XML 39 R23.htm IDEA: XBRL DOCUMENT
v3.25.3

REVENUE FROM CONTRACTS WITH CUSTOMERS | 3 Months Ended
--- | ---
Mar. 31, 2025
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 months ended March 31, 2025 and 2024 was as follows:
| Capital Markets |  | Wealth Management |  |  |  |  |  | Communications |  | Consumer Products |  | E-Commerce |  | All Other |  | Total
Revenues for the three months ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees | $ | 17,729 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 17,729 |
Wealth and asset management fees | 872 |  |  | 37,229 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 38,101 |
Commissions, fees and reimbursed expenses | 3,355 |  |  | 3,619 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,974 |
Subscription services | — |  |  | — |  |  |  |  |  |  | 62,117 |  |  | — |  |  | — |  |  | — |  |  | 62,117 |
Sale of goods | — |  |  | — |  |  |  |  |  |  | 1,301 |  |  | 42,103 |  |  | 3,528 |  |  | 523 |  |  | 47,455 |
Advertising and other | — |  |  | — |  |  |  |  |  |  | 1,056 |  |  | — |  |  | 3,469 |  |  | 20,326 |  |  | 24,851 |
Total revenues from contracts with customers | 21,956 |  |  | 40,848 |  |  |  |  |  |  | 64,474 |  |  | 42,103 |  |  | 6,997 |  |  | 20,849 |  |  | 197,227 |
Trading gains (losses), net | (16,783) |  |  | 612 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16,171) |
Fair value adjustments on loans | (8,096) |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,096) |
Interest income - loans | 3,196 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,196 |
Interest income - securities lending | 840 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 840 |
Other | 3,249 |  |  | 5,818 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,067 |
Total revenues | $ | 4,362 |  |  | $ | 47,278 |  |  |  |  |  |  | $ | 64,474 |  |  | $ | 42,103 |  |  | $ | 6,997 |  |  | $ | 20,849 |  |  | $ | 186,063 |
| Capital Markets |  | Wealth Management |  |  |  |  |  | Communications |  | Consumer Products |  | All Other |  | Total
Revenues for the three months ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate finance, consulting and investment banking fees | $ | 50,163 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 50,163 |
Wealth and asset management fees | 1,056 |  |  | 46,057 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 47,113 |
Commissions, fees and reimbursed expenses | 6,256 |  |  | 3,887 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 10,143 |
Subscription services | — |  |  | — |  |  |  |  |  |  | 79,738 |  |  | — |  |  | — |  |  | 79,738 |
Sale of goods | — |  |  | — |  |  |  |  |  |  | 1,296 |  |  | 51,522 |  |  | 615 |  |  | 53,433 |
Advertising and other | — |  |  | — |  |  |  |  |  |  | 1,332 |  |  | — |  |  | 21,482 |  |  | 22,814 |
Total revenues from contracts with customers | 57,475 |  |  | 49,944 |  |  |  |  |  |  | 82,366 |  |  | 51,522 |  |  | 22,097 |  |  | 263,404 |
Trading gains (losses), net | (18,267) |  |  | 600 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (17,667) |
Fair value adjustments on loans | (12,201) |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | (12,201) |
Interest income - loans | 22,135 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 22,135 |
Interest income - securities lending | 37,809 |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 37,809 |
Other | 2,872 |  |  | 1,238 |  |  |  |  |  |  | — |  |  | — |  |  | — |  |  | 4,110 |
Total revenues | $ | 89,823 |  |  | $ | 51,782 |  |  |  |  |  |  | $ | 82,366 |  |  | $ | 51,522 |  |  | $ | 22,097 |  |  | $ | 297,590 |
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 $61,597 and $68,653 as of March 31, 2025 and December 31, 2024, respectively. The Company had no significant impairments related to these receivables during the three months ended March 31, 2025 and 2024. The Company also has $3,335 and $3,387 of unbilled receivables included in prepaid expenses and other assets as of March 31, 2025 and December 31, 2024, 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, and subscription services where the performance obligation has not yet been satisfied. Deferred revenue as of March 31, 2025 and December 31, 2024 was $57,254 and $58,148, respectively. The Company expects to recognize the deferred revenue of $57,254 as of March 31, 2025 as service and fee revenues when the performance obligation is met during the years ended December 31, 2025 (remaining nine months), 2026, 2027, 2028 and 2029 in the amount of $38,210, $8,617, $4,424, $2,047, and $1,222, respectively. The Company expects to recognize the deferred revenue of $2,734 after December 31, 2029. During the three months ended March 31, 2025 and 2024, the Company recognized revenue of $17,241 and $20,542, 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 $5,302 and $5,694 as of March 31, 2025 and December 31, 2024, respectively, and are recorded in the "Prepaid expenses and other assets" line item in the unaudited condensed consolidated balance sheets. For the three months ended March 31, 2025 and 2024, the Company recognized expenses of $1,060 and $1,537 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 months ended March 31, 2025 and 2024. 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 March 31, 2025. 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 March 31, 2025. During the three months ended March 31, 2025 and 2024, revenues recognized for customer contracts for performance obligations that are satisfied at a point in time was $90,470 and $138,074 and over time was $106,757 and $125,330, respectively.

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

X
- 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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration