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Revenues from Contracts with Customers | 3 Months Ended
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Mar. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenues from Contracts with Customers | Revenues from Contracts with Customers For more information on revenue recognition and the nature of services provided, see Note 2 "Summary of Significant Accounting Policies" and Note 12 "Revenues from Contracts with Customers" to the Consolidated Financial Statements of the Company's 2023 Annual Report on Form 10-K. Disaggregation of Revenues The following tables present the Company’s revenue from contracts with customers disaggregated by service, and timing of revenue recognition, reconciled to the Company’s segments, for the three months ended March 31, 2024 and 2023:
|  | Three Months Ended March 31, 2024
(in thousands) |  | Market Making |  | Execution Services |  | Corporate |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions, net |  | $ | 7,202 |  |  | $ | 78,210 |  |  | $ | — |  |  | $ | 85,412 |
Workflow technology |  | — |  |  | 23,918 |  |  | — |  |  | 23,918 |
Analytics |  | — |  |  | 9,281 |  |  | — |  |  | 9,281 |
Total revenue from contracts with customers |  | 7,202 |  |  | 111,409 |  |  | — |  |  | 118,611 |
Other sources of revenue |  | 513,806 |  |  | 6,379 |  |  | 4,043 |  |  | 524,228 |
Total revenues |  | $ | 521,008 |  |  | $ | 117,788 |  |  | $ | 4,043 |  |  | $ | 642,839 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 521,008 |  |  | $ | 100,137 |  |  | $ | 4,043 |  |  | $ | 625,188 |
Services transferred over time |  | — |  |  | 17,651 |  |  | — |  |  | 17,651 |
Total revenues |  | $ | 521,008 |  |  | $ | 117,788 |  |  | $ | 4,043 |  |  | $ | 642,839 |
|  | Three Months Ended March 31, 2023
(in thousands) |  | Market Making |  | Execution Services |  | Corporate |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |
Commissions, net |  | $ | 9,701 |  |  | $ | 77,257 |  |  | $ | — |  |  | $ | 86,958 |
Workflow technology |  | — |  |  | 24,957 |  |  | — |  |  | 24,957 |
Analytics |  | — |  |  | 9,529 |  |  | — |  |  | 9,529 |
Total revenue from contracts with customers |  | 9,701 |  |  | 111,743 |  |  | — |  |  | 121,444 |
Other sources of revenue |  | 489,220 |  |  | 6,735 |  |  | 2,981 |  |  | 498,936 |
Total revenues |  | $ | 498,921 |  |  | $ | 118,478 |  |  | $ | 2,981 |  |  | $ | 620,380 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Services transferred at a point in time |  | $ | 498,921 |  |  | $ | 100,480 |  |  | $ | 2,981 |  |  | $ | 602,382 |
Services transferred over time |  | — |  |  | 17,998 |  |  | — |  |  | 17,998 |
Total revenues |  | $ | 498,921 |  |  | $ | 118,478 |  |  | $ | 2,981 |  |  | $ | 620,380 |
Remaining Performance Obligations and Revenue Recognized from Past Performance Obligations As of March 31, 2024 and 2023, the aggregate amount of the transaction price allocated to the performance obligations relating to workflow technology and analytics revenues that are unsatisfied (or partially unsatisfied) was not material. Contract Assets and Contract Liabilities The timing of the revenue recognition may differ from the timing of payment from customers. The Company records a receivable when revenue is recognized prior to payment, and when the Company has an unconditional right to payment. The Company records a contract liability when payment is received prior to the time at which the satisfaction of the service obligation occurs. Receivables related to revenues from contracts with customers amounted to $57.6 million and $56.4 million as of March 31, 2024 and December 31, 2023, respectively. The Company did not identify any contract assets. There were no impairment losses on receivables as of March 31, 2024. Deferred revenue primarily relates to deferred commissions allocated to analytics products and subscription fees billed in advance of satisfying the performance obligations. Deferred revenue related to contracts with customers was $9.5 million and $8.4 million as of March 31, 2024 and December 31, 2023, respectively. The Company recognized the full amount of revenue during the three months ended March 31, 2024 and 2023, that had been recorded as deferred revenue in the respective prior year. The Company has not identified any costs to obtain or fulfill its contracts under ASC 606.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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