Greenhill & Co (GHL) 10-K 28 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 15, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-32147
Entity Registrant Name	GREENHILL & CO., INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	51-0500737
Entity Address, Address Line One	1271 Avenue of the Americas
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10020
City Area Code	212
Local Phone Number	389-1500
Title of 12(b) Security	Common Stock, par value $.01 per share
Trading Symbol	GHL
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 116
Entity Common Stock, Shares Outstanding		18,310,176
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement to be delivered to stockholders in connection with the 2023 annual meeting of stockholders to be held on May 2, 2023 are incorporated by reference in response to Part III of this Report.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001282977

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York
Auditor Firm ID	42

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents ($6.9 million restricted from use at December 31, 2022 and 2021, respectively)	$ 104,336	$ 134,624
Fees receivable, net of allowance for doubtful accounts of $0.1 million and $0.3 million at December 31, 2022 and 2021, respectively	40,322	51,540
Other receivables	2,886	8,207
Property and equipment, net of accumulated depreciation of $15.6 million and $20.1 million at December 31, 2022 and 2021, respectively	27,040	22,919
Operating lease right-of-use asset	88,333	73,837
Goodwill	202,708	210,038
Deferred tax asset, net	75,196	58,579
Other assets	11,968	8,888
Total assets	552,789	568,632
Liabilities and Equity
Compensation payable	28,656	41,300
Accounts payable and accrued expenses	17,011	17,776
Current income taxes payable	12,134	12,345
Operating lease obligations	107,637	92,691
Secured term loan payable	269,633	267,840
Deferred tax liability	36,754	31,745
Total liabilities	471,825	463,697
Common stock, par value $0.01 per share; 100,000,000 shares authorized, 53,288,909 and 50,621,563 shares issued as of December 31, 2022 and 2021, respectively; 17,768,705 and 18,066,226 shares outstanding as of December 31, 2022 and 2021, respectively	533	506
Restricted stock units	48,333	56,495
Additional paid-in capital	1,008,797	969,719
Retained earnings	125,994	132,559
Accumulated other comprehensive income (loss)	(38,856)	(30,443)
Treasury stock, at cost, par value $0.01 per share; 35,520,204 and 32,555,337 shares as of December 31, 2022 and 2021, respectively	(1,063,837)	(1,023,901)
Stockholders’ equity	80,964	104,935
Total liabilities and equity	$ 552,789	$ 568,632

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Cash and cash equivalents, restricted from use	$ 6,938	$ 6,927
Fees receivable, allowance for doubtful accounts	100	300
Property and equipment, accumulated depreciation	$ 15,640	$ 20,068
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (shares)	100,000,000	100,000,000
Common stock, shares issued (shares)	53,288,909	50,621,563
Common stock, shares outstanding (shares)	17,768,705	18,066,226
Treasury stock, par value (usd per share)	$ 0.01	$ 0.01
Treasury stock, shares (shares)	35,520,204	32,555,337

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Revenues	$ 258,454	$ 317,539	$ 311,678
Operating Expenses
Employee compensation and benefits	179,801	190,546	194,084
Occupancy and equipment rental	19,153	18,237	25,175
Depreciation and amortization	2,564	2,998	2,168
Information services	9,804	9,339	10,083
Professional fees	8,961	8,676	9,618
Travel related expenses	6,260	2,799	2,848
Other operating expenses	11,341	13,687	12,454
Total operating expenses	237,884	246,282	256,430
Total operating income	20,570	71,257	55,248
Interest expense	15,469	12,146	15,487
Income before taxes	5,101	59,111	39,761
Provision for taxes	1,827	16,799	8,427
Net income	$ 3,274	$ 42,312	$ 31,334
Average shares outstanding:
Basic (in shares)	18,165,345	19,138,808	18,939,210
Diluted (in shares)	21,892,864	24,505,712	23,078,451
Earnings per share:
Basic ( usd per share)	$ 0.18	$ 2.21	$ 1.65
Diluted ( usd per share)	$ 0.15	$ 1.73	$ 1.36

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Consolidated net income	$ 3,274	$ 42,312	$ 31,334
Currency translation adjustment, net of tax	(8,413)	(4,942)	8,614
Comprehensive income (loss)	$ (5,139)	$ 37,370	$ 39,948

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Restricted stock units Restricted Stock Units	Additional paid-in capital	Retained earnings	Retained earnings Cumulative effect of the change in accounting principle	Retained earnings Retained earnings, beginning of the period, as adjusted	Accumulated other comprehensive income (loss)	Treasury Stock
Beginning Balance at Dec. 31, 2019		$ 468	$ 77,657	$ 887,095	$ 69,093	$ (123)	$ 68,970	$ (34,115)	$ (955,523)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued		19		49,930
Restricted stock units recognized, net of forfeitures			31,950
Restricted stock units delivered			(50,195)
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Dividends					(4,880)
Net income	$ 31,334				31,334
Currency translation adjustment, net of tax	8,614							8,614
Repurchased									(23,257)
Ending Balance at Dec. 31, 2020	88,067	487	59,412	937,025	95,424	0	95,424	(25,501)	(978,780)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued		19		32,694
Restricted stock units recognized, net of forfeitures			31,110
Restricted stock units delivered			(34,027)
Dividends					(5,177)
Net income	42,312				42,312
Currency translation adjustment, net of tax	(4,942)							(4,942)
Repurchased									(45,121)
Ending Balance at Dec. 31, 2021	104,935	506	56,495	969,719	132,559	$ 0	$ 132,559	(30,443)	(1,023,901)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued		27		39,078
Restricted stock units recognized, net of forfeitures			30,588
Restricted stock units delivered			(38,750)
Dividends					(9,839)
Net income	3,274				3,274
Currency translation adjustment, net of tax	(8,413)							(8,413)
Repurchased									(39,936)
Ending Balance at Dec. 31, 2022	$ 80,964	$ 533	$ 48,333	$ 1,008,797	$ 125,994			$ (38,856)	$ (1,063,837)

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Common stock, par value (usd per share)	$ 0.01	$ 0.01
Treasury stock, par value (usd per share)	0.01	0.01
Common Stock
Common stock, par value (usd per share)	0.01	0.01	$ 0.01
Treasury Stock
Treasury stock, par value (usd per share)	$ 0.01	$ 0.01	$ 0.01

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities:
Net income	$ 3,274	$ 42,312	$ 31,334
Non-cash items included in net income:
Depreciation and amortization	4,358	4,792	3,951
Net investment (gains) losses	18	(372)	495
Restricted stock units recognized, net	30,588	31,110	31,950
Allowance for doubtful accounts	(401)	359	263
Deferred taxes, net	(10,471)	13,908	(8)
Loss (gain) on disposals of property and equipment	52	9	267
Changes in operating assets and liabilities:
Tenant incentive reimbursement from landlord	0	2,193	9,663
Fees receivable	11,619	29,021	(3,578)
Other receivables and assets	2,224	(4,420)	(2,162)
Compensation payable	(13,557)	6,416	6,412
Accounts payable and accrued expenses	39	6,314	9,042
Current income taxes payable	(211)	(958)	(3,623)
Net cash provided by operating activities	27,532	130,684	84,006
Investing activities:
Purchases of investments	0	0	(2,050)
Proceeds from sales of investments	0	1,190	847
Distributions from investments, net	0	32	81
Purchases of property and equipment	(6,786)	(4,770)	(17,015)
Net cash used in investing activities	(6,786)	(3,548)	(18,137)
Financing activities:
Repayment of secured term loan	0	(55,000)	(38,750)
Dividends paid	(8,926)	(4,353)	(4,108)
Purchase of treasury stock	(39,936)	(45,121)	(23,257)
Net cash used in financing activities	(48,862)	(104,474)	(66,115)
Effect of exchange rate changes	(2,172)	(741)	(1,026)
Net increase (decrease) in cash and cash equivalents	(30,288)	21,921	(1,272)
Cash and cash equivalents, beginning of year	134,624	112,703	113,975
Cash and cash equivalents, end of year	104,336	134,624	112,703
Supplemental disclosure of cash flow information:
Cash paid for interest	13,542	10,417	14,386
Cash paid for taxes, net of refunds	$ 6,279	$ 1,424	$ 13,515

Organization

Organization	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1 — Organization Greenhill & Co., Inc. and subsidiaries (the “Company” or “Greenhill”) is a leading independent investment bank that provides financial and strategic advice on significant domestic and cross-border mergers and acquisitions, restructurings, financings, capital raisings and other strategic transactions to a diverse client base, including corporations, partnerships, institutions and governments globally. The Company acts for clients located throughout the world from our global offices in the United States, Australia, Canada, France, Germany, Hong Kong, Japan, Singapore, Spain, Sweden, and the United Kingdom. The Company’s wholly-owned subsidiaries provide advisory services in various jurisdictions. Our most significant operating entities include: Greenhill & Co., LLC (“G&Co”), Greenhill & Co. International LLP (“GCI”), Greenhill & Co. Europe GmbH & Co. KG (“Greenhill Europe”) and Greenhill & Co. Australia Pty Limited (“Greenhill Australia”). G&Co is engaged in investment banking activities principally in the United States. G&Co is registered as a broker-dealer with the Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”), and is licensed in all 50 states and the District of Columbia. GCI is engaged in investment banking activities in the United Kingdom and Europe and is subject to regulation by the U.K. Financial Conduct Authority (“FCA”). Greenhill Europe engages in investment banking activities in Europe (other than the U.K.) and is subject to regulation by Bundesanstalt für Finanzdienstleistungsaufsicht (“Bafin”), Greenhill Australia engages in investment banking activities in Australia and New Zealand and is licensed and subject to regulation by the Australian Securities and Investment Commission (“ASIC”). The Company also operates in other locations throughout the world, which are subject to regulation by other governmental and regulatory bodies and self-regulatory authorities.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies Basis of Financial Information These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP), which require management to make estimates and assumptions regarding future events that affect the amounts reported in our financial statements and these footnotes, including compensation accruals and other matters. Management believes that it has made all necessary adjustments so that the consolidated financial statements are presented fairly and that the estimates used in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ materially from those estimates. Certain reclassifications have been made to prior year information to conform to current year presentation. The consolidated financial statements of the Company include all consolidated accounts of Greenhill & Co., Inc. and all other entities in which the Company has a controlling interest after eliminations of all significant inter-company accounts and transactions. Revenue Recognition The Company recognizes revenue when (or as) services are transferred to clients. Revenue is recognized based on the amount of consideration that management expects to receive in exchange for these services in accordance with the terms of the contract with the client. To determine the amount and timing of revenue recognition, the Company must (1) identify the contract with the client, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the Company satisfies a performance obligation. The Company generally recognizes revenues for mergers and acquisitions engagements at the earlier of the announcement date or transaction date, as the performance obligation is typically satisfied at such time. Upfront fees and certain retainer fees are generally deferred until the announcement or transaction date, as they are considered constrained (subject to significant reversal) prior to the announcement or transaction date. Fairness opinion fees are recognized when the opinion is delivered. The Company recognizes revenues for financing advisory and restructuring engagements as the services are provided to the client, based on the terms of the engagement letter. In such arrangements, the Company’s performance obligations are to provide financial and strategic advice throughout an engagement. The Company recognizes revenues for private capital advisory fees when (1) the commitment of capital is secured (primary capital raising transactions) or the sale or transfer of the capital interest occurs (secondary market transactions) and (2) the fees are earned from the client in accordance with terms of the engagement letter. Upfront fees and certain retainer fees are deferred until the commitment is secured or the sale or transfer of the capital interest occurs, as the fees are considered constrained (subject to significant reversal) prior to such time. As a result of the deferral of certain fees, deferred revenue (also known as contract liabilities) was $9.0 million and $7.7 million as of December 31, 2022 and December 31, 2021, respectively. Deferred revenue is included in accounts payable and accrued expenses in the consolidated statements of financial condition. During the years ended December 31, 2022, 2021 and 2020, the Company recognized $5.5 million, $4.9 million and $2.3 million of revenues, respectively, that were included in the deferred revenue (contract liabilities) balance at the beginning of each respective period. The Company’s clients reimburse certain expenses incurred by the Company in the conduct of advisory engagements. Client reimbursements totaled $2.6 million, $2.7 million and $2.7 million for the years ended December 31, 2022, 2021, and 2020, respectively. Such reimbursements are reported as revenues and operating expenses with no impact to operating income. Cash and Cash Equivalents The Company’s cash and cash equivalents consist of (i) cash held on deposit with financial institutions, (ii) cash equivalents and (iii) restricted cash. The Company maintains its cash and cash equivalents with financial institutions with high credit ratings. The Company considers all highly liquid investments with an original maturity date of three months or less, when purchased, to be cash equivalents. Cash equivalents primarily consist of money market funds and other short-term highly liquid investments with original maturities of three months or less and are carried at cost, plus accrued interest, which approximates the fair value due to the short-term nature of these investments. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. See “Note 3 — Cash and Cash Equivalents”. Fees Receivable Receivables are stated net of an allowance for doubtful accounts. The estimate for the allowance for doubtful accounts is derived by the Company by utilizing past client transaction history and an assessment of the client’s creditworthiness. The Company recorded a net reversal of bad debt expense of $0.4 million, for the year ended December 31, 2022 and bad debt expense of $0.4 million and $0.3 million for the years ended December 31, 2021 and 2020, respectively. Included in the fees receivable balances at December 31, 2022 and 2021 were $4.1 million and $1.5 million, respectively, of long term receivables related to primary capital advisory engagements which are generally paid in installments over a period of three years. Credit risk related to fees receivable is dispersed across a large number of clients located in various geographic areas. The Company controls credit risk through credit approvals and monitoring procedures but does not require collateral to support accounts receivable. On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") under the modified retrospective approach. ASU 2016-13 replaces the incurred loss impairment methodology for financial instruments with the current expected credit loss (CECL) model which requires an estimate of expected lifetime credit losses. Upon adoption, a cumulative adjustment was recorded which decreased retained earnings by $0.1 million, net of tax, as of January 1, 2020. Goodwill Goodwill is the cost in excess of the fair value of identifiable net assets at the acquisition date. The Company tests its goodwill for impairment annually or more frequently where certain events or changes in circumstances indicate that goodwill may more likely than not be impaired. An impairment loss is triggered if the estimated fair value of an operating unit is less than the estimated net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. See “Note 5 — Goodwill”. Goodwill is translated at the rate of exchange prevailing at the end of the periods presented in accordance with the accounting guidance for foreign currency translation. Any translation gain or loss is included in the foreign currency translation adjustment, which is included as a component of other comprehensive income (loss) in the consolidated statements of changes in stockholders’ equity. Compensation Payable Included in compensation payable are discretionary compensation awards comprised of accrued cash bonuses and long-term incentive compensation, consisting of deferred cash retention awards, which are non-interest bearing, and generally amortized ratably over a three Restricted Stock Units The Company accounts for its share-based compensation payments by recording the fair value of restricted stock units (RSUs) granted to employees as compensation expense. The restricted stock units are generally amortized ratably over a three As the Company expenses the awards, the restricted stock units recognized are recorded within stockholders’ equity. The restricted stock units are reclassified into common stock and additional paid-in capital upon vesting. The Company records as treasury stock the repurchase of stock delivered to its employees in settlement of tax liabilities incurred upon the vesting of restricted stock units. The Company records dividend equivalent payments on outstanding restricted stock units eligible for such payment as a dividend payment and a charge to stockholders’ equity. Earnings per Share The Company calculates basic earnings per share (“EPS”) by dividing net income by the weighted average number of shares outstanding for the period. The Company calculates diluted EPS by dividing net income by the sum of (i) the weighted average number of shares outstanding for the period and (ii) the dilutive effect of the common stock deliverable pursuant to restricted stock units for which future service is required as calculated using the treasury stock method. See “Note 11 — Earnings per Share”. Provision for Taxes The Company accounts for taxes in accordance with the accounting guidance for income taxes which requires the recognition of tax benefits or expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. The Company follows the guidance for income taxes in recognizing, measuring, presenting and disclosing in its financial statements uncertain tax positions taken or expected to be taken on its income tax returns. Income tax expense is based on pre-tax accounting income, including adjustments made for the recognition or derecognition related to uncertain tax positions. The recognition or derecognition of income tax expense related to uncertain tax positions is determined under the guidance, and the Company’s policy is to treat interest and penalties related to uncertain tax positions as part of pre-tax income. Deferred tax assets and liabilities are recognized for the future tax attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period of change. Management applies the “more-likely-than-not criteria” when determining tax benefits. The realization of deferred tax assets arising from timing differences and net operating losses requires taxable income in future years in order to deduct the reversing timing differences and absorb the net operating losses. We assess positive and negative evidence in determining whether to record a valuation allowance with respect to deferred tax assets. This assessment is performed separately for each taxing jurisdiction. Foreign Currency Translation Assets and liabilities denominated in foreign currencies have been translated at rates of exchange prevailing at the end of the periods presented in accordance with the accounting guidance for foreign currency translation. Income and expenses transacted in foreign currency have been translated at average monthly exchange rates during the period. Translation gains and losses are included in the foreign currency translation adjustment, which is included as a component of other comprehensive income (loss) in the consolidated statements of changes in stockholders’ equity. Foreign currency transaction gains and losses are included in the consolidated statements of operations in other operating expenses. Financial Instruments and Fair Value The Company accounts for financial instruments measured at fair value in accordance with accounting guidance for fair value measurements and disclosures which establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the pronouncement are described below: Basis of Fair Value Measurement Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are subject to these disclosures. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. Transfers between levels are recognized as of the end of the period in which they occur. See “Note 7 — Fair Value of Financial Instruments”. Leases The Company leases office space for its operations around the globe. Certain leases include options to renew, which can be exercised at the Company’s sole discretion. The Company determines if a contract contains a lease at contract inception. Operating lease assets represent the Company’s right to use the underlying asset and operating lease liabilities represent the Company’s obligation to make lease payments. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company generally does not include options to renew as it is not reasonably certain at contract inception that the Company will exercise the option(s). The Company uses the implicit rate when readily determinable and its incremental borrowing rate when the implicit rate is not readily determinable. The Company’s incremental borrowing rate is determined using its secured borrowing rate and giving consideration to the currency and term of the associated lease as appropriate. The lease payments used to determine the Company’s operating lease assets may include lease incentives, stated rent increases and escalation clauses linked to rates of inflation when determinable and are recognized in operating lease assets in the consolidated statement of financial condition. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The straight-lining of rent expense results in differences in the operating lease right-of-use asset and operating lease obligations on the consolidated statement of financial condition. Temporary differences are recognized for tax purposes and reflected separately in the consolidated statement of financial condition as deferred lease assets and lease liabilities within deferred tax assets and deferred tax liabilities. Property and Equipment Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the life of the assets. Amortization of leasehold improvements is computed using the straight-line method over the lesser of the life of the asset or the remaining term of the lease. Estimated useful lives of the Company’s fixed assets are generally as follows: Equipment – 5 years Furniture and fixtures – 7 years Leasehold improvements – the lesser of 15 years or the remaining lease term Business Information The Company’s activities as an investment banking firm constitute a single business segment, with substantially all revenues generated from advisory services, which includes engagements relating to mergers and acquisitions, financing advisory and restructuring, and private capital advisory services. Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 provides amendments to ASC 740, "Income Taxes" ("ASC 740") which simplify the accounting for income taxes by removing certain exceptions in ASC 740 and clarify and amend certain existing guidance. The amendments in this update are effective during interim and annual periods beginning after December 15, 2020. Under the new guidance, companies will reflect the effect of an enacted change in tax law or rates in the period that includes the enactment date of the new legislation, among other changes. This will align the timing of recognizing the effects of new tax law or rates on the effective tax rate with the effect on the deferred tax assets and liabilities. The Company adopted this guidance on January 1, 2021 with no material impact on its consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	Note 3 — Cash and Cash Equivalents The carrying values of the Company’s cash and cash equivalents are as follows: As of December 31, 2022 2021 (in thousands) Cash $ 49,789 $ 57,008 Cash equivalents 47,609 70,689 Restricted cash - letters of credit 6,938 6,927 Total cash and cash equivalents $ 104,336 $ 134,624 The Company's standby letter of credit was $5.9 million for its New York headquarters' location as of December 31, 2022. Subsequently, the standby letter of credit has been reduced to $4.7 million and may be further reduced periodically under certain circumstances to approximately $3.5 million. The carrying value of the Company’s cash equivalents approximates fair value. See “Note 7 — Fair Value of Financial Instruments”. Letters of credit are secured by cash held on deposit. See “Note 14 — Commitments and Contingencies”.

