Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 25, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | GP STRATEGIES CORP | |
Entity Central Index Key | 70,415 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | GPX | |
Entity Common Stock, Shares Outstanding | 16,748,900 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 16,470 | $ 21,030 |
Accounts and other receivables, less allowance for doubtful accounts of $1,892 in 2016 and $1,856 in 2015 | 86,483 | 90,912 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 41,953 | 46,061 |
Prepaid expenses and other current assets | 11,963 | 9,173 |
Total current assets | 156,869 | 167,176 |
Property, plant and equipment | 21,155 | 20,629 |
Accumulated depreciation | (15,195) | (14,384) |
Property, plant and equipment, net | 5,960 | 6,245 |
Goodwill | 124,056 | 121,975 |
Intangible assets, net | 6,810 | 6,221 |
Other assets | 822 | 733 |
Total assets | 294,517 | 302,350 |
Liabilities and Stockholders' Equity | ||
Short-term borrowings | 33,092 | 34,084 |
Current portion of long-term debt | 13,333 | 13,333 |
Accounts payable and accrued expenses | 57,057 | 61,071 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 17,950 | 18,366 |
Total current liabilities | 121,432 | 126,854 |
Long-term debt | 7,778 | 11,111 |
Other noncurrent liabilities | 6,356 | 6,041 |
Total liabilities | 135,566 | 144,006 |
Stockholders' equity: | ||
Common stock, par value $0.01 per share | 172 | 172 |
Additional paid-in capital | 106,539 | 105,872 |
Retained earnings | 77,398 | 73,598 |
Treasury stock at cost | (11,961) | (8,497) |
Accumulated other comprehensive loss | (13,197) | (12,801) |
Total stockholders’ equity | 158,951 | 158,344 |
Total Liabilities and Stockholders' Equity | $ 294,517 | $ 302,350 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Accounts and other receivables, allowance for doubtful accounts (in dollars) | $ 1,892 | $ 1,856 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenue | $ 115,756 | $ 115,253 |
Cost of revenue | 97,829 | 96,118 |
Gross profit | 17,927 | 19,135 |
Selling, general and administrative expenses | 11,970 | 11,599 |
Loss on change in fair value of contingent consideration, net | (159) | (203) |
Operating income | 5,798 | 7,333 |
Interest expense | 245 | 365 |
Other income (expense) | 454 | (225) |
Income before income tax expense | 6,007 | 6,743 |
Income tax expense | 2,207 | 2,636 |
Net income | $ 3,800 | $ 4,107 |
Basic weighted average shares outstanding (in shares) | 16,758 | 17,159 |
Diluted weighted average shares outstanding (in shares) | 16,831 | 17,313 |
Per common share data: | ||
Basic earnings per share (in dollars per share) | $ 0.23 | $ 0.24 |
Diluted earnings per share (in dollars per share) | $ 0.23 | $ 0.24 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 3,800 | $ 4,107 |
Foreign currency translation adjustments | (396) | (4,585) |
Comprehensive income (loss) | $ 3,404 | $ (478) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 3,800 | $ 4,107 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Loss on change in fair value of contingent consideration, net | 159 | 203 |
Depreciation and amortization | 1,765 | 2,068 |
Non-cash compensation expense | 1,496 | 1,338 |
Changes in other operating items: | ||
Accounts and other receivables | 4,644 | 11,430 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 3,914 | (6,733) |
Prepaid expenses and other current assets | (2,641) | (3,866) |
Accounts payable and accrued expenses | (3,654) | (1,674) |
Billings in excess of costs and estimated earnings on uncompleted contracts | (376) | (3,286) |
Other | (544) | (390) |
Net cash provided by operating activities | 8,563 | 3,197 |
Cash flows from investing activities: | ||
Additions to property, plant and equipment | (575) | (600) |
Acquisitions, net of cash acquired | (2,330) | 0 |
Other investing activities | 13 | 0 |
Net cash used in investing activities | (2,892) | (600) |
Cash flows from financing activities: | ||
Proceeds from (repayment of) short-term borrowings | (992) | 735 |
Repayment of long-term debt | (3,333) | (3,333) |
Change in negative cash book balance | (1,659) | (1,518) |
Repurchases of common stock in the open market | (4,291) | (364) |
Other financing activities | 0 | 25 |
Net cash used in financing activities | (10,275) | (4,455) |
Effect of exchange rate changes on cash and cash equivalents | 44 | (548) |
Net decrease in cash and cash equivalents | (4,560) | (2,406) |
Cash and cash equivalents at beginning of period | 21,030 | 14,541 |
Cash and cash equivalents at end of period | 16,470 | 12,135 |
Cash paid during the period for income taxes | $ 2,594 | $ 2,251 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation GP Strategies Corporation is a global performance improvement solutions provider of training, e-Learning solutions, management consulting and engineering services. References in this report to “GP Strategies,” the “Company,” “we” and “our” are to GP Strategies Corporation and its subsidiaries, collectively. The accompanying condensed consolidated balance sheet as of March 31, 2016 and the condensed consolidated statements of operations, comprehensive income (loss) and cash flows for the three months ended March 31, 2016 and 2015 have not been audited, but have been prepared in conformity with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2015 , as presented in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 . In the opinion of management, this interim information includes all material adjustments, which are of a normal and recurring nature, necessary for a fair presentation. The results for the 2016 interim period are not necessarily indicative of results to be expected for the entire year. The condensed consolidated financial statements include the operations of the Company and its subsidiaries. All significant intercompany balances and transactions have been eliminated. |
Accounting Standard Issued
