Revenue

The following table presents revenue recognized by the Company for the three and six months ended June 30, 2018:



	For the Three Months Ended June 30, 2018		For the Six Months Ended June 30, 2018
	For the Three Months Ended June 30, 2018		For the Six Months Ended June 30, 2018
Investment Banking:
Advisory Fees	$	362,995	$	741,310
Underwriting Fees	21,065		51,344
Commissions and Related Fees	51,076		94,110
Total Investment Banking	$	435,136	$	886,764

Investment Management:
Asset Management and Administration Fees:
Wealth Management	$	11,297	$	22,266
Institutional Asset Management	873		1,659
Total Investment Management	$	12,170	$	23,925

Following the adoption of ASU 2014-09, expenses related to underwriting transactions are presented gross in the results of operations of the Company, whereas under legacy U.S. GAAP these expenses were presented net. Underwriting Fees are gross of related non-compensation expenses of $1,677 and $3,797 in the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2018, respectively. Professional Fees, Travel and Related Expenses, Communications and Information Services and Other Operating Expenses in the Unaudited Condensed Consolidated Statements of Operations are gross of non-compensation expenses of $838, $168, $168 and $503, respectively, for the three months ended June 30, 2018 and $1,923, $375, $375 and $1,124, respectively, for the six months ended June 30, 2018.

Contract Balances

The change in the Company’s contract assets and liabilities during the period primarily reflects timing differences between the Company’s performance and the client’s payment. The Company’s receivables and deferred revenue (contract liabilities) for the six months ended June 30, 2018 are as follows:



	Receivables (Current)⁽¹⁾		Receivables (Long-term)⁽²⁾		Deferred Revenue (Contract Liabilities)⁽³⁾		Deferred Revenue (Long-term Contract Liabilities)⁽⁴⁾
Balance at January 1, 2018	$	184,993	$	34,008	$	3,147	$	1,834
Increase (Decrease)	89,004		17,610		3,234		(103		)
Balance at June 30, 2018	$	273,997	$	51,618	$	6,381	$	1,731


(1)	Included in Accounts Receivable on the Unaudited Condensed Consolidated Statements of Financial Condition.


(2)	Included in Other Assets on the Unaudited Condensed Consolidated Statements of Financial Condition.


(3)	Included in Other Current Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.


(4)	Included in Other Long-term Liabilities on the Unaudited Condensed Consolidated Statements of Financial Condition.

The Company recognized revenue of $2,402 and $5,244 on the Unaudited Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2018, respectively, that was previously included in deferred revenue on the Company’s Unaudited Condensed Consolidated Statements of Financial Condition.

Generally, performance obligations under client arrangements will be settled within one year; therefore, the Company has elected to apply the practical expedient in ASC 606-10-50-14.