Revenues from contracts with customers Revenues from contracts with customers (Tables)

6 Months Ended

Jun. 30, 2018

Revenue from Contract with Customer [Abstract]

The following presents the Company's revenue from contracts with customers disaggregated by major business activity and other sources of revenue for the three and six months ended June 30, 2018:



(Expressed in thousands)	For the Three Months Ended June 30, 2018
	Reportable Segments
	Private Client		Asset Management			Capital Markets		Corporate/Other			Total
Revenues from contracts with customers:
Commissions from sales and trading	$	39,093	$	—		$	33,022	$	62		$	72,177
Mutual fund income	10,441		222			5		5			10,673
Advisory fees	59,774		17,485			3		8			77,270
Investment banking - capital markets	3,469		—			16,196		—			19,665
Investment banking - advisory	—		—			8,239		—			8,239
Bank deposit sweep income	28,853		—			—		—			28,853
Other	3,430		3			457		(47		)	3,843
Total revenues from contracts with customers	145,060		17,710			57,922		28			220,720
Other sources of revenue:
Interest	9,514		(4		)	3,263		283			13,056
Principal transactions, net	212		—			6,989		(801		)	6,400
Other	1,767		—			32		581			2,380
Total other sources of revenue	11,493		(4		)	10,284		63			21,836
Total revenue	$	156,553	$	17,706		$	68,206	$	91		$	242,556



(Expressed in thousands)	For the Six Months Ended June 30, 2018
	Reportable Segments
	Private Client		Asset Management		Capital Markets		Corporate/Other			Total
Revenues from contracts with customers:
Commissions from sales and trading	$	79,371	$	—	$	65,019	$	77		$	144,467
Mutual fund income	21,268		505		7		10			21,790
Advisory fees	119,910		34,838		54		16			154,818
Investment banking - capital markets	7,839		—		30,592		—			38,431
Investment banking - advisory	—		—		17,683		—			17,683
Bank deposit sweep income	54,150		—		—		—			54,150
Other	7,705		6		432		(46		)	8,097
Total revenues from contracts with customers	290,243		35,349		113,787		57			439,436
Other sources of revenue:
Interest	18,351		1		6,468		463			25,283
Principal transactions, net	132		—		9,381		(387		)	9,126
Other	1,921		—		99		1,221			3,241
Total other sources of revenue	20,404		1		15,948		1,297			37,650
Total revenue	$	310,647	$	35,350	$	129,735	$	1,354		$	477,086

Contract with Customer, Asset and Liability

Contract Balances

The timing of the Company's revenue recognition may differ from the timing of payment by its customers. The Company records receivables when revenue is recognized prior to payment and it has an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records deferred revenue until the performance obligations are satisfied.

The Company had receivables related to revenue from contracts with customers of $22.3 million and $18.6 million at June 30, 2018 and January 1, 2018, respectively. The Company had no significant impairments related to these receivables during the three and six months ended June 30, 2018.

Deferred revenue primarily relates to IRA fees received annually in advance on customer's IRA accounts managed by the Company where the performance obligation has not yet been satisfied. Total deferred revenue was $2.0 million and $nil at June 30, 2018 and January 1, 2018, respectively.

The following presents the Company's contract assets and deferred revenue balances from contracts with customers, which are included in other assets and other liabilities, respectively, on the condensed consolidated balance sheet:



(Expressed in thousands)
	Ending Balance at June 30, 2018		Opening Balance at January 1, 2018
Contract assets (receivables):
Commission ⁽¹⁾	$	3,059	$	2,007
Mutual fund income ⁽²⁾	7,308		7,779
Advisory fees ⁽³⁾	750		1,460
Bank deposit sweep income ⁽⁴⁾	3,874		3,459
Investment banking fees ⁽⁵⁾	4,683		3,926
Other	2,661		—
Total contract assets	$	22,335	$	18,631
Deferred revenue (payables):
Investment banking fees	$	450	$	—
IRA fees	1,515		—
Total deferred revenue	$	1,965	$	—


(1)	Commission recorded on trade date but not yet settled.


(2)	Mutual fund income earned but not yet received.


(3)	Management and performance fees earned but not yet received.


(4)	Fees earned from FDIC-insured bank deposit program but not yet received.


(5)	Underwriting revenue and advisory fee earned but not yet received.

Contract Costs

The Company incurs incremental transaction-related costs to obtain and/or fulfill contracts associated with investment banking and advisory engagements where the revenue is recognized at a point in time and the costs are determined to be recoverable. As of June 30, 2018, the contract costs were $1.6 million. There were no significant charges recognized in relation to these costs for the six months ended June 30, 2018.