Greenhill & Co. Inc. (GHL, Financial) filed Quarterly Report for the period ended 2010-03-31.
Greenhill & Co. Inc. has a market cap of $2.49 billion; its shares were traded at around $87.89 with a P/E ratio of 59.39 and P/S ratio of 8.33. The dividend yield of Greenhill & Co. Inc. stocks is 2.05%. Greenhill & Co. Inc. had an annual average earning growth of 11.8% over the past 5 years.GHL is in the portfolios of John Keeley of Keeley Fund Management, Ron Baron of Baron Funds, Murray Stahl of Horizon Asset Management, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Our non-compensation expenses were $13.5 million in the first quarter of 2010, compared to $11.0 million in the first quarter of 2009, representing an increase of $2.5 million or 23%. The increase is principally related to higher professional fees incurred in connection with the acquisition of Caliburn, increased travel, occupancy and other costs related to both the increase in personnel and the addition of new offices.
the following year to the large majority of our employees, and taxes payable. In February 2010, cash bonuses and accrued benefits of $30.5 million relating to 2009 compensation were paid to our employees. In addition, we paid approximately $6.2 million in early 2010 related to income taxes owed for the year ended December 31, 2009 and estimated tax payments for 2010.
To provide for working capital needs, facilitate the funding of merchant banking investments and other general corporate purposes we have a revolving bank loan facility. Borrowings under the facility are secured by all management fees earned by our domestic merchant banking funds, any cash distributed in respect of their partnership interests in Greenhill Capital Partners I, GCP II and GSAVP, as applicable, and cash distributions from Greenhill & Co. LLC. Interest on borrowings is based on the higher of Prime Rate or 4.00%. The maturity date of the facility is April 30, 2011. Effective April 30, 2010, the commitment amount was reduced to $75.0 million from $90.0 million and subsequently will be reduced to $60.0 million effective December 31, 2010 and will be subject to borrowing base limitations. In conjunction with our plan to exit from the merchant banking business, we will significantly reduce our commitments to successor merchant banking funds which we expect will reduce our borrowing needs. At April 30, 2010, we had $55.7 million of borrowings outstanding on the loan facility.
In the first three months of 2010, our cash and cash equivalents decreased by $29.2 million from December 31, 2009. We used $27.5 million in operating activities, including $15.8 million from net income after giving effect to the non-cash items and a net decrease in working capital of $43.3 million (principally from the annual payment of bonuses and taxes). We used $11.2 million in investing activities, including $11.0 million in new investments in our merchant banking funds and $0.3 million for the build-out of new office space. We generated $11.2 million from financing activities, including $38.6 million of net borrowings from our revolving loan facility and $7.0 million of net tax benefits from the delivery of restricted stock units and payment of dividend equivalents, partially offset by $14.0 million for the payment of dividends and $20.1 million for the repurchase of our common stock from employees in conjunction with the payment of tax liabilities in settlement of restricted stock units.
In the first three months of 2009, our cash and cash equivalents decreased by $20.5 million from December 31, 2008. We used $17.5 million in operating activities, including $30.8 million from net income after giving effect to the non-cash items and a net decrease in working capital of $48.3 million (principally from an increase in trade account receivables outstanding and the annual payment of bonuses). We used $5.1 million in investing activities, including $5.5 million in new investments in our merchant banking funds and other investments and $0.2 million for the build-out of new office space, partially offset by distributions from investments of $0.6 million. We generated $3.2 million from financing activities, including $22.9 million of net borrowings from our revolving loan facility, partially offset by $13.9 million for the payment of dividends and $5.7 million for the repurchase of our common stock from employees in conjunction with the payment of tax liabilities in settlement of restricted stock units.
