. Federal | $ 0 | $ (1,423) | ||||||||
U.S. State and local | 6 | 188 | ||||||||
International | 1,060 | 2,169 | ||||||||
Total current | 1,066 | 934 | ||||||||
Deferred: | ||||||||||
U.S. State and local | 4 | (2) | ||||||||
International | (92) | 26 | ||||||||
Total deferred | (88) | 24 | ||||||||
Income tax provision | $ 307 | $ 165 | $ 233 | $ 273 | $ 382 | $ 1,306 | $ 630 | $ (1,360) | $ 978 | $ 958 |
Income Taxes - Schedule of I_2
Income Taxes - Schedule of Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Income Tax Disclosure [Abstract] | ||||||||||
U.S. Federal statutory rate | $ (2,984) | $ (7,424) | ||||||||
U.S. State income tax, net of U.S. Federal tax benefits | 142 | 212 | ||||||||
International permanent differences | 95 | (161) | ||||||||
International tax rate differentials | 145 | 1,282 | ||||||||
U.S. tax on international income | 471 | (1,136) | ||||||||
General business credits | (1,718) | (2,400) | ||||||||
Non-deductible expenses | 358 | 64 | ||||||||
Other, net | 0 | (1,108) | ||||||||
Change in valuation allowance for rate change | 0 | 26,798 | ||||||||
Change in valuation allowance for deferred tax assets | 4,469 | (15,169) | ||||||||
Income tax provision | $ 307 | $ 165 | $ 233 | $ 273 | $ 382 | $ 1,306 | $ 630 | $ (1,360) | $ 978 | $ 958 |
Income Taxes - Components of D
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Nov. 03, 2019 | Oct. 28, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 60,706 | $ 55,522 |
Capital loss carryforwards | 3,357 | 3,403 |
U.S. federal tax credit carryforwards | 53,462 | 51,288 |
Deferred income | 6,045 | 6,366 |
Compensation accruals | 3,199 | 4,305 |
Other, net | 5,744 | 5,365 |
Total deferred tax assets | 132,513 | 126,249 |
Less valuation allowance | (123,266) | (118,559) |
Deferred tax assets, net | 9,247 | 7,690 |
Deferred tax liabilities: | ||
Unremitted earnings from foreign subsidiaries | 2,017 | 2,010 |
Software development costs | 6,767 | 4,884 |
Other, net | 466 | 959 |
Total deferred tax liabilities | 9,250 | 7,853 |
Net deferred tax liability | (3) | (163) |
Balance sheet classification | ||
Non-current assets | 14 | 347 |
Non-current liabilities | $ (17) | $ (510) |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Valuation Allowance [Line Items] | ||
Capital loss carryforwards | $ 12,900 | |
Operating loss period | 3 years | |
Net deferred tax assets, valuation allowance | $ 123,266 | $ 118,559 |
Unrecognized tax benefits that would affect effective tax rate | 300 | 500 |
Accrued interest and penalties | 100 | |
Reversal of reserves on uncertain tax provisions | 200 | $ 1,100 |
U.S. Federal | ||
Valuation Allowance [Line Items] | ||
Net operating loss carryforwards | 207,200 | |
Tax credits | 53,500 | |
U.S. State | ||
Valuation Allowance [Line Items] | ||
Net operating loss carryforwards | 239,300 | |
International | ||
Valuation Allowance [Line Items] | ||
Net operating loss carryforwards | $ 9,300 | |
Domestic and certain Non-Domestic | ||
Valuation Allowance [Line Items] | ||
Operating loss period | 3 years |
Income Taxes - Schedule of Unc
Income Taxes - Schedule of Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance, beginning of year | $ 491 | $ 1,495 |
Decreases relating to tax positions taken in a prior period | (21) | (10) |
Settlements | (146) | 0 |
Lapse of statute of limitations | (41) | (994) |
Balance, ending of year | $ 283 | $ 491 |
Real Estate Transactions (Detai
