Quarterly Financial Data (Unaudited)

12 Months Ended

Dec. 31, 2024

Quarterly Financial Information Disclosure [Abstract]

The following tables contain selected unaudited statements of operations and comprehensive income (loss) information for each quarter of 2024 and 2023. 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
2024	(amounts in thousands, except per share data)
Revenue from services	$	379,174	$	339,771	$	315,119	$	309,940

Gross profit(a)	77,297		70,805		64,158		61,992






Net income (loss) attributable to common stockholders	2,692		(16,050)		2,555		(3,753)




Net income (loss) per share attributable to common stockholders - Basic(b)	$	0.08	$	(0.47)	$	0.08	$	(0.12)




Net income (loss) per share attributable to common stockholders - Diluted(b)	$	0.08	$	(0.47)	$	0.08	$	(0.12)


	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

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(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:

•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 2024, the Company recorded expenses of $0.9 million in the first quarter, $2.1 million in the second quarter, and $1.0 million in the third quarter. The Company recorded expenses of $0.9 million in both the second and fourth quarters of 2023.

•During the second quarter of 2024, the Company recorded $19.4 million of credit loss expense driven by a bankruptcy filing by a single MSP customer. In 2024, the Company recorded legal and other losses of $3.7 million in the first quarter and $3.9 million in the second quarter, representing settlements of lawsuits, as well as estimated costs related to an unrecoverable asset. During the fourth quarter of 2024, the Company recorded legal and other losses of $1.2 million to settle an older class action lawsuit, as well as a recovery of $1.8 million related to a previously written off unrecoverable asset. During the first quarter of 2023, the Company incurred $1.1 million, including legal fees, to settle a wage and hour class action lawsuit.

•During the fourth quarter of 2024, the Company recorded impairment charges of $2.2 million related to the write-off of goodwill and intangible assets associated with the impairment of a previous asset acquisition. See Note 5 - Goodwill, Trade Names, and Other Intangible Assets.

•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. See Note 8 - Debt.

•During the fourth quarter of 2024, the Company incurred $4.2 million in fees associated with the pending Aya Merger.