XML 75 R48.htm IDEA: XBRL DOCUMENT

Segment Operating Results (Tables)

12 Months Ended

Dec. 31, 2021

Information Regarding Operations By Segment

The following information presents each segment's contribution.


	For the Years Ended December 31,
		2021		2020		2019
Investment Banking
Net Revenues(1)		$	3,223,889	$	2,217,386	$	1,951,795
Operating Expenses		2,125,871		1,637,542		1,485,477
Other Expenses(2)		7		49,112		33,618
Operating Income		1,098,011		530,732		432,700
Income from Equity Method Investments		1,337		1,546		916
Pre-Tax Income		$	1,099,348	$	532,278	$	433,616
Identifiable Segment Assets		$	3,605,332	$	3,186,864	$	2,393,647
Investment Management
Net Revenues(1)		$	65,610	$	46,519	$	56,903
Operating Expenses		52,629		50,473		48,645
Other Expenses(2)		8,554		345		3,247
Operating Income (Loss)		4,427		(4,299)		5,011
Income from Equity Method Investments		12,824		12,852		10,080
Pre-Tax Income		$	17,251	$	8,553	$	15,091
Identifiable Segment Assets		$	197,325	$	184,024	$	204,966
Total
Net Revenues(1)		$	3,289,499	$	2,263,905	$	2,008,698
Operating Expenses		2,178,500		1,688,015		1,534,122
Other Expenses(2)		8,561		49,457		36,865
Operating Income		1,102,438		526,433		437,711
Income from Equity Method Investments		14,161		14,398		10,996
Pre-Tax Income		$	1,116,599	$	540,831	$	448,707
Identifiable Segment Assets		$	3,802,657	$	3,370,888	$	2,598,613

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


	For the Years Ended December 31,
		2021		2020		2019
Investment Banking(A)		$	19,370	$	(20,770)	$	18,431
Investment Management(B)		(174)		(7,878)		6,292
Total Other Revenue, net		$	19,196	$	(28,648)	$	24,723

(A)Other Revenue, net, from Investment Banking includes interest expense on the Notes Payable and lines of credit of $17,586, $18,197 and $12,917 for the years ended December 31, 2021, 2020 and 2019, respectively. 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)Other Revenue, net, from Investment Management 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,
		2021		2020		2019
Investment Banking
Amortization of LP Units and Certain Other Awards		$	—	$	1,067	$	18,183


Special Charges, Including Business Realignment Costs		—		46,600		7,202

Acquisition and Transition Costs		7		262		705

Intangible Asset and Other Amortization		—		1,183		7,528
Total Investment Banking		7		49,112		33,618
Investment Management


Special Charges, Including Business Realignment Costs		8,554		45		2,939
Acquisition and Transition Costs		—		300		308

Total Investment Management		8,554		345		3,247
Total Other Expenses		$	8,561	$	49,457	$	36,865

Revenues Derived from Clients 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,
		2021		2020		2019
Net Revenues:(1)
United States		$	2,553,806	$	1,768,901	$	1,465,143
Europe and Other		710,660		497,102		501,425
Latin America		5,837		26,550		17,407
Total		$	3,270,303	$	2,292,553	$	1,983,975

(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,
	2021		2020
Total Assets:
United States	$	3,199,435	$	2,862,343
Europe and Other	603,222		508,545

Total	$	3,802,657	$	3,370,888