Delaware | 000-20540 | 95-4023433 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
26745 Malibu Hills Road, Calabasas, California | 91301 |
(Address of principal executive offices) | (Zip Code) |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits |
99.1 | Press release of On Assignment, Inc. dated July 29, 2015. |
On Assignment, Inc. | |
Date: July 29, 2015 | /s/ Edward L. Pierce |
Edward L. Pierce | |
Executive Vice President and Chief Financial Officer |
For Release | ||
July 29, 2015 | ||
1:05 p.m. PDT |
• | Effective June 5, 2015, acquired Creative Circle, LLC ("Creative Circle"), one of the largest digital/creative staffing firms in North America, for $570 million in cash and stock, plus contingent consideration of up to $30 million. |
• | Revenues were $485.3 million; up 11.7 percent year-over-year (12.8 percent on a constant currency basis). |
• | Revenues, excluding the contribution from acquisitions, were $463.5 million ($468.1 million on a constant currency basis), up 6.7 percent (7.8 percent on a constant currency basis) and above the high-end of our financial estimates. |
• | Adjusted EBITDA (a non-GAAP measure defined below) was $56.0 million. Adjusted EBITDA included $4.9 million from Creative Circle. Excluding the contribution from Creative Circle, Adjusted EBITDA was $51.1 million and towards the high-end of our financial estimates. |
• | Adjusted income from continuing operations (a non-GAAP measure defined below) was $32.3 million ($0.61 per diluted share). Excluding the contribution from Creative Circle, Adjusted income from continuing operations was $28.8 million ($0.55 per share) and was towards the high-end of our financial estimates. |
• | In conjunction with the Creative Circle acquisition, entered into a new $975 million credit facility, comprised of an $825 million seven-year term loan and a $150 million revolving credit facility. After the closing of Creative Circle, $875 million was outstanding under the facility. |
• | Leverage ratio (total indebtedness to trailing 12 months Adjusted EBITDA) was 3.51 to 1 at June 30, 2015, up from 2.06 to 1 at December 31, 2014. |
• | Revenues of $550.0 million to $555.0 million |
• | Gross margin of 33.5 percent to 33.8 percent |
• | SG&A expense (excludes amortization of intangible assets) of $124.8 to $125.8 million (includes $4.3 million in depreciation and $5.5 million in equity-based compensation expense) |
• | Amortization of intangible assets of $11.4 million |
• | Adjusted EBITDA of $69.0 million to $71.5 million |
• | Effective tax rate of 40.9 percent |
• | Adjusted income from continuing operations of $39.7 million to $41.2 million |
• | Adjusted income from continuing operations per diluted share of $0.74 to $0.77 |
• | Income from continuing operations of $22.6 million to $24.1 million |
• | Income from continuing operations per diluted share of $0.42 to $0.45 |
• | Diluted shares outstanding of 53.4 million |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||
2015 | 2014 (1) | 2015 | 2015 | 2014 (1) | |||||||||||||||
Revenues | $ | 485,323 | $ | 434,424 | $ | 430,045 | $ | 915,368 | $ | 841,275 | |||||||||
Cost of services | 326,789 | 292,519 | 294,170 | 620,959 | 571,215 | ||||||||||||||
Gross profit | 158,534 | 141,905 | 135,875 | 294,409 | 270,060 | ||||||||||||||
Selling, general and administrative expenses | 118,867 | 99,614 | 105,935 | 224,802 | 195,723 | ||||||||||||||
Amortization of intangible assets | 6,957 | 5,522 | 4,869 | 11,826 | 11,060 | ||||||||||||||
