XML 23 R11.htm IDEA: XBRL DOCUMENT
v3.23.2

Revenue and Accounts Receivable | 6 Months Ended
--- | ---
Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | Revenue and Accounts Receivable The following table presents revenue recognized by the Company for the three and six months ended June 30, 2023 and 2022:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Investment Banking & Equities: |  |  |  |  |  |  |  |  |
Advisory Fees | $ | 374,556 |  |  | $ | 576,245 |  |  | $ | 837,118 |  |  | $ | 1,200,809 |  |  |
Underwriting Fees | 38,200 |  |  | 13,516 |  |  | 61,083 |  |  | 49,822 |  |  |
Commissions and Related Revenue | 50,048 |  |  | 52,485 |  |  | 98,113 |  |  | 103,383 |  |  |
Total Investment Banking & Equities | $ | 462,804 |  |  | $ | 642,246 |  |  | $ | 996,314 |  |  | $ | 1,354,014 |  |  |
Investment Management: |  |  |  |  |  |  |  |  |
Asset Management and Administration Fees: |  |  |  |  |  |  |  |  |
Wealth Management | $ | 16,575 |  |  | $ | 15,968 |  |  | $ | 32,533 |  |  | $ | 33,083 |  |  |
Total Investment Management | $ | 16,575 |  |  | $ | 15,968 |  |  | $ | 32,533 |  |  | $ | 33,083 |  |  |
Contract Balances The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the six months ended June 30, 2023 and 2022 are as follows:
| For the Six Months Ended June 30, 2023
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Current Contract Liabilities)(4) |  | Deferred Revenue (Long-term Contract Liabilities)(5)
Balance at January 1, 2023 | $ | 385,131 |  |  | $ | 64,139 |  |  | $ | 110,468 |  |  | $ | 8,028 |  |  | $ | 5,071 |  |  | $ | — |
Increase (Decrease) | (62,312) |  |  | (375) |  |  | (57,514) |  |  | 9,910 |  |  | 957 |  |  | — |
Balance at June 30, 2023 | $ | 322,819 |  |  | $ | 63,764 |  |  | $ | 52,954 |  |  | $ | 17,938 |  |  | $ | 6,028 |  |  | $ | — |
| For the Six Months Ended June 30, 2022
| Receivables (Current)(1) |  | Receivables (Long-term)(2) |  | Contract Assets (Current)(3) |  | Contract Assets (Long-term)(2) |  | Deferred Revenue (Current Contract Liabilities)(4) |  | Deferred Revenue (Long-term Contract Liabilities)(5)
Balance at January 1, 2022 | $ | 351,668 |  |  | $ | 87,764 |  |  | $ | 14,092 |  |  | $ | 12,945 |  |  | $ | 9,257 |  |  | $ | 147 |
Increase (Decrease) | (33,678) |  |  | (24,418) |  |  | 51,177 |  |  | (11,407) |  |  | 366 |  |  | — |
Balance at June 30, 2022 | $ | 317,990 |  |  | $ | 63,346 |  |  | $ | 65,269 |  |  | $ | 1,538 |  |  | $ | 9,623 |  |  | $ | 147 |
(1)Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition. (2)Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (3)Included in Other Current Assets on the Unaudited Condensed Consolidated Statements of Financial Condition. (4)Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition. (5)Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition. The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with Customers" ("ASC 606"), revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period. The Company recognized revenue of $4,643 and $8,190 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023, respectively, and $6,297 and $10,505 for the three and six months ended June 30, 2022, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition. Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14. The allowance for credit losses for the three and six months ended June 30, 2023 and 2022 is as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, |  |
| 2023 |  | 2022 |  | 2023 |  | 2022 |  |
Beginning Balance | $ | 7,217 |  |  | $ | 2,054 |  |  | $ | 4,683 |  |  | $ | 2,704 |  |  |
Bad debt expense, net of reversals | 1,563 |  |  | 2,022 |  |  | 5,297 |  |  | 1,503 |  |  |
Write-offs, foreign currency translation and other adjustments | (68) |  |  | (2,629) |  |  | (1,268) |  |  | (2,760) |  |  |
Ending Balance | $ | 8,712 |  |  | $ | 1,447 |  |  | $ | 8,712 |  |  | $ | 1,447 |  |  |
The change in the balance during the three and six months ended June 30, 2023 is primarily related an increase in the Company's reserve for credit losses and the write-off of aged receivables. For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of June 30, 2023, by year of origination:
| Amortized Carrying Value by Origination Year
| 2023 |  | 2022 |  | 2021 |  | 2020 |  | 2019 |  |  |  |  |  | Total
Long-term Accounts Receivable and Long-Term Contract Assets | $ | 28,014 |  |  | $ | 34,764 |  |  | $ | 13,865 |  |  | $ | 3,924 |  |  | $ | 1,135 |  |  |  |  |  |  | $ | 81,702 |

X
- References No definition available. + Details
Name: | us-gaap_RevenueFromContractWithCustomerAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration