Record Fourth Quarter and Full Year
Revenues
- Fourth quarter 2015 revenues of $174.8
million, up 21% over the fourth quarter of 2014 driven by increased
M&A completions and a more active restructuring
environment
- Fourth quarter 2015 Adjusted Pro Forma
net income of $0.55 per share (diluted) and GAAP net income of
$0.50 per share (diluted)
- Fiscal year 2015 revenues of $551.9
million, up 6% over fiscal year 2014
- Adjusted Pro Forma net income of $1.66
per share (diluted) and GAAP net income of $1.58 per share
(diluted) for fiscal year 2015
- Continued to execute on growth strategy
- Added 81 bankers, including 11 Managing
Directors, on a net basis in 2015; ended the year with 462 bankers,
including 105 Managing Directors
- Promoted three advisory professionals
to Managing Director in early 2016
- Strong cash flow generation and capital
returns
- Ended fiscal year 2015 with cash and
short term investments of $286.0 million and no debt or
goodwill
- Declared special dividend of $0.80 per
share in addition to regular quarterly dividend of $0.30 per
share
- Including today’s dividend
announcement, returned $1.90 per share to investors through regular
and special dividends with respect to the 2015 performance
year
Moelis & Company (“we” or the “Firm”) (NYSE:MC) today
reported financial results for the fourth quarter and fiscal year
ended December 31, 2015. The Firm’s fourth quarter 2015 revenues of
$174.8 million increased 21% over the same period in the prior year
and represented our largest quarter of revenues since inception.
Adjusted Pro Forma net income was $30.7 million or $0.55 per share
(diluted) for the fourth quarter of 2015, compared with $28.4
million of Adjusted Pro Forma net income or $0.51 per share
(diluted) for the fourth quarter of 2014.
The Firm’s fiscal year ended 2015 revenues of $551.9 million
represented an increase of 6% over fiscal year 2014 and its largest
annual revenues on record. Adjusted Pro Forma net income for fiscal
year 2015 was $91.9 million or $1.66 per share (diluted), as
compared with $94.4 million or $1.72 per share (diluted) for the
same period in the prior year.
On a GAAP basis, the Firm reported net income of $41.1 million
or $0.50 per share (diluted) for the fourth quarter of 2015 and
$122.6 million or $1.58 per share (diluted) for the full year. This
compares to GAAP net income of $38.3 million or $0.52 per share
(diluted) for the fourth quarter of 2014 and GAAP net income of
$32.6 million and a net loss of $0.19 per share (diluted) for the
period from the IPO closing on April 22, 2014 through December 31,
2014.
“Our record fourth quarter and full year revenues reflect the
growth in our M&A related activity during the second half of
the year and an active restructuring business. Our activity was
well distributed across sectors and geographies which demonstrates
the diversity of our franchise,” said Ken Moelis, Chairman and
Chief Executive Officer.
“Consistent with our capital-light model and focus on financial
discipline, we generated significant free cash flow during the
year. We are returning this capital to our shareholders with
today’s announcement of an $0.80 per share special dividend in
addition to our regular quarterly dividend of $0.30 per share. This
will be our second special dividend since our IPO.”
“We also continue to invest in the Firm by recruiting and
developing talent. We stand uniquely positioned with our ‘One-Firm’
model that encourages collaboration and allows us to integrate our
advisory expertise to provide creative solutions to clients in both
M&A and restructuring cycles and periods of market
uncertainty.”
The Firm’s revenues and net income can fluctuate materially
depending on the number, size and timing of completed transactions
on which it advised 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.
Moelis & Company completed its IPO on April 22, 2014 and
introduced a new corporate structure. Currently 37% of the
operating partnership (Moelis & Company Group LP) is owned by
the corporation (Moelis & Company) and is subject to corporate
U.S. federal and state income tax. The remaining 63% is owned by
other partners of Moelis & Company Group LP and is primarily
subject to tax at the partner level (except for certain state and
local and foreign income taxes). The Adjusted Pro Forma results
included herein remove the impact of adjustments to the Company’s
Tax Receievable Agreement and compensation expenses specifically
related to the Firm’s IPO awards, and apply the corporate tax rate
to all earnings under the assumption that all outstanding Class A
partnership units of Moelis & Company Group LP have been
exchanged into Class A common stock of Moelis & Company. We
believe the Adjusted Pro Forma 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 Pro Forma results is presented in the Appendix to this
press release.
GAAP and Adjusted
Pro Forma Selected Financial Data (Unaudited)
U.S. GAAP
Adjusted Pro Forma* Three Months Ended December 31,
($ in thousands except per share data) 2015
2014
2015 vs.
2014
Variance
2015 2014
2015 vs.
2014
Variance
Revenues $174,789 $143,895 21% $174,789 $143,895 21%
Expenses: Compensation and benefits 99,891 76,426 31% 95,982 74,959
28% Non-compensation expenses 28,657 22,126 30% 28,657 22,126 30%
Total operating expenses 128,548 98,552 30% 124,639 97,085 28%
Operating income (loss) 46,241 45,343 2% 50,150 46,810 7% Other
income (expenses) 2,559 114 N/M 103 114 -10% Income (loss) from
equity method investments 966 781 24% 966 781 24% Income (loss)
before income taxes 49,766 46,238 8% 51,219 47,705 7% Provision for
income taxes 8,622 7,950 8% 20,488 19,320 6% Net income (loss)
41,144 38,288 7% 30,731 28,385 8% Net income (loss)
attributable to noncontrolling interests 29,959 28,790 4% - - N/M
Net income (loss) attributable to Moelis & Company $11,185
$9,498 18% $30,731 $28,385 8% Diluted earnings per share
$0.50 $0.52 -4% $0.55 $0.51 8% N/M = not meaningful * See
Appendix for a reconciliation of GAAP to Adjusted Pro Forma
U.S. GAAP Adjusted Pro Forma* Twelve Months Ended
December 31, ($ in thousands except per share data)
2015 2014
2015 vs.
2014
Variance
2015 2014
2015 vs.
2014
Variance
Revenues $551,863 $518,750 6% $551,863 $518,750 6% Expenses:
Compensation and benefits 311,224 377,219 -17% 302,997 270,979 12%
Non-compensation expenses 100,336 93,787 7% 100,336 90,089 11%
Total operating expenses 411,560 471,006 -13% 403,333 361,068 12%
Operating income (loss) 140,303 47,744 N/M 148,530 157,682 -6%
Other income (expenses) 2,085 736 N/M 134 736 -82% Income (loss)
from equity method investments 4,476 (2,185) N/M 4,476 273 N/M
Income (loss) before income taxes 146,864 46,295 N/M 153,140
158,691 -3% Provision for income taxes 24,274 13,740 77% 61,256
64,270 -5% Net income (loss) 122,590 32,555 N/M 91,884 94,421 -3%
Net income (loss) attributable to noncontrolling interests
88,848 35,567 N/M - - N/M Net income (loss) attributable to Moelis
& Company $33,742 $(3,012) N/M $91,884 $94,421 -3%
Diluted earnings per share $1.58 $(0.19) N/M $1.66 $1.72 -3%
N/M = not meaningful * See Appendix for a reconciliation of GAAP to
Adjusted Pro Forma
Revenues
We earned record revenues of $174.8 million in the fourth
quarter of 2015, as compared with $143.9 million in the fourth
quarter of 2014, representing an increase of 21%. The increase in
revenues during the quarter resulted from an increase in average
fees given the continued improvement in M&A and a more active
restructuring environment.
For the year ended December 31, 2015, revenues were $551.9
million, as compared with $518.8 million in 2014, or an increase of
6%. This represents our largest year of revenues on record and
compares favorably with a 5% decrease in the number of global
completed M&A transactions in the same period.1 The number of
clients who paid fees equal to or greater than $1 million increased
to 139 clients in 2015 from 130 clients in the same period of the
prior year.
In early 2016, we promoted three of our advisory professionals
to Managing Director: Erick Alberti (Brazil/Technology, Media and
Telecommunications), Azad Badakhsh (US/Aerospace & Defense) and
Apurva Mazumder (India/Regional Coverage).
1 Source: Thomson Financial as of January 8, 2016; includes all
transactions greater than $100 million in value
Expenses
The following tables set forth information relating to the
Firm’s operating expenses, which are reported net of client expense
reimbursements.
U.S. GAAP
Adjusted Pro Forma* Three Months Ended December 31,
($ in thousands) 2015 2014
2015 vs.
2014
Variance
2015 2014
2015 vs.
2014
Variance
Expenses: Compensation and benefits $99,891 $76,426 31%
$95,982 $74,959 28% % of revenues 57% 53% 55% 52% Non-compensation
expenses $28,657 $22,126 30% $28,657 $22,126 30% % of revenues 16%
15% 16% 15% Total operating expenses $128,548 $98,552 30% $124,639
$97,085 28% % of revenues 74% 68% 71% 67% N/M = not
meaningful * See Appendix for a reconciliation of GAAP to Adjusted
Pro Forma
U.S. GAAP Adjusted Pro Forma* Twleve
Months Ended December 31, ($ in thousands) 2015
2014
2015 vs.
2014
Variance
2015 2014
2015 vs.
2014
Variance
Expenses: Compensation and benefits $311,224 $377,219 -17%
$302,997 $270,979 12% % of revenues 56% 73% 55% 52%
Non-compensation expenses $100,336 $93,787 7% $100,336 $90,089 11%
% of revenues 18% 18% 18% 17% Total operating expenses $411,560
$471,006 -13% $403,333 $361,068 12% % of revenues 75% 91% 73% 70%
N/M = not meaningful * See Appendix for a reconciliation of
GAAP to Adjusted Pro Forma
Total operating expenses on an Adjusted Pro Forma basis were
$124.6 million for the fourth quarter of 2015 as compared with
$97.1 million for the fourth quarter of 2014. For the fiscal year
ended 2015, Adjusted Pro Forma operating expenses were $403.3
million as compared with $361.1 million in the same period of the
prior year. The increase in operating expenses in 2015 is primarily
attributable to an increase in headcount with the addition of 81
advisory professionals during the year. This headcount growth is
reflected in larger compensation and benefits expenses and
non-compensation expenses.
For the fourth quarter of 2015, compensation and benefits
expenses on an Adjusted Pro Forma basis were $96.0 million, or 55%
of revenues, which compares with $75.0 million, or 52% of revenues
in the fourth quarter of 2014. Fiscal year ended December 31, 2015
compensation and benefits expenses on an Adjusted Pro Forma basis
were $303.0 million, or 55% of revenues, which compares with $271.0
million and 52% of revenues in fiscal year 2014. The increased
compensation ratio is attributable to the additional tranche of
equity awarded in early 2015 and the increase in headcount combined
with modest revenue growth.
Adjusted Pro Forma non-compensation expenses were $28.7 million
for the fourth quarter of 2015, or 16% of revenues, as compared
with $22.1 million, or 15% of revenues for the same period of the
prior year. The increase in the non-compensation expense ratio was
primarily driven by increases in headcount and the timing of our
annual client event, which was held during the fourth quarter of
2015 versus the third quarter of the prior year. Adjusted Pro Forma
non-compensation expenses were $100.3 million in fiscal year 2015,
as compared with $90.1 million in fiscal year 2014. Our 2015
Adjusted Pro Forma non-compensation expense ratio increased to 18%
from 17% in fiscal year 2014, primarily driven by increases in
headcount.
Provision for Income Taxes
Prior to our IPO, the Firm was not subject to federal income
taxes, but was primarily subject to New York City unincorporated
business tax and certain foreign income taxes. As a result of
completing our IPO in April 2014, we have a new corporate structure
and currently 37% of the operating partnership (Moelis &
Company Group LP) is owned by the corporation (Moelis &
Company) and is subject to corporate U.S. federal and state income
tax. Income tax on the remaining 63% continues to be subject to New
York City unincorporated business tax and certain foreign income
taxes and is accounted for at the partner level through the
non-controlling interests line item. For Adjusted Pro Forma
purposes, we have assumed all outstanding Class A partnership units
of Moelis & Company Group LP have been exchanged into Class A
common stock of Moelis & Company such that 100% of the Firm’s
fourth quarter and full year 2015 income was taxed at our current
corporate effective tax rate of 40.0%, versus a corporate effective
tax rate of 40.5% for the fourth quarter and full year of 2014.
Capital Management and Balance Sheet
Moelis & Company continues to maintain a strong financial
position and as of December 31, 2015, we held cash and short term
investments of $286.0 million and had no debt or goodwill on our
balance sheet.
On February 8, 2016, the Board of Directors of Moelis &
Company declared a special dividend of $0.80 per share in addition
to a regular quarterly dividend of $0.30 per share. The $1.10 per
share will be paid on March 4, 2016 to common stockholders of
record on February 19, 2016.
Including the dividend announced today, we will have returned
$1.90 per share to investors through regular and special dividends
with respect to the 2015 performance year, further demonstrating
our strong cash flow generation and commitment to returning 100% of
our excess capital to shareholders.
Earnings Call
We will host a conference call beginning at 5:00pm ET on
Tuesday, February 9, 2016, accessible via telephone and the
internet. Ken Moelis, Chairman and Chief Executive Officer, and Joe
Simon, Chief Financial Officer, will review our fourth quarter and
full year 2015 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 1-877-510-3938 (domestic) or 1-412-902-4137
(international) and referencing the Moelis & Company Fourth
Quarter 2015 Earnings Call. 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 1-877-344-7529 (domestic) or 1-412-317-0088
(international); the conference number is 10078750.
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 and other corporate finance
matters. The Firm serves its clients with over 650 employees based
in 17 offices in North and South America, Europe, the Middle East,
Asia and Australia. For further information about Moelis &
Company, 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 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. For a further discussion
of such factors, you should read the Firm’s filings with the
Securities and Exchange Commission. 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
Adjusted Pro Forma results are a non-GAAP measure which better
reflect management’s view of operating results. We believe that the
disclosed Adjusted Pro Forma measures and any adjustments thereto,
when presented in conjunction with comparable GAAP measures, are
useful to investors to understand the Firm’s operating results by
removing the significant accounting impact of one-time charges
associated with the Firm’s IPO and assuming all Class A partnership
units have been exchanged into Class A common stock. These measures
should not be considered a substitute for, or superior to, measures
of financial performance prepared in accordance with GAAP. A
reconciliation of GAAP results to Adjusted Pro Forma results is
presented in the Appendix.
Appendix
GAAP Consolidated and Combined Statement of Operations
(Unaudited)
GAAP Reconciliation to Adjusted Pro Forma Financial Information
(Unaudited)
Moelis & Company
GAAP Consolidated and Combined
Statement of Operations
Unaudited
(dollars in thousands, except for share
and per share data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2015 2014 2015
2014 Revenues $174,789 $143,895 $551,863
$518,750
Expenses Compensation and benefits 99,891
76,426 311,224 377,219 Occupancy 3,835 3,443 15,063 13,638
Professional fees 8,098 4,589 20,911 19,177 Communication,
technology and information services 4,860 4,252 18,263 15,841
Travel and related expenses 7,634 5,905 24,329 25,338 Depreciation
and amortization 681 632 2,635 2,268 Other expenses 3,549 3,305
19,135 17,525 Total expenses 128,548 98,552 411,560 471,006
Operating income (loss) 46,241 45,343 140,303 47,744 Other
income (expenses) 2,559 114 2,085 736 Income (loss) from equity
method investments 966 781 4,476 (2,185)
Income (loss) before
income taxes 49,766 46,238 146,864 46,295 Provision for income
taxes 8,622 7,950 24,274 13,740
Net income (loss) 41,144