Accounting Standard Issued | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Accounting Standard Issued | Accounting Standards Issued In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The ASU’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 was originally effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 and early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of annual reporting periods and interim periods within that period beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt the ASU. We are still in the process of evaluating the impact of adoption of this ASU on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . This standard will require all leases with durations greater than twelve months to be recognized on the balance sheet as a right-of-use asset and a lease liability. ASU 2016-02 is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. We believe adoption of this standard will have a significant impact on our consolidated balance sheets. Although we have not completed our assessment, we do not expect the adoption of ASU 2016-02 to change the recognition and measurement of lease expense within the consolidated statements of operations. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) . This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The standard is effective for annual and interim reporting periods of public companies beginning after December 15, 2016, although early adoption is permitted. We are currently in the process of evaluating the impact of adoption of this ASU on our consolidated financial statements. |
Significant Customers & Concent
Significant Customers & Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Significant Customers & Concentration of Credit Risk | Significant Customers & Concentration of Credit Risk We have a market concentration of revenue in both the automotive sector and financial services & insurance sector. Revenue from the automotive industry accounted for approximately 20% and 13% of our consolidated revenue for the three months ended March 31, 2016 and 2015 , respectively. In addition, we have a concentration of revenue from a single automotive customer, which accounted for approximately 13% and 7% of our consolidated revenue for the three months ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , accounts receivable from a single automotive customer totaled $10.3 million , or 12% , of our consolidated accounts receivable balance. Revenue from the financial services & insurance industry accounted for approximately 22% and 24% of our consolidated revenue for the three months ended March 31, 2016 and 2015 , respectively. In addition, we have a concentration of revenue from a single financial services customer, which accounted for approximately 15% of our consolidated revenue for both of the three -month periods ended March 31, 2016 and 2015 . As of March 31, 2016 , billed and unbilled accounts receivable from a single financial services customer totaled $ 28.3 million , or 22% , of our consolidated accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts balances. No other single customer accounted for more than 10% of our consolidated revenue for the three months ended March 31, 2016 or 2015 or consolidated accounts receivable balance as of March 31, 2016 . |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share (EPS) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS reflects the potential dilution of common stock equivalent shares that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Our dilutive common stock equivalent shares consist of stock options and restricted stock units computed under the treasury stock method, using the average market price during the period. The following table presents instruments which were not dilutive and were excluded from the computation of diluted EPS in each period, as well as the dilutive common stock equivalent shares which were included in the computation of diluted EPS: Three Months Ended 2016 2015 (In thousands) Non-dilutive instruments 106 2 Dilutive common stock equivalents 73 154 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Jencal Training On March 1, 2016, we acquired the share capital of Jencal Training Limited (Jencal Training) and its subsidiary B2B Engage Limited (B2B), an independent provider of vocational skills training in the United Kingdom. The upfront purchase price was $2.7 million in cash and is subject to a working capital adjustment which we expect will be finalized and agreed upon with the sellers in the second quarter of 2016. In addition, the purchase agreement requires up to an additional $0.4 million of consideration, contingent upon attaining incremental funding levels under a customer contract prior to July 31, 2016. The preliminary purchase price allocation for the acquisition primarily includes $1.4 million of customer-related intangible assets which are being amortized over four years from the acquisition date and $1.7 million of goodwill. None of the goodwill recorded for financial statement purposes is deductible for tax purposes. The acquired Jencal Training business is included in the Learning Solutions segment and the results of its operations have been included in the consolidated financial statements beginning March 1, 2016. The pro-forma impact of the acquisition is not material to our results of operations. Contingent Consideration Accounting Standards Codification (“ASC”) Topic 805 requires that contingent consideration be recognized at fair value on the acquisition date and be re-measured each reporting period with subsequent adjustments recognized in the consolidated statement of operations. We estimate the fair value of contingent consideration liabilities based on financial projections of the acquired companies and estimated probabilities of achievement and discount the liabilities to present value using a weighted-average cost of capital. Contingent consideration is valued using significant inputs that are not observable in the market which are defined as Level 3 inputs pursuant to fair value measurement accounting. We believe our estimates and assumptions are reasonable; however, there is significant judgment involved. At each reporting date, the contingent consideration obligation is revalued to estimated fair value, and changes in fair value subsequent to the acquisitions are reflected in income or expense in the consolidated statements of operations, and could cause a material impact to, and volatility in, our operating results. Changes in the fair value of contingent consideration obligations may result from changes in discount periods, changes in the timing and amount of revenue and/or earnings estimates and changes in probability assumptions with respect to the likelihood of achieving the various earn-out criteria. Below is a summary of the potential maximum contingent