Business Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Business Information

Business Information

The Company’s activities as an investment banking firm constitutes a single business segment, with two principal sources of revenue:

• Advisory, which includes engagements relating to mergers and acquisitions, financing advisory and restructuring, and private equity and real estate capital advisory services; and

• Investments, which includes the Company's principal investments in certain merchant banking funds, Iridium, other investments and interest income.

The Company has principally earned its revenues from advisory fees earned from clients in large part upon the successful completion of the client’s transaction or restructuring, or fund closing. Advisory revenues represented approximately 100%, 102% and 103% of the Company’s total revenues for the years ended December 31, 2013, 2012 and 2011, respectively.

In 2013, there was one advisory client that accounted for approximately 10% of revenues (advice to Coventry Health Care, Inc. in connection with its sale to Aetna). For the years ended 2012 and 2011, there were no advisory clients that accounted for more than 10% of total revenues. The Company did not have any single gain on an investment that contributed more than 10% to total revenues in 2013, 2012 or 2011.

Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the enterprise taken as whole, not by geographic region. For reporting purposes, the geographic regions are the Americas, Europe, Australia, and Asia, locations in which the Company retains substantially all of its employees.

The following table presents information about the Company by geographic region, after elimination of all significant inter-company accounts and transactions:

	As of or for The Years Ended December 31,
	2013		2012			2011
	(in thousands)
Total revenues
Americas	$	160,082	$	179,204		$	153,812
Europe	84,360		57,606			60,068
Australia	34,868		44,801			70,669
Asia	7,842		3,468			9,444
Total	$	287,152	$	285,079		$	293,993
Income (loss) before taxes
Americas	$	30,264	$	56,837		$	22,812
Europe	34,349		8,447			12,578
Australia	6,270		10,982			33,776
Asia	323		(5,791		)	(496		)
Total	$	71,206	$	70,475		$	68,670
Total assets
Americas	$	144,462	$	166,128		$	192,111
Europe	54,772		40,758			74,689
Australia	149,534		172,406			182,155
Asia	4,678		7,678			11,785
Total	$	353,446	$	386,970		$	460,740