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REVENUE FROM CONTRACTS WITH CUSTOMERS
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE FROM CONTRACTS WITH CUSTOMERS REVENUE FROM CONTRACTS WITH CUSTOMERS
Revenue from contracts with customers by the Company's six reportable operating segments and the All Other category during the three and six months ended months ended June 30, 2024 and 2023 was as follows:
Capital
Markets
Segment 		Wealth
Management
Segment		Auction and
Liquidation
Segment		Financial
Consulting
Segment		Communications
Segment		Consumer Products
Segment		All OtherTotal
Revenues for the three months ended June 30, 2024
       
Corporate finance, consulting and investment banking fees $40,082 $— $— $24,036 $— $— $— $64,118 
Wealth and asset management fees 1,368 46,172 — — — — — 47,540 
Commissions, fees and reimbursed expenses 7,028 2,731 3,621 12,497 — — — 25,877 
Subscription services — — — — 76,389 — — 76,389 
Sale of goods— — 8,364 — 1,465 51,424 2,684 63,937 
Advertising, licensing and other— — — — 1,355 — 30,303 31,658 
Total revenues from contracts with customers 48,478 48,903 11,985 36,533 79,209 51,424 32,987 309,519 
       
Trading (loss) income
(32,612)1,291 — — — — — (31,321)
Fair value adjustments on loans
(175,582)— — — — — — (175,582)
Interest income - loans18,508 — — — — — — 18,508 
Interest income - securities lending24,798 — — — — — — 24,798 
Other 1,764 679 — — — — — 2,443 
Total revenues $(114,646)$50,873 $11,985 $36,533 $79,209 $51,424 $32,987 $148,365 
Capital
Markets
Segment 		Wealth
Management
Segment		Auction and
Liquidation
Segment		Financial
Consulting
Segment		Communications
Segment		Consumer Products
Segment		All OtherTotal
Revenues for the three months ended June 30, 2023
       
Corporate finance, consulting and investment banking fees $30,727 $— $— $19,144 $— $— $— $49,871 
Wealth and asset management fees 1,258 44,449 — — — — — 45,707 
Commissions, fees and reimbursed expenses 7,946 3,006 8,885 12,068 — — — 31,905 
Subscription services — — — — 82,183 — — 82,183 
Sale of goods— — 1,676 — 1,640 55,071 — 58,387 
Advertising, licensing and other
— — — — 1,133 — 14,710 15,843 
Total revenues from contracts with customers 39,931 47,455 10,561 31,212 84,956 55,071 14,710 283,896 
       
