Moelis & Company Reports Third Quarter and First Nine Months 2024 Financial Results; Declares Regular Quarterly Dividend of $0.60 Per Share
Moelis & Company reported third quarter 2024 financial results with GAAP revenues of $273.8 million and Adjusted revenues of $280.7 million, up 1% from the prior year. For the first nine months of 2024, GAAP revenues reached $755.8 million, while Adjusted revenues were $762.8 million, showing an 18% increase year-over-year. The company reported third quarter GAAP net income of $0.22 per share and maintained a strong balance sheet with $297.7 million in cash and short-term investments with no debt. The Board declared a quarterly dividend of $0.60 per share.
Moelis & Company ha riportato i risultati finanziari del terzo trimestre 2024, con entrate GAAP di 273,8 milioni di dollari e entrate rettificate di 280,7 milioni di dollari, in aumento dell'1% rispetto all'anno precedente. Nei primi nove mesi del 2024, le entrate GAAP hanno raggiunto 755,8 milioni di dollari, mentre le entrate rettificate sono state di 762,8 milioni di dollari, mostrando un incremento del 18% anno su anno. L'azienda ha riportato un utile netto GAAP del terzo trimestre di 0,22 dollari per azione e ha mantenuto una solida situazione patrimoniale con 297,7 milioni di dollari in contanti e investimenti a breve termine senza debiti. Il Consiglio ha dichiarato un dividendo trimestrale di 0,60 dollari per azione.
Moelis & Company reportó los resultados financieros del tercer trimestre de 2024, con ingresos GAAP de 273.8 millones de dólares y ingresos ajustados de 280.7 millones de dólares, un aumento del 1% respecto al año anterior. En los primeros nueve meses de 2024, los ingresos GAAP alcanzaron 755.8 millones de dólares, mientras que los ingresos ajustados fueron de 762.8 millones de dólares, mostrando un crecimiento del 18% interanual. La empresa reportó un ingreso neto GAAP del tercer trimestre de 0.22 dólares por acción y mantuvo un balance sólido con 297.7 millones de dólares en efectivo e inversiones a corto plazo sin deudas. La Junta declaró un dividendo trimestral de 0.60 dólares por acción.
모엘리스 & 컴퍼니는 2024년 3분기 재무 실적을 보고하며 GAAP 수익이 2억 7,380만 달러, 조정 수익이 2억 8,070만 달러로 전년 대비 1% 증가했다고 발표했습니다. 2024년 처음 9개월 동안 GAAP 수익은 7억 5,580만 달러에 도달했으며, 조정 수익은 7억 6,280만 달러로 전년 대비 18% 증가했습니다. 회사는 3분기 GAAP 순이익을 주당 0.22달러로 보고했으며, 2억 9,770만 달러의 현금 및 단기 투자로 강력한 재무 상태를 유지하고 있으며, 부채는 없습니다. 이사회는 주당 0.60달러의 분기 배당금을 선언했습니다.
Moelis & Company a annoncé les résultats financiers du troisième trimestre 2024 avec des revenus GAAP de 273,8 millions de dollars et des revenus ajustés de 280,7 millions de dollars, en hausse de 1% par rapport à l'année précédente. Pour les neuf premiers mois de 2024, les revenus GAAP ont atteint 755,8 millions de dollars, tandis que les revenus ajustés étaient de 762,8 millions de dollars, montrant une augmentation de 18% d'une année sur l'autre. L'entreprise a annoncé un bénéfice net GAAP du troisième trimestre de 0,22 dollar par action et a maintenu une solide situation financière avec 297,7 millions de dollars en liquidités et investissements à court terme sans dette. Le Conseil a déclaré un dividende trimestriel de 0,60 dollar par action.
Moelis & Company berichtete über die Finanzergebnisse des dritten Quartals 2024 mit GAAP-Erlösen von 273,8 Millionen Dollar und bereinigten Erlösen von 280,7 Millionen Dollar, was einem Anstieg von 1% im Vergleich zum Vorjahr entspricht. In den ersten neun Monaten von 2024 beliefen sich die GAAP-Erlöse auf 755,8 Millionen Dollar, während die bereinigten Erlöse 762,8 Millionen Dollar betrugen, was einem Anstieg von 18% im Jahresvergleich entspricht. Das Unternehmen berichtete einen GAAP-Nettoertrag im dritten Quartal von 0,22 Dollar pro Aktie und hielt eine starke Bilanz mit 297,7 Millionen Dollar in Bar- und kurzfristigen Investitionen ohne Schulden. Der Vorstand erklärte eine vierteljährliche Dividende von 0,60 Dollar pro Aktie.
