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Segment Operating Results (Tables)

12 Months Ended

Dec. 31, 2020

Information Regarding Operations By Segment

The following information presents each segment's contribution.


	For the Years Ended December 31,
		2020		2019		2018
Investment Banking
Net Revenues(1)		$	2,217,386	$	1,951,795	$	2,012,023
Operating Expenses		1,637,542		1,485,477		1,448,301
Other Expenses(2)		49,112		33,618		30,366
Operating Income		530,732		432,700		533,356
Income from Equity Method Investments		1,546		916		518
Pre-Tax Income		$	532,278	$	433,616	$	533,874
Identifiable Segment Assets		$	3,186,864	$	2,393,647	$	1,923,783
Investment Management
Net Revenues(1)		$	46,519	$	56,903	$	52,682
Operating Expenses		50,473		48,645		43,940
Other Expenses(2)		345		3,247		21
Operating Income (Loss)		(4,299)		5,011		8,721
Income from Equity Method Investments		12,852		10,080		8,776
Pre-Tax Income		$	8,553	$	15,091	$	17,497
Identifiable Segment Assets		$	184,024	$	204,966	$	201,884
Total
Net Revenues(1)		$	2,263,905	$	2,008,698	$	2,064,705
Operating Expenses		1,688,015		1,534,122		1,492,241
Other Expenses(2)		49,457		36,865		30,387
Operating Income		526,433		437,711		542,077
Income from Equity Method Investments		14,398		10,996		9,294
Pre-Tax Income		$	540,831	$	448,707	$	551,371
Identifiable Segment Assets		$	3,370,888	$	2,598,613	$	2,125,667

(1)Net revenues include Other Revenue, net, allocated to the segments as follows:


	For the Years Ended December 31,
		2020		2019		2018
Investment Banking(A)		$	(19,845)	$	19,023	$	(3,156)
Investment Management(B)		(7,878)		6,292		4,436
Total Other Revenue, net		$	(27,723)	$	25,315	$	1,280

(A)Investment Banking Other Revenue, net, includes interest expense on the Notes Payable, subordinated borrowings and lines of credit of $18,197, $12,917 and $9,201 for the years ended December 31, 2020, 2019 and 2018, respectively. Investment Banking Other Revenue, net, also includes a loss of $21,070 related to the release of cumulative foreign exchange losses resulting from the sale and wind-down of the Company's businesses in Mexico for the year ended December 31, 2020.

(B)Investment Management Other Revenue, net, includes a net loss of $3,441 related to the sale of the Company's ECB businesses and a loss of $6,295 related to the release of cumulative foreign exchange losses resulting from the sale and wind-down of the Company's businesses in Mexico for the year ended December 31, 2020.

(2)Other Expenses are as follows:


	For the Years Ended December 31,
		2020		2019		2018
Investment Banking
Amortization of LP Units and Certain Other Awards		$	1,067	$	18,183	$	15,241


Special Charges, Including Business Realignment Costs		46,600		7,202		5,012

Acquisition and Transition Costs		262		705		—
Fair Value of Contingent Consideration		—		—		1,485
Intangible Asset and Other Amortization		1,183		7,528		8,628
Total Investment Banking		49,112		33,618		30,366
Investment Management


Special Charges, Including Business Realignment Costs		45		2,939		—
Acquisition and Transition Costs		300		308		21

Total Investment Management		345		3,247		21
Total Other Expenses		$	49,457	$	36,865	$	30,387

Revenues Derived from Clients and Private Equity Funds by Geographical Areas

The Company's revenues were derived from clients located and managed in the following geographical areas:


	For the Years Ended December 31,
		2020		2019		2018
Net Revenues:(1)
United States		$	1,767,976	$	1,464,551	$	1,591,883
Europe and Other		497,102		501,425		438,602
Latin America		26,550		17,407		32,940
Total		$	2,291,628	$	1,983,383	$	2,063,425

(1) Excludes Other Revenue, Including Interest and Investments, and Interest Expense.

Assets by Geographic Areas

The Company's total assets are located in the following geographical areas:


	December 31,
	2020		2019
Total Assets:
United States	$	2,862,343	$	2,158,347
Europe and Other	504,977		373,822
Latin America	3,568		66,444
Total	$	3,370,888	$	2,598,613