GHL - Earnings call transcript Q1 2019

Due to licensing restrictions, you must log in to view earnings call transcripts.

Patrick Suehnholz

Thank you. Good afternoon, and thank you all for joining us today for Greenhill's first quarter 2019 financial results conference call. I am Patrick Suehnholz, Greenhill's Head of Investor Relations, and joining me today on the call is Scott Bok, our Chairman and Chief Executive Officer. Today's call may include forward-looking statements. These statements are based on our current expectations regarding future events that by their nature are outside of the firm's control and are subject to known and unknown risks, uncertainties and assumptions. and indicated may in results from possibly actual is what those firm's financial differ, condition materially, The forward-looking statements.

the some assumes firm's current Form nor see XX-K, quarterly of any could statements. reports including our Securities on discussion of on responsibility of on and Commission, other accuracy risks of any For Form report factors and affect or Exchange the we filings Form future X-K. forward-looking our please reports for Neither annual results, completeness person with the the that these XX-Q and

You of should not rely events. upon forward-looking statements as future predictions

We Bok. on are duty which any call now update date made. forward-looking are the of would I these under no they like the Scott statements to after turn to over

Scott Bok

quarter revenue and our was large function lack deal as activity Patrick. $XX.X $X.XX transaction the in reported a of the closings of market loss a for slower you, million a of share. firm a We The level during a of of per whole. generally first revenue pace of both low and Thank quarter

the early is quarter particularly values a in outside impact Our U.S. had and activity fourth that of first financing sense in markets decline the the M&A on significant in quarter sharp the particularly closing equity the and

more Australia time performance for we seen the reopened, expect from Latin current More ago last America well performance potential our back increased their see a In relative year full from revenue North a values to in as as year. activity solid leads business. pipeline Europe deal America, in financing strong quarter highs recently fact strong particular, in Europe in us in clients there capital rebound however, year had continued and for markets very our and over revenue a weak the advisory start In the those but to equity for revenue a a we offset increases every a all increases we've with region but quarter than particularly elsewhere.

year's While Europe that demonstrated is to off the strength to on. a market last year our again expect become in the slow of and we that this record performance year, as evident goes start franchise

year XX% to broadly recruiting our of revenue, Finally it's over material last managing have only past a director consistent noting of given so other still Apart been us shortfall about that group in in all had the generally a quarter and of from the metrics period or yet has has worth year. first were revenue impact. with time our the short

than usual slower in last given but year higher lower were cost level. the compensation than the resulted Our revenue compensation ratio

more again Our and higher than ratio non-compensation revenue year, range but result return operating higher the to revenue should were the slightly as historic level. significantly Both the last a ratio cost expenses was level. of typical

the was were impacted note for highlighted rate nonrecurring items I by non-compensation quarter in XX% and both are press tax release. that our our Our cost impact that

stock stock invested the were market, terms price an first share equivalents we quarter. restricted withholding repurchases tax plus these $XX.XX capital XXX,XXX common the XXX,XXX the during share. per at during returns, of shares open In of purchased on of in the Together quarter average

broadly of other and short have first a Managing with Director with yet revenue, of share in the year scale end metrics dividend consistent material our or about generally last in of over the shortfall the impact. only had to XX% outstanding increased quarter our recruiting borrowing, that repurchases per has the our us time declared been quarter Since of revenue all $X.XX period a the still cost refinancing also our we Apart has completed past our and our of group of We were share. reduced debt a of a potential year. so, manner from

lower slightly but ratio, were resulted in given level. revenue costs than higher-than-usual compensation a the last year lower compensation Our

operating slightly again, a historic result was higher than ratio Both range revenue the of more as were the to should significantly typical level. at Our year, expenses cost a but, last their ratios higher return non-compensation revenue level.

our was tax impacted quarter that rate were XX%. items Our And are in the I for and note costs non-compensation release. press highlighted our that non-recurring by taxes both

quarter. In withholding shares plus repurchases market, via Together first stock on of at an quarter, average were during capital terms price XXX,XXX equivalents restricted $XX.XX of the common per returns, stock purchased during tax share open we the XXX,XXX of divested in the share. these

refinancing our our borrowing, We flexibility our end, increased or share repurchases we in also a capital scale increased to share of shareholders our $X.XX and future. in manner debt quarter declared a that of further dividend additional per return via repurchases the share. outstanding to completed reduced of the increases dividend Since of the potential cost

our million. was Specifically, loan size to $XXX increased

reduced pushed out was by of this The date of from rate basis XXX debt to XX the was XXXX. borrowing new years five Our LIBOR-plus maturity date financing basis points the to points.

