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v3.22.2

Segment Disclosures (Tables) | 6 Months Ended
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Jun. 30, 2022
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, 2022 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 259,308 |  |  | — |  | — |  | $ | 259,308 |  |
Core benefits and insurance services | — |  | 87,366 |  |  | — |  | 87,366 |  |
Non-core benefits and insurance services | — |  | 4,342 |  |  | — |  | 4,342 |  |
Managed networking, hardware services | — |  | — |  | 8,333 |  |  | 8,333 |  |
National practices consulting | — |  | — |  | 2,603 |  |  | 2,603 |  |
Total revenue | $ | 259,308 |  |  | $ | 91,708 |  |  | $ | 10,936 |  |  | $ | 361,952 |  |
| Three Months Ended June 30, 2021
| Financial Services |  | Benefits and Insurance Services |  | 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 |
| Six Months Ended June 30, 2022 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 548,054 |  |  | — |  | — |  | $ | 548,054 |  |
Core benefits and insurance services | — |  | 176,302 |  |  | — |  | 176,302 |  |
Non-core benefits and insurance services | — |  | 7,892 |  |  | — |  | 7,892 |  |
Managed networking, hardware services | — |  | — |  | 16,254 |  |  | 16,254 |  |
National practices consulting | — |  | — |  | 5,172 |  |  | 5,172 |  |
Total revenue | $ | 548,054 |  |  | $ | 184,194 |  |  | $ | 21,426 |  |  | $ | 753,674 |  |
| Six Months Ended June 30, 2021 |
| Financial Services |  | Benefits and Insurance Services |  | 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 |  |
Summary of Segment Information | Segment information for the three months ended June 30, 2022 and 2021 was as follows (in thousands):
| Three Months Ended June 30, 2022 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 259,308 |  |  | $ | 91,708 |  |  | $ | 10,936 |  |  | $ | — |  |  | $ | 361,952 |  |
Operating expenses (income) | 209,643 |  |  | 75,020 |  |  | 9,899 |  |  | (4,826) |  |  | 289,736 |  |
Gross margin | 49,665 |  |  | 16,688 |  |  | 1,037 |  |  | 4,826 |  |  | 72,216 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 10,926 |  |  | 10,926 |  |
Operating income (loss) | 49,665 |  |  | 16,688 |  |  | 1,037 |  |  | (6,100) |  |  | 61,290 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (1) |  |  | — |  |  | (1,644) |  |  | (1,645) |  |
Gain on sale of operations, net | 135 |  |  | — |  |  | — |  |  | — |  |  | 135 |  |
Other income (expense), net | 85 |  |  | (12) |  |  | 1 |  |  | (15,972) |  |  | (15,898) |  |
Total other income (expense), net | 220 |  |  | (13) |  |  | 1 |  |  | (17,616) |  |  | (17,408) |  |
Income (loss) from continuing operations before income tax expense | $ | 49,885 |  |  | $ | 16,675 |  |  | $ | 1,038 |  |  | $ | (23,716) |  |  | $ | 43,882 |  |
| 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 |  |
Segment information for the six months ended June 30, 2022 and 2021 was as follows (in thousands):
| Six Months Ended June 30, 2022 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 548,054 |  |  | $ | 184,194 |  |  | $ | 21,426 |  |  | $ | — |  |  | $ | 753,674 |  |
Operating expenses (income) | 419,443 |  |  | 147,677 |  |  | 19,475 |  |  | (6,560) |  |  | 580,035 |  |
Gross margin | 128,611 |  |  | 36,517 |  |  | 1,951 |  |  | 6,560 |  |  | 173,639 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 27,235 |  |  | 27,235 |  |
Operating income (loss) | 128,611 |  |  | 36,517 |  |  | 1,951 |  |  | (20,675) |  |  | 146,404 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (1) |  |  | — |  |  | (2,903) |  |  | (2,904) |  |
Gain on sale of operations, net | 135 |  |  | — |  |  | — |  |  | — |  |  | 135 |  |
Other income (expense), net | 171 |  |  | (36) |  |  | 1 |  |  | (22,437) |  |  | (22,301) |  |
Total other income (expense), net | 306 |  |  | (37) |  |  | 1 |  |  | (25,340) |  |  | (25,070) |  |
Income (loss) from continuing operations before income tax expense | $ | 128,917 |  |  | $ | 36,480 |  |  | $ | 1,952 |  |  | $ | (46,015) |  |  | $ | 121,334 |  |
| 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 |  |

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