38,288 122,590 32,555 Net income (loss) attributable to
noncontrolling interests 29,959 28,790 88,848 35,567 Net income
(loss) attributable to Moelis & Company $11,185 $9,498 $33,742
$(3,012)
Weighted-average shares of Class A
common
stock outstanding
Basic 20,377,446 17,054,739 20,021,652 15,911,819 Diluted
22,201,408 18,155,870 21,362,571 15,911,819
Net income (loss) attributable to holders
of shares of Class A
common stock per share
Basic $0.55 $0.56 $1.69 $(0.19) Diluted $0.50 $0.52 $1.58 $(0.19)
Moelis & Company
Reconciliation of GAAP to Adjusted Pro
Forma Financial Information
Unaudited
(dollars in thousands, except share and
per share data)
Three Months Ended December
31, 2015 GAAP
Pro-Forma
Adjustments
Adjusted Pro
Forma
Revenues $174,789 $ - $174,789
Expenses
Compensation and benefits 99,891 (3,909) (a)(b) 95,982
Non-compensation expenses 28,657 - 28,657 Total operating expenses
128,548 (3,909) 124,639
Operating income (loss)
46,241 3,909 50,150 Other income (expenses) 2,559 (2,456) (b) 103
Income (loss) from equity method investments 966 - 966
Income
(loss) before income taxes 49,766 1,453 51,219 Provision for
income taxes 8,622 11,866 (c) 20,488
Net income (loss)
41,144 (10,413) 30,731 Net income (loss) attributable to
noncontrolling interests 29,959 (29,959) - Net income (loss)
attributable to Moelis & Company $11,185 $19,546 $30,731
Weighted-average shares of Class A
common
stock outstanding
Basic 20,377,446 33,762,802 (c) 54,140,248 Diluted 22,201,408
33,762,802 (c) 55,964,210 Net income (loss) attributable to holders
of shares of Class A
common stock per share
Basic $0.55 $0.57 Diluted $0.50 $0.55
___________________________________________________
(a) Expense associated with the amortization of restricted
stock units (“RSUs”) and stock options granted in connection with
the IPO. In accordance with GAAP, amortization expense of RSUs and
stock options granted in connection with the IPO will be recognized
over the five year vesting period; we will continue to adjust for
this expense due to the one-time nature of the grant. (b)
Reflects a reclassification of other income associated with the
forfeiture of fully vested Class A partnership units to
compensation and benefits expense. (c) Assumes all
outstanding Class A partnership units have been exchanged into
Class A common stock. Accordingly, an adjustment has been made such
that 100% of the Firm’s income is taxed at the corporate effective
tax rate of 40.0% for the period presented.
Three Months Ended December 31, 2014
GAAP
Pro-Forma
Adjustments
Adjusted Pro
Forma
Revenues $143,895 $ - $143,895
Expenses
Compensation and benefits 76,426 (1,467) (a) 74,959
Non-compensation expenses 22,126 - 22,126 Total operating expenses
98,552 (1,467) 97,085
Operating income (loss) 45,343
1,467 46,810 Other income (expenses) 114 - 114 Income (loss) from
equity method investments 781 - 781
Income (loss) before income
taxes 46,238 1,467 47,705 Provision for income taxes 7,950
11,370 (b) 19,320
Net income (loss) 38,288 (9,903) 28,385
Net income (loss) attributable to noncontrolling interests
28,790 (28,790) - Net income (loss) attributable to Moelis &
Company $9,498 $18,887 $28,385
Weighted-average shares of Class A
common
stock outstanding
Basic 17,054,739 37,196,115 (b) 54,250,854 Diluted 18,155,870
37,196,115 (b) 55,351,985 Net income (loss) attributable to holders
of shares of Class A
common stock per share
Basic $0.56 $0.52 Diluted $0.52 $0.51
___________________________________________________
(a) Expense associated with the amortization of RSUs and
stock options granted in connection with the IPO. (b)
Assumes all outstanding Class A partnership units have been
exchanged into Class A common stock. Accordingly, an adjustment has
been made such that 100% of the Firm’s income is taxed at the
corporate effective tax rate of 40.5% for the period presented.
