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Revenues from Contracts with Customers
 3 Months Ended
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 MakingExecution ServicesCorporateTotal
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 customers7,202 111,409 — 118,611 
Other sources of revenue513,806 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 MakingExecution ServicesCorporateTotal
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 customers9,701 111,743 — 121,444 
Other sources of revenue489,220 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.