Revenues and Business Information

9 Months Ended

Sep. 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 nine month periods ended September 30, 2018, and 2017.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Revenues:
United States	$	172,168	$	131,306	$	544,407	$	420,412
Europe		30,651		24,939		67,983		63,595
Rest of World		4,904		13,796		35,156		31,441
Total	$	207,723	$	170,041	$	647,546	$	515,448

	September 30,		December 31,
	2018		2017
Assets:
United States	$	685,563	$	519,933
Europe		43,787		83,834
Rest of World		93,669		95,301
Total	$	823,019	$	699,068

As of September 30, 2018, and December 31, 2017, the Company had deferred revenues of $6,580 and $4,948, respectively. These amounts primarily consist of upfront fees and retainers for our services. During the nine months ended September 30, 2018, $4,817 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.