XML 41 R31.htm IDEA: XBRL DOCUMENT v3.23.1
Revenues from Contracts with Customers
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenues from Contracts with Customers Revenues from Contracts with Customers
The following table presents the Company’s total revenues separated between revenues from contracts with customers and other sources of revenues (in thousands):
Three Months Ended March 31,
20232022
Revenues from contracts with customers:
Commissions$377,288 $356,664 
Data, software, and post-trade27,122 24,127 
Fees from related parties3,957 3,317 
Other revenues2,454 3,293 
Total revenues from contracts with customers410,821 387,401 
Other sources of revenues:
Principal transactions114,929 115,601 
Interest and dividend income5,315 2,435 
Other revenues1,802 1,027 
Total revenues$532,867 $506,464 
See Note 3— “Summary of Significant Accounting Policies” in our consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022 for detailed information on the recognition of the Company’s revenues from contracts with customers.
Disaggregation of Revenue
See Note 22—“Segment, Geographic and Product Information,” for a further discussion on the allocation of revenues to geographic regions.
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 obligations are satisfied.
The Company had receivables related to revenues from contracts with customers of $330.5 million and $288.5 million at March 31, 2023 and December 31, 2022, respectively. The Company had no impairments related to these receivables during the three months ended March 31, 2023 and 2022.
The Company’s deferred revenue primarily relates to customers paying in advance or billed in advance where the performance obligation has not yet been satisfied. Deferred revenue at March 31, 2023 and December 31, 2022 was $13.0 million and $12.5 million, respectively.
During the three months ended March 31, 2023 and 2022, the Company recognized revenue of $8.1 million and $7.3 million, respectively, that was recorded as deferred revenue at the beginning of the period.
Contract Costs
The Company capitalizes costs to fulfill contracts associated with different lines of its business where the revenue is recognized at a point in time and the costs are determined to be recoverable. Capitalized costs to fulfill a contract are recognized at the point in time that the related revenue is recognized.
The Company did not have any capitalized costs to fulfill a contract as of March 31, 2023 and December 31, 2022.