XML 45 R26.htm IDEA: XBRL DOCUMENT v3.25.0.1
Immaterial Financial Restatement to Prior Period Financial Statements
 12 Months Ended
Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]  
Immaterial Financial Restatement to Prior Period Financial Statements Immaterial Financial Restatement to Prior Period Financial Statements
As discussed in Note 2 – Summary of Significant Accounting Policies, the Company identified an error in the consolidated financial statements of prior periods that it concluded was not material to the previously-issued financial statements. A summary of the revisions to the impacted financial statement line items in the previously-issued Consolidated Balance Sheet as of December 31, 2022 and 2023, the Consolidated Statement of Stockholders’ Equity for the years ended December 31, 2022 and 2023, and the Consolidated Statement of Operations and Comprehensive Income and Consolidated Statement of Cash Flows for the year ended December 31, 2022 included in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, are provided below.
19. Immaterial Financial Restatement to Prior Period Financial Statements (continued)

CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
 Year Ended December 31, 2023
As ReportedRevisionsAs Revised
Assets
Current assets:  
Cash and cash equivalents$17,094 $— $17,094 
Accounts receivable, net372,352 — 372,352 
Income taxes receivable6,898 1,722 8,620 
Prepaid expenses7,681 — 7,681 
Insurance recovery receivable9,097 — 9,097 
Other current assets2,031 — 2,031 
Total current assets415,153 1,722 416,875 
Property and equipment, net27,339 — 27,339 
Operating lease right-of-use assets2,599 — 2,599 
Goodwill135,430 — 135,430 
Other intangible assets, net54,468 — 54,468 
Deferred tax assets5,954 25 5,979 
Insurance recovery receivable25,714 — 25,714 
Cloud computing5,987 — 5,987 
Other assets6,673 — 6,673 
Total assets$679,317 $1,747 $681,064 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses$85,333 $7,489 $92,822 
Accrued compensation and benefits52,297 — 52,297 
Operating lease liabilities2,604 — 2,604 
Earnout liability6,794 — 6,794 
Other current liabilities1,559 — 1,559 
Total current liabilities148,587 7,489 156,076 
Operating lease liabilities2,663 — 2,663 
Accrued claims34,853 — 34,853 
Earnout liability5,000 — 5,000 
Uncertain tax positions10,603 — 10,603 
Other liabilities4,218 — 4,218 
Total liabilities205,924 7,489 213,413 
Commitments and contingencies
Stockholders’ equity:
Common stock4 — 4 
Additional paid-in capital236,417 — 236,417 
Accumulated other comprehensive loss(1,385)— (1,385)
Retained earnings238,357 (5,742)232,615 
Total stockholders’ equity
473,393 (5,742)467,651 
Total liabilities and stockholders’ equity
$679,317 $1,747 $681,064 
19. Immaterial Financial Restatement to Prior Period Financial Statements (continued)

CONSOLIDATED BALANCE SHEETS
(amounts in thousands)
 Year Ended December 31, 2022
As ReportedRevisionsAs Revised
Assets
Current assets:  
Cash and cash equivalents$3,604 $— $3,604 
Accounts receivable, net641,611 — 641,611 
Income taxes receivable10,915 1,722 12,637 
Prepaid expenses11,067 — 11,067 
Insurance recovery receivable7,434 — 7,434 
Other current assets1,042 — 1,042 
Total current assets675,673 1,722 677,395 
Property and equipment, net19,662 — 19,662 
Operating lease right-of-use assets3,254 — 3,254 
Goodwill163,268 — 163,268 
Other intangible assets, net44,723 — 44,723 
Deferred tax assets7,092 25 7,117 
Insurance recovery receivable23,058 — 23,058 
Cloud computing4,460 — 4,460 
Other assets6,649 — 6,649 
Total assets$947,839 $1,747 $949,586 
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses$185,507 $7,489 $192,996 
