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Business Segment Information
 9 Months Ended
Sep. 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 nine months ended September 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 September 30, 2023 and 2022:
Private
Banks
Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Three Months Ended September 30, 2023
Revenues$121,469 $110,461 $70,479 $169,293 $5,057 $476,759 
Expenses113,105 64,280 39,953 108,078 11,874 337,290 
Operating profit (loss)$8,364 $46,181 $30,526 $61,215 $(6,817)$139,469 
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 
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, 2023 and 2022 is as follows:
20232022
Total operating profit from segments$139,469 $140,583 
Corporate overhead expenses (1)(30,997)(89,537)
Income from operations$108,472 $51,046 
(1) Corporate overhead expenses in 2022 include costs for the Voluntary Separation Program of $56,996.
The following tables provide additional information for the three months ended September 30, 2023 and 2022 pertaining to the business segments:
 Capital Expenditures (2)Depreciation
 2023202220232022
Private Banks$7,580 $8,404 $5,565 $5,050 
Investment Advisors3,545 3,476 540 513 
Institutional Investors390 1,080 338 283 
Investment Managers2,804 9,843 2,424 2,498 
Investments in New Businesses222 227 83 36 
Total from business segments$14,541 $23,030 $8,950 $8,380 
Corporate overhead307 486 247 178 
$14,848 $23,516 $9,197 $8,558 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20232022
Private Banks$4,852 $4,515 
Investment Advisors1,933 1,736 
Institutional Investors1,834 1,808 
Investment Managers959 2,121 
Investments in New Businesses145 145 
Total from business segments$9,723 $10,325 
Corporate overhead74 57 
$9,797 $10,382 
The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2023 and 2022:
Private
Banks		Investment
Advisors		Institutional
Investors		Investment
Managers		Investments
In New
Businesses		Total
 For the Nine Months Ended September 30, 2023
Revenues$378,171 $326,579 $219,914 $495,318 $14,953 $1,434,935 
Expenses343,442 192,004 126,337 321,705 34,089 1,017,577 
Operating profit (loss)$34,729 $134,575 $93,577 $173,613 $(19,136)$417,358 
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 
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, 2023 and 2022:
20232022
Total operating profit from segments$417,358 $519,065 
Corporate overhead expenses (1)(94,518)(137,360)
Income from operations$322,840 $381,705 
(1) Corporate overhead expenses in 2022 include costs for the Voluntary Separation Program of $56,996.
The following tables provide additional information for the nine months ended September 30, 2023 and 2022:
 Capital Expenditures (2)Depreciation
 2023202220232022
Private Banks$24,652 $24,167 $16,369 $15,710 
Investment Advisors11,499 9,926 1,557 1,438 
Institutional Investors1,495 3,057 923 857 
Investment Managers10,002 17,980 6,789 6,273 
Investments in New Businesses766 640 214 124 
Total from business segments$48,414 $55,770 $25,852 $24,402 
Corporate Overhead1,284 1,376 657 540 
$49,698 $57,146 $26,509 $24,942 
(2) Capital expenditures include additions to property and equipment and capitalized software.
 Amortization
 20232022
Private Banks$14,216 $21,315 
Investment Advisors5,696 8,127 
Institutional Investors5,487 6,348 
Investment Managers2,815 7,274 
Investments in New Businesses434 515 
Total from business segments$28,648 $43,579 
Corporate Overhead203 198 
$28,851 $43,777