- 18% revenue growth in first nine months of 2024 compared to prior year
- Strong balance sheet with $297.7 million in cash and no debt
- Turnaround from prior year loss to net income of $0.22 per share in Q3
- Increased M&A revenues in Q3 2024
- Modest decline in non-M&A revenues compared to prior year period
- Only 1% revenue growth in Q3 2024 compared to prior year
Insights
Moelis & Company delivered a mixed Q3 2024 performance with
The first nine months show more robust growth with adjusted revenues up
Key metrics show improved operational efficiency with compensation ratio declining to
-
Third quarter GAAP revenues of
; Adjusted revenues of$273.8 million , up$280.7 million 1% from the prior year period -
GAAP revenues for the first nine months of 2024 were
; Adjusted revenues of$755.8 million , up$762.8 million 18% from the prior year period -
GAAP net income of
per share (diluted) for the third quarter and$0.22 per share (diluted) for the first nine months of 2024; Adjusted net income of$0.61 per share (diluted) for the third quarter and$0.22 per share (diluted) for the first nine months of 2024$0.63 -
Continued to execute on our growth strategy:
- Year-to-date, promoted seven advisory professionals to Managing Director and hired eight Managing Directors, including one Biotech Managing Director who will join the Firm next month
-
Strong balance sheet with cash and short-term investments of
and no debt or goodwill$297.7 million -
Declared quarterly dividend of
per share$0.60
-
Declared quarterly dividend of
GAAP revenues for the first nine months of 2024 were
"I believe our franchise, talent and breadth of expertise has never been stronger. We are well-positioned to drive long-term growth," said Ken Moelis, Chairman and Chief Executive Officer.
The Firm’s revenues and net income can fluctuate materially depending on the number, size and timing of completed transactions as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.
Currently
GAAP and Adjusted (non-GAAP) Selected Financial Data (Unaudited)
|
|
GAAP |
|
Adjusted (non-GAAP)* |
||||||||||||||
|
|
Three Months Ended September 30, |
||||||||||||||||
($ in thousands except per share data) |
|
2024 |
|
2023 |
|
Variance |
|
2024 |
|
2023 |
|
Variance |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Revenues |
|
$ |
273,755 |
|
$ |
272,179 |
|
1 |
% |
|
$ |
280,730 |
|
$ |
277,665 |
|
1 |
% |
Income (loss) before income taxes |
|
|
26,659 |
|
|
(10,083) |
|
N/M |
|
|
26,659 |
|
|
(9,799) |
|
N/M |
||
Provision (benefit) for income taxes |
|
|
7,419 |
|
|
1,286 |
|
477 |
% |
|
|
8,018 |
|
|
1,518 |
|
428 |
% |
Net income (loss) |
|
|
19,240 |
|
|
(11,369) |
|
N/M |
|
|
18,641 |
|
|
(11,317) |
|
N/M |
||
Net income (loss) attributable to noncontrolling interests |
|
|
2,346 |
|
|
(637) |
|
N/M |
|
|
— |
|
|
— |
|
N/M |
||
Net income (loss) attributable to Moelis & Company |
|
$ |
16,894 |
|
$ |
(10,732) |
|
N/M |
|
$ |
18,641 |
|
$ |
(11,317) |
|
N/M |
||
Diluted earnings (loss) per share |
|
$ |
0.22 |
|
$ |
(0.16) |
|
N/M |
|
$ |
0.22 |
|
$ |
(0.15) |
|
N/M |
||
N/M = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
||||||||||||||||||
|
|
GAAP |
|
Adjusted (non-GAAP)* |
||||||||||||||
|
|
Nine Months Ended September 30, |
||||||||||||||||
($ in thousands except per share data) |
|
2024 |
|
2023 |
|
Variance |
|
2024 |
|
2023 |
|
Variance |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
Revenues |
|
$ |
755,826 |
|
$ |
639,870 |
|
18 |
% |
|
$ |
762,801 |
|
$ |
645,207 |
|
18 |
% |
Income (loss) before income taxes |
|
|
58,466 |
|
|
(24,943) |
|
N/M |
|
|
58,843 |
|
|
(14,018) |
|
N/M |
||
Provision (benefit) for income taxes |
|
|
6,820 |
|
|
(3,891) |
|
N/M |
|
|
7,411 |
|
|
(3,890) |
|
N/M |
||
Net income (loss) |
|
|
51,646 |
|
|
(21,052) |
|
N/M |
|
|
51,432 |
|
|
(10,128) |
|
N/M |
||
Net income (loss) attributable to noncontrolling interests |
|
|
5,025 |
|
|
(2,012) |
|
N/M |
|
|
— |
|
|
— |
|
N/M |
||
Net income (loss) attributable to Moelis & Company |
|
$ |
46,621 |
|
$ |
(19,040) |
|
N/M |
|
$ |
51,432 |
|
$ |
(10,128) |
|
N/M |
||
Diluted earnings (loss) per share |
|
$ |
0.61 |
|
$ |
(0.28) |
|
N/M |
|
$ |
0.63 |
|
$ |
(0.14) |
|
N/M |
||
N/M = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
Revenues
We earned GAAP revenues of
For the first nine months of 2024, we earned GAAP revenues of
We continued to execute on our strategy of organic growth, and since our last earnings release, we hired a Biotech Managing Director who will join the firm next month.
Expenses
The following tables set forth information relating to the Firm’s operating expenses.
|
GAAP |
|
Adjusted (non-GAAP)* |
||||||||||||||||||
|
Three Months Ended September 30, |
||||||||||||||||||||
($ in thousands) |
2024 |
|
2023 |
|
Variance |
|
2024 |
|
2023 |
|
Variance |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Compensation and benefits |
$ |
210,658 |
|
|
$ |
242,231 |
|
|
-13 |
% |
|
$ |
210,576 |
|
|
$ |
241,489 |
|
|
-13 |
% |
% of revenues |
|
77.0 |
% |
|
|
89.0 |
% |
|
|
|
|
|
75.0 |
% |
|
|
87.0 |
% |
|
|
|
Non-compensation expenses |
$ |
47,533 |
|
|
$ |
49,974 |
|
|
-5 |
% |
|
$ |
47,533 |
|
|
$ |
49,974 |
|
|
-5 |
% |
% of revenues |
|
17.4 |
% |
|
|
18.4 |
% |
|
|
|
|
|
16.9 |
% |
|
|
18.0 |
% |
|
|
|
Total operating expenses |
$ |
258,191 |
|
|
$ |
292,205 |
|
|
-12 |
% |
|
$ |
258,109 |
|
|
$ |
291,463 |
|
|
-11 |
% |
% of revenues |
|
94.3 |
% |
|
|
107.4 |
% |
|
|
|
|
|
91.9 |
% |
|
|
105.0 |
% |
|
|
|
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
|
|
GAAP |
|
Adjusted (non-GAAP)* |
||||||||||||||||||
|
Nine Months Ended September 30, |
||||||||||||||||||||
($ in thousands) |
2024 |
|
2023 |
|
Variance |
|
2024 |
|
2023 |
|
Variance |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
$ |
573,006 |
|
|
$ |
536,264 |
|
|
7 |
% |
|
$ |
572,612 |
|
|
$ |
535,522 |
|
|
7 |
% |
% of revenues |
|
75.8 |
% |
|
|
83.8 |
% |
|
|
|
|
|
75.1 |
% |
|
|
83.0 |
% |
|
|
|
Non-compensation expenses |
$ |
141,386 |
|
|
$ |
134,609 |
|
|
5 |
% |
|
$ |
141,386 |
|
|
$ |
134,189 |
|
|
5 |
% |
% of revenues |
|
18.7 |
% |
|
|
21.0 |
% |
|
|
|
|
|
18.5 |
% |
|
|
20.8 |
% |
|
|
|
Total operating expenses |
$ |
714,392 |
|
|
$ |
670,873 |
|
|
6 |
% |
|
$ |
713,998 |
|
|
$ |
669,711 |
|
|
7 |
% |
% of revenues |
|
94.5 |
% |
|
|
104.8 |
% |
|
|
|
|
|
93.6 |
% |
|
|
103.8 |
% |
|
|
|
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
|
Total operating expenses on a GAAP basis were
Compensation and benefits expenses on a GAAP basis were
Non-compensation expenses on a GAAP and Adjusted basis were
Other Income (Expenses)
|
|
GAAP |
|
Adjusted (non-GAAP)* |
|||||||||||||||||||
|
|
Three Months Ended September 30, |
|||||||||||||||||||||
($ in thousands) |
|
2024 |
|
|
2023 |
|
|
Variance |
|
2024 |
|
|
2023 |
|
|
Variance |
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses) |
|
$ |
11,095 |
|
|
$ |
9,943 |
|
|
12 |
|
% |
|
$ |
4,038 |
|
|
$ |
3,999 |
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
GAAP |
|
Adjusted (non-GAAP)* |
|||||||||||||||||||
|
|
Nine Months Ended September 30, |
|||||||||||||||||||||
($ in thousands) |
|
2024 |
|
2023 |
|
Variance |
|
2024 |
|
2023 |
Variance |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Other income (expenses) |
|
$ |
17,032 |
|
$ |
6,060 |
|
181 |
% |
|
|
|
|
-4 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
N/M = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
|
|
|
|
|
|
|
||||||||||||||||
Other income (expenses) on a GAAP basis was income of
For the first nine months of 2024, other income (expenses) on a GAAP basis was
Provision for Income Taxes
The corporate partner (Moelis & Company) currently owns
Capital Management and Balance Sheet
Moelis & Company continues to maintain a strong financial position, and as of September 30, 2024, we held cash and liquid investments of
The Board of Directors of Moelis & Company declared a regular quarterly dividend of
Earnings Call
We will host a conference call beginning at 5:00pm ET on Wednesday, October 23, 2024, accessible via telephone and the internet. Ken Moelis, Chairman and Chief Executive Officer, and Joe Simon, Chief Financial Officer, will review our third quarter 2024 financial results. Following the review, there will be a question and answer session.
Investors and analysts may participate in the live conference call by dialing 1-888-300-4150 (domestic) or 1-646-970-1530 (international) and using access code 8014191. Please dial in 15 minutes before the conference call begins. The conference call will also be accessible as a listen-only audio webcast through the Investor Relations section of the Moelis & Company website at www.moelis.com.
For those unable to listen to the live broadcast, a replay of the call will be available for one month via telephone starting approximately one hour after the live call ends. The replay can be accessed at 1-800-770-2030 (domestic) or 1-609-800-9909 (international); the conference number is 8014191.
About Moelis & Company
Moelis & Company is a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, including corporations, governments and financial sponsors. The Firm assists its clients in achieving their strategic goals by offering comprehensive integrated financial advisory services across all major industry sectors. Moelis & Company’s experienced professionals advise clients on their most critical decisions, including mergers and acquisitions, recapitalizations and restructurings, capital markets transactions, private fund raisings and secondary transactions and other corporate finance matters. The Firm serves its clients from 23 locations in
Forward-Looking Statements
This press release contains forward-looking statements, which reflect the Firm’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “target,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are based on certain assumptions and estimates and subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We believe these factors include, but are not limited to, those described under "Risk Factors" discussed in our Annual Report on Form 10-K for the year ended December 31, 2023, subsequent reports filed on Form 10-Q and our other filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. In addition, new risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results. The Firm undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.
Non-GAAP Financial Measures
The Company prepares its consolidated financial statements using accounting principles generally accepted in
The Company’s Adjusted revenues includes amounts reflected within other income (expenses) which are considered the equivalent of revenues for compensation. Such adjustments may include gains on founder investments where our employees and the Moelis advisory platform contributed meaningfully to the value creation; or the mark-to-market impact of equity instruments held by the Company that were originally received as payment for our banking services and included in revenues. We believe these adjustments are useful to allow comparability of period-to-period operating performance and compensation levels.
The Company’s Adjusted compensation and benefits expenses may include adjustments reflected within other income (expenses) associated with compensation awards forfeited or returned to the Company by former employees. Management views the credits associated with such forfeitures as an offset to compensation and benefits expenses since the Firm will utilize the forfeited economics to recruit and or retain talent. We believe the netted presentation of forfeiture credits and compensation expenses is useful to allow comparability of period-to-period operating performance.
