XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.24.3

Business Segment Information | 9 Months Ended
--- | ---
Sep. 30, 2024
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 Investments in New Businesses – Focuses on providing investment management solutions to ultra-high-net-worth families residing in the United States, hosted technology services to family offices and financial institutions; developing network and data protection services; 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, 2024 and 2023. 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, 2023. During the first quarter 2024 and made effective January 1, 2024, the Company made a determination to reorganize some of its business segments based on how its current Chief Operating Decision Maker (CODM) manages its businesses, including with respect to resource allocation and performance assessment. As a result, one of the Company's client relationships formerly reported in the Private Banks segment will be reported in the Investment Managers segment and the Company’s family office services business, formerly reported in the Investment Managers segment, will be reported in the Investments in New Businesses segment. The business segment financial presentation was reclassified in 2024 to conform to this reorganization. Prior year amounts have been reclassified to conform to current year presentation. The following tables highlight certain financial information about each of the business segments for the three months ended September 30, 2024 and 2023:
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
| For the Three Months Ended September 30, 2024
Revenues | $ | 138,734 |  |  | $ | 126,836 |  |  | $ | 71,626 |  |  | $ | 184,607 |  |  | $ | 15,593 |  |  | $ | 537,396 |
Expenses | 115,097 |  |  | 70,152 |  |  | 37,851 |  |  | 114,118 |  |  | 18,440 |  |  | 355,658 |
Operating profit (loss) | $ | 23,637 |  |  | $ | 56,684 |  |  | $ | 33,775 |  |  | $ | 70,489 |  |  | $ | (2,847) |  |  | $ | 181,738 |
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
| For the Three Months Ended September 30, 2023
Revenues | $ | 119,664 |  |  | $ | 110,461 |  |  | $ | 70,479 |  |  | $ | 162,982 |  |  | $ | 13,173 |  |  | $ | 476,759 |
Expenses | 111,207 |  |  | 64,280 |  |  | 39,953 |  |  | 103,585 |  |  | 18,265 |  |  | 337,290 |
Operating profit (loss) | $ | 8,457 |  |  | $ | 46,181 |  |  | $ | 30,526 |  |  | $ | 59,397 |  |  | $ | (5,092) |  |  | $ | 139,469 |
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, 2024 and 2023 is as follows:
| 2024 |  | 2023
Total operating profit from segments | $ | 181,738 |  |  | $ | 139,469 |
Corporate overhead expenses | (37,906) |  |  | (30,997) |
Income from operations | $ | 143,832 |  |  | $ | 108,472 |
The following tables provide additional information for the three months ended September 30, 2024 and 2023 pertaining to the business segments:
| Capital Expenditures (1) |  | Depreciation
| 2024 |  | 2023 |  | 2024 |  | 2023
Private Banks | $ | 2,764 |  |  | $ | 7,580 |  |  | $ | 2,620 |  |  | $ | 5,565 |
Investment Advisors | 1,092 |  |  | 3,545 |  |  | 2,254 |  |  | 540 |
Institutional Investors | 740 |  |  | 390 |  |  | 614 |  |  | 338 |
Investment Managers | 7,196 |  |  | 2,804 |  |  | 1,659 |  |  | 2,227 |
Investments in New Businesses | 124 |  |  | 262 |  |  | 186 |  |  | 280 |
Total from business segments | $ | 11,916 |  |  | $ | 14,581 |  |  | $ | 7,333 |  |  | $ | 8,950 |
Corporate overhead | 222 |  |  | 307 |  |  | 1,008 |  |  | 247 |
| $ | 12,138 |  |  | $ | 14,888 |  |  | $ | 8,341 |  |  | $ | 9,197 |
(1) Capital expenditures include additions to property and equipment and capitalized software.