Trading (loss) income
32,685 473 — — — — — 33,158 
Fair value adjustments on loans
9,207 — — — — — — 9,207 
Interest income - loans35,126 — — — — — — 35,126 
Interest income - securities lending40,073 — — — — — — 40,073 
Other 5,030 (212)—  — — — 4,818 
Total revenues $162,052 $47,716 $10,561 $31,212 $84,956 $55,071 $14,710 $406,278 
Capital
Markets
Segment		Wealth
Management
Segment		Auction and
Liquidation
Segment		Financial
Consulting
Segment		Communications
Segment		Consumer Products
Segment		All OtherTotal
Revenues for the six months ended June 30, 2024
Corporate finance, consulting and investment banking fees$90,245 $— $— $47,020 $— $— $— $137,265 
Wealth and asset management fees2,425 92,230 — — — — — 94,655 
Commissions, fees and reimbursed expenses13,285 6,618 6,201 24,598 — — — 50,702 
Subscription services— — — — 156,126 — — 156,126 
Service contract revenues— — 980 — — — — 980 
Sale of goods— — 10,584 — 2,761 102,946 3,299 119,590 
Advertising, licensing and other
— — — — 2,688 — 56,362 59,050 
Total revenues from contracts with customers105,955 98,848 17,765 71,618 161,575 102,946 59,661 618,368 
Trading (loss) income(50,879)1,891 — — — — — (48,988)
Fair value adjustments on loans(187,783)— — — — — — (187,783)
Interest income - loans40,643 — — — — — — 40,643 
Interest income - securities lending62,607 — — — — — — 62,607 
Other4,634 1,916 — — — — — 6,550 
Total revenues$(24,823)$102,655 $17,765 $71,618 $161,575 $102,946 $59,661 $491,397 
Capital
Markets
Segment		Wealth
Management
Segment		Auction and
Liquidation
Segment		Financial
Consulting
Segment		Communications
Segment		Consumer Products
Segment		All OtherTotal
Revenues for the six months ended June 30, 2023
Corporate finance, consulting and investment banking fees$69,877 $— $— $33,659 $— $— $— $103,536 
Wealth and asset management fees 1,922 87,759 — — — — — 89,681 
Commissions, fees and reimbursed expenses 17,164 6,935 14,329 22,563 — — — 60,991 
Subscription services— — — — 165,190 — — 165,190 
Sale of goods— — 1,892 — 3,507 120,765 — 126,164 
Advertising, licensing and other
— — — — 3,178 — 28,292 31,470 
Total revenues from contracts with customers88,963 94,694 16,221 56,222 171,875 120,765 28,292 577,032 
Trading (loss) income39,705 1,745 — — — — — 41,450 
Fair value adjustments on loans52,483 — — — — — — 52,483 
Interest income - loans75,138 — — — — — — 75,138 
Interest income - securities lending77,247 — — — — — — 77,247 
Other13,927 1,091 — — — — — 15,018 
Total revenues$347,463 $97,530 $16,221 $56,222 $171,875 $120,765 $28,292 $838,368 
Contract Balances
The timing of the Company’s revenue recognition may differ from the timing of payment by its customers. The Company records a receivable when revenue is recognized prior to payment and the Company has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligation(s) are satisfied. Receivables related to revenues from contracts with customers totaled $115,681 and $115,496 as of June 30, 2024 and December 31, 2023, respectively. The Company had no significant impairments related to these receivables during the three and six months ended months ended June 30, 2024 and 2023. The Company also has $13,414 and $13,402 of unbilled receivables included in prepaid expenses and other assets as of June 30, 2024 and December 31, 2023, respectively. The Company’s deferred revenue primarily relates to retainer and milestone fees received from corporate finance and investment banking advisory engagements, asset management agreements, financial consulting engagements, subscription services where the performance obligation has not yet been satisfied and license agreements with guaranteed minimum royalty payments and advertising/marketing fees with additional royalty revenue based on a percentage of defined sales. Deferred revenue as of June 30, 2024 and December 31,
2023 was $65,421 and $71,504, respectively. The Company expects to recognize the deferred revenue of $65,421 as of June 30, 2024 as service and fee revenues when the performance obligation is met during the years ended December 31, 2024 (remaining six months), 2025, 2026, 2027 and 2028 in the amount of $42,613, $11,279, $5,316, $2,220, and $1,270, respectively. The Company expects to recognize the deferred revenue of $2,723 after December 31, 2028.
During the three months ended June 30, 2024 and 2023, the Company recognized revenue of $9,281 and $11,665, respectively, that was recorded as deferred revenue at the beginning of the respective year. During the six months ended June 30, 2024 and 2023, the Company recognized revenue of $30,578 and $34,167, respectively, that was recorded as deferred revenue at the beginning of the respective year.
Contract Costs
Contract costs include: (1) costs to fulfill contracts associated with corporate finance and investment banking engagements are capitalized where the revenue is recognized at a point in time and the costs are determined to be recoverable; (2) costs to fulfill Auction and Liquidation services contracts where the Company guarantees a minimum recovery value for goods being sold at auction or liquidation where the revenue is recognized over time when the performance obligation is satisfied; and (3) commissions paid to obtain magicJack contracts which are recognized ratably over the contract term and third party support costs for magicJack and related equipment purchased by customers which are recognized ratably over the service period.
The capitalized costs to fulfill a contract were $7,020 and $8,131 as of June 30, 2024 and December 31, 2023, respectively, and are recorded in prepaid expenses and other assets in the condensed consolidated balance sheets. For the three months ended June 30, 2024 and 2023, the Company recognized expenses of $1,142 and $1,258 related to capitalized costs to fulfill a contract, respectively. For the six months ended June 30, 2024 and 2023, the Company recognized expenses of $2,679 and $2,273 related to capitalized costs to fulfill a contract, respectively. There were no significant impairment charges recognized in relation to these capitalized costs during the three and six months ended months ended June 30, 2024 and 2023.
Remaining Performance Obligations and Revenue Recognized from Past Performance
The Company does not disclose information about remaining performance obligations pertaining to contracts that have an original expected duration of one year or less. The transaction price allocated to remaining unsatisfied or partially unsatisfied performance obligations with an original expected duration exceeding one year was not material as of June 30, 2024. Corporate finance and investment banking fees and retail liquidation engagement fees that are contingent upon completion of a specific milestone and fees associated with certain distribution services are also excluded as the fees are considered variable and not included in the transaction price as of June 30, 2024.