XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Revenues from contracts with customers Revenues from contracts with customers (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2018
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and six months ended June 30, 2018:
(Expressed in thousands) | For the Three Months Ended June 30, 2018
| Reportable Segments
| Private Client |  | Asset Management |  | Capital Markets |  | Corporate/Other |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |
Commissions from sales and trading | $ | 39,093 |  |  | $ | — |  |  | $ | 33,022 |  |  | $ | 62 |  |  | $ | 72,177 |
Mutual fund income | 10,441 |  |  | 222 |  |  | 5 |  |  | 5 |  |  | 10,673 |
Advisory fees | 59,774 |  |  | 17,485 |  |  | 3 |  |  | 8 |  |  | 77,270 |
Investment banking - capital markets | 3,469 |  |  | — |  |  | 16,196 |  |  | — |  |  | 19,665 |
Investment banking - advisory | — |  |  | — |  |  | 8,239 |  |  | — |  |  | 8,239 |
Bank deposit sweep income | 28,853 |  |  | — |  |  | — |  |  | — |  |  | 28,853 |
Other | 3,430 |  |  | 3 |  |  | 457 |  |  | (47 | ) |  | 3,843 |
Total revenues from contracts with customers | 145,060 |  |  | 17,710 |  |  | 57,922 |  |  | 28 |  |  | 220,720 |
Other sources of revenue: |  |  |  |  |  |  |  |  |
Interest | 9,514 |  |  | (4 | ) |  | 3,263 |  |  | 283 |  |  | 13,056 |
Principal transactions, net | 212 |  |  | — |  |  | 6,989 |  |  | (801 | ) |  | 6,400 |
Other | 1,767 |  |  | — |  |  | 32 |  |  | 581 |  |  | 2,380 |
Total other sources of revenue | 11,493 |  |  | (4 | ) |  | 10,284 |  |  | 63 |  |  | 21,836 |
Total revenue | $ | 156,553 |  |  | $ | 17,706 |  |  | $ | 68,206 |  |  | $ | 91 |  |  | $ | 242,556 |
(Expressed in thousands) | For the Six Months Ended June 30, 2018
| Reportable Segments
| Private Client |  | Asset Management |  | Capital Markets |  | Corporate/Other |  | Total
Revenues from contracts with customers: |  |  |  |  |  |  |  |  |
Commissions from sales and trading | $ | 79,371 |  |  | $ | — |  |  | $ | 65,019 |  |  | $ | 77 |  |  | $ | 144,467 |
Mutual fund income | 21,268 |  |  | 505 |  |  | 7 |  |  | 10 |  |  | 21,790 |
Advisory fees | 119,910 |  |  | 34,838 |  |  | 54 |  |  | 16 |  |  | 154,818 |
Investment banking - capital markets | 7,839 |  |  | — |  |  | 30,592 |  |  | — |  |  | 38,431 |
Investment banking - advisory | — |  |  | — |  |  | 17,683 |  |  | — |  |  | 17,683 |
Bank deposit sweep income | 54,150 |  |  | — |  |  | — |  |  | — |  |  | 54,150 |
Other | 7,705 |  |  | 6 |  |  | 432 |  |  | (46 | ) |  | 8,097 |
Total revenues from contracts with customers | 290,243 |  |  | 35,349 |  |  | 113,787 |  |  | 57 |  |  | 439,436 |
Other sources of revenue: |  |  |  |  |  |  |  |  |
Interest | 18,351 |  |  | 1 |  |  | 6,468 |  |  | 463 |  |  | 25,283 |
Principal transactions, net | 132 |  |  | — |  |  | 9,381 |  |  | (387 | ) |  | 9,126 |
Other | 1,921 |  |  | — |  |  | 99 |  |  | 1,221 |  |  | 3,241 |
Total other sources of revenue | 20,404 |  |  | 1 |  |  | 15,948 |  |  | 1,297 |  |  | 37,650 |
Total revenue | $ | 310,647 |  |  | $ | 35,350 |  |  | $ | 129,735 |  |  | $ | 1,354 |  |  | $ | 477,086 |
Contract with Customer, Asset and Liability | Contract Balances The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records receivables when revenue is recognized prior to payment and it has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied. The Company had receivables related to revenue from contracts with customers of $22.3 million and $18.6 million at June 30, 2018 and January 1, 2018, respectively. The Company had no significant impairments related to these receivables during the three and six months ended June 30, 2018. Deferred revenue primarily relates to IRA fees received annually in advance on customer's IRA accounts managed by the Company where the performance obligation has not yet been satisfied. Total deferred revenue was $2.0 million and $nil at June 30, 2018 and January 1, 2018, respectively. The following presents the Company's contract assets and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the condensed consolidated balance sheet:
(Expressed in thousands) |  |  |
| Ending Balance at June 30, 2018 |  | Opening Balance at January 1, 2018
Contract assets (receivables): |  |  |
Commission (1) | $ | 3,059 |  |  | $ | 2,007 |
Mutual fund income (2) | 7,308 |  |  | 7,779 |
Advisory fees (3) | 750 |  |  | 1,460 |
Bank deposit sweep income (4) | 3,874 |  |  | 3,459 |
Investment banking fees (5) | 4,683 |  |  | 3,926 |
Other | 2,661 |  |  | — |
Total contract assets | $ | 22,335 |  |  | $ | 18,631 |
Deferred revenue (payables): |  |  |
Investment banking fees | $ | 450 |  |  | $ | — |
IRA fees | 1,515 |  |  | — |
Total deferred revenue | $ | 1,965 |  |  | $ | — |
(1) | Commission recorded on trade date but not yet settled.
(2) | Mutual fund income earned but not yet received.
(3) | Management and performance fees earned but not yet received.
(4) | Fees earned from FDIC-insured bank deposit program but not yet received.
(5) | Underwriting revenue and advisory fee earned but not yet received.
Contract Costs The Company incurs incremental transaction-related costs to obtain and/or fulfill contracts associated with investment banking and advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. As of June 30, 2018, the contract costs were $1.6 million. There were no significant charges recognized in relation to these costs for the six months ended June 30, 2018.

X
- Definition Tabular disclosure of contract balances and changes in contract balances. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=82913847&loc=SL49130551-203045 + Details
Name: | us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=82913847&loc=SL49130545-203045 + Details
Name: | us-gaap_DisaggregationOfRevenueTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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