Exhibit 99.1
Condensed Consolidated Statement of Financial Condition Data (Unaudited)
(In thousands, except per share data):
Unaudited | ||||
As of December 31, 2017 | ||||
Assets | ||||
Cash and cash equivalents | $ | 267,646 | ||
Advisory fees receivable, net of allowance for doubtful accounts | 64,244 | |||
Other receivables | 3,964 | |||
Property and equipment, net of accumulated depreciation | 8,602 | |||
Goodwill | 217,737 | |||
Deferred tax asset, net | 42,345 | |||
Other assets | 6,279 | |||
|
| |||
Total assets | $ | 610,817 | ||
Liabilities and Equity | ||||
Compensation payable | $ | 26,022 | ||
Accounts payable and accrued expenses | 15,443 | |||
Current income taxes payable | 5,311 | |||
Bank revolving loan payable | — | |||
Bank term loans payable | — | |||
Secured term loan payable | 339,048 | |||
Contingent obligation due selling unitholders of Cogent | 13,763 | |||
Deferred tax liability | 2,928 | |||
|
| |||
Total liabilities | 402,515 | |||
Stockholders’ equity | 208,302 | |||
Total liabilities and equity | $ | 610,817 | ||
Book value per share | $ | 7.69 |
Ratio of Earnings to Fixed Charges (Unaudited)
(In thousands, except ratio)
For the Year Ended December 31, | ||||
2017 | ||||
Ratio of earnings to fixed charges | ||||
Income (loss) before taxes | $ | (298 | ) | |
Interest expense on borrowings(1) | 7,198 | |||
Estimated interest within rental expense(2) | 932 | |||
|
| |||
Total fixed charges | $ | 8,130 | ||
Ratio of earnings to fixed charges | (0.04 | ) |
(1) | Interest Expense is derived directly from the Unaudited Condensed Consolidated Statement of Operations for the year ended December 31, 2017, which is included in Exhibit 99.1 to the Current Report on Form 8-K filed by Greenhill & Co., Inc. on February 6, 2018. |
(2) | Estimated Interest is based on a rate of 4.5% per annum on the full amount of Occupancy and Rental Expense, net of reimbursements. |