Note 18 — Business Information

The Company's activities as an investment banking firm constitute a single business segment, with substantially all revenues generated from advisory services, which includes engagements relating to mergers and acquisitions, financing advisory and restructuring, and capital advisory services. The Company generally generates less than 1% of its revenues from investment revenues, consisting of interest income and gains and losses on its remaining principal investments in merchant banking funds.

The Company principally earns its revenues from advisory fees upon the successful completion of the client’s transaction or restructuring, or fund closing. Advisory revenues represented substantially all of the Company’s total revenues for the years ended December 31, 2017, 2016 and 2015, respectively. In 2017 and 2016, there were no advisory clients that accounted for more than 10% of total revenues.

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 North America, Europe, and the rest of the world, which are the locations where 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,
	2017			2016			2015
	(in thousands)
Total revenues
North America	$	169,502		$	206,673		$	172,582
Europe	47,441			110,229			63,875
Rest of World	22,239			18,617			25,103
Total	$	239,182		$	335,519		$	261,560
Income (loss) before taxes
North America	$	15,315		$	48,927		$	40,895
Europe	(10,547		)	52,650			9,577
Rest of World	(5,066		)	(13,696		)	(7,177		)
Total	$	(298	)	$	87,881		$	43,295
Total assets
North America	$	426,799		$	266,975		$	261,077
Europe	48,195			64,467			38,409
Rest of World	135,823			125,240			123,658
Total	$	610,817		$	456,682		$	423,144

The Company's revenues are based on the country where the services were derived. For the years ended December 31, 2017, 2016 and 2015, the Company generated 70%, 59%, and 66%, respectively, of its total revenues from the United States and 15%, 27% and 20% respectively, of its total revenues from the United Kingdom. No other country had revenues which individually represented more than 10% of the Company's total revenues during the years ended December 31, 2017, 2016 and 2015, respectfully.

Included in the Company's total assets it had long-lived assets, excluding deferred tax assets and intangible assets, located in the United States of $36.6 million and $34.8 million at December 31, 2017 and 2016, respectively. No other country had long- lived assets, which individually represented more than 10% of the Company's total long-lived assets at December 31, 2017 and 2016.