Segment Disclosures

12 Months Ended

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