Business Segment and Geographic Information

9 Months Ended

Sep. 30, 2019

Business Segment and Geographic Information

Business Segment and Geographic Information

20.          Business Segment and Geographic Information

The Company operates electronic marketplaces for the trading of products across the rates, credit, equities and money markets asset classes and provides related pre-trade pricing and post-trade processing services.  The Company’s operations constitute a single business segment because of the integrated nature of these marketplaces and services.  Information regarding revenue by client sector is as follows (in thousands):

	Successor		Successor		Predecessor		Predecessor
	Three Months		Nine Months		Three Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2019		2019		2018		2018
Net revenue:
Institutional	$	120,858	$	341,167	$	97,503	$	301,918
Wholesale		43,040		124,416		34,168		99,028
Retail		20,169		61,314		17,812		57,766
Market Data		16,914		51,361		15,770		47,059
Contingent consideration		—		—		2,537		(26,830)
Net revenue		200,981		578,258		167,790		478,941
Operating expenses		142,723		442,768		114,973		338,607
Operating income	$	58,258	$	135,490	$	52,817	$	140,334

The Company operates in the U.S. and internationally, primarily in the Europe and Asia regions. Revenues are attributed to geographic area based on the jurisdiction where the underlying transactions take place. The results by geographic region are not meaningful in understanding the Company's business. Long-lived assets are attributed to the geographic area based on the location of the particular subsidiary.

The following table provides a breakdown of revenue by geographic area for the three and nine months ended September 30, 2019 and 2018 (in thousands):

	Successor		Successor		Predecessor		Predecessor
	Three Months		Nine Months		Three Months		Nine Months
	Ended		Ended		Ended		Ended
	September 30,		September 30,		September 30,		September 30,
	2019		2019		2018		2018
Net Revenue:
U.S.	$	126,599	$	368,689	$	106,982	$	324,304
International		74,382		209,569		58,271		181,467
Gross revenue		200,981		578,258		165,253		505,771
Contingent consideration		—		—		2,537		(26,830)
Total	$	200,981	$	578,258	$	167,790	$	478,941

The following table provides information on the attribution of long-lived assets by geographic area as of September 30, 2019 and December 31, 2018 (in thousands):

	Successor		Successor
	September 30,		December 31,
	2019		2018
Long-lived assets
U.S.	$	4,227,002	$	4,276,568
International		13,070		7,787
Total	$	4,240,072	$	4,284,355