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v3.23.3

Segment Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 298,372 |  |  | — |  | — |  | $ | 298,372 |  |
Core benefits and insurance services | — |  | 95,951 |  |  | — |  | 95,951 |  |
Non-core benefits and insurance services | — |  | 4,336 |  |  | — |  | 4,336 |  |
Managed networking, hardware services | — |  | — |  | 9,205 |  |  | 9,205 |  |
National practices consulting | — |  | — |  | 2,675 |  |  | 2,675 |  |
Total revenue | $ | 298,372 |  |  | $ | 100,287 |  |  | $ | 11,880 |  |  | $ | 410,539 |  |
| Three Months Ended September 30, 2022
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated
Accounting, tax, advisory and consulting | $ | 259,998 |  |  | — |  | — |  | $ | 259,998 |
Core benefits and insurance services | — |  | 88,364 |  |  | — |  | 88,364 |
Non-core benefits and insurance services | — |  | 3,703 |  |  | — |  | 3,703 |
Managed networking, hardware services | — |  | — |  | 8,514 |  |  | 8,514 |
National practices consulting | — |  | — |  | 2,683 |  |  | 2,683 |
Total revenue | $ | 259,998 |  |  | $ | 92,067 |  |  | $ | 11,197 |  |  | $ | 363,262 |
| Nine Months Ended September 30, 2023 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 932,388 |  |  | — |  | — |  | $ | 932,388 |  |
Core benefits and insurance services | — |  | 283,599 |  |  | — |  | 283,599 |  |
Non-core benefits and insurance services | — |  | 12,580 |  |  | — |  | 12,580 |  |
Managed networking, hardware services | — |  | — |  | 27,226 |  |  | 27,226 |  |
National practices consulting | — |  | — |  | 7,854 |  |  | 7,854 |  |
Total revenue | $ | 932,388 |  |  | $ | 296,179 |  |  | $ | 35,080 |  |  | $ | 1,263,647 |  |
| Nine Months Ended September 30, 2022 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 808,052 |  |  | — |  | — |  | $ | 808,052 |  |
Core benefits and insurance services | — |  | 264,666 |  |  | — |  | 264,666 |  |
Non-core benefits and insurance services | — |  | 11,595 |  |  | — |  | 11,595 |  |
Managed networking, hardware services | — |  | — |  | 24,768 |  |  | 24,768 |  |
National practices consulting | — |  | — |  | 7,855 |  |  | 7,855 |  |
Total revenue | $ | 808,052 |  |  | $ | 276,261 |  |  | $ | 32,623 |  |  | $ | 1,116,936 |  |
Summary of Segment Information | Segment information for the three months ended September 30, 2023 and 2022 was as follows (in thousands):
| Three Months Ended September 30, 2023 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 298,372 |  |  | $ | 100,287 |  |  | $ | 11,880 |  |  | $ | — |  |  | $ | 410,539 |  |
Operating expenses | 249,680 |  |  | 79,636 |  |  | 10,667 |  |  | 2,165 |  |  | 342,148 |  |
Gross margin | 48,692 |  |  | 20,651 |  |  | 1,213 |  |  | (2,165) |  |  | 68,391 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 13,136 |  |  | 13,136 |  |
Operating income (loss) | 48,692 |  |  | 20,651 |  |  | 1,213 |  |  | (15,301) |  |  | 55,255 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | (5,848) |  |  | (5,848) |  |
Gain on sale of operations, net | 77 |  |  | — |  |  | — |  |  | — |  |  | 77 |  |
Other income (expense), net | 1,497 |  |  | 267 |  |  | — |  |  | (4,052) |  |  | (2,288) |  |
Total other income (expense), net | 1,574 |  |  | 267 |  |  | — |  |  | (9,900) |  |  | (8,059) |  |
Income (loss) before income tax expense | $ | 50,266 |  |  | $ | 20,918 |  |  | $ | 1,213 |  |  | $ | (25,201) |  |  | $ | 47,196 |  |
