The Company’s activities as an investment banking advisory firm constitute a single business segment offering clients, including corporations, governments, sovereign wealth funds 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 for the years ended December 31, 2019, 2018 and 2017.

	Year Ended December 31,
	2019		2018		2017
Revenues:
United States	$	635,787	$	731,265	$	535,985
Europe		78,842		95,844		111,088
Rest of World		31,905		58,731		37,542
Total	$	746,534	$	885,840	$	684,615

	December 31,		December 31,
	2019		2018
Assets:
United States	$	934,654	$	756,053
Europe		67,247		55,064
Rest of World		69,798		103,258
Total	$	1,071,699	$	914,375

As of December 31, 2019, and December 31, 2018, the Company had deferred revenues of $3,023 and $7,074, respectively. These amounts primarily consist of upfront fees and retainers for our services. During the year ended December 31, 2019, $6,405 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.