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v3.21.2

Segment Disclosures (Tables) | 9 Months Ended
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Sep. 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 September 30, 2021 |
| Financial Services |  | Benefits & Insurance |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 187,232 |  |  | — |  | — |  | $ | 187,232 |  |
Core benefits and insurance services | — |  | 83,009 |  |  | — |  | 83,009 |  |
Non-core benefits and insurance services | — |  | 2,788 |  |  | — |  | 2,788 |  |
Managed networking, hardware services | — |  | — |  | 7,088 |  |  | 7,088 |  |
National practices consulting | — |  | — |  | 2,602 |  |  | 2,602 |  |
Total revenue | $ | 187,232 |  |  | $ | 85,797 |  |  | $ | 9,690 |  |  | $ | 282,719 |  |
| Three Months Ended September 30, 2020
| Financial Services |  | Benefits & Insurance |  | National Practices |  | Consolidated
Accounting, tax, advisory and consulting | $ | 155,499 |  |  | — |  | — |  | $ | 155,499 |
Core benefits and insurance services | — |  | 71,497 |  |  | — |  | 71,497 |
Non-core benefits and insurance services | — |  | 2,384 |  |  | — |  | 2,384 |
Managed networking, hardware services | — |  | — |  | 6,592 |  |  | 6,592 |
National practices consulting | — |  | — |  | 2,417 |  |  | 2,417 |
Total revenue | $ | 155,499 |  |  | $ | 73,881 |  |  | $ | 9,009 |  |  | $ | 238,389 |
| Nine Months Ended September 30, 2021 |
| Financial Services |  | Benefits & Insurance |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 577,970 |  |  | — |  | — |  | $ | 577,970 |  |
Core benefits and insurance services | — |  | 246,367 |  |  | — |  | 246,367 |  |
Non-core benefits and insurance services | — |  | 9,289 |  |  | — |  | 9,289 |  |
Managed networking, hardware services | — |  | — |  | 20,952 |  |  | 20,952 |  |
National practices consulting | — |  | — |  | 7,519 |  |  | 7,519 |  |
Total revenue | $ | 577,970 |  |  | $ | 255,656 |  |  | $ | 28,471 |  |  | $ | 862,097 |  |
| Nine Months Ended September 30, 2020 |
| Financial Services |  | Benefits & Insurance |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 498,359 |  |  | — |  | — |  | $ | 498,359 |  |
Core benefits and insurance services | — |  | 219,362 |  |  | — |  | 219,362 |  |
Non-core benefits and insurance services | — |  | 8,071 |  |  | — |  | 8,071 |  |
Managed networking, hardware services | — |  | — |  | 19,748 |  |  | 19,748 |  |
National practices consulting | — |  | — |  | 7,247 |  |  | 7,247 |  |
Total revenue | $ | 498,359 |  |  | $ | 227,433 |  |  | $ | 26,995 |  |  | $ | 752,787 |  |
Summary of Segment Information | Segment information for the three months ended September 30, 2021 and 2020 was as follows (in thousands):
| Three Months Ended September 30, 2021 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 187,232 |  |  | $ | 85,797 |  |  | $ | 9,690 |  |  | $ | — |  |  | $ | 282,719 |  |
Operating expenses | 156,178 |  |  | 69,039 |  |  | 8,514 |  |  | 4,597 |  |  | 238,328 |  |
Gross margin | 31,054 |  |  | 16,758 |  |  | 1,176 |  |  | (4,597) |  |  | 44,391 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 13,035 |  |  | 13,035 |  |
Operating income (loss) | 31,054 |  |  | 16,758 |  |  | 1,176 |  |  | (17,632) |  |  | 31,356 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | (1,016) |  |  | (1,016) |  |
Other income (expense), net | 18 |  |  | (9) |  |  | 1 |  |  | (1,143) |  |  | (1,133) |  |
Total other income (expense), net | 18 |  |  | (9) |  |  | 1 |  |  | (2,159) |  |  | (2,149) |  |
