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Business Segment Information | 12 Months Ended
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Dec. 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 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. In 2023, 2022 and 2021, 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, 2023, 2022 and 2021:
|  | Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments in New Businesses |  | Total
|  | For the Year Ended December 31, 2023
Revenues |  | $ | 503,317 |  |  | $ | 436,298 |  |  | $ | 289,708 |  |  | $ | 670,486 |  |  | $ | 19,984 |  |  | $ | 1,919,793 |
Expenses |  | 455,820 |  |  | 259,142 |  |  | 165,455 |  |  | 437,174 |  |  | 45,437 |  |  | 1,363,028 |
Operating profit (loss) |  | $ | 47,497 |  |  | $ | 177,156 |  |  | $ | 124,253 |  |  | $ | 233,312 |  |  | $ | (25,453) |  |  | $ | 556,765 |
|  | 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 |
Expenses |  | 473,209 |  |  | 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 |
Expenses |  | 462,796 |  |  | 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 |
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, 2023, 2022 and 2021 is as follows:
Year Ended December 31, |  | 2023 |  | 2022 |  | 2021
Total operating profit from segments above |  | $ | 556,765 |  |  | $ | 643,917 |  |  | $ | 645,235 |
Corporate overhead expenses (1) |  | (132,241) |  |  | (168,164) |  |  | (91,854) |
Income from operations |  | $ | 424,524 |  |  | $ | 475,753 |  |  | $ | 553,381 |
(1) Corporate overhead expenses in 2022 include the total costs of the Voluntary Separation Program (See Note 14). The following tables provide additional information for the years ended December 31, 2023, 2022 and 2021 pertaining to the Company's business segments:
|  | Capital Expenditures (2) |  | Depreciation
Year Ended December 31, |  | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Private Banks |  | $ | 19,331 |  |  | $ | 32,454 |  |  | $ | 26,472 |  |  | $ | 21,888 |  |  | $ | 21,237 |  |  | $ | 19,040 |
Investment Advisors |  | 9,329 |  |  | 13,027 |  |  | 11,100 |  |  | 2,040 |  |  | 1,933 |  |  | 3,646 |
Institutional Investors |  | 1,639 |  |  | 3,884 |  |  | 2,614 |  |  | 1,207 |  |  | 1,142 |  |  | 1,241 |
Investment Managers |  | 26,643 |  |  | 20,968 |  |  | 10,275 |  |  | 9,013 |  |  | 8,468 |  |  | 8,185 |
Investments in New Businesses |  | 817 |  |  | 787 |  |  | 924 |  |  | 285 |  |  | 164 |  |  | 351 |
Total from business segments |  | $ | 57,759 |  |  | $ | 71,120 |  |  | $ | 51,385 |  |  | $ | 34,433 |  |  | $ | 32,944 |  |  | $ | 32,463 |
Corporate Overhead |  | 1,384 |  |  | 1,714 |  |  | 1,151 |  |  | 867 |  |  | 713 |  |  | 1,018 |
|  | $ | 59,143 |  |  | $ | 72,834 |  |  | $ | 52,536 |  |  | $ | 35,300 |  |  | $ | 33,657 |  |  | $ | 33,481 |
(2) Capital expenditures include additions to property and equipment and capitalized software.
|  | Amortization
Year Ended December 31, |  | 2023 |  | 2022 |  | 2021
Private Banks |  | $ | 19,094 |  |  | $ | 25,886 |  |  | $ | 34,159 |
Investment Advisors |  | 7,620 |  |  | 9,905 |  |  | 11,654 |
Institutional Investors |  | 7,324 |  |  | 8,166 |  |  | 2,321 |
Investment Managers |  | 3,771 |  |  | 9,400 |  |  | 9,955 |
Investments in New Businesses |  | 579 |  |  | 660 |  |  | 739 |
Total from business segments |  | $ | 38,388 |  |  | $ | 54,017 |  |  | $ | 58,828 |
Corporate Overhead |  | 281 |  |  | 263 |  |  | 324 |
|  | $ | 38,669 |  |  | $ | 54,280 |  |  | $ | 59,152 |
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, |  | 2023 |  | 2022 |  | 2021
United States |  | $ | 1,640,109 |  |  | $ | 1,623,022 |  |  | $ | 1,629,527 |
International operations |  | 279,684 |  |  | 368,015 |  |  | 288,782 |
|  | $ | 1,919,793 |  |  | $ | 1,991,037 |  |  | $ | 1,918,309 |
The following table presents assets based on their location:
|  | 2023 |  | 2022
United States |  | $ | 2,041,083 |  |  | $ | 1,983,102 |
International operations |  | 478,920 |  |  | 400,451 |
|  | $ | 2,520,003 |  |  | $ | 2,383,553 |

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