ASGN (ASGN) 10-Q 7 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Aug. 03, 2017
Entity Information [Line Items]
Entity Registrant Name	ON ASSIGNMENT INC
Entity Central Index Key	890,564
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		52,804,935

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 18,963	$ 27,044
Accounts receivable, net of allowance	417,267	386,858
Prepaid expenses and income taxes	8,761	6,331
Workers' compensation receivable	14,572	14,001
Other current assets	3,117	3,290
Total current assets	462,680	437,524
Property and equipment, net	59,800	56,942
Goodwill	875,431	873,513
Identifiable intangible assets, net	361,540	377,730
Other non-current assets	7,193	6,958
Total assets	1,766,644	1,752,667
Current liabilities:
Accounts payable	6,314	6,266
Accrued payroll and contract professional pay	118,115	111,596
Workers’ compensation loss reserves	16,686	15,784
Income taxes payable	13,328	1,260
Other current liabilities	23,934	27,593
Total current liabilities	178,377	162,499
Long-term debt	579,782	640,355
Deferred income tax liabilities	74,366	74,282
Other long-term liabilities	6,757	6,592
Total liabilities	839,282	883,728
Commitments and contingencies (Note 5)
Stockholders’ equity:
Preferred Stock, Value, $0.01 par value	0	0
Common stock, $0.01 par value	528	527
Paid-in capital	569,646	562,862
Retained earnings	363,366	315,573
Accumulated other comprehensive loss	(6,178)	(10,023)
Total stockholders’ equity	927,362	868,939
Total liabilities and stockholders’ equity	$ 1,766,644	$ 1,752,667

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Accounts receivable, allowance	$ 8,809	$ 8,093
Stockholders’ equity:
Preferred Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred Stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred Stock, shares issued (in shares)	0	0
Preferred Stock, shares outstanding (in shares)	0	0
Common Stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)	75,000,000	75,000,000
Common Stock, shares issued (in shares)	52,840,567	52,716,388
Common Stock: shares outstanding (in shares)	52,840,567	52,716,388

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues	$ 653,313	$ 608,088	$ 1,279,841	$ 1,190,128
Cost of services	440,376	406,002	868,760	800,260
Gross profit	212,937	202,086	411,081	389,868
Selling, general and administrative expenses	145,177	141,350	291,249	281,231
Amortization of intangible assets	8,299	10,032	16,763	20,176
Operating income	59,461	50,704	103,069	88,461
Interest expense	(6,067)	(7,959)	(14,568)	(16,984)
Income before income taxes	53,394	42,745	88,501	71,477
Provision for income taxes	20,158	16,732	32,883	28,116
Income from continuing operations	33,236	26,013	55,618	43,361
Income (loss) from discontinued operations, net of income taxes	(139)	(9)	(130)	44
Net income	$ 33,097	$ 26,004	$ 55,488	$ 43,405
Basic earnings per common share:
Continuing operations	$ 0.63	$ 0.49	$ 1.05	$ 0.81
Discontinued operations	0	0	0	0
Net income	0.63	0.49	1.05	0.81
Diluted earnings per common share:
Continuing operations	0.62	0.48	1.04	0.81
Discontinued operations	0	0	0	0
Net income	$ 0.62	$ 0.48	$ 1.04	$ 0.81
Number of shares and share equivalents used to calculate earnings per share:
Basic	52,823	53,422	52,741	53,284
Diluted	53,473	53,911	53,375	53,783
Reconciliation of net income to comprehensive income:
Net income	$ 33,097	$ 26,004	$ 55,488	$ 43,405
Foreign currency translation adjustment	3,143	(1,083)	3,845	260
Comprehensive income	$ 36,240	$ 24,921	$ 59,333	$ 43,665

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Excess Tax Benefit from Share-based Compensation, Operating Activities	[1]		$ 2,500
Cash Flows from Operating Activities:
Net income		$ 55,488	43,405
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		28,842	30,831
Stock-based compensation		11,561	13,458
Provision for doubtful accounts and billing adjustments		5,744	5,925
fairvalueadjustmentforcontingentconsideration		0	613
Workers’ compensation provision		1,682	1,062
Other		3,791	2,013
Changes in operating assets and liabilities:
Accounts receivable		(35,222)	(34,559)
Prepaid expenses and income taxes		(2,343)	4,862
Accounts payable		42	(3,180)
Accrued payroll and contract professional pay		6,302	29,961
Income taxes payable		11,679	11,054
Workers’ compensation loss reserves		(1,351)	(1,372)
Other Payments to Acquire Businesses		0	1,937
Other		(2,622)	(2,012)
Net cash provided by operating activities(1)		83,593	100,124
Cash Flows from Investing Activities:
Cash paid for property and equipment		(13,208)	(13,909)
Cash received from sale of discontinued operations, net		0	6,000
Other		(148)	(350)
Net cash used in investing activities		(13,356)	(8,259)
Cash Flows from Financing Activities:
Principal payments of long-term debt		(64,000)	(72,000)
Proceeds from long-term debt		2,000	7,000
Proceeds from option exercises and employee stock purchase plan		4,148	5,921
Payment of employment taxes related to release of restricted stock awards		(6,863)	(5,266)
Repurchase of common stock		(12,136)	(2,787)
Payments of Debt Issuance Costs		2,441	0
Payments of Merger Related Costs, Financing Activities		0	13,814
Net cash used in financing activities(1)		(79,292)	(80,946)
Effect of exchange rate changes on cash and cash equivalents		974	(6)
Net Increase (Decrease) in Cash and Cash Equivalents		(8,081)	10,913
Cash and Cash Equivalents at Beginning of Year		27,044	23,869
Cash and Cash Equivalents at End of Period		18,963	34,782
Supplemental Disclosure of Cash Flow Information:
Income taxes		20,789	10,855
Interest		12,799	14,297
Supplemental Disclosure of Non-Cash Transactions:
Unpaid portion of additions to property and equipment		2,149	574
Unsettled repurchases of common stock		$ 0	$ 802
[1]	(1) Effective January 1, 2017, the Company adopted ASU No. 2016-09, Compensation - Stock Compensation (Topic 718). The Company elected to present retrospectively its gross excess tax benefits as cash flows from operating activities in the condensed consolidated statements of cash flows for all periods presented, which increased cash flows from operating activities and decreased cash flows from financing activities by $2.5 million for the six months ended June 30, 2016.

Financial Statement Presentatio

Financial Statement Presentation	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Financial Statement Presentation	1. Financial Statement Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and the rules of the Securities and Exchange Commission (the "SEC"). Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to those rules and regulations. The December 31, 2016 condensed consolidated balance sheet was derived from audited financial statements. The financial statements include adjustments consisting of normal recurring items, which, in the opinion of management, are necessary for a fair presentation of the financial position of On Assignment, Inc. and its subsidiaries (the "Company") and its results of operations for the interim dates and periods set forth herein. The results for any of the interim periods are not necessarily indicative of the results to be expected for the full year or any other period. This Quarterly Report on Form 10-Q should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 .

Accounting Standards Updates No

Accounting Standards Updates Note	6 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Accounting Standards Update	2. Accounting Standards Update In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which outlines a comprehensive new revenue recognition model designed to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Company is required to adopt the new standard on or before January 1, 2018. The Company has made significant progress in its project plan guiding its assessment of the impact and implementation of this new standard. The Company expects to complete its project in the fourth quarter of 2017. In May 2017, the FASB issued ASU No, 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . This ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would be required to apply modification accounting. An entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company is required to adopt the new standard on January 1, 2018, and early adoption is permitted. The Company does not expect the adoption of this standard will have a material impact on its consolidated financial statements.

Goodwill and Identifiable Asset

Goodwill and Identifiable Assets	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Identifiable Intangible Assets	3. Goodwill and Identifiable Intangible Assets The changes in the carrying amount of goodwill for six months ended June 30, 2017 and the year ended December 31, 2016 were as follows (in thousands): Apex Segment Oxford Segment Total Balance as of December 31, 2015 $ 644,617 $ 230,289 $ 874,906 Translation adjustment — (1,393 ) (1,393 ) Balance as of December 31, 2016 644,617 228,896 873,513 Translation adjustment — 1,918 1,918 Balance as of June 30, 2017 $ 644,617 $ 230,814 $ 875,431 Acquired intangible assets consisted of the following (in thousands): As of June 30, 2017 As of December 31, 2016 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Subject to amortization: Customer relationships 2 - 10 years $ 196,827 $ 108,872 $ 87,955 $ 196,204 $ 98,804 $ 97,400 Contractor relationships 2 - 5 years 69,820 55,191 14,629 69,721 50,528 19,193 Non-compete agreements 2 - 7 years 10,892 5,712 5,180 10,861 4,922 5,939 In-use software 6 years 18,900 11,241 7,659 18,900 9,666 9,234 Favorable contracts 5 years 900 563 337 900 453 447 297,339 181,579 115,760 296,586 164,373 132,213 Not subject to amortization: Trademarks 245,780 — 245,780 245,517 — 245,517 Total $ 543,119 $ 181,579 $ 361,540 $ 542,103 $ 164,373 $ 377,730 Estimated future amortization expense is as follows (in thousands): Remainder of 2017 $ 16,110 2018 28,892 2019 22,003 2020 14,498 2021 11,816 Thereafter 22,441 $ 115,760

