Revenue and Accounts Receivable

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue and Accounts Receivable

Revenue and Accounts Receivable

The following table presents revenue recognized by the Company for the years ended December 31, 2023, 2022 and 2021:

	For the Years Ended December 31,
	2023		2022		2021
Investment Banking & Equities:
Advisory Fees	$	1,963,857	$	2,392,990	$	2,751,992
Underwriting Fees	111,016		122,596		246,705
Commissions and Related Revenue	202,789		206,207		205,822
Total Investment Banking & Equities	$	2,277,662	$	2,721,793	$	3,204,519
Investment Management:
Asset Management and Administration Fees:
Wealth Management	$	67,041	$	64,483	$	65,784
Total Investment Management	$	67,041	$	64,483	$	65,784

Contract Balances

The change in the Company’s contract assets and liabilities during the following periods primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables, contract assets and deferred revenue (contract liabilities) for the years ended December 31, 2023 and 2022 are as follows:

	For the Year Ended December 31, 2023
	Receivables (Current)(1)		Receivables (Long-term)(2)		Contract Assets (Current)(3)		Contract Assets (Long-term)(2)		Deferred Revenue (Current Contract Liabilities)(4)		Deferred Revenue (Long-term Contract Liabilities)(5)
Balance at January 1, 2023	$	385,131	$	64,139	$	110,468	$	8,028	$	5,071	$	—
Increase (Decrease)	(13,525)		29,550		(25,067)		(2,183)		(1,547)		—
Balance at December 31, 2023	$	371,606	$	93,689	$	85,401	$	5,845	$	3,524	$	—
	For the Year Ended December 31, 2022
	Receivables (Current)(1)		Receivables (Long-term)(2)		Contract Assets (Current)(3)		Contract Assets (Long-term)(2)		Deferred Revenue (Current Contract Liabilities)(4)		Deferred Revenue (Long-term Contract Liabilities)(5)
Balance at January 1, 2022	$	351,668	$	87,764	$	14,092	$	12,945	$	9,257	$	147
Increase (Decrease)	33,463		(23,625)		96,376		(4,917)		(4,186)		(147)
Balance at December 31, 2022	$	385,131	$	64,139	$	110,468	$	8,028	$	5,071	$	—

(1)Included in Accounts Receivable on the Consolidated Statements of Financial Condition.

(2)Included in Other Assets on the Consolidated Statements of Financial Condition.

(3)Included in Other Current Assets on the Consolidated Statements of Financial Condition.

(4)Included in Other Current Liabilities on the Consolidated Statements of Financial Condition.

(5)Included in Other Long-term Liabilities on the Consolidated Statements of Financial Condition.

The Company's contract assets represent arrangements in which an estimate of variable consideration has been included in the transaction price and thereby recognized as revenue that precedes the contractual due date. Under ASC 606, revenue is recognized when all material conditions for completion have been met and it is probable that a significant revenue reversal will not occur in a future period.

The Company recognized revenue of $29,587, $44,579 and $28,657 on the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021, respectively, that was initially included in deferred revenue within Other Current Liabilities on the Company’s Consolidated Statements of Financial Condition.

Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.

The allowance for credit losses for the years ended December 31, 2023 and 2022 is as follows:

	For the Years Ended December 31,
	2023		2022
Beginning Balance	$	4,683	$	2,704
Bad debt expense, net of reversals	5,559		5,513
Write-offs, foreign currency translation and other adjustments	(4,639)		(3,534)
Ending Balance	$	5,603	$	4,683

The increase in the balance during the year ended December 31, 2023 is primarily related to an increase in the Company's reserve for credit losses, partially offset by the write-off of aged receivables.

For long-term accounts receivable and long-term contract assets, the Company monitors clients’ creditworthiness based on collection experience and other internal metrics. The following table presents the Company’s long-term accounts receivable and long-term contract assets from the Company's private and secondary fund advisory businesses as of December 31, 2023, by year of origination:

	Amortized Carrying Value by Origination Year
	2023		2022		2021		2020		2019		Total
Long-term Accounts Receivable and Long-term Contract Assets	$	59,665	$	28,443	$	9,089	$	1,769	$	568	$	99,534