Accrued compensation and benefits72,605 — 72,605 
Operating lease liabilities4,132 — 4,132 
Earnout liability7,500 — 7,500 
Other current liabilities1,896 — 1,896 
Total current liabilities271,640 7,489 279,129 
Debt148,735 — 148,735 
Operating lease liabilities4,880 — 4,880 
Accrued claims35,881 — 35,881 
Earnout liability18,000 — 18,000 
Uncertain tax positions7,646 — 7,646 
Other liabilities3,838 — 3,838 
Total liabilities490,620 7,489 498,109 
Commitments and contingencies
Stockholders’ equity:
Common stock4 — 4 
Additional paid-in capital292,876 — 292,876 
Accumulated other comprehensive loss(1,387)— (1,387)
Retained earnings165,726 (5,742)159,984 
Total stockholders’ equity
457,219 (5,742)451,477 
Total liabilities and stockholders’ equity
$947,839 $1,747 $949,586 
19. Immaterial Financial Restatement to Prior Period Financial Statements (continued)

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(amounts in thousands, except per share data)
Year Ended December 31, 2022
As ReportedRevisionsAs Revised
Revenue from services$2,806,609 $(3,228)$2,803,381 
Operating expenses:
Direct operating expenses2,178,923 — 2,178,923 
Selling, general and administrative expenses324,935 — 324,935 
Credit loss expense9,609 — 9,609 
Depreciation and amortization12,576 — 12,576 
Restructuring costs1,861 — 1,861 
Impairment charges5,597 — 5,597 
Total operating expenses2,533,501 — 2,533,501 
Income from operations273,108 (3,228)269,880 
Other expenses (income):
Interest expense14,391 — 14,391 
Loss on early extinguishment of debt3,728 — 3,728 
Other income, net(1,336)— (1,336)
Income before income taxes256,325 (3,228)253,097 
Income tax expense67,864 (749)67,115 
Net income attributable to common stockholders$188,461 $(2,479)$185,982 
Other comprehensive income:
Unrealized foreign currency translation loss, net of tax(94)— (94)
Comprehensive income$188,367 $(2,479)$185,888 
Net income per share attributable to common stockholders - Basic$5.09 $(0.07)$5.02 
Net income per share attributable to common stockholders - Diluted$5.02 $(0.07)$4.95 
Weighted average common shares outstanding:
Basic37,012 37,012 37,012 
Diluted37,536 37,536 37,536 
19. Immaterial Financial Restatement to Prior Period Financial Statements (continued)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(amounts in thousands)
 Common StockAdditional
Paid-In Capital		Accumulated Other
Comprehensive Loss, net		(Accumulated Deficit) Retained EarningsStockholders’ Equity
SharesDollars
As Reported
Balances at December 31, 202236,303 $4 $292,876 $(1,387)$165,726 $457,219 
Vesting of restricted stock426 — (4,905)— — (4,905)
Equity compensation— — 6,579 — — 6,579 
Stock repurchase and retirement(2,344)— (57,654)— — (57,654)
Stock repurchase excise tax— — (479)— — (479)
Foreign currency translation adjustment, net of taxes— — — 2 — 2 
Net income— — — — 72,631 72,631 
Balances at December 31, 202334,385 4 236,417 (1,385)238,357 473,393 
Revisions
Balances at December 31, 2022— — — — (5,742)(5,742)
Vesting of restricted stock— — — — — — 
Equity compensation— — — — — — 
Stock repurchase and retirement— — — — — — 
Stock repurchase excise tax— — — — — — 
Foreign currency translation adjustment, net of taxes— — — — — — 
Net income— — — — — — 
Balances at December 31, 2023— — — — (5,742)(5,742)
As Revised
Balances at December 31, 202236,303 4 292,876 (1,387)159,984 451,477 
Vesting of restricted stock426 — (4,905)— — (4,905)
Equity compensation— — 6,579 — — 6,579 
Stock repurchase and retirement(2,344)— (57,654)— — (57,654)
Stock repurchase excise tax— — (479)— — (479)
Foreign currency translation adjustment, net of taxes— — — 2 — 2 
Net income— — — — 72,631 72,631 
