Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

The following tables contain selected unaudited statements of operations information for each quarter of 2020 and 2019. The following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2020	(amounts in thousands, except per share data)
Revenue from services	$	210,064	$	216,779	$	193,968	$	215,606

Gross profit(a)	49,603		50,734		48,003		54,392



Consolidated net (loss) income	(1,768)		(14,048)		(1,148)		4,822


Net (loss) income attributable to common shareholders	(2,089)		(14,151)		(1,334)		4,612




Net (loss) income per share attributable to common shareholders - Basic and Diluted(b)	$	(0.06)	$	(0.39)	$	(0.04)	$	0.13


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2019	(amounts in thousands, except per share data)
Revenue from services	$	195,171	$	202,757	$	209,200	$	215,096

Gross profit(a)	48,254		51,588		51,006		53,161



Consolidated net loss	(1,376)		(51,270)		(2,697)		(600)


Net loss attributable to common shareholders	(1,767)		(51,674)		(3,128)		(1,144)




Net loss per share attributable to common shareholders - Basic and Diluted(b)	$	(0.05)	$	(1.44)	$	(0.09)	$	(0.03)

________________

(a) Excludes depreciation and amortization.

(b) The sum of the quarterly per share amounts may not equal amounts reported for year-to-date due to the effects of rounding and changes in the number of weighted average shares outstanding used in the calculation.

The following items are the most significant items that impact the comparability and presentation of our consolidated data:

•During the second and third quarters of 2020, the Company recorded impairment charges of $10.5 million and $0.2 million, respectively, related to goodwill and other intangible assets of the Search business, and during the second and third quarters, recorded $4.5 million and $0.9 million, respectively, related to ceasing use of certain leased properties. During the second and third quarters of 2019, the Company recorded non-cash impairment charges of $14.5 million related to the trade names of Nurse and Allied Staffing, and $1.8 million related to ceasing use of certain leased properties, respectively. See Note 5 - Goodwill, Trade Names, and Other Intangible Assets.

•During the year ended December 31, 2019, the Company accelerated certain finite-lived trade names as part of a rebranding strategy. This resulted in additional amortization expense related to the Company's Nurse and Allied Staffing segment in the fourth quarter of $2.0 million, and in the second and third quarters, $0.5 million and $0.3 million, respectively, related to the Physician Staffing segment. Additional amortization expense of $0.7 million, $1.4 million, and $0.9 million, respectively, related to the Nurse and Allied Staffing segment was recorded in the first three quarters of 2020.

•The Company incurred restructuring costs primarily comprised of employee termination costs, lease-related exit costs, and reorganization costs as part of planned cost savings initiatives. In the first quarter of 2020, the Company recorded expenses of $0.6 million, recorded expenses in the second and third quarters of $2.3 million, and recorded expenses of $0.9 million in the fourth quarter. The Company recorded expenses of $1.2 million, $1.6 million, and $0.7 million, respectively, in the first, third, and fourth quarters of 2019.

•During the second, third, and fourth quarters of 2020, the Company recorded legal fees related to an ongoing legal matter outside the normal course of operations of $1.6 million, $0.8 million, and $0.6 million, respectively. During the second quarter of 2019, the Company recorded $1.6 million in legal settlement charges related to the resolution of a medical malpractice lawsuit and settlement of a wage and hour class action lawsuit.

•During the fourth quarter of 2019, the Company wrote off debt issuance costs related to a reduction in borrowing capacity on its prior revolving credit facility and recognized a loss on early extinguishment of debt related to its refinancing of $1.5 million. See Note 8 - Debt.

•The Company incurred applicant tracking system expenses related to its project to replace its legacy system supporting its travel nurse staffing business. In the first quarter of 2020, the Company recorded costs of $0.5 million, recorded costs in the second and third quarters of $0.4 million, and recorded costs of $0.7 million in the fourth quarter. In the first quarter of 2019, the Company recorded expenses of $1.1 million, and recorded costs in each of the remaining three quarters of $0.3 million.

•Income tax expense recorded in the second quarter of 2019 includes $35.8 million of expense related to the establishment of valuation allowances on the Company's deferred tax assets. See Note 14 - Income Taxes.

•The Company terminated an interest rate hedge related to its Term Loan, recording a loss in the third quarter of 2019 of $1.3 million. See Note 9 - Derivative.