Real Estate Transactions (Details) ft² in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2016USD ($)ft²renewal_option | Nov. 03, 2019USD ($) | Apr. 29, 2018USD ($) | Apr. 30, 2017USD ($) | Nov. 03, 2019USD ($) | Oct. 28, 2018USD ($) | Jan. 26, 2020USD ($) | Jan. 27, 2019USD ($) | |
Sale Leaseback Transaction [Line Items] | ||||||||
Cumulative impact of adopting ASU | $ 426 | |||||||
Amortization | $ 500 | $ 1,944 | $ 1,944 | |||||
Volt Orangeca Real Estate Corp | ||||||||
Sale Leaseback Transaction [Line Items] | ||||||||
Term of lease agreement | 15 years | |||||||
Number of renewal options | renewal_option | 2 | |||||||
Operating leases, renewal term | 5 years | |||||||
Annual rental payments | $ 2,900 | |||||||
Percentage increase in annual base rent | 3.00% | |||||||
Security deposit | $ 2,100 | $ 700 | $ 1,400 | |||||
Gain on sale of property, deferred | $ 29,400 | |||||||
Amortization | $ 1,900 | $ 1,900 | ||||||
Volt Orangeca Real Estate Corp | Accounting Standards Update 2016-02 | Scenario, Forecast | ||||||||
Sale Leaseback Transaction [Line Items] | ||||||||
Cumulative impact of adopting ASU | $ 22,200 | |||||||
Office Building | Volt Orangeca Real Estate Corp | ||||||||
Sale Leaseback Transaction [Line Items] | ||||||||
Area of real estate property | ft² | 200 | |||||||
Purchase price | $ 35,900 |
Debt (Details)
Debt (Details) | Jan. 25, 2019USD ($) | Nov. 03, 2019USD ($) | Oct. 28, 2018USD ($) | Jul. 19, 2019USD ($) | Jun. 04, 2019USD ($)period | Jan. 31, 2018USD ($) |
Extinguishment of Debt [Line Items] | ||||||
Approximate weekly employee compensation, payroll taxes and payments to vendors | $ 20,000,000 | |||||
DZ Financing Program | ||||||
Extinguishment of Debt [Line Items] | ||||||
Accounts receivable securitization program, maximum investment limit | $ 115,000,000 | |||||
Delinquency rate, period | 90 days | |||||
Covenant, minimum tangible net worth, through fiscal 2019 (at least) | $ 30,000,000 | |||||
Covenant, minimum tangible net worth, fiscal 2020 | $ 40,000,000 | |||||
Covenant, maximum debt to tangible net worth ratio | 3 | |||||
Covenant, minimum liquid assets | $ 15,000,000 | |||||
Borrowing availability | 22,300,000 | |||||
Long-term debt | $ 55,000,000 | $ 50,000,000 | ||||
Weighted average annual interest rate during period | 4.10% | 3.60% | ||||
DZ Financing Program | Letter of Credit, Security Deposit | ||||||
Extinguishment of Debt [Line Items] | ||||||
Fair value of amount outstanding | $ 1,200,000 | |||||
DZ Financing Program | Letter of Credit | ||||||
Extinguishment of Debt [Line Items] | ||||||
Current borrowing capacity | $ 35,000,000 | |||||
Fair value of amount outstanding | 24,200,000 | |||||
Collateral | $ 30,000,000 | |||||
DZ Financing Program | Letter of Credit | Short Term Financing Program | ||||||
Extinguishment of Debt [Line Items] | ||||||
Fair value of amount outstanding | 22,800,000 | |||||
DZ Financing Program | Letter of Credit, Corporate Credit Card Program | ||||||
Extinguishment of Debt [Line Items] | ||||||
Fair value of amount outstanding | $ 200,000 | |||||
DZ Financing Program | Federal Funds Rate | Letter of Credit | ||||||
Extinguishment of Debt [Line Items] | ||||||
Basis spread on variable rate | 3.00% | |||||
DZ Financing Program | Prime Rate | Letter of Credit | ||||||
Extinguishment of Debt [Line Items] | ||||||
Basis spread on variable rate | 2.50% | |||||
DZ Financing Program | DZ Bank | ||||||
Extinguishment of Debt [Line Items] | ||||||
Temporary exclusion of specific customer from program, number of reporting periods | period | 3 | |||||
Minimum | ||||||
Extinguishment of Debt [Line Items] | ||||||
Target liquidity ratio | 1.5 | |||||
Minimum | DZ Financing Program | ||||||
Extinguishment of Debt [Line Items] | ||||||
Additional borrowing capacity of facility | 5,000,000 | |||||
Minimum | DZ Financing Program | DZ Bank | ||||||
Extinguishment of Debt [Line Items] | ||||||
Temporary reduction to borrowing availability | $ 2,000,000 | |||||
Maximum | DZ Financing Program | ||||||
Extinguishment of Debt [Line Items] | ||||||
Additional borrowing capacity of facility | $ 7,000,000 | |||||
Maximum | DZ Financing Program | DZ Bank | ||||||
Extinguishment of Debt [Line Items] | ||||||
Temporary reduction to borrowing availability | $ 3,000,000 |
Debt - Schedule of Long-Term D
Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands | Nov. 03, 2019 | Oct. 28, 2018 |
Less: | ||
Deferred financing fees | $ 1,106 | $ 932 |
Total long-term debt, net | 53,894 | 49,068 |
Short Term Financing Program | ||
Debt Instrument [Line Items] | ||
Financing programs | $ 55,000 | $ 50,000 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) | 12 Months Ended | |
Nov. 03, 2019USD ($)vote$ / sharesshares | Oct. 28, 2018USD ($)$ / sharesshares | |
Equity [Abstract] | ||
Number of votes per share | vote | 1 | |
Common stock, dividends declared (USD per share) | $ / shares | $ 0 | $ 0 |
Common stock, dividends paid (USD per share) | $ / shares | $ 0 | $ 0 |
Common stock, redemption shares (shares) | shares | 0 | 0 |
Preferred stock, shares outstanding (shares) | shares | 0 | 0 |
Reclassification from accumulated other comprehensive loss | $ | $ 0 | $ 0 |
Stockholders' Equity - Treasury
Stockholders' Equity - Treasury Stock Value Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Schedule Of Treasury Stock Value Activity [Roll Forward] | ||
BALANCE | $ 50,499 | $ 83,994 |
Shares issued for share-based compensation awards | (318) | (271) |
BALANCE | 36,189 | 50,499 |
Treasury Stock | ||
Schedule Of Treasury Stock Value Activity [Roll Forward] | ||
BALANCE | (33,600) | (37,607) |
Shares issued for share-based compensation awards | 7,445 | 4,007 |
BALANCE | $ (26,155) | $ (33,600) |
Stockholders' Equity - Accumul
Stockholders' Equity - Accumulated Balances for Each Classification of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
BALANCE | $ 50,499 | $ 83,994 |
Total other comprehensive income (loss) | 269 | (1,809) |
BALANCE | 36,189 | 50,499 |
Foreign currency gains/(losses) | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
BALANCE | (7,070) | (5,261) |
Other comprehensive income (loss) before reclassifications | 269 | (1,809) |
Total other comprehensive income (loss) | 269 | (1,809) |
BALANCE | $ (6,801) | $ (7,070) |
Share-Based Compensation Plan_2
Share-Based Compensation Plans (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Nov. 03, 2019USD ($)daymultipliershares | Oct. 28, 2018USD ($)$ / sharesshares | May 01, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 1.4 | $ 1.8 | |
Stock options granted (shares) | shares | 0 | 133,181 | |
Fair value of grants in period, options | $ 0.2 | ||
Weighted average exercise price (USD per share) | $ / shares | $ 4.10 | ||
Equity Awards, Performance Shares (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares, granted (shares) | shares | 297,229 | 276,396 | |