Balances at December 31, 202334,385 $4 $236,417 $(1,385)$232,615 $467,651 
19. Immaterial Financial Restatement to Prior Period Financial Statements (continued)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(amounts in thousands)
 Common StockAdditional
Paid-In Capital		Accumulated Other
Comprehensive Loss, net		(Accumulated Deficit) Retained EarningsStockholders’ Equity
SharesDollars
As Reported
Balances at December 31, 202137,024 $4 $321,552 $(1,293)$(22,735)$297,528 
Vesting of restricted stock499 — (5,267)— — (5,267)
Equity compensation— — 7,393 — — 7,393 
Stock repurchase and retirement(1,365)— (35,285)— — (35,285)
Foreign currency translation adjustment, net of taxes— — — (94)— (94)
Acquisitions145 — 4,483 — — 4,483 
Net income— — — — 188,461 188,461 
Balances at December 31, 202236,303 4 292,876 (1,387)165,726 457,219 
Revisions
Balances at December 31, 2021— — — — (3,263)(3,263)
Vesting of restricted stock— — — — — — 
Equity compensation— — — — — — 
Stock repurchase and retirement— — — — — — 
Foreign currency translation adjustment, net of taxes— — — — — — 
Acquisitions— — — — — — 
Net loss— — — — (2,479)(2,479)
Balances at December 31, 2022— — — — (5,742)(5,742)
As Revised
Balances at December 31, 202137,024 4 321,552 (1,293)(25,998)294,265 
Vesting of restricted stock499 — (5,267)— — (5,267)
Equity compensation— — 7,393 — — 7,393 
Stock repurchase and retirement(1,365)— (35,285)— — (35,285)
Foreign currency translation adjustment, net of taxes— — — (94)— (94)
Acquisitions145 — 4,483 — — 4,483 
Net income— — — — 185,982 185,982 
Balances at December 31, 202236,303 $4 $292,876 $(1,387)$159,984 $451,477 
19. Immaterial Financial Restatement to Prior Period Financial Statements (continued)

CONSOLIDATED STATEMENTS OF CASH FLOWS
Year Ended December 31, 2022
(amounts in thousands)As ReportedRevisionsAs Revised
Cash flows from operating activities  
Consolidated net income$188,461 $(2,479)$185,982 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization12,576 — 12,576 
Provision for allowances15,328 — 15,328 
Deferred income tax expense5,062 48 5,110 
Non-cash lease expense1,850 — 1,850 
Impairment charges5,597 — 5,597 
Loss on early extinguishment of debt3,728 — 3,728 
Equity compensation7,393 — 7,393 
Other non-cash costs199 — 199 
Changes in operating assets and liabilities:
Accounts receivable(153,229)— (153,229)
Prepaid expenses and other assets(6,915)— (6,915)
Income taxes(20,111)(797)(20,908)
Accounts payable and accrued expenses79,712 3,228 82,940 
Operating lease liabilities(4,962)— (4,962)
Other(639)— (639)
Net cash provided by operating activities134,050 — 134,050 
Cash flows from investing activities
Acquisitions, net of cash acquired(35,182)— (35,182)
Acquisition-related settlements94 — 94 
Purchases of property and equipment(8,786)— (8,786)
Net cash used in investing activities(43,874)— (43,874)
Cash flows from financing activities
Principal payments on term loan(100,438)— (100,438)
Principal payments on note payable(2,426)— (2,426)
Debt issuance costs(3,237)— (3,237)
Borrowings under Senior Secured Asset-Based revolving credit facility1,700,030 — 1,700,030 
Repayments on Senior Secured Asset-Based revolving credit facility(1,632,430)— (1,632,430)
Cash paid for shares withheld for taxes(5,267)— (5,267)
Payment of contingent consideration(7,500)— (7,500)
Stock repurchase and retirement(35,285)— (35,285)
Other(1,046)— (1,046)
Net cash used in financing activities(87,599)— (87,599)
Effect of exchange rate changes on cash(9)— (9)
Change in cash and cash equivalents2,568 — 2,568 
Cash and cash equivalents at beginning of year1,036 — 1,036 
Cash and cash equivalents at end of year$3,604 $— $3,604