Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

The following tables contain selected unaudited statements of operations and comprehensive income information for each quarter of 2023 and 2022. 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
2023	(amounts in thousands, except per share data)
Revenue from services	$	622,707	$	540,695	$	442,291	$	414,035

Gross profit(a)	139,423		123,139		97,359		90,489






Net income attributable to common stockholders	29,436		21,345		12,812		9,038




Net income per share attributable to common stockholders - Basic(b)	$	0.82	$	0.60	$	0.37	$	0.26




Net income per share attributable to common stockholders - Diluted(b)	$	0.81	$	0.60	$	0.36	$	0.26


	First Quarter		Second Quarter		Third Quarter		Fourth Quarter
2022	(amounts in thousands, except per share data)
Revenue from services	$	788,732	$	753,561	$	636,098	$	628,218

Gross profit(a)	174,794		170,405		143,545		138,942






Net income attributable to common stockholders	61,983		52,894		34,793		38,791




Net income per share attributable to common stockholders - Basic(b)	$	1.67	$	1.41	$	0.94	$	1.06




Net income per share attributable to common stockholders - Diluted (b)	$	1.63	$	1.40	$	0.93	$	1.05

________________

(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 first and third quarters of 2022, the Company recorded impairment charges of $1.7 million and $2.0 million, respectively, related to right-of-use assets and related property in connection with vacated leases, and $1.9 million related to the write-off of an IT project in the third quarter. See Note 5 - Goodwill, Trade Names, and Other Intangible Assets and Note 9 - Leases.

•On December 13, 2022, the Company acquired Hireup Leadership Inc. and on October 3, 2022, the Company acquired Mint Medical Physician Staffing, LP and Lotus Medical Staffing LLC. The acquisitions were not material and have been accounted for using the acquisition method. The results of the acquisitions' operations have been included in the consolidated statements of operations and comprehensive income from their dates of acquisition. See Note 4 - Acquisitions.

•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. The Company recorded expenses of $0.9 million in both the second and fourth quarters of 2023. In 2022, the Company recorded a benefit of $1.1 million associated with the early termination of the lease for one of the Company's corporate offices in the second quarter, which was previously restructured, and recorded expenses in the third quarter of $2.5 million.

•The Company recorded loss on early extinguishment of debt of $1.7 million in the second quarter of 2023, consisting of the write-off of debt issuance costs related to the payoff and termination of the term loan on June 30, 2023. In the second and fourth quarters of 2022, the Company recorded loss on early extinguishment of debt of $1.9 million and $1.8 million, respectively, consisting of a prepayment premium and the write-off of debt issuance costs related to the optional prepayments on its term loan. See Note 8 - Debt.

•During the second quarter of 2022, the Company recognized a gain on lease termination of $1.1 million as a result of the early termination of the lease for one of the Company's corporate offices.

•During the first quarter of 2023, the Company incurred $1.1 million, including legal fees, to settle a wage and hour class action lawsuit.