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REVENUE FROM CONTRACTS WITH CUSTOMERS
 9 Months Ended
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 OtherTotal
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 - loans11,251 — — — — — 11,251 
Interest income - securities lending7,007 — — — — — 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 OtherTotal
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 - loans27,397 — — — — — 27,397 
Interest income - securities lending42,333 — — — — — 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 OtherTotal
Revenues for the nine months ended September 30, 2024
Corporate finance, consulting and investment banking fees$111,560 $— $69,383 $— $— $— $180,943 
Wealth and asset management fees3,677 137,986 — — — — 141,663 
Commissions, fees and reimbursed expenses18,852 8,236 — — — — 27,088 
Subscription services— — — 221,168 — — 221,168 
Service contract revenues— — — — — — — 
Sale of goods— — — 4,079 152,739 7,436 164,254 
Advertising and other
— — — 3,887 — 75,329 79,216 
Total revenues from contracts with customers134,089 146,222 69,383 229,134 152,739 82,765 814,332 
Trading (loss) income(52,787)2,561 — — — — (50,226)
Fair value adjustments on loans(259,260)— — — — — (259,260)
Interest income - loans51,894 — — — — — 51,894 
Interest income - securities lending69,614 — — — — — 69,614 
Other6,937 3,931 — — — — 10,868 
Total revenues$(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 OtherTotal
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 customers165,844 143,696 52,325 255,668 179,156 28,870 825,559 
Trading (loss) income29,488 2,235 — — — — 31,723 
Fair value adjustments on loans51,623 — — — — — 51,623 
Interest income - loans102,535 — — — — — 102,535 
Interest income - securities lending119,580 — — — — — 119,580 
Other17,959 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.