Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 31, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity Registrant Name | CROSS COUNTRY HEALTHCARE, INC | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 0-33169 | |
Entity Tax Identification Number | 13-4066229 | |
Entity Address, Address Line One | 6551 Park of Commerce Boulevard, N.W. | |
Entity Address, City or Town | Boca Raton | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33487 | |
City Area Code | 561 | |
Local Phone Number | 998-2232 | |
Title of 12(b) Security | Common stock, par value $0.0001 per share | |
Trading Symbol | CCRN | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 38,003,670,000 | |
Entity Central Index Key | 0001141103 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 842 | $ 1,600 |
Accounts receivable, net of allowances of $5,388 in 2021 and $4,021 in 2020 | 301,040 | 170,003 |
Prepaid expenses | 3,418 | 5,455 |
Insurance recovery receivable | 4,655 | 4,698 |
Other current assets | 3,318 | 1,355 |
Total current assets | 313,273 | 183,111 |
Property and equipment, net of accumulated depreciation of $18,225 in 2021 and $17,013 in 2020 | 14,877 | 12,351 |
Operating lease right-of-use assets | 8,064 | 10,447 |
Goodwill | 112,990 | 90,924 |
Trade names, indefinite-lived | 5,900 | 5,900 |
Other intangible assets, net | 44,145 | 34,831 |
Other non-current assets | 21,171 | 19,409 |
Total assets | 520,420 | 356,973 |
Current liabilities: | ||
Accounts payable and accrued expenses | 73,033 | 49,877 |
Accrued compensation and benefits | 54,875 | 35,540 |
Current portion of debt | 3,426 | 2,425 |
Operating lease liabilities - current | 4,362 | 4,509 |
Current portion of earnout liability | 7,500 | 0 |
Other current liabilities | 1,466 | 1,072 |
Total current liabilities | 144,662 | 93,423 |
Long-term debt, less current portion | 98,665 | 53,408 |
Operating lease liabilities - non-current | 12,280 | 15,234 |
Non-current deferred tax liabilities | 9,388 | 6,592 |
Long-term accrued claims | 25,521 | 25,412 |
Long-term contingent consideration | 7,500 | 0 |
Other long-term liabilities | 5,605 | 7,995 |
Total liabilities | 303,621 | 202,064 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock | 4 | 4 |
Additional paid-in capital | 318,415 | 310,388 |
Accumulated other comprehensive loss | (1,312) | (1,280) |
Accumulated deficit | (100,308) | (154,737) |
Total Cross Country Healthcare, Inc. stockholders' equity | 216,799 | 154,375 |
Noncontrolling interest in subsidiary | 0 | 534 |
Total stockholders' equity | 216,799 | 154,909 |
Total liabilities and stockholders' equity | $ 520,420 | $ 356,973 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 5,388 | $ 4,021 |
Property and equipment, accumulated depreciation | $ 18,225 | $ 17,013 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue from Contract with Customer, Product and Service [Extensible List] | Service [Member] | Service [Member] | Service [Member] | Service [Member] |
Revenue from services | $ 374,905 | $ 193,968 | $ 1,035,973 | $ 620,811 |
Operating expenses: | ||||
Direct operating expenses | 291,111 | 145,965 | 808,124 | 472,471 |
Selling, general and administrative expenses | 52,847 | 40,804 | 149,518 | 128,939 |
Bad debt expense | 1,441 | 946 | 2,411 | 2,383 |
Depreciation and amortization | 2,680 | 3,247 | 7,132 | 10,472 |
Acquisition and integration-related costs | 61 | 0 | 985 | 77 |
Restructuring costs | 318 | 2,316 | 2,391 | 5,210 |
Impairment charges | 0 | 1,071 | 2,070 | 16,082 |
Total operating expenses | 348,458 | 194,349 | 972,631 | 635,634 |
Income (loss) from operations | 26,447 | (381) | 63,342 | (14,823) |
Other expenses (income): | ||||
Interest expense | 2,182 | 608 | 4,049 | 2,219 |
Other income, net | (375) | (10) | (616) | (46) |
Income (loss) before income taxes | 24,640 | (979) | 59,909 | (16,996) |
Income tax expense (benefit) | 1,207 | 169 | 5,480 | (32) |
Consolidated net income (loss) | 23,433 | (1,148) | 54,429 | (16,964) |
Less: Net income attributable to noncontrolling interest in subsidiary | 0 | 186 | 0 | 610 |
Net income (loss) attributable to common shareholders | $ 23,433 | $ (1,334) | $ 54,429 | $ (17,574) |
Net income (loss) per share attributable to common shareholders - Basic (in dollars per share) | $ 0.63 | $ (0.04) | $ 1.49 | $ (0.49) |
Net income (loss) per share attributable to common shareholders - Diluted (in dollars per share) | $ 0.62 | $ (0.04) | $ 1.46 | $ (0.49) |
Weighted average common shares outstanding: | ||||
Basic (shares) | 36,963 | 36,176 | 36,593 | 36,058 |
Diluted (shares) | 37,582 | 36,176 | 37,276 | 36,058 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Consolidated net income (loss) | $ 23,433 | $ (1,148) | $ 54,429 | $ (16,964) |
Other comprehensive (loss) income, before income tax: | ||||
Unrealized foreign currency translation (loss) gain | (2) | 33 | (32) | (54) |
Taxes on other comprehensive loss: | ||||
Income tax effect related to unrealized foreign currency translation | 0 | 0 | 0 | 0 |
Other comprehensive (loss) income, net of tax | (2) | 33 | (32) | (54) |
Comprehensive income (loss) | 23,431 | (1,115) | 54,397 | (17,018) |
Less: Net income attributable to noncontrolling interest in subsidiary | 0 | 186 | 0 | 610 |
Comprehensive income (loss) attributable to common shareholders | $ 23,431 | $ (1,301) | $ 54,397 | $ (17,628) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss, net | (Accumulated Deficit) Retained Earnings | Noncontrolling Interest in Subsidiary |
Beginning balance (in shares) at Dec. 31, 2019 | 35,871 | |||||
Beginning balance at Dec. 31, 2019 | $ 163,500 | $ 4 | $ 305,643 | $ (1,240) | $ (141,775) | $ 868 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock (in shares) | 306 | |||||
Vesting of restricted stock | (657) | (657) | ||||
Equity compensation | 4,063 | 4,063 | ||||
Foreign currency translation adjustment, net of taxes | (54) | (54) | ||||
Distribution to noncontrolling shareholder | (968) | (968) | ||||
Consolidated net income (loss) | (16,964) | (17,574) | 610 | |||
Ending balance (in shares) at Sep. 30, 2020 | 36,177 | |||||
Ending balance at Sep. 30, 2020 | 148,920 | $ 4 | 309,049 | (1,294) | (159,349) | 510 |
Beginning balance (in shares) at Jun. 30, 2020 | 36,175 | |||||
Beginning balance at Jun. 30, 2020 | 149,074 | $ 4 | 307,985 | (1,327) | (158,015) | 427 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock (in shares) | 2 | |||||
Vesting of restricted stock | 0 | 0 | ||||
Equity compensation | 1,064 | 1,064 | ||||
Foreign currency translation adjustment, net of taxes | 33 | 33 | ||||
Distribution to noncontrolling shareholder | (103) | (103) | ||||
Consolidated net income (loss) | (1,148) | (1,334) | 186 | |||
Ending balance (in shares) at Sep. 30, 2020 | 36,177 | |||||
Ending balance at Sep. 30, 2020 | 148,920 | $ 4 | 309,049 | (1,294) | (159,349) | 510 |
Beginning balance (in shares) at Dec. 31, 2020 | 36,177 | |||||
Beginning balance at Dec. 31, 2020 | 154,909 | $ 4 | 310,388 | (1,280) | (154,737) | 534 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock (in shares) | 479 | |||||
Vesting of restricted stock | (2,230) | (2,230) | ||||
Equity compensation | 5,257 | 5,257 | ||||
Foreign currency translation adjustment, net of taxes | (32) | (32) | ||||
Acquisition of WSG (in shares) | 308 | |||||
Acquisition of WSG | 5,000 | 5,000 | ||||
Dissolution of noncontrolling interest | (324) | (324) | ||||
Distribution to noncontrolling shareholder | (210) | (210) | ||||
Consolidated net income (loss) | 54,429 | 54,429 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 36,964 | |||||
Ending balance at Sep. 30, 2021 | 216,799 | $ 4 | 318,415 | (1,312) | (100,308) | 0 |
Beginning balance (in shares) at Jun. 30, 2021 | 36,962 | |||||
Beginning balance at Jun. 30, 2021 | 192,131 | $ 4 | 316,644 | (1,310) | (123,741) | 534 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Vesting of restricted stock (in shares) | 2 | |||||
Vesting of restricted stock | 0 | 0 | ||||
Equity compensation | 1,771 | 1,771 | ||||
Foreign currency translation adjustment, net of taxes | (2) | (2) | ||||
Dissolution of noncontrolling interest | (324) | (324) | ||||
Distribution to noncontrolling shareholder | (210) | (210) | ||||
Consolidated net income (loss) | 23,433 | 23,433 | ||||
Ending balance (in shares) at Sep. 30, 2021 | 36,964 | |||||
Ending balance at Sep. 30, 2021 | $ 216,799 | $ 4 | $ 318,415 | $ (1,312) | $ (100,308) | $ 0 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities | ||
Consolidated net income (loss) | $ 54,429 | $ (16,964) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 7,132 | 10,472 |
Provision for allowances | 3,836 | 3,355 |
Deferred income tax expense (benefit) | 2,797 | (650) |
Non-cash lease expense | 1,866 | 2,932 |
Impairment charges | 2,070 | 16,082 |
Equity compensation | 5,257 | 4,063 |
Other non-cash costs | 833 | 460 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (122,887) | (2,597) |
Prepaid expenses and other assets | (259) | 291 |
Accounts payable and accrued expenses | 36,675 | 10,388 |
Operating lease liabilities | (4,592) | (4,394) |
Other | 590 | 1,837 |
Net cash (used in) provided by operating activities | (12,253) | 25,275 |
Cash flows from investing activities | ||
Acquisitions, net of cash acquired | (24,470) | 0 |
Purchases of property and equipment | (4,890) | (3,659) |
Net cash used in investing activities | (29,360) | (3,659) |
Cash flows from financing activities | ||
Proceeds from term loan | 100,000 | 0 |
Principal payments on term loan | (250) | 0 |
Debt issuance costs | (4,573) | (81) |
Borrowings under revolving credit facility | 288,467 | 310,965 |
Repayments on revolving credit facility | (337,876) | (325,900) |
Cash paid for shares withheld for taxes | (2,230) | (658) |
Principal payments on note payable | (2,426) | (2,426) |
Cash payments to noncontrolling shareholder | (210) | (968) |
Other | (33) | (115) |
Net cash provided by (used in) financing activities | 40,869 | (19,183) |
Effect of exchange rate changes on cash | (14) | (19) |
Change in cash and cash equivalents | (758) | 2,414 |
Cash and cash equivalents at beginning of period | 1,600 | 1,032 |
Cash and cash equivalents at end of period | $ 842 | $ 3,446 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION Nature of Business The accompanying condensed consolidated financial statements include the accounts of Cross Country Healthcare, Inc. and its direct and indirect wholly-owned subsidiaries (collectively, the Company), as well as Cross Country Talent Acquisition Group, LLC, which was a joint venture controlled by the Company but not wholly-owned. Effective December 31, 2020, the sole pr ofessional staffing services agreement held by this joint venture was terminated and, as a result, the Company dissolved Cross Country Talent Acquisition Group, LLC in the third quarter of 2021. In the opinion of management, all adjustments necessary for a fair presentation of such unaudited condensed consolidated financial statements have been included. All such adjustments consisted of all normal recurring items, including the elimination of all intercompany transactions and balances. The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These operating results are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K as filed with the SEC on February 25, 2021 (2020 Form 10-K). The December 31, 2020 condensed consolidated balance sheet included herein was derived from the December 31, 2020 audited consolidated balance sheet included in the 2020 Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation. See the condensed consolidated balance sheets and statements of cash flows, Note 3 - Revenue Recognition, and Note 12 - Segment Data. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Management has assessed various accounting estimates and other matters, including those that require consideration of forecasted financial information, in context of the unknown future impacts of the current global outbreak of COVID-19 using information that is reasonably available to the Company at the time. Significant estimates and assumptions are used for, but not limited to: (1) the valuation of accounts receivable; (2) goodwill, trade names, and other intangible assets; (3) other long-lived assets; (4) share-based compensation; (5) accruals for health, workers’ compensation, and professional liability claims; (6) valuation of deferred tax assets; (7) legal contingencies; (8) income taxes; and (9) sales and other non-income tax liabilities. Accrued insurance claims and reserves include estimated settlements from known claims and actuarial estimates for claims incurred but not reported. As additional information becomes available to the Company, its future assessment of these estimates, including management's expectations at the time regarding the duration, scope and severity of the pandemic, as well as other factors, could materially and adversely impact the Company's consolidated financial statements in future reporting periods. Actual results could differ from those estimates. COVID-19 The Company continues to closely monitor the COVID-19 pandemic, and prioritize the mental health and well-being of its employees. While operating primarily through a remote workforce, the Company's offices remain open with stringent safety guidelines and procedures in place, including allowing only vaccinated employees on-site, social distancing, and enhanced cleaning at all of its locations. Business travel, including visits to healthcare clients, continues to be somewhat limited at the request of the Company's clients who are continuing to cope with the pandemic twenty-four hours a day/seven days a week. During the third quarter of 2021, the number of new COVID-19 cases and hospitalizations from the Delta variant began to decline, but the Company still continued to see higher bill rates than pre-pandemic and demand for its services remained high with tens of thousands of openings across the nation in all healthcare specialties and across all of its segments. The investments, digital transformation, and other changes and improvements the Company has made during the pandemic have allowed it to quickly respond to the record level of demand that it is continuing to see across a wide range of specialties, including operating room, emergency room, pediatrics, labor and delivery, and medical and surgical services which are not directly related to COVID needs. Throughout the pandemic, the Company has partnered with its clients to deliver flexible solutions aimed at solving their immediate and long-term challenges. It has continued to provide data, industry insights, marketing analytics, and consulting services to assist clients in determining the appropriate rates necessary to attract the supply they need. One of the Company's core values is to act ethically and responsibly, and it has been especially important during this pandemic to be transparent and build trust with its clients to re-enforce long-lasting relationships as both demand and bill rates have increased to unprecedented levels. Accounts Receivable, net The timing of revenue recognition, billings, and collections results in billed and unbilled accounts receivable from customers, which are classified as accounts receivable on the condensed consolidated balance sheets and are presented net of allowances for doubtful accounts and sales allowances. Estimated revenue for the Company employees', subcontracted employees', and independent contractors’ time worked but not yet billed at September 30, 2021 and December 31, 2020 totaled $121.9 million and $48.3 million, respectively. The Company generally does not require collateral and mitigates its credit risk by performing credit evaluations and monitoring at-risk accounts. The allowance for doubtful accounts is established for losses expected to be incurred on accounts receivable balances. Accounts receivable are written off against the allowance for doubtful accounts when the Company determines amounts are no longer collectible. Judgment is required in the estimation of the allowance and the Company evaluates the collectability of its accounts receivable and contract assets based on a combination of factors. The Company bases its allowance for doubtful account estimates on its historical write-off experience, current conditions, an analysis of the aging of outstanding receivable and customer payment patterns, and specific reserves for customers in adverse condition adjusted for current expectations for the customers or industry. Based on the information currently available, the Company also considered current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. The opening balance of the allowance for doubtful accounts is reconciled to the closing balance for expected credit losses as follows: 2021 2020 Allowance for Doubtful Accounts (amounts in thousands) Balance at January 1 $ 3,416 $ 2,406 Bad Debt Expense 504 539 Write-Offs, net of Recoveries (699) (349) Balance at March 31 3,221 2,596 Bad Debt Expense 466 898 Write-Offs, net of Recoveries (358) (532) Balance at June 30 3,329 2,962 Bad Debt Expense 1,441 946 Write-Offs, net of Recoveries (138) (800) Balance at September 30 $ 4,632 $ 3,108 In addition to the allowance for doubtful accounts, the Company maintains a sales allowance for billing-related adjustments which may arise in the ordinary course of business and adjustments to the reserve are recorded as contra-revenue. The balance of this allowance as of September 30, 2021 and December 31, 2020 was $0.8 million and $0.6 million, respectively. The Company’s contract terms typically require payment between 30 to 60 days from the date of invoice and are considered past due based on the particular negotiated contract terms. The majority of the Company's customers are U.S. based healthcare systems with a significant percentage in acute-care facilities. No single customer accounted for more than 10% of the Company’s revenue for the three and nine months ended September 30, 2021, or the accounts receivable balance as of September 30, 2021 and December 31, 2020. Restructuring Costs The Company considers restructuring activities to be programs whereby it fundamentally changes its operations, such as closing and consolidating facilities, reducing headcount, and realigning operations in response to changing market conditions. As a result, restructuring costs on the condensed consolidated statements of operations primarily include employee termination costs and lease-related exit costs. Reconciliation of the employee termination costs and lease-related exit costs beginning and ending liability balance is presented below: Employee Termination Costs Lease-Related Exit Costs (amounts in thousands) Balance at January 1, 2021 $ 499 $ 2,687 Charged to restructuring costs (a) 824 46 Payments (344) (207) Balance at March 31, 2021 979 2,526 Charged to restructuring costs (a) 2 458 Payments (387) (204) Balance at June 30, 2021 594 2,780 Charged to restructuring costs (a) (10) 47 Payments (278) (194) Balance at September 30, 2021 $ 306 $ 2,633 ________________ (a) Aside from what is presented in the table above, restructuring costs in the condensed consolidated statements of operations for the nine months ended September 30, 2021 include $1.0 million of ongoing lease costs related to the Company's strategic reduction in its real estate footprint, which are included as operating lease liabilities - current and non-current in our condensed consolidated balance sheets. Other costs were immaterial for the nine months ended September 30, 2021. Recently Adopted Accounting Pronouncements Effective January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, and improves consistent application of and simplifies U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The guidance requires either a prospective, retrospective, or modified retrospective approach depending on the amendment. The Company prospectively adopted this guidance with no material impact on its consolidated financial statements. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITIONThe Company's revenues from customer contracts are generated from temporary staffing services and other services. Revenue is disaggregated by segment in the following table. Sales and usage-based taxes are excluded from revenue. Three Months ended September 30, 2021 Nurse Physician Total Segments (amounts in thousands) Temporary Staffing Services $ 347,115 $ 18,055 $ 365,170 Other Services 9,024 711 9,735 Total $ 356,139 $ 18,766 $ 374,905 Three Months ended September 30, 2020 Nurse Physician Total Segments (amounts in thousands) Temporary Staffing Services $ 169,264 $ 15,753 $ 185,017 Other Services 8,252 699 8,951 Total $ 177,516 $ 16,452 $ 193,968 Nine Months ended September 30, 2021 Nurse Physician Total Segments (amounts in thousands) Temporary Staffing Services $ 961,608 $ 48,534 $ 1,010,142 Other Services 23,727 2,104 25,831 Total $ 985,335 $ 50,638 $ 1,035,973 Nine Months ended September 30, 2020 Nurse Physician Total Segments (amounts in thousands) Temporary Staffing Services $ 547,543 $ 48,994 $ 596,537 Other Services 21,763 2,511 24,274 Total $ 569,306 $ 51,505 $ 620,811 ________________ |
ACQUISITION
ACQUISITION | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
ACQUISITION | ACQUISITION Cross Country Workforce Solutions Group On June 8, 2021, the Company purchased and acquired substantially all of the assets and assumed certain liabilities of Workforce Solutions Group, Inc. for a purchase price of $25.0 million in cash (parties have agreed to a net working capital reduction of $1.1 million), and $5.0 million in shares (or 307,730 shares) of the Company's common stock. The transaction was treated as a purchase of assets for income tax purposes. The sellers are also eligible to receive an earnout based on the business' performance through three years after the acquisition date that could provide up to an additional $15.0 million in cash. The current portion of the liability of $7.5 million is included in current portion of earnout liability and the non-current portion of $7.5 million is included in long-term contingent consideration on the condensed consolidated balance sheets. See Note 10 - Fair Value Measurements. The business has been branded Cross Country Workforce Solutions Group (WSG) and primarily works with local and national healthcare systems and managed care providers to coordinate in-home care services for participants. WSG also provides a range of consulting and talent management solutions to its healthcare clients, including home care staffing, recruitment process outsourcing, contingent workforce evaluation, and talent acquisition. The following table is an estimate of the assets acquired and liabilities assumed on June 8, 2021: (amounts in thousands) Cash and cash equivalents $ 957 Accounts receivable 11,991 Other current assets 59 Property and equipment 10 Goodwill 22,066 Other intangible assets 14,200 Total assets acquired 49,283 Accounts payable and accrued expenses 3,562 Accrued compensation and benefits 1,387 Long-term contingent consideration 15,000 Total liabilities assumed 19,949 Net assets acquired $ 29,334 The Company assigned a value to other identifiable intangible assets of $14.2 million in customer relationships with a weighted average estimated useful life of 11.5 years. Substantially all of the accounts receivable acquired are expected to be collectible. The remaining excess purchase price over the fair value of net assets acquired of $22.1 million was recorded as goodwill on the Company's condensed consolidated balance sheet. Associated acquisition-related costs incurred were $1.0 million and have been included in acquisition and integration-related costs on the Company's condensed consolidated statement of operations for the nine months ended September 30, 2021. See Note 7 - Goodwill, Trade Names, and Other Intangible Assets. The acquisition was not significant and has been accounted for in accordance with the Business Combinations |
COMPREHENSIVE INCOME (LOSS)
COMPREHENSIVE INCOME (LOSS) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
COMPREHENSIVE INCOME (LOSS) | COMPREHENSIVE INCOME (LOSS) Total comprehensive income (loss) includes net income or loss and foreign currency translation adjustments, net of any related deferred taxes. Certain of the Company’s foreign subsidiaries use their respective local currency as their functional currency. In accordance with the Foreign Currency Matters Topic of the FASB ASC, assets and liabilities of these operations are translated at the exchange rates in effect on the balance sheet date. Income statement items are translated at the average exchange rates for the period. The cumulative impact of currency fluctuations related to the balance sheet translation is included in accumulated other comprehensive loss in the accompanying condensed consolidated balance sheets and was an unrealized loss of $1.3 million at September 30, 2021 and December 31, 2020. There was no income tax impact related to components of other comprehensive income (loss) for the three and nine months ended September 30, 2021 and 2020. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The following table sets forth the components of the numerator and denominator for the computation of the basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (amounts in thousands, except per share data) Numerator: Net income (loss) attributable to common shareholders - Basic and Diluted $ 23,433 $ (1,334) $ 54,429 $ (17,574) Denominator: Weighted average common shares - Basic 36,963 36,176 36,593 36,058 Effect of diluted shares: Share-based awards (a) 619 — 683 — Weighted average common shares - Diluted 37,582 36,176 37,276 36,058 Net income (loss) per share attributable to common shareholders - Basic $ 0.63 $ (0.04) $ 1.49 $ (0.49) Net income (loss) per share attributable to common shareholders - Diluted $ 0.62 $ (0.04) $ 1.46 $ (0.49) ________________ (a) Due to the net loss for the three and nine months ended September 30, 2020, 227,821 and 252,810 shares, respectively, were excluded from diluted weighted average shares due to their anti-dilutive effect. |
GOODWILL, TRADE NAMES, AND OTHE
GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS | GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS The Company had the following acquired intangible assets: September 30, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net (amounts in thousands) Intangible assets subject to amortization: Databases $ 30,530 $ 17,612 $ 12,918 $ 30,530 $ 15,322 $ 15,208 Customer relationships 47,738 16,558 31,180 33,538 14,007 19,531 Non-compete agreements 304 257 47 304 212 92 Other intangible assets, net $ 78,572 $ 34,427 $ 44,145 $ 64,372 $ 29,541 $ 34,831 Intangible assets not subject to amortization: Trade names, indefinite-lived $ 5,900 $ 5,900 As of September 30, 2021, estimated annual amortization expense is as follows: Years Ending December 31: (amounts in thousands) 2021 $ 1,801 2022 7,175 2023 7,117 2024 6,479 2025 5,921 Thereafter 15,652 $ 44,145 The changes in the carrying amount of goodwill by reportable segment are as follows: Nurse and Physician Total (amounts in thousands) Balances as of December 31, 2020 Aggregate goodwill acquired $ 367,880 $ 43,405 $ 411,285 Sale of business (9,889) — (9,889) Accumulated impairment loss (269,874) (40,598) (310,472) Goodwill, net of impairment loss 88,117 2,807 90,924 Changes to aggregate goodwill in 2021 Aggregate goodwill acquired (a) 22,066 — 22,066 Balances as of September 30, 2021 Aggregate goodwill acquired 389,946 43,405 433,351 Sale of business (9,889) — (9,889) Accumulated impairment loss (269,874) (40,598) (310,472) Goodwill, net of impairment loss $ 110,183 $ 2,807 $ 112,990 ________________ (a) Represents goodwill acquired from the acquisition of WSG, calculated as the excess of the fair value of consideration exchanged as compared to the fair value of identifiable net assets acquired. See Note 4 - Acquisition. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired or liabilities assumed, with a corresponding offset to goodwill. Upon conclusion of the measurement period, any subsequent adjustments would be recorded to earnings. In conjunction with the changes to its segments, the Company now discloses the following two reportable segments - Nurse and Allied Staffing and Physician Staffing. In the table above, goodwill balances and activity previously reported in the Search segment have been reclassified to Nurse and Allied Staffing. Goodwill, Trade Names, and Other Intangible Assets Impairment The Company tests reporting units’ goodwill and intangible assets with indefinite lives for impairment annually during the fourth quarter and more frequently if impairment indicators exist. The Company performs quarterly qualitative assessments of significant events and circumstances such as reporting units’ historical and current results, assumptions regarding future performance, strategic initiatives and overall economic factors, including COVID-19, and macro-economic developments, to determine the existence of potential indicators of impairment and assess if it is more likely than not that the fair value of reporting units or intangible assets is less than their carrying value. If indicators of impairments are identified a quantitative impairment test is performed. As of September 30, 2021, the Company performed a qualitative assessment of each of its reporting units and determined it was not more likely than not that the fair value of its reporting units dropped below their carrying value. During the second quarter of 2020, due to the increased negative impact and continuing uncertainty of the COVID-19 pandemic on the business, all reporting units were quantitatively tested. For the Nurse and Allied Staffing and Physician Staffing reporting units no impairment was identified as the fair value was substantially in excess of the carrying amount of goodwill. However, the previously-reported Search reporting unit under-performed in the second quarter of 2020. As a result, the Company performed quantitative testing of the Search reporting unit which resulted in impairment charges of $10.2 million for its goodwill and $0.3 million for its customer relationships. A lthough management believes that the Company's current estimates and assumptions utilized in its quantitative testing are reasonable and supportable, including its assumptions on the impact and timing related to COVID-19, there can be no assurance that the estimates and assumptions management used for purposes of its qualitative assessment as of September 30, 2021 will prove to be accurate predictions of future performance. For its long-lived assets and definite-lived intangible assets, the Company reviews for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. During the nine months ended September 30, 2021, the Company wrote off a discontinued software development project, resulting in an immaterial impairment charge. Intangible Asset Amortization In connection with its rebranding efforts, the Company made a decision at the end of 2019 to phase out a trade name by the end of 2020, which as of December 31, 2019 would have been recognized over a weighted average life of 7.5 years. In the second quarter of 2020, the Company further accelerated its rebranding plan and shortened the estimated remaining life of the trade name. Total accelerated amortization resulting from the changes in the estimated remaining life of the trade name were $0.9 million, or $0.03 per share, and $3.1 million, or $0.09 per share, for the three and nine months ended September 30, 2020, respectively. |
DEBT
DEBT | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The Company's long-term debt consists of the following: September 30, 2021 December 31, 2020 Principal Debt Issuance Costs Principal Debt Issuance Costs (amounts in thousands) Term Loan, interest of 6.50% at September 30, 2021 $ 99,750 $ (4,085) $ — $ — Senior Secured Asset-Based Loan, interest of 1.58% and 2.73% at September 30, 2021 and December 31, 2020, respectively 4,000 (1,080) 53,408 (1,063) Note Payable, interest of 2.00% per annum 2,426 — 4,851 — Total debt 106,176 (5,165) 58,259 (1,063) Less current portion - note payable 2,426 — 2,425 — Less current portion - term loan 1,000 — — — Long-term debt $ 102,750 $ (5,165) $ 55,834 $ (1,063) As of September 30, 2021 and December 31, 2020, the current portion of the note payable and the term loan is included in current portion of debt on the condensed consolidated balance sheets. The Company has elected to present the debt issuance costs associated with its revolving line-of-credit as an asset, which is included in other non-current assets on the condensed consolidated balance sheets. In addition, the non-current portion of the note payable as of December 31, 2020 is included in other long-term liabilities on the condensed consolidated balance sheets. As a result, the long-term debt in the above table will not agree to long-term debt, net of current portion on the condensed consolidated balance sheets herein. As of September 30, 2021, the aggregate schedule for maturities of debt are as follows: Term Loan Senior Secured Asset-Based Loan Note Payable (amounts in thousands) Through Years Ending December 31: 2021 $ 250 $ — $ — 2022 1,000 — 2,426 2023 1,000 — — 2024 1,000 4,000 — 2025 1,000 — — Thereafter 95,500 — — Total $ 99,750 $ 4,000 $ 2,426 2021 Term Loan Credit Agreement On June 8, 2021, the Company entered into a Term Loan Credit Agreement (Term Loan Agreement) with certain lenders identified therein (collectively, the Lenders) and Wilmington Trust , National Association as administrative agent and collateral agent, pursuant to which the Lenders extended to the Company a six-year second lien subordinated term loan in the amount of $100.0 million (term loan). The term loan has an interest rate of one-month London Inter-Bank Offered Rate (LIBOR) plus 5.75% per annum, subject to a 0.75% LIBOR floor. The term loan was used to pay the cash consideration, as well as any costs, fees, and expenses in connection with the WSG acquisition (see Note 4 - Acquisition), with the remainder used to pay down a portion of the asset based credit facility. Fees paid in connection with the Term Loan Agreement have been included as debt issuance costs and as a reduction to the carrying amount of the term loan and are expected to be amortized to interest expense over the term of the Term Loan Agreement. The borrowings under the Term Loan Agreement generally bear interest at a variable rate based on either LIBOR or Base Rate (as defined in the Term Loan Agreement) and are subject to mandatory prepayments of principal payable in quarterly installments, commencing on September 30, 2021, with each installment being in the aggregate principal amount of $250,000 (subject to adjustment as a result of prepayments) provided that, to the extent not previously paid, the aggregate unpaid principal balance would be due and payable on the maturity date. The Term Loan Agreement contains various restrictions and covenants applicable to the Company and its subsidiaries, including a covenant to maintain a minimum net leverage ratio. The Company was in compliance with this covenant as of September 30, 2021. Obligations under the Term Loan Agreement are secured by substantially all the assets of the borrowers and guarantors under the Term Loan Agreement, subject to customary exceptions. The Term Loan Agreement also contains customary events of default. If an event of default under the Term Loan Agreement occurs and is continuing, then the administrative agent or the requisite Lenders may declare any outstanding obligations under the Term Loan Agreement to be immediately due and payable. In addition, the Company or any of its subsidiaries becoming the subject of voluntary or involuntary proceedings under any bankruptcy, insolvency or similar law, constitutes an event of default under the Term Loan Agreement. The term loan is secured by a second-priority security interest in the collateral as defined in the ABL Credit Agreement (as described below), and Wells Fargo Bank, National Association as agent, as amended by the First Amendment, Second Amendment, and Third Amendment to the ABL Credit Agreement (as described below). The lien priority, relative rights, and other creditors’ rights issues in respect of the collateral lenders are set forth in the Intercreditor Agreement, by and among Wells Fargo Bank, National Association, as first lien agent, and Wilmington Trust, National Association, as second lien agent, as amended, restated, amended and restated, supplemented or otherwise modified from time to time in accordance with the terms thereof dated June 8, 2021 (Intercreditor Agreement). 2019 ABL Credit Agreement Effective October 25, 2019, the Company terminated its commitments under its prior senior credit facility entered into in August 2017 and entered into an ABL Credit Agreement (Loan Agreement). The Loan Agreement provides for a five-year revolving senior secured asset-based credit facility (ABL) in the aggregate principal amount of up to $120.0 million (as described below), including a sublimit for swing loans up to $15.0 million and a $35.0 million sublimit for standby letters of credit. On June 30, 2020, the Company amended its Loan Agreement (First Amendment), which increased the current aggregate committed size of the ABL from $120.0 million to $130.0 million. All other terms, conditions, covenants, and pricing of the Loan Agreement remained the same. On March 8, 2021, the Company amended its Loan Agreement (Second Amendment), which increased the current aggregate committed size of the ABL from $130.0 million to $150.0 million, increased certain borrowing base sub-limits, and decreased both the cash dominion event and financial reporting triggers. On June 8, 2021, the Company amended its Loan Agreement (Third Amendment), which permits the incurrence of indebtedness and grant of security as set forth in the Loan Agreement and in accordance with the Intercreditor Agreement, and provides mechanics relating to a transition away from LIBOR as a benchmark interest rate to a replacement alternative benchmark rate or mechanism for loans made in U.S. dollars. These amendments were treated as modifications of debt and, as a result, the associated fees and costs were included in debt issuance costs and will be amortized ratably over the remaining term of the Loan Agreement. Availability of the ABL commitments is subject to a borrowing base of up to 85% of secured eligible accounts receivable, subject to adjustment at certain quality levels, plus an amount of Supplemental Availability (as defined by the Loan Agreement), reducing over time in accordance with the terms of the Loan Agreement, minus customary reserves, and subject to customary adjustments. Revolving loans and letters of credit issued under the Loan Agreement reduce availability under the ABL on a dollar-for-dollar basis. Availability under the ABL will be used for general corporate purposes. At September 30, 2021, availability under the ABL was $149.2 million and the Company had $4.0 million of borrowings drawn, as well as $18.5 million of letters of credit outstanding related to workers' compensation and professional liability policies, leaving $126.7 million available for borrowing. As of September 30, 2021, the interest rate spreads and fees under the Loan Agreement were based on LIBOR plus 1.50% for the revolving portion of the borrowing base and LIBOR plus 4.00% on the Supplemental Availability. The Base Rate (as defined by the Loan Agreement) margins would have been 0.50% and 3.00% for the revolving portion and Supplemental Availability, respectively. The LIBOR and Base Rate margins are subject to monthly pricing adjustments, pursuant to a pricing matrix based on the Company’s excess availability under the revolving credit facility. In addition, the facility is subject to an unused line fee, letter of credit fees, and an administrative fee. The unused line fee is 0.375% of the average daily unused portion of the revolving credit facility. The Loan Agreement contains various restrictions and covenants applicable to the Company and its subsidiaries, including a covenant to maintain a minimum fixed charge coverage ratio. The Company was in compliance with this covenant as of September 30, 2021. Obligations under the ABL are secured by substantially all the assets of the borrowers and guarantors, subject to customary exceptions. Note Payable In the first quarter of 2020, the Company entered into a note payable of $7.3 million related to contingent consideration assumed as part of a prior period acquisition, payable in three installments. The first two installments of $2.4 million each were paid in the second quarter of 2020 and in the first quarter of 2021, respectively. The third installment of $2.5 million is to be paid, together with interest at a rate of 2% per annum, accruing from April 1, 2020, on January 31, 2022. At September 30, 2021, the note payable balance is included in current portion of debt on the condensed consolidated balance sheets. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
LEASES | LEASES The Company's lease population of its right-of-use asset and lease liabilities under the Leases Topic of the FASB ASC is substantially related to the rental of office space. The Company enters into lease agreements as a lessee that may include options to extend or terminate early. Some of these real estate leases require variable payments of property taxes, insurance, and common area maintenance, in addition to base rent. Certain of the leases have provisions for free rent months during the lease term and/or escalating rent payments and, particularly for the Company’s longer-term leases for its corporate offices, it has received incentives to enter into the leases, such as receiving up to a specified dollar amount to construct tenant improvements. These leases do not include residual value guarantees, covenants, or other restrictions. Beginning in the second quarter of 2020, in connection with the continuing developments from COVID-19, the Company expedited restructuring plans and either reduced or fully vacated leased office space. The Company is in the process of seeking to sublet some of the space where possible. The decision and change in the use of space resulted in a right-of-use asset impairment charge of $1.7 million and $4.4 million for the nine months ended September 30, 2021 and 2020, respectively. This loss was determined by comparing the fair value of the impacted right-of-use assets to the carrying value of the assets as of the impairment measurement date, in accordance with the Property, Plant and Equipment Topic of the FASB ASC. The fair value of the right-of-use assets was based on the estimated sublease income for the space taking into consideration the time period it will take to obtain a subtenant, the applicable discount rate, and the sublease rate. For the nine months ended September 30, 2021 and 2020, respectively, the Company wrote off a total of $0.2 million and $1.0 million of leasehold improvements and other property and equipment related to these locations. The measurement of the right-of-use asset impairments, using the assumptions described, is a Level 3 fair value measurement. See Note 10 - Fair Value Measurements for a description of Level 3 inputs. The table below presents the lease-related assets and liabilities included on the condensed consolidated balance sheets: Classification on Condensed Consolidated Balance Sheets: September 30, 2021 December 31, 2020 (amounts in thousands) Operating lease right-of-use assets (a) $ 8,064 $ 10,447 Operating lease liabilities - current (a) $ 4,362 $ 4,509 Operating lease liabilities - non-current (a) $ 12,280 $ 15,234 September 30, 2021 December 31, 2020 Weighted-average remaining lease term 3.5 years 4.1 years Weighted average discount rate 6.38 % 6.32 % ________________ (a) Amounts include lease assets and liabilities related to the eight locations added as part of the acquisition of WSG: operating lease right-of-use assets of $1.0 million, operating lease current liabilities of $0.3 million, and operating lease non-current liabilities of $0.7 million. The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities (which do not include short-term leases) recorded on the condensed consolidated balance sheets as of September 30, 2021: Years Ending December 31: (amounts in thousands) 2021 $ 995 2022 5,639 2023 5,292 2024 3,960 2025 2,763 Total minimum lease payments 18,649 Less: amount of lease payments representing interest (2,007) Present value of future minimum lease payments 16,642 Less: operating lease liabilities - current (4,362) Operating lease liabilities - non-current $ 12,280 Other Information The table below provides information regarding supplemental cash flows: Nine Months Ended September 30, 2021 2020 (amounts in thousands) Supplemental Cash Flow Information: Cash paid for amounts included in the measurement of operating lease liabilities $ 4,692 $ 5,404 Right-of-use assets acquired under operating lease $ 1,088 $ 915 The components of lease expense are as follows: Three Months Ended September 30, 2021 2020 (amounts in thousands) Amounts Included in Condensed Consolidated Statements of Operations: Operating lease expense $ 848 $ 1,006 Short-term lease expense $ 1,033 $ 1,077 Variable and other lease costs $ 419 $ 444 Nine Months Ended September 30, 2021 2020 (amounts in thousands) Amounts Included in Condensed Consolidated Statements of Operations: Operating lease expense $ 2,700 $ 3,946 Short-term lease expense $ 2,523 $ 4,373 Variable and other lease costs $ 1,638 $ 1,490 Operating lease expense, short-term lease expense, and variable and other lease costs are included in selling, general and administrative expenses, direct operating expenses, and restructuring costs in the condensed consolidated statements of operations, depending on the nature of the leased asset. Operating lease expense is reported net of sublease income, which is not material. As of September 30, 2021, the Company does not have any material operating leases which have not yet commenced. The Company has an immaterial amount of finance lease contracts related to other equipment rentals which are not included in the above disclosures. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Fair Value Measurements and Disclosures Topic of the FASB ASC defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. This topic also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: Level 1 —Quoted prices in active markets for identical assets or liabilities. Level 2 —Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Items Measured at Fair Value on a Recurring Basis: The Company’s financial assets/liabilities required to be measured on a recurring basis were its: (i) deferred compensation asset included in other non-current assets; and (ii) deferred compensation liability included in other long-term liabilities on its condensed consolidated balance sheets. Deferred compensation —The Company utilizes Level 1 inputs to value its deferred compensation assets and liabilities. The Company’s deferred compensation assets and liabilities are measured using publicly available indices, as per the plan documents. The estimated fair value of the Company’s financial assets and liabilities measured on a recurring basis is as follows: Fair Value Measurements September 30, 2021 December 31, 2020 (amounts in thousands) Financial Assets: (Level 1) Deferred compensation asset $ 1,317 $ 1,156 Financial Liabilities: (Level 1) Deferred compensation liability $ 2,542 $ 2,475 Items Measured at Fair Value on a Non-Recurring Basis: The Company's non-financial assets, such as goodwill, trade names, other intangible assets, right-of-use assets, and property and equipment, are measured at fair value when there is an indicator of impairment and are recorded at fair value only when an impairment charge is recognized. The nine months ended September 30, 2021 and 2020 included impairment charges to right-of-use assets along with related property and equipment in connection with leases that were vacated during the year. The nine months ended September 30, 2020 also included impairment charges to goodwill and other intangible assets primarily related to the previously-reported Search reporting unit. Accordingly, as of September 30, 2021 and 2020, these assets were recorded at fair value using Level 3 inputs. See Note 7 - Goodwill, Trade Names, and Other Intangible Assets and Note 9 - Leases for more information about these fair value measurements. Other Fair Value Disclosures: Financial instruments not measured or recorded at fair value in the condensed consolidated balance sheets consist of cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses. The estimated fair value of accounts receivable and accounts payable and accrued expenses approximate their carrying amount due to the short-term nature of these instruments. Other financial instruments not measured or recorded at fair value include: (i) note payable, (ii) ABL, (iii) term loan, and (iv) contingent consideration liability, as discussed below. (i) The Company paid the second installment on its note payable in the first quarter of 2021. The remaining balance is included in current portion of debt on the condensed consolidated balance sheets. Due to its relatively short-term nature, the carrying value of the note payable approximates its fair value. (ii) The carrying amount of the Company's ABL approximates fair value because the interest rates are variable and reflective of market rates. (iii) The estimated fair value of the Company's term loan was calculated applying an interest rate lattice model using Level 2 inputs from available market information. (iv) Potential earnout payments related to the WSG acquisition are contingent upon meeting certain performance requirements based on 2021 through 2023 performance. The Company performed an analysis using multiple forecasted scenarios to determine the fair value of the contingent consideration liability. The contingent consideration liability's carrying amount approximates fair value and is included in current portion of earnout liability and long-term contingent consideration on the condensed consolidated balance sheets. The carrying amounts and estimated fair value of the Company’s significant financial instruments that were not measured at fair value are as follows: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial Liabilities: (amounts in thousands) (Level 2) Note Payable $ 2,426 $ 2,426 $ 4,851 $ 4,851 Senior Secured Asset-Based Loan $ 4,000 $ 4,000 $ 53,408 $ 53,408 Term Loan, net $ 99,750 $ 98,971 $ — $ — Contingent Consideration $ 15,000 $ 15,000 $ — $ — Concentration of Credit Risk: See discussion of credit losses and allowance for doubtful accounts in Note 2 - Summary of Significant Accounting Policies. Overall, based on the large number of customers in differing geographic areas, primarily throughout the United States and its territories, the Company believes the concentration of credit risk is limited. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stock Repurchase Program During the nine months ended September 30, 2021 and 2020, the Company did not repurchase any shares of its common stock. As of September 30, 2021, the Company has 510,004 shares of common stock under the current share repurchase program available to repurchase, subject to certain conditions in the Company's ABL Credit Agreement and Term Loan Agreement. Share-Based Payments On May 19, 2020, the Company's shareholders approved the Cross Country Healthcare, Inc. 2020 Omnibus Incentive Plan (2020 Plan), which replaced the 2017 Omnibus Incentive Plan (2017 Plan), and applies to awards granted after May 19, 2020. The remaining shares available for grant under the 2017 Plan were cancelled and no further awards will be granted under that plan. The 2020 Plan generally mirrors the terms of the 2017 Plan and includes the following provisions: (i) an aggregate share reserve of 3,000,000 shares; (2) annual dollar and share limits of awards granted to employees and consultants, as well as non-employee directors, based on type of award; (3) awards granted generally will be subject to a minimum one-year vesting schedule; and (4) awards may be granted under the 2020 Plan until March 24, 2030. The following table summarizes restricted stock awards and performance stock awards activity issued under the 2017 Plan and the 2020 Plan (Plans) for the nine months ended September 30, 2021: Restricted Stock Awards Performance Stock Awards Number of Weighted Number of Target Weighted Unvested restricted stock awards, January 1, 2021 1,345,819 $ 7.04 548,151 $ 7.64 Granted 483,900 $ 13.32 168,324 $ 12.69 Vested (653,758) $ 7.22 — $ — Forfeited (136,506) $ 7.73 (194,309) $ 9.32 Unvested restricted stock awards, September 30, 2021 1,039,455 $ 9.75 522,166 $ 8.64 Restricted stock awards granted under the Company’s Plans entitle the holder to receive, at the end of a vesting period, a specified number of shares of the Company’s common stock. Share-based compensation expense is measured by the market value of the Company’s stock on the date of grant. Awards granted to non-employee directors under the 2017 Plan, prior to the adoption of the 2020 Plan, vest in three equal installments on the first, second and third anniversaries of the grant date, while restricted shares granted under the 2020 Plan on and subsequent to June 2020 will vest on the first anniversary of such grant date, or earlier subject to retirement eligibility . In addition, effective in the three months ended June 30, 2020, the Company implemented modified guidelines that provide for accelerated vesting of restricted stock grants on the last date of service when a retirement-eligible director retires. Pursuant to the Plans, the number of target shares that are issued for performance-based stock awards are determined based on the level of attainment of the targets. In the first quarter of 2021, it was determined that the performance stock awards that were granted in 2018 were not earned and, accordingly, those shares were forfeited. During the three and nine months ended September 30, 2021, $1.8 million and $5.3 million, respectively, was included in selling, general and administrative expenses related to share-based payments, and a net of 2,576 and 479,206 shares, respectively, of common stock were issued upon the vesting of restricted stock. During the three and nine months ended September 30, 2020, $1.1 million and $4.1 million, respectively, was included in selling, general and administrative expenses related to share-based payments, and a net of 2,576 and 306,550 shares, respectively, of common stock were issued upon the vesting of restricted stock. |
SEGMENT DATA
SEGMENT DATA | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
