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SEGMENT DISCLOSURES (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Disaggregation of Revenue by Source | The following table disaggregates our revenue by source (in thousands):
| Three Months Ended June 30, 2024 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 309,233 |  |  | — |  | — |  | $ | 309,233 |  |
Core benefits and insurance services | — |  | 93,533 |  |  | — |  | 93,533 |  |
Non-core benefits and insurance services | — |  | 3,886 |  |  | — |  | 3,886 |  |
Managed networking, hardware services | — |  | — |  | 10,250 |  |  | 10,250 |  |
National practices consulting | — |  | — |  | 3,110 |  |  | 3,110 |  |
Total revenue | $ | 309,233 |  |  | $ | 97,419 |  |  | $ | 13,360 |  |  | $ | 420,012 |  |
| Three Months Ended June 30, 2023
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated
Accounting, tax, advisory and consulting | $ | 290,930 |  |  | — |  | — |  | $ | 290,930 |
Core benefits and insurance services | — |  | 91,031 |  |  | — |  | 91,031 |
Non-core benefits and insurance services | — |  | 4,807 |  |  | — |  | 4,807 |
Managed networking, hardware services | — |  | — |  | 9,067 |  |  | 9,067 |
National practices consulting | — |  | — |  | 2,667 |  |  | 2,667 |
Total revenue | $ | 290,930 |  |  | $ | 95,838 |  |  | $ | 11,734 |  |  | $ | 398,502 |
| Six Months Ended June 30, 2024 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 681,863 |  |  | — |  | — |  | $ | 681,863 |  |
Core benefits and insurance services | — |  | 198,738 |  |  | — |  | 198,738 |  |
Non-core benefits and insurance services | — |  | 7,089 |  |  | — |  | 7,089 |  |
Managed networking, hardware services | — |  | — |  | 20,438 |  |  | 20,438 |  |
National practices consulting | — |  | — |  | 6,181 |  |  | 6,181 |  |
Total revenue | $ | 681,863 |  |  | $ | 205,827 |  |  | $ | 26,619 |  |  | $ | 914,309 |  |
| Six Months Ended June 30, 2023 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Consolidated |
Accounting, tax, advisory and consulting | $ | 634,016 |  |  | — |  | — |  | $ | 634,016 |  |
Core benefits and insurance services | — |  | 187,648 |  |  | — |  | 187,648 |  |
Non-core benefits and insurance services | — |  | 8,244 |  |  | — |  | 8,244 |  |
Managed networking, hardware services | — |  | — |  | 18,021 |  |  | 18,021 |  |
National practices consulting | — |  | — |  | 5,179 |  |  | 5,179 |  |
Total revenue | $ | 634,016 |  |  | $ | 195,892 |  |  | $ | 23,200 |  |  | $ | 853,108 |  |
Schedule of Segment Information | Segment information for the three months ended June 30, 2024 and 2023 was as follows (in thousands):
| Three Months Ended June 30, 2024 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 309,233 |  |  | $ | 97,419 |  |  | $ | 13,360 |  |  | $ | — |  |  | $ | 420,012 |  |
Operating expenses | 262,809 |  |  | 83,243 |  |  | 12,028 |  |  | 8,288 |  |  | 366,368 |  |
Gross margin | 46,424 |  |  | 14,176 |  |  | 1,332 |  |  | (8,288) |  |  | 53,644 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 22,050 |  |  | 22,050 |  |
Operating income (loss) | 46,424 |  |  | 14,176 |  |  | 1,332 |  |  | (30,338) |  |  | 31,594 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | (5,884) |  |  | (5,884) |  |
Other income, net | 128 |  |  | 43 |  |  | (4) |  |  | 2,316 |  |  | 2,483 |  |
Total other income (expense), net | 128 |  |  | 43 |  |  | (4) |  |  | (3,568) |  |  | (3,401) |  |