Long-Term Debt

Long-Term Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Long-Term Debt	4. Long-Term Debt Long-term debt consisted of the following (in thousands): June 30, December 31, Revolving credit facility $ — $ — Term B loan facility 594,000 656,000 594,000 656,000 Unamortized deferred loan costs (14,218 ) (15,645 ) $ 579,782 $ 640,355 In 2015, the Company entered into a $975.0 million credit facility consisting of (i) an $825.0 million seven-year term B loan facility and (ii) a $150.0 million revolving credit facility. The facility was amended on August 5, 2016, resulting in a 25 basis points reduction in the interest rate for the term B loan facility and the Company incurred $0.9 million in third-party fees which were included in interest expense in 2016. The facility was also amended on February 21, 2017, resulting in a 50 basis points reduction in the interest rate for the term B loan facility and an increase in the borrowing capacity of the revolving credit facility from $150.0 million to $200.0 million , with the maturity date for the revolving credit facility extended from June 5, 2020 to February 21, 2022. The maturity date for the term B loan remained at June 5, 2022. The Company incurred $2.5 million in third-party fees, of which $1.9 million were included in interest expense in the six months ended June 30, 2017 . The remaining fees were included in other current assets and other non-current assets and will be amortized over the term of the revolving credit facility. Borrowings under the term B loan bear interest at LIBOR, plus 2.25 percent and borrowings under the revolving credit facility bear interest at LIBOR (or the bank’s base rate), plus 0.75 to 2.5 percent depending on leverage levels. A commitment fee of 0.25 to 0.40 percent is payable on the undrawn portion of the revolving credit facility. At June 30, 2017 , the interest rate on the term B loan was 3.5 percent and there were no borrowings under the revolving credit facility. Under terms of the credit facility, the Company is required to make minimum quarterly payments of $2.1 million and mandatory prepayments from excess cash flow and with the proceeds of asset sales, debt issuances and specified other events, subject to specified exceptions. Due to principal payments made through June 30, 2017 , no additional minimum quarterly payments are required. The Company's obligations under the credit facility are guaranteed by substantially all of its direct and indirect domestic subsidiaries and are secured by a lien on substantially all of the Company's tangible and intangible property and by a pledge of all of the equity interests in its direct and indirect domestic subsidiaries. The credit facility includes various restrictive covenants including the maximum ratio of consolidated funded debt to consolidated EBITDA ( 4.00 to 1.00 as of June 30, 2017 , and steps down at regular intervals to 3.25 to 1.00 on March 31, 2019). The credit facility also contains certain customary limitations including, among other terms and conditions, the Company's ability to incur additional indebtedness, engage in mergers and acquisitions and declare dividends. At June 30, 2017 , the Company had a ratio of consolidated funded debt to consolidated EBITDA of 2.04 to 1.00. At June 30, 2017 the Company was in compliance with all of its debt covenants and had $196.0 million of borrowing available under the revolving credit facility, after excluding the unused stand-by letters of credit of $4.0 million at June 30, 2017 .

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	5. Commitments and Contingencies The Company h as entered into various non-cancelable operating leases, primarily related to its facilities and certain office equipment used in the ordinary course of business. The Company leases two properties owned by related parties. Rent expense for these two properties was $0.3 million for the three months ended June 30, 2017 and 2016 and $0.6 million for the six months ended June 30, 2017 and 2016 . The Company carries large retention policies for its workers’ compensation liability exposures. The workers' compensation loss reserves are based upon an actuarial study conducted by a third-party specialist. Changes in estimates, differences in estimates and actual payments for claims are recognized in the period that the estimates changed or the payments were made. The workers' compensation loss reserves were approximately $2.1 million and $1.8 million at June 30, 2017 and December 31, 2016 , respectively, net of anticipated insurance and indemnification recoveries of $14.6 million and $14.0 million , at June 30, 2017 and December 31, 2016 , respectively. Certain employees participate in the Company’s Change in Control Severance Plan, as amended and restated on December 9, 2015, or have separate agreements that provide for certain benefits in the event of termination at the Company's convenience or following a change in control, as defined by the plan or agreement. Generally, these benefits are based on the employee’s position with the Company and include severance, continuation of health insurance and a pro rata bonus. Legal Proceedings The Company is involved in various legal proceedings, claims and litigation arising in the ordinary course of business. Based on the facts currently available, the Company does not believe that the disposition of matters that are pending or asserted will have a material effect on its condensed consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements The recorded values of cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate their fair value based on their short-term nature. Long-term debt recorded in the Company’s condensed consolidated balance sheet at June 30, 2017 was $579.8 million (net of $14.2 million of unamortized deferred loan costs, see "Note 4. Long-Term Debt "). The fair value of the long-term debt at that same date was $599.9 million as determined using Level 1 inputs (quoted prices in active markets for identical liabilities) from the fair value hierarchy. The purchase consideration of certain acquisitions included obligations to pay contingent consideration in cash if certain performance targets were met. There were no remaining contingent consideration obligations as of June 30, 2017 and December 31, 2016. The following table summarizes the changes in the balance of the contingent consideration for 2016 (in thousands): Three Months Ended Six Months Ended June 30, 201 6 June 30, 201 6 Balance at beginning of period $ (21,594 ) $ (20,981 ) Payments on contingent consideration 15,751 15,751 Fair value adjustment — (613 ) Balance at end of period $ (5,843 ) $ (5,843 ) Certain assets and liabilities, such as goodwill and trademarks, are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (e.g., when there is evidence of impairment). There were no fair value adjustments to non-financial assets or liabilities during 2016 and the first six months of 2017.