SEGMENT DATA | SEGMENT DATA In the first quarter of 2021, the Company modified its disclosures of reportable segments to better align with its management structure and to reflect how the operating results are regularly reviewed by the chief operating decision maker. As a result, the two reportable segments are now Nurse and Allied Staffing and Physician Staffing, and the results of the previously-reported Search segment have been consolidated within Nurse and Allied Staffing for all periods presented. The Company’s segments offer services to its customers as described below: ● Nurse and Allied Staffing – Nurse and Allied Staffing provides traditional staffing, recruiting, and value-added total talent solutions including: temporary and permanent placement of travel and local nurse and allied professionals, managed services programs (MSP) services, education healthcare services, in-home care services, and outsourcing services. In addition, Nurse and Allied Staffing provides retained search services for healthcare professionals, as well as contingent search and recruitment process outsourcing services. Its clients include: public and private acute-care and non-acute care hospitals, government facilities, local and national healthcare plans, managed care providers, public schools and charter schools, outpatient clinics, ambulatory care facilities, physician practice groups, and many other healthcare providers throughout the United States. ● Physician Staffing – Physician Staffing provides physicians in many specialties, as well as certified registered nurse anesthetists, nurse practitioners, and physician assistants as independent contractors on temporary assignments throughout the United States at various healthcare facilities, such as acute and non-acute care facilities, medical group practices, government facilities, and managed care organizations. The Company evaluates performance of each segment primarily based on revenue and contribution income. The Company defines contribution income as income (loss) from operations before depreciation and amortization, acquisition and integration-related costs, restructuring costs, legal settlement charges, impairment charges, and corporate overhead. Contribution income is a financial measure used by the Company when assessing segment performance and is provided in accordance with the Segment Reporting Topic of the FASB ASC. The Company does not evaluate, manage, or measure performance of segments using asset information; accordingly, total asset information by segment is not prepared or disclosed. The information in the following table is derived from the segments’ internal financial information as used for corporate management purposes. Certain corporate expenses are not allocated to and/or among the operating segments. Information on operating segments and a reconciliation to income (loss) from operations for the periods indicated are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (amounts in thousands) Revenue from services: Nurse and Allied Staffing $ 356,139 $ 177,516 $ 985,335 $ 569,306 Physician Staffing 18,766 16,452 50,638 51,505 $ 374,905 $ 193,968 $ 1,035,973 $ 620,811 Contribution income: Nurse and Allied Staffing $ 40,645 $ 17,925 $ 113,346 $ 51,334 Physician Staffing 910 827 2,900 2,677 41,555 18,752 116,246 54,011 Corporate overhead (a) 12,049 12,499 40,326 36,993 Depreciation and amortization 2,680 3,247 7,132 10,472 Acquisition and integration-related costs 61 — 985 77 Restructuring costs 318 2,316 2,391 5,210 Impairment charges — 1,071 2,070 16,082 Income (loss) from operations $ 26,447 $ (381) $ 63,342 $ (14,823) _______________ (a) Corporate overhead includes unallocated executive leadership and other centralized corporate functional support costs such as finance, IT, legal, human resources, and marketing, as well as public company expenses and corporate-wide projects (initiatives). |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Legal Proceedings From time to time, the Company is involved in various litigation, claims, investigations, and other proceedings that arise in the ordinary course of its business. These matters primarily relate to employee-related matters that include individual and collective claims, professional liability, tax, and payroll practices. The Company establishes reserves when available information indicates that a loss is probable and an amount or range of loss can be reasonably estimated. These assessments are performed at least quarterly and are based on the information available to management at the time and involve significant management judgment to determine the probability and estimated amount of potential losses, if any. Based on the available information considered in its reviews, the Company adjusts its loss contingency accruals and its disclosures as may be required. Actual outcomes or losses may differ materially from those estimated by the Company's current assessments, including available insurance recoveries, which would impact the Company's profitability. Adverse developments in existing litigation claims or legal proceedings involving the Company or new claims could require management to establish or increase litigation reserves or enter into unfavorable settlements or satisfy judgments for monetary damages for amounts in excess of current reserves, which could adversely affect the Company's financial results. During the third quarter of 2021, the Company entered into an agreement providing for the reimbursement of $1.6 million in legal fees incurred in 2020 and 2021, relating to the grand jury subpoena previously disclosed in the Company's 2020 Form 10-K. The reimbursement has been collected subsequent to September 30, 2021. The Company believes the outcome of any outstanding loss contingencies as of September 30, 2021 will not have a material adverse effect on its business, financial condition, results of operations, or cash flows. |
INCOME TAXES
INCOME TAXES | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the three and nine months ended September 30, 2021 and 2020, the Company calculated its effective tax rate based on year-to-date results, pursuant to the Income Taxes Topic of the FASB ASC. The Company’s effective tax rate for the three and nine months ended September 30, 2021 was 4.9% and 9.1%, respectively, including the impact of discrete items, and 4.9% and 5.9%, respectively, excluding discrete items. The Company's effective tax rate for the three and nine months ended September 30, 2020 was negative 17.2% and 0.2%, respectively, including the impact of discrete items. Excluding discrete items, the Company's effective tax rate for the three and nine months ended September 30, 2020 was negative 18.6% and negative 3.2%, respectively. As a result of the Company's valuation allowance on substantially all of its domestic deferred tax assets, income tax expense for the three months ended September 30, 2021 and 2020 was primarily impacted by international and state taxes. Income tax expense for the nine months ended September 30, 2021 was further impacted by additional valuation allowance required as a result of the WSG acquisition, while 2020 was further impacted by the impairment of indefinite-lived intangibles. As of September 30, 2021 and December 31, 2020, the Company had a valuation allowance of $25.0 million and $37.5 million, respectively. For the nine months ended September 30, 2021, the valuation allowance decreased $14.6 million due to the Company's estimate of taxable income. This decrease was partially offset by a $2.1 million increase of the valuation allowance as a result of the WSG acquisition, and in accordance with the Business Combinations Topic of the FASB ASC, the increase was included in income tax expense. The valuation allowance applied to all domestic deferred tax assets other than certain deferred tax assets expected to be realized. As of September 30, 2021, the Company had approximately $1.0 million of unrecognized tax benefits included in other long-term liabilities, $8.2 million, net of deferred taxes, which would impact the effective tax rate if recognized. During the nine months ended September 30, 2021, the Company had a gross increase of $1.1 million to its current year unrecognized tax benefits related to federal and state tax provisions. The tax years 2012 through 2020 remain open to examination by certain taxing jurisdictions to which the Company is subject to tax. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Prior to December 31, 2020, the Company had a 68% ownership interest in Cross Country Talent Acquisition Group, LLC, a joint venture between the Company and a hospital system. The Company generated revenue providing staffing services to the hospital system of $3.6 million and $11.3 million, respectively, for the three and nine months ended September 30, 2020, with no activity for the same periods in 2021. At December 31, 2020, the Company had a receivable balance of $1.7 million and a payable balance of $0.2 million, with no such balances as of September 30, 2021. Effective December 31, 2020, the sole professional staffing services agreement held by its joint venture was terminated, at which time the Company entered into a direct staffing agreement with the hospital system. The Company dissolved Cross Country Talent Acquisition Group, LLC during the third quarter of 2021. The Company has entered into an arrangement for digital marketing services provided by a firm that is related to Mr. Clark, the Company's Co-Founder & Chief Executive Officer. Mr. Clark is a minority shareholder in the firm's parent company and is a member of the parent company's Board of Directors. Management believes the terms of the arrangement are equivalent to those prevailing in an arm's-length transaction and have been approved by the Company through its related party process. The digital marketing firm manages a limited number of digital publishers covering various Company brands for a monthly management fee. During the nine months ended September 30, 2021, the Company incurred $0.2 million in expenses related to these fees. During the three months ended September 30, 2021 and the three and nine months ended September 30, 2020, the Company incurred an immaterial amount in expenses. The Company had no payable balance at September 30, 2021 and December 31, 2020. The Company provides services to a health system affiliated with a member of the Company’s Board of Directors. Management believes the services were conducted on terms equivalent to those prevailing in an arm's-length transaction. Revenue related to these transactions was $0.2 million and $0.3 million, respectively, for the three and nine months ended September 30, 2021, and an immaterial amount for the nine months ended September 30, 2020. Accounts receivable due from this health system was $0.2 million at September 30, 2021 and an immaterial amount at December 31, 2020. As a result of the WSG acquisition on June 8, 2021, the Company continues to rent WSG's headquarters. The Chief Executive Officer and Founder of WSG, and currently a business unit president with the Company, is an agent of the lessor. The lease term is from January 1, 2020 through December 31, 2024. The Company paid an immaterial amount in rent expense for these premises for the three months ended September 30, 2021, and had an immaterial payable balance at September 30, 2021. In the first quarter of 2020, the Company entered into a note payable of $7.3 million related to contingent consideration assumed as part of a prior period acquisition, payable in three equal installments. The payees of the note are controlled by an employee of the sellers who remained with the Company. The first two installments have been paid, leaving a note payable balance of $2.5 million and accrued interest of $0.1 million at September 30, 2021. |
RECENT ACCOUNTING PRONOUNCEMENT
RECENT ACCOUNTING PRONOUNCEMENTS | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS On March 12, 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. When elected, the optional expedients for contract modifications must be applied consistently for all eligible contracts or transactions. On January 7, 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), Scope , to refine the scope of guidance on reference rate reform to apply to derivatives that are affected by the discounting transition. The amendments in these updates are effective as of March 12, 2020 through December 31, 2022. As of September 30, 2021, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements; however, it will continue to assess the potential impact on its debt contracts and future hedging relationships, if applicable, through the effective period. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business | The accompanying condensed consolidated financial statements include the accounts of Cross Country Healthcare, Inc. and its direct and indirect wholly-owned subsidiaries (collectively, the Company), as well as Cross Country Talent Acquisition Group, LLC, which was a joint venture controlled by the Company but not wholly-owned. Effective December 31, 2020, the sole pr ofessional staffing services agreement held by this joint venture was terminated and, as a result, the Company dissolved Cross Country Talent Acquisition Group, LLC in the third quarter of 2021. In the opinion of management, all adjustments necessary for a fair presentation of such unaudited condensed consolidated financial statements have been included. All such adjustments consisted of all normal recurring items, including the elimination of all intercompany transactions and balances. |
Basis of Accounting | The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These operating results are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K as filed with the SEC on February 25, 2021 (2020 Form 10-K). The December 31, 2020 condensed consolidated balance sheet included herein was derived from the December 31, 2020 audited consolidated balance sheet included in the 2020 Form 10-K. Certain prior year amounts have been reclassified to conform to the current year presentation. See the condensed consolidated balance sheets and statements of cash flows, Note 3 - Revenue Recognition, and Note 12 - Segment Data. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. Management has assessed various accounting estimates and other matters, including those that require consideration of forecasted financial information, in context of the unknown future impacts of the current global outbreak of COVID-19 using information that is reasonably available to the Company at the time. Significant estimates and assumptions are used for, but not limited to: (1) the valuation of accounts receivable; (2) goodwill, trade names, and other intangible assets; (3) other long-lived assets; (4) share-based compensation; (5) accruals for health, workers’ compensation, and professional liability claims; (6) valuation of deferred tax assets; (7) legal contingencies; (8) income taxes; and (9) sales and other non-income tax liabilities. Accrued insurance claims and reserves include estimated settlements from known claims and actuarial estimates for claims incurred but not reported. As additional information becomes available to the Company, its future assessment of these estimates, including management's expectations at the time regarding the duration, scope and severity of the pandemic, as well as other factors, could materially and adversely impact the Company's consolidated financial statements in future reporting periods. Actual results could differ from those estimates. COVID-19 The Company continues to closely monitor the COVID-19 pandemic, and prioritize the mental health and well-being of its employees. While operating primarily through a remote workforce, the Company's offices remain open with stringent safety guidelines and procedures in place, including allowing only vaccinated employees on-site, social distancing, and enhanced cleaning at all of its locations. Business travel, including visits to healthcare clients, continues to be somewhat limited at the request of the Company's clients who are continuing to cope with the pandemic twenty-four hours a day/seven days a week. |
