Revenues and Business Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Revenues and Business Information

14.REVENUES AND BUSINESS INFORMATION

The Company’s activities as an investment banking advisory firm constitute a single business segment offering clients, including corporations, financial sponsors, governments and sovereign wealth funds, a range of advisory services with expertise across all major industries in mergers and acquisitions, recapitalizations and restructurings, capital markets and other corporate finance matters.

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. The following table disaggregates the revenues and assets based on the location of the office that generates the revenues or holds the assets, and therefore may not be reflective of the geography in which our clients are located.

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues:
United States	$	143,613	$	188,998	$	301,663	$	437,324
Europe		25,537		35,909		42,156		81,287
Rest of World		10,721		17,613		23,872		25,997
Total	$	179,871	$	242,520	$	367,691	$	544,608

	June 30,		December 31,
	2023		2022
Assets:
United States	$	879,302	$	994,339
Europe		48,856		92,340
Rest of World		89,768		130,190
Total	$	1,017,926	$	1,216,869

As of June 30, 2023, and December 31, 2022, the Company had deferred revenues of $10,379 and $7,708, respectively. These amounts primarily consist of upfront fees and retainers for our services. During the six months ended June 30, 2023 and 2022, $6,698 and $4,278 of revenues were recognized from the opening balance of deferred revenues, respectively.

Due to the factors that may delay or terminate a transaction (see Note 2), the Company does not estimate constrained transaction fees for revenue recognition. Quantitative disclosures of constrained variable consideration are not provided for remaining, wholly unsatisfied, performance obligations. The remaining performance obligations related to retainers, upfront fees and announcement fees are typically associated with contracts that have durations of one year or less.