Revenue from Contracts with Customers

9 Months Ended

Sep. 30, 2018

Revenue from Contract with Customer [Abstract]

The Company’s revenue from contracts with customers includes transaction fees, investor fees related to investment funds and SMAs, and referral fees. Management fees related to investment funds and SMAs are presented as a component of “Investor fees” and referral fees are presented as a component of “Other revenue” in the Condensed Consolidated Statements of Operations.

The following tables present the Company’s revenue from contracts with customers, disaggregated by revenue source for the third quarter and first nine months of 2018:



	Three Months Ended September 30, 2018		Timing of Revenue Recognition
			Services Transferred at a Point of Time		Services Transferred Over Time
			Services Transferred at a Point of Time		Services Transferred Over Time
Transaction fees	$	137,781	$	—	$	137,781
Investor fees - Funds and SMAs	26		—		26
Referral fees	1,065		—		1,065
Total Revenue from Contracts with Customers	$	138,872	$	—	$	138,872



	Nine Months Ended September 30, 2018		Timing of Revenue Recognition
			Services Transferred at a Point of Time		Services Transferred Over Time
			Services Transferred at a Point of Time		Services Transferred Over Time
Transaction fees	$	384,889	$	—	$	384,889
Investor fees - Funds and SMAs	104		—		104
Referral fees	2,815		—		2,815
Total Revenue from Contracts with Customers	$	387,808	$	—	$	387,808

Revenues are recognized when control of the promised services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. For additional detail on the Company’s accounting policy regarding revenue recognition, see “Note 2. Summary of Significant Accounting Policies” above.

The Company recognizes transaction fees at the time it receives such fees, therefore, no accounts receivable is recorded for transaction fees. Management fees and referral fees are received after the Company satisfies its performance obligation. As of September 30, 2018, accounts receivable from these fees were $0.6 million. The Company had no bad debt expense for the third quarter and first nine months of 2018. The Company had no contract assets, contract liabilities, or deferred contract costs recorded as of September 30, 2018. Additionally, the Company did not recognize any revenue from performance obligations related to prior periods (for example, due to changes in transaction price) for the third quarter and first nine months of 2018.