Revenue during the quarter surged 34.20 percent to $101.59 million from $75.70 million in the previous year period. Total expenses were 67.38 percent of quarterly revenues, down from 80.24 percent for the same period last year. This has led to an improvement of 1286 basis points in operating margin to 32.62 percent.

Operating income for the quarter was $33.14 million, compared with $14.96 million in the previous year period.

“Our full year results demonstrate the strength and diversity of the business we have built over 21 years. Our large increase in revenues came despite numerous headwinds: reduced global transaction activity, a record year for failed transactions, a strong dollar that diminished the value of foreign fee income, modest contributions to revenue from several regions including Australia, Japan and Latin America, and a decline in capital advisory revenue as periods of market volatility at the beginning, middle and end of the year negatively impacted transaction activity levels. Based on our backlog of assignments coming into the new year, we continue to expect the Firm to have a strong start to 2017. Over the course of the full year, we expect to benefit from improved results in most or all of the above areas that were modest contributors in 2016, and we believe that changes flowing from the recent U.S. elections should favorably impact both corporate profitability and business confidence, resulting in a continued robust level of deal activity in our largest market. We also note the prospect of a possible U.S. corporate income tax cut, which could significantly increase our earnings and cash flow and allow us to bring cash back from overseas to reduce debt and/or increase returns of capital to shareholders,” Scott L. Bok, chief executive officer, commented.