Stockholders' Equity Note

Stockholders' Equity Note	6 Months Ended
	Jun. 30, 2017
Stockholders' Equity Attributable to Parent [Abstract]
Treasury Stock [Text Block]	7. Stockholders' Equity The number of shares issued upon vesting of restricted stock units, exercise of stock options and stock purchases under the Employee Stock Purchase Plan was 45,696 and 353,010 for the three and six months ended June 30, 2017 , respectively. On June 10, 2016, the Board of Directors approved a stock repurchase program, whereby the Company may repurchase up to $150.0 million of its common stock over the following two years. During the six months ended June 30, 2017 , the Company repurchased 228,831 shares of its common stock at a cost of $10.1 million . All shares repurchased were retired, resulting in a reduction of $2.4 million in paid-in capital and a reduction of $7.7 million in retained earnings.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings per share	8. Earnings Per Share The following is a reconciliation of the shares used to compute basic and diluted earnings per share (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Weighted average number of common shares outstanding used to compute basic earnings per share 52,823 53,422 52,741 53,284 Dilutive effect of stock-based awards 650 489 634 499 Number of shares used to compute diluted earnings per share 53,473 53,911 53,375 53,783 During the three months ended June 30, 2017 and 2016 , and the six months ended June 30, 2017 , there were no significant share equivalents that were anti-dilutive when applying the treasury stock method. During the six months ended June 30, 2016 , there were 445,036 share equivalents that were excluded from the computation of diluted earnings because they were anti-dilutive when applying the treasury stock method.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes For interim reporting periods, the Company’s provision for income taxes is calculated using its annualized estimated effective tax rate for the year. This rate is based on our estimated full-year income and the related income tax expense for each jurisdiction in which we operate. Changes in the geographical mix, permanent differences or estimated level of annual pre-tax income can impact the Company’s actual effective rate. This rate is adjusted for the effects of discrete items occurring in the quarter. During the three and six months ended June 30, 2017 , there were net excess tax benefits of $0.5 million and $1.6 million , respectively, related to stock-based compensation, which are treated as discrete items.

