Information Regarding Operations By Segment |
The following information presents each segment's contribution. | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | | Investment Banking & Equities | | | | | | | | | | Net Revenues(1) | $ | 552,641 | | | $ | 560,518 | | | $ | 1,589,698 | | | $ | 1,880,069 | | | | Operating Expenses | 479,429 | | | 433,599 | | | 1,356,853 | | | 1,404,711 | | | | Other Expenses | — | | | — | | | 2,921 | | | 532 | | | | Operating Income | 73,212 | | | 126,919 | | | 229,924 | | | 474,826 | | | | Income from Equity Method Investments | 180 | | | 451 | | | 394 | | | 989 | | | | Pre-Tax Income | $ | 73,392 | | | $ | 127,370 | | | $ | 230,318 | | | $ | 475,815 | | | | Identifiable Segment Assets | $ | 3,068,495 | | | $ | 2,986,364 | | | $ | 3,068,495 | | | $ | 2,986,364 | | | | Investment Management | | | | | | | | | | Net Revenues(1) | $ | 17,579 | | | $ | 16,419 | | | $ | 52,084 | | | $ | 50,639 | | | | Operating Expenses | 13,965 | | | 12,939 | | | 40,562 | | | 39,520 | | | | | | | | | | | | | | Operating Income | 3,614 | | | 3,480 | | | 11,522 | | | 11,119 | | | | Income from Equity Method Investments | 1,484 | | | 1,576 | | | 4,280 | | | 5,824 | | | | Pre-Tax Income | $ | 5,098 | | | $ | 5,056 | | | $ | 15,802 | | | $ | 16,943 | | | | Identifiable Segment Assets | $ | 157,303 | | | $ | 164,905 | | | $ | 157,303 | | | $ | 164,905 | | | | Total | | | | | | | | | | Net Revenues(1) | $ | 570,220 | | | $ | 576,937 | | | $ | 1,641,782 | | | $ | 1,930,708 | | | | Operating Expenses | 493,394 | | | 446,538 | | | 1,397,415 | | | 1,444,231 | | | | Other Expenses | — | | | — | | | 2,921 | | | 532 | | | | Operating Income | 76,826 | | | 130,399 | | | 241,446 | | | 485,945 | | | | Income from Equity Method Investments | 1,664 | | | 2,027 | | | 4,674 | | | 6,813 | | | | Pre-Tax Income | $ | 78,490 | | | $ | 132,426 | | | $ | 246,120 | | | $ | 492,758 | | | | Identifiable Segment Assets | $ | 3,225,798 | | | $ | 3,151,269 | | | $ | 3,225,798 | | | $ | 3,151,269 | | | |
(1)Net Revenues include Other Revenue, net, allocated to the segments as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | For the Three Months Ended September 30, | | For the Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | | Investment Banking & Equities(A) | $ | 5,729 | | | $ | (5,603) | | | $ | 46,472 | | | $ | (40,066) | | | | Investment Management | 275 | | | 778 | | | 2,247 | | | 1,915 | | | | Total Other Revenue, net | $ | 6,004 | | | $ | (4,825) | | | $ | 48,719 | | | $ | (38,151) | | | |
(A)Other Revenue, net, from the Investment Banking & Equities segment includes interest expense on the Notes Payable and lines of credit of $4,184 and $12,536 for the three and nine months ended September 30, 2023, respectively, and $4,188 and $12,696 for the three and nine months ended September 30, 2022, respectively.
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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 Three Months Ended September 30, | | For the Nine Months Ended September 30, | | 2023 | | 2022 | | 2023 | | 2022 | | | Net Revenues:(1) | | | | | | | | | | United States | $ | 417,553 | | | $ | 374,571 | | | $ | 1,156,979 | | | $ | 1,408,491 | | | | Europe and Other | 145,065 | | | 206,893 | | | 425,137 | | | 553,926 | | | | Latin America | 1,598 | | | 298 | | | 10,947 | | | 6,442 | | | | Total | $ | 564,216 | | | $ | 581,762 | | | $ | 1,593,063 | | | $ | 1,968,859 | | | |
(1)Excludes Other Revenue, Including Interest and Investments, and Interest Expense.
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