Segment and Geographic Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment and Geographic Information

15. Segment and Geographic Information

The Company operates electronic platforms for the trading of fixed-income securities and provides related data, analytics, compliance tools and post-trade services. The Company considers its operations to constitute a single business segment because of the highly integrated nature of these products and services, the financial markets in which the Company competes and the Company’s worldwide business activities. The Company believes that results by geographic region or client sector are not necessarily meaningful in understanding its business.

For the nine months ended September 30, 2023 and 2022, the U.K. was the only individual foreign country in which the Company had a subsidiary that accounted for 10.0% or more of the total revenues or total long-lived assets. Revenues and long-lived assets are attributed to a geographic area based on the location of the particular subsidiary. Long-lived assets are defined as furniture, equipment, leasehold improvements and capitalized software. Revenues for the three and nine months ended September 30, 2023 and 2022 and long-lived assets as of September 30, 2023 and December 31, 2022 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
	(In thousands)
Revenues
Americas	$	136,398	$	140,020	$	439,970	$	439,939
Europe		31,401		28,124		101,655		86,660
Asia		4,485		3,968		13,674		13,799
Total	$	172,284	$	172,112	$	555,299	$	540,398

	As of
	September 30, 2023		December 31, 2022
	(In thousands)
Long-lived assets, as defined
Americas	$	86,006	$	82,008
Europe		15,187		17,723
Asia		461		525
Total	$	101,654	$	100,256