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Revision of Previously Issued Financial Statements | 9 Months Ended
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Sep. 30, 2020
Accounting Changes And Error Corrections [Abstract] |
Revision of Previously Issued Financial Statements | 3. Revision of Previously Issued Financial Statements In connection with management finalizing their financial reporting close process for the year ended December 31, 2019, management identified certain immaterial errors impacting the current period and previous periods dating back to periods prior to 2017, including interim periods within those years. Specifically, management determined there were certain errors in the information utilized to accurately estimate the implicit price concessions necessary to reduce net service revenues to the amount expected to be collected. Accordingly, management determined that our accounts receivable allowance was understated. The correction reflects the impact on the Company’s income tax provision and related accounts as a result of correcting for the error as discussed above. Additionally, the Company identified and corrected other immaterial unrelated income tax items impacting deferred tax assets and other immaterial items. Management evaluated the impact of the errors on all previously issued financial statements and concluded such previously issued financial statements were not materially misstated; however, to reflect such corrections in the quarter ended December 31, 2019 financial statements would materially misstate the 2019 fiscal year. Accordingly, management revised previously issued financial statements to correct for the impact of the errors. The Company’s consolidated financial statements have been revised from the amounts previously reported to correct these immaterial errors as shown in the tables below and are reflected throughout the financial statements and related notes, as applicable. The Consolidated Statements of Income has been revised to reflect the correction for the three and nine months ended September 30, 2019 as follows (amounts in thousands, except per share data):
|  | For the Three Months Ended September 30, |  |  | For the Nine Months Ended September 30, |
|  | 2019 |  |  | 2019 |
|  | As |  |  |  |  |  |  |  |  |  |  | As |  |  |  |  |  |  |  |  |
|  | Previously |  |  |  |  |  |  | As |  |  | Previously |  |  |  |  |  |  | As |
|  | Reported |  |  | Revision |  |  | Revised |  |  | Reported |  |  | Revision |  |  | Revised |
Net service revenues |  | $ | 169,803 |  |  | $ | (810 | ) |  | $ | 168,993 |  |  | $ | 458,749 |  |  | $ | (2,334 | ) |  | $ | 456,415 |
Gross profit |  |  | 45,986 |  |  |  | (810 | ) |  |  | 45,176 |  |  |  | 124,030 |  |  |  | (2,334 | ) |  |  | 121,696 |
General and administrative expenses |  |  | 35,950 |  |  |  | (865 | ) |  |  | 35,085 |  |  |  | 95,429 |  |  |  | (1,320 | ) |  |  | 94,109 |
Total operating expenses |  |  | 38,706 |  |  |  | (865 | ) |  |  | 37,841 |  |  |  | 102,794 |  |  |  | (1,320 | ) |  |  | 101,474 |
Operating income from continuing operations |  |  | 7,280 |  |  |  | 55 |  |  |  | 7,335 |  |  |  | 21,236 |  |  |  | (1,014 | ) |  |  | 20,222 |
Income from continuing operations before income taxes |  |  | 7,200 |  |  |  | 55 |  |  |  | 7,255 |  |  |  | 20,168 |  |  |  | (1,014 | ) |  |  | 19,154 |
Income tax expense |  |  | 1,759 |  |  |  | 10 |  |  |  | 1,769 |  |  |  | 4,347 |  |  |  | (267 | ) |  |  | 4,080 |
Net income from continuing operations |  |  | 5,441 |  |  |  | 45 |  |  |  | 5,486 |  |  |  | 15,821 |  |  |  | (747 | ) |  |  | 15,074 |
Net income |  | $ | 4,867 |  |  | $ | 45 |  |  | $ | 4,912 |  |  | $ | 15,247 |  |  | $ | (747 | ) |  | $ | 14,500 |
Basic income per share |  | $ | 0.36 |  |  | $ | — |  |  | $ | 0.36 |  |  | $ | 1.15 |  |  | $ | (0.05 | ) |  | $ | 1.10 |
Diluted income per share |  | $ | 0.34 |  |  | $ | 0.01 |  |  | $ | 0.35 |  |  | $ | 1.12 |  |  | $ | (0.06 | ) |  | $ | 1.06 |
Additionally, the Consolidated Statement of Cash Flows has been revised to reflect the correction for the nine months ended September 30, 2019 as follows:
|  | For the Nine Months Ended September 30, (Amounts in Thousands) |
|  | 2019 |
|  | As |  |  |  |  |  |  |  |  |
|  | Previously |  |  |  |  |  |  | As |
|  | Reported |  |  | Revision |  |  | Revised |
Net income |  | $ | 15,247 |  |  | $ | (747 | ) |  | $ | 14,500 |
Deferred income taxes |  |  | 372 |  |  |  | (267 | ) |  |  | 105 |
Accounts receivable |  |  | (22,291 | ) |  |  | 2,334 |  |  |  | (19,957 | )
Accrued expenses and other long-term liabilities |  |  | (2,084 | ) |  |  | (1,320 | ) |  |  | (3,404 | )
Net cash provided by operating activities |  | $ | 8,084 |  |  | $ | — |  |  | $ | 8,084 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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