Greenhill & Co., Inc. (NYSE:GHL) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 04:30 pm ET

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Greenhill & Co., Inc. (NYSE:GHL) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, and welcome to the Greenhill Second Quarter Earnings Conference Call and Webcast. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Patrick Suehnholz. Please go ahead.

Executive
Patrick Suehnholz

Thank you. Good afternoon and thank you all for joining us today for Greenhill's second quarter 2020 financial results conference call. I'm Patrick Suehnholz, Greenhill's Head of Investor Relations. Joining me on the call today is Scott Bok, our Chairman and Chief Executive Officer.

Today's call may include forward-looking statements. These statements are based on our current expectations regarding future events that, by their nature, are outside of the firm's control and are subject to known and unknown risks, uncertainties and assumptions. The firm's actual results and financial condition may differ, possibly materially from what is indicated in those forward-looking statements. For a discussion of some of the risks and factors that could affect the firm's future results, please see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We are under no duty to update any of these forward-looking statements after the date on which they are made.

I would now like to turn the call over to Scott Bok.

Executive
Scott L. Bok

Thank you Patrick. We reported second quarter revenue of $47.8 million and a loss per share of $0.79. For the year-to-date, we had revenue of $114.9 million and a loss per share of $1.19. Revenue for the year-to-date was 7% higher than our figure from last year when we had a weak first half that was followed by a strong second half.

We came into this year expecting the positive momentum from last year's second half to continue, but the pandemic and resulting economic downturn put a pause on that. Despite that pause based on the timing of various M&A and restructuring assignments, we expect to see sequential revenue improvement in the current quarter and a particularly strong fourth quarter resulting in a respectable revenue outcome for the full-year.

Before I go into more detail on our results and outlook, I want to provide an update on our operations during this pandemic period. Consistent with what I said on our last call, we have continued to function well operationally, maintain close client relationships, build new relationships and provide the same high-quality advice we've always offered. While a majority of our people are still working remotely, our global team remains connected engaged and highly motivated with a remarkably high level of morale at all levels despite the many personal and business challenges created by the pandemic.

In recent weeks most of our offices around the world, including the New York headquarters where I am right now have reopened and people have started to return. But