scheduled was that flexibility repurchase The million. such Our remaining And to future that make it amortization share reduced and/or by was dividend significantly enhanced. authority increased our share payments stands our half now annual X%. currently our to of increase to repurchases were $XX beyond size at

maximizing of and these been of million. repurchase of and we dual opportunistic debt funds ended throughout has shares share we expend million since started with a while to of loan the be plan, how we as our cash the also liquid with objective case As quarter strong repurchased, the a balance the will months $XXX.X term $XX.X We number we sheet. maintaining XX-plus

of Asia, extend shareholder open million sector to M&A our and building this and group cash area help current efforts industrial in brief insurance $XXX update As areas. in Southeast I year-to-date, the a is industry us loan recruitment will the enhance a office with $XXX.X Directors. end on Managing cover clients the is term advisory our from expertise In announced five Singapore products, we've recruiting. the of our will million. today, and balance Together balance our

we but MDs cooperation Israel, a in expect XX the small additional announced number market. currently have recruits into at and better year-end. a internal by to highly we term, entered followed with globally serve with to that near firm in advisory in Capital, respected further that client-facing also recruits, promotions clients Goren add order to in Including agreement We

we've that revised posted note And on questions. I investor presentation happy Finally, take a I'm to our that, website. with

Operator

Instructions] comes [Operator Ryan Devin JMP Please of Today's ahead. first question from go Securities.

Devin Ryan

of Great. backdrop. guys? How on Scott, Good question just Maybe the you Patrick. some afternoon, commentary Appreciate here. first the are

dynamic. starting Brexit guess, firming certainty Just of for economic looking any see the kind in anything there specifically, the understand it be on that be or Europe I data of think you're stabilize industry productive I last outlook, things And if or or I you we better? so volumes to guess, the relative we making Is full get that would we can? year to and whether kind should how year of think what's like the Europe to may your be kind about on are feel of you

Scott Bok

uncertainty quarters of boards is Europe was everything the one Look best and all quarter all all Brexit an there's quarter-to-quarter yet our element had still and and and ever there with just of first give corporations year in last concern Sure. else that uncertainty might Europe environment still -- the also was quarter. first I we in that year of where there the element there in I ago, sort an market mean, randomness. the think a of

a as we year results had of the and I regard in very out, strong -- in to had number pointed year Europe. So record throughout and a obviously, respects

the the some the it I activity be developing. us whatsoever to Getting U.K. Europe. of for as has almost happened a But noticed there a So really in like have opposite for from across would the seems positive I us, clearly in in that. firmly in in some well, news developing, Europe. situation mean, Europe will continental mean, very the business and that I had behind undoubtedly what slowdown there at and wouldn't thought I at a others too wouldn't even to very moment people it thing comments I've draw first with because impact that point as any I think been mean I when much conclusions quarter. clarity the Brexit was be in was

is is economic results, -- Europe the the that, had movement a such year of too just read only happened random was that that wouldn't just quarter-to-quarter. great in given think negative is I fact some that some first what related, quarter. but I some it anything in we related, And Brexit ended the into

Devin Ryan

Got it.

Okay.

for expectation end or thinking still it better pieces, clear, expectation year should be hope level I that's have about the performance that reasonable kind of or kind implied kind because in just individual to doesn't so in at North revenue America? just dramatically heard So change we're trajectory that a of that Europe the anything full of the the the obviously

Scott Bok

breakdown, I Europe And Last want like us some -- regions to a Look, very had I give probably if a Latin on think do to places there I and sort of say heavily strong. U.S. don't year Yeah. of Australia we'll for think than this regional would do weighted do more And will do in I think prediction very, was a guess, America. year to a weaker but is that I last better better this year I regions other little the Europe. had I mean, sort year

really what the and tilted more do anyway. be for my we cross-border a larger firm, about full overall the particularly we is things tend we regions figure things of little bit do an the aggregate but lots of total multiple maybe, course, So Europe, the for toward involve fee and to year expect comment

of white regions. cross not and gets one to because one very point revenue sort multiple easy it's our as and fees one region bigger often, the to So doesn't to black outcome

