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Segment Disclosures | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Disclosures | SEGMENT DISCLOSURES Our business units have been aggregated into three practice groups: (i) Financial Services, (ii) Benefits and Insurance Services and (iii) National Practices, based on the following factors: similarity of the products and services provided to clients, similarity of the regulatory environment in which they operate; and similarity of economic conditions affecting long-term performance. The business units are managed along these segment lines. A general description of services provided by practice groups is provided in the table below.
Financial Services |  | Benefits and Insurance Services |  | National Practices
Accounting and Tax |  | Employee Benefits Consulting |  | Information Technology Managed Networking and Hardware Services
Financial Advisory |  | Payroll / Human Capital Management |  | Healthcare Consulting
Valuation |  | Property and Casualty Insurance |  |
Risk and Advisory Services |  | Retirement and Investment Services |  |
Government Health Care Consulting |  |  |  |
Corporate and Other - Included in Corporate and Other are operating expenses that are not directly allocated to the individual business units. These expenses primarily consist of certain healthcare costs, gains or losses attributable to assets held in our non-qualified deferred compensation plan, stock-based compensation, consolidation and integration charges, certain professional fees, certain advertising costs and other various expenses. The discrete financial information of those practice groups are available and regularly reviewed by the Chief Operating Decision Maker ("CODM"). The CODM, who is our CEO, allocates resources to and assesses the performance of each practice group using information about their respective revenue and income (loss) before income tax expense (benefit), excluding those costs listed above, which are reported in the “Corporate and Other”. Upon consolidation, intercompany accounts and transactions are eliminated, thus inter-segment revenue is not included in the measure of profit or loss for the practice groups. The CODM does not evaluate practice groups using discrete asset information, and we do not identify or allocate assets by practice groups. We operate in the United States and Canada and revenue generated from such operations during the years ended December 31, 2023, 2022 and 2021 was as follows (in thousands):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
United States | $ | 1,589,478 |  |  | $ | 1,410,255 |  |  | $ | 1,103,183 |
Canada | 1,716 |  |  | 1,724 |  |  | 1,742 |
Total revenue | $ | 1,591,194 |  |  | $ | 1,411,979 |  |  | $ | 1,104,925 |
There is no one customer that represents a significant portion of our revenue. Segment information for the years ended December 31, 2023, 2022 and 2021 is presented below (in thousands). We do not manage our assets on a segment basis, therefore segment assets are not presented below.
| For the Year Ended December 31, 2023
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total
Revenue | $ | 1,160,686 |  |  | $ | 382,605 |  |  | $ | 47,903 |  |  | $ | — |  |  | $ | 1,591,194 |
Operating expenses | 975,076 |  |  | 310,510 |  |  | 43,060 |  |  | 39,344 |  |  | 1,367,990 |
Gross margin | 185,610 |  |  | 72,095 |  |  | 4,843 |  |  | (39,344) |  |  | 223,204 |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 57,965 |  |  | 57,965 |
Operating income (loss) | 185,610 |  |  | 72,095 |  |  | 4,843 |  |  | (97,309) |  |  | 165,239 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (2) |  |  | — |  |  | (20,129) |  |  | (20,131) |
Gain on sale of operations, net | 176 |  |  | — |  |  | — |  |  | — |  |  | 176 |
Other income, net | 2,042 |  |  | 2,060 |  |  | 1 |  |  | 16,916 |  |  | 21,019 |
Total other income (expense) | 2,218 |  |  | 2,058 |  |  | 1 |  |  | (3,213) |  |  | 1,064 |
Income (loss) before income tax expense | $ | 187,828 |  |  | $ | 74,153 |  |  | $ | 4,844 |  |  | $ | (100,522) |  |  | $ | 166,303 |
| For the Year Ended December 31, 2022
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total
Revenue | $ | 1,010,068 |  |  | $ | 358,007 |  |  | $ | 43,904 |  |  | $ | — |  |  | $ | 1,411,979 |
Operating expenses | 850,038 |  |  | 290,387 |  |  | 39,201 |  |  | 8,986 |  |  | 1,188,612 |
Gross margin | 160,030 |  |  | 67,620 |  |  | 4,703 |  |  | (8,986) |  |  | 223,367 |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 55,023 |  |  | 55,023 |
Operating income (loss) | 160,030 |  |  | 67,620 |  |  | 4,703 |  |  | (64,009) |  |  | 168,344 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (6) |  |  | — |  |  | (8,033) |  |  | (8,039) |
Gain on sale of operations, net | 413 |  |  | — |  |  | — |  |  | — |  |  | 413 |
Other income (expense), net | 269 |  |  | 2,392 |  |  | 10 |  |  | (21,914) |  |  | (19,243) |
Total other income (expense) | 682 |  |  | 2,386 |  |  | 10 |  |  | (29,947) |  |  | (26,869) |
Income (loss) before income tax expense | $ | 160,712 |  |  | $ | 70,006 |  |  | $ | 4,713 |  |  | $ | (93,956) |  |  | $ | 141,475 |
| For the Year Ended December 31, 2021
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total
Revenue | $ | 734,026 |  |  | $ | 332,323 |  |  | $ | 38,576 |  |  | $ | — |  |  | $ | 1,104,925 |
Operating expenses | 608,238 |  |  | 271,650 |  |  | 34,494 |  |  | 31,253 |  |  | 945,635 |
Gross margin | 125,788 |  |  | 60,673 |  |  | 4,082 |  |  | (31,253) |  |  | 159,290 |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 56,150 |  |  | 56,150 |
Legal settlement, net | — |  |  | — |  |  | — |  |  | 30,468 |  |  | 30,468 |
Operating income (loss) | 125,788 |  |  | 60,673 |  |  | 4,082 |  |  | (117,871) |  |  | 72,672 |
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | (3,868) |  |  | (3,868) |
(Loss) gain on sale of operations, net | (289) |  |  | 6,284 |  |  | — |  |  | — |  |  | 5,995 |
Other income, net | 263 |  |  | 827 |  |  | 3 |  |  | 17,124 |  |  | 18,217 |
Total other (expense) income | (26) |  |  | 7,111 |  |  | 3 |  |  | 13,256 |  |  | 20,344 |
Income (loss) before income tax expense | $ | 125,762 |  |  | $ | 67,784 |  |  | $ | 4,085 |  |  | $ | (104,615) |  |  | $ | 93,016 |

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