consideration we may be required to pay in connection with completed acquisitions during 2016 as of March 31, 2016 (dollars in thousands): Original range Maximum payments due in of potential undiscounted Acquisition: payments 2016 Jencal Training $0 - $429 $ 429 Effective Companies $0 - $5,280 $ 2,640 Below is a summary of the changes in the recorded amount of contingent consideration liabilities from December 31, 2015 to March 31, 2016 (dollars in thousands): Liability as of December 31, Additions Change in Fair Value of Contingent Foreign Currency Liability as of March 31, Acquisition: 2015 (Payments) Consideration Translation 2016 Jencal Training $ — $ 294 $ — $ 9 $ 303 Effective Companies 2,381 — 159 100 2,640 Total $ 2,381 $ 294 $ 159 $ 109 $ 2,943 As of March 31, 2016 and December 31, 2015 , contingent consideration is considered a current liability and is included in accounts payable of $2.9 million and $2.4 million , respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Goodwill Changes in the carrying amount of goodwill by reportable business segment for the three months ended March 31, 2016 were as follows (in thousands): Learning Solutions Professional & Technical Services Sandy Performance Readiness Solutions Total Balance as of December 31, 2015 $ 49,822 $ 43,702 $ 653 $ 27,798 $ 121,975 Acquisitions 1,750 — — — 1,750 Foreign currency translation 587 (215 ) — (41 ) 331 Balance as of March 31, 2016 $ 52,159 $ 43,487 $ 653 $ 27,757 $ 124,056 Intangible Assets Subject to Amortization Intangible assets with finite lives are subject to amortization over their estimated useful lives. The primary assets included in this category and their respective balances were as follows (in thousands): March 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 19,401 $ (13,202 ) $ 6,199 Intellectual property and other 1,538 (927 ) 611 $ 20,939 $ (14,129 ) $ 6,810 December 31, 2015 Customer relationships $ 19,351 $ (13,822 ) $ 5,529 Intellectual property and other 1,772 (1,080 ) 692 $ 21,123 $ (14,902 ) $ 6,221 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation We recognize compensation expense for stock-based compensation awards issued to employees that are expected to vest. Compensation cost is based on the fair value of awards as of the grant date. The following table summarizes the pre-tax stock-based compensation expense included in reported net income (in thousands): Three months ended March 31, 2016 2015 Non-qualified stock options $ 47 $ 62 Restricted stock units 598 439 Board of Directors stock grants 82 111 Total stock-based compensation expense $ 727 $ 612 Pursuant to our 2011 Stock Incentive Plan (the “2011 Plan”), we may grant awards of non-qualified stock options, incentive stock options, restricted stock, stock units, performance shares, performance units and other incentives payable in cash or in shares of our common stock to officers, employees or members of the Board of Directors. As of March 31, 2016 , we had non-qualified stock options and restricted stock units outstanding under these plans as discussed below. Non-Qualified Stock Options Summarized information for the Company’s non-qualified stock options is as follows: Number of options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Stock Options Outstanding at December 31, 2015 110,550 $ 14.54 Granted — — Exercised (2,900 ) 10.04 Forfeited (300 ) 13.17 Expired (600 ) 19.38 Outstanding at March 31, 2016 106,750 $ 14.64 1.21 $ 1,362,000 Exercisable at March 31, 2016 73,250 $ 14.53 1.19 $ 942,000 Restricted Stock Units In addition to stock options, we issue restricted stock units to key employees and members of the Board of Directors based on meeting certain service goals. The stock units vest to the recipients at various dates, up to five years , based on fulfilling service requirements. We recognize the value of the market price of the underlying stock on the date of grant as compensation expense over the requisite service period. Upon vesting, the stock units are settled in shares of our common stock. Summarized share information for our restricted stock units is as follows: Three Months Ended March 31, 2016 Weighted average grant date fair value (In shares) (In dollars) Outstanding and unvested, beginning of period 274,140 $ 28.74 Granted 137,937 26.93 Vested (2,050 ) 15.36 Forfeited (2,016 ) 26.50 Outstanding and unvested, end of period 408,011 $ 28.21 On March 29, 2016, the Compensation Committee granted 71,918 performance-based restricted stock units ("PSU's") to certain officers of the Company. Vesting of the PSU's is contingent upon the employee's continued employment and the Company's achievement of certain performance goals during a three-year performance period. The performance goals are established by the Compensation Committee and for the 2016-2018 performance period are based on financial targets, including an average annual return on invested capital (“ROIC”) and average annual growth in earnings before interest, taxes, depreciation and amortization (adjusted to exclude the effect of acquisitions, dispositions, and certain other nonrecurring or extraordinary items) (“Adjusted EBITDA”). We recognize compensation expense, net of estimated forfeitures, for PSU's on a straight-line basis over the performance period based on the probable outcome of achievement of the financial targets. At the end of each reporting period, we estimate the number of PSU's expected to vest, based on the probability and extent to which the performance goals will be met, and take into account these estimates when calculating the expense for the period. If the number of shares expected to be earned changes during the performance period, we will make a cumulative adjustment to compensation expense based on the revised number of shares expected to be earned. Also on March 29, 2016 in conjunction with the grant of PSU's, the Compensation Committee granted a total of 40,679 time-based restricted stock units to the same officers of the Company. Vesting of the time-based restricted stock units is subject to the employee's continued employment through December 31, 2018. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt On September 2, 2014, we entered into a Fourth Amended and Restated Financing and Security Agreement (the “Credit Agreement”). The Credit Agreement provides for a revolving credit facility up to a maximum principal amount of $65 million expiring on October 31, 2018 and for a term loan in the principal amount of $40 million maturing on October 31, 2017 , and is secured by substantially all of our assets. The maximum interest rate on the Credit Agreement is the daily one-month LIBOR market index rate plus 2.50% . Based on our financial performance, the interest rate can be reduced to a minimum rate of the daily one-month LIBOR market index rate plus 1.25% , with the rate being determined based on our maximum leverage ratio for the preceding four quarters. Each unpaid advance on the revolving loan will bear interest until repaid. The term loan is payable in monthly installments equal to $1.1 million plus applicable interest, beginning on November 1, 2014 and ending on October 31, 2017. We may prepay the term loan or the revolving loan, in whole or in part, at any time without premium or penalty, subject to certain conditions. Amounts repaid or prepaid on the term loan may not be reborrowed. The Credit Agreement contains customary affirmative and negative covenants, including covenants that limit or restrict our and our subsidiaries’ (subject to certain exceptions) ability to, among other things, grant liens, make investments, incur indebtedness, merge or consolidate, dispose of assets or make acquisitions. We are also required to maintain compliance with a minimum fixed charge coverage ratio and a maximum leverage ratio. We were in compliance with all of the financial covenants under the Credit Agreement as of March 31, 2016 . As of March 31, 2016 , our total long-term debt outstanding under the term loan was $21.1 million . In addition, there were $33.1 million of borrowings outstanding and $29.4 million of available borrowings under the Credit Agreement. For the three months ended March 31, 2016 , the weighted average interest rate on our borrowings was 2.2% . |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense was $2.2 million , or an effective income tax rate of 36.7% , for the three months ended March 31, 2016 compared to $2.6 million , or an effective income tax rate of 39.1% , for the three months ended March 31, 2015 . The decrease in the effective income tax rate is due to a larger portion of our income being derived from foreign jurisdictions which are taxed at lower rates. Income tax expense for the quarterly periods is based on an estimated annual effective tax rate which includes the U.S. federal, state and local, and non-U.S. statutory rates, permanent differences, and other items that may have an impact on income tax expense. An uncertain tax position taken or expected to be taken in a tax return is recognized in the financial statements when it is more likely than not (i.e., a likelihood of more than fifty percent) that the position would be sustained upon examination by tax authorities that have full knowledge of all relevant information. A recognized tax position is then measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Interest and penalties related to income taxes are accounted for as income tax expense. As of March 31, 2016 , we had no uncertain tax positions reflected on our consolidated balance sheet. The Company files income tax returns in U.S. federal, state and local jurisdictions, and various non-U.S. jurisdictions, and is subject to audit by tax authorities in those jurisdictions. Tax years 2012 through 2014 remain open to examination by these tax jurisdictions, and earlier years remain open to examination in certain of these jurisdictions which have longer statutes of limitations. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Changes in stockholders’ equity during the three months ended March 31, 2016 were as follows (in thousands): Common stock Additional paid-in capital Retained earnings Treasury stock at cost Accumulated other comprehensive loss Total stockholders’ equity Balance at December 31, 2015 $ 172 $ 105,872 $ 73,598 $ (8,497 ) $ (12,801 ) $ 158,344 Net income — — 3,800 — — 3,800 Foreign currency translation adjustment — — — — (396 ) (396 ) Repurchases of common stock — — — (4,291 ) — (4,291 ) Stock-based compensation expense — 727 — — — 727 Issuance of stock for employer contributions to retirement plan — 5 — 686 — 691 Net issuances of stock pursuant to stock compensation plans and other — (65 ) — 141 — 76 Balance at March 31, 2016 $ 172 $ 106,539 $ 77,398 $ (11,961 ) $ (13,197 ) $ 158,951 Stock Repurchase Program We have a share repurchase program under which we may repurchase shares of our common stock from time to time in the open market, subject to prevailing business and market conditions and other factors. During the three months ended March 31, 2016 and 2015 , we repurchased approximately 181,000 and 10,000 shares, respectively, of our common stock in the open market for a total cost of approximately $4.3 million and $0.4 million , respectively. As of March 31, 2016 , there was approximately $9.7 million available for future repurchases under the buyback program. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments As of March 31, 2016 , we operated through four reportable business segments: (i) Learning Solutions, (ii) Professional & Technical Services, (iii) Sandy Training & Marketing, and (iv) Performance Readiness Solutions. Each of our reportable segments represents an operating segment under U.S. GAAP. We are organized by operating groups primarily based upon the markets served by each group and/or the services performed. Each operating group consists of business units which are focused on providing specific products and services to certain classes of customers or within targeted markets. Marketing and communications, accounting, finance, legal, human resources, information systems and other administrative services are organized at the corporate level. Business development and sales resources are aligned with operating groups to support existing customer accounts and new customer development. Further information regarding our business segments is discussed below. Learning Solutions. The Learning Solutions segment delivers training, curriculum design and development, eLearning services, system hosting, training business process outsourcing and consulting services globally. This segment serves large companies in the electronics and semiconductors, healthcare, software, financial services and other industries, as well as government agencies. This segment also provides