Company Quick10K Filing
Quick10K
Moelis
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
8-K 2019-10-30 Earnings, Regulation FD, Exhibits
8-K 2019-09-02 Other Events, Exhibits
8-K 2019-07-30 Earnings, Regulation FD, Exhibits
8-K 2019-06-07 Shareholder Vote
8-K 2019-05-01 Other Events, Exhibits
8-K 2019-04-30 Earnings, Regulation FD, Exhibits
8-K 2019-02-06 Earnings, Regulation FD, Other Events, Exhibits
8-K 2018-12-14 Officers, Regulation FD, Exhibits
8-K 2018-10-22 Earnings, Regulation FD, Exhibits
8-K 2018-08-06 Other Events, Exhibits
8-K 2018-07-23 Earnings, Officers, Regulation FD, Other Events, Exhibits
8-K 2018-06-30 Officers, Regulation FD
8-K 2018-06-07 Shareholder Vote
8-K 2018-04-24 Other Events, Exhibits
8-K 2018-04-23 Earnings, Regulation FD, Exhibits
8-K 2018-03-12 Other Events, Exhibits
8-K 2018-02-22 Other Events, Exhibits
8-K 2018-02-07 Earnings, Regulation FD, Other Events, Exhibits
AMP Ameriprise Financial 16,770
BEN Franklin Resources 13,374
JHG Janus Henderson Group 3,677
LM Legg Mason 3,161
HLI Houlihan Lokey 2,896
CNS Cohen & Steers 2,475
APAM Artisan Partners Asset Management 2,003
NOAH Noah Holdings 884
PZN Pzena Investment Management 599
WHG Westwood Holdings 264
MC 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 mc-ex311_7.htm
EX-31.2 mc-ex312_11.htm
EX-32.1 mc-ex321_9.htm
EX-32.2 mc-ex322_12.htm

Moelis Earnings 2019-09-30

MC 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

mc-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

Or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                    to                 

Commission File Number: 001-36418

 

 

Moelis & Company

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

46-4500216

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

399 Park Avenue, 5th Floor, New York NY

 

10022

(Address of principal executive offices)

 

(Zip Code)

 

(212883-3800

(Registrant’s telephone number, including area code)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title

Trading Symbol

Name of Exchange on which registered

Class A Common Stock

MC

New York Stock Exchange (NYSE)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

 

Large accelerated filer 

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act 

Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act).  Yes  No

As of October 17, 2019, there were 49,348,474 shares of Class A common stock, par value $0.01 per share, and 10,397,915 shares of Class B common stock, par value $0.01 per share, outstanding.

 

 

 


Table of Contents

 

TABLE OF CONTENTS

 

 

 

 

Page

 

 

 

 

Part I. Financial Information

 

 

Item 1.

Financial Statements

 

3

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

36

Item 4.

Controls and Procedures

 

36

Part II. Other Information

 

 

Item 1.

Legal Proceedings

 

37

Item 1A.

Risk Factors

 

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

37

Item 3.

Defaults Upon Senior Securities

 

38

Item 4.

Mine Safety Disclosures

 

38

Item 5.

Other Information

 

38

Item 6.

Exhibits

 

39

Signatures

 

 

40

 

 

2


Table of Contents

 

PART I. FINANCIAL INFORMATION

Item 1.  Financial Statements

Condensed Consolidated Financial Statements (Unaudited)

 

 

 

Page

 

 

 

Condensed Consolidated Statements of Financial Condition as of September 30, 2019 and December 31, 2018

 

4

Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018

 

5

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018

 

6

Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018

 

7

Condensed Consolidated Statements of Changes in Equity for the nine months ended September 30, 2019 and 2018

 

8

Notes to Condensed Consolidated Financial Statements

 

10

 

3


Table of Contents

 

Moelis & Company

Condensed Consolidated Statements of Financial Condition

(Unaudited)

(dollars in thousands, except per share amounts)

 

 

 

September 30,

 

 

December 31,

 

 

 

2019

 

 

2018

 

Assets

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

 

48,943

 

 

$

 

261,100

 

Restricted cash

 

 

 

699

 

