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Business Segment Information
 12 Months Ended
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 
Expenses455,820 259,142 165,455 437,174 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 
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 
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 31,202320222021
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 31,202320222021202320222021
Private Banks$19,331 $32,454 $26,472 $21,888 $21,237 $19,040 
Investment Advisors9,329 13,027 11,100 2,040 1,933 3,646 
Institutional Investors1,639 3,884 2,614 1,207 1,142 1,241 
Investment Managers26,643 20,968 10,275 9,013 8,468 8,185 
Investments in New Businesses817 787 924 285 164 351 
Total from business segments$57,759 $71,120 $51,385 $34,433 $32,944 $32,463 
Corporate Overhead1,384 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 31,202320222021
Private Banks$19,094 $25,886 $34,159 
Investment Advisors7,620 9,905 11,654 
Institutional Investors7,324 8,166 2,321 
Investment Managers3,771 9,400 9,955 
Investments in New Businesses579 660 739 
Total from business segments$38,388 $54,017 $58,828 
Corporate Overhead281 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 31,202320222021
United States$1,640,109 $1,623,022 $1,629,527 
International operations279,684 368,015 288,782 
$1,919,793 $1,991,037 $1,918,309 
The following table presents assets based on their location:
20232022
United States$2,041,083 $1,983,102 
International operations478,920 400,451 
$2,520,003 $2,383,553