Moelis & pany(MC) - 2023 Q4 - Earnings Call Transcript

Joe Simon - CFO I'll now turn the call over to Joe to discuss our results. For the full year, we reported a non-compensation ratio of approximately 21%. As a result of our MD headcount expansion, underlying non-comp expenses will be in the $45 million to $46 million range, beginning in the first quarter, excluding transaction-related expenses. As many of the annual vesting of RSUs will occur later this month. Joe Simon Yes. So the I think the best way to think about it is, I'd say for every $100 million inc ...