Thu, Jul 25, 10:02 AM (44 days ago)
Moelis & Company reported a significant improvement in financial performance for the quarter ended June 30, 2024. Revenues rose by 47% to $264.6 million compared to $179.9 million in the same quarter of 2023, driven by an increase in completed transactions. Operating income was $20.1 million, reversing a loss of $9.6 million from the prior year. Compensation and benefits expenses increased by 36% to $197.9 million, reflecting higher headcount and revenues. Non-compensation expenses rose by 7% to $46.6 million. Net income was $14.9 million, compared to a loss of $13.2 million in the same period last year. The company also maintained strong liquidity with cash and cash equivalents of $151.2 million. Future outlook remains positive with continued client engagement and a diversified revenue base.