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property and Equipment	Note 4 — Property and Equipment Property and equipment consist of the following: As of December 31, 2022 2021 (in thousands) Equipment $ 9,961 $ 11,992 Furniture and fixtures 5,996 6,526 Leasehold improvements 26,723 24,469 Total property and equipment, gross 42,680 42,987 Less: accumulated depreciation and amortization (15,640) (20,068) Total property and equipment, net $ 27,040 $ 22,919 In 2022, the Company incurred costs for leasehold improvements and other equipment related to its new London office, and also disposed of leasehold improvements and certain other fixed assets related to its former London office, most of which was fully depreciated. The impact of each resulted in reductions of gross property and equipment and accumulated depreciation.

Goodwill

Goodwill	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Note 5 — Goodwill Goodwill consists of the following: As of December 31, 2022 2021 (in thousands) Balance, January 1 $ 210,038 $ 215,936 Foreign currency translation adjustments (7,330) (5,898) Balance, December 31 $ 202,708 $ 210,038 The Company reviews goodwill annually for potential impairment and determined that the fair value of goodwill exceeded the carrying value for each of the years ended December 31, 2022, 2021 and 2020.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Note 6 — Other Assets Other assets consist of the following: As of December 31, 2022 2021 (in thousands) Prepaid expenses and other assets $ 10,468 $ 7,264 Rent deposits 1,500 1,624 Total other assets $ 11,968 $ 8,888

Fair Value of Financial Instrum

Fair Value of Financial Instruments	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Note 7 — Fair Value of Financial Instruments Assets and liabilities are classified in their entirety based on their lowest level of input that is significant to the fair value measurement. As of December 31, 2022 and 2021, the Company had Level 1 assets measured at fair value. Assets Measured at Fair Value on a Recurring Basis The following tables set forth the measurement at fair value on a recurring basis of the investments in money market funds, short-term cash instruments and U.S. government securities. The securities are categorized as a Level 1 asset, as their valuation is based on quoted prices for identical assets in active markets. See “Note 3 — Cash and Cash Equivalents”. Assets Measured at Fair Value on a Recurring Basis as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2022 (in thousands) Assets Cash equivalents $ 47,609 $ — $ — $ 47,609 Total $ 47,609 $ — $ — $ 47,609 Assets Measured at Fair Value on a Recurring Basis as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2021 (in thousands) Assets Cash equivalents $ 70,689 $ — $ — $ 70,689 Total $ 70,689 $ — $ — $ 70,689

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Parties	Note 8 — Related Parties At December 31, 2022 and 2021, the Company had no amounts receivable from or payable to related parties.

Loan Facilities

Loan Facilities	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Loan Facilities	Note 9 — Loan Facilities In April 2019, the Company refinanced borrowings made under its 2017 recapitalization plan with borrowings of $375.0 million from a new five-year secured term loan facility (“Term Loan Facility”). The carrying value of the Term Loan Facility is recorded net of unamortized debt issuance costs and discount. The debt principal balance, including debt issuance costs and discount, approximates fair value. Since the borrowing is not accounted for at fair value, the fair value is not included in the Company’s fair value hierarchy in “Note 7 — Fair Value of Financial Instruments,” however, had the borrowing been included, it would have been classified in Level 2. As of December 31, 2022 2021 (in thousands) Term Loan Facility carrying value $ 269,633 $ 267,840 Unamortized discount 696 1,252 Unamortized debt issuance costs 1,546 2,783 Total long-term debt $ 271,875 $ 271,875 Borrowings under the Term Loan Facility bear interest at either the U.S. Prime Rate plus 2.25% or LIBOR plus 3.25% at our option and had a weighted average interest rate for the years ended December 31, 2022 and 2021 of 5.0% and 3.4%, respectively (with the borrowing rate ranging from 3.4% to 7.6% and from 3.3% to 3.4%, respectively). The Term Loan Facility requires quarterly principal amortization payments of $4.7 million from September 30, 2019 through March 31, 2024 with the remaining outstanding balance due at maturity on April 12, 2024. Beginning April 2020, all voluntary prepayments, including refinancing of all or part of the borrowings, under the Term Loan Facility were permitted to be made without penalty. As of December 31, 2022 the Company had repaid in advance all required quarterly amortization payments due over the term of the Term Loan Facility and the remaining outstanding principal balance of $271.9 million is due at maturity. During the years ended December 31, 2021 and 2020, the Company made principal payments on the Term Loan Facility of $55.0 million and $38.8 million, respectively. There were no principal payments made during the year ended December 31, 2022. In addition, the Company may be required to make annual repayments of principal on the Term Loan Facility within ninety days of year-end of up to 50% of its annual excess cash flow as defined in the credit agreement based on a calculation of net leverage. For the year ended December 31, 2022, a payment of $1.8 million is required. Based upon the Company’s financial results for the year ended December 31, 2021, an excess cash flow payment was not required. The Company is also required to repay certain amounts of the Term Loan Facility in connection with the non-ordinary course sale of assets, receipt of insurance proceeds, and the issuance of debt obligations, subject to certain exceptions. The Term Loan Facility is guaranteed by the Company’s existing and subsequently acquired or organized wholly-owned U.S. restricted subsidiaries (excluding any registered broker-dealers) and secured with a first priority perfected security interest in certain domestic assets, 100% of the capital stock of each U.S. subsidiary and 65% of the capital stock of each non-U.S. subsidiary, subject to certain exclusions. The credit facility contains certain covenants that limit the Company’s ability above certain permitted amounts to incur additional indebtedness, make certain acquisitions, pay dividends and repurchase shares. The Term Loan Facility does not have financial covenants but is subject to certain other non-financial covenants. At December 31, 2022 and 2021, the Company was compliant with all loan covenants.

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Equity	Note 10 — Equity Dividends declared and paid on outstanding common shares were $0.40 for the year ended December 31, 2022 and $0.20 for each of the years ended 2021 and 2020, respectively. In addition, dividend equivalent payments of $2.6 million, $1.4 million and $1.1 million were paid to or accrued for holders of restricted stock units for the years ended December 31, 2022, 2021 and 2020, respectively. See “Note 13 — Deferred Compensation — Restricted Stock Units”. During 2022, 2,628,619 restricted stock units vested and were settled in shares of common stock, of which the Company is deemed to have repurchased 1,219,839 shares at an average price of $14.57 per share in conjunction with the payment of tax liabilities in respect of stock delivered to its employees in settlement of restricted stock units. In addition, the Company repurchased 1,745,028 shares of common stock through open market transactions at an average price of $12.70 per share. During 2021, 1,891,362 restricted stock units vested and were settled in shares of common stock, of which the Company is deemed to have repurchased 814,020 shares at an average price of $15.16 per share in conjunction with the payment of tax liabilities in respect of stock delivered to its employees in settlement of restricted stock units. In addition, the Company repurchased 2,041,179 shares of common stock through open market transactions at an average price of $16.06 per share.

Earnings per Share

Earnings per Share	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Earnings per Share	Note 11 — Earnings per Share The computations of basic and diluted EPS are set forth below: For the Years Ended December 31, 2022 2021 2020 (in thousands, except per share amounts) Numerator for basic and diluted EPS — net income $ 3,274 $ 42,312 $ 31,334 Denominator for basic EPS — weighted average number of shares 18,165 19,139 18,939 Add — dilutive effect of: Restricted stock units 3,728 (1) 5,367 (1) 4,139 (1) Denominator for diluted EPS — weighted average number of shares and dilutive securities 21,893 24,506 23,078 Earnings per share: Basic EPS $ 0.18 $ 2.21 $ 1.65 Diluted EPS $ 0.15 $ 1.73 $ 1.36 _______________________ (1) Excludes 0, 92,081 and 0 outstanding restricted stock units that were antidilutive under the treasury stock method for the years ended December 31, 2022, 2021 and 2020, respectively, and thus were not included in the above calculation. The incremental shares that are included in the diluted EPS calculation will vary based on a variety of factors, including the average share price during the period and the amount of unrecognized compensation cost. The incremental shares included, if any, would be less than the number of outstanding restricted stock units.

Retirement Plan

Retirement Plan	12 Months Ended
	Dec. 31, 2022
Retirement Benefits [Abstract]
Retirement Plan	Note 12 — Retirement Plan The Company sponsors qualified defined contribution plans in certain jurisdictions. Qualified plans comply with applicable local laws and regulations. The Company incurred costs of $1.6 million, $1.4 million and $1.3 million for contributions to the retirement plans for the years ended December 31, 2022, 2021 and 2020, respectively. There was $0.1 million related to contributions due to the retirement plans included in compensation payable on the consolidated statements of financial condition at both December 31, 2022 and 2021.

Deferred Compensation

Deferred Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Deferred Compensation	Note 13 — Deferred Compensation Restricted Stock Units The Company has an equity incentive plan to motivate its employees and allow them to participate in the ownership of its stock. Under the Company’s plan, restricted stock units, which represent a right to a future payment equal to one share of common stock, may be awarded to employees, directors and certain other non-employees as selected by the Compensation Committee. Awards granted under the plan are generally amortized ratably over a three The activity related to the restricted stock units is set forth below: Restricted Stock Units Outstanding 2022 2021 Units Grant Date Weighted Average Fair Value Units Grant Date Weighted Average Fair Value Outstanding, January 1, 7,799,509 $ 13.78 7,587,078 $ 14.68 Granted 1,855,183 15.86 2,591,646 13.26 Delivered (2,692,060) 14.74 (1,967,355) 17.00 Forfeited (372,637) 13.70 (411,860) 13.91 Outstanding, December 31, 6,589,995 $ 13.80 7,799,509 $ 13.78 For the years ended December 31, 2022, 2021 and 2020, the Company recognized compensation expense from the amortization of restricted stock units, net of forfeitures, of $30.6 million, $31.1 million and $31.8 million, respectively. The weighted-average grant date fair value for restricted stock units granted during the years ended December 31, 2022, 2021 and 2020 was $15.86, $13.26 and $8.82, respectively. As of December 31, 2022, unrecognized restricted stock units compensation expense was $33.0 million, with such unrecognized compensation expense expected to be recognized over a weighted average period of approximately 1.7 years. The Company awards restricted stock units to employees under the equity incentive plan, primarily in connection with its annual bonus awards and compensation agreements for new hires. In certain jurisdictions, the Company may settle share-based payment awards in cash in lieu of shares of common stock to obtain tax deductibility. In these circumstances, the awards are settled in the cash equivalent value of the Company’s shares of common stock based upon their value at settlement date. These cash-settled share-based awards are remeasured at fair value at each reporting period. The Company also awards performance-based restricted stock units as part of long-term incentive compensation to a limited number of key employees. The actual performance relative to target performance is measured quarterly and the probability-weighted likelihood of achievement is recorded. Deferred Cash Compensation As part of its long-term incentive award program, the Company grants deferred cash retention awards to certain eligible employees. The deferred awards, which generally vest ratably over a three For the years ended December 31, 2022, 2021 and 2020, the Company recognized compensation expense from the amortization of deferred cash compensation, net of estimated forfeitures, of $14.3 million, $10.3 million and $7.2 million, respectively.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 14 — Commitments and Contingencies Diversified financial institutions in certain jurisdictions in which we operate issued four letters of credit on behalf of the Company to secure office space leases, which totaled $6.9 million and $6.9 million at December 31, 2022 and 2021, respectively. These letters of credit were secured by cash held on deposit. At December 31, 2022 and 2021, no amounts had been drawn under any of the letters of credit. See “Note 3 — Cash and Cash Equivalents”. The Company leases office space for its operations around the globe. See “Note 16 — Leases”. The Company is from time to time involved in legal proceedings incidental to the ordinary course of its business. The Company does not believe any such proceedings will have a material adverse effect on its results of operations.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 15 — Income Taxes The Company is subject to U.S. federal, state and local, as well as foreign, corporate income taxes. The components of the provision for income taxes reflected on the consolidated statements of operations are set forth below: For the Years Ended December 31, 2022 2021 2020 (in thousands) Current taxes: U.S. federal $ 385 $ (2,664) $ (2,794) State and local 485 1,073 (306) Foreign 11,430 4,482 11,535 Total current tax expense 12,300 2,891 8,435 Deferred taxes: U.S. federal (8,000) 11,678 1,245 State and local (2,175) 1,177 264 Foreign (298) 1,053 (1,517) Total deferred tax (benefit) expense (10,473) 13,908 (8) Total tax expense $ 1,827 $ 16,799 $ 8,427 The Company accounts for income taxes in accordance with ASC 740, which requires an asset and liability approach for financial accounting and reporting for income taxes. Deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. These deferred taxes are measured using the enacted tax rates and laws that will be in effect when such differences are expected to reverse. Significant components of the Company’s net deferred tax assets and liabilities are set forth below: As of December 31, 2022 2021 (in thousands) Deferred tax assets: Compensation and benefits $ 16,798 $ 17,290 Depreciation and amortization 581 — Cumulative translation adjustment 14,096 11,679 Operating loss carryforwards 9,146 4,900 Capital loss carryforwards 2,561 2,503 Lease asset 26,963 22,763 Other financial accruals 7,612 1,947 Valuation allowances (2,561) (2,503) Total deferred tax assets 75,196 58,579 2022 2021 (in thousands) Deferred tax liabilities: Depreciation and amortization 3,934 4,126 Lease liability 22,089 18,537 Other financial accruals 10,731 9,082 Total deferred tax liabilities 36,754 31,745 Net deferred tax asset $ 38,442 $ 26,834 Aside from the required reporting of its lease asset for ASU No. 2016-02, the Company’s largest deferred tax asset principally relates to compensation expense deducted for book purposes but not yet deducted for tax purposes. Based on the Company’s historical taxable income and its expectation for taxable income in the future, management expects this deferred tax asset related to compensation will be realized as offsets to future taxable income. The Company’s deferred taxes for operating loss carryforwards relate primarily to a current year loss in the United States along with carryforward losses in certain foreign jurisdictions. These jurisdictions, and the United States in particular, have been profitable either in the current year or prior years and the Company believes it is more likely than not they will be profitable in future years. However, management has carefully considered the need for a valuation allowance by evaluating each jurisdiction separately and considering items such as historical and estimated future taxable income, cost bases, and other various factors. Based on all available information, the Company has determined that it is more likely than not that it will realize the full benefit of these operating loss carryforwards and other deferred tax assets for these jurisdictions. As of December 31, 2022, the Company had operating loss carryforwards which in aggregate totaled $36.8 million with $34.7 million available to be carried forward indefinitely and the remaining $2.1 million available to be carried forward four years or longer. In addition to operating loss carryforwards, the Company has capital loss carryforwards related to the sale of its investments, and these capital loss carryforwards can only be utilized against capital gains in the same jurisdiction. Approximately $2.4 million of the deferred tax asset related to capital loss carryforwards can be carried forward indefinitely and $0.2 million can be carried forward for three years. However, since the Company has nominal remaining investments and considers it more likely than not that the Company will generate capital gains, the Company has established a full valuation allowance against the deferred tax assets related to these capital losses. The Company is subject to the income tax laws of the United States, its states and municipalities, and those of the foreign jurisdictions in which the Company operates. These laws are complex, and the manner in which they apply to the taxpayer’s facts is sometimes open to interpretation. Management must make judgments in assessing the likelihood that a tax position will be sustained upon examination by the taxing authorities based on the technical merits of the tax position. In the normal course of business, the Company may be under audit in one or more of its jurisdictions in an open tax year for that particular jurisdiction. As of December 31, 2022, the Company does not expect any material changes in its tax provision related to any current or future audits. The Company recognizes tax positions in the financial statements only when management believes it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. The Company performed an analysis of its tax positions as of December 31, 2022, and determined that there was no requirement to accrue any material additional liabilities. Also, when present as part of the tax provision calculation, interest and penalties have been reported as other operating expenses in the consolidated statements of operations. Regarding foreign operations in the income tax provision, the territorial-type system enacted as part of the Tax Cuts and Jobs Act is not expected to have a significant impact for the year ended December 31, 2022 or materially impact future years. As such, the Company does not intend to indefinitely reinvest its non-U.S. subsidiary earnings outside the United States. A reconciliation of the statutory U.S. federal income tax rate of 21% to the Company’s effective income tax rates is set forth below: For the Years Ended December 31, 2022 2021 2020 U.S. statutory tax rate 21.0 % 21.0 % 21.0 % Increase related to state and local taxes, net of U.S. income tax benefit (25.8) 3.0 (3.0) Benefits and taxes related to foreign operations 24.8 3.7 (7.3) RSU vesting and dividend discrete accounting charge or benefit (8.8) 1.4 13.3 Charge related to non-deductible compensation 19.8 1.3 2.4 Tax Benefits Related to CARES Act — (1.7) (4.6) Federal Provision to Return Adjustment 4.8 (0.3) (1.1) Other — — 0.5 Effective income tax rate 35.8 % 28.4 % 21.2 %

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Leases	Note 16 — Leases The Company leases office space for its operations around the globe. All of the Company’s leases are operating leases and have remaining lease terms ranging from less than 1 year to 13 years. The Company incurred operating lease cost, excluding property taxes, utilities and other ancillary costs, of $14.7 million, $13.8 million and $18.5 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is included in occupancy and equipment rental in the consolidated statements of operations. The undiscounted aggregate minimum future rental payments as of December 31, 2022 are as follows: (in thousands) 2023 $ 12,348 2024 12,732 2025 14,006 2026 12,200 2027 12,270 Thereafter 78,386 Total lease payments 141,942 Plus: tenant incentive utilized to finance leasehold improvements 9,819 Less: Interest (44,124) Present value of operating lease liabilities for which the Company has a right-of-use asset and corresponding liability $ 107,637 The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows: As of December 31, 2022 2021 Weighted average remaining lease term in years, including the lease for which the right to use has not commenced 10.8 11.5 Weighted average discount rate 6.9 % 6.8 %

Regulatory

Regulatory	12 Months Ended
	Dec. 31, 2022
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Regulatory	Note 17 — Regulatory Certain subsidiaries of the Company are subject to various regulatory requirements in the United States, United Kingdom, Germany, Australia and certain other jurisdictions, which specify, among other requirements, minimum net capital requirements for registered broker-dealers. G&Co is subject to the SEC’s Uniform Net Capital requirements under Rule 15c3-1 (the “Rule”), which specifies, among other requirements, minimum net capital requirements for registered broker-dealers. The Rule requires G&Co to maintain a minimum net capital of the greater of $5,000 or 1/15 of aggregate indebtedness, as defined in the Rule. As of December 31, 2022 and 2021, G&Co’s net capital was $18.9 million and $21.2 million, respectively, which exceeded its requirement by $18.4 million and $20.0 million, respectively. G&Co’s aggregate indebtedness to net capital ratio was 0.4 to 1 and 0.9 to 1 at December 31, 2022 and 2021, respectively. Certain distributions and other capital withdrawals of G&Co are subject to certain notifications and restrictive provisions of the Rule. At December 31, 2022, GCI is subject to capital requirements of the FCA. Greenhill Europe is subject to capital requirements of BaFin. Greenhill Australia is subject to capital requirements of the ASIC. We are also subject to certain capital regulatory requirements in other jurisdictions. As of December 31, 2022 and 2021, GCI, Greenhill Europe, Greenhill Australia and our other regulated operations were in compliance with local capital adequacy requirements.

Business Information

Business Information	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Business Information	Note 18 — Business Information The Company’s activities as an investment banking firm constitute a single business segment, with substantially all revenues generated from advisory services, which includes engagements relating to mergers and acquisitions, financing advisory and restructuring, and private capital advisory services. The Company principally earns its revenues from advisory fees upon the successful completion of the client’s transaction or restructuring. In 2022 and 2021, there were no clients that accounted for more than 10% of total revenues. In 2020, there was one client that accounted for approximately 14% of revenues. Since the financial markets are global in nature, the Company generally manages its business based on the operating results of the enterprise taken as whole, not by geographic region. For reporting purposes, the geographic regions are the North America, Europe, and the rest of the world, which are the locations where the Company retains substantially all of its employees. The following table presents information about the Company by geographic region, after elimination of all significant inter-company accounts and transactions: As of or for the Years Ended December 31, 2022 2021 2020 (in thousands) Revenues North America $ 123,784 $ 204,989 $ 167,038 Europe 101,957 70,466 127,631 Rest of World 32,713 42,084 17,009 Total $ 258,454 $ 317,539 $ 311,678 Operating income (loss) North America $ (20,425) $ 65,618 $ (5,238) Europe 34,510 (9,252) 62,603 Rest of World 6,485 14,891 (2,117) Total $ 20,570 $ 71,257 $ 55,248 Total assets North America $ 190,497 $ 247,383 $ 297,579 Europe 211,884 153,716 138,632 Rest of World 150,408 167,533 149,588 Total $ 552,789 $ 568,632 $ 585,799 The Company's revenues are based on the country where the services were derived. For the years ended December 31, 2022, 2021 and 2020, the Company generated 41%, 59%, and 52%, respectively, of its total revenues from the United States and 25%, 13% and 36% respectively, of its total revenues from the United Kingdom. No other country had revenues which individually represented more than 10% of the Company’s total revenues during the years ended December 31, 2022, 2021 and 2020, respectively. Included in the Company’s total assets are long-lived assets, excluding deferred tax assets, lease right-of-use assets and intangible assets, located in the United States of $30.3 million and $29.1 million at December 31, 2022 and 2021, respectively, and assets located in the United Kingdom of $6.3 million at December 31, 2022. No other country had long-lived assets, which individually represented more than 10% of the Company’s total long-lived assets at December 31, 2022 and 2021.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 19 — Subsequent Events The Company evaluates subsequent events through the date on which the financial statements are issued. On January 31, 2023, the Board of Directors of the Company declared a quarterly dividend of $0.10 per share. The dividend will be payable on March 22, 2023 to the common stockholders of record on March 8, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Financial Information	Basis of Financial Information These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States (U.S. GAAP), which require management to make estimates and assumptions regarding future events that affect the amounts reported in our financial statements and these footnotes, including compensation accruals and other matters. Management believes that it has made all necessary adjustments so that the consolidated financial statements are presented fairly and that the estimates used in preparing its consolidated financial statements are reasonable and prudent. Actual results could differ materially from those estimates. Certain reclassifications have been made to prior year information to conform to current year presentation. The consolidated financial statements of the Company include all consolidated accounts of Greenhill & Co., Inc. and all other entities in which the Company has a controlling interest after eliminations of all significant inter-company accounts and transactions.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when (or as) services are transferred to clients. Revenue is recognized based on the amount of consideration that management expects to receive in exchange for these services in accordance with the terms of the contract with the client. To determine the amount and timing of revenue recognition, the Company must (1) identify the contract with the client, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when (or as) the Company satisfies a performance obligation. The Company generally recognizes revenues for mergers and acquisitions engagements at the earlier of the announcement date or transaction date, as the performance obligation is typically satisfied at such time. Upfront fees and certain retainer fees are generally deferred until the announcement or transaction date, as they are considered constrained (subject to significant reversal) prior to the announcement or transaction date. Fairness opinion fees are recognized when the opinion is delivered. The Company recognizes revenues for financing advisory and restructuring engagements as the services are provided to the client, based on the terms of the engagement letter. In such arrangements, the Company’s performance obligations are to provide financial and strategic advice throughout an engagement. The Company recognizes revenues for private capital advisory fees when (1) the commitment of capital is secured (primary capital raising transactions) or the sale or transfer of the capital interest occurs (secondary market transactions) and (2) the fees are earned from the client in accordance with terms of the engagement letter. Upfront fees and certain retainer fees are deferred until the commitment is secured or the sale or transfer of the capital interest occurs, as the fees are considered constrained (subject to significant reversal) prior to such time. As a result of the deferral of certain fees, deferred revenue (also known as contract liabilities) was $9.0 million and $7.7 million as of December 31, 2022 and December 31, 2021, respectively. Deferred revenue is included in accounts payable and accrued expenses in the consolidated statements of financial condition. During the years ended December 31, 2022, 2021 and 2020, the Company recognized $5.5 million, $4.9 million and $2.3 million of revenues, respectively, that were included in the deferred revenue (contract liabilities) balance at the beginning of each respective period.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company’s cash and cash equivalents consist of (i) cash held on deposit with financial institutions, (ii) cash equivalents and (iii) restricted cash. The Company maintains its cash and cash equivalents with financial institutions with high credit ratings. The Company considers all highly liquid investments with an original maturity date of three months or less, when purchased, to be cash equivalents. Cash equivalents primarily consist of money market funds and other short-term highly liquid investments with original maturities of three months or less and are carried at cost, plus accrued interest, which approximates the fair value due to the short-term nature of these investments.
Fees Receivable	Fees Receivable Receivables are stated net of an allowance for doubtful accounts. The estimate for the allowance for doubtful accounts is derived by the Company by utilizing past client transaction history and an assessment of the client’s creditworthiness. The Company recorded a net reversal of bad debt expense of $0.4 million, for the year ended December 31, 2022 and bad debt expense of $0.4 million and $0.3 million for the years ended December 31, 2021 and 2020, respectively. Included in the fees receivable balances at December 31, 2022 and 2021 were $4.1 million and $1.5 million, respectively, of long term receivables related to primary capital advisory engagements which are generally paid in installments over a period of three years. Credit risk related to fees receivable is dispersed across a large number of clients located in various geographic areas. The Company controls credit risk through credit approvals and monitoring procedures but does not require collateral to support accounts receivable. On January 1, 2020, the Company adopted ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments ("ASU 2016-13") under the modified retrospective approach. ASU 2016-13 replaces the incurred loss impairment methodology for financial instruments with the current expected credit loss (CECL) model which requires an estimate of expected lifetime credit losses. Upon adoption, a cumulative adjustment was recorded which decreased retained earnings by $0.1 million, net of tax, as of January 1, 2020.
Goodwill	Goodwill Goodwill is the cost in excess of the fair value of identifiable net assets at the acquisition date. The Company tests its goodwill for impairment annually or more frequently where certain events or changes in circumstances indicate that goodwill may more likely than not be impaired. An impairment loss is triggered if the estimated fair value of an operating unit is less than the estimated net book value. Such loss is calculated as the difference between the estimated fair value of goodwill and its carrying value. See “Note 5 — Goodwill”. Goodwill is translated at the rate of exchange prevailing at the end of the periods presented in accordance with the accounting guidance for foreign currency translation. Any translation gain or loss is included in the foreign currency translation adjustment, which is included as a component of other comprehensive income (loss) in the consolidated statements of changes in stockholders’ equity.
Compensation Payable	Compensation Payable Included in compensation payable are discretionary compensation awards comprised of accrued cash bonuses and long-term incentive compensation, consisting of deferred cash retention awards, which are non-interest bearing, and generally amortized ratably over a three
Restricted Stock Units	Restricted Stock Units The Company accounts for its share-based compensation payments by recording the fair value of restricted stock units (RSUs) granted to employees as compensation expense. The restricted stock units are generally amortized ratably over a three As the Company expenses the awards, the restricted stock units recognized are recorded within stockholders’ equity. The restricted stock units are reclassified into common stock and additional paid-in capital upon vesting. The Company records as treasury stock the repurchase of stock delivered to its employees in settlement of tax liabilities incurred upon the vesting of restricted stock units. The Company records dividend equivalent payments on outstanding restricted stock units eligible for such payment as a dividend payment and a charge to stockholders’ equity.
Earnings per Share	Earnings per Share The Company calculates basic earnings per share (“EPS”) by dividing net income by the weighted average number of shares outstanding for the period. The Company calculates diluted EPS by dividing net income by the sum of (i) the weighted average number of shares outstanding for the period and (ii) the dilutive effect of the common stock deliverable pursuant to restricted stock units for which future service is required as calculated using the treasury stock method. See “Note 11 — Earnings per Share”.
Provision for Taxes	Provision for Taxes The Company accounts for taxes in accordance with the accounting guidance for income taxes which requires the recognition of tax benefits or expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. The Company follows the guidance for income taxes in recognizing, measuring, presenting and disclosing in its financial statements uncertain tax positions taken or expected to be taken on its income tax returns. Income tax expense is based on pre-tax accounting income, including adjustments made for the recognition or derecognition related to uncertain tax positions. The recognition or derecognition of income tax expense related to uncertain tax positions is determined under the guidance, and the Company’s policy is to treat interest and penalties related to uncertain tax positions as part of pre-tax income. Deferred tax assets and liabilities are recognized for the future tax attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in earnings in the period of change. Management applies the “more-likely-than-not criteria” when determining tax benefits.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities denominated in foreign currencies have been translated at rates of exchange prevailing at the end of the periods presented in accordance with the accounting guidance for foreign currency translation. Income and expenses transacted in foreign currency have been translated at average monthly exchange rates during the period. Translation gains and losses are included in the foreign currency translation adjustment, which is included as a component of other comprehensive income (loss) in the consolidated statements of changes in stockholders’ equity. Foreign currency transaction gains and losses are included in the consolidated statements of operations in other operating expenses.
Financial Instruments and Fair Value	Financial Instruments and Fair Value The Company accounts for financial instruments measured at fair value in accordance with accounting guidance for fair value measurements and disclosures which establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under the pronouncement are described below: Basis of Fair Value Measurement Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 – Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly; and Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. In determining the appropriate levels, the Company performs an analysis of the assets and liabilities that are subject to these disclosures. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs or instruments which trade infrequently and therefore have little or no price transparency are classified as Level 3. Transfers between levels are recognized as of the end of the period in which they occur. See “Note 7 — Fair Value of Financial Instruments”.
Leases	Leases The Company leases office space for its operations around the globe. Certain leases include options to renew, which can be exercised at the Company’s sole discretion. The Company determines if a contract contains a lease at contract inception. Operating lease assets represent the Company’s right to use the underlying asset and operating lease liabilities represent the Company’s obligation to make lease payments. Operating lease assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When determining the lease term, the Company generally does not include options to renew as it is not reasonably certain at contract inception that the Company will exercise the option(s). The Company uses the implicit rate when readily determinable and its incremental borrowing rate when the implicit rate is not readily determinable. The Company’s incremental borrowing rate is determined using its secured borrowing rate and giving consideration to the currency and term of the associated lease as appropriate. The lease payments used to determine the Company’s operating lease assets may include lease incentives, stated rent increases and escalation clauses linked to rates of inflation when determinable and are recognized in operating lease assets in the consolidated statement of financial condition. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The straight-lining of rent expense results in differences in the operating lease right-of-use asset and operating lease obligations on the consolidated statement of financial condition. Temporary differences are recognized for tax purposes and reflected separately in the consolidated statement of financial condition as deferred lease assets and lease liabilities within deferred tax assets and deferred tax liabilities.
Property and Equipment	Property and Equipment Property and equipment is stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the life of the assets. Amortization of leasehold improvements is computed using the straight-line method over the lesser of the life of the asset or the remaining term of the lease. Estimated useful lives of the Company’s fixed assets are generally as follows: Equipment – 5 years Furniture and fixtures – 7 years Leasehold improvements – the lesser of 15 years or the remaining lease term
Business Information	Business InformationThe Company’s activities as an investment banking firm constitute a single business segment, with substantially all revenues generated from advisory services, which includes engagements relating to mergers and acquisitions, financing advisory and restructuring, and private capital advisory services.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. ASU 2019-12 provides amendments to ASC 740, "Income Taxes" ("ASC 740") which simplify the accounting for income taxes by removing certain exceptions in ASC 740 and clarify and amend certain existing guidance. The amendments in this update are effective during interim and annual periods beginning after December 15, 2020. Under the new guidance, companies will reflect the effect of an enacted change in tax law or rates in the period that includes the enactment date of the new legislation, among other changes. This will align the timing of recognizing the effects of new tax law or rates on the effective tax rate with the effect on the deferred tax assets and liabilities. The Company adopted this guidance on January 1, 2021 with no material impact on its consolidated financial statements.

Cash and Cash Equivalents (Tabl

Cash and Cash Equivalents (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and Cash Equivalents	The carrying values of the Company’s cash and cash equivalents are as follows: As of December 31, 2022 2021 (in thousands) Cash $ 49,789 $ 57,008 Cash equivalents 47,609 70,689 Restricted cash - letters of credit 6,938 6,927 Total cash and cash equivalents $ 104,336 $ 134,624
Restrictions on Cash and Cash Equivalents	The carrying values of the Company’s cash and cash equivalents are as follows: As of December 31, 2022 2021 (in thousands) Cash $ 49,789 $ 57,008 Cash equivalents 47,609 70,689 Restricted cash - letters of credit 6,938 6,927 Total cash and cash equivalents $ 104,336 $ 134,624

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Components of Property and Equipment	Property and equipment consist of the following: As of December 31, 2022 2021 (in thousands) Equipment $ 9,961 $ 11,992 Furniture and fixtures 5,996 6,526 Leasehold improvements 26,723 24,469 Total property and equipment, gross 42,680 42,987 Less: accumulated depreciation and amortization (15,640) (20,068) Total property and equipment, net $ 27,040 $ 22,919 In 2022, the Company incurred costs for leasehold improvements and other equipment related to its new London office, and also disposed of leasehold improvements and certain other fixed assets related to its former London office, most of which was fully depreciated. The impact of each resulted in reductions of gross property and equipment and accumulated depreciation.

Goodwill (Tables)

Goodwill (Tables)	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Changes in Carrying Value of Goodwill	Goodwill consists of the following: As of December 31, 2022 2021 (in thousands) Balance, January 1 $ 210,038 $ 215,936 Foreign currency translation adjustments (7,330) (5,898) Balance, December 31 $ 202,708 $ 210,038

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: As of December 31, 2022 2021 (in thousands) Prepaid expenses and other assets $ 10,468 $ 7,264 Rent deposits 1,500 1,624 Total other assets $ 11,968 $ 8,888

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring	The following tables set forth the measurement at fair value on a recurring basis of the investments in money market funds, short-term cash instruments and U.S. government securities. The securities are categorized as a Level 1 asset, as their valuation is based on quoted prices for identical assets in active markets. See “Note 3 — Cash and Cash Equivalents”. Assets Measured at Fair Value on a Recurring Basis as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2022 (in thousands) Assets Cash equivalents $ 47,609 $ — $ — $ 47,609 Total $ 47,609 $ — $ — $ 47,609 Assets Measured at Fair Value on a Recurring Basis as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance as of December 31, 2021 (in thousands) Assets Cash equivalents $ 70,689 $ — $ — $ 70,689 Total $ 70,689 $ — $ — $ 70,689

Loan Facilities (Tables)

Loan Facilities (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Long-term Debt	As of December 31, 2022 2021 (in thousands) Term Loan Facility carrying value $ 269,633 $ 267,840 Unamortized discount 696 1,252 Unamortized debt issuance costs 1,546 2,783 Total long-term debt $ 271,875 $ 271,875

Earnings per Share (Tables)

Earnings per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Computations of Basic and Diluted Earnings Per Share	The computations of basic and diluted EPS are set forth below: For the Years Ended December 31, 2022 2021 2020 (in thousands, except per share amounts) Numerator for basic and diluted EPS — net income $ 3,274 $ 42,312 $ 31,334 Denominator for basic EPS — weighted average number of shares 18,165 19,139 18,939 Add — dilutive effect of: Restricted stock units 3,728 (1) 5,367 (1) 4,139 (1) Denominator for diluted EPS — weighted average number of shares and dilutive securities 21,893 24,506 23,078 Earnings per share: Basic EPS $ 0.18 $ 2.21 $ 1.65 Diluted EPS $ 0.15 $ 1.73 $ 1.36 _______________________ (1) Excludes 0, 92,081 and 0 outstanding restricted stock units that were antidilutive under the treasury stock method for the years ended December 31, 2022, 2021 and 2020, respectively, and thus were not included in the above calculation. The incremental shares that are included in the diluted EPS calculation will vary based on a variety of factors, including the average share price during the period and the amount of unrecognized compensation cost. The incremental shares included, if any, would be less than the number of outstanding restricted stock units.

Deferred Compensation (Tables)

Deferred Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Restricted Stock Units Activity	The activity related to the restricted stock units is set forth below: Restricted Stock Units Outstanding 2022 2021 Units Grant Date Weighted Average Fair Value Units Grant Date Weighted Average Fair Value Outstanding, January 1, 7,799,509 $ 13.78 7,587,078 $ 14.68 Granted 1,855,183 15.86 2,591,646 13.26 Delivered (2,692,060) 14.74 (1,967,355) 17.00 Forfeited (372,637) 13.70 (411,860) 13.91 Outstanding, December 31, 6,589,995 $ 13.80 7,799,509 $ 13.78

