Revenue

3 Months Ended

Mar. 31, 2026

Revenue Recognition and Deferred Revenue [Abstract]

Revenue

Revenue

Disaggregation of Revenue

The following table presents the disaggregation of revenue by timing of revenue recognition (in thousands):

	Three Months Ended March 31,
	2026		2025
Over time	$	239,352	$	207,512
Point in time	1,394		555
Total revenue	$	240,746	$	208,067

The Company derives revenue from four service lines:

•Private Client Services: Tax and financial services for individuals and families, focusing on client issues such as multigenerational wealth, charitable giving, and estate planning.

•Business Tax Services: Consulting and compliance services for businesses, assisting organizations with tax planning, compliance and reporting needs.

•Alternative Investment Funds: Tax and financial-related services for alternative investment funds including family offices, funds of funds, hedge funds, private equity, venture capital and real estate investment trusts.

•Valuation Services: Independent valuation analyses to assist clients in navigating tax laws and regulatory requirements.

The following table presents the disaggregation of revenue by service line (in thousands):

	Three Months Ended March 31,
	2026		2025
Private Client Services	$	123,177	$	104,191
Business Tax Services	80,635		71,703
Alternative Investment Funds	25,193		22,166
Valuation Services	11,741		10,007
Total revenue	$	240,746	$	208,067

The following table presents the disaggregation of revenue by region (in thousands):

	Three Months Ended March 31,
	2026		2025
East	$	101,485	$	82,887
Central	39,374		35,437
West	99,887		89,743
Total revenue	$	240,746	$	208,067

Substantially all revenue was from services provided in the United States for the three months ended March 31, 2026 and 2025.

Remaining Performance Obligations

The revenue recognition standard provides exemptions to the requirements for disclosure of the total transaction price allocated to unsatisfied performance obligations as of the reporting date for performance obligations within contracts of one year or less. The majority of the Company’s contracts with clients have a duration of one year or less. For contracts with a stated duration exceeding one year, these agreements allow both the Company and the client to cancel or terminate without substantial penalty. Therefore, the contract duration does not extend beyond the goods and services already transferred when cancellation or termination rights exist without substantial penalty. As such, the Company does not disclose the total transaction price allocated to unsatisfied performance obligations.

Contract Balances

In the three months ended March 31, 2026, the Company recognized revenue of approximately $7.8 million that was included in deferred revenue on the consolidated balance sheet as of December 31, 2025. In the three months ended March 31, 2025, the Company recognized revenue of approximately $9.8 million that was included in deferred revenue on the consolidated balance sheet as of December 31, 2024. The opening balance of deferred revenue on January 1, 2025 was $15.6 million.