XML 40 R28.htm IDEA: XBRL DOCUMENT v3.24.2.u1
SEGMENT DISCLOSURES (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Disaggregation of Revenue by Source
The following table disaggregates our revenue by source (in thousands):
Three Months Ended June 30, 2024
Financial
Services		Benefits and
Insurance Services		National
Practices		Consolidated
Accounting, tax, advisory and consulting$309,233 ——$309,233 
Core benefits and insurance services—93,533 —93,533 
Non-core benefits and insurance services—3,886 —3,886 
Managed networking, hardware services——10,250 10,250 
National practices consulting——3,110 3,110 
Total revenue$309,233 $97,419 $13,360 $420,012 
Three Months Ended June 30, 2023
Financial
Services		Benefits and
Insurance Services		National
Practices		Consolidated
Accounting, tax, advisory and consulting$290,930 ——$290,930 
Core benefits and insurance services—91,031 —91,031 
Non-core benefits and insurance services—4,807 —4,807 
Managed networking, hardware services——9,067 9,067 
National practices consulting——2,667 2,667 
Total revenue$290,930 $95,838 $11,734 $398,502 
Six Months Ended June 30, 2024
Financial
Services		Benefits and
Insurance Services		National
Practices		Consolidated
Accounting, tax, advisory and consulting$681,863 ——$681,863 
Core benefits and insurance services—198,738 —198,738 
Non-core benefits and insurance services—7,089 —7,089 
Managed networking, hardware services——20,438 20,438 
National practices consulting——6,181 6,181 
Total revenue$681,863 $205,827 $26,619 $914,309 
Six Months Ended June 30, 2023
Financial
Services		Benefits and
Insurance Services		National
Practices		Consolidated
Accounting, tax, advisory and consulting$634,016 ——$634,016 
Core benefits and insurance services—187,648 —187,648 
Non-core benefits and insurance services—8,244 —8,244 
Managed networking, hardware services——18,021 18,021 
National practices consulting——5,179 5,179 
Total revenue$634,016 $195,892 $23,200 $853,108 
Schedule of Segment Information
Segment information for the three months ended June 30, 2024 and 2023 was as follows (in thousands):
Three Months Ended June 30, 2024
Financial
Services		Benefits
and
Insurance
Services		National
Practices		Corporate
and
Other		Total
Revenue$309,233 $97,419 $13,360 $— $420,012 
Operating expenses 262,809 83,243 12,028 8,288 366,368 
Gross margin46,424 14,176 1,332 (8,288)53,644 
Corporate general and administrative expenses— — — 22,050 22,050 
Operating income (loss)46,424 14,176 1,332 (30,338)31,594 
Other income (expense):
Interest expense— — — (5,884)(5,884)
Other income, net128 43 (4)2,316 2,483 
Total other income (expense), net128 43 (4)(3,568)(3,401)
Income (loss) before income tax expense$46,552 $14,219 $1,328 $(33,906)$28,193 
Three Months Ended June 30, 2023
Financial
Services		Benefits
and
Insurance
Services		National
Practices		Corporate
and
Other		Total
Revenue$290,930 $95,838 $11,734 $— $398,502 
Operating expenses243,445 78,374 10,545 11,623 343,987 
Gross margin47,485 17,464 1,189 (11,623)54,515 
Corporate general and administrative expenses— — — 15,793 15,793 
Operating income (loss)47,485 17,464 1,189 (27,416)38,722 
Other income (expense):
Interest expense— — — (5,534)(5,534)
Other income, net235 153 1 5,032 5,421 
Total other income (loss), net235 153 1 (502)(113)
Income (loss) before income tax expense$47,720 $17,617 $1,190 $(27,918)$38,609 
Segment information for the six months ended June 30, 2024 and 2023 was as follows (in thousands):
Six Months Ended June 30, 2024
Financial
Services		Benefits
and
Insurance
Services		National
Practices		Corporate
and
Other		Total
Revenue$681,863 $205,827 $26,619 $— $914,309 
Operating expenses 528,370 166,880 23,961 23,642 742,853 
Gross margin153,493 38,947 2,658 (23,642)171,456 
Corporate general and administrative expenses— — — 40,761 40,761 
Operating income (loss)153,493 38,947 2,658 (64,403)130,695 
Other income (expense):
Interest expense— — — (10,395)(10,395)
Other income, net214 87 (4)11,610 11,907 
Total other income (expense), net214 87 (4)1,215 1,512 
Income (loss) before income tax expense$153,707 $39,034 $2,654 $(63,188)$132,207 
Six Months Ended June 30, 2023
Financial
Services		Benefits
and
Insurance
Services		National
Practices		Corporate
and
Other		Total
Revenue$634,016 $195,892 $23,200 $— $853,108 
Operating expenses (income)487,888 155,297 21,128 20,685 684,998 
Gross margin146,128 40,595 2,072 (20,685)168,110 
Corporate general and administrative expenses— — — 31,391 31,391 
Operating income (loss)146,128 40,595 2,072 (52,076)136,719 
Other income (expense):
Interest expense— (1)— (9,174)(9,175)
Gain on sale of operations, net99 — — — 99 
Other income (expense), net490 330 1 9,712 10,533 
Total other income (expense), net589 329 1 538 1,457 
Income (loss) before income tax expense$146,717 $40,924 $2,073 $(51,538)$138,176