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Reporting	10. Segment Reporting On Assignment provides services through two operating segments with each addressing different sectors of the professional staffing market with distinct business models attuned to those sectors. The Apex Segment provides a broad spectrum of technical, scientific, digital and creative professionals for contract, contract-to-hire and permanent placement positions to Fortune 1000 and mid-market clients across the United States and Canada. Businesses in this segment include Apex Systems, Apex Life Sciences and Creative Circle. The Oxford Segment provides specialized staffing, permanent placement and consulting services in select skill and geographic markets. Businesses in this segment include Oxford Global Resources, CyberCoders and Life Sciences Europe. The Company’s management evaluates the performance of each segment primarily based on revenues, gross profit and operating income. The information in the following tables is derived directly from the internal financial reports used for corporate management purposes. The Company's management does not evaluate, manage or measure performance of segments using asset information and such information is not readily available. Accordingly, assets by reportable segment are not disclosed. The following tables present revenues, gross profit, operating income and amortization by reportable segment (in thousands): Three Months Ended Three Months Ended June 30, 2017 June 30, 201 6 Apex Oxford Corporate (1) Total Apex Oxford Corporate (1) Total Revenues $ 502,455 $ 150,858 $ — $ 653,313 $ 453,723 $ 154,365 $ — $ 608,088 Gross profit 150,223 62,714 — 212,937 138,165 63,921 — 202,086 Operating income 56,770 14,774 (12,083 ) 59,461 50,190 13,856 (13,342 ) 50,704 Amortization 7,262 1,037 — 8,299 8,590 1,442 — 10,032 Six Months Ended Six Months Ended June 30, 2017 June 30, 201 6 Apex Oxford Corporate (1) Total Apex Oxford Corporate (1) Total Revenues $ 984,970 $ 294,871 $ — $ 1,279,841 $ 886,878 $ 303,250 $ — $ 1,190,128 Gross profit 290,142 120,939 — 411,081 264,309 125,559 — 389,868 Operating income 103,663 23,437 (24,031 ) 103,069 90,176 26,616 (28,331 ) 88,461 Amortization 14,789 1,974 — 16,763 17,180 2,996 — 20,176 (1) Corporate expenses primarily consist of consolidated stock-based compensation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses, public company expenses and depreciation expense for corporate assets. The following table presents revenues by type (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 % 2016 % 2017 % 2016 % Revenues: Assignment $ 620,014 94.9 % $ 574,323 94.4 % $ 1,214,529 94.9 % $ 1,123,875 94.4 % Permanent placement 33,299 5.1 % 33,765 5.6 % 65,312 5.1 % 66,253 5.6 % $ 653,313 100.0 % $ 608,088 100.0 % $ 1,279,841 100.0 % $ 1,190,128 100.0 % The Company operates internationally, with operations mainly in the United States, Europe and Canada. The following table presents revenues by geographic location (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 % 2016 % 2017 % 2016 % Revenues: Domestic $ 620,682 95.0 % $ 578,165 95.1 % $ 1,216,983 95.1 % $ 1,132,603 95.2 % Foreign 32,631 5.0 % 29,923 4.9 % 62,858 4.9 % 57,525 4.8 % $ 653,313 100.0 % $ 608,088 100.0 % $ 1,279,841 100.0 % $ 1,190,128 100.0 %

Goodwill and Identifiable Ass16

Goodwill and Identifiable Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The changes in the carrying amount of goodwill for six months ended June 30, 2017 and the year ended December 31, 2016 were as follows (in thousands): Apex Segment Oxford Segment Total Balance as of December 31, 2015 $ 644,617 $ 230,289 $ 874,906 Translation adjustment — (1,393 ) (1,393 ) Balance as of December 31, 2016 644,617 228,896 873,513 Translation adjustment — 1,918 1,918 Balance as of June 30, 2017 $ 644,617 $ 230,814 $ 875,431
Schedule of Acquired Intangible Assets	Acquired intangible assets consisted of the following (in thousands): As of June 30, 2017 As of December 31, 2016 Estimated Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Subject to amortization: Customer relationships 2 - 10 years $ 196,827 $ 108,872 $ 87,955 $ 196,204 $ 98,804 $ 97,400 Contractor relationships 2 - 5 years 69,820 55,191 14,629 69,721 50,528 19,193 Non-compete agreements 2 - 7 years 10,892 5,712 5,180 10,861 4,922 5,939 In-use software 6 years 18,900 11,241 7,659 18,900 9,666 9,234 Favorable contracts 5 years 900 563 337 900 453 447 297,339 181,579 115,760 296,586 164,373 132,213 Not subject to amortization: Trademarks 245,780 — 245,780 245,517 — 245,517 Total $ 543,119 $ 181,579 $ 361,540 $ 542,103 $ 164,373 $ 377,730
Schedule of Estimated Future Amortization Expense	Estimated future amortization expense is as follows (in thousands): Remainder of 2017 $ 16,110 2018 28,892 2019 22,003 2020 14,498 2021 11,816 Thereafter 22,441 $ 115,760

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following (in thousands): June 30, December 31, Revolving credit facility $ — $ — Term B loan facility 594,000 656,000 594,000 656,000 Unamortized deferred loan costs (14,218 ) (15,645 ) $ 579,782 $ 640,355

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Reconciliations of Liabilities Measured and Carried at Fair Value on Recurring Basis, with Significant Unobservable Inputs	The following table summarizes the changes in the balance of the contingent consideration for 2016 (in thousands): Three Months Ended Six Months Ended June 30, 201 6 June 30, 201 6 Balance at beginning of period $ (21,594 ) $ (20,981 ) Payments on contingent consideration 15,751 15,751 Fair value adjustment — (613 ) Balance at end of period $ (5,843 ) $ (5,843 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Reconciliation of Shares Used to Compute Basic and Diluted Earnings per Share	The following is a reconciliation of the shares used to compute basic and diluted earnings per share (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Weighted average number of common shares outstanding used to compute basic earnings per share 52,823 53,422 52,741 53,284 Dilutive effect of stock-based awards 650 489 634 499 Number of shares used to compute diluted earnings per share 53,473 53,911 53,375 53,783

