Revenues from Contracts with Customers (Tables)

12 Months Ended

Nov. 30, 2021

Revenue from Contract with Customer [Abstract]

The following table presents our total revenues separated for our revenues from contracts with customers and our other sources of revenues (in thousands):


	Year Ended November 30,
	2021		2020		2019
Revenues from contracts with customers:
Commissions and other fees	$	896,312	$	823,258	$	676,309
Investment banking	4,366,055		2,501,494		1,528,729
Asset management fees	14,324		9,187		17,219
Total revenue from contracts with customers	5,276,691		3,333,939		2,222,257
Other sources of revenue:
Principal transactions	1,505,618		1,867,013		769,258
Revenues from strategic affiliates	57,247		19,507		3,066
Interest	847,969		894,215		1,496,529
Other	219,762		37,632		93,422
Total revenues	$	7,907,287	$	6,152,306	$	4,584,532

The following presents our revenues from contracts with customers disaggregated by major business activity and primary geographic regions (in thousands):


	Year Ended November 30,
	2021						2020						2019
	Reportable Segment						Reportable Segment						Reportable Segment
	Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total		Investment Banking and Capital Markets		Asset Management		Total
Major business activity:
Investment banking - Advisory	$	1,873,560	$	—	$	1,873,560	$	1,053,500	$	—	$	1,053,500	$	767,421	$	—	$	767,421
Investment banking - Underwriting	2,492,495		—		2,492,495		1,447,994		—		1,447,994		761,308		—		761,308
Equities (1)	881,957		—		881,957		807,350		—		807,350		662,804		—		662,804
Fixed income (1)	14,355		—		14,355		15,908		—		15,908		13,505		—		13,505
Asset management	—		14,324		14,324		—		9,187		9,187		—		17,219		17,219
Total	$	5,262,367	$	14,324	$	5,276,691	$	3,324,752	$	9,187	$	3,333,939	$	2,205,038	$	17,219	$	2,222,257
Primary geographic region:
Americas	$	4,250,294	$	13,705	$	4,263,999	$	2,742,298	$	4,239	$	2,746,537	$	1,751,568	$	10,472	$	1,762,040
Europe	766,746		619		767,365		401,853		4,948		406,801		374,411		6,747		381,158
Asia Pacific	245,327		—		245,327		180,601		—		180,601		79,059		—		79,059
Total	$	5,262,367	$	14,324	$	5,276,691	$	3,324,752	$	9,187	$	3,333,939	$	2,205,038	$	17,219	$	2,222,257

(1)Revenues from contracts with customers associated with the equities and fixed income businesses primarily represent commissions and other fee revenue.

Accounts Receivable, Allowance for Credit Loss

The allowance for credit losses for the years ended November 30, 2021, 2020 and 2019 is as follows (in thousands):


	Year Ended November 30,
	2021		2020		2019
Beginning balance	$	19,788	$	6,817	$	6,568
Adjustment for change in accounting principle for current expected credit losses	(3,594)		—		—
Bad debt expense, net of reversals	2,287		19,582		3,525
Charge-offs	(6,409)		(2,083)		(1,571)
Recoveries collected	(7,248)		(4,528)		(1,705)
Ending balance (1)	$	4,824	$	19,788	$	6,817

(1)The allowance for doubtful accounts balances are substantially all related to mergers and acquisitions and restructuring fee receivables, which include recoverable expense receivables.