Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

The following table presents the financial data for the Company’s segment for the three months ended September 30, 2024 (in millions):


	Three Months Ended September 30, 2024
	Quant & Solutions		Other		Reconciling Adjustments			Total U.S. GAAP(1)
ENI revenue	$	122.2	$	—	$	0.9	(a)	$	123.1

ENI operating expenses	49.9		4.0		9.7		(b)	63.6
Earnings before variable compensation	72.3		(4.0)		(8.8)			59.5
Variable compensation	29.0		0.6		(0.2)		(c)	29.4
ENI operating earnings (after variable comp)	43.3		(4.6)		(8.6)			30.1
Affiliate key employee distributions	3.1		—		—			3.1
Earnings after Affiliate key employee distributions	40.2		(4.6)		(8.6)			27.0
Net interest expense	—		(3.0)		(1.1)		(d)	(4.1)
Net investment income	—		—		5.5		(e)	5.5

Net income attributable to non-controlling interests in consolidated Funds	—		—		(2.1)		(e)	(2.1)
Income tax (expense) benefit	—		(10.4)		1.0		(f)	(9.4)


Economic net income	$	40.2	$	(18.0)	$	(5.3)		$	16.9

The following table presents the financial data for the Company’s segments for the three months ended September 30, 2023 (in millions):


	Three Months Ended September 30, 2023
	Quant & Solutions		Other		Reconciling Adjustments			Total U.S. GAAP(1)
ENI revenue	$	106.5	$	—	$	0.8	(a)	$	107.3

ENI operating expenses	44.0		3.4		(0.3)		(b)	47.1
Earnings before variable compensation	62.5		(3.4)		1.1			60.2
Variable compensation	27.8		0.7		—			28.5
ENI operating earnings (after variable comp)	34.7		(4.1)		1.1			31.7
Affiliate key employee distributions	1.5		—		—			1.5
Earnings after Affiliate key employee distributions	33.2		(4.1)		1.1			30.2
Net interest expense	—		(2.7)		(0.4)		(d)	(3.1)
Net investment income	—		—		0.4		(e)	0.4

Net income attributable to non-controlling interests in consolidated Funds	—		—		(0.2)		(e)	(0.2)
Income tax expense	—		(7.1)		(0.6)		(f)	(7.7)


Economic net income	$	33.2	$	(13.9)	$	0.3		$	19.6

The following table presents the financial data for the Company’s segment for the nine months ended September 30, 2024 (in millions):


	Nine Months Ended September 30, 2024
	Quant & Solutions		Other		Reconciling Adjustments			Total U.S. GAAP(1)
ENI revenue	$	335.8	$	—	$	2.0	(a)	$	337.8

ENI operating expenses	143.3		11.6		21.3		(b)	176.2
Earnings before variable compensation	192.5		(11.6)		(19.3)			161.6
Variable compensation	81.8		1.8		0.1		(c)	83.7
ENI operating earnings (after variable comp)	110.7		(13.4)		(19.4)			77.9
Affiliate key employee distributions	7.4		—		—			7.4
Earnings after Affiliate key employee distributions	103.3		(13.4)		(19.4)			70.5
Net interest expense	—		(9.5)		(2.7)		(d)	(12.2)
Net investment income	—		—		9.0		(e)	9.0

Net income attributable to non-controlling interests in consolidated Funds	—		—		(3.7)		(e)	(3.7)

Income tax (expense) benefit	—		(23.6)		2.5		(f)	(21.1)


Economic net income	$	103.3	$	(46.5)	$	(14.3)		$	42.5

The following table presents the financial data for the Company’s segment for the nine months ended September 30, 2023 (in millions):


	Nine Months Ended September 30, 2023
	Quant & Solutions		Other		Reconciling Adjustments			Total U.S. GAAP(1)
ENI revenue	$	292.6	$	—	$	2.8	(a)	$	295.4

ENI operating expenses	134.9		10.8		1.0		(b)	146.7
Earnings before variable compensation	157.7		(10.8)		1.8			148.7
Variable compensation	72.3		2.1		—			74.4
ENI operating earnings (after variable comp)	85.4		(12.9)		1.8			74.3
Affiliate key employee distributions	3.9		—		—			3.9
Earnings after Affiliate key employee distributions	81.5		(12.9)		1.8			70.4
Net interest expense	—		(9.6)		(1.2)		(d)	(10.8)
Net investment income	—		—		2.0		(e)	2.0

Net income attributable to non-controlling interests in consolidated Funds	—		—		(0.3)		(e)	(0.3)

Income tax expense	—		(15.9)		(2.4)		(f)	(18.3)


Economic net income	$	81.5	$	(38.4)	$	(0.1)		$	43.0

(1)The most directly comparable U.S. GAAP measure of ENI revenue is U.S. GAAP revenue. The most directly comparable U.S. GAAP measure of ENI operating expenses is U.S. GAAP operating expenses, which is comprised of ENI operating expenses, variable compensation, and Affiliate key employee distributions above. The most directly comparable U.S. GAAP measure of earnings after Affiliate key employee distributions is U.S. GAAP operating income. The most directly comparable U.S. GAAP measure of ENI is U.S. GAAP net income attributable to controlling interests.

Reconciling Adjustments:

a.Adjusted to include consolidated Funds revenues which are included in U.S. GAAP revenue.

b.Adjusted to include non-cash expenses for key employee equity and profit interest revaluations, restructuring costs, and consolidated Funds’ operating expenses, each of which are included in U.S. GAAP operating expenses.

c.Adjusted to include restructuring costs which are included in U.S. GAAP compensation expense.

d.Adjusted to include the cost of seed financing and amortization of debt issuance costs, which is included in U.S. GAAP interest expense.

e.Adjusted to include net investment income (loss), and net income attributable to non-controlling interests in consolidated Funds, all of which are included in U.S. GAAP net income attributable to controlling interests.

f.Adjusted to include the impact of deferred tax attributable to the amortization of goodwill and acquired intangibles. Adjusted to include the tax impact of certain ENI adjustments; exclude the tax expense or benefits relating to uncertain tax positions, and exclude the tax impact of other unusual items that are not related to current operating results for ENI purposes.