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    Moelis & Company Reports Third Quarter and First Nine Months 2024 Financial Results; Declares Regular Quarterly Dividend of $0.60 Per Share

    10/23/24 4:15:00 PM ET
    $MC
    Investment Managers
    Finance
    Get the next $MC alert in real time by email
    • Third quarter GAAP revenues of $273.8 million; Adjusted revenues of $280.7 million, up 1% from the prior year period
    • GAAP revenues for the first nine months of 2024 were $755.8 million; Adjusted revenues of $762.8 million, up 18% from the prior year period
    • GAAP net income of $0.22 per share (diluted) for the third quarter and $0.61 per share (diluted) for the first nine months of 2024; Adjusted net income of $0.22 per share (diluted) for the third quarter and $0.63 per share (diluted) for the first nine months of 2024
    • 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 $297.7 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 September 30, 2024. The Firm's third quarter GAAP revenues were $273.8 million as compared with $272.2 million in the prior year period. On an Adjusted basis, the Firm's third quarter revenues of $280.7 million increased 1% from the prior year period. The Firm reported third quarter GAAP net income of $19.2 million, or $0.22 per share (diluted). On an Adjusted basis, the Firm reported net income of $18.6 million and $0.22 per share (diluted) for the third quarter of 2024, which compares with a net loss of $11.3 million, or ($0.15) per share, in the prior year period. GAAP and Adjusted net income in the third quarter of 2024 include net tax benefits of approximately $0.01 per share (diluted) related to the settlement of share-based awards.

    GAAP revenues for the first nine months of 2024 were $755.8 million. On an Adjusted basis, the Firm's first nine months revenues of $762.8 million increased 18% from the prior year period. The Firm reported GAAP net income of $51.6 million, or $0.61 per share (diluted) for the first nine months of 2024. On an Adjusted basis, the Firm reported net income of $51.4 million, or $0.63 per share (diluted) in the first nine months of 2024, as compared with a net loss of $10.1 million, or $(0.14) per share (diluted), in the prior year period. GAAP and Adjusted net income in the first nine months of 2024 include net tax benefits of approximately $0.15 per share (diluted) related to the settlement of share-based awards.

    "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 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 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 $273.8 million in the third quarter of 2024, as compared with $272.2 million in the prior year period. On an Adjusted basis, we earned revenues of $280.7 million in the third quarter of 2024, as compared with $277.7 million in the prior year period, representing an increase of 1%. The increase in third quarter revenues is attributable to an increase in M&A revenues, partially offset by a modest decline in non-M&A revenues as compared with the prior year period.

    For the first nine months of 2024, we earned GAAP revenues of $755.8 million, as compared with $639.9 million in the prior year period. On an Adjusted basis, we earned revenues of $762.8 million, in the first nine months of 2024, as compared with $645.2 million in the prior year period, or an increase of 18%. The increase in revenues during the first nine months of 2024 is attributable to an increase in revenues and transaction completions across all major product areas.

    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 $258.2 million for the third quarter of 2024, as compared with $292.2 million in the prior year period. On an Adjusted basis, operating expenses were $258.1 million for the third quarter of 2024, as compared with $291.5 million in the prior year period. For the first nine months of 2024, total operating expenses on a GAAP basis were $714.4 million. On an Adjusted basis, operating expenses were $714.0 million for the first nine months of 2024 as compared with $669.7 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 $210.7 million for the third quarter of 2024, as compared with $242.2 million in the prior year period. Adjusted compensation and benefits expenses were $210.6 million for the third quarter of 2024, as compared with $241.5 million in the prior year period. The decline in compensation and benefits expenses in the third quarter of 2024 is attributable to a lower bonus accrual as compared with the prior year period. For the first nine months of 2024, compensation and benefits expenses on a GAAP basis were $573.0 million, as compared with $536.3 million in the prior year period. On an Adjusted basis, compensation and benefits expenses for the first nine months of 2024 were $572.6 million, as compared with $535.5 million in the prior year period. The increase in compensation and benefits expenses during the first nine months of 2024 is primarily attributable to increased headcount and a higher bonus accrual, as a result of higher revenues earned, as compared with the prior year period.