The Company’s Adjusted non-compensation expenses and other income (expenses) may exclude certain one-time items that reduce the comparability of our operating performance as well as the amounts related to revenues and compensation and benefits expenses discussed above and adjustments to our provision for income taxes discussed below. Such adjustments increase the comparability of our financial performance across reporting periods and versus our peers.
The Company’s Adjusted provision (benefit) for income taxes is adjusted to illustrate the result as if
The Company’s Adjusted basic and diluted shares of Class A common stock outstanding is presented for each period as if all outstanding Class A partnership units have been exchanged into Class A common stock. The Adjusted presentation helps analysts, investors, and other stakeholders understand the effect of the Firm’s ownership structure on its results, including the impact of all the Firm’s income becoming subject to corporate-level tax.
Appendix
GAAP Consolidated Statement of Operations (Unaudited)
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information (Unaudited)
Moelis & Company
GAAP Consolidated Statement of Operations
Unaudited
(dollars in thousands, except for share and per share data)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
273,755 |
|
$ |
272,179 |
|
$ |
755,826 |
|
$ |
639,870 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
210,658 |
|
|
242,231 |
|
|
573,006 |
|
|
536,264 |
Occupancy |
|
|
7,409 |
|
|
7,181 |
|
|
21,571 |
|
|
19,887 |
Professional fees |
|
|
8,445 |
|
|
13,525 |
|
|
20,571 |
|
|
25,378 |
Communication, technology and information services |
|
12,874 |
|
|
11,709 |
|
|
37,108 |
|
|
33,758 |
|
Travel and related expenses |
|
|
8,781 |
|
|
8,394 |
|
|
29,255 |
|
|
28,575 |
Depreciation and amortization |
|
|
2,802 |
|
|
2,014 |
|
|
7,611 |
|
|
6,023 |
Other expenses |
|
|
7,222 |
|
|
7,151 |
|
|
25,270 |
|
|
20,988 |
Total Expenses |
|
|
258,191 |
|
|
292,205 |
|
|
714,392 |
|
|
670,873 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
15,564 |
|
|
(20,026) |
|
|
41,434 |
|
|
(31,003) |
|
Other income (expenses) |
|
|
11,095 |
|
|
9,943 |
|
|
17,032 |
|
|
6,060 |
Income (loss) before income taxes |
|
26,659 |
|
|
(10,083) |
|
|
58,466 |
|
|
(24,943) |
|
Provision (benefit) for income taxes |
|
|
7,419 |
|
|
1,286 |
|
|
6,820 |
|
|
(3,891) |
Net income (loss) |
|
19,240 |
|
|
(11,369) |
|
|
51,646 |
|
|
(21,052) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests |
|
2,346 |
|
|
(637) |
|
|
5,025 |
|
|
(2,012) |
|
Net income (loss) attributable to Moelis & Company |
$ |
16,894 |
|
$ |
(10,732) |
|
$ |
46,621 |
|
$ |
(19,040) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of Class A common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
72,325,050 |
|
|
68,752,061 |
|
|
71,612,206 |
|
|
68,260,558 |
Diluted |
|
|
76,906,271 |
|
|
68,752,061 |
|
|
76,147,357 |
|
|
68,260,558 |
Net income (loss) attributable to holders of shares of Class A common stock per share |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.23 |
|
$ |
(0.16) |
|
$ |
0.65 |
|
$ |
(0.28) |
Diluted |
|
$ |
0.22 |
|
$ |
(0.16) |
|
$ |
0.61 |
|
$ |
(0.28) |
Moelis & Company
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
Unaudited
(dollars in thousands, except share and per share data)
|
|
Three Months Ended September 30, 2024 |
|
||||||||||||||
Adjusted items |
|
GAAP |
|
|
Adjustments |
|
|
|
Adjusted
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenues |
|
$ |
|
273,755 |
|
|
$ |
|
6,975 |
|
|
(a) |
$ |
|
280,730 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Compensation and benefits |
|
|
|
210,658 |
|
|
|
|
(82 |
) |
|
(b) |
|
|
210,576 |
|
|
Non-compensation expenses |
|
|
|
47,533 |
|
|
|
|
— |
|
|
|
|
|
47,533 |
|
|
Other income (expenses) |
|
|
|
11,095 |
|
|
|
|
(7,057 |
) |
|
(a)(b) |
|
|
