XML 49 R32.htm IDEA: XBRL DOCUMENT v3.24.0.1
Revenues from Contracts with Customers
 12 Months Ended
Dec. 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):
Year Ended December 31,
202320222021
Revenues from contracts with customers:
Commissions$1,464,524 $1,281,294 $1,541,900 
Data, network, and post-trade
111,470 96,389 89,963 
Fees from related parties15,968 14,734 14,856 
Other revenues15,417 14,275 16,818 
Total revenues from contracts with customers1,607,379 1,406,692 1,663,537 
Other sources of revenues:
Principal transactions368,100 365,507 327,761 
Interest and dividend income45,422 21,007 21,977 
Other revenues4,500 2,096 2,089 
Total revenues$2,025,401 $1,795,302 $2,015,364 
See Note 3—“Summary of Significant Accounting Policies” 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 $314.8 million and $288.5 million at December 31, 2023 and December 31, 2022, respectively. The Company had no impairments related to these receivables during the years ended December 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 December 31, 2023 and 2022 was $14.7 million and $12.5 million, respectively. During the years ended December 31, 2023 and 2022, the Company recognized revenue of $11.0 million and $9.1 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 December 31, 2023 and 2022.