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting Information [Line Items]
Schedule of Segment Reporting Information, by Segment	The following tables present revenues, gross profit, operating income and amortization by reportable segment (in thousands): Three Months Ended Three Months Ended June 30, 2017 June 30, 201 6 Apex Oxford Corporate (1) Total Apex Oxford Corporate (1) Total Revenues $ 502,455 $ 150,858 $ — $ 653,313 $ 453,723 $ 154,365 $ — $ 608,088 Gross profit 150,223 62,714 — 212,937 138,165 63,921 — 202,086 Operating income 56,770 14,774 (12,083 ) 59,461 50,190 13,856 (13,342 ) 50,704 Amortization 7,262 1,037 — 8,299 8,590 1,442 — 10,032 Six Months Ended Six Months Ended June 30, 2017 June 30, 201 6 Apex Oxford Corporate (1) Total Apex Oxford Corporate (1) Total Revenues $ 984,970 $ 294,871 $ — $ 1,279,841 $ 886,878 $ 303,250 $ — $ 1,190,128 Gross profit 290,142 120,939 — 411,081 264,309 125,559 — 389,868 Operating income 103,663 23,437 (24,031 ) 103,069 90,176 26,616 (28,331 ) 88,461 Amortization 14,789 1,974 — 16,763 17,180 2,996 — 20,176 (1) Corporate expenses primarily consist of consolidated stock-based compensation expense, compensation for corporate employees, acquisition, integration and strategic planning expenses, public company expenses and depreciation expense for corporate assets.
Revenue by Type [Table Text Block]	The following table presents revenues by type (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 % 2016 % 2017 % 2016 % Revenues: Assignment $ 620,014 94.9 % $ 574,323 94.4 % $ 1,214,529 94.9 % $ 1,123,875 94.4 % Permanent placement 33,299 5.1 % 33,765 5.6 % 65,312 5.1 % 66,253 5.6 % $ 653,313 100.0 % $ 608,088 100.0 % $ 1,279,841 100.0 % $ 1,190,128 100.0 %
Schedule of Revenue by Geographical Areas	The Company operates internationally, with operations mainly in the United States, Europe and Canada. The following table presents revenues by geographic location (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 % 2016 % 2017 % 2016 % Revenues: Domestic $ 620,682 95.0 % $ 578,165 95.1 % $ 1,216,983 95.1 % $ 1,132,603 95.2 % Foreign 32,631 5.0 % 29,923 4.9 % 62,858 4.9 % 57,525 4.8 % $ 653,313 100.0 % $ 608,088 100.0 % $ 1,279,841 100.0 % $ 1,190,128 100.0 %

Goodwill and Identifiable Ass21

Goodwill and Identifiable Assets (Goodwill) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Gross goodwill	$ 875,431	$ 873,513	$ 874,906
Goodwill	875,431	873,513
Translation adjustment	1,918	(1,393)
Apex
Goodwill [Roll Forward]
Gross goodwill	644,617	644,617	644,617
Translation adjustment	0	0
Oxford
Goodwill [Roll Forward]
Gross goodwill	230,814	228,896	$ 230,289
Translation adjustment	$ 1,918	$ (1,393)

Goodwill and Identifiable Ass22

Goodwill and Identifiable Assets (Acquired Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Intangible Assets [Line Items]
Amortization of intangible assets	$ 8,299	$ 10,032	$ 16,763	$ 20,176
Intangible assets subject to amortization:
Gross Carrying Amount	297,339		297,339		$ 296,586
Accumulated Amortization	181,579		181,579		164,373
Net Carrying Amount	115,760		115,760		132,213
Intangible assets not subject to amortization:
Trademarks, Carrying Amount	245,780		245,780		245,517
Goodwill, Carrying Amount	875,431		875,431		873,513
Intangible Assets, Gross (Excluding Goodwill)	543,119		543,119		542,103
Total
Identifiable intangible assets, net	361,540		361,540		377,730
Customer relations
Intangible assets subject to amortization:
Gross Carrying Amount	196,827		196,827		196,204
Accumulated Amortization	108,872		108,872		98,804
Net Carrying Amount	87,955		$ 87,955		97,400
Customer relations | Minimum [Member]
Intangible Assets [Line Items]
Estimated Useful Life			2 years
Customer relations | Maximum [Member]
Intangible Assets [Line Items]
Estimated Useful Life			10 years
Contractor Relations [Member]
Intangible assets subject to amortization:
Gross Carrying Amount	69,820		$ 69,820		69,721
Accumulated Amortization	55,191		55,191		50,528
Net Carrying Amount	14,629		$ 14,629		19,193
Contractor Relations [Member] | Minimum [Member]
Intangible Assets [Line Items]
Estimated Useful Life			2 years
Contractor Relations [Member] | Maximum [Member]
Intangible Assets [Line Items]
Estimated Useful Life			5 years
Non-compete agreements
Intangible assets subject to amortization:
Gross Carrying Amount	10,892		$ 10,892		10,861
Accumulated Amortization	5,712		5,712		4,922
Net Carrying Amount	5,180		$ 5,180		5,939
Non-compete agreements | Minimum [Member]
Intangible Assets [Line Items]
Estimated Useful Life			2 years
Non-compete agreements | Maximum [Member]
Intangible Assets [Line Items]
Estimated Useful Life			7 years
Computer Software, Intangible Asset [Member]
Intangible Assets [Line Items]
Estimated Useful Life			6 years
Intangible assets subject to amortization:
Gross Carrying Amount	18,900		$ 18,900		18,900
Accumulated Amortization	11,241		11,241		9,666
Net Carrying Amount	7,659		$ 7,659		9,234
Contract-Based Intangible Assets [Member]
Intangible Assets [Line Items]
Estimated Useful Life			5 years
Intangible assets subject to amortization:
Gross Carrying Amount	900		$ 900		900
Accumulated Amortization	563		563		453
Net Carrying Amount	$ 337		$ 337		$ 447

