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HMS Holdings Corp$18.92($.14)(.73%)

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 HMS Holdings Corp. Reports Fourth Quarter and Full-Year 2016 Results
   Friday, February 24, 2017 6:00:14 AM ET

-- Q4 GAAP EPS of $0.13 and Adjusted EPS of $0.20 Per Diluted Share / Full-Year 2016 GAAP EPS of $0.43 (+53.6% YOY) and Adjusted EPS of $0.75 (+31.6% YOY) Per Diluted Share

-- Q4 Revenue of $128.1 Million / Full-Year 2016 Revenue Increased 4.6% YOY to a Record $496.0 Million

-- Record Q4 Commercial Health Plan Revenue of $64.3 Million / Full-Year 2016 Commercial Health Plan Revenue of $234.7 Million was 15.6% Higher YOY

-- Q4 Share Repurchases of ~$20.5 Million

-- 7-9% Total Revenue Growth Projected for 2017, Including High Teens Commercial Health Plan Growth

HMS Holdings Corp. (HMSY ) today announced financial results for the fourth quarter and full-year 2016. Net income for the quarter ended December 31, 2016 was $11.0 million or $0.13 per diluted share, compared to net income of $13.5 million or $0.16 per diluted share in the third quarter of 2016 and $8.7 million or $0.10 per diluted share in the prior year fourth quarter. Adjusted EPS in the quarter was $0.20 per diluted share, compared to adjusted EPS of $0.24 per diluted share in the third quarter of 2016 and adjusted EPS of $0.19 per diluted share in the prior year fourth quarter. Net income and adjusted EPS in the third quarter of 2016 both included tax benefits of approximately $6.2 million or $0.07 per diluted share for certain prior open years’ Research and Development ("R&D") credits and domestic manufacturing deductions recognized in the quarter.

For the full-year ended December 31, 2016, net income was $37.6 million or $0.43 per diluted share, compared to $24.5 million or $0.28 per diluted share in the prior year - an increase of $0.15 or 53.6%. Adjusted EPS for the full-year 2016 was $0.75 per diluted share, compared to $0.57 per diluted share in full-year 2015 - an increase of $0.18 per diluted share or 31.6%.

Total revenue in the fourth quarter was $128.1 million, compared to total revenue of $124.6 million in the third quarter of 2016 and $128.5 million in the prior year fourth quarter. For the full-year 2016, total revenue increased 4.6% to a record $496.0 million, including $18.8 million of Medicare RAC revenue, compared to total revenue for the full-year 2015 of $474.2 million, which included $20.5 million of Medicare RAC revenue.

"2016 was a year of solid growth in total revenue, operating income and adjusted EPS. Adjusted EBITDA also increased, overall profitability and margins improved, operating cash flow remained strong and we acquired a care management platform - which was our first step in building out a new vertical to complement our historically strong cost containment product suite," said Bill Lucia, Chairman and CEO. "We enter the new year with momentum as fourth quarter health plan revenue of $64.3 million was the second consecutive record quarterly total, though not quite enough to meet our full-year growth target. Additionally, sales which closed during the second half of 2016 and will become revenue generating over the next few months; the run rate benefit of business implemented throughout last year; ongoing product yield improvement initiatives; and a robust pipeline of potential sales we expect to close in the early part of this year each contribute to our view of expected 2017 growth. As a result, we are projecting a high teens increase in year-over-year health plan revenue," Lucia concluded.

Revenue in the fourth quarter of $127.4 million, excluding Medicare RAC, was approximately 7.2% higher than the prior year fourth quarter. Commercial health plan revenue in the quarter was a record $64.3 million, a 10% increase compared to $58.5 million in the prior year fourth quarter and 8.6% higher than the third quarter of 2016. State government revenue was $57.7 million in the fourth quarter, a 5.9% increase compared to $54.5 million in the prior year fourth quarter and 8.9% higher than the third quarter of 2016. Federal (excluding Medicare RAC) and Other revenue was $5.3 million in the fourth quarter, a $0.5 million decrease compared to the prior year fourth quarter and a $0.5 million decrease compared to the third quarter of 2016. Medicare RAC revenue in the fourth quarter of 2016 was $0.7 million, compared to $9.7 million in the prior year fourth quarter and $5.8 million in the third quarter of 2016.

