Moelis & Company Reports Third Quarter and First Nine Months 2023 Financial Results; Declares Regular Quarterly Dividend of $0.60 Per Share
- Moelis & Company's adjusted revenues increased by 19% in the third quarter of 2023 compared to the prior year period, reaching $277.7 million.
- The firm's net loss per share for the third quarter of 2023 was $0.15 on an adjusted basis, compared to net income of $0.37 per share in the prior year period.
- Moelis & Company launched a Clean Technology Group during the third quarter and hired 24 Managing Directors year-to-date, including five since their last earnings release.
- None.
-
Third quarter GAAP revenues of
; third quarter Adjusted revenues of$272.2 million , up$277.7 million 19% from the prior year period -
GAAP revenues for the first nine months of 2023 were
; Adjusted revenues for the first nine months of 2023 were$639.9 million , down$645.2 million 16% from the prior year period -
GAAP net loss of
per share for the third quarter of 2023 and$0.16 per share for the first nine months of 2023; Adjusted net loss of$0.28 per share for the third quarter of 2023 and$0.15 per share for the first nine months of 2023, after excluding$0.14 of expense related to a regulatory settlement$10.4 million -
Continued to execute on our growth strategy:
― Launched Clean Technology Group during the third quarter
― Year-to-date, hired 24 Managing Directors, including five since our last earnings release focused on Clean Technology, Metals & Mining, Power & Utilities and Industrials -
Strong balance sheet with cash and short term investments of
and no debt or goodwill$297.8 million
― Declared quarterly dividend of per share$0.60
GAAP revenues for the first nine months of 2023 were
"Our aggressive senior banker hiring throughout the year has enhanced our coverage of the largest sector fee pools and has significantly improved the Firm's earnings power once the M&A cycle turns," said Ken Moelis, Chairman and Chief Executive Officer.
The Firm’s revenues and net income can fluctuate materially depending on the number, size and timing of completed transactions as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.
Currently
GAAP and Adjusted (non-GAAP) Selected Financial Data (Unaudited)
|
|
GAAP |
|
Adjusted (non-GAAP)* |
||||||||||||||
|
|
Three Months Ended September 30, |
||||||||||||||||
($ in thousands except per share data) |
|
2023 |
|
2022 |
|
2023 vs.
|
|
2023 |
|
2022 |
|
2023 vs.
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
272,179 |
|
$ |
233,506 |
|
17 |
% |
|
$ |
277,665 |
|
$ |
232,407 |
|
19 |
% |
Income (loss) before income taxes |
|
|
(10,083) |
|
|
37,674 |
|
N/M |
|
|
|
(9,799) |
|
|
37,674 |
|
N/M |
|
Provision (benefit) for income taxes |
|
|
1,286 |
|
|
9,115 |
|
-86 |
% |
|
|
1,518 |
|
|
9,756 |
|
-84 |
% |
Net income (loss) |
|
|
(11,369) |
|
|
28,559 |
|
N/M |
|
|
|
(11,317) |
|
|
27,918 |
|
N/M |
|
Net income (loss) attributable to noncontrolling interests |
|
|
(637) |
|
|
2,947 |
|
N/M |
|
|
|
— |
|
|
— |
|
N/M |
|
Net income (loss) attributable to Moelis & Company |
|
$ |
(10,732) |
|
$ |
25,612 |
|
N/M |
|
|
$ |
(11,317) |
|
$ |
27,918 |
|
N/M |
|
Diluted earnings (loss) per share |
|
$ |
(0.16) |
|
$ |
0.37 |
|
N/M |
|
|
$ |
(0.15) |
|
$ |
0.37 |
|
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) |
|
2023 |
|
2022 |
|
2023 vs.
|
|
2023 |
|
2022 |
|
2023 vs.
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
639,870 |
|
$ |
778,114 |
|
-18 |
% |
|
$ |
645,207 |
|
$ |
768,059 |
|
-16 |
% |
Income (loss) before income taxes |
|
|
(24,943) |
|
|
184,019 |
|
N/M |
|
|
|
(14,018) |
|
|
184,019 |
|
N/M |
|
Provision (benefit) for income taxes |
|
|
(3,891) |
|
|
38,009 |
|
N/M |
|
|
|
(3,890) |
|
|
39,858 |
|
N/M |
|
Net income (loss) |
|
|
(21,052) |
|
|
146,010 |
|
N/M |
|
|
|
(10,128) |
|
|
144,161 |
|
N/M |
|
Net income (loss) attributable to noncontrolling interests |
|
|
(2,012) |
|
|
15,720 |
|
N/M |
|
|
|
— |
|
|
— |
|
N/M |
|
Net income (loss) attributable to Moelis & Company |
|
$ |
(19,040) |
|
$ |
130,290 |
|
N/M |
|
|
$ |
(10,128) |
|
$ |
144,161 |
|
N/M |
|
Diluted earnings (loss) per share |
|
$ |
(0.28) |
|
$ |
1.86 |
|
N/M |
|
|
$ |
(0.14) |
|
$ |
1.89 |
|
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 2023, we earned GAAP revenues of
We continued to execute on our strategy of organic growth. Since our last earnings release, we announced the formation of our Clean Technology Group and hired five Managing Directors. These five Managing Directors are focused on Clean Technology, Metals & Mining, Power & Utilities and Industrials. Year-to-date, we have hired 24 Managing Directors.
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) |
|
2023 |
|
2022 |
|
2023 vs. 2022
|
|
2023 |
|
2022 |
|
2023 vs. 2022
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
$ |
242,231 |
|
|
$ |
160,437 |
|
|
51 |
% |
|
$ |
241,489 |
|
|
$ |
160,187 |
|
|
51 |
% |
% of revenues |
|
|
89.0 |
% |
|
|
68.7 |
% |
|
|
|
|
|
87.0 |
% |
|
|
68.9 |
% |
|
|
|
Non-compensation expenses |
|
$ |
49,974 |
|
|
$ |
38,020 |
|
|
31 |
% |
|
$ |
49,974 |
|
|
$ |
38,020 |
|
|
31 |
% |
% of revenues |
|
|
18.4 |
% |
|
|
16.3 |
% |
|
|
|
|
|
18.0 |
% |
|
|
16.4 |
% |
|
|
|
Total operating expenses |
|
$ |
292,205 |
|
|
$ |
198,457 |
|
|
47 |
% |
|
$ |
291,463 |
|
|
$ |
198,207 |
|
|
47 |
% |
% of revenues |
|
|
107.4 |
% |
|
|
85.0 |
% |
|
|
|
|
|
105.0 |
% |
|
|
85.3 |
% |
|
|
|
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
|
|
|
GAAP |
|
Adjusted (non-GAAP)* |
||||||||||||||||||
|
|
Nine Months Ended September 30, |
||||||||||||||||||||
($ in thousands) |
|
2023 |
|
2022 |
|
2023 vs. 2022
|
|
2023 |
|
2022 |
|
2023 vs. 2022
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
$ |
536,264 |
|
|
$ |
477,166 |
|
|
12 |
% |
|
$ |
535,522 |
|
|
$ |
476,222 |
|
|
12 |
% |
% of revenues |
|
|
83.8 |
% |
|
|
61.3 |
% |
|
|
|
|
|
83.0 |
% |
|
|
62.0 |
% |
|
|
|
Non-compensation expenses |
|
$ |
134,609 |
|
|
$ |
114,273 |
|
|
18 |
% |
|
$ |
134,189 |
|
|
$ |
114,273 |
|
|
17 |
% |
% of revenues |
|
|
21.0 |
% |
|
|
14.7 |
% |
|
|
|
|
|
20.8 |
% |
|
|
14.9 |
% |
|
|
|
Total operating expenses |
|
$ |
670,873 |
|
|
$ |
591,439 |
|
|
13 |
% |
|
$ |
669,711 |
|
|
$ |
590,495 |
|
|
13 |
% |
% of revenues |
|
|
104.8 |
% |
|
|
76.0 |
% |
|
|
|
|
|
103.8 |
% |
|
|
76.9 |
% |
|
|
|
* 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 basis were
Other Income (Expenses)
|
|
GAAP |
|
Adjusted (non-GAAP)* |
||||||||||||||
|
|
Three Months Ended September 30, |
||||||||||||||||
($ in thousands) |
|
2023 |
|
2022 |
|
2023 vs. 2022
|
|
2023 |
|
2022 |
|
2023 vs. 2022
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses) |
|
$ |
9,943 |
|
$ |
2,625 |
|
279 |
% |
|
$ |
3,999 |
|
$ |
3,474 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP |
|
Adjusted (non-GAAP)* |
||||||||||||||
|
|
Nine Months Ended September 30, |
||||||||||||||||
($ in thousands) |
|
2023 |
|
2022 |
|
2023 vs. 2022
|
|
2023 |
|
2022 |
|
2023 vs. 2022
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expenses) |
|
$ |
6,060 |
|
$ |
(2,656) |
|
N/M |
|
|
$ |
10,486 |
|
$ |
6,455 |
|
62 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP) |
|
|
|
|
|
|
|
|
|
|
Other income (expenses) on a GAAP basis was
For the first nine months of 2023, other income (expenses) on a GAAP basis was income of
Adjusted other income for the first nine months of 2023 excludes
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, 2023, 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 Thursday, November 2, 2023, accessible via telephone and the internet. Ken Moelis, Chairman and Chief Executive Officer, and Joe Simon, Chief Financial Officer, will review our third quarter 2023 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 1-647-362-9199 (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, 2022, 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 due to the enforcement of non-compete provisions. 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 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, |
||||||||
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
$ |
272,179 |
|
$ |
233,506 |
|
$ |
639,870 |
|
$ |
778,114 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
|
|
|
|
|
|
||
Compensation and benefits |
|
|
|
242,231 |
|
|
160,437 |
|
|
536,264 |
|
|
477,166 |
Occupancy |
|
|
|
7,181 |
|
|
6,022 |
|
|
19,887 |
|
|
18,099 |
Professional fees |
|
|
|
13,525 |
|
|
6,048 |
|
|
25,378 |
|
|
15,933 |
Communication, technology and information services |
|
|
|
11,709 |
|
|
9,971 |
|
|
33,758 |
|
|
28,858 |
Travel and related expenses |
|
|
|
8,394 |
|
|
7,389 |
|
|
28,575 |
|
|
24,398 |
Depreciation and amortization |
|
|
|
2,014 |
|
|
1,918 |
|
|
6,023 |
|
|
5,798 |
Other expenses |
|
|
|
7,151 |
|
|
6,672 |
|
|
20,988 |
|
|
21,187 |
Total Expenses |
|
|
|
292,205 |
|
|
198,457 |
|
|
670,873 |
|
|
591,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
(20,026) |
|
|
35,049 |
|
|
(31,003) |
|
|
186,675 |
||
Other income (expenses) |
|
|
|
9,943 |
|
|
2,625 |
|
|
6,060 |
|
|
(2,656) |
Income (loss) before income taxes |
|
(10,083) |
|
|
37,674 |
|
|
(24,943) |
|
|
184,019 |
||
Provision (benefit) for income taxes |
|
|
|
1,286 |
|
|
9,115 |
|
|
(3,891) |
|
|
38,009 |
Net income (loss) |
|
(11,369) |
|
|
28,559 |
|
|
(21,052) |
|
|
146,010 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests |
|
(637) |
|
|
2,947 |
|
|
(2,012) |
|
|
15,720 |
||
Net income (loss) attributable to Moelis & Company |
$ |
(10,732) |
|
$ |
25,612 |
|
$ |
(19,040) |
|
$ |
130,290 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of Class A common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
|
|
68,752,061 |
|
|
65,873,976 |
|
|
68,260,558 |
|
|
65,684,485 |
Diluted |
|
|
|
68,752,061 |
|
|
69,829,338 |
|
|
68,260,558 |
|
|
70,183,414 |
Net income (loss) attributable to holders of shares of Class A common stock per share |
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
|
$ |
(0.16) |
|
$ |
0.39 |
|
$ |
(0.28) |
|
$ |
1.98 |
Diluted |
|
|
$ |
(0.16) |
|
$ |
0.37 |
|
$ |
(0.28) |
|
$ |
1.86 |
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) |
|||||||||||
|
|
|
Three Months Ended September 30, 2022 |
||||||||
Adjusted items |
|
GAAP |
|
Adjustments |
|
|
Adjusted
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
233,506 |
|
$ |
(1,099) |
|
(a) |
$ |
232,407 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
160,437 |
|
|
(250) |
|
(b) |
|
160,187 |
|
Other income (expenses) |
|
|
2,625 |
|
|
849 |
|
(a)(b) |
|
3,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
37,674 |
|
|
— |
|
|
|
37,674 |
|
Provision (benefit) for income taxes |
|
|
9,115 |
|
|
641 |
|
(c) |
|
9,756 |
|
Net income (loss) |
|
|
28,559 |
|
|
(641) |
|
|
|
27,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests |
|
|
2,947 |
|
|
(2,947) |
|
(d) |
|
— |
|
Net income (loss) attributable to Moelis & Company |
|
$ |
25,612 |
|
$ |
2,306 |
|
|
$ |
27,918 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of Class A common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
65,873,976 |
|
|
5,875,338 |
|
(d) |
|
71,749,314 |
|
Diluted |
|
|
69,829,338 |
|
|
5,875,338 |
|
(d) |
|
75,704,676 |
|
Net income (loss) attributable to holders of shares of Class A common stock per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.39 |
|
|
|
|
|
$ |
0.39 |
|
Diluted |
|
$ |
0.37 |
|
|
|
|
|
$ |
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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) |
|||||||||||
|
|
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 |
||||||||||
(f) |
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, 2022 |
||||||||
Adjusted items |
|
GAAP |
|
Adjustments |
|
|
Adjusted
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
778,114 |
|
$ |
(10,055) |
|
(a) |
$ |
768,059 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation and benefits |
|
|
477,166 |
|
|
(944) |
|
(b) |
|
476,222 |
|
Other income (expenses) |
|
|
(2,656) |
|
|
9,111 |
|
(a)(b) |
|
6,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
184,019 |
|
|
— |
|
|
|
184,019 |
|
Provision (benefit) for income taxes |
|
|
38,009 |
|
|
1,849 |
|
(c) |
|
39,858 |
|
Net income (loss) |
|
|
146,010 |
|
|
(1,849) |
|
|
|
144,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interests |
|
|
15,720 |
|
|
(15,720) |
|
(d) |
|
— |
|
Net income (loss) attributable to Moelis & Company |
|
$ |
130,290 |
|
$ |
13,871 |
|
|
$ |
144,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average shares of Class A common stock outstanding |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
65,684,485 |
|
|
6,092,931 |
|
(d) |
|
71,777,416 |
|
Diluted |
|
|
70,183,414 |
|
|
6,092,931 |
|
(d) |
|
76,276,345 |
|
Net income (loss) attributable to holders of shares of Class A common stock per share |
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
1.98 |
|
|
|
|
|
$ |
2.01 |
|
Diluted |
|
$ |
1.86 |
|
|
|
|
|
$ |
1.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(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. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231102849482/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 third quarter GAAP revenues?
What were Moelis & Company's adjusted revenues for the first nine months of 2023?
What was Moelis & Company's net loss per share for the third quarter of 2023?
What new initiatives did Moelis & Company launch during the third quarter?