Operating income | 32,710 | 36,769 | 25,071 | 57,781 | 63,277 | ||||||||||||||
Interest expense, net | (4,736 | ) | (3,103 | ) | (3,067 | ) | (7,803 | ) | (6,431 | ) | |||||||||
Write-off of loan costs | (3,751 | ) | — | — | (3,751 | ) | — | ||||||||||||
Income before income taxes | 24,223 | 33,666 | 22,004 | 46,227 | 56,846 | ||||||||||||||
Provision for income taxes | 9,888 | 14,025 | 8,981 | 18,869 | 23,600 | ||||||||||||||
Income from continuing operations | 14,335 | 19,641 | 13,023 | 27,358 | 33,246 | ||||||||||||||
Gain on sale of discontinued operations, net of tax | — | — | 25,703 | 25,703 | — | ||||||||||||||
Income (loss) from discontinued operations, net of tax | (83 | ) | 1,148 | 409 | 326 | 1,460 | |||||||||||||
Net income | $ | 14,252 | $ | 20,789 | $ | 39,135 | $ | 53,387 | $ | 34,706 | |||||||||
Basic earnings per common share: | |||||||||||||||||||
Income from continuing operations | $ | 0.28 | $ | 0.36 | $ | 0.25 | $ | 0.53 | $ | 0.61 | |||||||||
Income (loss) from discontinued operations | (0.01 | ) | 0.02 | 0.51 | 0.50 | 0.03 | |||||||||||||
$ | 0.27 | $ | 0.38 | $ | 0.76 | $ | 1.03 | $ | 0.64 | ||||||||||
Diluted earnings per common share: | |||||||||||||||||||
Income from continuing operations | $ | 0.27 | $ | 0.36 | $ | 0.25 | $ | 0.52 | $ | 0.60 | |||||||||
Income from discontinued operations | — | 0.02 | 0.50 | 0.50 | 0.03 | ||||||||||||||
$ | 0.27 | $ | 0.38 | $ | 0.75 | $ | 1.02 | $ | 0.63 | ||||||||||
Number of shares and share equivalents used to calculate earnings per share: | |||||||||||||||||||
Basic | 51,978 | 54,372 | 51,519 | 51,749 | 54,239 | ||||||||||||||
Diluted | 52,633 | 55,173 | 52,209 | 52,435 | 55,098 | ||||||||||||||
(1) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. The results of these businesses are included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the Securities and Exchange Commission ("SEC"). |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||
2015 | 2014 (2) | 2015 | 2015 | 2014 (2) | |||||||||||||||
Revenues: | |||||||||||||||||||
Apex | $ | 338,704 | $ | 297,893 | $ | 294,293 | $ | 632,997 | $ | 576,301 | |||||||||
Oxford | 146,619 | 136,531 | 135,752 | 282,371 | 264,974 | ||||||||||||||
$ | 485,323 | $ | 434,424 | $ | 430,045 | $ | 915,368 | $ | 841,275 | ||||||||||
Gross profit: | |||||||||||||||||||
Apex | $ | 97,652 | $ | 84,677 | $ | 79,643 | $ | 177,295 | $ | 160,183 | |||||||||
Oxford | 60,882 | 57,228 | 56,232 | 117,114 | 109,877 | ||||||||||||||
$ | 158,534 | $ | 141,905 | $ | 135,875 | $ | 294,409 | $ | 270,060 | ||||||||||
(1) | The segments reported above reflect our new segment configuration. The Oxford segment now includes our former Life Sciences Europe segment. |
(2) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. The results of these businesses are included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the SEC. |
Three Months Ended | Six Months Ended | ||||||||||||||||||
June 30, | March 31, | June 30, | |||||||||||||||||
2015 | 2014 | 2015 (1) | 2015 (1) | 2014 | |||||||||||||||
Cash provided by operations | $ | 32,477 | $ | 29,330 | $ | 19,943 | $ | 52,420 | $ | 25,009 | |||||||||
Capital expenditures | $ | 5,331 | $ | 5,618 | $ | 8,000 | $ | 13,331 | $ | 9,638 |
June 30, | March 31, | ||||||
2015 | 2015 | ||||||
Cash and cash equivalents | $ | 41,863 | $ | 76,363 | |||
Accounts receivable, net | 330,958 | 287,759 | |||||
Goodwill and intangible assets, net | 1,319,747 | 755,574 | |||||
Total assets | 1,797,134 | 1,214,229 | |||||
