{"id":484723,"date":"2021-04-29T16:17:21","date_gmt":"2021-04-29T20:17:21","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/greenhill-co-reports-first-quarter-2021-results\/"},"modified":"2021-04-29T16:17:21","modified_gmt":"2021-04-29T20:17:21","slug":"greenhill-co-reports-first-quarter-2021-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/greenhill-co-reports-first-quarter-2021-results\/","title":{"rendered":"Greenhill &amp; Co. Reports First Quarter 2021 Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p>\n        <span class=\"xn-location\">NEW YORK<\/span>, April\u00a029, 2021 \/PRNewswire\/ &#8212;\u00a0Greenhill &amp; Co., Inc. (NYSE: GHL) today reported revenues of <span class=\"xn-money\">$68.9 million<\/span>, net income of <span class=\"xn-money\">$2.1 million<\/span> and diluted earnings per share of <span class=\"xn-money\">$0.09<\/span> for the quarter ended March\u00a031, 2021.\u00a0\u00a0\u00a0 <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/629679\/Greenhill_and_Co_Inc_Logo.html\" target=\"_blank\" rel=\"nofollow noopener\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/629679\/Greenhill_and_Co_Inc_Logo.jpg\" title=\"Greenhill Logo (PRNewsfoto\/Greenhill &amp; Co., Inc.)\" alt=\"Greenhill Logo (PRNewsfoto\/Greenhill &amp; Co., Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<ul type=\"disc\">\n<li>Quarterly revenues of <span class=\"xn-money\">$68.9 million<\/span>, up 3% from prior year&#8217;s first quarter <\/li>\n<li>Both compensation costs and non-compensation costs lower than last year&#8217;s first quarter <\/li>\n<li>Continued accelerated debt reduction with <span class=\"xn-money\">$20 million<\/span> discretionary repayment after quarter end <\/li>\n<li>Repurchased 972,766 shares of common stock and common stock equivalents during the quarter at an average price of <span class=\"xn-money\">$14.95<\/span> per share <\/li>\n<li>Recruited 2 Managing Directors to expand our M&amp;A coverage of telecom and communications infrastructure and media sectors <\/li>\n<li>Recruited 3 Managing Directors for Private Capital Advisory and 2 other senior professionals to expand our capabilities in primary capital raising <\/li>\n<\/ul>\n<p>The Firm&#8217;s first quarter 2021 revenues compare to revenues of <span class=\"xn-money\">$67.1 million<\/span> in the comparable period in 2020, an increase of <span class=\"xn-money\">$1.8 million<\/span>, or 3%.\u00a0 The Firm&#8217;s first quarter 2021 net income and diluted earnings per share compare to a net loss of <span class=\"xn-money\">$7.6 million<\/span> and a loss per share of <span class=\"xn-money\">$0.40<\/span> for the first quarter 2020.\u00a0 <\/p>\n<p>\n        <i>The Firm&#8217;s revenues and net income can fluctuate materially depending on the number, size and timing of completed transactions on which it advised and other factors.\u00a0 Accordingly, the revenues and net income in any particular period may not be indicative of future results.<\/i>\n      <\/p>\n<p>&#8220;We achieved a solid revenue outcome on the heels of last quarter&#8217;s record result. Market conditions are currently favorable for M&amp;A, we are winning an increasing number of assignments and are benefiting from improved contributions from many regions and sectors that had been relatively quiet last year.\u00a0 Restructuring opportunities have declined as we expected, and we are refocusing our energies on assisting clients in financing transactions given robust market conditions.\u00a0 On the cost side, we demonstrated continued discipline on both compensation and non-compensation expenses, while our interest expense declined further. Our resulting cash flow allowed us to continue to accelerate the reduction of debt.\u00a0 Lastly, we have made good progress toward our recruiting goals and expect 2021 to be an important year of expansion for our business in both M&amp;A and Private Capital Advisory,&#8221; <span class=\"xn-person\">Scott L. Bok<\/span>, Chairman and Chief Executive Officer, commented.<\/p>\n<p class=\"prntac\">\n        <b>Revenues<\/b>\n      <\/p>\n<p>Revenues were <span class=\"xn-money\">$68.9 million<\/span> in the first quarter of 2021 compared to <span class=\"xn-money\">$67.1 million<\/span> in the first quarter of 2020, an increase of <span class=\"xn-money\">$1.8 million<\/span>, or 3%.\u00a0 The increase in our revenues in the first quarter of 2021 as compared to the first quarter of 2020 resulted from an increase in merger and acquisition transaction completion fees, restructuring advisory fees and financing advisory fees, partially offset by a reduction in private capital advisory fees.<\/p>\n<p class=\"prntac\">\n        <b>Recruiting Update<\/b>\n      <\/p>\n<p>The Firm is announcing today several recruiting developments related to our global M&amp;A business.\u00a0 <span class=\"xn-person\">Jennifer Fritzsche<\/span> has joined the Firm in <span class=\"xn-location\">Chicago<\/span> as a Managing Director focused on the telecom and communications infrastructure industry.