Segment Information

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segment Information

Note 9. Segment Information

Selected financial and descriptive information is required to be provided about reportable operating segments, considering a “management approach” concept as the basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the Company for making operating decisions, allocating resources, and assessing performance. Consequently, the segments are evident from the structure of the Company’s internal organization, focusing on financial information that the Company’s chief executive officer uses to make decisions about the Company’s operating matters.

As described in Note 1, the Company has determined it has two reportable segments: Finance Receivables and Pharmaceutical Development, and each are individually managed and provide separate services. Revenues by segment represent revenues earned on the services offered within each segment. The Company does not report assets by reportable segment, nor does the Company report results by geographic region, as these metrics are not used by the Company’s chief executive officer in assessing performance or allocating resources to the segments.

Segment performance is evaluated based on several factors, including income (loss) from continuing operations before income taxes. Management uses this measure of net income (loss) to evaluate segment performance because the Company believes this measure is indicative of performance trends and the overall earnings potential of each segment.

The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands):

	Three Months Ended June 30, 2022
	Finance Receivables			Pharmaceutical Development and Other			Holding Company and Other			Consolidated
Revenue	$	6,828		$	114		$	—		$	6,942
Interest expense		80			—			—			80
Manufacturing, research and development		—			1,480			—			1,480
Depreciation and amortization expense		—			625			1			626
General and administrative		2			905			2,111			3,018
Other expense, net		(991	)		—			—			(991	)
Income tax expense		—			—			182			182
Net income (loss)		5,755			(2,896	)		(2,294	)		565

	Three Months Ended June 30, 2021
	Finance Receivables		Pharmaceutical Development and Other			Holding Company and Other			Consolidated
Revenue	$	11,805	$	10,461		$	—		$	22,266
Interest expense		94		—			—			94
Manufacturing, research and development		—		1,542			—			1,542
Depreciation and amortization expense		—		809			2			811
Change in fair value of acquisition-related contingent consideration		—		(147	)		—			(147	)
General and administrative		950		983			1,427			3,360
Other income, net		892		—			—			892
Income tax expense		—		—			3,528			3,528
Net income (loss)		11,653		7,274			(4,957	)		13,970

	Six Months Ended June 30, 2022
	Finance Receivables			Pharmaceutical Development and Other			Holding Company and Other			Consolidated
Revenue	$	17,243		$	350		$	—		$	17,593
Other revenue		—			480			—			480
Interest expense		160			—			—			160
Manufacturing, research and development		—			3,381			—			3,381
Depreciation and amortization expense		—			1,329			1			1,330
General and administrative		104			1,940			4,134			6,178
Other expense, net		(1,712	)		—			—			(1,712	)
Income tax expense		—			—			1,269			1,269
Net income (loss)		15,267			(5,820	)		(5,404	)		4,043

	Six Months Ended June 30, 2021
	Finance Receivables		Pharmaceutical Development and Other			Holding Company and Other			Consolidated
Revenue	$	20,484	$	10,659		$	—		$	31,143
Other revenue		—		496			—			496
Interest expense		239		—			—			239
Manufacturing, research and development		—		3,090			—			3,090
Depreciation and amortization expense		—		2,490			3			2,493
Change in fair value of acquisition-related contingent consideration		—		(147	)		—			(147	)
General and administrative		1,134		2,088			3,023			6,245
Other income, net		2,107		—			—			2,107
Income tax expense		—		—			4,467			4,467
Net income (loss)		21,218		3,634			(7,493	)		17,359

Included in Holding Company and Other are the expenses of the parent holding company and certain other enterprise-wide overhead costs, including public company costs and non-Enteris corporate employees, which have been included for purposes of reconciling to the consolidated amounts.