Current portion of long-term debt (2) | — | 17,353 | |||||
Total current liabilities | 171,147 | 153,794 | |||||
Working capital | 246,551 | 255,080 | |||||
Long-term debt (2) | 830,085 | 313,801 | |||||
Other long-term liabilities | 70,806 | 71,806 | |||||
Stockholders’ equity | 725,096 | 674,828 |
(1) | Amounts include cash flows from our Physician Segment. This segment generated a negative $1.8 million of cash flows from operations and its capital expenditures were negligible during the three months ended March 31, 2015. There were no cash flows from the Physician Segment in the three months ended June 30, 2015. |
(2) | March 31, 2015 balances have been adjusted to reflect unamortized deferred loan costs attributable to term loans as a reduction of the related debt balances. This change in presentation was the result of early adopting Accounting Standard Update 2015-03 Imputation of Interest (Subtopic 835-30) Simplifying the Presentation of Debt Issuance Cost. The March 31, 2015 balances are net of $0.9 million unamortized deferred loan costs for the current portion of debt, and $2.5 million unamortized deferred loan costs for the long term portion. The June 30, 2015 balance is net of $19.9 million unamortized deferred loan costs. |
Three Months Ended | ||||||||||||||||||||||||
June 30, | ||||||||||||||||||||||||
2015 | 2014 (1) | March 31, 2015 | ||||||||||||||||||||||
Net income | $ | 14,252 | $ | 0.27 | $ | 20,789 | $ | 0.38 | $ | 39,135 | $ | 0.75 | ||||||||||||
Income (loss) from discontinued operations, net of tax | (83 | ) | — | 1,148 | 0.02 | 26,112 | 0.50 | |||||||||||||||||
Income from continuing operations | 14,335 | 0.27 | 19,641 | 0.36 | 13,023 | 0.25 | ||||||||||||||||||
Interest expense, net | 4,736 | 0.09 | 3,103 | 0.05 | 3,067 | 0.06 | ||||||||||||||||||
Write-off of loan costs | 3,751 | 0.07 | — | — | — | — | ||||||||||||||||||
Provision for income taxes | 9,888 | 0.19 | 14,025 | 0.25 | 8,981 | 0.17 | ||||||||||||||||||
Depreciation | 4,191 | 0.08 | 3,048 | 0.06 | 3,532 | 0.07 | ||||||||||||||||||
Amortization of intangible assets | 6,957 | 0.13 | 5,522 | 0.10 | 4,869 | 0.09 | ||||||||||||||||||
EBITDA | 43,858 | 0.83 | 45,339 | 0.82 | 33,472 | 0.64 | ||||||||||||||||||
Equity-based compensation | 5,236 | 0.10 | 3,926 | 0.07 | 3,954 | 0.08 | ||||||||||||||||||
Acquisition, integration and strategic planning expenses | 6,932 | 0.13 | 1,974 | 0.04 | 1,278 | 0.02 | ||||||||||||||||||
Adjusted EBITDA | $ | 56,026 | $ | 1.06 | $ | 51,239 | $ | 0.93 | $ | 38,704 | $ | 0.74 | ||||||||||||
Weighted average common and common equivalent shares outstanding (diluted) | 52,633 | 55,173 | 52,209 |
Six Months Ended June 30, | |||||||||||||||||
2015 | 2014 (1) | ||||||||||||||||
Net income | $ | 53,387 | $ | 1.02 | $ | 34,706 | $ | 0.63 | |||||||||
Income from discontinued operations, net of tax | 26,029 | 0.50 | 1,460 | 0.03 | |||||||||||||
Income from continuing operations | 27,358 | 0.52 | 33,246 | 0.60 | |||||||||||||
Interest expense, net | 7,803 | 0.14 | 6,431 | 0.12 | |||||||||||||
Write-off of loan costs | 3,751 | 0.07 | — | — | |||||||||||||
Provision for income taxes | 18,869 | 0.36 | 23,600 | 0.43 | |||||||||||||
Depreciation | 7,723 | 0.15 | 5,570 | 0.10 | |||||||||||||
Amortization of intangible assets | 11,826 | 0.23 | 11,060 | 0.20 | |||||||||||||
EBITDA | 77,330 | 1.47 | 79,907 | 1.45 | |||||||||||||
Equity-based compensation | 9,190 | 0.18 | 7,008 | 0.12 | |||||||||||||