\u00a0\u00a0 Ms. Fritzsche spent 25 years at Wells Fargo where she was a leading equity research analyst focused on the telecom industry.\u00a0 She received a top ranking from Institutional Investor in the communications infrastructure space for 4 years.\u00a0\u00a0 <span class=\"xn-person\">Gaurav Madan<\/span> will join the Firm shortly in <span class=\"xn-location\">New York<\/span> as a Managing Director focused on the media industry.\u00a0 Mr. Madan has spent the last 13 years at Goldman Sachs, where he has focused on M&amp;A in the technology, media and telecommunication group.\u00a0 <span class=\"xn-person\">Shinichi Ono<\/span> has joined the Firm as a Principal in <span class=\"xn-location\">Tokyo<\/span>, where he will focus on M&amp;A for Japanese companies. Mr. Ono joined us from GCA, an advisory-focused firm based in <span class=\"xn-location\">Japan<\/span>. <\/p>\n<p>In addition, we are announcing today several recruiting developments related to our global Private Capital Advisory business.\u00a0 <span class=\"xn-person\">Tom Donovan<\/span> has joined us as a Managing Director based in <span class=\"xn-location\">Chicago<\/span> who will lead a global team focused on primary capital raising.\u00a0 This business is a natural extension of the Firm&#8217;s existing business advising institutional investors as well as fund general partners on transactions in the secondary market for private equity investments.\u00a0 Mr. Donovan has 17 years of experience raising private capital and joined us from the capital raising specialist Mercury Capital Advisors, where he spent the past 3 years.\u00a0 Prior to that he worked in the capital raising groups at Lazard and Credit Suisse.\u00a0 Four individuals are joining Mr. Donovan as part of our initial senior team focused on primary capital raising.\u00a0 <span class=\"xn-person\">Ryan Carey<\/span> will join us as a Managing Director in <span class=\"xn-location\">New York<\/span> focused on eastern U.S. region distribution.\u00a0 Mr. Carey has been with Jefferies in a capital raising role for the past 4 years and prior to that spent 4 years with the capital advisory specialist firm Sixpoint Partners.\u00a0 Prior to that he was with HSBC and Merrill Lynch in similar roles.\u00a0 <span class=\"xn-person\">Paul Tam<\/span> will join us as a Managing Director in <span class=\"xn-location\">San Francisco<\/span> focused on distribution in the western U.S. region. Mr. Tam has more than 30 years of relevant investment banking experience and most recently spent 8 years focused on distribution at Mercury. Prior to that he spent 4 years at <span class=\"xn-location\">Brookfield<\/span> in a capital raising role.\u00a0 <span class=\"xn-person\">Verena Jung<\/span> will join us as a Principal based in <span class=\"xn-location\">London<\/span> and focused on European distribution.\u00a0 Ms. Jung has been based in <span class=\"xn-location\">London<\/span> with Mercury for 7 years in a European distribution role.\u00a0 <span class=\"xn-person\">Amani Teshome<\/span> will join us from Mercury as a Vice President in <span class=\"xn-location\">New York<\/span> focused on project management.\u00a0 <\/p>\n<p>The Firm remains in dialogue with numerous additional candidates in the M&amp;A and Private Capital Advisory businesses and expects to finalize additional recruits in the near term and throughout the year. <\/p>\n<p>Including all Managing Directors whose recruitment we have announced to date, we have 70 client-facing Managing Directors as of this date. As of the beginning of 2021, we also had 70 such Managing Directors.<\/p>\n<p class=\"prntac\">\n        <b>Expenses<\/b>\n      <\/p>\n<p>\n        <b>Operating Expenses<\/b>\n      <\/p>\n<p>Our total operating expenses for the first quarter of 2021 were <span class=\"xn-money\">$61.7 million<\/span>, which compared to <span class=\"xn-money\">$69.8 million<\/span> of total operating expenses for the first quarter of 2020.\u00a0 The decrease in total operating expenses of <span class=\"xn-money\">$8.1 million<\/span>, or 12%, resulted from both lower compensation and benefits expenses and non-compensation operating expenses, each as described in more detail below.<\/p>\n<p>The following table sets forth information relating to our operating expenses. <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"5\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the Three Months <br \/>Ended March 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"6\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>(in millions, unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Employee compensation and benefits expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$47.3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$54.