Accounts Receivable, net | Accounts Receivable, net The timing of revenue recognition, billings, and collections results in billed and unbilled accounts receivable from customers, which are classified as accounts receivable on the condensed consolidated balance sheets and are presented net of allowances for doubtful accounts and sales allowances. Estimated revenue for the Company employees', subcontracted employees', and independent contractors’ time worked but not yet billed at September 30, 2021 and December 31, 2020 totaled $121.9 million and $48.3 million, respectively. The Company generally does not require collateral and mitigates its credit risk by performing credit evaluations and monitoring at-risk accounts. The allowance for doubtful accounts is established for losses expected to be incurred on accounts receivable balances. Accounts receivable are written off against the allowance for doubtful accounts when the Company determines amounts are no longer collectible. Judgment is required in the estimation of the allowance and the Company evaluates the collectability of its accounts receivable and contract assets based on a combination of factors. The Company bases its allowance for doubtful account estimates on its historical write-off experience, current conditions, an analysis of the aging of outstanding receivable and customer payment patterns, and specific reserves for customers in adverse condition adjusted for current expectations for the customers or industry. Based on the information currently available, the Company also considered current expectations of future economic conditions, including the impact of COVID-19, when estimating its allowance for doubtful accounts. The opening balance of the allowance for doubtful accounts is reconciled to the closing balance for expected credit losses as follows: 2021 2020 Allowance for Doubtful Accounts (amounts in thousands) Balance at January 1 $ 3,416 $ 2,406 Bad Debt Expense 504 539 Write-Offs, net of Recoveries (699) (349) Balance at March 31 3,221 2,596 Bad Debt Expense 466 898 Write-Offs, net of Recoveries (358) (532) Balance at June 30 3,329 2,962 Bad Debt Expense 1,441 946 Write-Offs, net of Recoveries (138) (800) Balance at September 30 $ 4,632 $ 3,108 In addition to the allowance for doubtful accounts, the Company maintains a sales allowance for billing-related adjustments which may arise in the ordinary course of business and adjustments to the reserve are recorded as contra-revenue. The balance of this allowance as of September 30, 2021 and December 31, 2020 was $0.8 million and $0.6 million, respectively. The Company’s contract terms typically require payment between 30 to 60 days from the date of invoice and are considered past due based on the particular negotiated contract terms. The majority of the Company's customers are U.S. based healthcare |
Restructuring Costs | Restructuring Costs The Company considers restructuring activities to be programs whereby it fundamentally changes its operations, such as closing and consolidating facilities, reducing headcount, and realigning operations in response to changing market conditions. As a result, restructuring costs on the condensed consolidated statements of operations primarily include employee termination costs and lease-related exit costs. |
Recently Adopted Accounting Pronouncement | Recently Adopted Accounting Pronouncements Effective January 1, 2021, the Company adopted ASU No. 2019-12, Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740, and improves consistent application of and simplifies U.S. GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The guidance requires either a prospective, retrospective, or modified retrospective approach depending on the amendment. The Company prospectively adopted this guidance with no material impact on its consolidated financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The opening balance of the allowance for doubtful accounts is reconciled to the closing balance for expected credit losses as follows: 2021 2020 Allowance for Doubtful Accounts (amounts in thousands) Balance at January 1 $ 3,416 $ 2,406 Bad Debt Expense 504 539 Write-Offs, net of Recoveries (699) (349) Balance at March 31 3,221 2,596 Bad Debt Expense 466 898 Write-Offs, net of Recoveries (358) (532) Balance at June 30 3,329 2,962 Bad Debt Expense 1,441 946 Write-Offs, net of Recoveries (138) (800) Balance at September 30 $ 4,632 $ 3,108 |
Schedule of Restructuring and Related Costs | Reconciliation of the employee termination costs and lease-related exit costs beginning and ending liability balance is presented below: Employee Termination Costs Lease-Related Exit Costs (amounts in thousands) Balance at January 1, 2021 $ 499 $ 2,687 Charged to restructuring costs (a) 824 46 Payments (344) (207) Balance at March 31, 2021 979 2,526 Charged to restructuring costs (a) 2 458 Payments (387) (204) Balance at June 30, 2021 594 2,780 Charged to restructuring costs (a) (10) 47 Payments (278) (194) Balance at September 30, 2021 $ 306 $ 2,633 ________________ (a) Aside from what is presented in the table above, restructuring costs in the condensed consolidated statements of operations for the nine months ended September 30, 2021 include $1.0 million of ongoing lease costs related to the Company's strategic reduction in its real estate footprint, which are included as operating lease liabilities - current and non-current in our condensed consolidated balance sheets. Other costs were immaterial for the nine months ended September 30, 2021. |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | Three Months ended September 30, 2021 Nurse Physician Total Segments (amounts in thousands) Temporary Staffing Services $ 347,115 $ 18,055 $ 365,170 Other Services 9,024 711 9,735 Total $ 356,139 $ 18,766 $ 374,905 Three Months ended September 30, 2020 Nurse Physician Total Segments (amounts in thousands) Temporary Staffing Services $ 169,264 $ 15,753 $ 185,017 Other Services 8,252 699 8,951 Total $ 177,516 $ 16,452 $ 193,968 Nine Months ended September 30, 2021 Nurse Physician Total Segments (amounts in thousands) Temporary Staffing Services $ 961,608 $ 48,534 $ 1,010,142 Other Services 23,727 2,104 25,831 Total $ 985,335 $ 50,638 $ 1,035,973 Nine Months ended September 30, 2020 Nurse Physician Total Segments (amounts in thousands) Temporary Staffing Services $ 547,543 $ 48,994 $ 596,537 Other Services 21,763 2,511 24,274 Total $ 569,306 $ 51,505 $ 620,811 |
ACQUISITION (Tables)
ACQUISITION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table is an estimate of the assets acquired and liabilities assumed on June 8, 2021: (amounts in thousands) Cash and cash equivalents $ 957 Accounts receivable 11,991 Other current assets 59 Property and equipment 10 Goodwill 22,066 Other intangible assets 14,200 Total assets acquired 49,283 Accounts payable and accrued expenses 3,562 Accrued compensation and benefits 1,387 Long-term contingent consideration 15,000 Total liabilities assumed 19,949 Net assets acquired $ 29,334 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Components of Numerator and Denominator for Computation of Basic and Diluted Earnings per Share | The following table sets forth the components of the numerator and denominator for the computation of the basic and diluted earnings per share: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (amounts in thousands, except per share data) Numerator: Net income (loss) attributable to common shareholders - Basic and Diluted $ 23,433 $ (1,334) $ 54,429 $ (17,574) Denominator: Weighted average common shares - Basic 36,963 36,176 36,593 36,058 Effect of diluted shares: Share-based awards (a) 619 — 683 — Weighted average common shares - Diluted 37,582 36,176 37,276 36,058 Net income (loss) per share attributable to common shareholders - Basic $ 0.63 $ (0.04) $ 1.49 $ (0.49) Net income (loss) per share attributable to common shareholders - Diluted $ 0.62 $ (0.04) $ 1.46 $ (0.49) ________________ (a) Due to the net loss for the three and nine months ended September 30, 2020, 227,821 and 252,810 shares, respectively, were excluded from diluted weighted average shares due to their anti-dilutive effect. |
GOODWILL, TRADE NAMES, AND OT_2
GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Acquired Intangible Assets | The Company had the following acquired intangible assets: September 30, 2021 December 31, 2020 Gross Accumulated Net Gross Accumulated Net (amounts in thousands) Intangible assets subject to amortization: Databases $ 30,530 $ 17,612 $ 12,918 $ 30,530 $ 15,322 $ 15,208 Customer relationships 47,738 16,558 31,180 33,538 14,007 19,531 Non-compete agreements 304 257 47 304 212 92 Other intangible assets, net $ 78,572 $ 34,427 $ 44,145 $ 64,372 $ 29,541 $ 34,831 Intangible assets not subject to amortization: Trade names, indefinite-lived $ 5,900 $ 5,900 |
Schedule of Estimated Annual Amortization Expense | As of September 30, 2021, estimated annual amortization expense is as follows: Years Ending December 31: (amounts in thousands) 2021 $ 1,801 2022 7,175 2023 7,117 2024 6,479 2025 5,921 Thereafter 15,652 $ 44,145 |
Schedule of Goodwill | The changes in the carrying amount of goodwill by reportable segment are as follows: Nurse and Physician Total (amounts in thousands) Balances as of December 31, 2020 Aggregate goodwill acquired $ 367,880 $ 43,405 $ 411,285 Sale of business (9,889) — (9,889) Accumulated impairment loss (269,874) (40,598) (310,472) Goodwill, net of impairment loss 88,117 2,807 90,924 Changes to aggregate goodwill in 2021 Aggregate goodwill acquired (a) 22,066 — 22,066 Balances as of September 30, 2021 Aggregate goodwill acquired 389,946 43,405 433,351 Sale of business (9,889) — (9,889) Accumulated impairment loss (269,874) (40,598) (310,472) Goodwill, net of impairment loss $ 110,183 $ 2,807 $ 112,990 ________________ (a) Represents goodwill acquired from the acquisition of WSG, calculated as the excess of the fair value of consideration exchanged as compared to the fair value of identifiable net assets acquired. See Note 4 - Acquisition. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired or liabilities assumed, with a corresponding offset to goodwill. Upon conclusion of the measurement period, any subsequent adjustments would be recorded to earnings. |
DEBT (Tables)
DEBT (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The Company's long-term debt consists of the following: September 30, 2021 December 31, 2020 Principal Debt Issuance Costs Principal Debt Issuance Costs (amounts in thousands) Term Loan, interest of 6.50% at September 30, 2021 $ 99,750 $ (4,085) $ — $ — Senior Secured Asset-Based Loan, interest of 1.58% and 2.73% at September 30, 2021 and December 31, 2020, respectively 4,000 (1,080) 53,408 (1,063) Note Payable, interest of 2.00% per annum 2,426 — 4,851 — Total debt 106,176 (5,165) 58,259 (1,063) Less current portion - note payable 2,426 — 2,425 — Less current portion - term loan 1,000 — — — Long-term debt $ 102,750 $ (5,165) $ 55,834 $ (1,063) |
Schedule of Aggregate Scheduled Maturities of Debt | As of September 30, 2021, the aggregate schedule for maturities of debt are as follows: Term Loan Senior Secured Asset-Based Loan Note Payable (amounts in thousands) Through Years Ending December 31: 2021 $ 250 $ — $ — 2022 1,000 — 2,426 2023 1,000 — — 2024 1,000 4,000 — 2025 1,000 — — Thereafter 95,500 — — Total $ 99,750 $ 4,000 $ 2,426 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information | The table below presents the lease-related assets and liabilities included on the condensed consolidated balance sheets: Classification on Condensed Consolidated Balance Sheets: September 30, 2021 December 31, 2020 (amounts in thousands) Operating lease right-of-use assets (a) $ 8,064 $ 10,447 Operating lease liabilities - current (a) $ 4,362 $ 4,509 Operating lease liabilities - non-current (a) $ 12,280 $ 15,234 September 30, 2021 December 31, 2020 Weighted-average remaining lease term 3.5 years 4.1 years Weighted average discount rate 6.38 % 6.32 % ________________ (a) Amounts include lease assets and liabilities related to the eight locations added as part of the acquisition of WSG: operating lease right-of-use assets of $1.0 million, operating lease current liabilities of $0.3 million, and operating lease non-current liabilities of $0.7 million. |
Schedule of Operating Lease Maturity | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities (which do not include short-term leases) recorded on the condensed consolidated balance sheets as of September 30, 2021: Years Ending December 31: (amounts in thousands) 2021 $ 995 2022 5,639 2023 5,292 2024 3,960 2025 2,763 Total minimum lease payments 18,649 Less: amount of lease payments representing interest (2,007) Present value of future minimum lease payments 16,642 Less: operating lease liabilities - current (4,362) Operating lease liabilities - non-current $ 12,280 |
Schedule of Lease Costs | The table below provides information regarding supplemental cash flows: Nine Months Ended September 30, 2021 2020 (amounts in thousands) Supplemental Cash Flow Information: Cash paid for amounts included in the measurement of operating lease liabilities $ 4,692 $ 5,404 Right-of-use assets acquired under operating lease $ 1,088 $ 915 The components of lease expense are as follows: Three Months Ended September 30, 2021 2020 (amounts in thousands) Amounts Included in Condensed Consolidated Statements of Operations: Operating lease expense $ 848 $ 1,006 Short-term lease expense $ 1,033 $ 1,077 Variable and other lease costs $ 419 $ 444 Nine Months Ended September 30, 2021 2020 (amounts in thousands) Amounts Included in Condensed Consolidated Statements of Operations: Operating lease expense $ 2,700 $ 3,946 Short-term lease expense $ 2,523 $ 4,373 Variable and other lease costs $ 1,638 $ 1,490 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Estimated Fair Values of Financial Assets and Liabilities Measured on a Recurring Basis | The estimated fair value of the Company’s financial assets and liabilities measured on a recurring basis is as follows: Fair Value Measurements September 30, 2021 December 31, 2020 (amounts in thousands) Financial Assets: (Level 1) Deferred compensation asset $ 1,317 $ 1,156 Financial Liabilities: (Level 1) Deferred compensation liability $ 2,542 $ 2,475 |
Schedule of Carrying Amounts and Estimated Fair Values of Significant Financial Instrument that were not Measured at Fair Value | The carrying amounts and estimated fair value of the Company’s significant financial instruments that were not measured at fair value are as follows: September 30, 2021 December 31, 2020 Carrying Fair Carrying Fair Financial Liabilities: (amounts in thousands) (Level 2) Note Payable $ 2,426 $ 2,426 $ 4,851 $ 4,851 Senior Secured Asset-Based Loan $ 4,000 $ 4,000 $ 53,408 $ 53,408 Term Loan, net $ 99,750 $ 98,971 $ — $ — Contingent Consideration $ 15,000 $ 15,000 $ — $ — |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Summary of Restricted Stock Activity | The following table summarizes restricted stock awards and performance stock awards activity issued under the 2017 Plan and the 2020 Plan (Plans) for the nine months ended September 30, 2021: Restricted Stock Awards Performance Stock Awards Number of Weighted Number of Target Weighted Unvested restricted stock awards, January 1, 2021 1,345,819 $ 7.04 548,151 $ 7.64 Granted 483,900 $ 13.32 168,324 $ 12.69 Vested (653,758) $ 7.22 — $ — Forfeited (136,506) $ 7.73 (194,309) $ 9.32 Unvested restricted stock awards, September 30, 2021 1,039,455 $ 9.75 522,166 $ 8.64 |
SEGMENT DATA (Tables)
SEGMENT DATA (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Information on Operating Segments and Reconciliation to Loss From Operations | Information on operating segments and a reconciliation to income (loss) from operations for the periods indicated are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 (amounts in thousands) Revenue from services: Nurse and Allied Staffing $ 356,139 $ 177,516 $ 985,335 $ 569,306 Physician Staffing 18,766 16,452 50,638 51,505 $ 374,905 $ 193,968 $ 1,035,973 $ 620,811 Contribution income: Nurse and Allied Staffing $ 40,645 $ 17,925 $ 113,346 $ 51,334 Physician Staffing 910 827 2,900 2,677 41,555 18,752 116,246 54,011 Corporate overhead (a) 12,049 12,499 40,326 36,993 Depreciation and amortization 2,680 3,247 7,132 10,472 Acquisition and integration-related costs 61 — 985 77 Restructuring costs 318 2,316 2,391 5,210 Impairment charges — 1,071 2,070 16,082 Income (loss) from operations $ 26,447 $ (381) $ 63,342 $ (14,823) _______________ (a) Corporate overhead includes unallocated executive leadership and other centralized corporate functional support costs such as finance, IT, legal, human resources, and marketing, as well as public company expenses and corporate-wide projects (initiatives). |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unbilled contracts receivable | $ 121.9 | $ 48.3 |
Sales allowance, billing-related adjustments | $ 0.8 | $ 0.6 |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Threshold period, past due for payment of services provided | 30 days | |
Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Threshold period, past due for payment of services provided | 60 days |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Allowance for Doubtful Accounts | ||||||||
Beginning balance | $ 3,329 | $ 3,221 | $ 3,416 | $ 2,962 | $ 2,596 | $ 2,406 | $ 3,416 | $ 2,406 |
Bad debt expense | 1,441 | 466 | 504 | 946 | 898 | 539 | 2,411 | 2,383 |
Write-Offs, net of Recoveries | (138) | (358) | (699) | (800) | (532) | (349) | ||
Ending balance | $ 4,632 | $ 3,329 | $ 3,221 | $ 3,108 | $ 2,962 | $ 2,596 | $ 4,632 | $ 3,108 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Restructuring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Restructuring Reserve [Roll Forward] | ||||||
Charged to restructuring costs | $ 318 | $ 2,316 | $ 2,391 | $ 5,210 | ||
Restructuring costs | 318 | $ 2,316 | 2,391 | $ 5,210 | ||
Employee Termination Costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Balance at beginning of period | 594 | $ 979 | $ 499 | 499 | ||
Charged to restructuring costs | (10) | 2 | 824 | |||
Payments | (278) | (387) | (344) | |||
Balance at end of period | 306 | 594 | 979 | 306 | ||
Restructuring costs | (10) | 2 | 824 | |||
Lease-Related Exit Costs | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Balance at beginning of period | 2,780 | 2,526 | 2,687 | 2,687 | ||
Charged to restructuring costs | 47 | 458 | 46 | |||
Payments | (194) | (204) | (207) | |||
Balance at end of period | 2,633 | 2,780 | 2,526 | 2,633 | ||
Restructuring costs | $ 47 | $ 458 | $ 46 | |||
Strategic Reduction of Real Estate Footprint | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Charged to restructuring costs | 1,000 | |||||
Restructuring costs | $ 1,000 |
REVENUE RECOGNITION - Disaggreg
REVENUE RECOGNITION - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | $ 374,905 | $ 193,968 | $ 1,035,973 | $ 620,811 |
Temporary Staffing Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 365,170 | 185,017 | 1,010,142 | 596,537 |
Other Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 9,735 | 8,951 | 25,831 | 24,274 |
Nurse And Allied Staffing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 356,139 | 177,516 | 985,335 | 569,306 |
Nurse And Allied Staffing | Temporary Staffing Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 347,115 | 169,264 | 961,608 | 547,543 |
Nurse And Allied Staffing | Other Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 9,024 | 8,252 | 23,727 | 21,763 |
Physician Staffing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 18,766 | 16,452 | 50,638 | 51,505 |
Physician Staffing | Temporary Staffing Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 18,055 | 15,753 | 48,534 | 48,994 |
Physician Staffing | Other Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | $ 711 | $ 699 | $ 2,104 | $ 2,511 |
REVENUE RECOGNITION - Additiona
REVENUE RECOGNITION - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Disaggregation of Revenue [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Revenue from services | $ 374,905 | $ 193,968 | $ 1,035,973 | $ 620,811 |
Nurse and Allied Staffing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 356,139 | 177,516 | 985,335 | 569,306 |
Nurse and Allied Staffing | Revision of Prior Period, Adjustment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 2,300 | 7,700 | ||
Other Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | 9,735 | 8,951 | 25,831 | 24,274 |
Other Services | Nurse and Allied Staffing | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | $ 9,024 | 8,252 | $ 23,727 | 21,763 |
Other Services | Nurse and Allied Staffing | Revision of Prior Period, Adjustment | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from services | $ 2,300 | $ 7,700 |
ACQUISITION - Narrative (Detail
ACQUISITION - Narrative (Details) - USD ($) $ in Thousands | Jun. 08, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Current portion of earnout liability | $ 7,500 | $ 0 | |
Long-term contingent consideration | 7,500 | 0 | |
Goodwill | 112,990 | $ 90,924 | |
Customer relationships | |||
Business Acquisition [Line Items] | |||
Other intangible assets | $ 14,200 | ||
Weighted average useful life | 11 years 6 months | ||
Workforce Solutions Group, Inc. | |||
Business Acquisition [Line Items] | |||
Cash consideration, gross | $ 25,000 | ||
Net working capital adjustment | 1,100 | ||
Equity consideration for acquisition, value | $ 5,000 | ||
Equity consideration for acquisition (in shares) | 307,730 | ||
Contingent consideration liability, term | 3 years | ||
Contingent consideration liability | $ 15,000 | ||
Current portion of earnout liability | 7,500 | ||
Long-term contingent consideration | 7,500 | ||
Other intangible assets | 14,200 | ||
Goodwill | $ 22,066 | ||
Acquisition and integration-related costs | $ 1,000 |
ACQUISITION - Recognized Identi
ACQUISITION - Recognized Identified Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 08, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | |||
Goodwill | $ 112,990 | $ 90,924 | |
Workforce Solutions Group, Inc. | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | $ 957 | ||
Accounts receivable | 11,991 | ||
Other current assets | 59 | ||
Property and equipment | 10 | ||
Goodwill | 22,066 | ||
Other intangible assets | 14,200 | ||
Total assets acquired | 49,283 | ||
Accounts payable and accrued expenses | 3,562 | ||
Accrued compensation and benefits | 1,387 | ||
Long-term contingent consideration | 15,000 | ||
Total liabilities assumed | 19,949 | ||
Net assets acquired | $ 29,334 |
COMPREHENSIVE INCOME (LOSS) (De
COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Equity [Abstract] | ||
Loss on currency fluctuations | $ 1.3 | $ 1.3 |
EARNINGS PER SHARE - Components
EARNINGS PER SHARE - Components of Numerator and Denominator for Computation of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Numerator: | ||||
Net income (loss) attributable to common shareholders - Basic and Diluted | $ 23,433 | $ (1,334) | $ 54,429 | $ (17,574) |
Denominator: | ||||
Weighted average common shares - Basic (shares) | 36,963 | 36,176 | 36,593 | 36,058 |
Effect of diluted shares: | ||||
Share-based awards (shares) | 619 | 0 | 683 | 0 |
Weighted average common shares - Diluted (shares) | 37,582 | 36,176 | 37,276 | 36,058 |
Net income (loss) per share attributable to common shareholders - Basic (in dollars per share) | $ 0.63 | $ (0.04) | $ 1.49 | $ (0.49) |
Net income (loss) per share attributable to common shareholders - Diluted (in dollars per share) | $ 0.62 | $ (0.04) | $ 1.46 | $ (0.49) |
EARNINGS PER SHARE - Additional
EARNINGS PER SHARE - Additional Information (Details) - shares | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Shares excluded from diluted weighted average shares (shares) | 227,821 | 252,810 |
GOODWILL, TRADE NAMES, AND OT_3
GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS - Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 78,572 | $ 64,372 |
Accumulated Amortization | 34,427 | 29,541 |
Net Carrying Amount | 44,145 | 34,831 |
Trade names, indefinite-lived | 5,900 | 5,900 |
Databases | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 30,530 | 30,530 |
Accumulated Amortization | 17,612 | 15,322 |
Net Carrying Amount | 12,918 | 15,208 |
Customer relationships | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 47,738 | 33,538 |
Accumulated Amortization | 16,558 | 14,007 |
Net Carrying Amount | 31,180 | 19,531 |
Non-compete agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 304 | 304 |
Accumulated Amortization | 257 | 212 |
Net Carrying Amount | $ 47 | $ 92 |
GOODWILL, TRADE NAMES, AND OT_4
GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS - Estimated Annual Amortization Expense (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 | $ 1,801 | |
2022 | 7,175 | |
2023 | 7,117 | |
2024 | 6,479 | |
2025 | 5,921 | |
Thereafter | 15,652 | |
Net Carrying Amount | $ 44,145 | $ 34,831 |
GOODWILL, TRADE NAMES, AND OT_5
GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS - Goodwill Rollforward (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Goodwill [Roll Forward] | |
Aggregate goodwill acquired, beginning balance | $ 411,285 |
Accumulated impairment loss, beginning balance | (310,472) |
Goodwill, net of impairment loss, beginning balance | 90,924 |
Aggregate goodwill acquired | 22,066 |
Aggregate goodwill acquired, ending balance | 433,351 |
Accumulated impairment loss, ending balance | (310,472) |
Goodwill, net of impairment loss, ending balance | 112,990 |
Sale of business | |
Goodwill [Roll Forward] | |
Aggregate goodwill acquired, beginning balance | 9,889 |
Aggregate goodwill acquired, ending balance | 9,889 |
Nurse and Allied Staffing | |
Goodwill [Roll Forward] | |
Aggregate goodwill acquired, beginning balance | 367,880 |
Accumulated impairment loss, beginning balance | (269,874) |
Goodwill, net of impairment loss, beginning balance | 88,117 |
Aggregate goodwill acquired | 22,066 |
Aggregate goodwill acquired, ending balance | 389,946 |
Accumulated impairment loss, ending balance | (269,874) |
Goodwill, net of impairment loss, ending balance | 110,183 |
Nurse and Allied Staffing | Sale of business | |
Goodwill [Roll Forward] | |
Aggregate goodwill acquired, beginning balance | 9,889 |
Aggregate goodwill acquired, ending balance | 9,889 |
Physician Staffing | |
Goodwill [Roll Forward] | |
Aggregate goodwill acquired, beginning balance | 43,405 |
Accumulated impairment loss, beginning balance | (40,598) |
Goodwill, net of impairment loss, beginning balance | 2,807 |
Aggregate goodwill acquired | 0 |
Aggregate goodwill acquired, ending balance | 43,405 |
Accumulated impairment loss, ending balance | (40,598) |
Goodwill, net of impairment loss, ending balance | 2,807 |
Physician Staffing | Sale of business | |
Goodwill [Roll Forward] | |
Aggregate goodwill acquired, beginning balance | 0 |
Aggregate goodwill acquired, ending balance | $ 0 |
GOODWILL, TRADE NAMES, AND OT_6
GOODWILL, TRADE NAMES, AND OTHER INTANGIBLE ASSETS - Additional Information (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)$ / shares | Jun. 30, 2020USD ($) | Sep. 30, 2021segment | Sep. 30, 2020USD ($)$ / shares | Dec. 31, 2019 | |
Goodwill [Line Items] | |||||
Number of reportable segments | segment | 2 | ||||
Trade Names | |||||
Goodwill [Line Items] | |||||
Weighted average amortization period if not accelerated | 7 years 6 months | ||||
Impact of accelerated amortization on earnings per share (in dollars per share) | $ / shares | $ 0.03 | $ 0.09 | |||
Accelerated Amortization | Trade Names | |||||
Goodwill [Line Items] | |||||
Amortization of intangible assets | $ 0.9 | $ 3.1 | |||
Search Services | |||||
Goodwill [Line Items] | |||||
Impairment charges for goodwill | $ 10.2 | ||||
Search Services | Customer relationships | |||||
Goodwill [Line Items] | |||||
Impairment charges for intangible assets | $ 0.3 |
DEBT - Long-term Debt (Details)
DEBT - Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt | $ 106,176 | $ 58,259 |
Debt Issuance Costs | (5,165) | (1,063) |
Less current portion | 3,426 | 2,425 |
Long-term debt | $ 102,750 | 55,834 |
Earnout Notes Payable | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 2.00% | |
Term Loan | 2021 Term Loan Credit Agreement | ||
Debt Instrument [Line Items] | ||
Interest rate at period end (percent) | 6.50% | |
Total debt | $ 99,750 | 0 |
Debt Issuance Costs | (4,085) | 0 |
Less current portion | $ 1,000 | $ 0 |
Senior Secured Asset-Based Loan | Senior Secured Asset-Based Loan | ||
Debt Instrument [Line Items] | ||
Interest rate at period end (percent) | 1.58% | 2.73% |
