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Business Segment Information
 9 Months Ended
Sep. 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 nine months ended September 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 September 30, 2022 and 2021:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended September 30, 2022
Revenues$122,660 $109,565 $78,260 $156,015 $4,834 $471,334 
Expenses116,661 61,150 42,149 100,876 9,915 330,751 
Operating profit (loss)$5,999 $48,415 $36,111 $55,139 $(5,081)$140,583 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended September 30, 2021
Revenues$123,018 $124,768 $85,759 $147,412 $4,365 $485,322 
Expenses116,679 62,107 41,643 89,594 12,820 322,843 
Operating profit (loss)$6,339 $62,661 $44,116 $57,818 $(8,455)$162,479 
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 September 30, 2022 and 2021 is as follows:
20222021
Total operating profit from segments$140,583 $162,479 
Corporate overhead expenses (1)(89,537)(21,354)
Income from operations$51,046 $141,125 
(1) Corporate overhead expenses include the total costs for the Voluntary Separation Program (See Note 14).
The following tables provide additional information for the three months ended September 30, 2022 and 2021 pertaining to the business segments:
 Capital Expenditures (2)Depreciation
 2022202120222021
Private Banks$8,404 $6,173 $5,050 $4,980 
Investment Advisors3,476 2,896 513 499 
Institutional Investors1,080 720 283 271 
Investment Managers9,843 3,722 2,498 2,428 
Investments in New Businesses227 336 36 60 
Total from business segments$23,030 $13,847 $8,380 $8,238 
Corporate overhead486 419 178 170 
$23,516 $14,266 $8,558 $8,408 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20222021
Private Banks$4,515 $8,526 
Investment Advisors1,736 3,014 
Institutional Investors1,808 427 
Investment Managers2,121 2,451 
Investments in New Businesses145 185 
Total from business segments$10,325 $14,603 
Corporate overhead57 71 
$10,382 $14,674 
The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2022 and 2021:
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Nine Months Ended September 30, 2022
Revenues$460,392 $341,989 $248,582 $468,842 $14,642 $1,534,447 
Expenses359,676 189,045 131,432 300,520 34,709 1,015,382 
Operating profit (loss)$100,716 $152,944 $117,150 $168,322 $(20,067)$519,065 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Nine Months Ended September 30, 2021
Revenues$364,302 $357,458 $255,957 $426,639 $12,303 $1,416,659 
Expenses345,057 176,267 122,696 257,609 39,855 941,484 
Operating profit (loss)$19,245 $181,191 $133,261 $169,030 $(27,552)$475,175 
A reconciliation of the total operating profit reported for the business segments to income from operations in the Consolidated Statements of Operations for the nine months ended September 30, 2022 and 2021:
20222021
Total operating profit from segments$519,065 $475,175 
Corporate overhead expenses (1)(137,360)(65,192)
Income from operations$381,705 $409,983 
(1) Corporate overhead expenses include the total costs for the Voluntary Separation Program (See Note 14).
The following tables provide additional information for the nine months ended September 30, 2022 and 2021:
 Capital Expenditures (2)Depreciation
 2022202120222021
Private Banks$24,167 $20,596 $15,710 $13,290 
Investment Advisors9,926 8,784 1,438 3,205 
Institutional Investors3,057 2,115 857 982 
Investment Managers17,980 8,726 6,273 6,508 
Investments in New Businesses640 788 124 306 
Total from business segments$55,770 $41,009 $24,402 $24,291 
Corporate Overhead1,376 997 540 850 
$57,146 $42,006 $24,942 $25,141 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20222021
Private Banks$21,315 $25,735 
Investment Advisors8,127 8,550 
Institutional Investors6,348 1,280 
Investment Managers7,274 7,375 
Investments in New Businesses515 555 
Total from business segments$43,579 $43,495 
Corporate Overhead198 254 
$43,777 $43,749