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prngen21\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>% of revenues<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">69<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">81<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Non-compensation operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15.4<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prngen21\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>% of revenues<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">21<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61.7<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">69.8<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prngen21\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>% of revenues<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">90<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">104<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7.2<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2.7)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prngen21\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Operating profit margin<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">10<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">%<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">NM<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<p>\n        <b>Compensation and Benefits Expenses<\/b>\n      <\/p>\n<p>Our employee compensation and benefits expenses of <span class=\"xn-money\">$47.3 million<\/span> in the first quarter of 2021 compare to <span class=\"xn-money\">$54.4 million<\/span> for the first quarter of 2020.\u00a0 The decrease in expense of <span class=\"xn-money\">$7.1 million<\/span>, or 13%, is principally due to a lower incentive compensation charge for the quarter.\u00a0 The ratio of compensation to revenues was 69% for the first quarter of 2021 as compared to 81% for the same period in the prior year.\u00a0 <\/p>\n<p>\n        <i>Our compensation expense is generally based upon revenues and can fluctuate materially in any particular period depending upon changes in headcount, amount of revenues recognized, as well as other factors.\u00a0 Accordingly, the amount of compensation expense recognized in any particular period may not be indicative of compensation expense in a future period.<\/i>\n      <\/p>\n<p>\n        <b>Non-Compensation Operating Expenses<\/b>\n      <\/p>\n<p>For the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, our non-compensation operating expenses of\u00a0 <span class=\"xn-money\">$14.4 million<\/span> decreased by <span class=\"xn-money\">$1.0 million<\/span>, or 7%, compared to <span class=\"xn-money\">$15.4 million<\/span> in the same period in 2020.\u00a0 During the first quarter of 2021, the benefit of minimal travel expense due to the global pandemic was partially offset by the recognition of a foreign exchange loss as compared to a foreign exchange gain in the same period in the prior year.\u00a0 <\/p>\n<p>Non-compensation expenses as a percentage of revenues for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> were 21% compared to 23% for the same period in 2020.\u00a0 <\/p>\n<p>\n        <i>Our non-compensation operating expenses can vary as a result of a variety of factors such as changes in headcount, the amount of recruiting and business development activity, the amount of office expansion, the amount of client reimbursed expenses, the impact of currency movements and other factors.\u00a0 Accordingly, the non-compensation operating expenses in any particular period may not be indicative of the non-compensation operating expenses in future periods.<\/i>\n      <\/p>\n<p>\n        <b>Interest Expense<\/b>\n      <\/p>\n<p>For the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, we incurred interest expense of <span class=\"xn-money\">$3.2 million<\/span> as compared to <span class=\"xn-money\">$4.8 million<\/span> for the same period in 2020.\u00a0 The decrease of <span class=\"xn-money\">$1.6 million<\/span> related to both a lower market borrowing rate and lower borrowings outstanding.\u00a0 <\/p>\n<p>\n        <i>The rate of interest on our borrowing is based on LIBOR and can vary from period to period.\u00a0\u00a0 Accordingly, the amount of interest expense in any particular period may not be indicative of the amount of interest expense in future periods. <\/i>\n      <\/p>\n<p class=\"prntac\">\n        <b>Provision for Income Taxes <\/b>\n      <\/p>\n<p>For the three months ended <span class=\"xn-chron\">March 31, 2021<\/span>, we recognized an income tax expense of <span class=\"xn-money\">$1.9 million<\/span> as compared to <span class=\"xn-money\">$0.1 million<\/span> for the same period in 2020.\u00a0 <\/p>\n<p>The income tax expense recorded for the three months ended <span class=\"xn-chron\">March 31, 2021<\/span> and 2020 included charges of <span class=\"xn-money\">$0.9 million<\/span> and <span class=\"xn-money\">$1.8 million<\/span>, respectively, related to the tax effect of the difference between the grant price value and the market price value of restricted stock awards at the time of the vesting.\u00a0 Excluding these charges, the effective income tax rate for the quarters ended <span class=\"xn-chron\">March 31, 2021<\/span> and 2020 would have been 26% and 22%, respectively. <\/p>\n<p>\n        <i>The effective tax rate can fluctuate as a result of variations in the relative amounts of income earned and the tax rate imposed in the tax jurisdictions in which we operate.\u00a0 Accordingly, the effective tax rate in any particular period may not be indicative of the effective tax rate in future periods.<\/i>\n      <\/p>\n<p class=\"prntac\">\n        <b>Liquidity and Capital Resources<\/b>\n      <\/p>\n<p>As of March\u00a031, 2021, we had cash and cash equivalents of <span class=\"xn-money\">$87.9 million<\/span> and term loan debt with a principal balance of <span class=\"xn-money\">$326.9 million<\/span>.\u00a0 <\/p>\n<p>During <span class=\"xn-chron\">April 2021<\/span>, we made a voluntary principal repayment of <span class=\"xn-money\">$20.0 million<\/span> on our term loan.\u00a0 Our next required principal payment is due in March 2023.\u00a0 <\/p>\n<p>During the first quarter of 2021, we repurchased in the open market 337,739 shares of our common stock at an average price of <span class=\"xn-money\">$14.81<\/span> per share, for a total cost of <span class=\"xn-money\">$5.0 million<\/span>. In addition, during the first quarter of 2021, we repurchased 635,027 restricted stock units from employees at the time of vesting to settle tax liabilities at an average price of <span class=\"xn-money\">$15.03<\/span> per share, for a total cost of <span class=\"xn-money\">$9.5 million<\/span>. <\/p>\n<p>For the period through <span class=\"xn-chron\">January 31, 2022<\/span>, our Board of Directors has authorized\u00a0 <span class=\"xn-money\">$50<\/span>.0\u00a0million in purchases of shares and share equivalents (via tax withholding on vesting of restricted stock units).\u00a0 As of March\u00a031, 2021, we have <span class=\"xn-money\">$35.5 million<\/span> remaining under that authorization. Going forward, we intend to balance further debt repayment with prudent share repurchases subject to market conditions and other factors, such as our results of operations, financial position and capital requirements, use of cash for debt repayments, general business conditions, legal, tax and regulatory constraints or restrictions, any contractual restrictions and other factors deemed relevant.<\/p>\n<p class=\"prntac\">\n        <b>Dividend<\/b>\n      <\/p>\n<p>The Board of Directors of Greenhill &amp; Co., Inc. has declared a dividend of <span class=\"xn-money\">$0.05<\/span> per share to be paid on June\u00a016, 2021 to common stockholders of record on June\u00a02, 2021.<\/p>\n<p class=\"prntac\">\n        <b>Investor Presentation<\/b>\n      <\/p>\n<p>An updated investor presentation highlighting the Firm&#8217;s results for the first quarter and other matters relevant for investors has been posted on its website today (<a href=\"http:\/\/www.greenhill.com\" rel=\"nofollow\">www.greenhill.com<\/a>).<\/p>\n<p class=\"prntac\">\n        <b>Earnings Call<\/b>\n      <\/p>\n<p>\n        <span class=\"xn-location\">Greenhill<\/span> will host a conference call beginning at <span class=\"xn-chron\">4:30 p.m. Eastern Time on Thursday<\/span>, April\u00a029, 2021, accessible via telephone and the internet.\u00a0Scott L. Bok, Chairman and Chief Executive Officer, will review the Firm&#8217;s first quarter 2021 financial results and related matters.\u00a0 Following the review, there will be a question and answer session.<\/p>\n<p>Investors and analysts may participate in the live conference call by dialing (888) 317 &#8211; 6003 (toll-free domestic) or (412) 317 &#8211; 6061 (international); passcode: 6458450.\u00a0 Please register at least 10 minutes before the conference call begins.\u00a0\u00a0 The conference call will also be accessible as an audio webcast through the Investor Relations section of <span class=\"xn-location\">Greenhill&#8217;s<\/span> website at <u><a href=\"http:\/\/www.greenhill.com\" rel=\"nofollow\">www.greenhill.com<\/a><\/u>.\u00a0 There is no charge to access the call.<\/p>\n<p>For those unable to listen to the live broadcast, a replay of the call will be available for one month via telephone starting approximately one hour after the call ends.\u00a0 The replay can be accessed at (877) 344 &#8211; 7529 (toll-free domestic) or (412) 317 &#8211; 0088 (international); passcode: 10154965.