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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
ASC 280 establishes the standards for reporting information about segments in financial statements. In applying the criteria set forth in ASC 280, we have determined that we have two reportable segments: Technology Enabled Solutions and Advisory Services. These reportable segments reflect the manner in which the Chief Operating Decision Maker (“CODM”) group assesses information for decision-making purposes. The CODM group consists of our Chief Executive Officer and Chief Financial Officer.
The key factors used to identify these reportable segments are the organization and alignment of our internal operations and the nature of our products and services. This reflects how the CODM group monitors performance, allocates resources, and makes strategic and operational decisions.
In addition to the reportable segments, we have the “Unallocated” classification which includes those profit and loss items not allocated to either reportable segment. Unallocated includes corporate costs, primarily relating to group wide functions, including but not limited to, finance, tax and legal.
There are no inter-segment sales that require elimination.
We present reportable segment revenue and Segment Adjusted EBITDA. Segment Adjusted EBITDA is the financial measure by which management and the CODM group allocate resources and analyze the performance of the reportable segments.
Segment Adjusted EBITDA represents each segment’s earnings before interest, tax, depreciation and amortization and is further adjusted to exclude certain items of a significant or unusual nature, including but not limited to, COVID-19 cost impacts, sales and use tax, non-cash stock compensation, transaction related costs, acquisition bonus expense, loss on extinguishment of debt, director and officer prior act liability insurance policy and other costs. Other includes costs such as contract termination fees, management and board of directors fees, and costs associated with obtaining the incremental term loans.
We do not report assets by reportable segment, as this metric is not used by the CODM group to allocate resources to the segments.
Presented in the tables below is revenue and Segment Adjusted EBITDA by reportable segment:
For the Three Months Ended
September 30, 2021		For the Nine Months Ended
September 30, 2021
(in thousands)
Technology Enabled
Solutions
Advisory
Services
Technology Enabled
Solutions
Advisory
Services
Revenue$69,248 $13,163 $200,196 $40,094 
Segment Adjusted EBITDA$19,786 $4,559 $52,038 $13,159 

For the Three Months Ended
September 30, 2020		For the Nine Months Ended
September 30, 2020
(in thousands)
Technology Enabled
Solutions
Advisory
Services
Technology Enabled
Solutions
Advisory
Services
Revenue$60,056 $9,472 $166,850 $28,983 
Segment Adjusted EBITDA$19,088 $1,799 $44,196 $4,068 
The following table presents a reconciliation of Segment Adjusted EBITDA to the condensed consolidated U.S. GAAP net income (loss) from continuing operations:
(in thousands)For the Three Months Ended
September 30,		For the Nine Months Ended
September 30,
2021202020212020
Technology Enabled Solutions Segment Adjusted EBITDA$19,786 $19,088 $52,038 $44,196 
Advisory Services Segment Adjusted EBITDA4,559 1,799 13,159 4,068 
Total$24,345 $20,887 $65,197 $48,264 
Unallocated(1)
$(3,742)$(2,086)$(8,731)$(6,410)
Adjustments to reconcile to U.S. GAAP net income (loss) from continuing operations
Depreciation and amortization(7,473)(6,918)(22,667)(20,710)
Interest, net(3,283)(4,561)(15,144)(13,471)
Income tax provision(1,131)472 5,042 3,272 
Cost of COVID-19(2)
(746)(3,254)(3,057)(7,772)
Sales and use tax(1,734)(2,122)(5,802)(5,577)
Non-cash stock compensation expense(1,093)(1,745)(3,166)(5,671)
Transaction related costs(328)(80)(2,969)(277)
Acquisition bonus expense – HealthScape and Pareto acquisition(192)(481)(481)(1,476)
Loss on extinguishment of debt— — (5,015)— 
Director and officer prior act liability insurance policy(3)
— — (7,861)— 
Other(4)
(937)(1,758)(5,737)(4,773)
Net income (loss) from continuing operations$3,686 $(1,646)$(10,391)$(14,601)
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(1)Represents certain corporate costs associated with the executive compensation, legal, accounting, finance and other costs not specifically attributable to the segments.
(2)Expenses incurred due to the COVID-19 pandemic are primarily related to higher pricing from vendors due to supply chain disruptions and product shortages and higher employee costs due to hazard pay for our employees.
(3)In connection with the IPO, we made a $7.9 million one-time payment on a 3-year director and officer prior act liability insurance policy. We deemed this policy to be a retroactive insurance policy and in accordance with ASC 720-20-25, “Retrospective Contracts”, we expensed the premium of $7.9 million in June 2021.
(4)These adjustments include individual adjustments related to fees associated with obtaining the incremental loans, management fees, management service agreement termination fee, board of directors related fees, and consulting costs for the selection of ERP solution.