- Second quarter GAAP revenues of $264.6 million; Adjusted
revenues of $264.6 million, up 45% from the prior year period
- First half GAAP revenues of $482.1 million; Adjusted revenues
of $482.1 million, up 31% from the prior year period
- GAAP net income of $0.17 per share (diluted) for the second
quarter and $0.39 per share (diluted) for the first half of 2024;
Adjusted net income of $0.18 per share (diluted) for the second
quarter and $0.40 per share (diluted) for the first half of
2024
- Continued to execute on our growth strategy:
- Year-to-date, promoted seven advisory professionals to Managing
Director and hired seven Managing Directors, including three
Managing Director hires focused on Technology, Industrials and
Capital Structure Advisory since our last earnings release
- Strong balance sheet with cash and short-term investments of
$191.3 million and no debt or goodwill
- Declared quarterly dividend of $0.60 per share
Moelis & Company (NYSE:MC) today reported financial results
for the quarter ended June 30, 2024. The Firm's second quarter GAAP
revenues were $264.6 million as compared with $179.9 million in the
prior year period. On an Adjusted basis, the Firm’s second quarter
revenues of $264.6 million increased 45% from the prior year
period. The Firm reported second quarter GAAP net income of $14.9
million, or $0.17 per share (diluted). On an Adjusted basis, the
Firm reported net income of $14.5 million and $0.18 per share
(diluted) for the second quarter of 2024, which compares with a net
loss of $2.6 million, or ($0.04) per share, in the prior year
period.
GAAP revenues for the first half of 2024 were $482.1 million. On
an Adjusted basis, the Firm's first half revenues of $482.1
increased 31% from the prior year period. The Firm reported first
half GAAP net income of $32.4 million, or $0.39 million per share
(diluted). On an Adjusted basis, the Firm reported net income of
$32.8 million, or $0.40 per share (diluted) in the first half of
2024, as compared with net income of $1.2 million, or $0.02 per
share (diluted), in the prior year period. GAAP and Adjusted net
income in the first half of 2024 include net tax benefits of
approximately $0.14 per share (diluted) related to the settlement
of share-based awards.
"Our second quarter results reflect improved performance across
all of our major product areas and increasing momentum in our
business. We remain focused on serving our clients and executing on
our growth strategy as the transaction environment improves," said
Ken Moelis, Chairman and Chief Executive Officer.
The Firm’s revenues and net income can fluctuate materially
depending on the number, size and timing of completed transactions
as well as other factors. Accordingly, financial results in any
particular quarter may not be representative of future results over
a longer period of time.
Currently 92% of the operating partnership (Moelis & Company
Group LP) is owned by the corporate partner (Moelis & Company)
and is subject to corporate U.S. federal and state income tax. The
remaining 8% is owned by other partners of Moelis & Company
Group LP and is primarily subject to U.S. federal tax at the
partner level (certain state, local and foreign income taxes are
incurred at the company level). The Adjusted results included
herein apply certain adjustments from our GAAP results, including
the assumption that 100% of the Firm’s operating result was taxed
at our corporate effective tax rate. We believe the Adjusted
results, when presented together with comparable GAAP results, are
useful to investors to compare our performance across periods and
to better understand our operating results. A reconciliation
between our GAAP results and our Adjusted results is presented in
the Appendix to this press release.