    Non-compensation expenses on a GAAP and Adjusted basis were $47.5 million for the third quarter of 2024, as compared with GAAP and Adjusted non-compensation expenses of $50.0 million in the prior year period. The decline in non-compensation expenses in the third quarter of 2024 is attributable to lower professional fees directly connected to specific completed transactions as compared with the prior year period. For the first nine months of 2024, GAAP and Adjusted non-compensation expenses were $141.4 million as compared with GAAP non-compensation expenses of $134.6 million and Adjusted non-compensation expenses of $134.2 million in the prior year period. The increase in non-compensation expenses in the first nine months 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 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

    %

     

    $10,040

     

    $10,486

    -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 $11.1 million for the third quarter of 2024, as compared with $9.9 million in the prior year period. On an Adjusted basis, other income for the third quarter of 2024 was income of $4.0 million, as compared with $4.0 million in the prior year period. In the third quarter of 2024, we recorded a gain to other income of $7.0 million related to the sale of 5.0 million shares of our investment in MA Financial Group Limited. The gains of $7.0 million are included within Adjusted revenues and the adjustment did not impact our GAAP or Adjusted earnings per share.

    For the first nine months of 2024, other income (expenses) on a GAAP basis was $17.0 million as compared with income of $6.1 million in the prior year period. On an Adjusted basis, other income for the first nine months of 2024 was $10.0 million as compared with $10.5 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 third quarter 2024 operating results were taxed at our corporate effective tax rate and together with the excess tax benefit of approximately $1.1 million related to the delivery of equity-based compensation, we have a net tax expense of $8.0 million.

    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 $297.7 million and had no 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 December 2, 2024 to common stockholders of record on November 4, 2024.

    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 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 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

    (non-GAAP)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    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 $7.0 million of other income to revenues related to a gain associated with the Firm's sale of 5.0 million shares of MA Financial Group Limited.

     

    (b)

    Reflects a reclassification of $0.1 million of other income (expenses) to compensation and benefits associated with the forfeiture or return of compensation by former employees.

     

    (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 $1.1 million, we have a net tax expense of $8.0 million.

     

    (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

    (non-GAAP)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    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 $5.5 million of other income to revenues related to shares received as partial payment for advisory services provided on certain transactions.

     

    (b)

    Reflects a reclassification of $0.7 million of other income to compensation and benefits expense associated with the forfeiture or return of compensation by former employees.

     

    (c)

    Tax Receivable Agreement liability related adjustments are made to other income (expenses) for GAAP purposes. The adjustment of $0.3 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 $0.3 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)

     

     

    Nine Months Ended September 30, 2024

    Adjusted items

     

    GAAP

     

    Adjustments

     

     

    Adjusted

    (non-GAAP)

     

     

     

     

     

     

     

     

     

     

     

     

    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 $7.0 million of other income to revenues related to a gain associated with the Firm's sale of 5.0 million shares of MA Financial Group Limited.

    (b)

    Reflects a reclassification of $0.4 million of other income (expenses) to compensation and benefits associated with the forfeiture or return of compensation by former employees.

    (c)

    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.

    (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 $12.7 million, we have a net tax expense of $7.4 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.

    (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

    (non-GAAP)

     

     

     

     

     

     

     

     

     

     

     

     

    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 $5.3 million of other income to revenues related to shares received as partial payment for advisory services provided on certain transactions.

    (b)

    Reflects a reclassification of $0.7 million of other income to compensation and benefits expense associated with the forfeiture or return of compensation by former employees.

    (c)

    Reflects adjustments of $10.4 million for expenses related to a regulatory settlement with the U.S. Securities and Exchange Commission.

    (d)

    Tax Receivable Agreement liability related adjustments are made to other income (expenses) for GAAP purposes. The adjustment of $0.5 million is reclassified to the provision for income taxes line.

    (e)

    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 $3.9 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 $0.5 million, which is not included in the corporate tax provision for the period presented.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20241023590953/en/

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    11/3/2022$40.00 → $37.00Mkt Perform → Underperform
    Keefe Bruyette
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    $MC
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    • Moelis Accelerates Momentum of Private Funds Advisory Business with Appointments of Jeff Hammer and Paul Sanabria

      Reflects the Firm's ambition to build a premier platform in secondaries and sponsor-led capital solutions Moelis & Company (NYSE:MC), a leading global independent investment bank, today announced the appointments of Jeff Hammer and Paul Sanabria as Managing Directors. They will join the Private Funds Advisory team in May, which will be led by Matt Wesley as Global Head upon his arrival, as the Firm continues its expansion in secondaries advisory and sponsor-led capital solutions. Jeff Hammer and Paul Sanabria, who will be based in New York and Boston respectively, each bring over 25 years of experience advising financial sponsors and institutional investors. They previously served as glob