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Greenhill & Co. Inc. has a market cap of $2.49 billion; its shares were traded at around $87.89 with a P/E ratio of 59.39 and P/S ratio of 8.33. The dividend yield of Greenhill & Co. Inc. stocks is 2.05%. Greenhill & Co. Inc. had an annual average earning growth of 11.8% over the past 5 years.GHL is in the portfolios of John Keeley of Keeley Fund Management, Ron Baron of Baron Funds, Murray Stahl of Horizon Asset Management, Kenneth Fisher of Fisher Asset Management, LLC, Steven Cohen of SAC Capital Advisors, Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
Our total operating expenses for the first quarter of 2010 were $45.7 million, which compares to $39.4 million of total operating expenses for the first quarter of 2009. This represents an increase of $6.3 million, or 16%, and principally results from an increase in compensation expense which is described in more detail below. Similarly, as a result of relatively low revenue and an increase in our compensation costs, our pre-tax income margin declined to 6% in the first quarter of 2010 compared to 36% in the first quarter of 2009.Our non-compensation expenses were $13.5 million in the first quarter of 2010, compared to $11.0 million in the first quarter of 2009, representing an increase of $2.5 million or 23%. The increase is principally related to higher professional fees incurred in connection with the acquisition of Caliburn, increased travel, occupancy and other costs related to both the increase in personnel and the addition of new offices.
the following year to the large majority of our employees, and taxes payable. In February 2010, cash bonuses and accrued benefits of $30.5 million relating to 2009 compensation were paid to our employees. In addition, we paid approximately $6.2 million in early 2010 related to income taxes owed for the year ended December 31, 2009 and estimated tax payments for 2010.
To provide for working capital needs, facilitate the funding of merchant banking investments and other general corporate purposes we have a revolving bank loan facility. Borrowings under the facility are secured by all management fees earned by our domestic merchant banking funds, any cash distributed in respect of their partnership interests in Greenhill Capital Partners I, GCP II and GSAVP, as applicable, and cash distributions from Greenhill & Co. LLC. Interest on borrowings is based on the higher of Prime Rate or 4.00%. The maturity date of the facility is April 30, 2011. Effective April 30, 2010, the commitment amount was reduced to $75.0 million from $90.0 million and subsequently will be reduced to $60.0 million effective December 31, 2010 and will be subject to borrowing base limitations. In conjunction with our plan to exit from the merchant banking business, we will significantly reduce our commitments to successor merchant banking funds which we expect will reduce our borrowing needs. At April 30, 2010, we had $55.7 million of borrowings outstanding on the loan facility.
In the first three months of 2010, our cash and cash equivalents decreased by $29.2 million from December 31, 2009. We used $27.5 million in operating activities, including $15.8 million from net income after giving effect to the non-cash items and a net decrease in working capital of $43.3 million (principally from the annual payment of bonuses and taxes). We used $11.2 million in investing activities, including $11.0 million in new investments in our merchant banking funds and $0.3 million for the build-out of new office space. We generated $11.2 million from financing activities, including $38.6 million of net borrowings from our revolving loan facility and $7.0 million of net tax benefits from the delivery of restricted stock units and payment of dividend equivalents, partially offset by $14.0 million for the payment of dividends and $20.1 million for the repurchase of our common stock from employees in conjunction with the payment of tax liabilities in settlement of restricted stock units.
In the first three months of 2009, our cash and cash equivalents decreased by $20.5 million from December 31, 2008. We used $17.5 million in operating activities, including $30.8 million from net income after giving effect to the non-cash items and a net decrease in working capital of $48.3 million (principally from an increase in trade account receivables outstanding and the annual payment of bonuses). We used $5.1 million in investing activities, including $5.5 million in new investments in our merchant banking funds and other investments and $0.2 million for the build-out of new office space, partially offset by distributions from investments of $0.6 million. We generated $3.2 million from financing activities, including $22.9 million of net borrowings from our revolving loan facility, partially offset by $13.9 million for the payment of dividends and $5.7 million for the repurchase of our common stock from employees in conjunction with the payment of tax liabilities in settlement of restricted stock units.
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