Devin Ryan

just to refinance the a you. here. Terrific. terms the Good Okay. debt there. and then Thank And follow-up see

you to level guess if accelerated the trying previously come then as than buyback. and where say but should dislocate kind in about, just $XX stock different repurchase of obviously like aggressive? to a are there repurchase you think specific to of how Or I the so of the the viewing of that's significantly really had so do were we're urgency time, was from it maybe traditional kind would will plan you opportunistic a thinking there's not And you it level about if considerations any -- of stock and purely step the whether that is Just about in where were remaining kind price now? stock think be sense an the then authorization guys real million just more today this be even and current that as it's to we current

Scott Bok

the on things in initial two repurchase we sure got of the refinancing just got much be plan. really One larger I'm we too that. not part relation more I I overall is as specific can amount with to our the a mean, for repurchase.

million sort on able to as that shares also I $XX been moments with to for -- get significantly And dividends, there's going the plan. What's the of But future that. be that be not from until desire sheet it, right and strong buy $XX debt the million out to share not a where as able the but So paid we you more that. in sort to sort road. back balance as amount, maintain possible the typical of left repurchase repaid a to about to flexibility positive of through one-time the shares down desire of figure increased and extraordinary how different, cheap or work a in addition the we'll enough sort some were refinancing think is repurchase I we has balance you're then as throughout many is use thing that's said, finished to ongoing in get we're -- thing other

I we So through we just are weeks. on we see are leveraged, recent think shares undervalued we've the a but talked, in very, I be think moment think certainly financing intend as -- our I became the as call, last they still think significantly like attractive to when markets do we and been very

for for do increase the our degree, ability to shareholders was to and buy us the prudent shares thing firm. For to our to some back

facility. on utilize the And is into a million. And sort more we about be that's built new of not flexibility so how that news end the we of have the look that if view even it, $XX to multi-year you we'll thoughtful good want

Devin Ryan

Yeah. Terrific.

Okay. Scott. context looking Thanks I That the lot, was was a for.

Operator

comes today Sandler O'Neill. ahead. of question Jeff next our Harte go And Please from

Jeff Harte

or A details. just couple for One numbers me. of kind on

So with expense on how in don't should the be term of going loan forward outstanding revolver? XXXX we of XQ interest kind the assuming now and draw thinking you down

Scott Bok

the revolver small wants revolver. to works, the loan the a leveraged have I to on drawdown the have that only a market would not reason you seems the we with larger market what that revolver. associated assume is The typically on be way facility

put of or of on we time drawing with months that ago, the really XX at So so ever down original in the place borrowing that. no intention

paying decline would think a at XXX pretty plus payments. I amortization interest debt the than cuts LIBOR be And rates scheduled we the raise a the we'll if look But line straightforward. look debt we'll for pay eventually, the albeit And is to points, bit little So for -- I change wouldn't what other the Fed bit at XX if had just I them amount little will scheduled a the less. they with to get think expense, repaid more. in I it basis forward going And than basis on pace before. points. slower

for of kind here that. maturity So the to from

Jeff Harte

mean, through amortizing raise anything I beyond we would any are LIBOR bit like think there XXX? it going transaction-related just plus expenses, Okay. that a the about should

Scott Bok

around. They're time I offering mean, first lot than are very for a a modest time the less around. follow-on like legal things and the banking this investment the like this,

very So modest. very,

Jeff Harte

a it on visibly look we second in we whole could surprising. But what like maybe and -- it knew would what Can kind we of was the or bit we're pipelines? terribly lot but quite pickup a talk the revenues. of what year we as thought versus this in bit your tough not And mean, are from see to a suggests announcements you're what stronger. I and be isn't of see makes which Okay. kind can the pipeline it you a seeing forward we commentary sound seeing things quarter recently,

Scott Bok

Yeah.

don't it's So, I you me to information, where again clear. know get that their exactly exactly -- or the guys I they mean, databases but pretty use

ones and into there's see sort of of course, sort you for the And yet. that we advance that of pickups see things the whole a beyond far seen can firm in second particularly quarter. have our pace significant announcements later can't We more of course, and first that quarter the pipeline shadow guys of of pretty

think some closely this I'm not clear, weeks it's because evolved can is announced. if recent advanced enough probably look have you at see of what obviously So point at in of but and yet saying I we it announcements some how only

Jeff Harte

will comp a the maybe to your $XX revenues is on little function given Okay. see how better comp Should amount Or And level? have going was. what kind of keep minimum guess, finally expense. this dollar on a I be surprised to revenues tower of have? amount I of we the you high you're was of to the thinking the million-ish kind just so get accruing

Scott Bok

ratio. end end take dollars have should million for full of think view, for would up weak what a less it's don't early sort it's the it given that in be as first it I we you of having late year we plays going the Obviously, of comp of easier revenue. clearly is lower The on spend accrue more of if be point sort in if But was out. basis the in because ago amount it outlier compensation by instead a than quarter think the we quarter $X up in you year latter. of still one the think. with to year level And a year the I you're to year to year

how think fourth notices out. we play a you level think a the sort year we which quarter view year whole But it. quarter, toward a comp prudent third have is really will of the expense did weak nobody with of in or If your I

Jeff Harte

Okay. Thanks Scott.

Operator

go question Jim Buckingham next comes of our from Research. And Mitchell today Please ahead.

Jim Mitchell

Hey. Maybe the just on non-comp side.

You up Singapore office, you're the guys obviously you're opening -- expanding headcount.

of last change starting flattish any even little little higher because alluded kind Cogent is XXs were you've of numbers year, there non-comp charge higher. being little to a with ex a last what kind were low off I So, the bit think the the than year in the

about we this So, trajectory should how non-comp year? the think

Scott Bok

said consistent quarter small mean the as they given I of with we've before. a things still of what sort you one-offs. are some And any clearly results revenues. our imagine, quarter I that as this lots are what are there are can of result think

in kind earn-out the that's of which different can So, another. overdo I had expenses didn't added of let's mean We want things currency trying of that's there's to it some to Cogent bunch and terms of But headhunting last explain foreign small the I stuff we there had adjustments little talk a to are like about -- that. -- quite be legal quarter obviously up. things relevant. one fees whole sort that some quarter the

stuff. of a it's So, bunch little

Going some to forward, expect likely open move to for Manhattan us. result yes, will that making we York Singapore savings good and for right a pretty efficient the seems of office. a offices be move Midtown same getting now space we're market in New time, At have and There that. we works -- we're in a and we'll as more

pluses So, but think minuses, we we've and there I still for non-comp. said are by the stand what in past,

Jim Mitchell

the that? the on Okay. feel And follow-up buyback of so what basis like of other million stock can kind a have is? Or about could me what just you issue a said liquidity? of for any have cash $XX million maybe that you about if Do do hand be? you flexibility you net the you Do say help of you you how of to stock opportunity worry maybe think employees have $XXX term, per buyback, a can amount that Like cash about just we any do constraints think remember year $XX level? And an with amount you with what near million on capacity. is Or than to have the you certain there pace be aggressive?

Scott Bok

say manner shares want on ongoing more shares to the we back just most because as I we the that's like shareholders. we buy of have just -- a we're the than don't in all answer trying interest -- That's is as to the get we're -- to simple in possible. obviously, all

You you by of the would point I sheet, pay pay of in vesting, terms low bonuses. our your you cash end just quarter terms taxes, seasonal In the the of is that RSU out a right? considerable margin your balance have your first

cash to from throughout until all XX year the next so March grow March XX. tends the And the way almost the

think So, we're I right, thoughtful be going about do it. to but what's we've got flexibility do how to we

same XX stopped. I or there a aggressive price got going There over ran that good job did think were periods do quite to last we we XX it continue to periods months a, we're we very forward. low, the and got bit where the were share try up to going

Jim Mitchell

one Okay, enough. fair on And last comment. maybe the revenue question

for solid about full You talked a performance year. the

-- make year what in that confused. want -- thinking to sure it's to thinking? that to Just I a sure sure solid. want that that want -- not pretty make can reasonably going still Are XXXX a we're good to mean I just I you're Or just be match understand that? don't I make just was just you you

Scott Bok

get on of that to overly upside was want aberration. specific sort I but look don't think wouldn't XXXX some I

new productive. got didn't lots of joined firm one lots were year last to really are us who two much year. our great the MDs ago We've and becoming think just that our that parts of of there -- years contribute I ago and result

of to for be the outlier to more, on statement same. forward. think I going exactly But So, where numbers as don't bit revenue a make hard a out, not I an XXXX I'm sort specific going it's year bit higher the build some should about us XXXX a that whether comes to see certainly less,

after about in we book I markets we in backlog early a about we are, feel conditions period the stock and weak are the the about pretty the that terms in the feel assignments, think but prices year, message of where we've of it's where feel credit market main very year. good late is got, good very good

all the about so come say that And up add feel good should pretty to we we whole year out. how

Jim Mitchell

All right. Appreciate Thanks. question. the -- answering the

Scott Bok

you. Thank Okay.

