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Moelis & Company reports developments tied to its role as a global independent investment bank providing strategic and financial advice to corporations, governments and financial sponsors. News commonly centers on operating results, advisory revenue from completed transactions, activity in mergers and acquisitions, recapitalizations, restructurings, capital markets transactions and other corporate finance matters.
Company updates also cover capital-return actions such as regular dividends and share repurchase authorizations, conference appearances, investor presentations, board and governance changes, and additions to senior advisory coverage areas including Private Capital Advisory, Technology and Business Services. The firm serves clients across the Americas, Europe, the Middle East and Asia-Pacific.
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Moelis & Company (NYSE: MC) reported a significant drop in financial performance for Q1 2023. GAAP revenues fell to $187.8 million, down 38% year-over-year, reflecting a decrease in transaction completions and average fees. Net income was $3.6 million, or $0.05 per diluted share, compared to $73.0 million and $0.95 per share in the prior year. The firm is expanding its technology investment banking segment, appointing Jason Auerbach as Global Head and hiring several new Managing Directors. Despite the challenges, Moelis maintains a strong financial position with $170.3 million in cash and no debt. A quarterly dividend of $0.60 per share was declared, and the firm repurchased 1.1 million shares for $44.5 million to cover employee tax liabilities.
Moelis & Company (NYSE: MC) has announced the appointment of Jason Auerbach as the Global Head of Technology Investment Banking and the addition of 10 Managing Directors to its technology team. This expansion effectively doubles Moelis's technology-focused personnel to 25 globally, located in major US cities including New York, San Francisco, and Boston.
Auerbach, with over 25 years of experience in technology investment banking, aims to enhance the firm's advisory capabilities in crucial technology subsectors such as Application Software, Infrastructure & Security Software, and FinTech. This move aligns with the firm's strategic priority to strengthen its position in the rapidly growing technology sector.