XML 39 R27.htm IDEA: XBRL DOCUMENT v3.23.2
Revenue and Accounts Receivable (Tables)
 6 Months Ended
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
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,
2023202220232022
Investment Banking & Equities:
Advisory Fees$374,556 $576,245 $837,118 $1,200,809 
Underwriting Fees38,200 13,516 61,083 49,822 
Commissions and Related Revenue50,048 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 with Customer, Asset and Liability [Table Text Block] 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.
Accounts Receivable, Allowance for Credit Loss [Table Text Block]
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,
2023202220232022
Beginning Balance$7,217 $2,054 $4,683 $2,704 
Bad debt expense, net of reversals1,563 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 
Accounts Receivable, Noncurrent, Credit Quality Indicator [Table Text Block] 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
20232022202120202019Total
Long-term Accounts Receivable and Long-Term Contract Assets$28,014 $34,764 $13,865 $3,924 $1,135 $81,702