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v3.21.2

Segment Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2021
Segment Reporting [Abstract] |
Summary of Disaggregation of Revenue by Source | The following table disaggregates our revenue by source (in thousands):
| Three Months Ended June 30, 2021 |
| Financial Services |  | Benefits & Insurance |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 186,589 |  |  | — |  | — |  | $ | 186,589 |  |
Core benefits and insurance services | — |  | 79,288 |  |  | — |  | 79,288 |  |
Non-core benefits and insurance services | — |  | 3,332 |  |  | — |  | 3,332 |  |
Managed networking, hardware services | — |  | — |  | 6,969 |  |  | 6,969 |  |
National practices consulting | — |  | — |  | 2,470 |  |  | 2,470 |  |
Total revenue | $ | 186,589 |  |  | $ | 82,620 |  |  | $ | 9,439 |  |  | $ | 278,648 |  |
| Three Months Ended June 30, 2020
| Financial Services |  | Benefits & Insurance |  | National Practices |  | Consolidated
Accounting, tax, advisory and consulting | $ | 154,083 |  |  | — |  | — |  | $ | 154,083 |
Core benefits and insurance services | — |  | 71,393 |  |  | — |  | 71,393 |
Non-core benefits and insurance services | — |  | 2,547 |  |  | — |  | 2,547 |
Managed networking, hardware services | — |  | — |  | 6,581 |  |  | 6,581 |
National practices consulting | — |  | — |  | 2,339 |  |  | 2,339 |
Total revenue | $ | 154,083 |  |  | $ | 73,940 |  |  | $ | 8,920 |  |  | $ | 236,943 |
| Six Months Ended June 30, 2021 |
| Financial Services |  | Benefits & Insurance |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 390,738 |  |  | — |  | — |  | $ | 390,738 |  |
Core Benefits and Insurance Services | — |  | 163,358 |  |  | — |  | 163,358 |  |
Non-core Benefits and Insurance Services | — |  | 6,501 |  |  | — |  | 6,501 |  |
Managed networking, hardware services | — |  | — |  | 13,864 |  |  | 13,864 |  |
National Practices consulting | — |  | — |  | 4,917 |  |  | 4,917 |  |
Total revenue | $ | 390,738 |  |  | $ | 169,859 |  |  | $ | 18,781 |  |  | $ | 579,378 |  |
| Six Months Ended June 30, 2020 |
| Financial Services |  | Benefits & Insurance |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 342,860 |  |  | — |  | — |  | $ | 342,860 |  |
Core Benefits and Insurance Services | — |  | 147,865 |  |  | — |  | 147,865 |  |
Non-core Benefits and Insurance Services | — |  | 5,687 |  |  | — |  | 5,687 |  |
Managed networking, hardware services | — |  | — |  | 13,156 |  |  | 13,156 |  |
National Practices consulting | — |  | — |  | 4,830 |  |  | 4,830 |  |
Total revenue | $ | 342,860 |  |  | $ | 153,552 |  |  | $ | 17,986 |  |  | $ | 514,398 |  |
Summary of Segment Information | Segment information for the three months ended June 30, 2021 and 2020 was as follows (in thousands):
| Three Months Ended June 30, 2021 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 186,589 |  |  | $ | 82,620 |  |  | $ | 9,439 |  |  | $ | — |  |  | $ | 278,648 |  |
Operating expenses | 150,920 |  |  | 67,776 |  |  | 8,487 |  |  | 9,751 |  |  | 236,934 |  |
Gross margin | 35,669 |  |  | 14,844 |  |  | 952 |  |  | (9,751) |  |  | 41,714 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 13,816 |  |  | 13,816 |  |
Legal settlement, net | — |  |  | — |  |  | — |  |  | 30,468 |  |  | 30,468 |  |
Operating income (loss) | 35,669 |  |  | 14,844 |  |  | 952 |  |  | (54,035) |  |  | (2,570) |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | (959) |  |  | (959) |  |
Gain on sale of operations, net | — |  |  | 6,385 |  |  | — |  |  | — |  |  | 6,385 |  |
Other income, net | 194 |  |  | 698 |  |  | — |  |  | 7,481 |  |  | 8,373 |  |
Total other income, net | 194 |  |  | 7,083 |  |  | — |  |  | 6,522 |  |  | 13,799 |  |
Income (loss) from continuing operations before income tax expense | $ | 35,863 |  |  | $ | 21,927 |  |  | $ | 952 |  |  | $ | (47,513) |  |  | $ | 11,229 |  |
| Three Months Ended June 30, 2020 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 154,083 |  |  | $ | 73,940 |  |  | $ | 8,920 |  |  | $ | — |  |  | $ | 236,943 |  |
Operating expenses | 127,417 |  |  | 61,283 |  |  | 7,990 |  |  | 12,326 |  |  | 209,016 |  |
Gross margin | 26,666 |  |  | 12,657 |  |  | 930 |  |  | (12,326) |  |  | 27,927 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 11,160 |  |  | 11,160 |  |
Operating income (loss) | 26,666 |  |  | 12,657 |  |  | 930 |  |  | (23,486) |  |  | 16,767 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (9) |  |  | — |  |  | (2,065) |  |  | (2,074) |  |
Gain on sale of operations, net | 11 |  |  | 46 |  |  | — |  |  | — |  |  | 57 |  |
Other income, net | 27 |  |  | 130 |  |  | — |  |  | 13,179 |  |  | 13,336 |  |
Total other income, net | 38 |  |  | 167 |  |  | — |  |  | 11,114 |  |  | 11,319 |  |
Income (loss) from continuing operations before income tax expense | $ | 26,704 |  |  | $ | 12,824 |  |  | $ | 930 |  |  | $ | (12,372) |  |  | $ | 28,086 |  |
Segment information for the six months ended June 30, 2021 and 2020 was as follows (in thousands):
| Six Months Ended June 30, 2021 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 390,738 |  |  | $ | 169,859 |  |  | $ | 18,781 |  |  | $ | — |  |  | $ | 579,378 |  |
Operating expenses | 292,666 |  |  | 134,709 |  |  | 17,028 |  |  | 16,502 |  |  | 460,905 |  |
Gross margin | 98,072 |  |  | 35,150 |  |  | 1,753 |  |  | (16,502) |  |  | 118,473 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 28,299 |  |  | 28,299 |  |
Legal settlement, net | — |  |  | — |  |  | — |  |  | 30,468 |  |  | 30,468 |  |
Operating income (loss) | 98,072 |  |  | 35,150 |  |  | 1,753 |  |  | (75,269) |  |  | 59,706 |  |
Other income: |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | (1,836) |  |  | (1,836) |  |
Gain on sale of operations, net | — |  |  | 6,385 |  |  | — |  |  | — |  |  | 6,385 |  |
Other income, net | 292 |  |  | 872 |  |  | — |  |  | 11,998 |  |  | 13,162 |  |
Total other income, net | 292 |  |  | 7,257 |  |  | — |  |  | 10,162 |  |  | 17,711 |  |
Income (loss) from continuing operations before income tax expense | $ | 98,364 |  |  | $ | 42,407 |  |  | $ | 1,753 |  |  | $ | (65,107) |  |  | $ | 77,417 |  |
| Six Months Ended June 30, 2020 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 342,860 |  |  | $ | 153,552 |  |  | $ | 17,986 |  |  | $ | — |  |  | $ | 514,398 |  |
Operating expenses | 266,015 |  |  | 126,506 |  |  | 16,273 |  |  | 49 |  |  | 408,843 |  |
Gross margin | 76,845 |  |  | 27,046 |  |  | 1,713 |  |  | (49) |  |  | 105,555 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 21,649 |  |  | 21,649 |  |
Operating income (loss) | 76,845 |  |  | 27,046 |  |  | 1,713 |  |  | (21,698) |  |  | 83,906 |  |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (20) |  |  | — |  |  | (3,173) |  |  | (3,193) |  |
Gain on sale of operations, net | 51 |  |  | 101 |  |  | — |  |  | — |  |  | 152 |  |
Other income (expense), net | 46 |  |  | 226 |  |  | 1 |  |  | (2,737) |  |  | (2,464) |  |
Total other income (expense), net | 97 |  |  | 307 |  |  | 1 |  |  | (5,910) |  |  | (5,505) |  |
Income (loss) from continuing operations before income tax expense | $ | 76,942 |  |  | $ | 27,353 |  |  | $ | 1,714 |  |  | $ | (27,608) |  |  | $ | 78,401 |  |

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