Financial Data and Key Metrics Changes - The company reported second quarter revenues of $155 million and first half revenues of $367 million, with first half revenues flat year over year but with a different composition compared to the previous year [5][10] - Adjusted compensation margin remained at 67% of revenues, while adjusted non-compensation expense for the quarter was $36 million, a significant drop from the prior year [10][11] - Compensation expenses for the first half totaled $86 million, up 9.5% from the same period last year, with a mid single-digit increase expected for the full year [11][12] Business Line Data and Key Metrics Changes - The business broadened out by industry, product, and geography, resulting in a higher average fee per engagement [5][6] - The acquisition of Devon Park Advisors is expected to significantly enhance the company's private funds advisory capabilities, changing the revenue mix overnight [8][9] Market Data and Key Metrics Changes - The company noted that while transactions are taking longer to convert into announcements, there is a growing level of client dialogue and related mandates [6][18] - The restructuring business is trending toward a record year, indicating strong activity levels despite previous market uncertainties [48] Company Strategy and Development Direction - The company is focused on building a business regardless of the environment, with significant investments in senior talent through hiring and promotions [7] - The acquisition of Devon Park Advisors aligns with the company's strategy to serve alternative asset managers and expand its capabilities in private capital [8][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in a broader acceleration in announcements, despite current challenges in getting transactions announced [6][18] - The leading indicators for the business are strong, with a positive outlook for the remainder of the year, although predicting exact closing dates remains challenging [32][33] Other Important Information - The company returned an additional $24 million to equity holders in the second quarter and has returned over $675 million to equity holders since going public [12] - The company declared a quarterly dividend of $0.07 per share [12] Q&A Session Summary Question: Clarification on gross fee backlog and engagement momentum - Management clarified that backlog refers to announced and pending transactions, while the pipeline includes all activity throughout the firm, which is currently at peak levels [14][16] Question: Outlook for revenue for the remainder of the year - Management stated that while they do not provide revenue guidance, they are pleased with the broadening of the business and the positive engagement trends [29][31] Question: Update on partner headcount - The company ended June with 64 partners and expects to reach at least 76 by year-end due to new hires [25][26] Question: Large cap deal outlook and restructuring activity - Management noted an increase in large-scale transactions and strong activity in the restructuring business, indicating a positive trend moving forward [41][48]