Information Regarding Operations By Segment |
The following information presents each segment's contribution. | | | | | | | | | | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | | | | 2023 | | 2022 | | 2021 | Investment Banking & Equities | | | | | | | | | | Net Revenues(1) | | | | | $ | 2,355,943 | | | $ | 2,696,125 | | | $ | 3,223,889 | | Operating Expenses | | | | | 2,010,757 | | | 2,009,913 | | | 2,125,871 | | Other Expenses(2) | | | | | 2,921 | | | 3,126 | | | 7 | | Operating Income | | | | | 342,265 | | | 683,086 | | | 1,098,011 | | Income from Equity Method Investments | | | | | 620 | | | 1,217 | | | 1,337 | | Pre-Tax Income | | | | | $ | 342,885 | | | $ | 684,303 | | | $ | 1,099,348 | | Identifiable Segment Assets | | | | | $ | 3,541,886 | | | $ | 3,446,075 | | | $ | 3,605,332 | | Investment Management | | | | | | | | | | Net Revenues(1) | | | | | $ | 70,006 | | | $ | 65,923 | | | $ | 65,610 | | Operating Expenses | | | | | 53,136 | | | 52,967 | | | 52,629 | | Other Expenses(2) | | | | | — | | | — | | | 8,554 | | Operating Income | | | | | 16,870 | | | 12,956 | | | 4,427 | | Income from Equity Method Investments | | | | | 6,035 | | | 6,782 | | | 12,824 | | Pre-Tax Income | | | | | $ | 22,905 | | | $ | 19,738 | | | $ | 17,251 | | Identifiable Segment Assets | | | | | $ | 161,412 | | | $ | 174,848 | | | $ | 197,325 | | Total | | | | | | | | | | Net Revenues(1) | | | | | $ | 2,425,949 | | | $ | 2,762,048 | | | $ | 3,289,499 | | Operating Expenses | | | | | 2,063,893 | | | 2,062,880 | | | 2,178,500 | | Other Expenses(2) | | | | | 2,921 | | | 3,126 | | | 8,561 | | Operating Income | | | | | 359,135 | | | 696,042 | | | 1,102,438 | | Income from Equity Method Investments | | | | | 6,655 | | | 7,999 | | | 14,161 | | Pre-Tax Income | | | | | $ | 365,790 | | | $ | 704,041 | | | $ | 1,116,599 | | Identifiable Segment Assets | | | | | $ | 3,703,298 | | | $ | 3,620,923 | | | $ | 3,802,657 | |
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows: | | | | | | | | | | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | | | | 2023 | | 2022 | | 2021 | Investment Banking & Equities(A) | | | | | $ | 78,281 | | | $ | (25,668) | | | $ | 19,370 | | Investment Management | | | | | 2,965 | | | 1,440 | | | (174) | | Total Other Revenue, net | | | | | $ | 81,246 | | | $ | (24,228) | | | $ | 19,196 | |
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $16,717, $16,850 and $17,586 for the years ended December 31, 2023, 2022 and 2021, respectively. (2)Other Expenses are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | | | | 2023 | | 2022 | | 2021 | Investment Banking & Equities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Special Charges, Including Business Realignment Costs | | | | | $ | 2,921 | | | $ | 3,126 | | | $ | — | | | | | | | | | | | | Acquisition and Transition Costs | | | | | — | | | — | | | 7 | | | | | | | | | | | | | | | | | | | | | | Total Investment Banking & Equities | | | | | 2,921 | | | 3,126 | | | 7 | | Investment Management | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Special Charges, Including Business Realignment Costs | | | | | — | | | — | | | 8,554 | | | | | | | | | | | | | | | | | | | | | | Total Investment Management | | | | | — | | | — | | | 8,554 | | Total Other Expenses | | | | | $ | 2,921 | | | $ | 3,126 | | | $ | 8,561 | |
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Revenues Derived from Clients by Geographical Areas |
The Company's revenues were derived from clients located and managed in the following geographical areas: | | | | | | | | | | | | | | | | | | | | | | | | | For the Years Ended December 31, | | | | | | 2023 | | 2022 | | 2021 | Net Revenues:(1) | | | | | | | | | | United States | | | | | $ | 1,719,337 | | | $ | 1,989,387 | | | $ | 2,553,806 | | Europe and Other | | | | | 609,723 | | | 787,658 | | | 710,660 | | Latin America | | | | | 15,643 | | | 9,231 | | | 5,837 | | Total | | | | | $ | 2,344,703 | | | $ | 2,786,276 | | | $ | 3,270,303 | |
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
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