XML 45 R22.htm IDEA: XBRL DOCUMENT v3.22.4
Business Segment Information
 12 Months Ended
Dec. 31, 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 Outsourced Chief Investment Officer and Enhanced Chief Investment Officer 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; entering new markets; and conducting other research and development activities.
In 2022, 2021 and 2020, no single customer accounted for more than 10% of revenues in any business segment.
The following tables highlight certain financial information about each of the Company’s business segments for the years ended December 31, 2022, 2021 and 2020:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
in New
Businesses		Total
For the Year Ended December 31, 2022
Revenues$575,625 $447,766 $323,353 $624,918 $19,375 $1,991,037 
Expenses473,209 251,650 172,252 404,850 45,159 1,347,120 
Operating profit (loss)$102,416 $196,116 $151,101 $220,068 $(25,784)$643,917 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
in New
Businesses		Total
For the Year Ended December 31, 2021
Revenues$493,570 $482,949 $343,805 $581,157 $16,828 $1,918,309 
Expenses462,796 240,334 168,070 348,655 53,219 1,273,074 
Operating profit (loss)$30,774 $242,615 $175,735 $232,502 $(36,391)$645,235 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
in New
Businesses		Total
For the Year Ended December 31, 2020
Revenues$455,393 $407,564 $317,627 $489,462 $14,012 $1,684,058 
Expenses446,481 205,913 149,909 308,999 52,871 1,164,173 
Operating profit (loss)$8,912 $201,651 $167,718 $180,463 $(38,859)$519,885 
A reconciliation of the total reported for the business segments to income from operations in the Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020 is as follows:
Year Ended December 31,202220212020
Total operating profit from segments above$643,917 $645,235 $519,885 
Corporate overhead expenses (1)
(168,164)(91,854)(73,998)
Income from operations$475,753 $553,381 $445,887 
(1) Corporate overhead expenses in 2022 include the total costs for the Voluntary Separation Program (See Note 14).

The following tables provide additional information for the years ended December 31, 2022, 2021 and 2020 pertaining to our business segments:
 Capital Expenditures (2)Depreciation
Year Ended December 31,202220212020202220212020
Private Banks$32,454 $26,472 $29,061 $21,237 $19,040 $16,206 
Investment Advisors13,027 11,100 15,588 1,933 3,646 4,821 
Institutional Investors3,884 2,614 3,958 1,142 1,241 1,214 
Investment Managers20,968 10,275 25,909 8,468 8,185 7,336 
Investments in New Businesses787 924 1,211 164 351 341 
Total from business segments$71,120 $51,385 $75,727 $32,944 $32,463 $29,918 
Corporate Overhead1,714 1,151 2,840 713 1,018 1,041 
$72,834 $52,536 $78,567 $33,657 $33,481 $30,959 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
Year Ended December 31,202220212020
Private Banks$25,886 $34,159 $30,240 
Investment Advisors9,905 11,654 10,694 
Institutional Investors8,166 2,321 1,707 
Investment Managers9,400 9,955 9,365 
Investments in New Businesses660 739 739 
Total from business segments$54,017 $58,828 $52,745 
Corporate Overhead263 324 230 
$54,280 $59,152 $52,975 
Assets are not allocated to segments for internal reporting presentations. The following table presents revenues based on the location of the use of the products or services:
For the Year Ended December 31,202220212020
United States$1,623,022 $1,629,527 $1,427,152 
International operations368,015 288,782 256,906 
$1,991,037 $1,918,309 $1,684,058 
The following table presents assets based on their location:
20222021
United States$1,983,102 $1,926,867 
International operations400,451 427,835 
$2,383,553 $2,354,702