GAAP and Adjusted (non-GAAP) Selected
Financial Data (Unaudited)
GAAP
Adjusted (non-GAAP)*
Three Months Ended June
30,
($ in thousands except per share
data)
2024
2023
Variance
2024
2023
Variance
Revenues
$
264,586
$
179,871
47%
$
264,586
$
182,243
45%
Income (loss) before income
taxes
21,776
(15,215)
N/M
21,932
(4,574)
N/M
Provision (benefit) for income taxes
6,855
(1,969)
N/M
7,439
(1,936)
N/M
Net income (loss)
14,921
(13,246)
N/M
14,493
(2,638)
N/M
Net income (loss) attributable to
noncontrolling interests
1,760
(1,272)
N/M
—
—
N/M
Net income (loss) attributable to Moelis
& Company
$
13,161
$
(11,974)
N/M
$
14,493
$
(2,638)
N/M
Diluted earnings (loss) per share
$
0.17
$
(0.17)
N/M
$
0.18
$
(0.04)
N/M
N/M = not meaningful
* See Appendix for a reconciliation of
GAAP to Adjusted (non-GAAP)
GAAP
Adjusted (non-GAAP)*
Six Months Ended June
30,
($ in thousands except per share
data)
2024
2023
Variance
2024
2023
Variance
Revenues
$
482,071
$
367,691
31%
$
482,071
$
367,542
31%
Income (loss) before income
taxes
31,807
(14,860)
N/M
32,184
(4,219)
N/M
Provision (benefit) for income taxes
(599)
(5,177)
-88%
(607)
(5,408)
-89%
Net income (loss)
32,406
(9,683)
N/M
32,791
1,189
2,658%
Net income (loss) attributable to
noncontrolling interests
2,679
(1,375)
N/M
—
—
N/M
Net income (loss) attributable to Moelis
& Company
$
29,727
$
(8,308)
N/M
$
32,791
$
1,189
2,658%
Diluted earnings (loss) per share
$
0.39
$
(0.12)
N/M
$
0.40
$
0.02
1,900%
N/M = not meaningful
* See Appendix for a reconciliation of
GAAP to Adjusted (non-GAAP)
Revenues
We earned GAAP revenues of $264.6 million in the second quarter
of 2024, as compared with $179.9 million in the prior year period.
On an Adjusted basis, we earned revenues of $264.6 million in the
second quarter of 2024, as compared with $182.2 million in the
prior year period, representing an increase of 45%. The increase in
second quarter revenues is attributable to an increase in
transaction completions across all key products as compared with
the prior year period.
For the first half of 2024, we earned GAAP revenues of $482.1
million, as compared with $367.7 million in the prior year period.
On an Adjusted basis, we earned revenues of $482.1 million, in the
first half of 2024, as compared with $367.5 million in the prior
year period, or an increase of 31%. The increase in revenues in
both current year periods is attributable to an increase in
transaction completions across all key product areas as compared
with the prior year period.
We continued to execute on our strategy of organic growth, and
since our last earnings release, we hired three Managing Directors
in Technology, Industrials and Capital Structure Advisory.
Expenses
The following tables set forth information relating to the
Firm’s operating expenses.
GAAP
Adjusted (non-GAAP)*
Three Months Ended June
30,
($ in thousands)
2024
2023
Variance
2024
2023
Variance
Expenses:
Compensation and benefits
$
197,873
$
145,794
36
%
$
198,705
$
145,794
36
%
% of revenues
74.8
%
81.1
%
75.1
%
80.0
%
Non-compensation expenses
$
46,645
$
43,663
7
%
$
46,645
$
43,243
8
%
% of revenues
17.6
%
24.3
%
17.6
%
23.7
%
Total operating expenses
$
244,518
$
189,457
29
%
$
245,350
$
189,037
30
%
% of revenues
92.4
%
105.3
%
92.7
%
103.7
%
* See Appendix for a reconciliation of
GAAP to Adjusted (non-GAAP)
GAAP
Adjusted (non-GAAP)*
Six Months Ended June
30,
($ in thousands)
2024
2023
Variance
2024
2023
Variance
Expenses:
Compensation and benefits
$
362,348
$
294,033
23
%
$
362,036
$
294,033
23
%
% of revenues
75.2
%
80.0
%
75.1
%
80.0
%
Non-compensation expenses
$
93,853
$
84,635
11
%
$
93,853
$
84,215
11
%
% of revenues
19.5
%
23.0
%
19.5
%
22.9
%
Total operating expenses
$
456,201
$
378,668
20
%
$
455,889
$
378,248
21
%
% of revenues
94.6
%
103.0
%
94.6
%
102.9
%
* See Appendix for a reconciliation of
GAAP to Adjusted (non-GAAP)
Total operating expenses on a GAAP basis were $244.5 million for
the second quarter of 2024. On an Adjusted basis, operating
expenses were $245.4 million for the second quarter of 2024, as
compared with $189.0 million in the prior year period. For the
first half of 2024, total operating expenses on a GAAP basis were
$456.2 million. On an Adjusted basis, operating expenses were
$455.9 million for the first half of 2024 as compared with $378.2
million in the prior year period. The increase in operating
expenses in both current year periods is attributable to increased
compensation and benefits and non-compensation expenses, as
compared with the prior year periods.