      4/30/25 8:30:00 AM ET
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    • Moelis & Company Reports First Quarter 2025 Financial Results; Declares Regular Quarterly Dividend of $0.65 Per Share

      First quarter revenues of $306.6 million, up 41% from the prior year period GAAP and Adjusted net income of $0.64 per share (diluted) for the first quarter of 2025; GAAP and Adjusted net income includes a $0.28 per share (diluted) tax benefit First quarter Adjusted pre-tax margin of 14.0% Continued to execute on our growth strategy: One Technology focused Managing Director based in Europe recently joined the Firm, and one Managing Director focused on Business Services in Europe is committed to join the Firm Strong balance sheet with cash and short-term investments of $336.3 million and no debt or goodwill Declared regular quarterly dividend of $0.65 per share Moelis & Com

      4/23/25 4:15:00 PM ET
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    • Moelis & Company to Announce First Quarter 2025 Financial Results and Host a Conference Call on April 23, 2025

      Moelis & Company (NYSE:MC), a leading global independent investment bank, will release its first quarter 2025 financial results after the market closes on Wednesday, April 23, 2025. Ken Moelis, Chairman and Chief Executive Officer, and Chris Callesano, Chief Financial Officer, will also host a related conference call at 5:00pm ET on the same day (April 23, 2025) to review the 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 begi

      4/2/25 4:15:00 PM ET
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    • SEC Form SC 13G/A filed by Moelis & Company (Amendment)

      SC 13G/A - Moelis & Co (0001596967) (Subject)

      2/14/24 9:00:16 AM ET
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    • SEC Form SC 13G/A filed by Moelis & Company (Amendment)

      SC 13G/A - Moelis & Co (0001596967) (Subject)

      2/13/24 4:05:32 PM ET
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    • SEC Form SC 13G/A filed by Moelis & Company (Amendment)

      SC 13G/A - Moelis & Co (0001596967) (Subject)

      2/9/24 3:18:06 PM ET
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    • Moelis Accelerates Momentum of Private Funds Advisory Business with Appointments of Jeff Hammer and Paul Sanabria

      Reflects the Firm's ambition to build a premier platform in secondaries and sponsor-led capital solutions Moelis & Company (NYSE:MC), a leading global independent investment bank, today announced the appointments of Jeff Hammer and Paul Sanabria as Managing Directors. They will join the Private Funds Advisory team in May, which will be led by Matt Wesley as Global Head upon his arrival, as the Firm continues its expansion in secondaries advisory and sponsor-led capital solutions. Jeff Hammer and Paul Sanabria, who will be based in New York and Boston respectively, each bring over 25 years of experience advising financial sponsors and institutional investors. They previously served as glob

      4/30/25 8:30:00 AM ET
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    • Moelis Promotes Christopher Callesano to Chief Financial Officer

      Moelis & Company (NYSE:MC), a leading global independent investment bank, today announced the appointment of Christopher Callesano to Chief Financial Officer effective March 31, 2025. Chris succeeds Joseph Simon who will be leaving the Firm following a distinguished 15-year tenure at Moelis. Joe will work closely with Chris and the executive team to ensure a seamless transition over the next three months before joining Wachtell, Lipton, Rosen & Katz as Chief Financial Officer. Chris has been with Moelis since 2010 and currently serves as Managing Director, Principal Accounting Officer and Corporate Controller. With over 25 years of finance and accounting experience, he has worked alongsid

      2/27/25 8:00:00 AM ET
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    • Moelis Expands Private Funds Advisory Business with Appointment of Matt Wesley as Global Head

      Moelis & Company (NYSE:MC), a leading global independent investment bank, today announced that Matt Wesley will be joining the Firm as Global Head of Private Funds Advisory (PFA). This strategic hire underscores the Firm's commitment to expanding its capabilities in providing private capital solutions to financial sponsors and limited partners globally. Matt will lead the Firm's efforts in growing a best-in-class private funds advisory business providing integrated capital solutions across secondary advisory, primary fundraising, and bespoke liquidity solutions. Under Matt's leadership, the Private Funds Advisory business, working in partnership with the Firm's industry, financial sponsor

      2/3/25 10:00:00 AM ET
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    • Moelis & Company filed SEC Form 8-K: Results of Operations and Financial Condition, Regulation FD Disclosure, Financial Statements and Exhibits

      8-K - Moelis & Co (0001596967) (Filer)

      4/23/25 4:16:15 PM ET
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    • SEC Form S-8 filed by Moelis & Company

      S-8 - Moelis & Co (0001596967) (Filer)

      2/27/25 5:10:32 PM ET
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    • SEC Form 10-K filed by Moelis & Company

      10-K - Moelis & Co (0001596967) (Filer)

      2/27/25 4:15:38 PM ET
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    • Director Mirrer Louise was granted 38 units of 2024 Annual Restricted Stock Units (SEC Form 4)

      4 - Moelis & Co (0001596967) (Issuer)

      5/5/25 6:56:36 PM ET
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    • SEC Form 4 filed by Former Chief Financial Officer Simon Joseph

      4 - Moelis & Co (0001596967) (Issuer)

      3/31/25 9:28:29 PM ET
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    • Director Mirrer Louise was granted 13 units of 2024 Annual Restricted Stock Units, increasing direct ownership by 1% to 1,229 units (SEC Form 4)

      4 - Moelis & Co (0001596967) (Issuer)

      3/31/25 9:25:57 PM ET
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    • Moelis & Company Reports First Quarter 2025 Financial Results; Declares Regular Quarterly Dividend of $0.65 Per Share

      First quarter revenues of $306.6 million, up 41% from the prior year period GAAP and Adjusted net income of $0.64 per share (diluted) for the first quarter of 2025; GAAP and Adjusted net income includes a $0.28 per share (diluted) tax benefit First quarter Adjusted pre-tax margin of 14.0% Continued to execute on our growth strategy: One Technology focused Managing Director based in Europe recently joined the Firm, and one Managing Director focused on Business Services in Europe is committed to join the Firm Strong balance sheet with cash and short-term investments of $336.3 million and no debt or goodwill Declared regular quarterly dividend of $0.65 per share Moelis & Com

      4/23/25 4:15:00 PM ET
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    • Moelis & Company to Announce First Quarter 2025 Financial Results and Host a Conference Call on April 23, 2025

      Moelis & Company (NYSE:MC), a leading global independent investment bank, will release its first quarter 2025 financial results after the market closes on Wednesday, April 23, 2025. Ken Moelis, Chairman and Chief Executive Officer, and Chris Callesano, Chief Financial Officer, will also host a related conference call at 5:00pm ET on the same day (April 23, 2025) to review the 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 begi

      4/2/25 4:15:00 PM ET
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    • Moelis & Company Reports Fourth Quarter and Full Year 2024 Financial Results; Increases Quarterly Dividend 8% to $0.65 Per Share

      Fourth quarter revenues of $438.7 million, up 104% from the prior year period Full year 2024 GAAP revenues of $1,194.5 million; full year 2024 Adjusted revenues of $1,201.5 million, up 40% from the prior year GAAP net income of $1.15 per share (diluted) for the fourth quarter of 2024 and $1.78 per share (diluted) for the full year; Adjusted net income of $1.18 per share (diluted) for the fourth quarter and $1.82 per share (diluted) for the full year Fourth quarter Adjusted pre-tax margin of 31.4%; full year 2024 Adjusted pre-tax margin of 16.4% Continued to execute on our growth strategy: In 2024, we promoted seven advisory professionals to Managing Director and hired eight M

      2/5/25 4:15:00 PM ET
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    • Moelis downgraded by Morgan Stanley with a new price target

      Morgan Stanley downgraded Moelis from Overweight to Underweight and set a new price target of $70.00 from $100.00 previously

      3/13/25 8:13:34 AM ET
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    • Moelis upgraded by Keefe Bruyette with a new price target

      Keefe Bruyette upgraded Moelis from Mkt Perform to Outperform and set a new price target of $86.00 from $71.00 previously

      12/20/24 7:43:45 AM ET
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    • Moelis upgraded by Morgan Stanley with a new price target

      Morgan Stanley upgraded Moelis from Underweight to Overweight and set a new price target of $92.00 from $66.00 previously

      12/9/24 7:57:53 AM ET
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