apprenticeship and vocational skills training for the United Kingdom government. The ability to deliver a wide range of training services on a global basis allows this segment to take over the entire learning function for the client, including their training personnel. Professional & Technical Services. The Professional & Technical Services segment provides training, consulting, engineering and technical services, including lean consulting, emergency preparedness, safety and regulatory compliance, chemical demilitarization and environmental services primarily to large companies in the manufacturing, steel, pharmaceutical, energy and petrochemical industries; federal and state government agencies; and large government contractors. Our proprietary EtaPRO™ Performance and Condition Monitoring System provides a suite of real-time software solutions for power generation facilities and is installed on power-generating units across the world. In addition to providing custom training solutions, this segment provides web-based training through our GPiLEARN™ portal, which offers a variety of courses to power plant personnel in the U.S. and other countries. This segment also provides services to users of alternative fuels, including designing and constructing liquefied natural gas (LNG), liquid to compressed natural gas (LCNG) and hydrogen fueling stations, as well as supplying equipment. Sandy Training & Marketing. The Sandy Training & Marketing segment provides custom product sales training and has been a leader in serving manufacturing customers in the U.S. automotive industry for over 30 years. Sandy provides custom product sales training designed to better educate customer salesforces with respect to new vehicle features and designs, in effect rapidly increasing the salesforce knowledge base and enabling them to address detailed customer queries. Furthermore, Sandy helps our clients assess their customer relationship marketing strategy and connect with their customers on a one-to-one basis, including through custom publications. This segment also provides technical training services to automotive manufacturers as well as customers in other industries. Performance Readiness Solutions. This segment provides performance consulting and technology consulting services, including platform adoption, end-user training, change management, knowledge management, customer product training outsourcing, training content development and sales enablement solutions. This segment also offers organizational performance solutions, including leadership development training and employee engagement tools and services. Industries served include manufacturing, aerospace, healthcare, life sciences, consumer products, financial, telecommunications, services and higher education, as well as government agencies. We do not allocate the following items to the segments: selling, general & administrative expenses, other income (expense), interest expense, restructuring charges, gain (loss) on change in fair value of contingent consideration and income tax expense. Inter-segment revenue is eliminated in consolidation and is not significant. The following table sets forth the revenue and operating results attributable to each reportable segment and includes a reconciliation of segment revenue to consolidated revenue and operating results to consolidated income before income tax expense (in thousands): Three Months Ended 2016 2015 Revenue: Learning Solutions $ 49,906 $ 51,829 Professional & Technical Services 25,829 29,897 Sandy Training & Marketing 21,824 14,729 Performance Readiness Solutions 18,197 18,798 $ 115,756 $ 115,253 Gross Profit: Learning Solutions $ 9,704 $ 8,347 Professional & Technical Services 3,884 6,413 Sandy Training & Marketing 2,451 1,976 Performance Readiness Solutions 1,888 2,399 Total Gross Profit 17,927 19,135 Selling, general and administrative expenses 11,970 11,599 Loss on change in fair value of contingent consideration, net (159 ) (203 ) Operating income 5,798 7,333 Interest expense 245 365 Other income (expense) 454 (225 ) Income before income tax expense $ 6,007 $ 6,743 |
Accounting Standard Issued (Pol
Accounting Standard Issued (Policy) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers , which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. The ASU’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. ASU 2014-09 was originally effective for annual reporting periods, and interim periods within that period, beginning after December 15, 2016 and early adoption was not permitted. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers: Deferral of the Effective Date , to defer the effective date by one year to December 15, 2017 for interim and annual reporting periods beginning after that date and permitted early adoption of the standard, but not before the original effective date of annual reporting periods and interim periods within that period beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt the ASU. We are still in the process of evaluating the impact of adoption of this ASU on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . This standard will require all leases with durations greater than twelve months to be recognized on the balance sheet as a right-of-use asset and a lease liability. ASU 2016-02 is effective for public companies for annual reporting periods beginning after December 15, 2018, and interim periods within those fiscal years. We believe adoption of this standard will have a significant impact on our consolidated balance sheets. Although we have not completed our assessment, we do not expect the adoption of ASU 2016-02 to change the recognition and measurement of lease expense within the consolidated statements of operations. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718) . This standard makes several modifications to Topic 718 related to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. ASU 2016-09 also clarifies the statement of cash flows presentation for certain components of share-based awards. The ASU includes multiple provisions intended to simplify various aspects of the accounting for share-based payments. The standard is effective for annual and interim reporting periods of public companies beginning after December 15, 2016, although early adoption is permitted. We are currently in the process of evaluating the impact of adoption of this ASU on our consolidated financial statements. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents instruments which were not dilutive and were excluded from the computation of diluted EPS in each period, as well as the dilutive common stock equivalent shares which were included in the computation of diluted EPS: Three Months Ended 2016 2015 (In thousands) Non-dilutive instruments 106 2 Dilutive common stock equivalents 73 154 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of potential contingent consideration | Below is a summary of the potential maximum contingent consideration we may be required to pay in connection with completed acquisitions during 2016 as of March 31, 2016 (dollars in thousands): Original range Maximum payments due in of potential undiscounted Acquisition: payments 2016 Jencal Training $0 - $429 $ 429 Effective Companies $0 - $5,280 $ 2,640 |