Award vesting period | 3 years | ||
Fair value of grants in period, non-option | $ 1.2 | ||
Equity Awards, Performance Shares (PSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instruments other than options, payout percentage | 0.00% | ||
Equity Awards, Performance Shares (PSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instruments other than options, payout percentage | 150.00% | ||
Equity Awards, Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares, granted (shares) | shares | 430,563 | 491,138 | |
Award vesting period | 3 years | ||
Fair value of grants in period, non-option | $ 2.1 | ||
Equity Awards, Restricted Stock Units (RSUs) | Vesting Period One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Equity Awards, Restricted Stock Units (RSUs) | Vesting Period Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Equity Awards, Restricted Stock Units (RSUs) | Vesting Period Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Equity Awards, Restricted Stock Units (RSUs) | Board of Directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares, granted (shares) | shares | 86,405 | ||
Award vesting period | 1 year | ||
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Expected dividend yield | 0.00% | 0.00% | |
Stock options expiration period | 10 years | ||
Liability Awards, Performance Shares (PSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of grants in period, non-option | $ 0.1 | ||
Equity instruments other than options, average stock price prior to end of vesting period, number of trading days | day | 20 | ||
Maximum multiplier for closing stock price on grant date | multiplier | 2 | ||
Liability Awards, Performance Shares (PSUs) | Vesting Period One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 1 year | ||
Liability Awards, Performance Shares (PSUs) | Vesting Period Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Liability Awards, Performance Shares (PSUs) | Vesting Period Three | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Liability Awards, Performance Shares (PSUs) | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instruments other than options, payout percentage | 0.00% | ||
Liability Awards, Performance Shares (PSUs) | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity instruments other than options, payout percentage | 200.00% | ||
Liability Awards, Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Fair value of grants in period, non-option | $ 0.5 | ||
Maximum multiplier for closing stock price on grant date | multiplier | 2 | ||
Liability Awards, Phantom Share Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Fair value of grants in period, non-option | $ 0.1 | $ 0.3 | |
Weighted average grant date fair value (USD per share) | $ / shares | $ 4.35 | ||
Outstanding (shares) | shares | 6,012 | ||
2019 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized (shares) | shares | 2,500,000 | ||
2015 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation cost | $ 2.6 | ||
Weighted average vesting period | 2 years 1 month 6 days | ||
Compensation cost not yet recognized, expected in 2020 | $ 1.8 | ||
Compensation cost not yet recognized, expected in 2021 | 0.6 | ||
Compensation cost not yet recognized, expected in 2022 | $ 0.2 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Schedule of Weighted Average Assumptions, Options (Details) - Employee Stock Option - $ / shares | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average fair value of stock option granted (USD per share) | $ 1.75 | |
