Core Insights - The article compares Goldman Sachs (GS) and Moelis & Company (MC), highlighting their distinct business models within the investment banking industry, with GS being a global financial giant and MC being a focused advisory-driven boutique [1][2]. Goldman Sachs (GS) - GS maintains a leadership position in global investment banking, particularly in M&A advisory, equity, and debt underwriting, with a 24% increase in IB revenues in 2024 due to a rebound in corporate financing activity [3]. - However, GS experienced an 8% decline in IB revenues in Q1 2025, attributed to market turmoil and uncertainty over monetary policy, though its leading position in deal-making suggests enduring client trust [4]. - The firm is strategically exiting lower-margin consumer finance businesses to focus on high-return sectors like investment banking and trading, including ending its partnership with Apple on the Apple Card and Apple Savings account [5]. - Goldman Asset Management aims for aggressive growth in private credit, targeting a portfolio of $300 billion by 2030, reinforcing its long-term growth potential [6]. Moelis & Company (MC) - MC demonstrates resilient performance driven by its high-quality advisory platform, achieving a 10% compound annual growth rate (CAGR) over five years despite revenue declines in 2019, 2022, and 2023 [7]. - The company is well-positioned to benefit from structural tailwinds in M&A and capital advisory, with elevated corporate debt levels driving demand for restructuring services [8]. - MC's business is diversified across various sectors and geographies, with no significant client concentration, and has advised on over $5.1 trillion in transactions since inception [9]. - MC projects a 42.4% year-over-year earnings growth for 2026, significantly outpacing GS's projected 13.1% growth, and offers a higher dividend yield of 4.64% compared to GS's 1.92% [10][22]. Performance and Valuation Comparison - Over the past year, GS shares gained 38.7%, while MC shares increased by 7.5%, both outperforming the industry average rise of 33.1% [11]. - GS is currently trading at a forward P/E of 13.26X, higher than its five-year median of 10.16X, while MC trades at a forward P/E of 25.65X, above its five-year median of 20.16X [14]. - Both companies have dividend yields exceeding the industry average, with MC having a notable edge [16]. Estimates and Growth Potential - The Zacks Consensus Estimate for GS indicates a revenue rise of 3.8% and 5.1% for 2025 and 2026, respectively, with earnings growth of 9.6% and 13.1% [19]. - In contrast, MC's estimates reflect a revenue increase of 2.8% and 20.9% for 2025 and 2026, with earnings growth of 0.6% and 42.4% [20]. - MC's advisory-driven model aligns well with the rising demand for restructuring services, indicating significant long-term potential [21][22]. - Despite trading at a premium valuation, MC's market capitalization of $4.4 billion compared to GS's $188.3 billion suggests more room for growth [23].

Summary of Moelis & Company Conference Call Company Overview - **Company**: Moelis & Company - **New CEO**: Naved Mamuzadigan will become CEO on October 1, 2023, transitioning from co-president, while Ken Moelis will become Executive Chairman and Jeff Rach will be appointed Executive Vice Chairman [2][4][5] Key Points and Arguments Leadership Transition - The transition is seen as a natural evolution of the firm, with a focus on promoting internal talent [4][5][6] - 45% of managing directors (MDs) are internally promoted, indicating a strong culture of talent development [5] Strategic Focus - The firm is focusing on major verticals with significant revenue opportunities, including technology and oil and gas [7][8] - A major expansion into private equity fundraising is planned, with a new focus on continuation vehicles [7][8] Market Environment - Optimism is expressed regarding the M&A environment, with indications of increased transaction activity despite previous setbacks [10][11] - The pipeline for new business is reportedly strong, with activity levels comparable to historical highs [13] Private Equity and Sponsor Clients - There is pressure on private equity firms to return capital to investors due to limited exit activity over the past few years [14][15] - Continuation vehicles are highlighted as a key opportunity for sponsors to provide liquidity to investors while retaining ownership of portfolio companies [15][34] IPO Market - The IPO market is beginning to open for certain types of companies, which could encourage more activity from sponsors [17] Interest Rates - While there is a desire for interest rate cuts, sponsors are not solely waiting for this to proceed with transactions [20][21] - Long-term concerns about elevated ten-year yields are acknowledged, but not seen as an immediate threat [22] Private Funds Advisory (PFA) - The PFA business is a significant growth area, with key hires made to strengthen this segment [23][24] - Continuation vehicles and LP to LP secondaries are identified as major opportunities within the PFA space [27][29] Restructuring Business - The restructuring segment is performing well, with steady activity levels expected even in a recovering economy [35][38] Hiring and Talent Acquisition - Competition for top talent remains high, with a focus on cultural fit and alignment with the firm's values [40][41] - The firm aims to maintain a nimble approach to hiring, especially during uncertain times [46][47] Financial Metrics - The compensation ratio was reported at 69% in Q1, with a target of low 60s for equilibrium in the long term [51][52] - Non-compensation growth is targeted at 15% year-over-year, with a focus on efficiency and technology adoption [57] Technology and AI - AI is seen as a potential tool to improve efficiency and enhance the capabilities of junior bankers [58][62] Overall Strategy - The firm aims to maintain its core values of collaboration, transparency, and a strong balance sheet while striving to be the best independent investment bank [64][65] Additional Important Points - The firm is committed to building long-term client relationships, which are central to its strategy and success [64][65] - The focus on internal promotions and talent development is a key differentiator for Moelis & Company in the competitive investment banking landscape [5][6]

