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Business Segments | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Business Segments | Business Segments The Company has three reportable segments: contract talent solutions, permanent placement talent solutions and Protiviti. Operating segments are defined as components of the Company for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), a position currently held by the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The contract talent solutions reportable segment results from the aggregation of three operating segments with similar economic and qualitative characteristics: finance and accounting, administration and customer support, and technology. The contract talent solutions and permanent placement talent solutions segments provide specialized engagement professionals and full-time personnel, respectively, for finance and accounting, technology, marketing and creative, legal, and administrative and customer support roles. The Protiviti segment provides business and technology risk consulting and internal audit services. The CODM uses segment income to evaluate performance and allocate resources to each segment. Segment income excludes interest income, income taxes and the impacts of the (income) loss from investments held in employee deferred compensation trusts, along with the related compensation costs and expenses. The CODM considers variances between actual results and expectations as well as historical trends for segment income when making decisions about allocating capital and personnel resources to each segment. The accounting policies of the segments are set forth in Note A—“Summary of Significant Accounting Policies.” The following tables provide a reconciliation of service revenues and segment income by reportable segment to consolidated results (in thousands):
| Three Months Ended March 31, |  |
Contract Talent Solutions | 2025 |  | 2024 |  |  |  |
Service revenues(1) | $ | 763,205 |  |  | $ | 887,058 |  |  |  |  |
Segment costs of services(2) | 466,272 |  |  | 536,488 |  |  |  |  |
Compensation expenses(3) | 220,982 |  |  | 227,719 |  |  |  |  |
Other(4) | 69,260 |  |  | 72,733 |  |  |  |  |
Segment selling, general and administrative expenses | 290,242 |  |  | 300,452 |  |  |  |  |
Segment income | $ | 6,691 |  |  | $ | 50,118 |  |  |  |  |
| Three Months Ended March 31, |  |
Permanent Placement Talent Solutions | 2025 |  | 2024 |  |  |  |
Service revenues(1) | $ | 112,091 |  |  | $ | 124,767 |  |  |  |  |
Segment costs of services(2) | 230 |  |  | 219 |  |  |  |  |
Compensation expenses(3) | 88,900 |  |  | 92,322 |  |  |  |  |
Other(4) | 19,337 |  |  | 20,371 |  |  |  |  |
Segment selling, general and administrative expenses | 108,237 |  |  | 112,693 |  |  |  |  |
Segment income | $ | 3,624 |  |  | $ | 11,855 |  |  |  |  |
| Three Months Ended March 31, |  |
Protiviti | 2025 |  | 2024 |  |  |  |
Service revenues(1) | $ | 476,611 |  |  | $ | 464,112 |  |  |  |  |
Segment costs of services(2) | 390,399 |  |  | 368,076 |  |  |  |  |
Compensation expenses(3) | 25,043 |  |  | 23,627 |  |  |  |  |
Other(4) | 52,773 |  |  | 50,108 |  |  |  |  |
Segment selling, general and administrative expenses | 77,816 |  |  | 73,735 |  |  |  |  |
Segment income | $ | 8,396 |  |  | $ | 22,301 |  |  |  |  |
| Three Months Ended March 31, |  |
Combined Segment | 2025 |  | 2024 |  |  |  |
Service revenues(1) | $ | 1,351,907 |  |  | $ | 1,475,937 |  |  |  |  |
Costs of services(2) | 856,901 |  |  | 904,783 |  |  |  |  |
Compensation expenses(3) | 334,925 |  |  | 343,668 |  |  |  |  |
Other(4) | 141,370 |  |  | 143,212 |  |  |  |  |
Selling, general and administrative expenses | 476,295 |  |  | 486,880 |  |  |  |  |
Combined segment income | 18,711 |  |  | 84,274 |  |  |  |  |
Interest income, net | (3,572) |  |  | (6,413) |  |  |  |  |
Income before income taxes | $ | 22,283 |  |  | $ | 90,687 |  |  |  |  |
(1)Service revenues presented above are shown net of eliminations of intersegment revenues. Intersegment revenues between the contract talent solutions segment and the Protiviti segment were $117.9 million and $112.8 million for the three months ended March 31, 2025 and 2024, respectively. Service revenues related to the intersegment activity are reflected in the Protiviti segment. (2)Segment costs of services consist of direct payroll, payroll taxes and benefit costs, as well as reimbursable expenses. Direct costs related to the intersegment activity are reflected in the Protiviti segment, including the costs of candidate payroll, fringe benefits and incremental recruiter compensation. For further information on costs of services, see Note A—“Summary of Significant Accounting Policies.” (3)Includes payroll and applicable taxes, employee incentive compensation and other employee costs not included in direct cost as noted above. (4)Other selling, general and administrative expenses is comprised of advertising, as well as other allocated expenses including lease expense, depreciation, cloud computing service costs and overhead costs. These costs are allocated to the individual segments based on an internal allocation method. The following table represents depreciation expense by segment (in thousands):
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
Depreciation expense |  |  |  |  |  |  |  |
Contract talent solutions |  | $ | 6,498 |  |  | $ | 6,593 |  |  |  |  |
Permanent placement talent solutions |  | 2,099 |  |  | 2,224 |  |  |  |  |
Protiviti |  | 4,409 |  |  | 4,187 |  |  |  |  |
|  | $ | 13,006 |  |  | $ | 13,004 |  |  |  |  |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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