Goodwill and Identifiable Ass23

Goodwill and Identifiable Assets (Future Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 8,299	$ 10,032	$ 16,763	$ 20,176
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2,017	16,110		16,110
2,018	28,892		28,892
2,019	22,003		22,003
2,020	14,498		14,498
2,021	11,816		11,816
Thereafter	22,441		22,441
Net Carrying Amount	$ 115,760		$ 115,760		$ 132,213

Long-Term Debt Long-Term Debt S

Long-Term Debt Long-Term Debt Schedule (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Secured Debt	$ 594,000	$ 656,000
Unamortized deferred loan costs	(14,218)	(15,645)
Long-term Debt	579,782	640,355
$825 Million Term B Loan Facility, due June 2022 [Member]
Debt Instrument [Line Items]
Secured Debt	594,000	656,000
$200 Million Revolving Credit Facility, Due February 2022 [Member]
Debt Instrument [Line Items]
Secured Debt	$ 0	$ 0

Long-Term Debt Long-term Debt T

Long-Term Debt Long-term Debt Text (Details) $ in Thousands	Feb. 21, 2017USD ($)Rate	Aug. 05, 2016Rate	Jun. 15, 2015Rate	Jun. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Jun. 05, 2015USD ($)
Debt Instrument [Line Items]
Long-term Debt				$ 579,782	$ 579,782	$ 640,355
Unamortized deferred loan costs				$ 14,218	14,218	15,645
Credit facility amendment costs					$ 2,500	$ 900
Debt Instrument, Interest Rate, Stated Percentage				3.50%	3.50%
Contractual Quarterly Payments				$ 2,100	$ 2,100
Leverage Ratio				2.04
Letters of Credit Outstanding, Amount				$ 4,000	$ 4,000
$825 Million Term B Loan Facility and $150 Million Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 975,000
$825 Million Term B Loan Facility, due June 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							825,000
$150 Million Revolving Credit Facility, Due June 2020 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount							$ 150,000
$200 Million Revolving Credit Facility, Due February 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 200,000
Maximum [Member]
Debt Instrument [Line Items]
Leverage Ratio in Latest Year of Debt Term				3.25	3.25
Leverage Ratio					4
Notes Payable to Banks [Member] | Minimum [Member] | $825 Million Term B Loan Facility, due June 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate	0.50%	0.25%
Notes Payable to Banks [Member] | Minimum [Member] | $200 Million Revolving Credit Facility, Due February 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate			0.75%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | Rate			0.25%
Notes Payable to Banks [Member] | Maximum [Member] | $200 Million Revolving Credit Facility, Due February 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate			2.50%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | Rate			0.40%
Notes Payable to Banks [Member] | Maximum [Member] | Eurodollar [Member] | $825 Million Term B Loan Facility, due June 2022 [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate | Rate			2.25%
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Remaining Borrowing Capacity				$ 196,000	$ 196,000
Interest Expense [Member]
Debt Instrument [Line Items]
Credit facility amendment costs					$ 1,900

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Other Commitments [Line Items]
Number of Leased Properties Owned by Related Parties | property	2		2
Costs and Expenses, Related Party	$ 300	$ 300	$ 600	$ 600
Self Insurance Reserve	2,100		2,100		$ 1,800
Estimated Insurance Recoveries	$ 14,572		$ 14,572		$ 14,001