| Three Months Ended September 30, 2022 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 259,998 |  |  | $ | 92,067 |  |  | $ | 11,197 |  |  | $ | — |  |  | $ | 363,262 |  |
Operating expenses | 220,337 |  |  | 73,321 |  |  | 9,743 |  |  | 2,616 |  |  | 306,017 |  |
Gross margin | 39,661 |  |  | 18,746 |  |  | 1,454 |  |  | (2,616) |  |  | 57,245 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 15,893 |  |  | 15,893 |  |
Operating income (loss) | 39,661 |  |  | 18,746 |  |  | 1,454 |  |  | (18,509) |  |  | 41,352 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (4) |  |  | — |  |  | (2,301) |  |  | (2,305) |  |
Gain on sale of operations, net | 176 |  |  | — |  |  | — |  |  | — |  |  | 176 |  |
Other income (expense), net | 103 |  |  | 2,402 |  |  | 8 |  |  | (5,135) |  |  | (2,622) |  |
Total other income (expense), net | 279 |  |  | 2,398 |  |  | 8 |  |  | (7,436) |  |  | (4,751) |  |
Income (loss) before income tax expense | $ | 39,940 |  |  | $ | 21,144 |  |  | $ | 1,462 |  |  | $ | (25,945) |  |  | $ | 36,601 |  |
Segment information for the nine months ended September 30, 2023 and 2022 was as follows (in thousands):
| Nine Months Ended September 30, 2023 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 932,388 |  |  | $ | 296,179 |  |  | $ | 35,080 |  |  | $ | — |  |  | $ | 1,263,647 |  |
Operating expenses | 737,568 |  |  | 234,933 |  |  | 31,795 |  |  | 22,850 |  |  | 1,027,146 |  |
Gross margin | 194,820 |  |  | 61,246 |  |  | 3,285 |  |  | (22,850) |  |  | 236,501 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 44,527 |  |  | 44,527 |  |
Operating income (loss) | 194,820 |  |  | 61,246 |  |  | 3,285 |  |  | (67,377) |  |  | 191,974 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (1) |  |  | — |  |  | (15,022) |  |  | (15,023) |  |
Gain on sale of operations, net | 176 |  |  | — |  |  | — |  |  | — |  |  | 176 |  |
Other income, net | 1,987 |  |  | 597 |  |  | 1 |  |  | 5,660 |  |  | 8,245 |  |
Total other income (expense), net | 2,163 |  |  | 596 |  |  | 1 |  |  | (9,362) |  |  | (6,602) |  |
Income (loss) before income tax expense | $ | 196,983 |  |  | $ | 61,842 |  |  | $ | 3,286 |  |  | $ | (76,739) |  |  | $ | 185,372 |  |
| Nine Months Ended September 30, 2022 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 808,052 |  |  | $ | 276,261 |  |  | $ | 32,623 |  |  | $ | — |  |  | $ | 1,116,936 |  |
Operating expenses (income) | 639,780 |  |  | 220,998 |  |  | 29,218 |  |  | (3,944) |  |  | 886,052 |  |
Gross margin | 168,272 |  |  | 55,263 |  |  | 3,405 |  |  | 3,944 |  |  | 230,884 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 43,128 |  |  | 43,128 |  |
Operating income (loss) | 168,272 |  |  | 55,263 |  |  | 3,405 |  |  | (39,184) |  |  | 187,756 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (5) |  |  | — |  |  | (5,204) |  |  | (5,209) |  |
Gain on sale of operations, net | 311 |  |  | — |  |  | — |  |  | — |  |  | 311 |  |
Other income (expense), net | 274 |  |  | 2,366 |  |  | 9 |  |  | (27,581) |  |  | (24,932) |  |
Total other income (expense), net | 585 |  |  | 2,361 |  |  | 9 |  |  | (32,785) |  |  | (29,830) |  |
Income (loss) before income tax expense | $ | 168,857 |  |  | $ | 57,624 |  |  | $ | 3,414 |  |  | $ | (71,969) |  |  | $ | 157,926 |  |

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