Acquisition, integration and strategic planning expenses | 8,210 | 0.16 | 2,562 | 0.05 | |||||||||||||
Adjusted EBITDA | $ | 94,730 | $ | 1.81 | $ | 89,477 | $ | 1.62 | |||||||||
Weighted average common and common equivalent shares outstanding (diluted) | 52,435 | 55,098 |
(1) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. The results of these businesses are included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the SEC. |
Three Months Ended | |||||||||||||||||||||||
June 30, | March 31, | ||||||||||||||||||||||
2015 | 2014 (1) | 2015 | |||||||||||||||||||||
Net income | $ | 14,252 | $ | 0.27 | $ | 20,789 | $ | 0.38 | $ | 39,135 | $ | 0.75 | |||||||||||
Income (loss) from discontinued operations, net of tax | (83 | ) | — | 1,148 | 0.02 | 26,112 | 0.50 | ||||||||||||||||
Income from continuing operations | 14,335 | 0.27 | 19,641 | 0.36 | 13,023 | 0.25 | |||||||||||||||||
Write-off of loan costs, net of tax | 2,288 | 0.04 | — | — | — | — | |||||||||||||||||
Acquisition, integration and strategic planning expenses, net of tax | 4,578 | 0.09 | 1,204 | 0.02 | 780 | 0.01 | |||||||||||||||||
Non-GAAP income from continuing operations | $ | 21,201 | $ | 0.40 | $ | 20,845 | $ | 0.38 | $ | 13,803 | $ | 0.26 | |||||||||||
Weighted average common and common equivalent shares outstanding (diluted) | 52,633 | 55,173 | 52,209 | ||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||
2015 | 2014 (1) | ||||||||||||||
Net income | $ | 53,387 | $ | 1.02 | $ | 34,706 | $ | 0.63 | |||||||
Income from discontinued operations, net of tax | 26,029 | 0.50 | 1,460 | 0.03 | |||||||||||
Income from continuing operations | 27,358 | 0.52 | 33,246 | 0.60 | |||||||||||
Write-off of loan costs, net of tax | 2,288 | 0.05 | 0 | — | |||||||||||
Acquisition, integration and strategic planning expenses, net of tax | 5,358 | 0.10 | 1,563 | 0.03 | |||||||||||
Non-GAAP income from continuing operations | $ | 35,004 | $ | 0.67 | $ | 34,809 | $ | 0.63 | |||||||
Weighted average common and common equivalent shares outstanding (diluted) | 52,435 | 55,098 | |||||||||||||
(1) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. The results of these businesses are included in discontinued operations for all periods presented. Accordingly, the results shown above differ from the results in our previous filings with the SEC. |
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | |||||||||||||||
2015 | 2014 (5) | 2015 | 2014 (5) | ||||||||||||
Non-GAAP income from continuing operations (1) | $ | 21,201 | $ | 20,845 | $ | 35,004 | $ | 34,809 | |||||||
Adjustments: | |||||||||||||||
Amortization of intangible assets (2) | 6,957 | 5,522 | 11,826 | 11,060 | |||||||||||
Cash tax savings on indefinite-lived intangible assets (3) | 4,791 | 3,807 | 8,673 | 7,614 | |||||||||||
Income taxes on amortization for financial reporting purposes not deductible for income tax purposes (4) | (607 | ) | (531 | ) | (1,112 | ) | (1,062 | ) | |||||||
Adjusted income from continuing operations | $ | 32,342 | $ | 29,643 | $ | 54,391 | $ | 52,421 | |||||||
Adjusted income from continuing operations per diluted share | $ | 0.61 | $ | 0.54 | $ | 1.04 | $ | 0.95 | |||||||
Weighted average common and common equivalent shares outstanding (diluted) | 52,633 | 55,173 | 52,435 | 55,098 | |||||||||||
(1) | Non-GAAP income from continuing operations as calculated on preceding page. Non-GAAP income from continuing operations excludes the write-off of loan costs, and acquisition, integration and strategic planning expenses. |