Company Overview - Moelis (MC) shares have increased by approximately 7.5% over the past month, outperforming the S&P 500 [1] - The most recent earnings report is crucial for understanding the catalysts affecting the stock [1] Earnings Estimates - Estimates for Moelis have trended downward, with a consensus estimate shift of -14.05% in the past month [2] - The stock has received a Zacks Rank of 5 (Strong Sell), indicating expectations of below-average returns in the coming months [4] VGM Scores - Moelis has an average Growth Score of C, but it significantly lags in Momentum Score with an F, and also has a Value Score of F, placing it in the lowest quintile for investment strategies [3] - The overall aggregate VGM Score for Moelis is F, which is a critical indicator for investors not focused on a single strategy [3] Industry Comparison - Moelis is part of the Zacks Financial - Investment Bank industry, where Interactive Brokers Group, Inc. (IBKR) has gained 22.3% over the past month [5] - Interactive Brokers reported revenues of $1.4 billion for the last quarter, reflecting a year-over-year increase of +16%, with an EPS of $1.88 compared to $1.64 a year ago [5] - For the current quarter, Interactive Brokers is expected to post earnings of $1.73 per share, showing a year-over-year change of -1.7% [6]

Business Overview - Moelis is a leading global advisory-focused independent investment bank[6] - The firm has a global reach, advising clients in over 45 countries[7] - Moelis has deep knowledge in over 85 industries/sectors[7] Financial Performance - LTM 1Q 2025 Revenue is $1284 million[7] - Approximately $28 billion of capital has been returned to shareholders since IPO[7, 64] - Total shareholder return is approximately 400%[7] - Revenue growth from FY 2014 to LTM 1Q 2025 is 147%[7] Talent and Culture - The firm has 168 Managing Directors[7] - Approximately 45% of MDs are internally promoted[7] - The company has 1300 employees[7] Capital Structure Advisory - Moelis has restructured approximately $1 trillion of liabilities since IPO in 2014[26] - Approximately 60% of engagements are company-side and 40% are creditor side[26] - Approximately 50% of engagements have been completed out of court[30] Capital Markets - The firm has raised approximately $200 billion in capital since IPO[34] Private Funds Advisory - The firm has advised on over $75 billion in private capital[37]

Core Viewpoint - Moelis & Company reported better-than-expected first-quarter 2025 results, with adjusted earnings of 64 cents per share, surpassing the Zacks Consensus Estimate of 57 cents, and significantly improving from 22 cents per share in the prior-year quarter [1][2] Financial Performance - Net income on a GAAP basis was $50.3 million, compared to $16.6 million in the prior-year quarter [2] - Total revenues on a GAAP basis grew 41% year over year to $306.6 million, driven by increases in M&A and capital markets revenues, exceeding the Zacks Consensus Estimate of $289.8 million [3] - Total operating expenses on a GAAP basis rose 27.4% to $269.9 million, attributed to increases in compensation and benefits costs as well as non-compensation expenses, with estimates for total operating expenses at $252.9 million [3] Other Income and Liquidity - Other income on a GAAP basis was $6.1 million, up 45.2%, surpassing projections of $5.5 million [4] - As of March 31, 2025, the company held cash and liquid investments of $336.3 million, with no debt or goodwill [4] Strategic Outlook - The company's hiring spree and rising revenue-related compensation may negatively impact bottom-line growth, alongside concerns regarding a delayed rebound in global deal-making [5] - However, global expansion initiatives and diverse operations across various sectors are seen as positive factors for future growth [5] Peer Performance - Morgan Stanley reported first-quarter 2025 earnings of $2.60 per share, exceeding the Zacks Consensus Estimate of $2.23, with a 28.7% increase from the prior-year quarter [6] - Goldman Sachs achieved first-quarter 2025 adjusted earnings per share of $14.12, surpassing the Zacks Consensus Estimate of $12.71, and showing growth from $11.58 in the year-ago quarter [7]

