Business Information

12 Months Ended

Dec. 31, 2019

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 principally earns its revenues from advisory fees upon the successful completion of the client’s transaction or restructuring. In 2019, there was one client that accounted for approximately 11% of total revenues (advice to Total System Services, Inc. (TSYS) on its merger with Global Payments Inc.). For the years ended December 31, 2018 and 2017, there were no 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,
	2019		2018		2017
	(in thousands)
Revenues
North America	$	212,916	$	193,707	$	169,502
Europe	46,827		125,149		47,441
Rest of World	41,269		33,129		22,239
Total	$	301,012	$	351,985	$	239,182
Operating income (loss)
North America	$	38,116	$	16,472	$	19,887
Europe	(9,964)		57,736		(10,541)
Rest of World	17,691		6,660		(2,446)
Total	$	45,843	$	80,868	$	6,900
Total assets
North America	$	196,603	$	198,313	$	426,799
Europe	129,725		152,478		48,195
Rest of World	168,047		134,909		135,823
Total	$	494,375	$	485,700	$	610,817

The Company's revenues are based on the country where the services were derived. For the years ended December 31, 2019, 2018 and 2017, the Company generated 67%, 52%, and 70%, respectively, of its total revenues from the United States and 12%, 29% and 15% 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, 2019, 2018 and 2017, respectively.

Included in the Company’s total assets are long-lived assets, excluding deferred tax assets and intangible assets, located in the United States of $22.8 million and $26.7 million at December 31, 2019 and 2018, 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, 2019 and 2018.