Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations

v3.20.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues:        
Total revenues $ 201,031 $ 230,982 $ 420,135 $ 449,197
Cost of revenues:        
Total cost of revenues 154,388 175,863 347,441 365,731
Gross margin 46,643 55,119 72,694 83,466
Selling, general and administrative expenses 33,255 39,005 65,370 72,165
Depreciation and amortization 1,171 970 2,171 1,939
Income from operations 12,217 15,144 5,153 9,362
Other income (expense):        
Investment income, net 1,800 3,332 4,767 6,404
Interest expense (306) (481) (541) (958)
Other, net 172   173 12
Other income, net 1,666 2,851 4,399 5,458
Income before income taxes 13,883 17,995 9,552 14,820
Provision for income taxes 2,373 4,088 1,449 3,213
Net income $ 11,510 $ 13,907 $ 8,103 $ 11,607
Basic income per common share $ 1,520 $ 1,880 $ 1,070.00 $ 1,570
Weighted average number of basic common shares outstanding 7,557 7,410 7,539 7,408
Diluted income per common share $ 1,510 $ 1,810 $ 1,060.00 $ 1,510
Weighted average number of diluted common shares outstanding 7,647 7,692 7,678 7,674
Professional Employer Service Fees [Member]        
Revenues:        
Total revenues $ 180,488 $ 203,157 $ 374,080 $ 393,684
Staffing Services [Member]        
Revenues:        
Total revenues 20,543 27,825 46,055 55,513
Direct Payroll Costs [Member]        
Cost of revenues:        
Total cost of revenues 15,796 20,992 34,873 41,834
Payroll Taxes and Benefits [Member]        
Cost of revenues:        
Total cost of revenues 93,671 101,697 213,133 216,494
Workers' Compensation [Member]        
Cost of revenues:        
Total cost of revenues $ 44,921 $ 53,174 $ 99,435 $ 107,403