Contact: Patrick Suehnholz
Director of Investor Relations
Greenhill & Co., Inc.
GREENHILL & CO. REPORTS SECOND QUARTER 2020 RESULTS
•Quarterly revenues of $47.8 million, down 15% from prior year’s second quarter due to impact of the global pandemic on M&A activity
•Total year to date revenues of $114.9 million, 7% higher than the same period in 2019 but also impacted by reduced M&A activity offset by increased restructuring activity
•Compensation expense for quarter and year to date up over prior year due to recent growth in professional headcount, resulting in elevated compensation ratio given the revenue level
•Non-compensation costs for quarter similar to prior year but negatively impacted by a loss on sale of Brazilian business and non-cash expense due to duplicate rent during the build out of our new headquarters location
•Sold our small Brazilian business to our local team for a nominal sum
NEW YORK, NEW YORK, July 23, 2020 – Greenhill & Co., Inc. (NYSE: GHL) today reported revenues of $47.8 million, a net loss of $15.0 million and loss per share of $0.79 for the quarter ended June 30, 2020.
The Firm’s second quarter 2020 net loss and loss per share compare to a net loss of $12.7 million and loss per share of $0.53 for the second quarter 2019.
For the six months ended June 30, 2020, revenues of $114.9 million compare to revenues of $107.3 million in the comparable period in 2019, an increase of $7.6 million, or 7%. For the first half of 2020, a net loss of $22.5 million and a loss per share of $1.19 compare to a net loss of $28.1 million and a loss per share of $1.16 for the same period in 2019.
The second quarter and year to date 2020 per share figures were negatively impacted by our share count that (due to our loss) reflects basic shares outstanding figures, which are 2.1 million and 3.0 million shares, respectively, lower than a fully diluted share count would have been if we had reported income.
The following information was filed by Greenhill Co Inc (GHL) on Thursday, July 23, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.