Business Information

12 Months Ended

Dec. 31, 2014

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 real estate and private equity 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 102%, 100% and 102% of the Company’s total revenues for the years ended December 31, 2014, 2013 and 2012, respectively.

In 2014 and 2012, there were no advisory clients that accounted for more than 10% of total revenues. 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). The Company did not have any single gain on an investment that contributed more than 10% to total revenues in 2014, 2013 or 2012.

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,
	2014			2013		2012
	(in thousands)
Total revenues
Americas	$	160,633		$	160,082	$	179,204
Europe	83,369			84,360		57,606
Australia	26,149			34,868		44,801
Asia	5,083			7,842		3,468
Total	$	275,234		$	287,152	$	285,079
Income (loss) before taxes
Americas	$	32,642		$	32,741	$	56,862
Europe	26,818			31,872		8,422
Australia	9,752			6,270		10,982
Asia	(1,742		)	323		(5,791		)
Total	$	67,470		$	71,206	$	70,475
Total assets
Americas	$	168,853		$	144,462	$	166,128
Europe	33,460			54,772		40,758
Australia	128,861			149,534		172,406
Asia	6,476			4,678		7,678
Total	$	337,650		$	353,446	$	386,970