 

 

 

671

 

Receivables:

 

 

 

 

 

 

 

 

 

 

Accounts receivable, net of allowance for doubtful accounts of $3,932 and $1,975 as of September 30, 2019 and December 31, 2018, respectively

 

 

 

96,332

 

 

 

 

54,412

 

Accrued and other receivables

 

 

 

18,587

 

 

 

 

14,199

 

Total receivables

 

 

 

114,919

 

 

 

 

68,611

 

Deferred compensation

 

 

 

8,830

 

 

 

 

8,788

 

Investments

 

 

 

159,697

 

 

 

 

143,924

 

Right-of-use assets

 

 

 

47,910

 

 

 

 

 

Equipment and leasehold improvements, net

 

 

 

14,282

 

 

 

 

12,731

 

Deferred tax asset

 

 

 

393,437

 

 

 

 

402,859

 

Prepaid expenses and other assets

 

 

 

17,520

 

 

 

 

15,691

 

Total assets

 

$

 

806,237

 

 

$

 

914,375

 

Liabilities and Equity

 

 

 

 

 

 

 

 

 

 

Compensation payable

 

$

 

65,447

 

 

$

 

197,741

 

Accounts payable and accrued expenses

 

 

 

6,393

 

 

 

 

19,784

 

Amount due pursuant to tax receivable agreement

 

 

 

311,432

 

 

 

 

311,246

 

Deferred revenue

 

 

 

3,985

 

 

 

 

7,074

 

Lease liabilities

 

 

 

54,188

 

 

 

 

 

Other liabilities

 

 

 

212

 

 

 

 

6,777

 

Total liabilities

 

 

 

441,657

 

 

 

 

542,622

 

Commitments and Contingencies (See Note 12)

 

 

 

 

 

 

 

 

 

 

Class A common stock, par value $0.01 per share (1,000,000,000 shares authorized, 51,848,658 issued and 49,376,053 outstanding at September 30, 2019; 1,000,000,000 authorized, 47,031,095 issued and 45,604,980 outstanding at December 31, 2018)

 

 

 

518

 

 

 

 

470

 

Class B common stock, par value $0.01 per share (1,000,000,000 shares authorized, 10,397,915 issued and outstanding at September 30, 2019; 1,000,000,000 authorized, 10,493,358 issued and outstanding at December 31, 2018)

 

 

 

104

 

 

 

 

105

 

Treasury stock, at cost; 2,472,605 and 1,426,115 shares as of September 30, 2019 and December 31, 2018, respectively

 

 

 

(98,734

)

 

 

 

(56,661

)

Additional paid-in-capital

 

 

 

827,758

 

 

 

 

697,938

 

Retained earnings (accumulated deficit)

 

 

 

(316,122

)

 

 

 

(237,782

)

Accumulated other comprehensive income (loss)

 

 

 

412

 

 

 

 

291

 

Total Moelis & Company equity

 

 

 

413,936

 

 

 

 

404,361

 

Noncontrolling interests

 

 

 

(49,356

)

 

 

 

(32,608

)

Total equity

 

 

 

364,580

 

 

 

 

371,753

 

Total liabilities and equity

 

$

 

806,237

 

 

$

 

914,375

 

 

See notes to the condensed consolidated financial statements (unaudited).

 

 

4


Table of Contents

 

Moelis & Company

Condensed Consolidated Statements of Operations

(Unaudited)

(dollars in thousands, except per share amounts)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

$

 

231,700

 

 

$

 

207,723

 

 

$

 

523,006

 

 

$

 

647,546

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation and benefits

 

 

 

141,697

 

 

 

 

120,701

 

 

 

 

316,343

 

 

 

 

375,987

 

Occupancy

 

 

 

4,802

 

 

 

 

4,976

 

 

 

 

14,386

 

 

 

 

14,109

 

Professional fees

 

 

 

4,401

 

 

 

 

5,871

 

 

 

 

14,922

 

 

 

 

18,129

 

Communication, technology and information services

 

 

 

7,844

 

 

 

 

7,414

 

 

 

 

23,683

 

 

 

 

21,864

 