<\/p>\n<p>Greenhill &amp; Co., Inc. is a leading independent investment bank entirely focused on providing financial advice on significant mergers, acquisitions, restructurings, financings and capital raising to corporations, partnerships, institutions and governments globally. It acts for clients located throughout the world from its offices in <span class=\"xn-location\">New York<\/span>, <span class=\"xn-location\">Chicago<\/span>, <span class=\"xn-location\">Frankfurt<\/span>, <span class=\"xn-location\">Hong Kong<\/span>, <span class=\"xn-location\">Houston<\/span>, <span class=\"xn-location\">London<\/span>, <span class=\"xn-location\">Madrid<\/span>, <span class=\"xn-location\">Melbourne<\/span>, <span class=\"xn-location\">Paris<\/span>, <span class=\"xn-location\">San Francisco<\/span>, <span class=\"xn-location\">Singapore<\/span>, <span class=\"xn-location\">Stockholm<\/span>, <span class=\"xn-location\">Sydney<\/span>, <span class=\"xn-location\">Tokyo<\/span> and <span class=\"xn-location\">Toronto<\/span>. <\/p>\n<p>\n        <u>Cautionary Note Regarding Forward-Looking Statements<\/u>\n      <\/p>\n<p>\n        <i>The preceding discussion should be read in conjunction with our condensed consolidated financial statements and the related notes that appear below. We have made statements in this discussion that are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as &#8220;may&#8221;, &#8220;might&#8221;, &#8220;will&#8221;, &#8220;should&#8221;, &#8220;expect&#8221;, &#8220;plan&#8221;, &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;estimate&#8221;, &#8220;intend&#8221;, &#8220;predict&#8221;, &#8220;potential&#8221; or &#8220;continue&#8221;, the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections of our future financial performance, based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. In particular, you should consider the numerous risks outlined under &#8221;Risk Factors&#8221; in our Report on Form 10-K for the fiscal year 2020 as well as other public filings.<\/i><br \/>\n        <i>We are under no duty and we do not undertake any obligation to update or review any of these forward-looking statements after the date on which they are made, whether as a result of new information, future developments or otherwise.<\/i>\n      <\/p>\n<p>\u00a0<\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"1\" class=\"prntblns\">\n<tr>\n<td colspan=\"9\" class=\"prngen4\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Greenhill &amp; Co., Inc. and Subsidiaries<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Condensed Consolidated Statements of Operations (Unaudited)<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(<i>In thousands, except share and per share data)<\/i><\/span>\n              <\/p>\n<p class=\"prnews_p\">\u00a0<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"8\" class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"7\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>For the Three Months <br \/>Ended March 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prntac prnpl6 prnsblb0 prnpr8\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2021<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen8\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen6\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">68,924<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">67,099<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Operating Expenses<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Employee compensation and benefits<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">47,292<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">54,360<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Occupancy and equipment rental<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,397<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,346<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">787<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">599<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Information services<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,358<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,405<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Professional fees<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,196<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,322<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Travel related expenses<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">192<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,388<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other operating expenses<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,477<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,350<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Total operating expenses<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">61,699<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">69,770<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Total operating income (loss)<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,225<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(2,671)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest expense<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,208<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,783<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Income (loss) before taxes<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,017<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,454)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Provision\u00a0 for