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SEGMENT DISCLOSURES
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT DISCLOSURES SEGMENT DISCLOSURES
Our business units have been aggregated into three practice groups: Financial Services, Benefits and Insurance Services, and National Practices. The business units have been aggregated based on the following factors: similarity of the products and services provided to clients; similarity of the regulatory environment in which they operate; and similarity of economic conditions affecting long-term performance. The business units are managed along these segment lines. A general description of services provided by each practice group is provided in the table below.
Financial ServicesBenefits and Insurance ServicesNational Practices
Accounting and TaxEmployee Benefits ConsultingInformation Technology Managed Networking and Hardware Services
Financial AdvisoryPayroll / Human Capital ManagementHealthcare Consulting
ValuationProperty and Casualty Insurance
Risk and Advisory ServicesRetirement and Investment Services
Government Healthcare Consulting
Corporate and Other - Included in Corporate and Other are operating expenses that are not directly allocated to the individual business units. These expenses primarily consist of certain health care costs, gains or losses attributable to assets held in our non-qualified deferred compensation plan, stock-based compensation, consolidation and integration charges, certain professional fees, certain advertising costs, and other various expenses.
Accounting policies of the practice groups are the same as those described in Note 1, Basis of Presentation and Significant Accounting Policies, to the Annual Report on Form 10-K for the year ended December 31, 2023. Upon consolidation, intercompany accounts and transactions are eliminated, thus inter-segment revenue is not included in the measure of profit or loss for the practice groups. Performance of the practice groups is evaluated on income (loss) before income tax expense (benefit) excluding those costs listed above, which are reported in “Corporate and Other”.
Segment information for the three and nine months ended September 30, 2024 and 2023 is presented below. We do not manage our assets on a segment basis, therefore segment assets are not presented below.
The following table disaggregates our revenue by source (in thousands):
Three Months Ended September 30, 2024
Financial
Services		Benefits and
Insurance Services		National
Practices		Consolidated
Accounting, tax, advisory and consulting$322,295 $— $— $322,295 
Core benefits and insurance services— 99,950 — 99,950 
Non-core benefits and insurance services— 4,090 — 4,090 
Managed networking, hardware services— — 10,336 10,336 
National practices consulting— — 2,213 2,213 
Total revenue$322,295 $104,040 $12,549 $438,884 
Three Months Ended September 30, 2023
Financial
Services		Benefits and
Insurance Services		National
Practices		Consolidated
Accounting, tax, advisory and consulting$298,372 ——$298,372 
Core benefits and insurance services—95,951 —95,951 
Non-core benefits and insurance services—4,336 —4,336 
Managed networking, hardware services——9,205 9,205 
National practices consulting——2,675 2,675 
Total revenue$298,372 $100,287 $11,880 $410,539 
Nine Months Ended September 30, 2024
Financial
Services		Benefits and
Insurance Services		National
Practices		Consolidated
Accounting, tax, advisory and consulting$1,004,158 ——$1,004,158 
Core benefits and insurance services—298,688 —298,688 
Non-core benefits and insurance services—11,179 —11,179 
Managed networking, hardware services——30,774 30,774 
National practices consulting——8,394 8,394 
Total revenue$1,004,158 $309,867 $39,168 $1,353,193 
Nine Months Ended September 30, 2023
Financial
Services		Benefits and
Insurance Services		National
Practices		Consolidated
Accounting, tax, advisory and consulting$932,388 ——$932,388 
Core benefits and insurance services—283,599 —283,599 
Non-core benefits and insurance services—12,580 —12,580 
Managed networking, hardware services——27,226 27,226 
National practices consulting——7,854 7,854 
Total revenue$932,388 $296,179 $35,080 $1,263,647 
Segment information for the three months ended September 30, 2024 and 2023 was as follows (in thousands):
Three Months Ended September 30, 2024
Financial
Services		Benefits
and
Insurance
Services		National
Practices		Corporate
and
Other		Total
Revenue$322,295 $104,040 $12,549 $— $438,884 
Operating expenses 260,639 82,965 11,101 11,266 365,971 
Gross margin61,656 21,075 1,448 (11,266)72,913 
Corporate general and administrative expenses— — — 23,227 23,227 
Operating income (loss)61,656 21,075 1,448 (34,493)49,686 
Other income (expense):
Interest expense— (3)— (4,965)(4,968)
Gain on sale of operations, net— — 4,953 — 4,953 
Other income, net15 5 — 1,280 1,300 
Total other income (expense), net15 2 4,953 (3,685)1,285 
Income (loss) before income tax expense$61,671 $21,077 $6,401 $(38,178)$50,971 
Three Months Ended September 30, 2023
Financial
Services		Benefits
and
Insurance
Services		National
Practices		Corporate
and
Other		Total
Revenue$298,372 $100,287 $11,880 $— $410,539 
Operating expenses249,680 79,636 10,667 2,165 342,148 
Gross margin48,692 20,651 1,213 (2,165)68,391 
Corporate general and administrative expenses— — — 13,136 13,136 
Operating income (loss)48,692 20,651 1,213 (15,301)55,255 
Other income (expense):
Interest expense— — — (5,848)(5,848)
Gain on sale of operations, net77 — — — 77 
Other income, net1,497 267 — (4,052)(2,288)
Total other income (loss), net1,574 267 — (9,900)(8,059)
Income (loss) before income tax expense$50,266 $20,918 $1,213 $(25,201)$47,196 
Segment information for the nine months ended September 30, 2024 and 2023 was as follows (in thousands):
Nine Months Ended September 30, 2024
Financial
Services		Benefits
and
Insurance
Services		National
Practices		Corporate
and
Other		Total
Revenue$1,004,158 $309,867 $39,168 $— $1,353,193 
Operating expenses 789,009 249,845 35,062 34,908 1,108,824 
Gross margin215,149 60,022 4,106 (34,908)244,369 
Corporate general and administrative expenses— — — 63,988 63,988 
Operating income (loss)215,149 60,022 4,106 (98,896)180,381 
Other income (expense):
Interest expense— (3)— (15,360)(15,363)
Gain on sale of operations, net— — 4,953 — 4,953 
Other income, net229 92 (4)12,890 13,207 
Total other income (expense), net229 89 4,949 (2,470)2,797 
Income (loss) before income tax expense$215,378 $60,111 $9,055 $(101,366)$183,178 
Nine Months Ended September 30, 2023
Financial
Services		Benefits
and
Insurance
Services		National
Practices		Corporate
and
Other		Total
Revenue$932,388 $296,179 $35,080 $— $1,263,647 
Operating expenses737,568 234,933 31,795 22,850 1,027,146 
Gross margin194,820 61,246 3,285 (22,850)236,501 
Corporate general and administrative expenses— — — 44,527 44,527 
Operating income (loss)194,820 61,246 3,285 (67,377)191,974 
Other income (expense):
Interest expense— (1)— (15,022)(15,023)
Gain on sale of operations, net176 — — — 176 
Other income, net1,987 597 1 5,660 8,245 
Total other income (expense), net2,163 596 1 (9,362)(6,602)
Income (loss) before income tax expense$196,983 $61,842 $3,286 $(76,739)$185,372