Expected volatility | 40.00% | |
Expected term (in years) | 6 years | |
Risk-free interest rate | 2.73% | |
Expected dividend yield | 0.00% | 0.00% |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Schedule of Transactions Involving Outstanding Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Nov. 03, 2019 | Oct. 28, 2018 | Oct. 29, 2017 | |
Number of shares | |||
Outstanding Beginning balance (shares) | 1,600,040 | 2,499,922 | |
Granted (shares) | 0 | 133,181 | |
Exercised (shares) | (200,000) | ||
Forfeited (shares) | (335,972) | (1,033,063) | |
Expired (shares) | (460,584) | ||
Outstanding Ending balance (shares) | 603,484 | 1,600,040 | 2,499,922 |
Unvested (shares) | 108,695 | ||
Exercisable (shares) | 494,789 | ||
Weighted average exercise price | |||
Outstanding Beginning balance (USD per share) | $ 5.25 | $ 6.32 | |
Granted (USD per share) | 4.10 | ||
Exercised (USD per share) | 4.35 | ||
Forfeited (USD per share) | 5.42 | 7.16 | |
Expired (USD per share) | 5.36 | ||
Outstanding Ending balance (USD per share) | 6.28 | $ 5.25 | $ 6.32 |
Exercisable (USD per share) | $ 6.75 | ||
Weighted average contractual life (in years) | |||
Outstanding (in years) | 6 years 9 months 22 days | 7 years 3 months 7 days | 8 years 2 months 12 days |
Exercisable (in years) | 6 years 6 months 18 days | ||
Aggregate Intrinsic Value (in thousands) | |||
Outstanding | $ 0 | $ 0 | $ 6,051 |
Unvested | 0 | ||
Exercisable | $ 0 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Schedule of Transactions Involving Outstanding Non-Options Awards (Details) - $ / shares | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Equity and Liability Awards, Performance Share Units | ||
Number of Shares | ||
Outstanding Beginning balance (shares) | 276,396 | 0 |
Granted (shares) | 377,833 | 276,396 |
Forfeited (shares) | (179,981) | |
Vested (shares) | (97,262) | |
Outstanding Ending balance (shares) | 376,986 | 276,396 |
Weighted Average Grant Date Fair Value | ||
Outstanding (USD per share) | $ 3.38 | $ 0 |
Granted (USD per share) | 4.05 | 3.38 |
Forfeited (USD per share) | 3.61 | |
Vested (USD per share) | 3.82 | |
Outstanding (USD per share) | $ 3.90 | $ 3.38 |
Equity and Liability Awards, Restricted Stock Units | ||
Number of Shares | ||
Outstanding Beginning balance (shares) | 582,831 | 338,966 |
Granted (shares) | 516,968 | 491,138 |
Forfeited (shares) | (236,035) | (40,769) |
Vested (shares) | (196,682) | (206,504) |
Outstanding Ending balance (shares) | 667,082 | 582,831 |
Weighted Average Grant Date Fair Value | ||
Outstanding (USD per share) | $ 3.53 | $ 5.20 |
Granted (USD per share) | 4.11 | 3.23 |
Forfeited (USD per share) | 3.73 | 4.62 |
Vested (USD per share) | 3.75 | 5.33 |
Outstanding (USD per share) | $ 3.86 | $ 3.53 |
Earnings (Loss) Per Share - Su
Earnings (Loss) Per Share - Summary of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Numerator | ||||||||||
Net income (loss) | $ (749) | $ (6,057) | $ (5,165) | $ (3,215) | $ (2,886) | $ (11,418) | $ (7,687) | $ (10,694) | $ (15,186) | $ (32,685) |
Denominator | ||||||||||
Basic weighted average number of shares (shares) | 21,157 | 21,157 | 21,082 | 21,080 | 21,072 | 21,071 | 21,032 | 21,029 | 21,119 | 21,051 |
Dilutive weighted average number of shares (shares) | 21,157 | 21,157 | 21,082 | 21,080 | 21,072 | 21,071 | 21,032 | 21,029 | 21,119 | 21,051 |