Compensation and benefits expenses on a GAAP basis were $197.9
million for the second quarter of 2024, as compared with $145.8
million in the prior year period. Adjusted compensation and
benefits expenses were $198.7 million for the second quarter of
2024, as compared with $145.8 million in the prior year period. For
the first half of 2024, compensation and benefits expenses on a
GAAP basis were $362.3 million, as compared with $294.0 million in
the prior year period. On an Adjusted basis, compensation and
benefits expenses for the first half of 2024 were $362.0 million,
as compared with $294.0 million in the prior year period. The
increase in compensation and benefits expenses during both current
year periods is primarily attributable to increased headcount and a
higher bonus expense accrual, as a result of higher revenues
earned, as compared with the prior year periods.
Non-compensation expenses on a GAAP and Adjusted basis were
$46.6 million for the second quarter of 2024, as compared with GAAP
non-compensation expenses of $43.7 million and Adjusted
non-compensation expenses of $43.2 million in the prior year
period. The increase in non-compensation expenses in the second
quarter of 2024 is primarily attributable to greater headcount as
compared with the prior year period. For the first half of 2024,
GAAP and Adjusted non-compensation expenses were $93.9 million as
compared with GAAP non-compensation expenses of $84.6 million and
Adjusted non-compensation expenses of $84.2 million in the prior
year period. The increase in non-compensation expenses in the first
half of 2024 is primarily attributable to increased headcount as
compared to the prior year period.
Other Income (Expenses)
GAAP
Adjusted (non-GAAP)*
Three Months Ended June
30,
($ in thousands)
2024
2023
Variance
2024
2023
Variance
Other income (expenses)
$
1,708
$
(5,629
)
N/M
$
2,696
$
2,220
21
%
N/M = not meaningful
* See Appendix for a reconciliation of
GAAP to Adjusted (non-GAAP)
GAAP
Adjusted (non-GAAP)*
Six Months Ended June
30,
($ in thousands)
2024
2023
Variance
2024
2023
Variance
Other income (expenses)
$
5,937
$
(3,883)
N/M
$
6,002
$
6,487
-7
%
N/M = not meaningful
* See Appendix for a reconciliation of
GAAP to Adjusted (non-GAAP)
Other income (expenses) on a GAAP basis was $1.7 million for the
second quarter of 2024, as compared with expense of $5.6 million in
the prior year period. On an Adjusted basis, other income for the
second quarter of 2024 was $2.7 million, as compared with $2.2
million in the prior year period.
For the first half of 2024, other income (expenses) on a GAAP
basis was $5.9 million as compared with expense of $3.9 million in
the prior year period. On an Adjusted basis, other income for the
first half of 2024 was $6.0 million as compared with $6.5 million
in the prior year period.
Provision for Income Taxes
The corporate partner (Moelis & Company) currently owns 92%
of the operating partnership (Moelis & Company Group LP) and is
subject to corporate U.S. federal and state income tax on its
allocable share of earnings. The remaining 8% of activity is
subject to certain state, local and foreign income taxes (including
New York City Unincorporated Business Tax), which is accounted for
at the partner level through the noncontrolling interests. For
Adjusted purposes, we have assumed that 100% of the Firm’s second
quarter 2024 operating results were taxed at our corporate
effective tax rate resulting in a net tax expense of $7.4
million.
Capital Management and Balance Sheet
Moelis & Company continues to maintain a strong financial
position, and as of June 30, 2024, we held cash and liquid
investments of $191.3 million and had no funded debt or goodwill on
our balance sheet.
The Board of Directors of Moelis & Company declared a
regular quarterly dividend of $0.60 per share. The $0.60 per share
will be paid on September 26, 2024, to common stockholders of
record on August 5, 2024.
Earnings Call
We will host a conference call beginning at 5:00pm ET on
Wednesday, July 24, 2024, accessible via telephone and the
internet. Ken Moelis, Chairman and Chief Executive Officer, and Joe
Simon, Chief Financial Officer, will review our second 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 North and South America, Europe, the Middle East, Asia
and Australia. For further information, please visit:
www.moelis.com.
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 United States
(GAAP). From time to time, the Company may disclose certain
“non-GAAP financial measures” in the course of its earnings
releases, earnings conference calls, financial presentations and
otherwise. The Securities and Exchange Commission defines a
“non-GAAP financial measure” as a numerical measure of historical
or future financial performance, financial position, or cash flows
that is subject to adjustments that effectively exclude, or include
amounts from the most directly comparable measure calculated and
presented in accordance with GAAP. Non-GAAP financial measures
disclosed by the Company are provided as additional information to
analysts, investors and other stakeholders in order to provide them
with greater transparency about, or an alternative method for
assessing our financial condition, operating results, or capital
adequacy. Adjusted results are a non-GAAP financial measure which
provide additional information on management’s view of operating
results. These measures are not in accordance with, or a substitute
for GAAP, and may be different from or inconsistent with non-GAAP
financial measures used by other companies. Whenever we refer to a
non-GAAP financial measure, we will also generally define it or
present the most directly comparable financial measure calculated
and presented in accordance with GAAP, along with a reconciliation
of the differences between the non-GAAP financial measure we
reference and such comparable GAAP financial measure.
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 100% of the Firm’s income
is being taxed at our corporate effective tax rates for the periods
presented. Adjusted provision (benefit) for income taxes
periodically includes the tax impact related to the settlement of
share-based awards, the reclassification of TRA liability
adjustments, or adjustments to our deferred tax assets and
liabilities that occur in connection with new tax legislation. Such
adjustments increase the comparability of our financial performance
across reporting periods and versus our peers.
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 June
30,
Six Months Ended June
30,
2024
2023
2024
2023
Revenues
$
264,586
$
179,871
$
482,071
$
367,691
Expenses
Compensation and benefits
197,873
145,794
362,348
294,033
Occupancy
7,073
6,872
14,162
12,706
Professional fees
5,961
6,907
12,126
11,853
Communication, technology and information
services
11,990
11,215
24,234
22,049
Travel and related expenses
8,511
9,213
20,474
20,181
Depreciation and amortization
2,434
1,936
4,809
4,009
Other expenses
10,676
7,520
18,048
13,837
Total Expenses
244,518
189,457
456,201
378,668
Operating income (loss)
20,068
(9,586)
25,870
(10,977)
Other income (expenses)
1,708
(5,629)
5,937
(3,883)
Income (loss) before income
taxes
21,776
(15,215)
31,807
(14,860)
Provision (benefit) for income taxes
6,855
(1,969)
(599)
(5,177)
Net income (loss)
14,921
(13,246)
32,406
(9,683)
Net income (loss) attributable to
noncontrolling interests
1,760
(1,272)
2,679
(1,375)
Net income (loss) attributable to Moelis
& Company
$
13,161
$
(11,974)
$
29,727
$
(8,308)
Weighted-average shares of Class A common
stock outstanding
Basic
72,148,948
68,504,772
71,239,595
67,852,077
Diluted
75,788,525
68,504,772
75,593,865
67,852,077
Net income (loss) attributable to holders
of shares of Class A common stock per share
Basic
$
0.18
$
(0.17)
$
0.42
$
(0.12)
Diluted
$
0.17
$
(0.17)
$
0.39
$
(0.12)
Moelis & Company
Reconciliation of GAAP to
Adjusted (non-GAAP) Financial Information
Unaudited
(dollars in thousands, except
share and per share data)
Three Months Ended June 30,
2024
Adjusted items
GAAP
Adjustments
Adjusted (non-GAAP)
Compensation and benefits
$
197,873
$
832
(a)
$
198,705
Other income (expenses)
1,708
988
(a)(b)
2,696
Income (loss) before income taxes
21,776
156
21,932
Provision (benefit) for income taxes
6,855
584
(b)(c)
7,439
Net income (loss)
14,921
(428
)
14,493
Net income (loss) attributable to
noncontrolling interests
1,760
(1,760
)
(d)
—
Net income (loss) attributable to Moelis
& Company
$
13,161
$
1,332
$
14,493
Weighted-average shares of Class A common
stock outstanding
Basic
72,148,948
6,300,175
(d)
78,449,123
Diluted
75,788,525
6,300,175
(d)
82,088,700
Net income (loss) attributable to holders
of shares of Class A common stock per share
Basic
$
0.18
$
0.18
Diluted
$
0.17
$
0.18
(a)
Reflects a reclassification of $0.8
million of other income (expenses) to compensation and benefits
associated with the forfeiture or return of compensation by former
employees.
(b)
Tax Receivable Agreement liability related
adjustments are made to other income (expenses) for GAAP purposes.
The adjustment of $0.2 million is reclassified to the provision for
income taxes line.
(c)
An adjustment has been made to illustrate
the result as if 100% of the Firm’s income is being taxed at our
corporate effective tax rate for the period stated. Our Adjusted
tax provision excludes any benefits or costs related to the
adjustment to the step-up in tax basis in Group LP assets and TRA
liabilities in connection with past partnership unit exchanges;
such adjustment for this period was a net expense of $0.2 million,
which is not included in the corporate tax provision for the period
presented.
(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 June 30,
2023
Adjusted items
GAAP
Adjustments
Adjusted (non-GAAP)
Revenues
$
179,871
$
2,372
(a)
$
182,243
Non-compensation expenses
43,663
(420
)
(b)
43,243
Other income (expenses)
(5,629
)
7,849
(a)(b)(c)
2,220
Income (loss) before income taxes
(15,215
)
10,641
(4,574
)
Provision (benefit) for income taxes
(1,969
)
33
(c)(d)
(1,936
)
Net income (loss)
(13,246
)
10,608
(2,638
)
Net income (loss) attributable to
noncontrolling interests
(1,272
)
1,272
(e)
—
Net income (loss) attributable to Moelis
& Company
$
(11,974
)
$
9,336
$
(2,638
)
Weighted-average shares of Class A common
stock outstanding
Basic
68,504,772
6,284,688
(e)
74,789,460
Diluted
68,504,772
6,284,688
(e)
74,789,460
Net income (loss) attributable to holders
of shares of Class A common stock per share
Basic
$
(0.17
)
$
(0.04
)
Diluted
$
(0.17
)
$
(0.04
)
(a)
Reflects a reclassification of $2.4
million of other income to revenues related to net gains from the
mark-to-market impact on shares received as partial payment for
advisory services provided on certain transactions.
(b)
Reflects adjustments of $10.4 million for
expenses related to a regulatory settlement with the U.S.
Securities and Exchange Commission ("SEC").
(c)
Tax Receivable Agreement liability related
adjustments are made to other income (expenses) for GAAP purposes.
The adjustment of $0.2 million is reclassified to the provision for
income taxes line.
(d)
An adjustment has been made to illustrate
the result as if 100% of the Firm’s income is being taxed at our
corporate effective tax rate. Our adjusted tax provision excludes
any benefits or costs related to the adjustment to the TRA
liability originated from past partnership unit exchanges; such
adjustment for this period was a net expense of $0.2 million, which
is not included in the corporate tax provision for the period
presented.
(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)
Six Months Ended June 30,
2024
Adjusted items
GAAP
Adjustments
Adjusted (non-GAAP)
Compensation and benefits
$
362,348
$
(312)
(a)
$
362,036
Other income (expenses)
5,937
65
(a)(b)
6,002
Income (loss) before income taxes
31,807
377
32,184
Provision (benefit) for income taxes
(599)
(8)
(b)(c)
(607)
Net income (loss)
32,406
385
32,791
Net income (loss) attributable to
noncontrolling interests
2,679
(2,679)
(d)
—
Net income (loss) attributable to Moelis
& Company
$
29,727
$
3,064
$
32,791
Weighted-average shares of Class A common
stock outstanding
Basic
71,239,595
6,313,635
(d)
77,553,230
Diluted
75,593,865
6,313,635
(d)
81,907,500
Net income (loss) attributable to holders
of shares of Class A common stock per share
Basic
$
0.42
$
0.42
Diluted
$
0.39
$
0.40
(a)
Reflects a reclassification of $0.3
million of other income (expenses) to compensation and benefits
associated with the forfeiture or return of compensation by former
employees.
(b)
Tax Receivable Agreement liability related
adjustments are made to other income (expenses) for GAAP purposes.
The adjustment of $0.4 million is reclassified to the provision for
income taxes line.
(c)
An adjustment has been made to illustrate
the result as if 100% of the Firm’s income is being taxed at our
corporate effective tax rate for the period stated. Together with
the tax benefit related to the settlement of share-based awards of
$11.6 million, we have a net tax benefit of $0.6 million. Our
Adjusted tax provision excludes any benefits or costs related to
the adjustment to the step-up in tax basis in Group LP assets and
TRA liabilities in connection with past partnership unit exchanges;
such adjustment for this period was a net expense of $0.4 million,
which is not included in the corporate tax provision for the period
presented.
(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)
Six Months Ended June 30,
2023
Adjusted items
GAAP
Adjustments
Adjusted (non-GAAP)
Revenues
$
367,691
$
(149)
(a)
$
367,542
Non-compensation expenses
84,635
(420)
(b)
84,215
Other income (expenses)
(3,883)
10,370
(a)(b)(c)
6,487
Income (loss) before income taxes
(14,860)
10,641
(4,219)
Provision (benefit) for income taxes
(5,177)
(231)
(c)(d)
(5,408)
Net income (loss)
(9,683)
10,872
1,189
Net income (loss) attributable to
noncontrolling interests
(1,375)
1,375
(e)
—
Net income (loss) attributable to Moelis
& Company
$
(8,308)
$
9,497
$
1,189
Weighted-average shares of Class A common
stock outstanding
Basic
67,852,077
6,190,394
(e)
74,042,471
Diluted
67,852,077
10,074,194
(e)
77,926,271
Net income (loss) attributable to holders
of shares of Class A common stock per share
Basic
$
(0.12)
$
0.02
Diluted
$
(0.12)
$
0.02
(a)
Reflects a reclassification of $0.1
million of other income to revenues related to net losses from the
mark-to-market impact on shares received as partial payment for
advisory services provided on certain transactions.
(b)
Reflects adjustments of $10.4 million for
expenses related to a regulatory settlement with the SEC.
(c)
Tax Receivable Agreement liability related
adjustments are made to other income (expenses) for GAAP purposes.
The adjustment of $0.2 million is reclassified to the provision for
income taxes line.
(d)
An adjustment has been made to illustrate
the result as if 100% of the Firm’s income is being taxed at our
corporate effective tax rate for the period stated; together with
the tax benefit related to the settlement of share-based awards of
$3.6 million, we have a net tax benefit of $5.4 million. Our
adjusted tax provision excludes any benefits or costs related to
the adjustment to the TRA liability originated from past
partnership unit exchanges; such adjustment for this period was a
net expense of $0.2 million, which is not included in the corporate
tax provision for the period presented.
(e)
Assumes all outstanding Class A
partnership units have been exchanged into Class A common stock.
Diluted share count includes dilutive shares pursuant to the
treasury stock method that are antidilutive to GAAP earnings per
share.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240724690837/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
Moelis (NYSE:MC)
過去 株価チャート
から 10 2024 まで 11 2024
Moelis (NYSE:MC)
過去 株価チャート
から 11 2023 まで 11 2024
