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- \nSecond quarter revenues of $360.9 million, up 126% from the same period of 2020\n<\/li>\n
- \nFirst half revenues of $624.8 million, up 99% from the first half of 2020\n<\/li>\n
- \nGAAP net income of $1.17 per share (diluted) for the second quarter of 2021 and $2.17 per share (diluted) for the first half; Adjusted net income of $1.19 per share (diluted) for the second quarter of 2021 and $2.21 per share (diluted) for the first half\n<\/li>\n
- \nSecond quarter 2021 adjusted pre-tax margin of 34% versus (11%) in the prior year period; first half 2021 adjusted pre-tax margin of 31% versus 3% in the prior year period\n<\/li>\n
- \nContinued to execute on organic growth strategy:<\/p>\n
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- \nAdded 11 Managing Directors year-to-date through internal development and key external hires; strong pipeline of 2021 Managing Director hires\n<\/li>\n
- \nIncludes one recently announced Managing Director in the U.S. to further expand our capital markets team and strengthen our distribution capabilities\n<\/li>\n<\/ul>\n<\/li>\n
- \nStrong balance sheet with cash and short term investments of $280.7 million and no debt or goodwill<\/p>\n
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- \nDeclared quarterly dividend of $0.60 per share; second regular increase over the past three quarters\n<\/li>\n
- \nDuring the second quarter, we repurchased 0.4 million shares of our common stock in the open market; repurchased 1.8 million shares year-to-date\n<\/li>\n
- \nBoard of Directors authorized an increase of $100 million in share repurchases; total remaining share buyback capacity of approximately $150 million\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
NEW YORK–(BUSINESS WIRE<\/a>)–
\nMoelis & Company (NYSE: MC) today reported financial results for the second quarter ended June 30, 2021. The Firm\u2019s second quarter revenues of $360.9 million increased 126% over the prior year period and represented our second largest quarter of revenues ever. The Firm reported second quarter 2021 GAAP net income of $93.2 million, or $1.17 per share (diluted). On an Adjusted basis, the Firm reported net income of $90.0 million or $1.19 per share (diluted) for the second quarter of 2021, which compares with a net loss of ($7.4) million or ($0.11) per share (diluted) in the prior year period.\n<\/p>\n\nRecord first half 2021 revenues were $624.8 million and represented an increase of 99% over the prior year period. GAAP net income for the period was $169.0 million, or $2.17 per share (diluted), as compared with $21.1 million, or $0.33 per share (diluted), in the prior year period. On an Adjusted basis, the Firm reported net income of $166.1 million, or $2.21 per share (diluted), in the first half of 2021, as compared with $23.8 million, or $0.34 per share (diluted), in the prior year period. GAAP and Adjusted net income in the first half of 2021 include net tax benefits of $0.26 per share and $0.27 per share, respectively, related to the settlement of share based awards.\n<\/p>\n
\n\u201cOur record second quarter and first half performance was a result of the investments that we made in our franchise over the last ten years. By investing in our people and creating a self-generating system of talent, I believe that we are extremely well positioned to continue to take market share, and sustain high levels of activity over the near and long-term,\u201d said Ken Moelis, Chairman and Chief Executive Officer.\n<\/p>\n
\n“By executing on our strategy of profitable organic growth and focus on cost discipline, we have generated powerful earnings growth and consistent and strong cash flow as demonstrated by the 9% increase in our regular dividend to $0.60 per share, the second increase in the past three quarters. Coupled with record levels of open market share repurchases in the first half of 2021, we have continued to efficiently return a significant amount of capital to shareholders.\u201d\n<\/p>\n
The Firm\u2019s 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. <\/i><\/p>\n
Currently 89% 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 11% 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 and 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\u2019s second quarter 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.<\/i><\/p>\n
GAAP and Adjusted (non-GAAP) Selected Financial Data (Unaudited)<\/span><\/b><\/p>\n
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