Operator

from And ahead. go our Brown Michael Please KBW. of question comes next today

Michael Brown

Hi, good evening guys.

Scott Bok

Hey.

Michael Brown

announcement hires So, obviously, saw the week about key and last I mean five we four the year-to-date.

year a the the start So, to front. good on hiring

back add year? to XX% and strong kind MD see kind growth? you And will target net for a so if just the wanted of above that of still that target? the the shooting maybe you're able to about comment Is right be bit little given start, to circle Or

Scott Bok

Conceivably better. to that's bit start the in I good given still far think that can will ones I that figure. figure of range. XX% year, given the pretty do we in getting in as feel well had, about I target. that's I we think a think talked a But mean others, sort terribly recruiting we've intended I some to I very along think but a follow not that some it as pipeline the little be precise net But about. be are that later very good

Michael Brown

fair. the was of that's one advisory made And the Okay, you shareholder in hires business. key then

to kind as and have has your then And business past relative yourself its capability importance of how through total growing large grown become fees across how that can so of the grown couple the over And maybe of years that revenues? of kind more you peers given from your hearing kind that frame we're it's important?

Scott Bok

far don't it of fees to the to an mean give I and for distinct Yes. I it's on. a Look given one think specific group we to past, -- that don't a not activist company, the made I happens. form appears often, the to closer on payout with and going comes you that to entirely revenue forward. advisory by But no be Where and assignment is the advising shareholder leader more the significant see along as on get very line. of these to that are real activist upside of chance ever clearly there sort advice gives maybe get of inside dedicated things I the transaction an of be in could the a more there of that a we're be company, whole can a with that. it's of divestiture there can variety investing sale -- out situations, opportunity course, assets, trying in standalone be simply can come and noncore had can build on for there and be important transaction, very albeit so whole a But clients see there a

sometimes related, to closely happen the at same but happened almost time. Sometimes disconnected,

So, advice to some kind pay us, sort transaction of this be that advisory for the to positions get to more topic. into boardrooms that real But some of relates down to come the shareholder of the give payoff is Along transactions a business, client M&A advice. blurred think, the clients, for is nice fees to initial the it we because closer way, more on the going out that service to that us us we our win gets business we'll us into gets significant the road.

Michael Brown

Okay. helpful. for That's very questions. my Thank you taking

Scott Bok

you. Thank

Operator

today Brennan next Hawken comes our ahead. go And of question from UBS. Please

Brennan Hawken

afternoon. Good doing? are Scott. Hey, you How

Scott Bok

Good. How are you?

Brennan Hawken

you've side Thanks. a the that. so a of bit recruiting this I wanted touched a on up just previous before been adding on and I on with to know But Good. little comp busy follow you question. from MDs. lot know

operating get environment revenue to some leverage sense wanted just I about and see where to the we So a acceleration. in try

given how we just strong. bit different? front fixed, going of been Are be not activity that looking a expense little some at that's more that's really -- comp? the to As the you building that you've backlog, or on to say, be you've for the Or going doing recruiting the is leverage you're operating much base the expecting, an got pipeline

Scott Bok

going I in would've to right about row for quarter different. we of four had revenue sense ratio. last first think If it comp time the course, been identical XX-year a nobody and the wouldn't in in with looked year, quarters revenue is mean even in to -- like that in almost up a a our ended with first history the we discuss. be I sense. normal noticed -- We of talking -- would about we our quarters have leverage not those operating one anything topic be the range literally

So want people. been below and I think a sort that to can't and comp obviously there's attract floor because you go, retain motivate of which always your

sort of And there is revenue, lot of of at levels fixed. with of a that benefited that more again. revenue of we've we from normal leverage that and at -- and it. there so operating the I higher think does is kind will And end past expect it become But low goes in

Brennan Hawken

just Okay, that had know great. amount I some to -- highlighted, the did that they descriptions in the Cogent the on not only and I pieces other piece. non-comp be those you have put find pressure I front Sorry sum you know much you that's non-comp earlier might up -- follow you qualitative -- upward number I on some there's that of can gave of is And in the some the referenced was kind called that sense for of out, what other but there But items side, help quantify? Or that. release helpful? how a pressure detail the they to can is there was any us the enough an kind would get material upper unusual up had on you of to maybe

