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Business Segment Information
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company’s reportable business segments are:
Private Banks – Provides outsourced investment processing and investment management platforms to banks and trust institutions, independent wealth advisers and financial advisors worldwide;
Investment Advisors – Provides investment management and investment processing platforms to affluent investors through a network of independent registered investment advisors, financial planners and other investment professionals in the United States;
Institutional Investors – Provides OCIO solutions, including investment management and administrative outsourcing platforms to retirement plan sponsors, healthcare systems, higher education and other not-for-profit organizations worldwide;
Investment Managers – Provides investment operations outsourcing platforms to fund companies, banking institutions, traditional and non-traditional investment managers worldwide and family offices in the United States; and
Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States; developing network and data protection services; modularizing larger technology platforms into stand-alone components; entering new markets; and conducting other research and development activities.
The information in the following tables is derived from internal financial reporting used for corporate management purposes. There are no inter-segment revenues for the three and six months ended June 30, 2022 and 2021. Assets are not allocated to segments for internal reporting purposes. The accounting policies of the reportable business segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
The following tables highlight certain financial information about each of the business segments for the three months ended June 30, 2022 and 2021:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2022
Revenues$124,184 $113,194 $83,483 $155,926 $4,883 $481,670 
Expenses121,060 63,375 43,925 100,807 12,844 342,011 
Operating profit (loss)$3,124 $49,819 $39,558 $55,119 $(7,961)$139,659 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2021
Revenues$123,676 $119,396 $85,699 $142,808 $4,072 $475,651 
Expenses117,654 59,133 41,895 84,995 13,631 317,308 
Operating profit (loss)$6,022 $60,263 $43,804 $57,813 $(9,559)$158,343 
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the three months ended June 30, 2022 and 2021 is as follows:
20222021
Total operating profit from segments$139,659 $158,343 
Corporate overhead expenses(23,799)(22,322)
Income from operations$115,860 $136,021 
The following tables provide additional information for the three months ended June 30, 2022 and 2021 pertaining to the business segments:
 Capital Expenditures (1)Depreciation
 2022202120222021
Private Banks$8,541 $8,594 $5,554 $4,178 
Investment Advisors3,423 3,580 469 1,417 
Institutional Investors1,028 884 285 353 
Investment Managers4,113 3,373 1,755 2,027 
Investments in New Businesses208 313 44 100 
Total from business segments$17,313 $16,744 $8,107 $8,075 
Corporate overhead445 418 179 349 
$17,758 $17,162 $8,286 $8,424 
(1) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20222021
Private Banks$8,261 $8,633 
Investment Advisors3,158 2,909 
Institutional Investors2,257 427 
Investment Managers2,577 2,444 
Investments in New Businesses185 185 
Total from business segments$16,438 $14,598 
Corporate overhead70 125 
$16,508 $14,723 
The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2022 and 2021:
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2022
Revenues$337,732 $232,424 $170,322 $312,827 $9,808 $1,063,113 
Expenses243,015 127,895 89,283 199,644 24,794 684,631 
Operating profit (loss)$94,717 $104,529 $81,039 $113,183 $(14,986)$378,482 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2021
Revenues$241,284 $232,690 $170,198 $279,227 $7,938 $931,337 
Expenses228,378 114,160 81,053 168,015 27,035 618,641 
Operating profit (loss)$12,906 $118,530 $89,145 $111,212 $(19,097)$312,696 
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the six months ended June 30, 2022 and 2021:
20222021
Total operating profit from segments$378,482 $312,696 
Corporate overhead expenses(47,823)(43,838)
Income from operations$330,659 $268,858 
The following tables provide additional information for the six months ended June 30, 2022 and 2021:
 Capital Expenditures (1)Depreciation
 2022202120222021
Private Banks$15,763 $14,423 $10,660 $8,310 
Investment Advisors6,450 5,888 925 2,706 
Institutional Investors1,977 1,395 574 711 
Investment Managers8,137 5,004 3,775 4,080 
Investments in New Businesses413 452 88 246 
Total from business segments$32,740 $27,162 $16,022 $16,053 
Corporate Overhead890 578 362 680 
$33,630 $27,740 $16,384 $16,733 
(1) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20222021
Private Banks$16,800 $17,209 
Investment Advisors6,391 5,536 
Institutional Investors4,540 853 
Investment Managers5,153 4,924 
Investments in New Businesses370 370 
Total from business segments$33,254 $28,892 
Corporate Overhead141 183 
$33,395 $29,075