Income (loss) from continuing operations before income tax expense | $ | 31,072 |  |  | $ | 16,749 |  |  | $ | 1,177 |  |  | $ | (19,791) |  |  | $ | 29,207 |  |
| Three Months Ended September 30, 2020 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 155,499 |  |  | $ | 73,881 |  |  | $ | 9,009 |  |  | $ | — |  |  | $ | 238,389 |  |
Operating expenses | 129,922 |  |  | 62,013 |  |  | 8,070 |  |  | 4,755 |  |  | 204,760 |  |
Gross margin | 25,577 |  |  | 11,868 |  |  | 939 |  |  | (4,755) |  |  | 33,629 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 11,339 |  |  | 11,339 |  |
Operating income (loss) | 25,577 |  |  | 11,868 |  |  | 939 |  |  | (16,094) |  |  | 22,290 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (10) |  |  | — |  |  | (964) |  |  | (974) |  |
Gain (loss) on sale of operations, net | (76) |  |  | 2 |  |  | — |  |  | — |  |  | (74) |  |
Other (expense) income, net | (14) |  |  | (36) |  |  | — |  |  | 5,964 |  |  | 5,914 |  |
Total other (expense) income, net | (90) |  |  | (44) |  |  | — |  |  | 5,000 |  |  | 4,866 |  |
Income (loss) from continuing operations before income tax expense | $ | 25,487 |  |  | $ | 11,824 |  |  | $ | 939 |  |  | $ | (11,094) |  |  | $ | 27,156 |  |
Segment information for the nine months ended September 30, 2021 and 2020 was as follows (in thousands):
| Nine Months Ended September 30, 2021 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 577,970 |  |  | $ | 255,656 |  |  | $ | 28,471 |  |  | $ | — |  |  | $ | 862,097 |  |
Operating expenses | 448,844 |  |  | 203,748 |  |  | 25,542 |  |  | 21,099 |  |  | 699,233 |  |
Gross margin | 129,126 |  |  | 51,908 |  |  | 2,929 |  |  | (21,099) |  |  | 162,864 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 41,334 |  |  | 41,334 |  |
Legal settlement, net |  |  |  |  |  |  | 30,468 |  |  | 30,468 |  |
Operating income (loss) | 129,126 |  |  | 51,908 |  |  | 2,929 |  |  | (92,901) |  |  | 91,062 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | (2,852) |  |  | (2,852) |  |
Gain on sale of operations, net | — |  |  | 6,385 |  |  | — |  |  | — |  |  | 6,385 |  |
Other income, net | 310 |  |  | 863 |  |  | 1 |  |  | 10,855 |  |  | 12,029 |  |
Total other income, net | 310 |  |  | 7,248 |  |  | 1 |  |  | 8,003 |  |  | 15,562 |  |
Income (loss) from continuing operations before income tax expense | $ | 129,436 |  |  | $ | 59,156 |  |  | $ | 2,930 |  |  | $ | (84,898) |  |  | $ | 106,624 |  |
| Nine Months Ended September 30, 2020 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 498,359 |  |  | $ | 227,433 |  |  | $ | 26,995 |  |  | $ | — |  |  | $ | 752,787 |  |
Operating expenses | 395,937 |  |  | 188,519 |  |  | 24,343 |  |  | 4,804 |  |  | 613,603 |  |
Gross margin | 102,422 |  |  | 38,914 |  |  | 2,652 |  |  | (4,804) |  |  | 139,184 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 32,988 |  |  | 32,988 |  |
Operating income (loss) | 102,422 |  |  | 38,914 |  |  | 2,652 |  |  | (37,792) |  |  | 106,196 |  |
Other (expense) income: |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (30) |  |  | — |  |  | (4,137) |  |  | (4,167) |  |
Gain (loss) on sale of operations, net | (25) |  |  | 103 |  |  | — |  |  | — |  |  | 78 |  |
Other income, net | 32 |  |  | 190 |  |  | 1 |  |  | 3,227 |  |  | 3,450 |  |
Total other income (expense), net | 7 |  |  | 263 |  |  | 1 |  |  | (910) |  |  | (639) |  |
Income (loss) from continuing operations before income tax expense | $ | 102,429 |  |  | $ | 39,177 |  |  | $ | 2,653 |  |  | $ | (38,702) |  |  | $ | 105,557 |  |

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