Travel and related expenses

 

 

 

10,909

 

 

 

 

9,385

 

 

 

 

31,699

 

 

 

 

31,796

 

Depreciation and amortization

 

 

 

1,284

 

 

 

 

1,135

 

 

 

 

3,729

 

 

 

 

3,290

 

Other expenses

 

 

 

6,480

 

 

 

 

5,329

 

 

 

 

20,453

 

 

 

 

18,745

 

Total expenses

 

 

 

177,417

 

 

 

 

154,811

 

 

 

 

425,215

 

 

 

 

483,920

 

Operating income (loss)

 

 

 

54,283

 

 

 

 

52,912

 

 

 

 

97,791

 

 

 

 

163,626

 

Other income and (expenses)

 

 

 

14,301

 

 

 

 

1,617

 

 

 

 

21,413

 

 

 

 

6,604

 

Income (loss) before income taxes

 

 

 

68,584

 

 

 

 

54,529

 

 

 

 

119,204

 

 

 

 

170,230

 

Provision (benefit) for income taxes

 

 

 

13,886

 

 

 

 

9,641

 

 

 

 

10,662

 

 

 

 

18,231

 

Net income (loss)

 

 

 

54,698

 

 

 

 

44,888

 

 

 

 

108,542

 

 

 

 

151,999

 

Net income (loss) attributable to noncontrolling interests

 

 

 

14,083

 

 

 

 

12,439

 

 

 

 

24,898

 

 

 

 

50,535

 

Net income (loss) attributable to Moelis & Company

 

$

 

40,615

 

 

$

 

32,449

 

 

$

 

83,644

 

 

$

 

101,464

 

Weighted-average shares of Class A common stock outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

51,079,746

 

 

 

 

45,203,781

 

 

 

 

49,796,867

 

 

 

 

41,211,843

 

Diluted

 

 

 

55,468,728

 

 

 

 

53,141,198

 

 

 

 

55,145,248

 

 

 

 

49,173,904

 

Net income (loss) per share attributable to holders of shares of Class A common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

 

0.80

 

 

$

 

0.72

 

 

$

 

1.68

 

 

$

 

2.46

 

Diluted

 

$

 

0.73

 

 

$

 

0.61

 

 

$

 

1.52

 

 

$

 

2.06

 

 

See notes to the condensed consolidated financial statements (unaudited).

5


Table of Contents

 

Moelis & Company

Condensed Consolidated Statements of Comprehensive Income

(Unaudited)

(dollars in thousands)

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

 

54,698

 

 

$

 

44,888

 

 

$

 

108,542

 

 

$

 

151,999

 

Foreign currency translation adjustment, net of tax

 

 

 

(322

)

 

 

 

(707

)

 

 

 

161

 

 

 

 

(871

)

Other comprehensive income (loss)

 

 

 

(322

)

 

 

 

(707

)

 

 

 

161

 

 

 

 

(871

)

Comprehensive income (loss)

 

 

 

54,376

 

 

 

 

44,181

 

 

 

 

108,703

 

 

 

 

151,128

 

Less: Comprehensive income attributable to noncontrolling interests

 

 

 

14,016

 

 

 

 

12,223

 

 

 

 

24,938

 

 

 

 

50,367

 

Comprehensive income (loss) attributable to Moelis & Company

 

$

 

40,360

 

 

$

 

31,958

 

 

$

 

83,765

 

 

$

 

100,761

 

 

See notes to the condensed consolidated financial statements (unaudited).

6


Table of Contents

 

Moelis & Company

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(dollars in thousands)

 

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

 

108,542

 

 

$

 

151,999

 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

 

 

 

 

 

 

 

 

 

 

Bad debt expense

 

 

 

2,254

 

 

 

 

415

 

Depreciation and amortization

 

 

 

3,729

 

 

 

 

3,290

 

Equity-based compensation

 

 

 

97,505

 

 

 

 

88,776

 

Deferred tax provision

 

 

 

10,262

 

 

 

 

6,333

 

Gain on partial sale of equity method investment

 

 

 

(12,631

)

 

 

 

 

Other

 

 

