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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		CommunicationsConsumer ProductsE-CommerceAll OtherTotal
Revenues for the three months ended March 31, 2025
Corporate finance, consulting and investment banking fees$17,729 $— $— $— $— $— $17,729 
Wealth and asset management fees872 37,229 — — — — 38,101 
Commissions, fees and reimbursed expenses3,355 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 customers21,956 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 - loans3,196 — — — — — 3,196 
Interest income - securities lending840 — — — — — 840 
Other3,249 5,818 — — — — 9,067 
Total revenues$4,362 $47,278 $64,474 $42,103 $6,997 $20,849 $186,063 
Capital
Markets		Wealth
Management		CommunicationsConsumer ProductsAll OtherTotal
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 customers57,475 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 - loans22,135 — — — — 22,135 
Interest income - securities lending37,809 — — — — 37,809 
Other2,872 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.