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Revenues from Contracts with Customers
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer
16. Revenues
 from Contracts with Customers
The following table presents the Company’s total revenues from contracts with customers:
 
    
Three Months Ended

September 30,
     
Nine Months Ended

September 30,
  
    
2021
     
2020
     
2021
     
2020
  
Revenues from contracts with customers:
                                    
Advisory fees
(1)
    $ 76,400      $ 63,028      $ 220,611      $ 181,697  
Other
      1,712        721        4,532        2,563  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total operating revenues
    $ 78,112      $ 63,749      $ 225,143      $ 184,260  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Advisory fees previously reported have been revised due to an immaterial error correction. These revisions had no effect on previously reported net income. See Note 2 for additional information.
The Company recognizes revenues from contracts with customers when the performance obligation is satisfied, which is when the promised services are transferred to the customer. A service is considered to be transferred when the customer obtains control, which is represented by the transfer of rights with regard to the service. Transfer of control happens either over time or at a point in time. When a performance obligation is satisfied over time, an entity is required to select a single method of measuring progress for each performance obligation that depicts the entity’s performance in transferring control of services to the customer.
Substantially all the Company’s revenues from contracts with customers are derived primarily from investment advisory agreements with related parties (Note 17). These advisory fees are recognized over time, are earned from the Company’s ETPs and are calculated based on a percentage of the ETPs’ average daily net assets. There is
no
significant judgment in calculating amounts due which are invoiced monthly in arrears and are not subject to any potential reversal. Progress is measured using the practical expedient under the output method resulting in the recognition of revenue in the amount for which the Company has a right to invoice.
There are no contract assets or liabilities that arise in connection with the recognition of advisory fee revenue. In addition, there are no costs incurred to obtain or fulfill the contracts with customers, all of which are investment advisory agreements with related parties.
Geographic Distribution of Revenue
The following table presents the Company’s total revenues geographically as determined by where the respective management companies reside:
 
 
  
Three Months Ended

September 30,
 
  
Nine Months Ended

September 30,
 
 
  
 
 
  
 
 
 
  
2021
 
  
2020
 
  
2021
 
  
2020
 
 
  
 
 
  
 
 
Revenues from contracts with customers:
                                    
United States
    $ 46,523      $ 34,018      $ 131,744      $ 105,517  
Jersey
(1)
      28,724        28,636        85,953        75,313  
Ireland
      2,865        1,095        7,446        3,065  
Canada (Note 23)
      —        —        —        365  
    
 
 
     
 
 
     
 
 
     
 
 
  
Total operating revenues
    $ 78,112      $ 63,749      $ 225,143      $ 184,260  
    
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Advisory fees previously reported have been revised due to an immaterial error correction. These revisions had no effect on previously reported net income. See Note 2 for additional information.