On a full-year basis, commercial health plan revenue was $234.7 million, a 15.6% increase compared to $203.1 million in 2015; state government revenue was $219.1 million, a 3.1% decrease compared to $226.1 million in 2015; Federal (excluding Medicare RAC) and Other revenue was $23.3 million, a decrease of $1.3 million or 5.3% compared to 2015; and Medicare RAC revenue was $18.8 million, an 8.0% decrease compared to $20.5 million in 2015.

Coordination of Benefits ("COB") revenue, which continues to be our largest product line across both the state government and commercial health plan businesses, was $95.0 million in the fourth quarter of 2016 compared to $87.1 million in the prior year fourth quarter and $86.3 million in the third quarter of 2016. COB accounted for 74.2% of total revenue in the fourth quarter, compared to 67.8% in the prior year fourth quarter and 69.3% in the third quarter of 2016. For the full-year, COB revenue was $353.9 million, a 4.8% increase compared to $337.6 million in 2015.

Payment integrity ("PI") revenue (excluding Medicare RAC) was $32.4 million in the fourth quarter, a $0.7 million or 2.2% increase compared to the prior year fourth quarter and a $0.1 million or 0.3% decrease from the third quarter of 2016. For the full-year, PI revenue was $123.3 million, a 6.2% increase compared to $116.1 million in 2015.

"The leveragability and cash flow generation inherent in our operating model was evident throughout 2016, but particularly so in the fourth quarter which included adjusted EBITDA of $32.2 million, operating cash flow of $34.3 million and a 14.6% operating margin," said Jeff Sherman, CFO. "Available cash at year-end of ~$176 million was significantly higher than the prior year end, even after our third-quarter acquisition of Essette and share repurchases in the fourth quarter of approximately $20.5 million. Our strong balance sheet and expected operating cash flow of $90-110 million for 2017 position the Company well for additional acquisitions, planned investments in big data solutions and our IT infrastructure, internal product innovation activities and other growth initiatives," added Sherman.

For additional information about the Company’s fourth quarter and full-year 2016 financial results and the Company’s 2017 guidance, see the Q4 and Full-Year 2016 Investor Presentation which is available on the Company’s website at http://investor.hms.com/events.cfm .

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Webcast and Conference Call Information</span>

HMS will report its preliminary fourth quarter and full-year 2016 financial and operating results via webcast at 7:30 AM CT / 8:30 AM ET on Friday, February 24, 2017. The numbers are preliminary as there are still open audit items that will be discussed on the webcast. The webcast may also include discussion of HMS developments, forward-looking statements and other material information about business and financial matters. The webcast can be accessed via phone at (877) 303-7208 or (224) 357-2389 for international participants, or on the HMS Investor Relations website at http://investor.hms.com/events.cfm . The webcast will also be archived and available for replay beginning at approximately 11:00 AM CT / 12:00 PM ET on February 24, 2017 at http://investor.hms.com/events.cfm . This press release and the financial statements contained herein are also available on the HMS Investor Relations website at http://investor.hms.com/releases.cfm .

About HMS

HMS Holdings Corp., through its subsidiaries, provides coordination of benefits, payment integrity and care management solutions for payers. The Company serves state Medicaid programs; commercial health plans, including Medicaid managed care, Medicare Advantage and group and individual health lines of business; federal government health agencies, including the Centers for Medicare & Medicaid Services and the Veterans Health Administration; government and private employers; child support agencies; and other healthcare payers and sponsors. As a result of the Company’s services, customers recover billions of dollars annually and save billions more through the prevention of improper payments.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Non-GAAP Financial Measures</span>

The Company reports and discusses its operating results using financial measures consistent with accounting principles generally accepted in the United States ("GAAP"). From time to time, in press releases, financial presentations, earnings conference calls or otherwise, the Company may disclose certain non-GAAP financial measures. The non-GAAP financial measures presented in this press release should not be viewed as alternatives or substitutes for the Company’s reported GAAP results. A reconciliation to the most directly comparable GAAP financial measure is set forth in the tables that accompany this release.

The Company believes that the non-GAAP financial measures presented in this press release provide useful information to the Company’s management, investors, and other interested parties about the Company’s operating performance because they allow them to understand and compare the Company’s operating results during the current periods to the prior year periods in a more consistent manner. The non-GAAP measures presented in this press release may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and reflect an additional way of viewing aspects of the Company’s operations that, when viewed with GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of the results of operations and trends affecting the Company’s business. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to financial measures calculated in accordance with GAAP.

<span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Safe Harbor </span><span data-mce-style="text-decoration: underline;" style="text-decoration: underline;">Statement</span>

The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Form 10-K is filed. This press release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements reflect our current expectations, projections and assumptions about our business, the economy and future events or conditions. They do not relate strictly to historical or current facts. Forward???looking statements can be identified by words such as "aims," "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "likely," "may," "plans," "projects," "seeks," "targets," "will," "would," "could," "should," and similar expressions and references to guidance, although some forward-looking statements may be expressed differently. In particular, these include statements relating to future actions, business plans, objectives and prospects, future operating or financial performance. Factors or events that could cause actual results to differ may emerge from time to time and are difficult to predict. Should known or unknown risks or uncertainties materialize, or should underlying assumptions prove inaccurate, actual results may differ materially from past results and those anticipated, estimated or projected. We caution you not to place undue reliance upon any of these forward-looking statements.

Factors that could cause or contribute to such differences, include, but are not limited to: our ability to execute our business plans or growth strategy; our failure to innovate, develop or implement new or enhanced solutions or services; the nature of investment and acquisition opportunities we are pursuing, and the successful execution of such investments and acquisitions; our ability to successfully integrate acquired businesses and realize synergies; variations in our results of operations; our failure to accurately forecast the revenue under our contracts and solutions; our ability to protect our systems from damage, interruption or breach, and to maintain effective information and technology systems and networks; our failure to protect our intellectual property rights, proprietary technology, information processes, and know-how; significant competition for our solutions and services; our failure to maintain a high level of customer retention or the unexpected reduction in scope or termination of key contracts with major customers; customer dissatisfaction, our non-compliance with contractual provisions or regulatory requirements; our failure to meet performance standards triggering significant costs or liabilities under our contracts; our inability to manage our relationships with information and data sources and suppliers; reliance on subcontractors and other third party providers and parties to perform services; our ability to continue to secure contracts and favorable contract terms through the competitive bidding process and to prevail in protests or challenges to contract awards; pending or threatened litigation; unfavorable outcomes in legal proceedings; our success in attracting qualified employees and members of our management team; our ability to generate sufficient cash to cover our interest and principal payments under our credit facility or to borrow or use credit; unexpected changes in our effective tax rates; unanticipated increases in the number or amount of claims for which we are self-insured; changes in the U.S. healthcare environment or healthcare financing system, including regulatory, budgetary or political actions that affect procurement practices and healthcare spending; our failure to comply with applicable laws and regulations governing individual privacy and information security or to protect such information from theft and misuse; negative results of government or customer reviews, audits or investigations; state or federal limitations related to outsourcing or certain government programs or functions; restrictions on bidding or performing certain work due to perceived conflicts of interests; the market price of our common stock and lack of dividend payments; and anti-takeover provisions in our corporate governance documents; and other factors, risks and uncertainties described in our most recent Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission. Any forward-looking statements are made as of the date of this press release. Except as may be required by law, we disclaim any obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.