Income (loss) before income tax expense | $ | 46,552 |  |  | $ | 14,219 |  |  | $ | 1,328 |  |  | $ | (33,906) |  |  | $ | 28,193 |  |
| Three Months Ended June 30, 2023 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 290,930 |  |  | $ | 95,838 |  |  | $ | 11,734 |  |  | $ | — |  |  | $ | 398,502 |  |
Operating expenses | 243,445 |  |  | 78,374 |  |  | 10,545 |  |  | 11,623 |  |  | 343,987 |  |
Gross margin | 47,485 |  |  | 17,464 |  |  | 1,189 |  |  | (11,623) |  |  | 54,515 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 15,793 |  |  | 15,793 |  |
Operating income (loss) | 47,485 |  |  | 17,464 |  |  | 1,189 |  |  | (27,416) |  |  | 38,722 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | (5,534) |  |  | (5,534) |  |
Other income, net | 235 |  |  | 153 |  |  | 1 |  |  | 5,032 |  |  | 5,421 |  |
Total other income (loss), net | 235 |  |  | 153 |  |  | 1 |  |  | (502) |  |  | (113) |  |
Income (loss) before income tax expense | $ | 47,720 |  |  | $ | 17,617 |  |  | $ | 1,190 |  |  | $ | (27,918) |  |  | $ | 38,609 |  |
Segment information for the six months ended June 30, 2024 and 2023 was as follows (in thousands):
| Six Months Ended June 30, 2024 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 681,863 |  |  | $ | 205,827 |  |  | $ | 26,619 |  |  | $ | — |  |  | $ | 914,309 |  |
Operating expenses | 528,370 |  |  | 166,880 |  |  | 23,961 |  |  | 23,642 |  |  | 742,853 |  |
Gross margin | 153,493 |  |  | 38,947 |  |  | 2,658 |  |  | (23,642) |  |  | 171,456 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 40,761 |  |  | 40,761 |  |
Operating income (loss) | 153,493 |  |  | 38,947 |  |  | 2,658 |  |  | (64,403) |  |  | 130,695 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | — |  |  | — |  |  | (10,395) |  |  | (10,395) |  |
Other income, net | 214 |  |  | 87 |  |  | (4) |  |  | 11,610 |  |  | 11,907 |  |
Total other income (expense), net | 214 |  |  | 87 |  |  | (4) |  |  | 1,215 |  |  | 1,512 |  |
Income (loss) before income tax expense | $ | 153,707 |  |  | $ | 39,034 |  |  | $ | 2,654 |  |  | $ | (63,188) |  |  | $ | 132,207 |  |
| Six Months Ended June 30, 2023 |
| Financial Services |  | Benefits and Insurance Services |  | National Practices |  | Corporate and Other |  | Total |
Revenue | $ | 634,016 |  |  | $ | 195,892 |  |  | $ | 23,200 |  |  | $ | — |  |  | $ | 853,108 |  |
Operating expenses (income) | 487,888 |  |  | 155,297 |  |  | 21,128 |  |  | 20,685 |  |  | 684,998 |  |
Gross margin | 146,128 |  |  | 40,595 |  |  | 2,072 |  |  | (20,685) |  |  | 168,110 |  |
Corporate general and administrative expenses | — |  |  | — |  |  | — |  |  | 31,391 |  |  | 31,391 |  |
Operating income (loss) | 146,128 |  |  | 40,595 |  |  | 2,072 |  |  | (52,076) |  |  | 136,719 |  |
Other income (expense): |  |  |  |  |  |  |  |  |  |
Interest expense | — |  |  | (1) |  |  | — |  |  | (9,174) |  |  | (9,175) |  |
Gain on sale of operations, net | 99 |  |  | — |  |  | — |  |  | — |  |  | 99 |  |
Other income (expense), net | 490 |  |  | 330 |  |  | 1 |  |  | 9,712 |  |  | 10,533 |  |
Total other income (expense), net | 589 |  |  | 329 |  |  | 1 |  |  | 538 |  |  | 1,457 |  |
Income (loss) before income tax expense | $ | 146,717 |  |  | $ | 40,924 |  |  | $ | 2,073 |  |  | $ | (51,538) |  |  | $ | 138,176 |  |

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