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Business Segment Information
 3 Months Ended
Mar. 31, 2023
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.
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 months ended March 31, 2023 and 2022. 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, 2022.
The following tables highlight certain financial information about each of the business segments for the three months ended March 31, 2023 and 2022:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended March 31, 2023
Revenues$122,603 $106,538 $74,290 $160,686 $5,002 $469,119 
Expenses114,276 63,546 40,868 105,866 11,644 336,200 
Operating profit (loss)$8,327 $42,992 $33,422 $54,820 $(6,642)$132,919 
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended March 31, 2022
Revenues$213,548 $119,230 $86,839 $156,901 $4,925 $581,443 
Expenses121,955 64,520 45,358 98,837 11,950 342,620 
Operating profit (loss)$91,593 $54,710 $41,481 $58,064 $(7,025)$238,823 
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 March 31, 2023 and 2022 is as follows:
20232022
Total operating profit from segments$132,919 $238,823 
Corporate overhead expenses (31,152)(24,024)
Income from operations$101,767 $214,799 
The following tables provide additional information for the three months ended March 31, 2023 and 2022 pertaining to the business segments:
 Capital Expenditures (1)Depreciation
 2023202220232022
Private Banks$9,071 $7,222 $5,354 $5,106 
Investment Advisors4,339 3,027 468 456 
Institutional Investors648 949 282 289 
Investment Managers4,606 4,024 2,155 2,020 
Investments in New Businesses342 205 68 44 
Total from business segments$19,006 $15,427 $8,327 $7,915 
Corporate overhead615 445 204 183 
$19,621 $15,872 $8,531 $8,098 
(1) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20232022
Private Banks$4,646 $8,539 
Investment Advisors1,818 3,233 
Institutional Investors1,824 2,283 
Investment Managers927 2,576 
Investments in New Businesses145 185 
Total from business segments$9,360 $16,816 
Corporate overhead64 71 
$9,424 $16,887