 HMS HOLDINGS CORP. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (in thousands, except per share amounts)
                                                                       Three Months Ended            Twelve Months Ended
                                                                       December 31,                  December 31,
                                                                             2016         2015             2016         2015
 Revenue                                                               $     128,093    $ 128,514    $     496,010    $ 474,216
 Cost of services:
 Compensation                                                                47,229       46,694           189,271      178,272
 Data processing                                                             9,068        10,409           37,337       40,915
 Occupancy                                                                   3,354        3,765            14,000       15,766
 Direct project expenses                                                     9,301        14,775           46,254       51,527
 Other operating expenses                                                    7,130        8,453            27,778       28,895
 Amortization of acquisition related software and intangible assets          7,614        7,013            28,030       28,148
 Total cost of services                                                      83,696       91,109           342,670      343,523
 Selling, general and administrative expenses                                25,639       22,582           95,671       83,121
 Total operating expenses                                                    109,335      113,691          438,341      426,644
 Operating income                                                            18,758       14,823           57,669       47,572
 Interest expense                                                            (2,207  )    (1,970  )        (8,519  )    (7,812  )
 Interest income                                                             109          15               321          49
 Income before income taxes                                                  16,660       12,868           49,471       39,809
 Income tax expense                                                          5,658        4,143            11,835       15,282
 Net income                                                            $     11,002     $ 8,725      $     37,636     $ 24,527
 Basic income per common share:
 Net income per common share -- basic                                  $     0.13       $ 0.10       $     0.45       $ 0.28
 Diluted income per common share:
 Net income per common share -- diluted                                $     0.13       $ 0.10       $     0.43       $ 0.28
 Weighted average shares:
 Basic                                                                       84,154       86,625           84,221       87,881
 Diluted                                                                     85,822       87,110           86,987       88,361
 Note: Certain reclassifications were made to prior period amounts to conform to current period presentations.
 HMS HOLDINGS CORP. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except per share amounts) ???
                                                                                                                    December 31,         December 31,
                                                                                                                    2016                 2015
 Assets
 Current assets:
 Cash and cash equivalents                                                                                          $        175,999     $        145,610
 Accounts receivable, net of allowance for doubtful accounts of $10,772 and $11,464,
 at December 31, 2016 and 2015, respectively                                                                                 173,582              169,146
 Prepaid expenses                                                                                                            13,699               11,261
 Income tax receivable                                                                                                       3,354                -
 Other current assets                                                                                                        1,001                3,051
 Total current assets                                                                                                        367,635              329,068
 Property and equipment, net                                                                                                 92,167               96,551
 Goodwill                                                                                                                    379,716              361,468
 Intangible assets, net                                                                                                      37,797               54,308
 Deferred financing costs, net                                                                                               2,790                4,873
 Other assets                                                                                                                2,650                4,329
 Total assets                                                                                                       $        882,755     $        850,597
 Liabilities and Shareholders’ Equity
 Current liabilities:
 Accounts payable, accrued expenses and other liabilities                                                           $        59,402      $        51,661
 Estimated liability for appeals                                                                                             30,755               33,078
 Income taxes payable                                                                                                        -                    3,873
 Total current liabilities                                                                                                   90,157               88,612
 Long-term liabilities:
 Revolving credit facility                                                                                                   197,796              197,796
 Net deferred tax liabilities                                                                                                22,717               30,961
 Deferred rent                                                                                                               5,427                6,006
 Other liabilities                                                                                                           10,048               2,520
 Total long-term liabilities                                                                                                 235,988              237,283
 Total liabilities                                                                                                           326,145              325,895
 Shareholders’ equity:
 Preferred stock -- $0.01 par value; 5,000,000 shares authorized; none issued                                                -                    -
 Common stock -- $0.01 par value; 175,000,000 shares authorized; 95,966,852 shares issued and 83,552,774 shares
 outstanding at December 31, 2016; 95,263,461 shares issued and 83,989,715 shares outstanding at December 31, 2015           959                  952
 Capital in excess of par value                                                                                              345,025              330,290
 Retained earnings                                                                                                           326,110              288,474
 Treasury stock, at cost -- 12,414,078 shares at December 31, 2016 and 11,273,746 shares December 31, 2015                   (115,484 )           (95,014  )
 Total shareholders’ equity                                                                                                  556,610              524,702
 Total liabilities and shareholders’ equity                                                                         $        882,755     $        850,597
 Note: Certain reclassifications were made to prior period amounts to conform to current period presentation.
 HMS HOLDINGS CORP. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (in thousands) ???
                                                                                                                                                 Years ended December 31,
                                                                                                                                                        2016         2015         2014
 Operating activities:
 Net income                                                                                                                                      $      37,636     $ 24,527     $ 13,947
 Adjustments to reconcile net income to net cash provided by operating activities:
 Depreciation and amortization of property and equipment                                                                                                24,882       30,328       32,864
 Amortization of intangible assets                                                                                                                      20,164       20,270       20,734
 Amortization of deferred financing costs                                                                                                               2,083        2,084        2,084
 Stock-based compensation expense                                                                                                                       13,277       14,297       13,356
 Deferred income taxes                                                                                                                                  (7,368  )    (14,020 )    (12,290 )
 (Gain) / Loss on disposal of assets                                                                                                                    (948    )    84           219
 Change in fair value of contingent consideration                                                                                                       -            -            (517    )
 Changes in operating assets and liabilities, net of the effect of acquisitions:
 Accounts receivable                                                                                                                                    (3,554  )    (12,045 )    14,625
 Prepaid expenses                                                                                                                                       (2,399  )    549          1,132
 Prepaid income taxes                                                                                                                                   -            6,711        3,445
 Other current assets                                                                                                                                   2,066        (412    )    (2,150  )
 Other assets                                                                                                                                           234          10           121
 Income taxes receivable / (payable)                                                                                                                    (7,227  )    3,873        -
 Accounts payable, accrued expenses and other liabilities                                                                                               12,116       (250    )    18,039
 Estimated liability for appeals                                                                                                                        (2,323  )    (3,721  )    (5,053  )
 Net cash provided by operating activities                                                                                                              88,639       72,285       100,556
 Investing activities:
 Acquisition of a business, net of cash acquired                                                                                                        (20,678 )    -            -
 Proceeds from sale of cost basis investment                                                                                                            2,496        -            -
 Purchases of land, property and equipment                                                                                                              (13,703 )    (8,620  )    (22,687 )
 Investment in capitalized software                                                                                                                     (7,316  )    (3,197  )    (3,514  )
 Net cash used in investing activities                                                                                                                  (39,201 )    (11,817 )    (26,201 )
 Financing activities:
 Repayment of revolving credit facility                                                                                                                 -            -            (35,000 )
 Proceeds from exercise of stock options                                                                                                                2,940        4,187        4,110
 Payments of tax withholdings on behalf of employees for net-share
 settlement for stock-based compensation                                                                                                                (1,475  )    (1,029  )    (1,658  )
 Payments on capital lease obligations                                                                                                                  (44     )    (1,132  )    (1,629  )
 Payments on contingent consideration                                                                                                                   -            -            (428    )
 Purchases of treasury stock                                                                                                                            (20,470 )    (50,000 )    -
 Net cash used in financing activities                                                                                                                  (19,049 )    (47,974 )    (34,605 )
 Net increase in cash and cash equivalents                                                                                                              30,389       12,494       39,750
 Cash and cash equivalents
 Cash and cash equivalents at beginning of year                                                                                                         145,610      133,116      93,366
 Cash and cash equivalents at end of year                                                                                                        $      175,999    $ 145,610    $ 133,116
 Supplemental disclosure of cash flow information:
 Cash paid for income taxes                                                                                                                      $      20,326     $ 22,878     $ 21,144
 Cash paid for interest                                                                                                                          $      6,196      $ 5,694      $ 4,458
 Supplemental disclosure of noncash activities:
 Change in balance of accrued property and equipment purchases                                                                                   $      684        $ 729        $ 1,610
 Note: Certain reclassifications were made to prior period amounts to conform to current period presentation.???
 HMS HOLDINGS CORP. AND SUBSIDIARIES
 (in thousands, except per share amounts)
 Reconciliation of Net Income to EBITDA and Adjusted EBITDA
 As summarized in the following tables, earnings before interest, taxes, depreciation and amortization, stock-based compensation, and non-recurring legal expense (adjusted EBITDA) was $32.3 million for the fourth quarter of 2016.
                                                                                                  Three months ended                               Three months ended
                                                                                                  September 30,                                    December 31,
                                                                                                                         2016                                             2016                      2015
 Net Income                                                                                       $                      13,508                    $                      11,002                  $ 8,724
 Net interest expense                                                                                                    2,016                                            2,099                     1,956
 Income taxes                                                                                                            (2,874                 )                         5,659                     4,144
 Depreciation and amortization, net of deferred financing costs, included in net interest expense                        11,106                                           10,962                    12,143
 Earnings before interest, taxes, depreciation and amortization (EBITDA)                                                 23,756                                           29,722                    26,967
 Stock based compensation expense                                                                                        2,102                                            2,530                     4,089
 Non-recurring legal fees                                                                                                -                                                -                         -
 Adjusted EBITDA                                                                                  $                      25,858                    $                      32,252                  $ 31,056

