Segment Reporting

9 Months Ended

Sep. 30, 2018

Segment Reporting [Abstract]

Segment Reporting

23. Segment Reporting

The Company operates as an ETP sponsor and asset manager providing investment advisory services globally. These activities are reported in the Company’s U.S. Business and International Business reportable segments. The International Business reportable segment includes the results of the Company’s European operations and Canadian operations.

Information concerning these reportable segments are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
U.S. Business Segment
Operating revenues
Advisory fees	$	50,216		$	54,749		$	158,665		$	159,417
Other income		173			140			482			371
Total operating revenues	$	50,389		$	54,889		$	159,147		$	159,788
Total operating expenses	$	(33,774	)	$	(36,846	)	$	(115,442	)	$	(107,023	)
Other income/(expenses)
Interest expense	$	(196	)	$	—		$	(369	)	$	—
Interest income		719			772			2,293			1,999
Settlement gain		—			—			—			6,909
Other gains and losses, net		318			(322	)		26			39
Total other income	$	841		$	450		$	1,950		$	8,947
Total income before taxes (U.S. Business Segment)	$	17,456		$	18,493		$	45,655		$	61,712
International Business Segment (1)
Operating revenues
Advisory fees	$	21,463		$	2,544		$	45,248		$	6,760
Other income		718			281			1,854			774
Total operating revenues	$	22,181		$	2,825		$	47,102		$	7,534
Total operating expenses	$	(17,088	)	$	(5,644	)	$	(41,347	)	$	(16,447	)
Other income/(expenses)
Interest expense	$	(2,551	)	$	—		$	(4,734	)	$	—
Interest income		—			—			—			—
Gain on revaluation of deferred consideration		7,732			—			17,630			—
Other gains and losses, net		(200	)		(178	)		(670	)		(256	)
Total other income/(expenses)	$	4,981		$	(178	)	$	12,226		$	(256	)
Total income/(loss) before taxes (International Business Segment)	$	10,074		$	(2,997	)	$	17,981		$	(9,169	)
Income/(loss) before taxes
U.S. Business segment	$	17,456		$	18,493		$	45,655		$	61,712
International Business segment		10,074			(2,997	)		17,981			(9,169	)
Total income before taxes	$	27,530		$	15,496		$	63,636		$	52,543

Assets are not reported by segment as such information is not utilized by the chief operating decision maker.

(1) The financial results of ETFS are included in the International Business reportable segment as of April 11, 2018.