Per Share Data, Basic: | ||||||||||
Net Income (loss) (USD per share) | $ (0.04) | $ (0.29) | $ (0.24) | $ (0.15) | $ (0.14) | $ (0.54) | $ (0.37) | $ (0.51) | $ (0.72) | $ (1.55) |
Per Share Data, Diluted: | ||||||||||
Net Income (loss) (USD per share) | $ (0.04) | $ (0.29) | $ (0.24) | $ (0.15) | $ (0.14) | $ (0.54) | $ (0.37) | $ (0.51) | $ (0.72) | $ (1.55) |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - shares | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
RSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from EPS (shares) | 667,082 | 97,719 |
Employee Stock Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from EPS (shares) | 603,484 | 1,600,040 |
PSUs | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from EPS (shares) | 376,986 | 276,936 |
Commitments and Contingencies
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) $ in Thousands | Nov. 03, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 11,782 |
2021 | 9,287 |
2022 | 7,457 |
2023 | 6,328 |
2024 | 5,486 |
Thereafter | 28,422 |
Total minimum payments required | 68,762 |
Minimum sublease rentals | 9,600 |
Minimum sublease rentals, annual payment | $ 1,500 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Nov. 03, 2019 | Nov. 03, 2019 | Oct. 28, 2018 | |
Loss Contingencies [Line Items] | |||
Operating lease agreement expire period | 2031 | ||
Operating lease, rent expense | $ 13.8 | $ 16.3 | |
Unfavorable Regulatory Action | |||
Loss Contingencies [Line Items] | |||
Loss contingency contribution | $ 0.8 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Scenario, Forecast $ in Millions | 6 Months Ended |
Apr. 26, 2020USD ($)employee | |
Subsequent Event [Line Items] | |
Approximate number of employees affected by restructuring | employee | 125 |
Estimated pre-tax restructuring charge | $ | $ 1.2 |
Segment Disclosures - Summary
Segment Disclosures - Summary of Sales and Segment Operating Income (Loss) by Reportable Operating Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||
Net revenue | $ 258,408 | $ 233,176 | $ 252,070 | $ 253,436 | $ 264,805 | $ 257,808 | $ 263,219 | $ 253,338 | $ 997,090 | $ 1,039,170 |
Cost of services | 215,449 | 197,528 | 215,813 | 215,737 | 220,797 | 221,448 | 225,918 | 217,329 | 844,527 | 885,492 |
GROSS MARGIN | 42,959 | 35,648 | 36,257 | 37,699 | 44,008 | 36,360 | 37,301 | 36,009 | 152,563 | 153,678 |
Selling, administrative and other operating costs | 157,052 | 173,337 | ||||||||
Restructuring and severance costs | 1,856 | 2,017 | 724 | 59 | 4,512 | 3,108 | 104 | 518 | 4,656 | 8,242 |
Impairment charges | 262 | 79 | 347 | 0 | 351 | 0 | 155 | 0 | 688 | 506 |
Operating income (loss) | 933 | (4,843) | (3,753) | (2,170) | (2,116) | (8,970) | (5,874) | (11,447) | (9,833) | (28,407) |
Other income (expense), net | (4,375) | (3,320) | ||||||||
Income tax provision | 307 | 165 | 233 | 273 | 382 | 1,306 | 630 | (1,360) | 978 | 958 |
NET LOSS | $ (749) | $ (6,057) | $ (5,165) | $ (3,215) | $ (2,886) | $ (11,418) | $ (7,687) | $ (10,694) | (15,186) | (32,685) |
Operating Segments | North American Staffing | ||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||
Net revenue | 830,947 | 860,544 | ||||||||
Cost of services | 708,824 | 735,050 | ||||||||
GROSS MARGIN | 122,123 | 125,494 | ||||||||
Selling, administrative and other operating costs | 103,437 | 112,459 | ||||||||
Restructuring and severance costs | 719 | 932 | ||||||||
Impairment charges | 4 | 0 | ||||||||
Operating income (loss) | 17,963 | 12,103 | ||||||||
Operating Segments | International Staffing | ||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||
Net revenue | 114,377 | 117,351 | ||||||||
Cost of services | 95,552 | 98,640 | ||||||||
GROSS MARGIN | 18,825 | 18,711 | ||||||||
Selling, administrative and other operating costs | 15,422 | 15,986 | ||||||||
Restructuring and severance costs | 510 | 328 | ||||||||
Impairment charges | 0 | 0 | ||||||||
Operating income (loss) | 2,893 | 2,397 | ||||||||
Operating Segments | North American MSP | ||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||
Net revenue | 39,010 | 29,986 | ||||||||
Cost of services | 28,324 | 22,637 | ||||||||
GROSS MARGIN | 10,686 | 7,349 | ||||||||
Selling, administrative and other operating costs | 5,595 | 5,571 | ||||||||
Restructuring and severance costs | 68 | 145 | ||||||||
Impairment charges | 0 | 0 | ||||||||
Operating income (loss) | 5,023 | 1,633 | ||||||||
Corporate & Other | ||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||
Net revenue | 15,320 | 35,228 | ||||||||
Cost of services | 14,391 | 33,104 | ||||||||
GROSS MARGIN | 929 | 2,124 | ||||||||
Selling, administrative and other operating costs | 32,598 | 39,321 | ||||||||
Restructuring and severance costs | 3,359 | 6,837 | ||||||||
Impairment charges | 684 | 506 | ||||||||
Operating income (loss) | (35,712) | (44,540) | ||||||||
Eliminations | ||||||||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||||||||
Net revenue | (2,564) | (3,939) | ||||||||
Cost of services | (2,564) | (3,939) | ||||||||
GROSS MARGIN | 0 | 0 | ||||||||
Selling, administrative and other operating costs | 0 | 0 | ||||||||
Restructuring and severance costs | 0 | 0 | ||||||||
Impairment charges | 0 | 0 | ||||||||
Operating income (loss) | $ 0 | $ 0 |
Segment Disclosures - Summar_2
Segment Disclosures - Summary of Assets by Reportable Operating Segment (Details) - USD ($) $ in Thousands | Nov. 03, 2019 | Oct. 28, 2018 |
ASSETS | ||
Total Assets | $ 218,004 | $ 236,696 |
Operating Segments | North American Staffing | ||
ASSETS | ||
Total Assets | 109,067 | 121,510 |
Operating Segments | International Staffing | ||
ASSETS | ||
Total Assets | 30,327 | 27,765 |
Operating Segments | North American MSP | ||
ASSETS | ||
Total Assets | 19,196 | 20,194 |
Corporate & Other | ||
ASSETS | ||
Total Assets | $ 59,414 | $ 67,227 |
Segment Disclosures - Summar_3
Segment Disclosures - Summary of Sales to External Customers and Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Net Revenue: | ||||||||||
Revenues | $ 258,408 | $ 233,176 | $ 252,070 | $ 253,436 | $ 264,805 | $ 257,808 | $ 263,219 | $ 253,338 | $ 997,090 | $ 1,039,170 |
Long-Lived Assets: | ||||||||||
Total Long-Lived Assets | 25,890 | 24,392 | 25,890 | 24,392 | ||||||
Domestic | ||||||||||
Net Revenue: | ||||||||||
Revenues | 878,095 | 916,561 | ||||||||
Long-Lived Assets: | ||||||||||
Total Long-Lived Assets | 24,525 | 23,274 | 24,525 | 23,274 | ||||||
International | ||||||||||
Net Revenue: | ||||||||||
Revenues | 118,995 | 122,609 | ||||||||
Long-Lived Assets: | ||||||||||
Total Long-Lived Assets | $ 1,365 | $ 1,118 | $ 1,365 | $ 1,118 |
Segment Disclosures - Summar_4
Segment Disclosures - Summary of Capital Expenditures and Depreciation and Amortization by Operating Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Nov. 03, 2019 | Oct. 28, 2018 | |
Capital Expenditures: | ||