taxes<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,933<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">119<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen14\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Net income (loss)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbd prntar prnpl6 prnsbl1 prnpr8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,084<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbts prnsbr1 prnvab prnsbbd prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(7,573)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen15\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Average shares outstanding:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Basic<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,675,536<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,904,965<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Diluted<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,700,175<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,904,965<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Earnings (loss) per share:<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"3\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Basic<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.11<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.40)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen9\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Diluted<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.09<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.40)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p>\u00a0<\/p>\n<div>\n<table id=\"convertedTable544b\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prnsbt0 prnsbr0 prnbcc prnsbb0 prnsbl0\">\n<tr>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Contact:\u00a0 <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Patrick Suehnholz\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Director of Investor Relations \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Greenhill &amp; Co., Inc. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen19\">\n              \n            <\/td>\n<td class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(212) 389-1800\u00a0\u00a0\u00a0\u00a0<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=NY61112&amp;sd=2021-04-29\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/greenhill--co-reports-first-quarter-2021-results-301280642.html\">http:\/\/www.prnewswire.com\/news-releases\/greenhill&#8211;co-reports-first-quarter-2021-results-301280642.html<\/a><\/p>\n<p>SOURCE  Greenhill &amp; Co., Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=NY61112&amp;Transmission_Id=202104291605PR_NEWS_USPR_____NY61112&amp;DateId=20210429\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire NEW YORK, April\u00a029, 2021 \/PRNewswire\/ &#8212;\u00a0Greenhill &amp; Co., Inc. (NYSE: GHL) today reported revenues of $68.9 million, net income of $2.1 million and diluted earnings per share of $0.09 for the quarter ended March\u00a031, 2021.\u00a0\u00a0\u00a0 Quarterly revenues of $68.9 million, up 3% from prior year&#8217;s first quarter Both compensation costs and non-compensation costs lower than last year&#8217;s first quarter Continued accelerated debt reduction with $20 million discretionary repayment after quarter end Repurchased 972,766 shares of common stock and common stock equivalents during the quarter at an average price of $14.95 per share Recruited 2 Managing Directors to expand our M&amp;A coverage of telecom and communications infrastructure and media sectors Recruited 3 Managing Directors for Private Capital Advisory and &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/greenhill-co-reports-first-quarter-2021-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Greenhill &amp; Co. Reports First Quarter 2021 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-484723","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Greenhill &amp; Co. Reports First Quarter 2021 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/greenhill-co-reports-first-quarter-2021-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Greenhill &amp; Co. 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(NYSE: GHL) today reported revenues of $68.9 million, net income of $2.1 million and diluted earnings per share of $0.09 for the quarter ended March\u00a031, 2021.\u00a0\u00a0\u00a0 Quarterly revenues of $68.9 million, up 3% from prior year&#8217;s first quarter Both compensation costs and non-compensation costs lower than last year&#8217;s first quarter Continued accelerated debt reduction with $20 million discretionary repayment after quarter end Repurchased 972,766 shares of common stock and common stock equivalents during the quarter at an average price of $14.95 per share Recruited 2 Managing Directors to expand our M&amp;A coverage of telecom and communications infrastructure and media sectors Recruited 3 Managing Directors for Private Capital Advisory and &hellip; Continue reading &quot;Greenhill &amp; Co. 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