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Segments
6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segments
18.
Segments

The Company evaluates the performance of its operating segments based on segment revenue growth as well as operating income. Management uses revenue growth and total segment operating income as a measure of the performance of operating businesses separate from non-operating factors. The Company’s operations are based in the United States. All revenues of the Company are derived from the United States. The Company’s segments are not evaluated using asset information.

In the normal course of business, our reportable segments enter into transactions with each other. While intersegment transactions are treated like third-party transactions to determine segment performance, the revenues recognized by a segment and expenses incurred by the counterparty are eliminated in consolidation and do not affect consolidated results.

Corporate costs are unallocated and primarily include corporate initiatives, corporate infrastructure costs and corporate shared costs, such as finance, human resources, legal, and executives.

Certain amounts disclosed in the prior period have been recast to conform to the current period presentation. Specifically, reclassifications were made between cost of services and general and administrative expenses in the accompanying segment table

for the three and six months ended June 30, 2023 and the segments are presented net of intrasegment eliminations. The following table presents information about our segments (in thousands):

 

 

 

Three Months Ended June 30, 2024

 

 

 

Care
Partners

 

 

Care
Delivery

 

 

Care
Enablement

 

 

Other

 

 

Intersegment
Elimination

 

 

 

Corporate
Costs

 

 

Consolidated
Total

 

Third-Party

 

$

463,277

 

 

$

21,218

 

 

$

1,770

 

 

$

 

 

$

 

 

 

$

 

 

$

486,265

 

Intersegment

 

 

 

 

 

13,639

 

 

 

34,402

 

 

 

 

 

 

(48,041

)

 

 

 

 

 

 

 

Total revenues

 

 

463,277

 

 

 

34,857

 

 

 

36,172

 

 

 

 

 

 

(48,041

)

 

 

 

 

 

 

486,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

379,413

 

 

 

26,252

 

 

 

19,939

 

 

 

 

 

 

(12,799

)

 

 

 

 

 

 

412,805

 

General and administrative(1)

 

 

43,541

 

 

 

6,780

 

 

 

9,315

 

 

 

 

 

 

(35,247

)

 

 

 

19,005

 

 

 

43,394

 

Total expenses

 

 

422,954

 

 

 

33,032

 

 

 

29,254

 

 

 

 

 

 

(48,046

)

 

 

 

19,005

 

 

 

456,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

40,323

 

 

$

1,825

 

 

$

6,918

 

 

$

 

 

$

5

 

(2)

 

$

(19,005

)

 

$

30,066

 

 

 

 

Three Months Ended June 30, 2023

 

 

 

Care
Partners

 

 

Care
Delivery

 

 

Care
Enablement

 

 

Other

 

 

Intersegment
Elimination

 

 

 

Corporate
Costs

 

 

Consolidated
Total

 

Third-Party

 

$

321,776

 

 

$

13,603

 

 

$

12,719

 

 

$

111

 

 

$

 

 

 

$

 

 

$

348,209

 

Intersegment

 

 

 

 

 

12,766

 

 

 

22,256

 

 

 

46

 

 

 

(35,068

)

 

 

 

 

 

 

 

Total revenues

 

 

321,776

 

 

 

26,369

 

 

 

34,975

 

 

 

157

 

 

 

(35,068

)

 

 

 

 

 

 

348,209

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

266,439

 

 

 

21,541

 

 

 

15,162

 

 

 

70

 

 

 

(10,336

)

 

 

 

 

 

 

292,876

 

General and administrative(1)

 

 

27,508

 

 

 

4,259

 

 

 

12,175

 

 

 

926

 

 

 

(25,776

)

 

 

 

9,212

 

 

 

28,304

 

Total expenses

 

 

293,947

 

 

 

25,800

 

 

 

27,337

 

 

 

996

 

 

 

(36,112

)

 

 

 

9,212

 

 

 

321,180

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

27,829

 

 

$

569

 

 

$

7,638

 

 

$

(839

)

 

$

1,044

 

(2)

 

$

(9,212

)

 

$

27,029

 

 

 

 

Six Months Ended June 30, 2024

 

 

Care
Partners

 

 

Care
Delivery

 

 

Care
Enablement

 

 

Other

 

 

Intersegment
Elimination

 

 

 

Corporate
Costs

 

 

Consolidated
Total

 

Third-Party

 

$

845,595

 

 

$

39,096

 

 

$

5,930

 

 

$

 

 

$

 

 

 

$

 

 

$

890,621

 

Intersegment

 

 

 

 

 

26,480

 

 

 

63,516

 

 

 

 

 

 

(89,996

)

 

 

 

 

 

 

 

Total revenues

 

 

845,595

 

 

 

65,576

 

 

 

69,446

 

 

 

 

 

 

(89,996

)

 

 

 

 

 

 

890,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

679,602

 

 

 

51,046

 

 

 

37,312

 

 

 

 

 

 

(24,756

)

 

 

 

 

 

 

743,204

 

General and administrative(1)

 

 

82,474

 

 

 

12,943

 

 

 

21,712

 

 

 

 

 

 

(65,322

)

 

 

 

35,405

 

 

 

87,212

 

Total expenses

 

 

762,076

 

 

 

63,989

 

 

 

59,024

 

 

 

 

 

 

(90,078

)

 

 

 

35,405

 

 

 

830,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

83,519

 

 

$

1,587

 

 

$

10,422

 

 

$

 

 

$

82

 

(2)

 

$

(35,405

)

 

$

60,205

 

 

 

 

Six Months Ended June 30, 2023

 

 

 

Care
Partners

 

 

Care
Delivery

 

 

Care
Enablement

 

 

Other

 

 

Intersegment
Elimination

 

 

 

Corporate
Costs

 

 

Consolidated
Total

 

Third-Party

 

$

636,413

 

 

$

25,866

 

 

$

22,858

 

 

$

316

 

 

$

 

 

 

$

 

 

$

685,453

 

Intersegment

 

 

 

 

 

24,994

 

 

 

42,683

 

 

 

82

 

 

 

(67,759

)

 

 

 

 

 

 

 

Total revenues

 

 

636,413

 

 

 

50,860

 

 

 

65,541

 

 

 

398

 

 

 

(67,759

)

 

 

 

 

 

 

685,453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services

 

 

533,416

 

 

 

42,127

 

 

 

30,783

 

 

 

133

 

 

 

(24,186

)

 

 

 

 

 

 

582,273

 

General and administrative(1)

 

 

52,847

 

 

 

9,130

 

 

 

21,375

 

 

 

1,584

 

 

 

(45,780

)

 

 

 

14,621

 

 

 

53,777

 

Total expenses

 

 

586,263

 

 

 

51,257

 

 

 

52,158

 

 

 

1,717

 

 

 

(69,966

)

 

 

 

14,621

 

 

 

636,050

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$

50,150

 

 

$

(397

)

 

$

13,383

 

 

$

(1,319

)

 

$

2,207

 

(2)

 

$

(14,621

)

 

$

49,403

 

 

(1)
Balance includes general and administrative expenses and depreciation and amortization.
(2)
Income from operations for the intersegment elimination represents rental income from segments renting from other segments. Rental income is presented within other income which is not presented in the table.