Financial Data and Key Metrics Changes - The company achieved revenues of $307 million in Q1 2025, representing a 41% increase compared to the prior year period, driven by growth in M&A and capital markets [6] - The first quarter compensation expense ratio was 69%, with a non-compensation ratio of 19% [6][7] - The underlying corporate tax rate for the quarter was 29.5%, with a net tax benefit due to a discrete tax benefit related to equity awards [8][9] - The board declared a regular quarterly dividend of $0.65 per share, maintaining a strong balance sheet with no funded debt [9] Business Line Data and Key Metrics Changes - The revenue split for the quarter was approximately two-thirds from M&A and one-third from capital markets and restructuring [61] - The company reported record new business origination and a robust pipeline, although some transactions have been delayed due to market volatility [10][11] Market Data and Key Metrics Changes - Post-April 2nd, a new wave of volatility in capital markets has slowed M&A transaction activity, but the company believes this is a temporary phenomenon [11] - The backlog decreased from $331 million due to some transactions being shelved, with the majority being delayed rather than canceled [21][22] Company Strategy and Development Direction - The company continues to invest in the growth of its private funds advisory business, aiming to be a market leader in private capital solutions [12][13] - The focus remains on adding talent in strategic areas, including technology and business services, to enhance service offerings [13][70] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, stating that clients will continue to need strategic advice despite current market volatility [11] - The company is actively hiring in private capital advisory, indicating confidence in future M&A activity once the policy situation stabilizes [52][88] Other Important Information - The company has not seen a dramatic change in the recruiting environment despite recent market volatility, and it expects to benefit from talent leaving heavily leveraged institutions [66][69] - The tech team has been performing exceptionally well, contributing significantly to revenue and enhancing the company's overall impact in the sponsor world [102][106] Q&A Session Summary Question: How does the backlog move from here and what could potentially cancel them? - Management indicated that the majority of the backlog is on delay due to market conditions, with some transactions shelved [21][22] Question: What is the tone shift in the restructuring business? - The restructuring business was flat in Q1, with increased conversations about financing options rather than immediate restructuring mandates [25][27] Question: How does volatility impact different geographic markets? - The US is seen as dynamic, while Europe has been less affected by recent volatility, with indications of potential positive actions in the European economy [36][37] Question: What is the expected trajectory for restructuring in a weaker economic scenario? - Management believes that liability management will be a significant focus, with less emphasis on traditional restructuring compared to previous downturns [56][58] Question: What is the split of revenue across M&A, capital markets, and restructuring? - The revenue split is about two-thirds from M&A and one-third from capital markets and restructuring combined [61] Question: How is the recruiting environment and talent retention being managed? - The company plans to aggressively pursue talent in private capital advisory and believes it will benefit from talent leaving leveraged institutions [66][69] Question: What is the impact of the accelerated vesting of retirement-eligible bankers on comp expense? - The first quarter saw a higher fixed comp ratio due to the accelerated vesting, approximately double the expense of a normal quarter [108]

What's Next for Moelis? While Moelis has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Moelis (MC) came out with quarterly earnings of $0.64 per sh ...

