$MC

Moelis & Co

CIK:0001596967|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues	$ 409,387	$ 365,376	$ 729,167	$ 671,969
Expenses
Compensation and benefits	269,377	252,110	479,792	463,659
Occupancy	10,471	8,726	20,891	16,843
Professional fees	9,569	7,424	16,241	14,338
Communication, technology and information services	14,824	13,870	30,472	27,191
Travel and related expenses	15,681	12,996	34,083	30,465
Depreciation and amortization	4,203	2,760	7,696	5,539
Other expenses	12,432	6,861	26,666	16,393
Total expenses	336,557	304,747	615,841	574,428
Operating income (loss)	72,830	60,629	113,326	97,541
Other income and (expenses)	2,452	3,510	8,117	9,651
Income (loss) before income taxes	75,282	64,139	121,443	107,192
Provision (benefit) for income taxes	20,155	17,384	24,021	6,662
Net income (loss)	55,127	46,755	97,422	100,530
Net income (loss) attributable to noncontrolling interests	6,534	5,217	10,396	8,724
Net income (loss) attributable to Moelis & Company	48,593	41,538	87,026	91,806
Class A Common Stock
Expenses
Net income (loss) attributable to Moelis & Company	$ 48,593	$ 41,538	$ 87,026	$ 91,806
Weighted-average shares of Class A common stock outstanding
Basic (in shares)	75,604,609	75,615,922	75,543,554	74,788,620
Diluted (in shares)	78,999,667	78,644,806	79,416,689	78,773,981
Net income (loss) per share attributable to holders of shares of Class A common stock
Basic (in dollars per share)	$ 0.64	$ 0.55	$ 1.15	$ 1.23
Diluted (in dollars per share)	$ 0.62	$ 0.53	$ 1.1	$ 1.17

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ 97,422	$ 100,530
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Bad debt expense (benefit)	2,209	236
Depreciation and amortization	7,696	5,539
Equity-based compensation	117,687	127,843
Deferred tax provision (benefit)	24,021	6,662
Other	1,987	(845)
Changes in assets and liabilities:
Accounts receivable	11,992	(3,529)
Accrued and other receivables	(13,029)	(23,771)
Prepaid expenses and other assets	(15,463)	(1,070)
Deferred compensation	(33,033)	(17,491)
Compensation payable	(246,913)	(158,436)
Accounts payable, accrued expenses and other liabilities	(9,875)	(90)
Deferred revenue	4,691	1,486
Dividends received from equity method investment	1,336	1,623
Net cash provided by (used in) operating activities	(49,272)	38,687
Cash flows from investing activities
Purchases of investments	(315,988)	(256,737)
Proceeds from sales of investments	381,782	151,398
Note payments (issued to) employees	(8,186)	(112)
Note payments received from employees	4,402	250
Purchases of equipment and leasehold improvements	(26,458)	(7,856)
Net cash provided by (used in) investing activities	35,552	(113,057)
Cash flows from financing activities
Payments for dividends and tax distributions	(112,757)	(104,212)
Payments for treasury stock purchases	(140,771)	(13,270)
Payments under tax receivable agreement	(32,206)	(314)
Net cash provided by (used in) financing activities	(285,734)	(117,796)
Effect of exchange rate fluctuations on cash, cash equivalents, and restricted cash	(1,294)	1,503
Net increase (decrease) in cash, cash equivalents, and restricted cash	(300,748)	(190,663)
Cash, cash equivalents, and restricted cash, beginning of period	509,365	413,179
Cash, cash equivalents, and restricted cash, end of period	208,617	222,516
Cash paid (received) during the period for:
Income taxes, net	27,099	4,809
Other non-cash activity
Effect of changes in ownership and exchanges of Class A partnership units	(350)	1,784
Dividends in kind	$ 10,461	$ 11,486

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and cash equivalents	$ 207,740	$ 508,595
Restricted cash	877	770
Receivables:
Accounts receivable, net of allowance for credit losses of $3,923 and $2,125 as of June 30, 2026 and December 31, 2025, respectively	66,910	82,188
Accrued and other receivables	45,010	28,738
Total receivables	111,920	110,926
Deferred compensation	64,035	32,029
Investments	301,484	369,072
Right-of-use assets	211,343	216,865
Equipment and leasehold improvements, net	108,313	89,787
Deferred tax assets	346,768	370,685
Prepaid expenses and other assets	55,677	41,956
Total assets	1,408,157	1,740,685
Liabilities and Equity
Compensation payable	189,401	439,394
Accounts payable, accrued expenses and other liabilities	31,252	43,630
Amount due pursuant to tax receivable agreement	269,639	301,053
Deferred revenue	13,550	9,076
Lease liabilities	262,753	267,155
Total liabilities	766,595	1,060,308
Commitments and Contingencies (See Note 11)
Treasury stock, at cost; 13,788,651 and 11,514,247 shares at June 30, 2026 and December 31, 2025, respectively	(677,063)	(536,292)
Additional paid-in-capital	2,011,637	1,912,193
Retained earnings (accumulated deficit)	(822,414)	(801,234)
Accumulated other comprehensive income (loss)	(7,276)	(7,119)
Total Moelis & Company equity	505,805	568,439
Noncontrolling interests	135,757	111,938
Total equity	641,562	680,377
Total liabilities and equity	1,408,157	1,740,685
Class A Common Stock
Liabilities and Equity
Common stock, par value $0.01 per share	879	849
Class B Common Stock
Liabilities and Equity
Common stock, par value $0.01 per share	$ 42	$ 42