Moelis & pany(MC) - 2025 Q1 - Quarterly Results

Financial Performance - First quarter revenues of $306.6 million, up 41% from the prior year period[2] - Revenues for the three months ended March 31, 2025, were $306,593,000, representing a 40.9% increase from $217,485,000 in the same period of 2024[33] - Operating income for Q1 2025 was $36,912,000, compared to $5,802,000 in Q1 2024, indicating a significant improvement in operational performance[33] - Net income attributable to Moelis & Company for Q1 2025 was $50,268,000, a substantial increase from $16,566,000 in Q1 2024, reflecting a year-over-year growth of 203.5%[33] - Basic net income per share for Q1 2025 was $0.68, up from $0.24 in Q1 2024, marking a 183.3% increase[33] Expenses - Total operating expenses of $269.7 million for the first quarter of 2025, up 27% from the prior year period[11] - Total expenses increased to $269,681,000 in Q1 2025, up 27.4% from $211,683,000 in Q1 2024[33] - Compensation and benefits expenses increased to $211.5 million, representing 69.0% of revenues[12] - Compensation and benefits expenses for Q1 2025 were $211,549,000, up from $164,475,000 in Q1 2024, reflecting a 28.6% increase[33] - Non-compensation expenses rose to $58.1 million, accounting for 19.0% of revenues[14] Tax and Income Adjustments - GAAP and Adjusted net income of $0.64 per share (diluted) for the first quarter of 2025, including a $0.28 per share (diluted) tax benefit[6] - Adjusted provision for income taxes for Q1 2025 was $(11,386,000), compared to $(8,046,000) in Q1 2024, reflecting adjustments for tax impacts related to share-based awards[34] - The effective tax rate for Q1 2025, excluding the tax benefit related to share-based awards, would have been 29.5%[34] Cash and Investments - Cash and short-term investments totaled $336.3 million with no debt or goodwill as of March 31, 2025[17] Dividends - The company declared a regular quarterly dividend of $0.65 per share, payable on June 20, 2025[17] Growth Strategy - The increase in revenues was attributed to growth in M&A and Capital Markets revenues compared to the prior year[8] - The firm continues to execute its growth strategy with new Managing Directors focused on Technology and Business Services in Europe[9] Other Income - Other income (expenses) for Q1 2025 included $6,141,000, compared to $4,229,000 in Q1 2024, indicating a rise in other income sources[33] Share Count - The weighted-average shares of Class A common stock outstanding increased to 80,225,747 in Q1 2025 from 76,555,684 in Q1 2024, indicating a growth in share count[34] Margins - Adjusted pre-tax margin for the first quarter of 2025 was 14.0%[6]