| Amortization
| 2024 |  | 2023
Private Banks | $ | 5,147 |  |  | $ | 4,852 |
Investment Advisors | 2,169 |  |  | 1,933 |
Institutional Investors | 1,851 |  |  | 1,834 |
Investment Managers | 80 |  |  | 209 |
Investments in New Businesses | 1,096 |  |  | 895 |
Total from business segments | $ | 10,343 |  |  | $ | 9,723 |
Corporate overhead | 70 |  |  | 74 |
| $ | 10,413 |  |  | $ | 9,797 |
The following tables highlight certain financial information about each of business segment for the nine months ended September 30, 2024 and 2023:
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
| For the Nine Months Ended September 30, 2024
Revenues | $ | 401,272 |  |  | $ | 370,141 |  |  | $ | 214,911 |  |  | $ | 537,128 |  |  | $ | 44,509 |  |  | $ | 1,567,961 |
Expenses | 339,961 |  |  | 206,063 |  |  | 116,386 |  |  | 334,955 |  |  | 55,403 |  |  | 1,052,768 |
Operating profit (loss) | $ | 61,311 |  |  | $ | 164,078 |  |  | $ | 98,525 |  |  | $ | 202,173 |  |  | $ | (10,894) |  |  | $ | 515,193 |
| Private Banks |  | Investment Advisors |  | Institutional Investors |  | Investment Managers |  | Investments In New Businesses |  | Total
| For the Nine Months Ended September 30, 2023
Revenues | $ | 372,980 |  |  | $ | 326,579 |  |  | $ | 219,914 |  |  | $ | 476,683 |  |  | $ | 38,779 |  |  | $ | 1,434,935 |
Expenses | 337,834 |  |  | 192,004 |  |  | 126,337 |  |  | 308,483 |  |  | 52,919 |  |  | 1,017,577 |
Operating profit (loss) | $ | 35,146 |  |  | $ | 134,575 |  |  | $ | 93,577 |  |  | $ | 168,200 |  |  | $ | (14,140) |  |  | $ | 417,358 |
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, 2024 and 2023:
| 2024 |  | 2023
Total operating profit from segments | $ | 515,193 |  |  | $ | 417,358 |
Corporate overhead expenses | (108,996) |  |  | (94,518) |
Income from operations | $ | 406,197 |  |  | $ | 322,840 |
The following tables provide additional information for the nine months ended September 30, 2024 and 2023:
| Capital Expenditures (2) |  | Depreciation
| 2024 |  | 2023 |  | 2024 |  | 2023
Private Banks | $ | 13,782 |  |  | $ | 24,652 |  |  | $ | 8,356 |  |  | $ | 16,370 |
Investment Advisors | 6,244 |  |  | 11,499 |  |  | 6,625 |  |  | 1,557 |
Institutional Investors | 2,589 |  |  | 1,495 |  |  | 1,816 |  |  | 922 |
Investment Managers | 21,260 |  |  | 9,962 |  |  | 4,874 |  |  | 6,268 |
Investments in New Businesses | 713 |  |  | 806 |  |  | 528 |  |  | 735 |
Total from business segments | $ | 44,588 |  |  | $ | 48,414 |  |  | $ | 22,199 |  |  | $ | 25,852 |
Corporate Overhead | 1,029 |  |  | 1,284 |  |  | 2,898 |  |  | 657 |
| $ | 45,617 |  |  | $ | 49,698 |  |  | $ | 25,097 |  |  | $ | 26,509 |
(2) Capital expenditures include additions to property and equipment and capitalized software.
| Amortization
| 2024 |  | 2023
Private Banks | $ | 15,347 |  |  | $ | 14,216 |
Investment Advisors | 6,439 |  |  | 5,698 |
Institutional Investors | 5,619 |  |  | 5,486 |
Investment Managers | 161 |  |  | 566 |
Investments in New Businesses | 3,461 |  |  | 2,685 |
Total from business segments | $ | 31,027 |  |  | $ | 28,651 |
Corporate Overhead | 257 |  |  | 200 |
| $ | 31,284 |  |  | $ | 28,851 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration