SEGMENT AND GEOGRAPHICAL INFORMATION

12 Months Ended

Mar. 31, 2020

Company’s reportable segments are described in Note 1 and each are individually managed and provide separate services which require specialized expertise for the provision of those services. Revenues by segment represent fees earned on the various services offered within each segment. Segment profit consists of segment revenues, less (1) direct expenses including compensation, travel, meals and entertainment, professional fees, and bad debt and (2) expenses allocated by headcount such as communications, rent, depreciation and amortization, and office expense. The corporate expense category includes costs not allocated to individual segments, including charges related to incentive compensation and share-based payments to corporate employees, as well as expenses of senior management and corporate departmental functions managed on a worldwide basis, including office of the executives, accounting, human capital, marketing, information technology, and compliance and legal. The following tables present information about revenues, profit and assets by segment and geography.



	Year Ended March 31,
(In thousands)	2020			2019			2018
Revenues by segment:
Corporate Finance	$	646,788		$	607,333		$	528,643
Financial Restructuring	352,517			317,774			294,142
Financial and Valuation Advisory	160,063			159,278			140,579
Revenues	$	1,159,368		$	1,084,385		$	963,364
Segment profit ⁽¹⁾
Corporate Finance	$	179,660		$	193,603		$	177,575
Financial Restructuring	107,714			83,607			73,691
Financial and Valuation Advisory	35,172			28,776			26,334
Total segment profit	322,546			305,986			277,600
Corporate expenses ⁽²⁾	92,945			86,889			63,187
Other (income)/expense, net	(6,046		)	(5,223		)	(3,423		)
Income before provision for income taxes	$	235,647		$	224,320		$	217,836


(1)	We adjust the compensation expense for a business segment in situations where an employee residing in one business segment is performing work in another business segment where the revenues are accrued. Segment profit may vary significantly between periods depending on the levels of collaboration among the different segments.


(2)	Corporate expenses represent expenses that are not allocated to individual business segments such as office of the executives, accounting, information technology, compliance, legal, marketing, and human capital.



	As of March 31,
(In thousands)	2020		2019		2018
Assets by segment
Corporate Finance	$	403,147	$	403,928	$	338,772
Financial Restructuring	186,418		184,364		185,486
Financial and Valuation Advisory	127,440		127,744		127,056
Total segment assets	717,005		716,036		651,314
Corporate assets	959,998		709,876		772,567
Total assets	$	1,677,003	$	1,425,912	$	1,423,881



	Year Ended March 31,
(In thousands)	2020		2019		2018
Income before provision for income taxes by geography
United States	$	184,883	$	176,850	$	185,380
International	50,764		47,470		32,456
Income before provision for income taxes	$	235,647	$	224,320	$	217,836



	Year Ended March 31,
(In thousands)	2020		2019		2018
Revenues by geography:
United States	$	975,075	$	878,840	$	830,079
International	184,293		205,545		133,285
Revenues	$	1,159,368	$	1,084,385	$	963,364



	As of March 31,
(In thousands)	2020		2019		2018
Assets by geography
United States	$	1,135,871	$	1,021,975	$	957,897
International	541,132		403,937		465,984
Total assets	$	1,677,003	$	1,425,912	$	1,423,881