Financial Performance - For the first three months of 2025, the company reported GAAP revenues of $306.6 million, a 41% increase from $217.5 million in the same period of 2024[143]. - Operating expenses for the same period were $269.7 million, representing 88% of revenues, compared to $211.7 million or 97% of revenues in the prior year[155]. - Net income for the three months ended March 31, 2025, was $53.8 million, a 208% increase from $17.5 million in the same period of 2024[147]. - Other income for the three months ended March 31, 2025, was $6.1 million, up from $4.2 million in the same period of 2024[163]. - The company reported a net income of $53.8 million for the three months ended March 31, 2025, compared to $17.5 million for the same period in 2024[183]. Client and Revenue Growth - The number of clients that paid fees equal to or greater than $1 million increased to 60 in 2025 from 57 in 2024[153]. - The Company earns most of its revenues from advisory services related to mergers and acquisitions, capital markets transactions, and other corporate finance matters[194]. Expenses and Cost Management - Compensation and benefits expenses were $211.5 million, accounting for 69% of revenues, down from 76% in the prior year[159]. - Non-compensation expenses rose to $58.1 million, representing 19% of revenues, compared to 22% in the previous year[161]. Cash Flow and Liquidity - Total operating activities resulted in a net outflow of $165.5 million for the three months ended March 31, 2025, primarily due to cash operating outflows[184]. - Cash, cash equivalents, and restricted cash decreased to $185.4 million at March 31, 2025, from $413.2 million at December 31, 2024[184]. - The company experienced a net increase in cash of $227.8 million during the three months ended March 31, 2025, primarily due to operating cash outflows[184]. - As of March 31, 2025, the company had cash equivalents of $117.5 million and cash of $67.0 million, compared to $350.9 million and $61.5 million, respectively, as of December 31, 2024[168]. Shareholder Returns - The company declared a regular quarterly dividend of $0.65 per share, to be paid on June 20, 2025[174]. - The company repurchased 156,105 shares during the three months ended March 31, 2025, with a remaining authorization of $62.5 million for share repurchases[175]. Debt and Financial Position - The company maintains a strong balance sheet with substantial liquidity and zero debt, positioning it well to navigate dynamic markets[145]. - The company maintains two revolving credit facilities with aggregate base credit commitments of $50.0 million, with no borrowings under the $5.0 million facility as of March 31, 2025[171]. - As of March 31, 2025, the company had total payables of $298.8 million due under the tax receivable agreement, with an estimated $0.3 million due in less than one year[186]. M&A Market Outlook - The company expects improvement in the M&A market as companies continue to pursue long-term strategic priorities despite current market volatility[145]. - The M&A market data referenced was obtained from LSEG - Financial Technology & Data, indicating a slowdown in announced transactions due to recent tariff policy announcements[144]. Revenue Recognition and Accounting Policies - Revenue from advisory services is recognized over time as performance obligations are fulfilled, with upfront fees recognized systematically over the service period[195][198]. - Fairness opinion fees are recognized at a point in time upon completion of the engagement, while underwriting fees are recognized when the offering is completed[199]. - The Company maintains an allowance for credit losses based on the aging of accounts receivable, with reserves stratified into short-term and private funds advisory categories[202]. - For the three months ended March 31, 2025 and 2024, no unrecognized tax benefits or related interest and penalties were recorded[205][206]. Internal Controls and Compliance - The Company evaluates its disclosure controls and procedures, concluding they were effective as of the reporting period's end[208]. - No changes in internal controls over financial reporting occurred during the reporting period that materially affected the Company's financial reporting[209].

Exhibit 99.1 Moelis & Company Reports First Quarter 2025 Financial Results; Declares Regular Quarterly Dividend of $0.65 Per Share NEW YORK, April 23, 2025 – Moelis & Company (NYSE:MC) today reported financial results for the first quarter ended March 31, 2025. The Firm's first quarter revenues of $306.6 million increased 41% from the prior year period. The Firm reported first quarter GAAP net income of $53.8 million, or $0.64 per share (diluted). On an Adjusted basis, the Firm reported net income of $54.4 ...

Dividend Announcement - LVMH Moët Hennessy Louis Vuitton approved a dividend payment of 13.00 Euros per share for the financial year 2024 [1] - A balance of 7.50 Euros will be paid on April 28, 2025, following a prior payment of 5.50 Euros on December 4, 2024 [1] - The last trading day with dividend rights is set for April 23, 2025 [1] Company Overview - LVMH operates in various sectors including Wines and Spirits, Fashion and Leather Goods, Perfumes and Cosmetics, Watches and Jewelry, and Selective Retailing [2] - The Wines and Spirits division features brands such as Moët & Chandon, Hennessy, and Veuve Clicquot [2] - The Fashion and Leather Goods division includes renowned names like Louis Vuitton, Christian Dior, and Fendi [2] - In the Perfumes and Cosmetics sector, LVMH offers products from brands like Guerlain and Fenty Beauty [2] - The Watches and Jewelry division comprises luxury brands such as Bulgari and Tiffany & Co [2] - LVMH is also involved in Selective Retailing through entities like Sephora and DFS [2]