Moelis & Company reported significant financial improvements in its third quarter and year-to-date results for 2024, as detailed in its recent 10-Q filing. For the three months ended September 30, 2024, the company generated revenues of $273.8 million, a slight increase of 1% from $272.2 million in the same period of 2023. Year-to-date revenues reached $755.8 million, marking an 18% increase from $639.9 million in the prior year. This growth was attributed to an increase in client engagement, with the number of clients paying fees of $1 million or more rising from 48 to 67 in Q3 2024.
Operating income for Q3 2024 was reported at $15.6 million, a turnaround from an operating loss of $20.0 million in Q3 2023. For the nine-month period, operating income was $41.4 million compared to a loss of $31.0 million in the previous year. Net income for Q3 2024 was $19.2 million, compared to a net loss of $11.4 million in Q3 2023, while year-to-date net income totaled $51.6 million, a significant recovery from a net loss of $21.1 million in 2023.
Total operating expenses for Q3 2024 decreased by 12% to $258.2 million, down from $292.2 million in the prior year, primarily due to lower compensation and benefits expenses. Compensation-related expenses represented 77% of revenues in Q3 2024, down from 89% in Q3 2023. Non-compensation expenses also saw a slight reduction, contributing to improved profitability.
The company’s balance sheet showed total assets of $1.15 billion as of September 30, 2024, down from $1.18 billion at the end of 2023. Total liabilities decreased to $758.0 million from $817.3 million, while total equity increased to $395.1 million from $362.5 million. Cash and cash equivalents were reported at $145.3 million, down from $186.4 million at the end of 2023.
Strategically, Moelis & Company continues to focus on its advisory services related to mergers and acquisitions, capital markets transactions, and restructurings. The firm has also maintained a share repurchase program, with $62.5 million remaining for future buybacks as of September 30, 2024. The company declared a quarterly dividend of $0.60 per share, payable on December 2, 2024, reflecting its commitment to returning value to shareholders.
Overall, Moelis & Company’s performance in 2024 demonstrates a strong recovery and growth trajectory, driven by increased client engagement and effective cost management.
About Moelis & Co
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