Segment and Geographic Information

9 Months Ended

Sep. 30, 2024

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, post-trade services and technology 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, 2024 and 2023, the U.K. was the only individual foreign country in which the Company had operations that accounted for 10.0% or more of the Company’s 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, 2024 and 2023, and long-lived assets as of September 30, 2024 and December 31, 2023 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(In thousands)
Revenues
Americas	$	165,009	$	136,398	$	488,380	$	439,970
Europe		35,889		31,401		109,480		101,655
Asia		5,817		4,485		16,833		13,674
Total	$	206,715	$	172,284	$	614,693	$	555,299

	As of
	September 30, 2024			December 31, 2023
		(In thousands)
Long-lived assets, as defined
Americas	$		93,742	$	87,513
Europe			15,493		14,717
Asia			247		441
Total	$		109,482	$	102,671