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Segment Operating Results
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Operating Results Segment Operating Results
Business Segments – The Company's business results are categorized into the following two segments: Investment Banking & Equities and Investment Management. The Investment Banking & Equities segment includes providing advice to clients on significant mergers, acquisitions, divestitures and other strategic corporate transactions, as well as services related to securities underwriting, private placement services and commissions for agency-based equity trading services and equity research. The Investment Management segment includes Wealth Management and interests in private equity funds which are not managed by the Company.
The Company's segment information for the three and six months ended June 30, 2023 and 2022 is prepared using the following methodology:
•Revenue, expenses and income (loss) from equity method investments directly associated with each segment are included in determining pre-tax income.
•Expenses not directly associated with specific segments are allocated based on the most relevant measures applicable, including headcount, square footage and other performance and time-based factors.
•Segment assets are based on those directly associated with each segment, or for certain assets shared across segments, those assets are allocated based on the most relevant measures applicable, including headcount and other factors.
•Investment gains and losses, interest income and interest expense are allocated between the segments based on the segment in which the underlying asset or liability is held.
Other Revenue, net, included in each segment's Net Revenues includes the following:
•Interest income, including accretion, and income (losses) on investment securities, including the Company's investment funds which are used as an economic hedge against the Company's deferred cash compensation program, certificates of deposit, cash and cash equivalents and long-term accounts receivable
•A gain on the sale of a portion of the Company's interests in ABS in the first quarter of 2022. See Note 7 for further information
•Gains (losses) resulting from foreign currency exchange rate fluctuations and foreign currency exchange forward contracts
•Realized and unrealized gains and losses on interests in private equity funds which are not managed by the Company
•Interest expense associated with the Company’s Notes Payable and lines of credit
•Adjustments to amounts due pursuant to the Company’s tax receivable agreement, subsequent to its initial establishment, related to changes in enacted tax rates
Each segment's Operating Expenses include: a) employee compensation and benefits expenses that are incurred directly in support of the segment and b) non-compensation expenses, which include expenses for premises and occupancy, professional fees, travel and entertainment, communications and information services, execution, clearing and custody fees, equipment and indirect support costs (including compensation and other operating expenses related thereto) for administrative services. Such administrative services include, but are not limited to, accounting, tax, legal, technology, human capital, facilities management and senior management activities.
Other Expenses relate to Special Charges, Including Business Realignment Costs, which include the following:
•2023 – Other Expenses for the six months ended June 30, 2023 include expenses related to the write-off of non-recoverable assets in connection with the wind-down of the Company's operations in Mexico
•2022 – Other Expenses for the three and six months ended June 30, 2022 include expenses related to charges associated with the prepayment of the Company's Series B Notes during the second quarter, as well as certain professional fees related to the wind-down of the Company's operations in Mexico
The Company evaluates segment results based on net revenues and pre-tax income, both including and excluding the impact of the Other Expenses.
No client accounted for more than 10% of the Company's Consolidated Net Revenues for the three and six months ended June 30, 2023. One client accounted for more than 10% of the Company's Consolidated Net Revenues for the three months ended June 30, 2022. No client accounted for more than 10% of the Company's Consolidated Net Revenues for the six months ended June 30, 2022.
The following information presents each segment's contribution.
 For the Three Months Ended June 30, For the Six Months Ended June 30,
 2023202220232022
Investment Banking & Equities
Net Revenues(1)
$482,246 $615,250 $1,037,057 $1,319,551 
Operating Expenses428,344 470,540 877,424 971,112 
Other Expenses— 532 2,921 532 
Operating Income53,902 144,178 156,712 347,907 
Income from Equity Method Investments143 164 214 538 
Pre-Tax Income $54,045 $144,342 $156,926 $348,445 
Identifiable Segment Assets$2,900,384 $2,859,302 $2,900,384 $2,859,302 
Investment Management
Net Revenues(1)
$17,173 $15,667 $34,505 $34,220 
Operating Expenses13,359 13,663 26,597 26,581 
Operating Income3,814 2,004 7,908 7,639 
Income from Equity Method Investments1,399 2,110 2,796 4,248 
Pre-Tax Income$5,213 $4,114 $10,704 $11,887 
Identifiable Segment Assets$151,060 $152,186 $151,060 $152,186 
Total
Net Revenues(1)
$499,419 $630,917 $1,071,562 $1,353,771 
Operating Expenses441,703 484,203 904,021 997,693 
Other Expenses— 532 2,921 532 
Operating Income57,716 146,182 164,620 355,546 
Income from Equity Method Investments1,542 2,274 3,010 4,786 
Pre-Tax Income$59,258 $148,456 $167,630 $360,332 
Identifiable Segment Assets$3,051,444 $3,011,488 $3,051,444 $3,011,488 
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows:
 For the Three Months Ended June 30, For the Six Months Ended June 30,
 2023202220232022
Investment Banking & Equities(A)
$19,442 $(26,996)$40,743 $(34,463)
Investment Management598 (301)1,972 1,137 
Total Other Revenue, net$20,040 $(27,297)$42,715 $(33,326)
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $4,181 and $8,352 for the three and six months ended June 30, 2023, respectively, and $4,258 and $8,508 for the three and six months ended June 30, 2022, respectively.
Geographic Information – The Company manages its business based on the profitability of the enterprise as a whole.
The Company's revenues were derived from clients located and managed in the following geographical areas:
 For the Three Months Ended June 30, For the Six Months Ended June 30,
 2023202220232022
Net Revenues:(1)
United States$344,238 $423,189 $739,426 $1,033,920 
Europe and Other127,545 234,968 280,072 347,033 
Latin America7,596 57 9,349 6,144 
Total$479,379 $658,214 $1,028,847 $1,387,097 
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
The Company's total assets are located in the following geographical areas:
June 30, 2023December 31, 2022
Total Assets:
United States$2,588,041 $2,902,153 
Europe and Other463,403 718,770 
Total$3,051,444 $3,620,923