Business Segment and Geographic Information

3 Months Ended

Mar. 31, 2020

Business Segment and Geographic Information

Business Segment and Geographic Information

17.          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 and post-trade 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):

	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
Gross revenue:
Institutional	$	145,612	$	109,252
Wholesale		48,756		39,431
Retail		21,676		21,206
Market Data		18,562		16,903
Total revenue		234,606		186,792
Operating expenses		156,991		140,515
Operating income	$	77,615	$	46,277

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 months ended March 31, 2020 and 2019 (in thousands):

	Three Months Ended		Three Months Ended
	March 31, 2020		March 31, 2019
U.S.	$	145,256	$	119,397
International		89,350		67,395
Total Gross Revenue	$	234,606	$	186,792

The following table provides information on the attribution of long-lived assets by geographic area as of March 31, 2020 and December 31, 2019 (in thousands):

	March 31,		December 31,
	2020		2019
Long-lived assets
U.S.	$	4,174,357	$	4,200,133
International		13,471		14,100
Total	$	4,187,828	$	4,214,233