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