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- \nFirst quarter GAAP revenues of $187.8 million; first quarter Adjusted revenues of $185.3 million, down 38% from the prior year period<\/p>\n<\/li>\n
- \nGAAP and Adjusted net income of $0.05 per share (diluted) for the first quarter of 2023; GAAP and Adjusted net income includes a $0.05 per share tax benefit<\/p>\n<\/li>\n
- \nFirst quarter 2023 Adjusted pre-tax margin of 0.2%<\/p>\n<\/li>\n
- \nContinued to execute on growth strategy:<\/p>\n
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- \nAppointed Jason Auerbach as Global Head of Technology Investment Banking and hired 10 additional technology-focused Managing Directors, expanding the breadth and depth of our technology capabilities<\/p>\n<\/li>\n
- \nHired one Managing Director in Private Funds Advisory who joined us in early April<\/p>\n<\/li>\n
- \nAnnounced two Managing Director hires who will join our Firm in the coming months, expanding our Industrials and Capital Structure Advisory capabilities<\/p>\n<\/li>\n<\/ul>\n<\/li>\n
- \nStrong balance sheet with cash and short term investments of $170.3 million and no debt or goodwill<\/p>\n
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- \nDeclared quarterly dividend of $0.60 per share<\/p>\n<\/li>\n
- \nRepurchased approximately 1.1 million shares for a total cost of $44.5 million to settle employee tax liabilities<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n
NEW YORK–(BUSINESS WIRE<\/a>)–
\nMoelis & Company (NYSE: MC) today reported financial results for the quarter ended March 31, 2023. The Firm’s first quarter GAAP revenues were $187.8 million as compared with $302.1 million in the prior year period. On an Adjusted basis, the Firm\u2019s first quarter revenues of $185.3 million decreased 38% from the prior year period. The Firm reported first quarter 2023 GAAP net income of $3.6 million and $0.05 per share (diluted). On an Adjusted basis, the Firm reported net income of $3.8 million and $0.05 per share (diluted) for the first quarter of 2023, which compares with net income of $73.0 million and $0.95 per share (diluted) in the prior year period. GAAP and Adjusted net income for the first quarter of 2023 include net tax benefits of approximately $0.05 per share related to the settlement of share-based awards.<\/p>\n\n“I believe the M&A market is in a holding pattern until there is greater clarity about when the Fed rate hikes will end. However, the dislocation in the banking market has given us the opportunity to expand our franchise for the long term. Our private equity and strategic corporate clients continue to plan for innovation, expansion and growth in a more stable credit environment, and we are positioning ourselves to be an even stronger partner in the next cycle,” said Ken Moelis, Chairman and Chief Executive Officer.<\/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 91% 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 9% 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\u2019s first 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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