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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Revenues:
United States	$	132,246	$	193,557	$	254,926	$	372,239
Europe		16,005		13,896		22,721		37,332
Rest of World		5,272		12,952		13,659		30,252
Total	$	153,523	$	220,405	$	291,306	$	439,823

	June 30,		December 31,
	2019		2018
Assets:
United States	$	591,860	$	756,053
Europe		34,376		55,064
Rest of World		88,533		103,258
Total	$	714,769	$	914,375

As of June 30, 2019, and December 31, 2018, the Company had deferred revenues of $11,443 and $7,074, respectively. These amounts primarily consist of upfront fees and retainers for our services. During the six months ended June 30, 2019, $4,598 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.