Revenues from Contracts with Customers

3 Months Ended

Feb. 28, 2025

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers

Note 14. Revenues from Contracts with Customers

	Three Months Ended
$ in thousands	February 28, 2025	February 29, 2024
Revenues from contracts with customers:
Investment banking .....................................................	$725,661	$679,065
Commissions and other fees ....................................	287,965	245,543
Asset management fees .............................................	45,808	29,361
Real estate revenues ...................................................	11,081	3,149
Internet connection and broadband revenues (1) ...	57,804	63,616
Other contracts with customers ................................	16,107	14,099
Total revenue from contracts with customers .......	1,144,426	1,034,833
Other sources of revenue:
Principal transactions ..................................................	407,230	640,736
Revenues from strategic affiliates ............................	43,449	21,011
Interest ...........................................................................	845,171	819,489
Other (1) .........................................................................	32,588	35,873
Total revenues .............................................................	$2,472,864	$2,551,942

(1)There was an immaterial correction associated with classification of certain

revenue as revenue from contracts with customers, which resulted in a

$63.6 million decrease in other revenue and a $63.6 million increase in

internet connection and broadband revenues for the three months ended

February 29, 2024.

Disaggregation of Revenue

	Three Months Ended February 28, 2025
$ in thousands	Investment Banking and Capital Markets	Asset Management	Total
Major business activity:
Investment banking - Advisory ................	$397,780	$—	$397,780
Investment banking - Underwriting .........	327,881	—	327,881
Equities (1) .................................................	286,050	—	286,050
Fixed income (1) ........................................	1,915	—	1,915
Asset management ...................................	—	45,808	45,808
Other investments .....................................	—	84,992	84,992
Total ............................................................	$1,013,626	$130,800	$1,144,426
Primary geographic region:
Americas .....................................................	$748,675	$71,070	$819,745
Europe and the Middle East .....................	173,121	58,794	231,915
Asia-Pacific ................................................	91,830	936	92,766
Total ............................................................	$1,013,626	$130,800	$1,144,426

	Three Months Ended February 29, 2024
$ in thousands	Investment Banking and Capital Markets	Asset Management	Total
Major business activity:
Investment banking - Advisory ................	$338,568	$—	$338,568
Investment banking - Underwriting .........	340,497	—	340,497
Equities (1) .................................................	242,576	—	242,576
Fixed income (1) ........................................	2,430	—	2,430
Asset management ...................................	—	29,361	29,361
Other investments (2) ...............................	—	81,401	81,401
Total ............................................................	$924,071	$110,762	$1,034,833
Primary geographic region:
Americas .....................................................	$730,377	$45,199	$775,576
Europe and the Middle East (2) ...............	126,002	64,722	190,724
Asia-Pacific ................................................	67,692	841	68,533
Total ............................................................	$924,071	$110,762	$1,034,833

(1)Revenues from contracts with customers associated with the equities and

fixed income businesses primarily represent commissions and other fee

revenue.

(2)There was an immaterial correction associated with classification of certain

revenue as revenue from contracts with customers, which resulted in a

$63.6 million increase in Other investments within major business activities

and a $63.6 million increase in Europe and the Middle East under primary

geographic regions for the three months ended February 29, 2024.

Information on Remaining Performance Obligations and Revenue

Recognized from Past Performance

We do not disclose information about remaining performance

obligations pertaining to contracts that have an original expected

duration of one year or less. The transaction price allocated to

remaining unsatisfied or partially unsatisfied performance

obligations with an original expected duration exceeding one year

was not material at February 28, 2025. Investment banking

advisory fees that are contingent upon completion of a specific

milestone and fees associated with certain distribution services

are also excluded as the fees are considered variable and not

included in the transaction price.

During the three months ended February 28, 2025, we recognized

$58.2 million, compared with $19.2 million during the three

months ended February 29, 2024, of revenue related to

performance obligations satisfied (or partially satisfied) in

previous periods, mainly due to resolving uncertainties in variable

consideration that was constrained in prior periods. In addition,

three months ended February 28, 2025, we recognized $7.7

million compared with $6.3 million during the three months

ended February 29, 2024, of revenues primarily associated with

distribution services, a portion of which relates to prior periods.

Contract Balances

The timing of our revenue recognition may differ from the timing

of payment by our customers. We record a receivable when

revenue is recognized prior to payment and we have an

unconditional right to payment. Alternatively, when payment

precedes the provision of the related services, we record deferred

revenue until the performance obligations are satisfied.

Our deferred revenue primarily relates to retainer and milestone

fees received in investment banking advisory engagements

where the performance obligation has not yet been satisfied.

Deferred revenue at February 28, 2025 and November 30, 2024

was $81.0 million and $79.1 million, respectively, which is

recorded in Accrued expenses and other liabilities. During the

three months ended February 28, 2025 and February 29, 2024, we

recognized revenues of $27.4 million and $23.8 million

respectively, that were recorded as deferred revenue at the

beginning of the year.

We had receivables related to revenues from contracts with

customers of $296.2 million and $275.9 million at February 28,

2025 and November 30, 2024, respectively.

Contract Costs

We capitalize costs to fulfill contracts associated with

investment banking advisory engagements where the revenue is

recognized at a point in time and the costs are determined to be

recoverable. Capitalized costs to fulfill a contract are recognized

at the point in time that the related revenue is recognized.

At February 28, 2025 and November 30, 2024, capitalized costs

to fulfill a contract were $6.5 million and $5.8 million,

respectively, which are recorded in Receivables – Fees, interest

and other. During the three months ended February 28, 2025, we

recognized expenses of $0.9 million, compared with $1.0 million

during the three months ended February 29, 2024, related to

costs to fulfill a contract that were capitalized as of the beginning

of the period. There were no significant impairment charges

recognized in relation to these capitalized costs during the three

months ended February 28, 2025 and February 29, 2024.