Summary of changes in recorded amount of contingent consideration | Below is a summary of the changes in the recorded amount of contingent consideration liabilities from December 31, 2015 to March 31, 2016 (dollars in thousands): Liability as of December 31, Additions Change in Fair Value of Contingent Foreign Currency Liability as of March 31, Acquisition: 2015 (Payments) Consideration Translation 2016 Jencal Training $ — $ 294 $ — $ 9 $ 303 Effective Companies 2,381 — 159 100 2,640 Total $ 2,381 $ 294 $ 159 $ 109 $ 2,943 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | Changes in the carrying amount of goodwill by reportable business segment for the three months ended March 31, 2016 were as follows (in thousands): Learning Solutions Professional & Technical Services Sandy Performance Readiness Solutions Total Balance as of December 31, 2015 $ 49,822 $ 43,702 $ 653 $ 27,798 $ 121,975 Acquisitions 1,750 — — — 1,750 Foreign currency translation 587 (215 ) — (41 ) 331 Balance as of March 31, 2016 $ 52,159 $ 43,487 $ 653 $ 27,757 $ 124,056 |
Schedule of Finite-Lived Intangible Assets | The primary assets included in this category and their respective balances were as follows (in thousands): March 31, 2016 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationships $ 19,401 $ (13,202 ) $ 6,199 Intellectual property and other 1,538 (927 ) 611 $ 20,939 $ (14,129 ) $ 6,810 December 31, 2015 Customer relationships $ 19,351 $ (13,822 ) $ 5,529 Intellectual property and other 1,772 (1,080 ) 692 $ 21,123 $ (14,902 ) $ 6,221 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The following table summarizes the pre-tax stock-based compensation expense included in reported net income (in thousands): Three months ended March 31, 2016 2015 Non-qualified stock options $ 47 $ 62 Restricted stock units 598 439 Board of Directors stock grants 82 111 Total stock-based compensation expense $ 727 $ 612 |
Schedule of Share-based Compensation, Stock Options, Activity | Summarized information for the Company’s non-qualified stock options is as follows: Number of options Weighted average exercise price Weighted average remaining contractual term Aggregate intrinsic value Stock Options Outstanding at December 31, 2015 110,550 $ 14.54 Granted — — Exercised (2,900 ) 10.04 Forfeited (300 ) 13.17 Expired (600 ) 19.38 Outstanding at March 31, 2016 106,750 $ 14.64 1.21 $ 1,362,000 Exercisable at March 31, 2016 73,250 $ 14.53 1.19 $ 942,000 |
Schedule of Nonvested Restricted Stock Units Activity | Summarized share information for our restricted stock units is as follows: Three Months Ended March 31, 2016 Weighted average grant date fair value (In shares) (In dollars) Outstanding and unvested, beginning of period 274,140 $ 28.74 Granted 137,937 26.93 Vested (2,050 ) 15.36 Forfeited (2,016 ) 26.50 Outstanding and unvested, end of period 408,011 $ 28.21 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders Equity | Changes in stockholders’ equity during the three months ended March 31, 2016 were as follows (in thousands): Common stock Additional paid-in capital Retained earnings Treasury stock at cost Accumulated other comprehensive loss Total stockholders’ equity Balance at December 31, 2015 $ 172 $ 105,872 $ 73,598 $ (8,497 ) $ (12,801 ) $ 158,344 Net income — — 3,800 — — 3,800 Foreign currency translation adjustment — — — — (396 ) (396 ) Repurchases of common stock — — — (4,291 ) — (4,291 ) Stock-based compensation expense — 727 — — — 727 Issuance of stock for employer contributions to retirement plan — 5 — 686 — 691 Net issuances of stock pursuant to stock compensation plans and other — (65 ) — 141 — 76 Balance at March 31, 2016 $ 172 $ 106,539 $ 77,398 $ (11,961 ) $ (13,197 ) $ 158,951 Stock Repurchase Program We have a share repurchase program under which we may repurchase shares of our common stock from time to time in the open market, subject to prevailing business and market conditions and other factors. During the three months ended March 31, 2016 and 2015 , we repurchased approximately 181,000 and 10,000 shares, respectively, of our common stock in the open market for a total cost of approximately $4.3 million and $0.4 million , respectively. As of March 31, 2016 , there was approximately $9.7 million available for future repurchases under the buyback program. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Reconciliation of Revenue from Segments to Consolidated | The following table sets forth the revenue and operating results attributable to each reportable segment and includes a reconciliation of segment revenue to consolidated revenue and operating results to consolidated income before income tax expense (in thousands): Three Months Ended 2016 2015 Revenue: Learning Solutions $ 49,906 $ 51,829 Professional & Technical Services 25,829 29,897 Sandy Training & Marketing 21,824 14,729 Performance Readiness Solutions 18,197 18,798 $ 115,756 $ 115,253 Gross Profit: Learning Solutions $ 9,704 $ 8,347 Professional & Technical Services 3,884 6,413 Sandy Training & Marketing 2,451 1,976 Performance Readiness Solutions 1,888 2,399 Total Gross Profit 17,927 19,135 Selling, general and administrative expenses 11,970 11,599 Loss on change in fair value of contingent consideration, net (159 ) (203 ) Operating income 5,798 7,333 Interest expense 245 365 Other income (expense) 454 (225 ) Income before income tax expense $ 6,007 $ 6,743 |
Significant Customers & Conce25
Significant Customers & Concentration of Credit Risk (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Concentration Risk [Line Items] | |||