4,038 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Income (loss) before income taxes |
|
|
|
26,659 |
|
|
|
|
— |
|
|
|
|
|
26,659 |
|
|
Provision (benefit) for income taxes |
|
|
|
7,419 |
|
|
|
|
599 |
|
|
(c) |
|
|
8,018 |
|
|
Net income (loss) |
|
|
|
19,240 |
|
|
|
|
(599 |
) |
|
|
|
|
18,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) attributable to noncontrolling interests |
|
|
|
2,346 |
|
|
|
|
(2,346 |
) |
|
(d) |
|
|
— |
|
|
Net income (loss) attributable to Moelis & Company |
|
$ |
|
16,894 |
|
|
$ |
|
1,747 |
|
|
|
$ |
|
18,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted-average shares of Class A common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
|
72,325,050 |
|
|
|
|
6,060,135 |
|
|
(d) |
|
|
78,385,185 |
|
|
Diluted |
|
|
|
76,906,271 |
|
|
|
|
6,060,135 |
|
|
(d) |
|
|
82,966,406 |
|
|
Net income (loss) attributable to holders of shares of Class A common stock per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
|
0.23 |
|
|
|
|
|
|
|
$ |
|
0.24 |
|
||
Diluted |
|
$ |
|
0.22 |
|
|
|
|
|
|
|
$ |
|
0.22 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
(a) |
Reflects a reclassification of |
|
|||||||||||||||
(b) |
Reflects a reclassification of |
|
|||||||||||||||
(c) |
An adjustment has been made to illustrate the result as if |
|
|||||||||||||||
(d) |
Assumes all outstanding Class A partnership units have been exchanged into Class A common stock. |
|
|||||||||||||||
Moelis & Company
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
Unaudited
(dollars in thousands, except share and per share data)
|
|
|
Three Months Ended September 30, 2023 |
|
||||||||||
Adjusted items |
|
GAAP |
|
|
Adjustments |
|
|
|
Adjusted
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
272,179 |
|
|
$ |
5,486 |
|
|
(a) |
$ |
277,665 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
242,231 |
|
|
|
(742 |
) |
|
(b) |
|
241,489 |
|
|
Non-compensation expenses |
|
|
49,974 |
|
|
|
— |
|
|
|
|
49,974 |
|
|
Other income (expenses) |
|
|
9,943 |
|
|
|
(5,944 |
) |
|
(a)(b)(c) |
|
3,999 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
(10,083 |
) |
|
|
284 |
|
|
|
|
(9,799 |
) |
|
Provision (benefit) for income taxes |
|
|
1,286 |
|
|
|
232 |
|
|
(c)(d) |
|
1,518 |
|
|
Net income (loss) |
|
|
(11,369 |
) |
|
|
52 |
|
|
|
|
(11,317 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests |
|
|
(637 |
) |
|
|
637 |
|
|
(e) |
|
— |
|
|
Net income (loss) attributable to Moelis & Company |
|
$ |
(10,732 |
) |
|
$ |
(585 |
) |
|
|
$ |
(11,317 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of Class A common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
68,752,061 |
|
|
|
6,286,214 |
|
|
(e) |
|
75,038,275 |
|
|
Diluted |
|
|
68,752,061 |
|
|
|
6,286,214 |
|
|
(e) |
|
75,038,275 |
|
|
Net income (loss) attributable to holders of shares of Class A common stock per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.16 |
) |
|
|
|
|
|
|
$ |
(0.15 |
) |
|
Diluted |
|
$ |
(0.16 |
) |
|
|
|
|
|
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Reflects a reclassification of |
|
||||||||||||
(b) |
Reflects a reclassification of |
|
||||||||||||
(c) |
Tax Receivable Agreement liability related adjustments are made to other income (expenses) for GAAP purposes. The adjustment of |
|
||||||||||||
(d) |
An adjustment has been made to illustrate the result as if |
|
||||||||||||
(e) |
Assumes all outstanding Class A partnership units have been exchanged into Class A common stock. |
|
||||||||||||
Moelis & Company
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
Unaudited
(dollars in thousands, except share and per share data)
|
|
Nine Months Ended September 30, 2024 |
|||||||||
Adjusted items |
|
GAAP |
|
Adjustments |
|
|
Adjusted
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
755,826 |
|
$ |
6,975 |
|
(a) |
$ |
762,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
573,006 |
|
|
(394) |
|
(b) |
|
572,612 |
|