(2) | Amortization of intangible assets of acquired businesses. |
(3) | Income tax benefit (using 39 percent marginal tax rate) from amortization for income tax purposes of certain indefinite-lived intangible assets (goodwill and trademarks), on acquisitions in which the Company received a step-up tax basis. For income tax purposes, these assets are amortized on a straight-line basis over 15 years. For financial reporting purposes, these assets are not amortized and a deferred tax provision is recorded that fully offsets the cash tax benefit in the determination of net income. |
(4) | Income taxes (assuming a 39 percent marginal rate) on the portion of amortization of intangible assets, which is not deductible for income tax purposes (mainly amortization associated with the acquisition of CyberCoders, Inc. that the Company was not able to step-up the tax basis in those acquired assets for tax purposes). |
(5) | Amounts have been restated to exclude results of the Physician Segment from continuing operations. The Physician Segment was sold on February 1, 2015 and its results are now included in discontinued operations. |
Three Months Ended | ||||||||||||||||||||||||
June 30, | Mar. 31, | Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||||||||
2015 | 2014 (2) | |||||||||||||||||||||||
Revenues (in thousands): | ||||||||||||||||||||||||
Apex | $ | 338,704 | $ | 294,293 | $ | 307,724 | $ | 306,027 | $ | 297,893 | $ | 278,408 | ||||||||||||
Oxford | 146,619 | 135,752 | 133,299 | 136,416 | 136,531 | 128,443 | ||||||||||||||||||
Consolidated | $ | 485,323 | $ | 430,045 | $ | 441,023 | $ | 442,443 | $ | 434,424 | $ | 406,851 | ||||||||||||
Direct hire and conversion revenues (in thousands): | ||||||||||||||||||||||||
Apex | $ | 6,285 | $ | 4,079 | $ | 4,146 | $ | 3,930 | $ | 3,988 | $ | 3,682 | ||||||||||||
Oxford | 22,446 | 19,825 | 15,970 | 18,523 | 17,483 | 15,312 | ||||||||||||||||||
Consolidated | $ | 28,731 | $ | 23,904 | $ | 20,116 | $ | 22,453 | $ | 21,471 | $ | 18,994 | ||||||||||||
Gross margins: | ||||||||||||||||||||||||
Apex | 28.8 | % | 27.1 | % | 28.5 | % | 28.5 | % | 28.4 | % | 27.1 | % | ||||||||||||
Oxford | 41.5 | % | 41.4 | % | 41.1 | % | 42.2 | % | 41.9 | % | 41.0 | % | ||||||||||||
Consolidated | 32.7 | % | 31.6 | % | 32.3 | % | 32.7 | % | 32.7 | % | 31.5 | % | ||||||||||||
Average number of staffing consultants: | ||||||||||||||||||||||||
Apex | 1,067 | 965 | 942 | 875 | 835 | 818 | ||||||||||||||||||
Oxford | 983 | 922 | 870 | 845 | 835 | 828 | ||||||||||||||||||
Consolidated | 2,050 | 1,887 | 1,812 | 1,720 | 1,670 | 1,646 | ||||||||||||||||||
Average number of customers: | ||||||||||||||||||||||||
Apex | 1,766 | 1,293 | 1,276 | 1,475 | 1,431 | 1,375 | ||||||||||||||||||
Oxford | 1,092 | 1,027 | 1,050 | 1,013 | 1,005 | 985 | ||||||||||||||||||
Consolidated | 2,858 | 2,320 | 2,326 | 2,488 | 2,436 | 2,360 | ||||||||||||||||||
Top 10 customers as a percentage of revenue: | ||||||||||||||||||||||||
Apex | 25.2 | % | 27.0 | % | 29.0 | % | 29.8 | % | 29.7 | % | 30.6 | % | ||||||||||||
Oxford | 11.2 | % | 11.5 | % | 12.6 | % | 13.3 | % | 13.0 | % | 13.7 | % | ||||||||||||
Consolidated | 17.6 | % | 18.5 | % | 20.3 | % | 20.6 | % | 20.4 | % | 20.9 | % | ||||||||||||
Average bill rate: | ||||||||||||||||||||||||
Apex | $ | 54.99 | $ | 54.02 | $ | 54.59 | $ | 54.65 | $ | 54.16 | $ | 53.89 | ||||||||||||
Oxford | $ | 101.01 | $ | 103.17 | $ | 103.92 | $ | 102.33 | $ | 102.95 | $ | 100.64 | ||||||||||||
Consolidated | $ | 62.54 | $ | 62.06 | $ | 65.01 | $ | 62.56 | $ | 62.51 | $ | 61.93 | ||||||||||||