Unbilled accounts receivable | $ 86,483 | $ 90,912 | |
Single Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Unbilled accounts receivable | $ 10,300 | ||
Single Financial Services Customer [Member] | |||
Concentration Risk [Line Items] | |||
Unbilled accounts receivable | $ 28,300 | ||
Revenue [Member] | Single Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 13.00% | 7.00% | |
Revenue [Member] | Single Financial Services Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 15.00% | 15.00% | |
Revenue [Member] | Automotive Industry [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 20.00% | 13.00% | |
Revenue [Member] | Financial & Insurance Industry [Member] [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 22.00% | 24.00% | |
Accounts Receivable [Member] | Single Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 12.00% | ||
Accounts Receivable [Member] | Single Financial Services Customer [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 22.00% |
Earnings Per Share (Details)
Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Non-dilutive instruments (shares) | 106 | 2 |
Dilutive common stock equivalents (shares) | 73 | 154 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | Mar. 01, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | |||
Goodwill | $ 124,056 | $ 121,975 | |
Jencal Training [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Businesses, Gross | $ 2,700 | ||
Goodwill | 1,700 | ||
Maximum contingent consideration due in 2014 | 429 | ||
Maximum contingent consideration due Total | 400 | ||
Original range of potential undiscounted payments minimum | 0 | ||
Original range of potential undiscounted payments maximum | $ 429 | ||
Finite-Lived Intangible Assets [Member] | Jencal Training [Member] | |||
Business Acquisition [Line Items] | |||
Business Acquisition Purchase Price Allocation And Amortizable Intangible Assets | $ 1,400 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 4 years |
Acquisitions (Details 1)
Acquisitions (Details 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |
Beginning Liability | $ 2,381 |
Additions (Payments) | 294 |
Change in Fair Value of Contingent Consideration | 159 |
Foreign Currency Translation | 109 |
Ending Liability | 2,943 |
Jencal Training [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 |
Business Acquisition Contingent Consideration Potential Cash Payment In Current Year | 429 |
Beginning Liability | 0 |
Additions (Payments) | 294 |
Change in Fair Value of Contingent Consideration | 0 |
Foreign Currency Translation | 9 |
Ending Liability | 303 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 429 |
Effective Companies [Member] | |
Business Acquisition [Line Items] | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 0 |
Business Acquisition Contingent Consideration Potential Cash Payment In Current Year | 2,640 |
Beginning Liability | 2,381 |
Additions (Payments) | 0 |
Change in Fair Value of Contingent Consideration | 159 |
Foreign Currency Translation | 100 |
Ending Liability | 2,640 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 5,280 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Business acquisition contingent consideration, accounts payable | $ 2.9 | $ 2.4 |
Intangible Assets (Details)
Intangible Assets (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill, Acquired During Period | $ 1,750 |
Goodwill [Roll Forward] | |
Beginning Balance | 121,975 |
Foreign currency translation | 331 |
Ending Balance | 124,056 |
Learning Solutions [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill, Acquired During Period | 1,750 |
Goodwill [Roll Forward] | |
Beginning Balance | 49,822 |
Foreign currency translation | 587 |
Ending Balance | 52,159 |
Professional and Technical Services [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill, Acquired During Period | 0 |
Goodwill [Roll Forward] | |
Beginning Balance | 43,702 |
Foreign currency translation | (215) |
Ending Balance | 43,487 |
Sandy [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill, Acquired During Period | 0 |
Goodwill [Roll Forward] | |
Beginning Balance | 653 |
Foreign currency translation | 0 |
Ending Balance | 653 |
Performance Readiness Group [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Goodwill, Acquired During Period | 0 |
Goodwill [Roll Forward] | |
Beginning Balance | 27,798 |
Foreign currency translation | (41) |
Ending Balance | $ 27,757 |
Intangible Assets (Details 1)
Intangible Assets (Details 1) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 20,939 | $ 21,123 |
Accumulated Amortization | (14,129) | (14,902) |
Net Carrying Amount | 6,810 | 6,221 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 19,401 | 19,351 |
Accumulated Amortization | (13,202) | (13,822) |
Net Carrying Amount | 6,199 | 5,529 |
Intellectual property and other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,538 | 1,772 |
Accumulated Amortization | (927) | (1,080) |
Net Carrying Amount | $ 611 | $ 692 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 727 | $ 612 |
Board of Directors stock grants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 82 | 111 |
Non-qualified stock options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 47 | 62 |
Restricted stock units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 598 | $ 439 |
Stock-Based Compensation (Det33
Stock-Based Compensation (Details 1) - Non Qualified Stock Option [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding at December 31, 2013, Number of options (shares) | shares | 110,550 |
Granted, Number of options (shares) | shares | 0 |
Exercised, Number of options (shares) | shares | (2,900) |
Forfeited, Number of options (shares) | shares | (300) |
Expired, Number of options (shares) | shares | (600) |
Outstanding at June 30, 2014, Number of options (shares) | shares | 106,750 |
Exercisable at June 30, 2014, Number of options (shares) | shares | 73,250 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |
Outstanding at December 31, 2013, Weighted average exercise price (usd per share) | $ / shares | $ 14.54 |
Granted, Weighted average exercise price (usd per share) | $ / shares | 0 |
Exercised, Weighted average exercise price (usd per share) | $ / shares | 10.04 |
Forfeited, Weighted average exercise price (usd per share) | $ / shares | 13.17 |
Expired, Weighted average exercise price (usd per share) | $ / shares | 19.38 |