Scott Bok

all forward, in of say, release, for noting. reasons go think, said, sort the more costs, we it detail. we that. still out we some worth expansions, think, a And was bit the We I There what new press we'll which go some where series indicated as down, But didn't I the we're of we broadly that's even all are want non-recurring non-comp with of going past. of higher. those And into And with reasons. other it that are given wouldn't none I'm to would because for spell term. things, in think largely comfortable be office are kind will we near Yes. I not were And making again, No, there individually on of okay. excuses set

to all nothing cetera, there's variety foreign it But can on going on that's there's for, variation legal that which of be fall specific to worth way. So fees, things, can way. put can headhunting fees, -- really based let's be lumpy a whether a currency, which some et quarterly quantifying -- it nothing of

Brennan Hawken

Is were activity-relating and running pace it kind Is And front, it? have announcements? because much highlighted didn't at hard? the Was wasn't is fall decent fair. yet, of That's to it's more given great? there Or there that relief it? a the revenue activity generally on still you too recent the that fact about still the some non-comp right that items good that think backlog And reasonably just been environment? that the way then, a Okay.

Scott Bok

perfect was because changed our travel like the way actively my least quickly. related very in weak, quarter, like really pretty in I very, sort markets mean, the because of things were That's at cetera. things out et felt it. started client people activities difficult year we -- dramatically throughout so and to of like clearly, it's was and robust about view, terms But November-December closing, financing with there clients engaged very think the

felt like, quite get halfway good was the quarter, transaction. it like doing through environment So the of a even felt weren't you the statistics by it showing, deal it for time yet activity first

our but difficult people -- little things, certainly of window, in we've just sort So interested held clients strategic their work and a was more was are important off. doing there

Brennan Hawken

the for Thanks color. Okay.

Scott Bok

Thank you. right. All

Operator

today go Merrill ahead. of question of from next America Needham comes Mike Please And Lynch. our Bank

Mike Needham

Thanks. Hey.

the So team. first restructuring on

them hire a material a for number Rothschild. in that a amount you've I point revenue to the senior of Is recession? think group getting people the we from team where expect of added to produce after

Scott Bok

team. New fairly mean, the grown having we in with the in dedicated a fully announced easily who got small teams, well partner including who had some XX joined We've professionals dedicated York. we're as recently, restructuring to London We've year. historically -- some I last just new Absolutely.

next I will we And is team But So, of not into -- markets in again. as certainly we spotty. uptick some we've financing with we environment. in restructuring will are the especially sort firms I booming, to existent, expect It's revenue, busy way it's it's positioned activity. in generating activity our of the participate it its financing any more think sort but is like not tell probably difficult well yes, got not it's like time -- not opening get producing think certainly most you

Mike Needham

of comments on questions. you the is follow-up most biggest the the more in kind the kind part feel What the one and then of most the for part And question pipeline what year? And confident mark? business of full made Okay. you

Scott Bok

it's last because record I -- low to the some I very year very a a last last confident because this feel the a would also strong not But in feel feel it's start simply what markets, It's I year. off capital year off the the been the beat before advisory of smaller and probably year -- year. about quarters. I good several record year, call, business, about missed most base

Australia like So of degree very we'll a there this and confidence, better do America Latin high than year. have got

swing and factor biggest year lets got a well. as for out but feel off franchise look the North there. about probably great team of and -- the last quite year there, Europe's we start a how the clearly, slow year, America, say, had in to we've great they're terms For that ultimately turns a positive I that

guess, at I'm things probably, economy variation think, if I I confidence is, wind as have over well. some play there, really on the more so, some And to as there. And it's little to degree the I going our even don't a of we'll much pickup there's what huge in Brexit, Europe, out in I just resolution back pretty or in I have so that noted various saying think

Mike Needham

Thank you.

Scott Bok

in Thanks. And that's if again question, we next will not quarter, for we you. you last and Thank dialing before. our all speak so thank Okay.

Operator

sir. conference we attending today's thank you, has you and now And concluded thank Today's all for presentation.

may your now and You have disconnect a wonderful lines day.

Greenhill & Co (GHL) 29 Apr 192019 Q1 Earnings call transcript