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Components of Provision for Income Taxes	The components of the provision for income taxes reflected on the consolidated statements of operations are set forth below: For the Years Ended December 31, 2022 2021 2020 (in thousands) Current taxes: U.S. federal $ 385 $ (2,664) $ (2,794) State and local 485 1,073 (306) Foreign 11,430 4,482 11,535 Total current tax expense 12,300 2,891 8,435 Deferred taxes: U.S. federal (8,000) 11,678 1,245 State and local (2,175) 1,177 264 Foreign (298) 1,053 (1,517) Total deferred tax (benefit) expense (10,473) 13,908 (8) Total tax expense $ 1,827 $ 16,799 $ 8,427
Significant Components of Net Deferred Tax Assets and Liabilities	Significant components of the Company’s net deferred tax assets and liabilities are set forth below: As of December 31, 2022 2021 (in thousands) Deferred tax assets: Compensation and benefits $ 16,798 $ 17,290 Depreciation and amortization 581 — Cumulative translation adjustment 14,096 11,679 Operating loss carryforwards 9,146 4,900 Capital loss carryforwards 2,561 2,503 Lease asset 26,963 22,763 Other financial accruals 7,612 1,947 Valuation allowances (2,561) (2,503) Total deferred tax assets 75,196 58,579 2022 2021 (in thousands) Deferred tax liabilities: Depreciation and amortization 3,934 4,126 Lease liability 22,089 18,537 Other financial accruals 10,731 9,082 Total deferred tax liabilities 36,754 31,745 Net deferred tax asset $ 38,442 $ 26,834
Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate	A reconciliation of the statutory U.S. federal income tax rate of 21% to the Company’s effective income tax rates is set forth below: For the Years Ended December 31, 2022 2021 2020 U.S. statutory tax rate 21.0 % 21.0 % 21.0 % Increase related to state and local taxes, net of U.S. income tax benefit (25.8) 3.0 (3.0) Benefits and taxes related to foreign operations 24.8 3.7 (7.3) RSU vesting and dividend discrete accounting charge or benefit (8.8) 1.4 13.3 Charge related to non-deductible compensation 19.8 1.3 2.4 Tax Benefits Related to CARES Act — (1.7) (4.6) Federal Provision to Return Adjustment 4.8 (0.3) (1.1) Other — — 0.5 Effective income tax rate 35.8 % 28.4 % 21.2 %

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Undiscounted Aggregate Minimum Future Rental Payments	The undiscounted aggregate minimum future rental payments as of December 31, 2022 are as follows: (in thousands) 2023 $ 12,348 2024 12,732 2025 14,006 2026 12,200 2027 12,270 Thereafter 78,386 Total lease payments 141,942 Plus: tenant incentive utilized to finance leasehold improvements 9,819 Less: Interest (44,124) Present value of operating lease liabilities for which the Company has a right-of-use asset and corresponding liability $ 107,637
Schedule of Weighted Average Remaining Lease Term and Weighted Average Discount Rate for Operating Leases	The weighted average remaining lease term and weighted average discount rate of our operating leases are as follows: As of December 31, 2022 2021 Weighted average remaining lease term in years, including the lease for which the right to use has not commenced 10.8 11.5 Weighted average discount rate 6.9 % 6.8 %

Business Information (Tables)

Business Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Information by Geographic Region, After Elimination of All Significant Inter-company Accounts and Transactions	The following table presents information about the Company by geographic region, after elimination of all significant inter-company accounts and transactions: As of or for the Years Ended December 31, 2022 2021 2020 (in thousands) Revenues North America $ 123,784 $ 204,989 $ 167,038 Europe 101,957 70,466 127,631 Rest of World 32,713 42,084 17,009 Total $ 258,454 $ 317,539 $ 311,678 Operating income (loss) North America $ (20,425) $ 65,618 $ (5,238) Europe 34,510 (9,252) 62,603 Rest of World 6,485 14,891 (2,117) Total $ 20,570 $ 71,257 $ 55,248 Total assets North America $ 190,497 $ 247,383 $ 297,579 Europe 211,884 153,716 138,632 Rest of World 150,408 167,533 149,588 Total $ 552,789 $ 568,632 $ 585,799

Organization (Details)

Organization (Details)	Dec. 31, 2022 state
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of states in which entity is licensed	50

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jan. 01, 2020 USD ($)
Significant Accounting Policies [Line Items]
Contract with customer, liability	$ 9,000	$ 7,700
Revenues	258,454	317,539	$ 311,678
Allowance for doubtful accounts	(401)	359	263
Retained earnings	$ (125,994)	(132,559)
Depreciation and amortization of property and equipment	Depreciation is computed using the straight-line method over the life of the assets. Amortization of leasehold improvements is computed using the straight-line method over the lesser of the life of the asset or the remaining term of the lease.
Number of business segments | Segment	1
Primary Capital Advisory Engagements
Significant Accounting Policies [Line Items]
Long term receivables related to primary capital advisory engagements	$ 4,100	1,500
Installments period	3 years
Equipment
Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets (or lesser for Leaseholds)	5 years
Furniture and fixtures
Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets (or lesser for Leaseholds)	7 years
Leasehold improvements
Significant Accounting Policies [Line Items]
Estimated useful lives of fixed assets (or lesser for Leaseholds)	15 years
Minimum
Significant Accounting Policies [Line Items]
Amortization period of deferred cash retention awards	3 years
Minimum | Restricted Stock
Significant Accounting Policies [Line Items]
Amortization period of restricted stock units	3 years
Maximum
Significant Accounting Policies [Line Items]
Amortization period of deferred cash retention awards	4 years
Maximum | Restricted Stock
Significant Accounting Policies [Line Items]
Amortization period of restricted stock units	5 years
Cumulative effect of the change in accounting principle
Significant Accounting Policies [Line Items]
Retained earnings				$ 100
Reimbursement Revenue
Significant Accounting Policies [Line Items]
Revenues	$ 2,600	2,700	2,700
Advisory Fees
Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	400	400	300
Advisory Services
Significant Accounting Policies [Line Items]
Contract with customer, liability, revenue recognized	$ 5,500	$ 4,900	$ 2,300

Cash and Cash Equivalents (Deta

Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Abstract]
Cash	$ 49,789	$ 57,008
Cash equivalents	47,609	70,689
Restricted cash - letters of credit	6,938	6,927
Total cash and cash equivalents	$ 104,336	$ 134,624	$ 112,703	$ 113,975

Cash and Cash Equivalents - Nar

Cash and Cash Equivalents - Narrative (Details) - USD ($) $ in Millions	Mar. 01, 2023	Feb. 28, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Letters of credit outstanding, amount			$ 5.9
Forecast
Subsequent Event [Line Items]
Letters of credit outstanding, amount	$ 3.5
Subsequent event
Subsequent Event [Line Items]
Letters of credit outstanding, amount		$ 4.7

Property and Equipment - Compon

Property and Equipment - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Equipment	$ 9,961	$ 11,992
Furniture and fixtures	5,996	6,526
Leasehold improvements	26,723	24,469
Total property and equipment, gross	42,680	42,987
Less: accumulated depreciation and amortization	(15,640)	(20,068)
Total property and equipment, net	$ 27,040	$ 22,919

Goodwill - Changes in Carrying

Goodwill - Changes in Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill
Balance, January 1	$ 210,038	$ 215,936
Foreign currency translation adjustments	(7,330)	(5,898)
Balance, December 31	$ 202,708	$ 210,038

Other Assets - Components of Ot

Other Assets - Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses and other assets	$ 10,468	$ 7,264
Rent deposits	1,500	1,624
Total other assets	$ 11,968	$ 8,888

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Assets/Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 47,609	$ 70,689
Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	47,609	70,689
Quoted Prices in Active  Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	47,609	70,689
Quoted Prices in Active  Markets for Identical Assets (Level 1) | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	47,609	70,689
Significant Other Observable  Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Significant Other Observable  Inputs (Level 2) | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Significant Unobservable  Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	0	0
Significant Unobservable  Inputs (Level 3) | Cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

Related Parties (Details)

Related Parties (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Due to affiliates	$ 0	$ 0

Loan Facilities - Additional In

Loan Facilities - Additional Information (Detail) - USD ($)	1 Months Ended	12 Months Ended
	Apr. 30, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Deferred financing costs		$ 1,546,000	$ 2,783,000
Debt, discount		696,000	1,252,000
Secured debt | Recapitalization credit agreement
Line of Credit Facility [Line Items]
Incremental expense related to the amortization of debt issuance costs		$ 1,800,000	$ 1,800,000
Secured debt | Recapitalization credit agreement | United States
Line of Credit Facility [Line Items]
Collateral percentage, capital stock of subsidiary		100%
Secured debt | Recapitalization credit agreement | Non-US
Line of Credit Facility [Line Items]
Collateral percentage, capital stock of subsidiary		65%
Secured debt | New TLB
Line of Credit Facility [Line Items]
Debt, discount	$ 9,000,000
Secured debt | Base rate | New TLB
Line of Credit Facility [Line Items]
Spread on interest rate		2.25%
Secured debt | Term loan | Term Loan Facility
Line of Credit Facility [Line Items]
Long-term debt, weighted average interest rate, over time			3.40%
Debt instrument, periodic payment, principal		$ 1,800,000	$ 55,000,000	$ 38,800,000
Long-term Line of Credit		$ 271,900,000
Secured debt | Term loan | New TLB
Line of Credit Facility [Line Items]
Face amount of debt	$ 375,000,000
Debt term	5 years
Long-term debt, weighted average interest rate, over time		5%
Debt instrument, periodic payment, principal	$ 4,700,000
Incurred fees	5,700,000
Deferred financing costs	$ 2,700,000
Secured debt | Term loan | Minimum | Term Loan Facility
Line of Credit Facility [Line Items]
Weighted average interest rate			3.30%
Secured debt | Term loan | Minimum | New TLB
Line of Credit Facility [Line Items]
Weighted average interest rate		3.40%
Secured debt | Term loan | Maximum | Term Loan Facility
Line of Credit Facility [Line Items]
Weighted average interest rate			3.40%
Secured debt | Term loan | Maximum | New TLB
Line of Credit Facility [Line Items]
Weighted average interest rate		7.60%
Secured debt | Term loan | LIBOR | New TLB
Line of Credit Facility [Line Items]
Spread on interest rate	3.25%

Loan Facilities - Schedule of D

Loan Facilities - Schedule of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Term Loan Facility carrying value	$ 269,633	$ 267,840
Unamortized discount	696	1,252
Unamortized debt issuance costs	1,546	2,783
Total long-term debt	$ 271,875	$ 271,875

Equity (Details)