Non-compensation expenses |
|
|
141,386 |
|
|
— |
|
|
|
141,386 |
|
Other income (expenses) |
|
|
17,032 |
|
|
(6,992) |
|
(a)(b)(c) |
|
10,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
58,466 |
|
|
377 |
|
|
|
58,843 |
|
Provision (benefit) for income taxes |
|
|
6,820 |
|
|
591 |
|
(c)(d) |
|
7,411 |
|
Net income (loss) |
|
|
51,646 |
|
|
(214) |
|
|
|
51,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests |
|
|
5,025 |
|
|
(5,025) |
|
(e) |
|
— |
|
Net income (loss) attributable to Moelis & Company |
|
$ |
46,621 |
|
$ |
4,811 |
|
|
$ |
51,432 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of Class A common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
71,612,206 |
|
|
6,121,966 |
|
(e) |
|
77,734,172 |
|
Diluted |
|
|
76,147,357 |
|
|
6,121,966 |
|
(e) |
|
82,269,323 |
|
Net income (loss) attributable to holders of shares of Class A common stock per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.65 |
|
|
|
|
|
$ |
0.66 |
|
Diluted |
|
$ |
0.61 |
|
|
|
|
|
$ |
0.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Reflects a reclassification of |
||||||||||
(b) |
Reflects a reclassification of |
||||||||||
(c) |
Tax Receivable Agreement liability related adjustments are made to other income (expenses) for GAAP purposes. The adjustment of |
||||||||||
(d) |
An adjustment has been made to illustrate the result as if |
||||||||||
(e) |
Assumes all outstanding Class A partnership units have been exchanged into Class A common stock. |
||||||||||
Moelis & Company
Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information
Unaudited
(dollars in thousands, except share and per share data)
|
|
|
Nine Months Ended September 30, 2023 |
||||||||
Adjusted items |
|
GAAP |
|
Adjustments |
|
|
Adjusted
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
639,870 |
|
$ |
5,337 |
|
(a) |
$ |
645,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
536,264 |
|
|
(742) |
|
(b) |
|
535,522 |
|
Non-compensation expenses |
|
|
134,609 |
|
|
(420) |
|
(c) |
|
134,189 |
|
Other income (expenses) |
|
|
6,060 |
|
|
4,426 |
|
(a)(b)(c)(d) |
|
10,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
(24,943) |
|
|
10,925 |
|
|
|
(14,018) |
|
Provision (benefit) for income taxes |
|
|
(3,891) |
|
|
1 |
|
(d)(e) |
|
(3,890) |
|
Net income (loss) |
|
|
(21,052) |
|
|
10,924 |
|
|
|
(10,128) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests |
|
|
(2,012) |
|
|
2,012 |
|
(f) |
|
— |
|
Net income (loss) attributable to Moelis & Company |
|
$ |
(19,040) |
|
$ |
8,912 |
|
|
$ |
(10,128) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of Class A common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
68,260,558 |
|
|
6,222,685 |
|
(f) |
|
74,483,243 |
|
Diluted |
|
|
68,260,558 |
|
|
6,222,685 |
|
(f) |
|
74,483,243 |
|
Net income (loss) attributable to holders of shares of Class A common stock per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.28) |
|
|
|
|
|
$ |
(0.14) |
|
Diluted |
|
$ |
(0.28) |
|
|
|
|
|
$ |
(0.14) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Reflects a reclassification of |
||||||||||
(b) |
Reflects a reclassification of |
||||||||||
(c) |
Reflects adjustments of |
||||||||||
(d) |
Tax Receivable Agreement liability related adjustments are made to other income (expenses) for GAAP purposes. The adjustment of |
||||||||||
(e) |
An adjustment has been made to illustrate the result as if |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023590953/en/
Investor Contact:
Matt Tsukroff
Moelis & Company
t: + 1 212 883 3800
m: +1 917 526 2340
matthew.tsukroff@moelis.com
Media Contact:
Alyssa Castelli
Moelis & Company
t: + 1 212 883 3802
m: +1 929 969 2918
alyssa.castelli@moelis.com
Source: Moelis & Company
FAQ
What were Moelis & Company's (MC) Q3 2024 earnings per share?
How much revenue did Moelis & Company (MC) generate in Q3 2024?
What is Moelis & Company's (MC) quarterly dividend for Q3 2024?