Adjusted EBITDA was $117.4 million for the full-year 2016.

                                                                                                  Twelve months ended
                                                                                                  December 31,
                                                                                                                                                                        2016       2015
 Net Income                                                                                       $                                                                     37,636   $ 24,527
 Net interest expense                                                                                                                                                   8,198      7,763
 Income taxes                                                                                                                                                           11,835     15,282
 Depreciation and amortization, net of deferred financing costs, included in net interest expense                                                                       44,930     50,598
 Earnings before interest, taxes, depreciation and amortization  (EBITDA)                                                                                               102,599  $ 98,170
 Stock based compensation expense                                                                                                                                       13,277     14,297
 Non-recurring legal fees                                                                                                                                               1,563      -
 Adjusted EBITDA                                                                                  $                                                                     117,439  $ 112,467
 In periods prior to 2016, legal fees related to disputes involving PCG were not included in adjusted earnings because they were not considered non-recurring at the time. For the three months ended September 30, 2015, related legal fees were $0.9 million. For the three months ended December 31, 2015 related legal fees were $1.4 million. For the nine months ended December 31, 2015 related legal fees were $5.5 million.
HMS HOLDINGS CORP. AND SUBSIDIARIES
(in thousands, except per share amounts)
Reconciliation of Net Income to GAAP EPS and Adjusted EPS
As summarized in the following tables, diluted earnings per share adjusted for stock-based compensation expense, non-recurring legal expense, amortization of acquisition related software and intangible assets and for the related taxes (adjusted EPS) was $0.20 for the fourth quarter of 2016, an increase of 5.3% from $0.19 for the fourth quarter of 2015.
                                                                   Three months ended                                             Three months ended
                                                                   September 30,                                                  December 31,
                                                                                                 2016                                                           2016                               2015
Net Income                                                         $                             13,508                           $                             11,002                           $ 8,724
Stock-based compensation expense                                                                 2,102                                                          2,530                              4,089
Non-recurring legal fees                                                                         -                                                              -                                  -
Amortization of acquisition related software and intangible assets                               7,015                                                          6,989                              7,013
Income tax related to adjustments                                                                (2,644                        )                                (3,189                        )    (3,349                        )
Sub-total                                                          $                             19,981                           $                             17,332                           $ 16,477
Weighted average common shares, diluted                                                          84,853                                                         85,822                             87,110
Diluted GAAP EPS                                                   $                             0.16                             $                             0.13                             $ 0.10
Diluted adjusted EPS                                               $                             0.24                             $                             0.20                             $ 0.19

Adjusted EPS was $0.75 for the full-year of 2016, an increase of 31.6% compared $0.57 for the full-year of 2015.

                                                                                           Twelve months ended
                                                                                           December 31,
                                                                                                                                                                                      2016         2015
Net Income                                                                                 $                                                                                          37,636     $ 24,527
Stock-based compensation expense                                                                                                                                                      13,277       14,297
Non-recurring legal fees                                                                                                                                                              1,563        -
Amortization of acquisition related software and intangible assets                                                                                                                    28,030       28,148
Income tax related to adjustments                                                                                                                                                     (15,536 )    (16,295 )
Sub-total                                                                                  $                                                                                          64,970     $ 50,677
Weighted average common shares, diluted                                                                                                                                               86,987       88,361
Diluted GAAP EPS                                                                                                                                                                      0.43       $ 0.28
Diluted adjusted EPS                                                                                                                                                                  0.75       $ 0.57
Related legal fees were not considered non-recurring in 2015. For the three months September 30, 2015, related legal fees were approximately $0.9 million and income taxes on related legal fees were approximately $0.3 million or the equivalent of $0.01 per diluted Adjusted EPS. For the three months ended December 31, 2015, related legal fees were approximately $1.4 million and income taxes on related legal fees were approximately $0.5 million or the equivalent of $0.01 per diluted Adjusted EPS. For the twelve months ended December 31, 2015, related legal fees were approximately $5.5 million and income taxes on related legal fees were approximately $2.1 million or the equivalent of $0.04 per diluted Adjusted EPS.
Investor Contact:
Dennis Oakes
SVP, Investor Relations
dennis.oakes@hms.com
212-857-5786

Media Contact:
Francesca Marraro
VP, Marketing and Communications
fmarraro@hms.com
212-857-5442

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