Equity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Dividends declared per common share ( usd per share)	$ 0.40	$ 0.20	$ 0.20
Dividend equivalents paid on outstanding restricted stock units	$ 2.6	$ 1.4	$ 1.1
Common Stock
Equity, Class of Treasury Stock [Line Items]
Repurchased common stock (in shares)	1,745,028	2,041,179
Average repurchase price of common stock (in usd per share)	$ 12.70	$ 16.06
Restricted Stock Units
Equity, Class of Treasury Stock [Line Items]
Restricted stock units vested and issued as common stock (in shares)	2,628,619	1,891,362
Repurchased shares for award (in shares)	1,219,839	814,020
Average repurchase price of shares for award (in usd per share)	$ 14.57	$ 15.16

Earnings per Share - Reconcilia

Earnings per Share - Reconciliation (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Numerator for basic and diluted EPS — net income	$ 3,274	$ 42,312	$ 31,334
Denominator for basic EPS — weighted average number of shares	18,165,345	19,138,808	18,939,210
Add — dilutive effect of:
Restricted stock units	3,728,000	5,367,000	4,139,000
Denominator for diluted EPS — weighted average number of shares and dilutive securities	21,892,864	24,505,712	23,078,451
Earnings per share:
Basic EPS (usd per share)	$ 0.18	$ 2.21	$ 1.65
Diluted EPS ( usd per share)	$ 0.15	$ 1.73	$ 1.36

Earnings per Share - Additional

Earnings per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Antidilutive securities (in shares)	0	92,081	0

Retirement Plan (Details)

Retirement Plan (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement Benefits [Abstract]
Incurred costs for contributions to retirement plan	$ 1.6	$ 1.4	$ 1.3
Contributions due to Retirement Plan included in compensation payable	$ 0.1	$ 0.1

Deferred Compensation - Additio

Deferred Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Payments Disclosure [Line Items]
Description of vesting term for awards granted	Awards granted under the plan are generally amortized ratably over a three to four year service period following the date of the grant.
Deferred compensation payable	$ 17.6	$ 12.3
Unrecognized deferred cash compensation (prior to the consideration of forfeitures)	$ 14.5
Deferred compensation arrangement with individual, maximum contractual term	1 year 6 months
Compensation expense from deferred compensation	$ 14.3	10.3	$ 7.2
Minimum
Share Based Payments Disclosure [Line Items]
Service period for deferred compensation payable	3 years
Minimum | Long-term Incentive Award Program
Share Based Payments Disclosure [Line Items]
Service period for deferred compensation payable	3 years
Maximum
Share Based Payments Disclosure [Line Items]
Service period for deferred compensation payable	4 years
Maximum | Long-term Incentive Award Program
Share Based Payments Disclosure [Line Items]
Service period for deferred compensation payable	4 years
Restricted Stock Units
Share Based Payments Disclosure [Line Items]
Compensation expense from the vesting of restricted stock units	$ 30.6	$ 31.1	$ 31.8
Weighted average grant date fair value for restricted stock units granted (in usd per share)	$ 15.86	$ 13.26	$ 8.82
Unrecognized restricted stock units compensation expense	$ 33
Unrecognized restricted stock units compensation expense, weighted average recognition period	1 year 8 months 12 days
Restricted Stock Units | Minimum
Share Based Payments Disclosure [Line Items]
Stock units granted, ratable vesting period	3 years
Restricted Stock Units | Maximum
Share Based Payments Disclosure [Line Items]
Stock units granted, ratable vesting period	4 years

Deferred Compensation - Activit

Deferred Compensation - Activity (Detail) - Restricted Stock Units - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Units
Outstanding, beginning of period (in shares)	7,799,509	7,587,078
Granted (in shares)	1,855,183	2,591,646
Delivered (in shares)	(2,692,060)	(1,967,355)
Forfeited (in shares)	(372,637)	(411,860)
Outstanding, end of period (in shares)	6,589,995	7,799,509	7,587,078
Grant Date Weighted Average Fair Value
Outstanding, beginning of period (in usd per share)	$ 13.78	$ 14.68
Granted (in usd per share)	15.86	13.26	$ 8.82
Delivered (in usd per share)	14.74	17
Forfeited (in usd per share)	13.70	13.91
Outstanding, end of period (in usd per share)	$ 13.80	$ 13.78	$ 14.68

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Letter of Credit	12 Months Ended
	Dec. 31, 2022 USD ($) CreditFacility	Dec. 31, 2021 USD ($)
Commitments and Contingencies Disclosure [Line Items]
Number of letters of credit issued to secure office space leases (credit facility) | CreditFacility	4
Amount outstanding on letters of credit	$ 6,900,000	$ 6,900,000
Proceeds from lines of credit	$ 0	$ 0

Income Taxes - Provision for In

Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current taxes:
U.S. federal	$ 385	$ (2,664)	$ (2,794)
State and local	485	1,073	(306)
Foreign	11,430	4,482	11,535
Total current tax expense	12,300	2,891	8,435
Deferred taxes:
U.S. federal	(8,000)	11,678	1,245
State and local	(2,175)	1,177	264
Foreign	(298)	1,053	(1,517)
Total deferred tax (benefit) expense	(10,473)	13,908	(8)
Total tax expense	$ 1,827	$ 16,799	$ 8,427

Income Taxes - Net Deferred Tax

Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Compensation and benefits	$ 16,798	$ 17,290
Depreciation and amortization	581	0
Cumulative translation adjustment	14,096	11,679
Operating loss carryforwards	9,146	4,900
Capital loss carryforwards	2,561	2,503
Lease asset	26,963	22,763
Other financial accruals	7,612	1,947
Valuation allowances	(2,561)	(2,503)
Total deferred tax assets	75,196	58,579
Deferred tax liabilities:
Depreciation and amortization	3,934	4,126
Lease liability	22,089	18,537
Other financial accruals	10,731	9,082
Total deferred tax liabilities	36,754	31,745
Net deferred tax asset	$ 38,442	$ 26,834

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Operating loss carryforwards		$ 36.8
Deferred tax assets, operating loss carryforwards, carried forward indefinitely	$ 34.7
Deferred tax assets, operating loss carryforwards, subject to expiration	$ 2.1
Deferred tax assets, capital loss carryforwards, subject to expiration		$ 0.2
Carryforward period		4 years
Deferred tax assets, capital loss carryforwards, not subject to expiration		$ 2.4
Deferred tax assets, capital loss carryforwards, subject to expiration, period		3 years
U.S. statutory tax rate	21%	21%	21%

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of Statutory U.S. Federal Income Tax Rate to Company's Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
U.S. statutory tax rate	21%	21%	21%
Increase related to state and local taxes, net of U.S. income tax benefit	(25.80%)	3%	(3.00%)
Benefits and taxes related to foreign operations	24.80%	3.70%	(7.30%)
RSU vesting and dividend discrete accounting charge or benefit	(8.80%)	1.40%	13.30%
Charge related to non-deductible compensation	19.80%	1.30%	2.40%
Tax Benefits Related to CARES Act	0%	(1.70%)	(4.60%)
Federal Provision to Return Adjustment	4.80%	(0.30%)	(1.10%)
Other	0%	0%	0.50%
Effective income tax rate	35.80%	28.40%	21.20%

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 14.7	$ 13.8	$ 18.5
Minimum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease, remaining lease term	13 years

Leases - Operating Lease, Futur

Leases - Operating Lease, Future Rental Payments, Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
2023	$ 12,348
2024	12,732
2025	14,006
2026	12,200
2027	12,270
Thereafter	78,386
Total lease payments	141,942
Plus: tenant incentive utilized to finance leasehold improvements	9,819
Less: Interest	(44,124)
Present value of operating lease liabilities for which the Company has a right-of-use asset and corresponding liability	$ 107,637	$ 92,691

Leases - Weighted Average Remai

Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Weighted average remaining lease term in years, including the lease for which the right to use has not commenced	10 years 9 months 18 days	11 years 6 months
Weighted average discount rate	6.90%	6.80%

Regulatory - Additional Informa

Regulatory - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract]
Minimum net capital required	$ 5,000
Description of minimum net capital requirements	The greater of $5,000 or 1/15 of aggregate indebtedness
Net capital	$ 18,900,000	$ 21,200,000
Excess net capital	$ 18,400,000	$ 20,000,000
Aggregate indebtedness to net capital ratio (percent)	0.4	0.9
Portion of aggregate indebtedness	6.67%

Business Information - Addition

Business Information - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) Segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020
Segment Reporting Information [Line Items]
Number of business segments | Segment	1
United States
Segment Reporting Information [Line Items]
Long-lived assets	$ 30.3	$ 29.1
United Kingdom
Segment Reporting Information [Line Items]
Long-lived assets	$ 6.3
Revenue | Geographic Concentration Risk | United States
Segment Reporting Information [Line Items]
Percentage of revenue	41%	59%	52%
Revenue | Geographic Concentration Risk | United Kingdom
Segment Reporting Information [Line Items]
Percentage of revenue	25%	13%	36%
Revenue | One client | Customer Concentration Risk
Segment Reporting Information [Line Items]
Percentage of revenue	0%	0%	14%

Business Information - Informat

Business Information - Information by Geographic Region, After Elimination of All Significant Inter-company Accounts and Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 258,454	$ 317,539	$ 311,678
Operating income (loss)	20,570	71,257	55,248
Total assets	552,789	568,632	585,799
North America
Segment Reporting Information [Line Items]
Revenues	123,784	204,989	167,038
Operating income (loss)	(20,425)	65,618	(5,238)
Total assets	190,497	247,383	297,579
Europe
Segment Reporting Information [Line Items]
Revenues	101,957	70,466	127,631
Operating income (loss)	34,510	(9,252)	62,603
Total assets	211,884	153,716	138,632
Rest of World
Segment Reporting Information [Line Items]
Revenues	32,713	42,084	17,009
Operating income (loss)	6,485	14,891	(2,117)
Total assets	$ 150,408	$ 167,533	$ 149,588

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares		12 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent Event [Line Items]
Dividends declared per common share ( usd per share)		$ 0.40	$ 0.20	$ 0.20
Subsequent event
Subsequent Event [Line Items]
Dividends declared per common share ( usd per share)	$ 0.10