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REVENUE FROM CONTRACTS WITH CUSTOMERS | 9 Months Ended
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Sep. 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 five reportable operating segments and the All Other category during the three and nine months ended September 30, 2024 and 2023 was as follows:
| Capital Markets Segment |  | Wealth Management Segment |  |  |  | Financial Consulting Segment |  | Communications Segment |  | Consumer Products Segment |  | All Other |  | Total
Revenues for the three months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees | $ | 21,316 |  |  | $ | — |  |  |  |  | $ | 23,941 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 45,257 |
Wealth and asset management fees | 1,252 |  |  | 45,757 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 47,009 |
Commissions, fees and reimbursed expenses | 5,568 |  |  | 1,618 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,186 |
Subscription services | — |  |  | — |  |  |  |  | — |  |  | 65,041 |  |  | — |  |  | — |  |  | 65,041 |
Sale of goods | — |  |  | — |  |  |  |  | — |  |  | 1,318 |  |  | 49,793 |  |  | 4,137 |  |  | 55,248 |
Advertising and other | — |  |  | — |  |  |  |  | — |  |  | 1,200 |  |  | — |  |  | 28,506 |  |  | 29,706 |
Total revenues from contracts with customers | 28,136 |  |  | 47,375 |  |  |  |  | 23,941 |  |  | 67,559 |  |  | 49,793 |  |  | 32,643 |  |  | 249,447 |
Trading (loss) income | (1,908) |  |  | 670 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,238) |
Fair value adjustments on loans | (71,477) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (71,477) |
Interest income - loans | 11,251 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,251 |
Interest income - securities lending | 7,007 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,007 |
Other | 2,301 |  |  | 2,014 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,315 |
Total revenues | $ | (24,690) |  |  | $ | 50,059 |  |  |  |  | $ | 23,941 |  |  | $ | 67,559 |  |  | $ | 49,793 |  |  | $ | 32,643 |  |  | $ | 199,305 |
| Capital Markets Segment |  | Wealth Management Segment |  |  |  | Financial Consulting Segment |  | Communications Segment |  | Consumer Products Segment |  | All Other |  | Total
Revenues for the three months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees | $ | 67,429 |  |  | $ | — |  |  |  |  | $ | 20,225 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 87,654 |
Wealth and asset management fees | 1,958 |  |  | 47,333 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 49,291 |
Commissions, fees and reimbursed expenses | 7,495 |  |  | 1,669 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,164 |
Subscription services | — |  |  | — |  |  |  |  | — |  |  | 80,713 |  |  | — |  |  | — |  |  | 80,713 |
Sale of goods | — |  |  | — |  |  |  |  | — |  |  | 1,638 |  |  | 58,391 |  |  | — |  |  | 60,029 |
Advertising and other | — |  |  | — |  |  |  |  | — |  |  | 1,442 |  |  | — |  |  | 9,928 |  |  | 11,370 |
Total revenues from contracts with customers | 76,882 |  |  | 49,002 |  |  |  |  | 20,225 |  |  | 83,793 |  |  | 58,391 |  |  | 9,928 |  |  | 298,221 |
Trading (loss) income | (10,217) |  |  | 490 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,727) |
Fair value adjustments on loans | (860) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (860) |
Interest income - loans | 27,397 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27,397 |
Interest income - securities lending | 42,333 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 42,333 |
Other | 4,031 |  |  | 1,873 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 5,904 |
Total revenues | $ | 139,566 |  |  | $ | 51,365 |  |  |  |  | $ | 20,225 |  |  | $ | 83,793 |  |  | $ | 58,391 |  |  | $ | 9,928 |  |  | $ | 363,268 |
| Capital Markets Segment |  | Wealth Management Segment |  |  |  | Financial Consulting Segment |  | Communications Segment |  | Consumer Products Segment |  | All Other |  | Total
Revenues for the nine months ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees | $ | 111,560 |  |  | $ | — |  |  |  |  | $ | 69,383 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 180,943 |
Wealth and asset management fees | 3,677 |  |  | 137,986 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 141,663 |
Commissions, fees and reimbursed expenses | 18,852 |  |  | 8,236 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27,088 |
Subscription services | — |  |  | — |  |  |  |  | — |  |  | 221,168 |  |  | — |  |  | — |  |  | 221,168 |
Service contract revenues | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Sale of goods | — |  |  | — |  |  |  |  | — |  |  | 4,079 |  |  | 152,739 |  |  | 7,436 |  |  | 164,254 |
Advertising and other | — |  |  | — |  |  |  |  | — |  |  | 3,887 |  |  | — |  |  | 75,329 |  |  | 79,216 |