 

(4,228

)

 

 

 

1,015

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

 

 

(44,437

)

 

 

 

1,526

 

Accrued and other receivables

 

 

 

(4,408

)

 

 

 

(18,724

)

Prepaid expenses and other assets

 

 

 

(2,985

)

 

 

 

636

 

Deferred compensation

 

 

 

(89

)

 

 

 

(870

)

Compensation payable

 

 

 

(132,164

)

 

 

 

(2,768

)

Accounts payable and accrued expenses

 

 

 

(13,261

)

 

 

 

(1,247

)

Deferred revenue

 

 

 

(3,089

)

 

 

 

1,640

 

Dividends received

 

 

 

2,848

 

 

 

 

2,737

 

Other liabilities

 

 

 

888

 

 

 

 

(2,168

)

Net cash provided by (used in) operating activities

 

 

 

8,736

 

 

 

 

232,590

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

 

 

Purchase of investments

 

 

 

(121,590

)

 

 

 

(148,027

)

Proceeds from sales of investments

 

 

 

89,859

 

 

 

 

98,860

 

Note payments received from employees

 

 

 

 

 

 

 

366

 

Purchase of equipment and leasehold improvements

 

 

 

(5,532

)

 

 

 

(4,888

)

Proceeds from partial sale of equity method investment

 

 

 

28,264

 

 

 

 

 

Net cash provided by (used in) investing activities

 

 

 

(8,999

)

 

 

 

(53,689

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

 

 

Dividends and distributions

 

 

 

(178,122

)

 

 

 

(286,145

)

Proceeds from exercise of stock options

 

 

 

7,866

 

 

 

 

6,781

 

Treasury stock purchases

 

 

 

(42,073

)

 

 

 

(24,692

)

Class A partnership units and other equity purchased

 

 

 

 

 

 

 

(293

)

Net cash provided by (used in) financing activities

 

 

 

(212,329

)

 

 

 

(304,349

)

Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash

 

 

 

463

 

 

 

 

(778

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

 

(212,129

)

 

 

 

(126,226

)

Cash, cash equivalents, and restricted cash, beginning of period

 

 

 

261,771

 

 

 

 

213,894

 

Cash, cash equivalents, and restricted cash, end of period

 

$

 

49,642

 

 

$

 

87,668

 

Supplemental cash flow disclosure:

 

 

 

 

 

 

 

 

 

 

Cash paid during the period for:

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$

 

13,731

 

 

$

 

15,850

 

Other non-cash activity

 

 

 

 

 

 

 

 

 

 

Dividend equivalents issued

 

$

 

28,688

 

 

$

 

44,727

 

Class A Partnership Units or other equity converted into Class A Common Stock

 

$

 

712

 

 

$

 

39,987

 

Cumulative Effect Adjustment upon Adoption of ASU 2014-09

 

$

 

 

 

$

 

3,155

 

Forfeiture of fully-vested Group LP units or other equity units

 

$

 

2,397

 

 

$

 

677

 

 

See notes to the condensed consolidated financial statements (unaudited).

 

 

7


Table of Contents

 

Moelis & Company

Condensed Consolidated Statements of Changes in Equity

(Unaudited)

(dollars in thousands, except share amounts)

 

 

 

Shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

Class A

 

 

Class B

 

 

 

 

 

 

Class A

 

 

Class B

 

 

 

 

 

 

 

Additional

 

 

Earnings

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

Common

 

 

Treasury

 

 

Common

 

 

Common

 

 

Treasury

 

 

Paid-In

 

 

(Accumulated

 

 

Comprehensive

 

 

Noncontrolling

 

 

Total

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Capital

 

 

Deficit)

 

 

Income (Loss)

 

 

Interests

 

 

Equity

 

Balance as of January 1, 2019

 

 

47,031,095

 

 

 

10,493,358

 

 

 

(1,426,115

)

 

$

 

470

 

 

$

 

105

 

 

$

 

(56,661

)

 

$

 

697,938

 

 

$

 

(237,782

)

 

$

 

291

 

 

$

 

(32,608

)

 

$

 

371,753

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13,570