Twelve Months Ended
December 31, 2015 GAAP
Pro-Forma
Adjustments
Adjusted Pro
Forma
Revenues $551,863 $ - $551,863
Expenses
Compensation and benefits 311,224 (8,227) (a)(b) 302,997
Non-compensation expenses 100,336 - 100,336 Total operating
expenses 411,560 (8,227) 403,333
Operating income
(loss) 140,303 8,227 148,530 Other income (expenses) 2,085
(1,951) (b)(c) 134 Income (loss) from equity method investments
4,476 - 4,476
Income (loss) before income taxes 146,864
6,276 153,140 Provision for income taxes 24,274 36,982 (c)(d)
61,256
Net income (loss) 122,590 (30,706) 91,884 Net
income (loss) attributable to noncontrolling interests 88,848
(88,848) - Net income (loss) attributable to Moelis & Company
$33,742 $58,142 $91,884
Weighted-average shares of Class A
common
stock outstanding
Basic 20,021,652 34,118,596 (d) 54,140,248 Diluted 21,362,571
34,118,596 (d) 55,481,167 Net income (loss) attributable to holders
of shares of Class A
common stock per share
Basic $1.69 $1.70 Diluted $1.58 $1.66
___________________________________________________
(a) Expense associated with the amortization of RSUs and
stock options granted in connection with the IPO. In accordance
with GAAP, amortization expense of RSUs and stock options granted
in connection with the IPO will be recognized over the five year
vesting period; we will continue to adjust for this expense due to
the one-time nature of the grant. (b) Reflects a
reclassification of other income associated with the forfeiture of
fully vested Class A partnership units to compensation and benefits
expense. (c) Reflects the netting of GAAP adjustments made
to the Company’s Tax Receivable Agreement against provision for
income taxes. (d) Assumes all outstanding Class A
partnership units have been exchanged into Class A common stock.
Accordingly, an adjustment has been made such that 100% of the
Firm’s income is taxed at the corporate effective tax rate of 40.0%
for the period presented.
Twelve Months Ended December 31, 2014 GAAP
Pro-Forma
Adjustments
Adjusted Pro
Forma
Revenues $518,750 $ - $518,750
Expenses
Compensation and benefits 377,219 (106,240) (a) 270,979
Non-compensation expenses 93,787 (3,698) (b) 90,089 Total operating
expenses 471,006 (109,938) 361,068
Operating income
(loss) 47,744 109,938 157,682 Other income (expenses) 736 - 736
Income (loss) from equity method investments (2,185) 2,458 (c) 273
Income (loss) before income taxes 46,295 112,396 158,691
Provision for income taxes 13,740 50,530 (d) 64,270
Net income
(loss) 32,555 61,866 94,421 Net income (loss)
attributable to noncontrolling interests 35,567 (35,567) - Net
income (loss) attributable to Moelis & Company $(3,012) $97,433
$94,421
Weighted-average shares of Class A
common
stock outstanding
Basic 15,911,819 38,339,035 (d) 54,250,854 Diluted 15,911,819
39,120,096 (d) 55,031,915 Net income (loss) attributable to holders
of shares of Class A
common stock per share
Basic $(0.19) $1.74 Diluted $(0.19) $1.72
___________________________________________________
(a) Expense associated with the one time non-cash
acceleration of Managing Director unvested equity accelerated upon
completion of the IPO and amortization of RSUs and stock options
granted in connection with the IPO. (b) Expense associated
with the one-time non-cash acceleration of unvested equity held by
non-employees of Moelis & Company. (c) Expense
associated with the one-time non-cash acceleration of unvested
equity held by employees of the Firm’s joint venture in Australia
(the “Australian JV”). (d) Assumes all outstanding Class A
partnership units have been exchanged into Class A common stock.
Accordingly, an adjustment has been made such that 100% of the
Firm’s income is taxed at the corporate effective tax rate of 40.5%
for the period presented.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160209006707/en/
Investors:Moelis & CompanyMichele Miyakawa, + 1
310-443-2344michele.miyakawa@moelis.comorMedia:Moelis &
CompanyAndrea Hurst, + 1 212-883-3666Mobile: +1
347-583-9705andrea.hurst@moelis.com
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