v3.26.1
Segment Reporting
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
The Company conducts business as a single operating segment for its range of tax, valuation, financial advisory, and related consulting services. In reaching this conclusion, management considers the definition of the Chief Operating Decision Maker (“CODM”), how the business is defined by the CODM, the nature of the information provided to the CODM, and how that information is used to make operating decisions, allocate resources, and assess performance. The Company’s CODM is the chief executive officer. The results of operations provided to and analyzed by the CODM are at the consolidated level which is the level that the CODM manages the business, allocates resources, makes key resource decisions, and assesses performance.
The key measure of segment profit and loss that the CODM uses to allocate resources and assess performance is the Company’s net income or loss. The measure is used to benchmark the Company's results against forecasts. The table below shows a reconciliation of the Company’s net income, including the significant expense categories regularly
provided to and reviewed by the CODM, as computed under U.S. GAAP to the Company’s total net income or loss in the unaudited condensed consolidated statements of operations (in thousands):
Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026
2025
Revenue $ 217,658  $ 175,991  $ 458,404  $ 384,058 
Operating expenses:
Personnel costs
 181,419  248,199  357,104  364,110 
Non-personnel and other operating costs(1)
 42,639  30,923  81,346  68,337 
Depreciation and amortization
2,522  2,036  4,796  4,131 
Total operating expenses
 $ 226,580  $ 281,158  $ 443,246  $ 436,578 
Operating (loss) income $ (8,922) $ (105,167) $ 15,158  $ (52,520)
Interest income
1,497  1,030  3,376  2,230 
Interest expense
(5,887) (104) (12,121) (247)
Other income, net
3,145  1,291  3,971  2,293 
(Loss) income before income tax (benefit) expense $ (10,167) $ (102,950) $ 10,384  $ (48,244)
Income tax (benefit) expense (73) (6,967) 2,740  (2,837)
Net (loss) income $ (10,094) $ (95,983) $ 7,644  $ (45,407)

(1)Non-personnel and other operating costs primarily include the provision for credit losses and costs such as occupancy, business development, training, recruiting, and annual discretionary bonus compensation.
Assets provided to the CODM are consistent with those reported on the consolidated balance sheets with particular emphasis on the Company’s available liquidity, including its cash, cash equivalents, and financial instruments owned, reduced by current liabilities.
The following table shows income and losses incurred by region, as follows (in thousands):

Three Months Ended June 30, Six Months Ended June 30,
2026 2025 2026
2025
United States
 $ (7,915) $ (95,983) $ 9,823  $ (45,407)
International (2,179) —  (2,179) — 
The following table shows long-lived assets held by region, as follows (in thousands):

June 30,
December 31,
2026 2025
United States
 $ 153,188  $ 150,420 
International 9,617  — 
Long-lived assets included above consist of property and equipment, net, intangible assets, net, operating lease right-of-use assets, and goodwill.