Note 17 — 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, 2018, 2017 and 2016, respectively. In each of the three years, 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,
	2018		2017			2016
	(in thousands)
Total revenues
North America	$	193,707	$	169,502		$	206,673
Europe	125,149		47,441			110,229
Rest of World	33,129		22,239			18,617
Total	$	351,985	$	239,182		$	335,519
Operating income (loss)
North America	$	16,472	$	19,887		$	48,788
Europe	57,736		(10,541		)	52,659
Rest of World	6,660		(2,446		)	(10,339		)
Total	$	80,868	$	6,900		$	91,108
Total assets
North America	$	198,313	$	426,799		$	266,975
Europe	152,478		48,195			64,467
Rest of World	134,909		135,823			125,240
Total	$	485,700	$	610,817		$	456,682

The Company's revenues are based on the country where the services were derived. For the years ended December 31, 2018, 2017 and 2016, the Company generated 52%, 70%, and 59%, respectively, of its total revenues from the United States and 29%, 15% and 27% 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, 2018, 2017 and 2016, respectfully.

Included in the Company’s total assets are long-lived assets, excluding deferred tax assets and intangible assets, located in the United States of $26.7 million and $36.6 million at December 31, 2018 and 2017, 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, 2018 and 2017.