v3.24.2
Condensed Consolidated Statements of Operations - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues:        
Total revenues $ 279,651 $ 264,630 $ 545,433 $ 519,297
Cost of revenues:        
Total cost of revenues 211,754 197,584 437,969 410,707
Gross margin 67,897 67,046 107,464 108,590
Selling, general and administrative expenses 45,577 43,808 87,991 85,034
Depreciation and amortization 1,912 1,729 3,764 3,406
Income from operations 20,408 21,509 15,709 20,150
Other income (expense):        
Investment income, net 3,069 2,129 6,343 4,444
Interest expense (44)   (88) (38)
Other, net 27 19 93 55
Other income, net 3,052 2,148 6,348 4,461
Income before income taxes 23,460 23,657 22,057 24,611
Provision for income taxes 6,759 6,641 5,492 6,776
Net income $ 16,701 $ 17,016 $ 16,565 $ 17,835
Basic income per common share [1] $ 0.64 $ 0.63 $ 0.63 $ 0.65
Weighted average number of basic common shares outstanding [1] 26,067 27,005 26,174 27,235
Diluted income per common share [1] $ 0.62 $ 0.62 $ 0.62 $ 0.64
Weighted average number of diluted common shares outstanding [1] 26,765 27,500 26,794 27,721
Professional Employer Services [Member]        
Revenues:        
Total revenues $ 259,887 $ 244,256 $ 506,076 $ 476,563
Staffing Services [Member]        
Revenues:        
Total revenues 19,764 20,374 39,357 42,734
Direct Payroll Costs [Member]        
Cost of revenues:        
Total cost of revenues 14,693 15,110 29,410 31,981
Payroll Taxes and Benefits [Member]        
Cost of revenues:        
Total cost of revenues 148,810 134,109 310,705 278,691
Workers' Compensation [Member]        
Cost of revenues:        
Total cost of revenues $ 48,251 $ 48,365 $ 97,854 $ 100,035
[1] Prior period results have been adjusted to reflect the four-for-one stock split effected in the form of a stock dividend in June 2024. See Note 1, Basis of Presentation of Interim Period Statements for details.

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