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value Inputs, Liabilities, Quantitative Information) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Fair Value Inputs, Liabilities, Quantitative Information
Long-term Debt	$ 579,782	$ 640,355
Unamortized deferred loan costs	14,218	$ 15,645
Level 1 Inputs
Fair Value Inputs, Liabilities, Quantitative Information
Long-term debt, fair value	$ 599,900

Fair Value Measurements (Liabil

Fair Value Measurements (Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
fairvalueadjustmentforcontingentconsideration		$ 0	$ 613
Contingent consideration for acquisitions
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements	$ 15,751		15,751
Contingent Consideration Liability [Member]
Contingent consideration for acquisitions
Balance at beginning of period	(21,594)		(20,981)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings	0		(613)
Balance at end of period	$ (5,843)		$ (5,843)

Stockholders' Equity Share repu

Stockholders' Equity Share repurchase and retirement (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 10, 2016
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Value	$ 10.1
Stock Repurchase Program, Authorized Amount		$ 150
Stock Repurchased During Period, Shares	228,831
Additional Paid-in Capital [Member]
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Value	$ 2.4
Retained Earnings [Member]
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Value	$ 7.7

Stockholders' Equity Shares iss

Stockholders' Equity Shares issued for RSU's, Options and ESPP (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Shares Issued for RSU's, Options and ESPP [Abstract]
Stock Issued During Period, Shares, New Issues	45,696	353,010

Earnings Per Share (Details)

Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				445,036
Weighted Average Number of Shares Outstanding Reconciliation
Weighted average number of common shares outstanding used to compute basic earnings per share	52,823,000	53,422,000	52,741,000	53,284,000
Dilutive effect of stock-based awards	650,000	489,000	634,000	499,000
Number of shares used to compute diluted earnings per share	53,473,000	53,911,000	53,375,000	53,783,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	$ 0.5	$ 1.6

Segment Reporting (Segment Repo

Segment Reporting (Segment Reporting Information) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)
Revenues:
Revenues	$ 653,313	$ 608,088	$ 1,279,841	$ 1,190,128
Revenue as Percentage of Consolidated Revenue	100.00%	100.00%	100.00%	100.00%
Gross Profit:
Total Gross Profit	$ 212,937	$ 202,086	$ 411,081	$ 389,868
Operating Income (Loss):
Total Operating Income	59,461	50,704	103,069	88,461
Amortization of Intangible Assets	8,299	10,032	$ 16,763	20,176
Reportable segments (in number of segments) | segment			2
Apex
Revenues:
Revenues	502,455	453,723	$ 984,970	886,878
Gross Profit:
Total Gross Profit	150,223	138,165	290,142	264,309
Operating Income (Loss):
Total Operating Income	56,770	50,190	103,663	90,176
Amortization of Intangible Assets	7,262	8,590	14,789	17,180
Oxford
Revenues:
Revenues	150,858	154,365	294,871	303,250
Gross Profit:
Total Gross Profit	62,714	63,921	120,939	125,559
Operating Income (Loss):
Total Operating Income	14,774	13,856	23,437	26,616
Amortization of Intangible Assets	1,037	1,442	1,974	2,996
Corporate Segment [Member]
Operating Income (Loss):
Total Operating Income	(12,083)	(13,342)	(24,031)	(28,331)
Amortization of Intangible Assets	0	0	0	0
Assignment [Member]
Revenues:
Revenues	$ 620,014	$ 574,323	$ 1,214,529	$ 1,123,875
Revenue as Percentage of Consolidated Revenue	94.90%	94.40%	94.90%	94.40%
PermanentPlacement [Member]
Revenues:
Revenues	$ 33,299	$ 33,765	$ 65,312	$ 66,253
Revenue as Percentage of Consolidated Revenue	5.10%	5.60%	5.10%	5.60%

Segment Reporting (Revenue by G

Segment Reporting (Revenue by Geographical Areas) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues from External Customers [Line Items]
Revenues	$ 653,313	$ 608,088	$ 1,279,841	$ 1,190,128
Revenue as Percentage of Consolidated Revenue	100.00%	100.00%	100.00%	100.00%
Domestic [Member]
Revenues from External Customers [Line Items]
Revenues	$ 620,682	$ 578,165	$ 1,216,983	$ 1,132,603
Revenue as Percentage of Consolidated Revenue	95.00%	95.10%	95.10%	95.20%
Foreign [Member]
Revenues from External Customers [Line Items]
Revenues	$ 32,631	$ 29,923	$ 62,858	$ 57,525
Revenue as Percentage of Consolidated Revenue	5.00%	4.90%	4.90%	4.80%

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash received from sale of discontinued operations, net	$ 0	$ 6,000