Outstanding at June 30, 2014, Weighted average exercise price (usd per share) | $ / shares | 14.64 |
Exercisable at June 30, 2014, Weighted average exercise price (usd per share) | $ / shares | $ 14.53 |
Outstanding at June 30, 2014, Weighted average remaining contractual term | 1 year 2 months 16 days |
Exercisable at June 30, 2014, Weighted average remaining contractual term | 1 year 2 months 10 days |
Outstanding at June 30, 2014, Aggregate intrinsic value | $ | $ 1,362 |
Exercisable at June 30, 2014, Aggregate intrinsic value | $ | $ 942 |
Stock-Based Compensation (Det34
Stock-Based Compensation (Details 2) - $ / shares | Mar. 29, 2016 | Mar. 31, 2016 |
RSU [Roll Forward] | ||
Outstanding and unvested, beginning of period (shares) | 274,140 | |
Granted (shares) | 137,937 | |
Vested (shares) | (2,050) | |
Forfeited (shares) | (2,016) | |
Outstanding and unvested, end of period (shares) | 408,011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Outstanding and unvested, beginning of period, Weighted average grant date fair value (usd per share) | $ 28.74 | |
Granted, Weighted average grant date fair value (usd per share) | 26.93 | |
Vested, Weighted average grant date fair value (usd per share) | 15.36 | |
Forfeited, Weighted average grant date fair value (usd per share) | 26.50 | |
Outstanding and unvested, end of period, Weighted average grant date fair value (usd per share) | $ 28.21 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 5 years | |
Restricted Stock Units (RSUs) [Member] | Performance-based Restricted Stock Units [Member] | ||
RSU [Roll Forward] | ||
Granted (shares) | 71,918 | |
Restricted Stock Units (RSUs) [Member] | Time-based Restricted Stock Units [Member] | ||
RSU [Roll Forward] | ||
Granted (shares) | 40,679 |
Debt (Details Textual)
Debt (Details Textual) - USD ($) | Sep. 02, 2014 | Mar. 31, 2016 |
Short-term Debt [Line Items] | ||
Borrowing capacity | $ 65,000,000 | |
Long-term Debt, Gross | $ 40,000,000 | |
Debt Instrument, Periodic Payment, Principal | $ 1,100,000 | |
Weighted average interest rate | 2.20% | |
Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Interest Rate Description | LIBOR market index rate plus 2.50% | |
Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Interest Rate Description | LIBOR market index rate plus 1.25% | |
Financing and Security Agreement [Member] | ||
Short-term Debt [Line Items] | ||
Borrowing outstanding | $ 33,100,000 | |
Available borrowings | $ 29,400,000 | |
Financing and Security Agreement [Member] | LIBOR [Member] | Maximum [Member] | ||
Short-term Debt [Line Items] | ||
Interest rate spread | 2.50% | |
Financing and Security Agreement [Member] | LIBOR [Member] | Minimum [Member] | ||
Short-term Debt [Line Items] | ||
Interest rate spread | 1.25% | |
Fourth Amended and Restated Financing and Security Agreement [Member] | Term Loan [Member] | ||
Short-term Debt [Line Items] | ||
Long-term Debt | $ 21,100,000 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $ 2,207 | $ 2,636 |
Effective income tax rate excluding discrete items | 36.70% | 39.10% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) shares in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Sep. 02, 2014 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | $ 158,344,000 | ||
Net income | 3,800,000 | $ 4,107,000 | |
Foreign currency translation adjustment | (396,000) | ||
Repurchases of common stock | (4,291,000) | ||
Stock-based compensation expense | 727,000 | $ 612,000 | |
Issuance of stock for employer contributions to retirement plan | 691,000 | ||
Other | 76,000 | ||
Ending Balance | $ 158,951,000 | ||
Long-term Debt, Gross | $ 40,000,000 | ||
Stock Repurchased During Period, Shares | 181 | 10 | |
Stock Repurchased During Period, Value | $ 4,300,000 | $ 400,000 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | 9,700,000 | ||
Common Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 172,000 | ||
Other | 0 | ||
Ending Balance | 172,000 | ||
Additional Paid-in Capital [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 105,872,000 | ||
Stock-based compensation expense | 727,000 | ||
Issuance of stock for employer contributions to retirement plan | 5,000 | ||
Other | (65,000) | ||
Ending Balance | 106,539,000 | ||
Retained Earnings [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | 73,598,000 | ||
Net income | 3,800,000 | ||
Ending Balance | 77,398,000 | ||
Treasury Stock [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (8,497,000) | ||
Repurchases of common stock | (4,291,000) | ||
Issuance of stock for employer contributions to retirement plan | 686,000 | ||
Other | 141,000 | ||
Ending Balance | (11,961,000) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||
Beginning Balance | (12,801,000) | ||
Foreign currency translation adjustment | (396,000) | ||
Ending Balance | $ (13,197,000) |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)segment | Mar. 31, 2015USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable business segments | segment | 4 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 115,756 | $ 115,253 |
Gross Profit | 17,927 | 19,135 |
Selling, General and Administrative Expense | 11,970 | 11,599 |
Loss on change in fair value of contingent consideration, net | (159) | (203) |
Operating income | 5,798 | 7,333 |
Interest expense | 245 | 365 |
Other income (expense) | 454 | (225) |
Income before income tax expense | 6,007 | 6,743 |
Learning Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross Profit | 9,704 | 8,347 |
Professional and Technical Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross Profit | 3,884 | 6,413 |
Sandy Training and Marketing [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross Profit | 2,451 | 1,976 |
Performance Readiness Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Gross Profit | 1,888 | 2,399 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 115,756 | 115,253 |
Operating Segments [Member] | Learning Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 49,906 | 51,829 |
Operating Segments [Member] | Professional and Technical Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 25,829 | 29,897 |
Operating Segments [Member] | Sandy Training and Marketing [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 21,824 | 14,729 |
Operating Segments [Member] | Performance Readiness Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 18,197 | $ 18,798 |