Segment Reporting

9 Months Ended

Sep. 30, 2026

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Company conducts business as a single operating segment for its range of tax, valuation, financial advisory, and related consulting services. In reaching this conclusion, management considers the definition of the Chief Operating Decision Maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level which is the level that the CODM manages the business, allocates resources, makes key resource decisions, and assesses performance.

The key measure of segment profit and loss that the CODM uses to allocate resources and assess performance is the Company’s net income or loss. The measure is used to benchmark the Company's results against forecasts. The table below shows a reconciliation of the Company’s net income, including the significant expense categories regularly provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net income or loss in the unaudited condensed consolidated statements of operations (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Revenue	$	337,318	$	284,288	$	795,722	$	668,346
Operating expenses:
Personnel costs	188,190		130,463		545,294		494,573
Non-personnel and other operating costs(1)	43,824		33,854		125,170		102,191
Depreciation and amortization	2,864		2,637		7,660		6,768
Total operating expenses	$	234,878	$	166,954	$	678,124	$	603,532
Operating income	$	102,440	$	117,334	$	117,598	$	64,814
Interest income	1,581		881		4,957		3,111
Interest expense	(5,739)		(20)		(17,860)		(267)
Other income, net	1,313		786		5,284		3,079
Income before income tax expense	$	99,595	$	118,981	$	109,979	$	70,737
Income tax expense	31,627		7,870		34,367		5,033
Net income	$	67,968	$	111,111	$	75,612	$	65,704

(1)Non-personnel and other operating costs primarily include the provision for credit losses and costs such as occupancy, reimbursable expenses, business development, training, recruiting, and annual discretionary bonus compensation.

Assets provided to the CODM are consistent with those reported on the unaudited condensed consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents, and financial instruments owned, reduced by current liabilities.

The following table shows income and losses incurred by region, as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
United States	$	74,729	$	111,111	$	84,552	$	65,704
International	(6,761)		—		(8,940)		—

The following table shows long-lived assets held by region, as follows (in thousands):

	September 30,		December 31,
	2026		2025
United States	$	148,203	$	150,420
International	22,985		—

Long-lived assets included above consist of property and equipment, net, intangible assets, net, operating lease right-of-use assets, and goodwill.