Gross profit per staffing consultant: | ||||||||||||||||||||||||
Apex | $ | 92,000 | $ | 83,000 | $ | 93,000 | $ | 100,000 | $ | 101,000 | $ | 92,000 | ||||||||||||
Oxford | $ | 62,000 | $ | 61,000 | $ | 63,000 | $ | 68,000 | $ | 69,000 | $ | 64,000 | ||||||||||||
Consolidated | $ | 77,000 | $ | 72,000 | $ | 79,000 | $ | 84,000 | $ | 85,000 | $ | 78,000 |
(1) | The segments reported above reflect our new segment configuration. The Oxford segment now includes our former Life Sciences Europe segment. |
(2) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. |
Three Months Ended | ||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar. 31, | |||||||||||||
2013 | ||||||||||||||||
Revenues (in thousands): | ||||||||||||||||
Apex | $ | 281,032 | $ | 276,849 | $ | 262,347 | $ | 239,765 | ||||||||
Oxford | 115,038 | 117,551 | 118,431 | 112,087 | ||||||||||||
Consolidated | $ | 396,070 | $ | 394,400 | $ | 380,778 | $ | 351,852 | ||||||||
Direct hire and conversion revenues (in thousands): | ||||||||||||||||
Apex | $ | 3,221 | $ | 3,414 | $ | 2,968 | $ | 3,229 | ||||||||
Oxford | 4,085 | 1,915 | 2,038 | 2,073 | ||||||||||||
Consolidated | $ | 7,306 | $ | 5,329 | $ | 5,006 | $ | 5,302 | ||||||||
Gross margins: | ||||||||||||||||
Apex | 28.1 | % | 28.5 | % | 27.8 | % | 26.7 | % | ||||||||
Oxford | 36.6 | % | 34.2 | % | 33.9 | % | 33.7 | % | ||||||||
Consolidated | 30.5 | % | 30.2 | % | 29.7 | % | 28.9 | % | ||||||||
Average number of staffing consultants: | ||||||||||||||||
Apex | 805 | 796 | 777 | 772 | ||||||||||||
Oxford | 695 | 616 | 612 | 599 | ||||||||||||
Consolidated | 1,500 | 1,412 | 1,389 | 1,371 | ||||||||||||
Average number of customers: | ||||||||||||||||
Apex | 1,381 | 1,345 | 1,331 | 1,312 | ||||||||||||
Oxford | 1,048 | 905 | 917 | 891 | ||||||||||||
Consolidated | 2,429 | 2,250 | 2,248 | 2,203 | ||||||||||||
Top 10 customers as a percentage of revenue: | ||||||||||||||||
Apex | 31.1 | % | 31.3 | % | 30.3 | % | 29.7 | % | ||||||||
Oxford | 14.4 | % | 16.8 | % | 18.3 | % | 15.4 | % | ||||||||
Consolidated | 22.1 | % | 21.9 | % | 21.2 | % | 20.6 | % | ||||||||
Average bill rate: | ||||||||||||||||
Apex | $ | 53.41 | $ | 54.10 | $ | 54.26 | $ | 53.59 | ||||||||
Oxford | $ | 102.24 | $ | 105.27 | $ | 107.94 | $ | 107.07 | ||||||||
Consolidated | $ | 61.55 | $ | 62.76 | $ | 63.84 | $ | 63.09 | ||||||||
Gross profit per staffing consultant: | ||||||||||||||||
Apex | $ | 98,000 | $ | 99,000 | $ | 94,000 | $ | 83,000 | ||||||||
Oxford | $ | 61,000 | $ | 65,000 | $ | 66,000 | $ | 63,000 | ||||||||
Consolidated | $ | 81,000 | $ | 84,000 | $ | 81,000 | $ | 74,000 |
(1) | The segments reported above reflect our new segment configuration. The Oxford segment now includes our former Life Sciences Europe segment. |
(2) | Amounts have been restated to give retroactive effect to the sale of our Physician Segment on February 1, 2015, and the closure of our European retained search unit in the fourth quarter of 2014. |
Three Months Ended | |||
June 30, 2015 | March 31, 2015 | ||
Percentage of revenues: | |||
Top ten clients | 17.6% | 18.5% | |
Direct hire/conversion | 5.9% | 5.6% | |
Bill rate: | |||
% Sequential change | 0.8% | (4.5%) | |
% Year-over-year change | —% | 0.2% | |
Bill/Pay spread: | |||
% Sequential change | 1.2% | (5.2%) | |
% Year-over-year change | (3.8%) | (2.2%) | |
Average headcount: | |||
Contract professionals (CP) | 15,506 | 12,318 | |
Staffing consultants (SC) | 2,050 | 1,887 | |