Total debt | $ 4,000 | $ 53,408 |
Debt Issuance Costs | $ (1,080) | $ (1,063) |
Note Payable | Earnout Notes Payable | ||
Debt Instrument [Line Items] | ||
Stated interest rate (percent) | 2.00% | 2.00% |
Total debt | $ 2,426 | $ 4,851 |
Debt Issuance Costs | 0 | 0 |
Less current portion | $ 2,426 | $ 2,425 |
DEBT - Maturities of Debt (Deta
DEBT - Maturities of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total debt | $ 106,176 | $ 58,259 |
Term Loan | 2021 Term Loan Credit Agreement | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2021 | 250 | |
2022 | 1,000 | |
2023 | 1,000 | |
2024 | 1,000 | |
2025 | 1,000 | |
Thereafter | 95,500 | |
Total debt | 99,750 | 0 |
Senior Secured Asset-Based Loan | Senior Secured Asset-Based Loan | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2021 | 0 | |
2022 | 0 | |
2023 | 0 | |
2024 | 4,000 | |
2025 | 0 | |
Thereafter | 0 | |
Total debt | 4,000 | 53,408 |
Note Payable | Earnout Notes Payable | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2021 | 0 | |
2022 | 2,426 | |
2023 | 0 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 0 | |
Total debt | $ 2,426 | $ 4,851 |
DEBT - 2021 Term Loan Credit Ag
DEBT - 2021 Term Loan Credit Agreement (Details) - Term Loan - 2021 Term Loan Credit Agreement | Jun. 08, 2021USD ($) |
Debt Instrument [Line Items] | |
Debt term | 6 years |
Face amount | $ 100,000,000 |
Quarterly installment amount | $ 250,000 |
LIBOR | |
Debt Instrument [Line Items] | |
Interest margin (percent) | 5.75% |
Interest margin floor (percent) | 0.75% |
DEBT - 2019 ABL Credit Agreemen
DEBT - 2019 ABL Credit Agreement (Details) - USD ($) | Sep. 30, 2021 | Oct. 25, 2019 | Sep. 30, 2021 | Mar. 08, 2021 | Jun. 30, 2020 |
Senior Secured Asset-Based Loan | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit term | 5 years | ||||
Maximum borrowing capacity | $ 149,200,000 | $ 120,000,000 | $ 149,200,000 | $ 150,000,000 | $ 130,000,000 |
Borrowing base, percentage of assets | 85.00% | ||||
Line of credit, carrying amount | 4,000,000 | 4,000,000 | |||
Letters of credit outstanding | 18,500,000 | 18,500,000 | |||
Borrowing availability | $ 126,700,000 | $ 126,700,000 | |||
Quarterly commitment fee on the average daily unused portion (percent) | 0.375% | ||||
Senior Secured Asset-Based Loan | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Interest margin (percent) | 1.50% | ||||
Senior Secured Asset-Based Loan | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest margin (percent) | 0.50% | ||||
Senior Secured Asset-Based Loan | Swingline Sublimit | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 15,000,000 | ||||
Senior Secured Asset-Based Loan | Standby Letters Of Credit Sublimit | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 35,000,000 | ||||
Senior Secured Asset-Based Loan, Supplemental Activities Lending | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Interest margin (percent) | 4.00% | ||||
Senior Secured Asset-Based Loan, Supplemental Activities Lending | Base Rate | |||||
Line of Credit Facility [Line Items] | |||||
Interest margin (percent) | 3.00% |
DEBT - Note Payable (Details)
DEBT - Note Payable (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Sep. 30, 2021USD ($)installment | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($)installment | |
Debt Instrument [Line Items] | |||||
Payment of notes payable | $ 2,426 | $ 2,426 | |||
Earnout Notes Payable | |||||
Debt Instrument [Line Items] | |||||
Notes payable | $ 2,500 | $ 7,300 | |||
Number of installments | installment | 3 | ||||
Number of installments paid | installment | 2 | ||||
Payment of notes payable | $ 2,400 | $ 2,400 | |||
Stated interest rate (percent) | 2.00% |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||
Operating lease, impairment loss | $ 1.7 | $ 4.4 |
Leasehold improvements, impairment loss | $ 0.2 | $ 1 |
LEASES - Supplemental Balance S
LEASES - Supplemental Balance Sheet Information (Details) $ in Thousands | Jun. 08, 2021location | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) |
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 8,064 | $ 10,447 | |
Operating lease liabilities - current | 4,362 | 4,509 | |
Operating lease liabilities - non-current | $ 12,280 | $ 15,234 | |
Weighted-average remaining lease term | 3 years 6 months | 4 years 1 month 6 days | |
Weighted average discount rate | 6.38% | 6.32% | |
Number of locations acquired | location | 8 | ||
Workforce Solutions Group, Inc. | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 1,000 | ||
Operating lease liabilities - current | 300 | ||
Operating lease liabilities - non-current | $ 700 |
LEASES - Operating Lease Maturi
LEASES - Operating Lease Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2021 | $ 995 | |
2022 | 5,639 | |
2023 | 5,292 | |
2024 | 3,960 | |
2025 | 2,763 | |
Total minimum lease payments | 18,649 | |
Less: amount of lease payments representing interest | (2,007) | |
Present value of future minimum lease payments | 16,642 | |
Less: operating lease liabilities - current | (4,362) | $ (4,509) |
Operating lease liabilities - non-current | $ 12,280 | $ 15,234 |
LEASES - Lease Costs (Details)
LEASES - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Leases [Abstract] | ||||
Cash paid for amounts included in the measurement of operating lease liabilities | $ 4,692 | $ 5,404 | ||
Right-of-use assets acquired under operating lease | 1,088 | 915 | ||
Operating lease expense | $ 848 | $ 1,006 | 2,700 | 3,946 |
Short-term lease expense | 1,033 | 1,077 | 2,523 | 4,373 |
Variable and other lease costs | $ 419 | $ 444 | $ 1,638 | $ 1,490 |
FAIR VALUE MEASUREMENTS - Estim
FAIR VALUE MEASUREMENTS - Estimated Fair Values of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Inputs, Level 1 - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Deferred compensation liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation liability | $ 2,542 | $ 2,475 |
Deferred compensation asset | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Deferred compensation asset | $ 1,317 | $ 1,156 |
FAIR VALUE MEASUREMENTS - Carry
FAIR VALUE MEASUREMENTS - Carrying Amounts and Estimated Fair Values of Significant Financial Instrument that were not Measured at Fair Value (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent Consideration | $ 7,500 | $ 0 |
Fair Value, Inputs, Level 2 | Carrying Amount | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent Consideration | 15,000 | 0 |
Fair Value, Inputs, Level 2 | Fair Value | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent Consideration | 15,000 | 0 |
Fair Value, Inputs, Level 2 | Senior Secured Asset-Based Loan | Carrying Amount | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Senior Secured Asset-Based Loan | 4,000 | 53,408 |
Fair Value, Inputs, Level 2 | Senior Secured Asset-Based Loan | Fair Value | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Senior Secured Asset-Based Loan | 4,000 | 53,408 |
Fair Value, Inputs, Level 2 | Earnout Notes Payable | Carrying Amount | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Note payable, fair value | 2,426 | 4,851 |
Fair Value, Inputs, Level 2 | Earnout Notes Payable | Fair Value | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Note payable, fair value | 2,426 | 4,851 |
Fair Value, Inputs, Level 2 | Term Loan | Carrying Amount | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Note payable, fair value | 99,750 | 0 |
Fair Value, Inputs, Level 2 | Term Loan | Fair Value | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Note payable, fair value | $ 98,971 | $ 0 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($)shares | Sep. 30, 2021USD ($)installmentshares | Sep. 30, 2020USD ($)shares | May 19, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares left remaining to repurchase under the plan (up to) (in shares) | 510,004 | 510,004 | |||
Restricted Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vested in period, net (in shares) | 2,576 | 2,576 | 479,206 | 306,550 | |
Selling, General and Administrative Expenses | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation | $ | $ 1.8 | $ 1.1 | $ 5.3 | $ 4.1 | |
Omnibus Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for share-based payments (in shares) | 3,000,000 | ||||
Omnibus Plan | Member of the Board of Directors | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of vesting installments | installment | 3 | ||||
Omnibus Plan | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 1 year | ||||
Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares repurchased and retired (in shares) | 0 | 0 |
STOCKHOLDERS' EQUITY - Restrict
STOCKHOLDERS' EQUITY - Restricted Stock Activity (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Restricted Stock Awards | |
Number of Shares | |
Unvested restricted stock awards, beginning balance (in shares) | shares | 1,345,819 |
Granted (in shares) | shares | 483,900 |
Vested (in shares) | shares | (653,758) |
Forfeited (in shares) | shares | (136,506) |
Unvested restricted stock awards, ending balance (in shares) | shares | 1,039,455 |
Weighted Average Grant Date Fair Value (in usd per share) | |
Unvested restricted stock awards, beginning balance (in dollars per share) | $ / shares | $ 7.04 |
Granted (in dollars per share) | $ / shares | 13.32 |
Vested (in dollars per share) | $ / shares | 7.22 |
Forfeited (in dollars per share) | $ / shares | 7.73 |
Unvested restricted stock awards, ending balance (in dollars per share) | $ / shares | $ 9.75 |
Performance Stock Awards | |
Number of Shares | |
Unvested restricted stock awards, beginning balance (in shares) | shares | 548,151 |
Granted (in shares) | shares | 168,324 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (194,309) |
Unvested restricted stock awards, ending balance (in shares) | shares | 522,166 |
Weighted Average Grant Date Fair Value (in usd per share) | |
Unvested restricted stock awards, beginning balance (in dollars per share) | $ / shares | $ 7.64 |
Granted (in dollars per share) | $ / shares | 12.69 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 9.32 |
Unvested restricted stock awards, ending balance (in dollars per share) | $ / shares | $ 8.64 |
SEGMENT DATA - Narrative (Detai
SEGMENT DATA - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Number of operating segments | segment | 2 | |||
Revenue from services | $ 374,905 | $ 193,968 | $ 1,035,973 | $ 620,811 |
Contribution loss | (41,555) | (18,752) | (116,246) | (54,011) |
Nurse and Allied Staffing | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue from services | 356,139 | 177,516 | 985,335 | 569,306 |
Contribution loss | $ (40,645) | (17,925) | $ (113,346) | (51,334) |
Nurse and Allied Staffing | Revision of Prior Period, Adjustment | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue from services | 2,300 | 7,700 | ||
Contribution loss | $ 300 | $ 1,700 |
SEGMENT DATA - Information on O
SEGMENT DATA - Information on Operating Segments and Reconciliation to Loss From Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue from services | $ 374,905 | $ 193,968 | $ 1,035,973 | $ 620,811 |
Contribution income | 41,555 | 18,752 | 116,246 | 54,011 |
Corporate overhead | 12,049 | 12,499 | 40,326 | 36,993 |
Depreciation and amortization | 2,680 | 3,247 | 7,132 | 10,472 |
Acquisition and integration-related costs | 61 | 0 | 985 | 77 |
Restructuring costs | 318 | 2,316 | 2,391 | 5,210 |
Impairment charges | 0 | 1,071 | 2,070 | 16,082 |
Income (loss) from operations | 26,447 | (381) | 63,342 | (14,823) |
Nurse And Allied Staffing | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue from services | 356,139 | 177,516 | 985,335 | 569,306 |
Contribution income | 40,645 | 17,925 | 113,346 | 51,334 |
Physician Staffing | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Revenue from services | 18,766 | 16,452 | 50,638 | 51,505 |
Contribution income | $ 910 | $ 827 | $ 2,900 | $ 2,677 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Millions | Sep. 30, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Legal fees to be recovered | $ 1.6 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Millions | Jun. 08, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Valuation Allowance [Line Items] | ||||||
Effective tax rate | 4.90% | (17.20%) | 9.10% | 0.20% | ||
Effective tax rate, excluding discrete items | 4.90% | (18.60%) | 5.90% | (3.20%) | ||
Valuation allowance | $ 25 | $ 25 | $ 37.5 | |||
Unrecognized tax benefits | 1 | 1 | ||||
Unrecognized tax benefits that would impact effective tax rate | $ 8.2 | 8.2 | ||||
Gross increase to current year unrecognized tax benefits related to federal and state tax issues | 1.1 | |||||
Change Due to Estimate of Taxable Income | ||||||
Valuation Allowance [Line Items] | ||||||
(Decrease) increase in valuation allowance | $ (14.6) | |||||
Change Due to Business Combination | Workforce Solutions Group, Inc. | ||||||
Valuation Allowance [Line Items] | ||||||
(Decrease) increase in valuation allowance | $ 2.1 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021USD ($)installment | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)installment | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 30, 2020 | Mar. 31, 2020USD ($)installment | |
Earnout Notes Payable | |||||||
Related Party Transaction [Line Items] | |||||||
Notes payable | $ 2,500,000 | $ 2,500,000 | $ 7,300,000 | ||||
Number of installments | installment | 3 | ||||||
Number of installments paid | installment | 2 | 2 | |||||
Accrued interest | $ 100,000 | $ 100,000 | |||||
Cross Country Talent Acquisition Group, LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Joint venture, percent ownership | 68.00% | ||||||
Revenue from related parties | 0 | $ 3,600,000 | 0 | $ 11,300,000 | |||
Receivable balance with joint venture | 0 | 0 | $ 1,700,000 | ||||
Payable balance with joint venture | 0 | 0 | 200,000 | ||||
Chief Executive Officer | |||||||
Related Party Transaction [Line Items] | |||||||
Payable balance with joint venture | 0 | 0 | 0 | ||||
Related party fees | 0 | $ 0 | 200,000 | 0 | |||
Health Care System Affiliated with a Board Member | |||||||
Related Party Transaction [Line Items] | |||||||
Revenue from related parties | 200,000 | 300,000 | $ 0 | ||||
Accounts receivable from related parties | $ 200,000 | $ 200,000 | $ 0 |