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.

	Three Months Ended March 31,
	2019		2018
Revenues:
United States	$	122,680	$	178,682
Europe		6,716		23,436
Rest of World		8,387		17,300
Total	$	137,783	$	219,418

	March 31,		December 31,
	2019		2018
Assets:
United States	$	551,623	$	756,053
Europe		38,668		55,064
Rest of World		91,399		103,258
Total	$	681,690	$	914,375

As of March 31, 2019, and December 31, 2018, the Company had deferred revenues of $10,145 and $7,074, respectively. These amounts primarily consist of upfront fees and retainers for our services. During the three months ended March 31, 2019, $2,129 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.