Revenues and Business Information

6 Months Ended

Jun. 30, 2018

15. REVENUES AND BUSINESS INFORMATION

The Company’s activities as an investment banking advisory firm constitute a single business segment offering clients, including corporations, governments and financial sponsors, 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. No client accounted for more than 10% of revenues in either of the three or six month periods ended June 30, 2018, and 2017.

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Revenues:
United States	$	193,557	$	150,704	$	372,239	$	289,106
Europe		13,896		16,637		37,332		38,656
Rest of World		12,952		4,808		30,252		17,645
Total	$	220,405	$	172,149	$	439,823	$	345,407

	June 30,		December 31,
	2018		2017
Assets:
United States	$	600,040	$	519,933
Europe		33,765		83,834
Rest of World		93,671		95,301
Total	$	727,476	$	699,068

As of June 30, 2018, and December 31, 2017, the Company had deferred revenues of $3.9 million and $4.9 million, respectively. These amounts primarily consist of upfront fees and retainers for our services. During the six months ended June 30, 2018, $4.4 million of revenues were recognized from the opening balance of deferred revenues.

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. In accordance with ASC 606-10-50-14A, quantitative disclosures of constrained variable consideration are not provided for remaining performance obligations. In addition, remaining performance obligations related to retainers, upfront fees and announcement fees are typically associated with contracts that have durations of one year or less. In accordance with ASC 606-10-50-14, the Company does not disclose the expected timing and amount of revenues remaining related to such contracts.