Greenhill & Co. Inc. ($GHL) reported Q3 earnings earlier his week and, well, they weren’t great. The company had $87mm of revenue for the quarter (flat YOY) and $194.3mm in revenue year-to-date. The latter is down 26% on the back of a poor first half. 

Why the poor performance? The company largely blamed “a very low level of activity in European M&A.” It then asked the analyst community to deploy some Pym Particles and take a time travel trip back to rosier times: 2016-2018. The company’s earnings presentation listed (a) fee paying clients and (b) $1mm+ clients for each of those years but, curiously, did not disclose those numbers for 2019.

Despite the lack of transparency, the firm is nevertheless “[s]till expecting solid full year revenue performance,” particularly with its capital advisory business. Curious how that works. 🤔

As for restructuring, the firm touted its expanded team and noted….

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