v3.21.2

Segment Reporting | 9 Months Ended
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Sep. 30, 2021
Segment Reporting [Abstract] |
Segment Reporting | 12. Segment Reporting The Company’s reportable segments have been determined using a management approach, which is consistent with the basis and manner in which the Company’s chief operating decision maker (“CODM”) uses financial information for the purposes of allocating resources and evaluating performance. The Company’s CODM is its Chief Executive Officer. The CODM evaluates the performance of the Company based on its total revenue and segment profit. The CODM also uses revenue and segment profit to manage and evaluate our business, make planning decisions, and as performance measures for Company-wide bonus plans. These key financial measures provide an additional view of our operational performance over the long-term and provide useful information that we use in order to maintain and grow our business. The accounting policies of the segments are the same as those described in Note 2 “Accounting Policies and Practices.” The Company does not report assets by reportable segments as this information is not reviewed by the CODM on a regular basis. Information regarding the Company’s current reportable segments is as follows (in millions):
|  | Revenue |
|  | Successor |  |  |  | Predecessor |
|  | Three Months Ended |  |  |  | Six Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  |  | June 30, |  |  | September 30, |  |  | September 30, |
|  | 2021 |  |  |  | 2021 |  |  | 2020 |  |  | 2020 |
Employer Solutions |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring |  | $ |  | 522 |  |  |  | $ |  | 1,049 |  |  | $ |  | 498 |  |  | $ |  | 1,516 |
Project |  |  |  | 65 |  |  |  |  |  | 107 |  |  |  |  | 61 |  |  |  |  | 162 |
Total Employer Solutions |  |  |  | 587 |  |  |  |  |  | 1,156 |  |  |  |  | 559 |  |  |  |  | 1,678 |
Professional Services |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Recurring |  |  |  | 32 |  |  |  |  |  | 60 |  |  |  |  | 28 |  |  |  |  | 78 |
Project |  |  |  | 61 |  |  |  |  |  | 124 |  |  |  |  | 65 |  |  |  |  | 194 |
Total Professional Services |  |  |  | 93 |  |  |  |  |  | 184 |  |  |  |  | 93 |  |  |  |  | 272 |
Hosted Business |  |  |  | 10 |  |  |  |  |  | 21 |  |  |  |  | 16 |  |  |  |  | 58 |
Total |  | $ |  | 690 |  |  |  | $ |  | 1,361 |  |  | $ |  | 668 |  |  | $ |  | 2,008 |
|  | Segment Profit |
|  | Successor |  |  |  | Predecessor |
|  | Three Months Ended |  |  |  | Six Months Ended |  |  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  |  | June 30, |  |  | September 30, |  |  | September 30, |
|  | 2021 |  |  |  | 2021 |  |  | 2020 |  |  | 2020 |
Employer Solutions |  | $ |  | 151 |  |  |  | $ |  | 274 |  |  | $ |  | 120 |  |  | $ |  | 389 |
Professional Services |  |  |  | 4 |  |  |  |  |  | 7 |  |  |  |  | 12 |  |  |  |  | 23 |
Hosted Business |  |  |  | (2 | ) |  |  |  |  | (3 | ) |  |  |  | — |  |  |  |  | 4 |
Total of all reportable segments |  |  |  | 153 |  |  |  |  |  | 278 |  |  |  |  | 132 |  |  |  |  | 416 |
Share-based compensation |  |  |  | 15 |  |  |  |  |  | 5 |  |  |  |  | 1 |  |  |  |  | 5 |
Transaction and integration |  |  |  | 3 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Non-recurring professional expenses(1) |  |  |  | 17 |  |  |  |  |  | 18 |  |  |  |  | — |  |  |  |  | — |
Transformation initiatives(2) |  |  |  | — |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | 11 |
Restructuring |  |  |  | 3 |  |  |  |  |  | 9 |  |  |  |  | 10 |  |  |  |  | 57 |
Other(3) |  |  |  | 2 |  |  |  |  |  | (5 | ) |  |  |  | 4 |  |  |  |  | 28 |
Depreciation |  |  |  | 14 |  |  |  |  |  | 49 |  |  |  |  | 24 |  |  |  |  | 66 |
Intangible amortization |  |  |  | 74 |  |  |  |  |  | 100 |  |  |  |  | 51 |  |  |  |  | 151 |
Operating Income |  |  |  | 25 |  |  |  |  |  | 102 |  |  |  |  | 42 |  |  |  |  | 98 |
Loss from change in fair value of financial instruments |  |  |  | 90 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Loss from change in fair value of tax receivable agreement |  |  |  | 27 |  |  |  |  |  | — |  |  |  |  | — |  |  |  |  | — |
Interest expense |  |  |  | 28 |  |  |  |  |  | 123 |  |  |  |  | 61 |  |  |  |  | 172 |
Other expense (income), net |  |  |  | — |  |  |  |  |  | 9 |  |  |  |  | 3 |  |  |  |  | (1 | )
Loss Before Income Tax (Benefit) Expense |  | $ |  | (120 | ) |  |  | $ |  | (30 | ) |  | $ |  | (22 | ) |  | $ |  | (73 | )
(1) | Non-recurring professional expenses primarily includes external advisor costs related to the Company’s Business Combination completed in the third quarter of 2021.
(2) | Transformation initiatives in fiscal year 2020 includes expenses related to enhancing our data center.
(3) | Other primarily includes long-term incentive expenses and expenses related to acquisitions in fiscal year 2020, offset by Other expense (income), net.
There was no single client who accounted for more than 10% of the Company’s revenues in any of the periods presented.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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