Total Capital Expenditures | $ 9,053 | $ 3,565 |
Depreciation and Amortization: | ||
Total Depreciation and Amortization | 6,955 | 7,209 |
Operating Segments | North American Staffing | ||
Capital Expenditures: | ||
Total Capital Expenditures | 415 | 340 |
Depreciation and Amortization: | ||
Total Depreciation and Amortization | 415 | 464 |
Operating Segments | International Staffing | ||
Capital Expenditures: | ||
Total Capital Expenditures | 315 | 207 |
Depreciation and Amortization: | ||
Total Depreciation and Amortization | 281 | 359 |
Operating Segments | North American MSP | ||
Capital Expenditures: | ||
Total Capital Expenditures | 295 | 28 |
Depreciation and Amortization: | ||
Total Depreciation and Amortization | 50 | 9 |
Corporate & Other | ||
Capital Expenditures: | ||
Total Capital Expenditures | 8,028 | 2,990 |
Depreciation and Amortization: | ||
Total Depreciation and Amortization | $ 6,209 | $ 6,377 |
Quarterly Financial Informati_3
Quarterly Financial Information (unaudited) - Selected Consolidated Statements of Operations Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 03, 2019 | Jul. 28, 2019 | Apr. 28, 2019 | Jan. 27, 2019 | Oct. 28, 2018 | Jul. 29, 2018 | Apr. 29, 2018 | Jan. 28, 2018 | Nov. 03, 2019 | Oct. 28, 2018 | |
Condensed Financial Information Disclosure [Abstract] | ||||||||||
NET REVENUE | $ 258,408 | $ 233,176 | $ 252,070 | $ 253,436 | $ 264,805 | $ 257,808 | $ 263,219 | $ 253,338 | $ 997,090 | $ 1,039,170 |
Cost of services | 215,449 | 197,528 | 215,813 | 215,737 | 220,797 | 221,448 | 225,918 | 217,329 | 844,527 | 885,492 |
GROSS MARGIN | 42,959 | 35,648 | 36,257 | 37,699 | 44,008 | 36,360 | 37,301 | 36,009 | 152,563 | 153,678 |
Selling, administrative and other operating costs | 39,908 | 38,395 | 38,939 | 39,810 | 41,261 | 42,222 | 42,916 | 46,938 | 157,052 | 173,337 |
Restructuring and severance costs | 1,856 | 2,017 | 724 | 59 | 4,512 | 3,108 | 104 | 518 | 4,656 | 8,242 |
Impairment charges | 262 | 79 | 347 | 0 | 351 | 0 | 155 | 0 | 688 | 506 |
Operating income (loss) | 933 | (4,843) | (3,753) | (2,170) | (2,116) | (8,970) | (5,874) | (11,447) | (9,833) | (28,407) |
Interest income | 66 | 87 | 66 | 55 | 54 | 50 | 47 | 22 | 274 | 173 |
Interest expense | (789) | (801) | (765) | (801) | (681) | (602) | (678) | (804) | (3,156) | (2,765) |
Foreign exchange gain (loss), net | (360) | (151) | (314) | 213 | 491 | (294) | (497) | 703 | (612) | 403 |
Other income (expense), net | (292) | (184) | (166) | (239) | (252) | (296) | (55) | (528) | (881) | (1,131) |
LOSS BEFORE INCOME TAXES | (442) | (5,892) | (4,932) | (2,942) | (2,504) | (10,112) | (7,057) | (12,054) | (14,208) | (31,727) |
Income tax provision | 307 | 165 | 233 | 273 | 382 | 1,306 | 630 | (1,360) | 978 | 958 |
NET LOSS | $ (749) | $ (6,057) | $ (5,165) | $ (3,215) | $ (2,886) | $ (11,418) | $ (7,687) | $ (10,694) | $ (15,186) | $ (32,685) |
Basic: | ||||||||||
Net loss (USD per share) | $ (0.04) | $ (0.29) | $ (0.24) | $ (0.15) | $ (0.14) | $ (0.54) | $ (0.37) | $ (0.51) | $ (0.72) | $ (1.55) |
Weighted average number of shares (shares) | 21,157 | 21,157 | 21,082 | 21,080 | 21,072 | 21,071 | 21,032 | 21,029 | 21,119 | 21,051 |
Diluted: | ||||||||||
Net loss (USD per share) | $ (0.04) | $ (0.29) | $ (0.24) | $ (0.15) | $ (0.14) | $ (0.54) | $ (0.37) | $ (0.51) | $ (0.72) | $ (1.55) |
Weighted average number of shares (shares) | 21,157 | 21,157 | 21,082 | 21,080 | 21,072 | 21,071 | 21,032 | 21,029 | 21,119 | 21,051 |