Revenues and Business Information

3 Months Ended

Mar. 31, 2024

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 March 31,
	2024		2023
Revenues:
United States	$	155,718	$	158,050
Europe		32,275		16,619
Rest of World		29,492		13,151
Total	$	217,485	$	187,820

	March 31,		December 31,
	2024		2023
Assets:
United States	$	839,580	$	985,592
Europe		55,635		74,832
Rest of World		117,257		119,335
Total	$	1,012,472	$	1,179,759

As of March 31, 2024, and December 31, 2023, the Company had deferred revenues of $5,729 and $4,649, respectively. These amounts primarily consist of upfront fees and retainers for our services. During the three months ended March 31, 2024 and 2023, $1,919 and $4,397 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.