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Business Segment Information
 6 Months Ended
Jun. 30, 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 and six months ended June 30, 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 June 30, 2023 and 2022:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended June 30, 2023
Revenues$134,099 $109,580 $75,145 $165,339 $4,894 $489,057 
Expenses116,061 64,178 45,516 107,761 10,571 344,087 
Operating profit (loss)$18,038 $45,402 $29,629 $57,578 $(5,677)$144,970 
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 
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, 2023 and 2022 is as follows:
20232022
Total operating profit from segments$144,970 $139,659 
Corporate overhead expenses (32,369)(23,799)
Income from operations$112,601 $115,860 
The following tables provide additional information for the three months ended June 30, 2023 and 2022 pertaining to the business segments:
 Capital Expenditures (1)Depreciation
 2023202220232022
Private Banks$8,001 $8,541 $5,450 $5,554 
Investment Advisors3,615 3,423 549 469 
Institutional Investors457 1,028 303 285 
Investment Managers2,592 4,113 2,210 1,755 
Investments in New Businesses202 208 63 44 
Total from business segments$14,867 $17,313 $8,575 $8,107 
Corporate overhead362 445 206 179 
$15,229 $17,758 $8,781 $8,286 
(1) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20232022
Private Banks$4,718 $8,261 
Investment Advisors1,945 3,158 
Institutional Investors1,829 2,257 
Investment Managers929 2,577 
Investments in New Businesses144 185 
Total from business segments$9,565 $16,438 
Corporate overhead65 70 
$9,630 $16,508 
The following tables highlight certain financial information about each of business segment for the six months ended June 30, 2023 and 2022:
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Six Months Ended June 30, 2023
Revenues$256,702 $216,118 $149,435 $326,025 $9,896 $958,176 
Expenses230,337 127,724 86,384 213,627 22,215 680,287 
Operating profit (loss)$26,365 $88,394 $63,051 $112,398 $(12,319)$277,889 
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 
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, 2023 and 2022:
20232022
Total operating profit from segments$277,889 $378,482 
Corporate overhead expenses(63,521)(47,823)
Income from operations$214,368 $330,659 
The following tables provide additional information for the six months ended June 30, 2023 and 2022:
 Capital Expenditures (2)Depreciation
 2023202220232022
Private Banks$17,072 $15,763 $10,804 $10,660 
Investment Advisors7,954 6,450 1,017 925 
Institutional Investors1,105 1,977 585 574 
Investment Managers7,198 8,137 4,365 3,775 
Investments in New Businesses544 413 131 88 
Total from business segments$33,873 $32,740 $16,902 $16,022 
Corporate Overhead977 890 410 362 
$34,850 $33,630 $17,312 $16,384 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20232022
Private Banks$9,364 $16,800 
Investment Advisors3,763 6,391 
Institutional Investors3,653 4,540 
Investment Managers1,856 5,153 
Investments in New Businesses289 370 
Total from business segments$18,925 $33,254 
Corporate Overhead129 141 
$19,054 $33,395