Total revenues from contracts with customers | 134,089 |  |  | 146,222 |  |  |  |  | 69,383 |  |  | 229,134 |  |  | 152,739 |  |  | 82,765 |  |  | 814,332 |
Trading (loss) income | (52,787) |  |  | 2,561 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (50,226) |
Fair value adjustments on loans | (259,260) |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (259,260) |
Interest income - loans | 51,894 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51,894 |
Interest income - securities lending | 69,614 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 69,614 |
Other | 6,937 |  |  | 3,931 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,868 |
Total revenues | $ | (49,513) |  |  | $ | 152,714 |  |  |  |  | $ | 69,383 |  |  | $ | 229,134 |  |  | $ | 152,739 |  |  | $ | 82,765 |  |  | $ | 637,222 |
| Capital Markets Segment |  | Wealth Management Segment |  |  |  | Financial Consulting Segment |  | Communications Segment |  | Consumer Products Segment |  | All Other |  | Total
Revenues for the nine months ended September 30, 2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees | $ | 137,305 |  |  | $ | — |  |  |  |  | $ | 52,325 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 189,630 |
Wealth and asset management fees | 3,880 |  |  | 135,092 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 138,972 |
Commissions, fees and reimbursed expenses | 24,659 |  |  | 8,604 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 33,263 |
Subscription services | — |  |  | — |  |  |  |  | — |  |  | 245,903 |  |  | — |  |  | — |  |  | 245,903 |
Sale of goods | — |  |  | — |  |  |  |  | — |  |  | 5,145 |  |  | 179,156 |  |  | — |  |  | 184,301 |
Advertising and other | — |  |  | — |  |  |  |  | — |  |  | 4,620 |  |  | — |  |  | 28,870 |  |  | 33,490 |
Total revenues from contracts with customers | 165,844 |  |  | 143,696 |  |  |  |  | 52,325 |  |  | 255,668 |  |  | 179,156 |  |  | 28,870 |  |  | 825,559 |
Trading (loss) income | 29,488 |  |  | 2,235 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 31,723 |
Fair value adjustments on loans | 51,623 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 51,623 |
Interest income - loans | 102,535 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 102,535 |
Interest income - securities lending | 119,580 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 119,580 |
Other | 17,959 |  |  | 2,964 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,923 |
Total revenues | $ | 487,029 |  |  | $ | 148,895 |  |  |  |  | $ | 52,325 |  |  | $ | 255,668 |  |  | $ | 179,156 |  |  | $ | 28,870 |  |  | $ | 1,151,943 |
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 $91,506 and $101,036 as of September 30, 2024 and December 31, 2023, respectively. The Company had no significant impairments related to these receivables during the three and nine months ended September 30, 2024 and 2023. The Company also has $10,195 and $12,997 of unbilled receivables included in prepaid expenses and other assets as of September 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. Deferred revenue as of September 30, 2024 and December 31, 2023 was $61,354 and $70,575, respectively. The Company expects to recognize the deferred revenue of $61,354 as of September 30, 2024 as service and fee revenues when the performance obligation is met during the years ended December 31, 2024 (remaining three months), 2025, 2026, 2027 and 2028 in the amount of $40,172, $10,104, $4,604, $2,254, and $1,357, respectively. The Company expects to recognize the deferred revenue of $2,863 after December 31, 2028. During the three months ended September 30, 2024 and 2023, the Company recognized revenue of $6,846 and $9,273, respectively, that was recorded as deferred revenue at the beginning of the respective year. During the nine months ended September 30, 2024 and 2023, the Company recognized revenue of $36,633 and $42,739, 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 and; (2) 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 $6,568 and $7,769 as of September 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 September 30, 2024 and 2023, the Company recognized expenses of $1,140 and $1,180 related to capitalized costs to fulfill a contract, respectively. For the nine months ended September 30, 2024 and 2023, the Company recognized expenses of $3,820 and $3,453 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 nine months ended September 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 September 30, 2024. Corporate finance and investment banking 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 September 30, 2024.

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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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