Moelis & Company Reports Third Quarter 2018 Financial Results; Quarterly Dividend of $0.47 Per Share

Company Release - 10/22/2018 4:17 PM ET

Record Third Quarter and First Nine Month Revenues

  • Third quarter revenues of $207.7 million, up 22% from the third quarter of 2017; first nine month revenues of $647.5 million, up 26% from the same period of 2017
  • GAAP net income of $0.61 per share (diluted) for the third quarter and $2.06 per share (diluted) for the first nine months of 2018; Adjusted net income of $0.62 per share (diluted) and $2.23 per share (diluted) for the third quarter and first nine months of 2018, respectively
  • Continued to execute on organic growth strategy
    • Hired a veteran Managing Director in the U.S. to expand consumer expertise with coverage of food and agribusiness clients
    • Appointed a Senior Advisor to enhance the Firm’s commitment to diversity and inclusiveness
    • Added ten Managing Directors year to date through internal promotion and key external hires
  • Strong balance sheet with cash and short term investments of $231.6 million and no debt or goodwill

NEW YORK--(BUSINESS WIRE)-- Moelis & Company (NYSE: MC) today reported financial results for the third quarter ended September 30, 2018. The Firm’s revenues of $207.7 million increased 22% over the prior year period. The Firm reported third quarter 2018 GAAP net income of $44.9 million, or $0.61 per share (diluted), compared with $43.3 million, or $0.48 per share (diluted), in the prior year period. On an Adjusted basis, the Firm reported net income of $42.3 million, or $0.62 per share (diluted), for the third quarter of 2018, which compares with $36.3 million of net income, or $0.57 per share (diluted), in the prior year period.

Total record revenues of $647.5 million for the first nine months of 2018 represented an increase of 26% over the prior year period. GAAP net income for the period was $152.0 million, or $2.06 per share (diluted), as compared with $132.2 million, or $1.51 per share (diluted), in the prior year period. On an Adjusted basis, the Firm reported net income of $150.3 million, or $2.23 per share (diluted), for the first nine months of 2018, as compared with $111.4 million, or $1.76 per share (diluted), in the prior year period. GAAP and Adjusted net income for the first nine months of 2018 include tax benefits of $0.26 per share and $0.30 per share, respectively, related to the settlement of share based awards.

“We achieved our third consecutive quarter of year-over-year record revenue growth as a result of years of investment in growing and strengthening our global network to deliver outstanding results to our clients. Our first nine month revenues are up 26% over the same period last year as a result of executing on our organic growth strategy. Compared with the prior year, this quarter we advised more clients across regions, sectors and products, demonstrating the depth and breadth of our business. As we approach year-end, I am encouraged by our activity levels, dialogue with clients, and our ability to be a strategic partner to companies around the world,” said Ken Moelis, Chairman and Chief Executive Officer.

The Firm’s revenues and net income can fluctuate materially depending on the number, size and timing of completed transactions on which it advised as well as other factors. Accordingly, financial results in any particular quarter may not be representative of future results over a longer period of time.

Currently 78% of the operating partnership (Moelis & Company Group LP) is owned by the corporate partner (Moelis & Company) and is subject to corporate U.S. federal and state income tax. The remaining 22% is owned by other partners of Moelis & Company Group LP and is primarily subject to tax at the partner level (except for certain state and local and foreign income taxes). The Adjusted results included herein remove the impact of compensation expenses specifically related to the Firm’s IPO awards, and apply the corporate tax rate to all earnings under the assumption that 100% of the Firm’s third quarter 2018 income was taxed at our corporate effective tax rate. We believe the Adjusted results, when presented together with comparable GAAP results, are useful to investors to compare our performance across periods and to better understand our operating results. A reconciliation between our GAAP results and our Adjusted results is presented in the Appendix to this press release.

GAAP and Adjusted (non-GAAP) Selected Financial Data (Unaudited)

  U.S. GAAP   Adjusted (non-GAAP)*
Three Months Ended September 30,
($ in thousands except per share data) 2018   2017  

2018 vs.
2017
Variance

2018   2017  

2018 vs.
2017
Variance

 
Revenues $207,723 $170,041 22% $207,723 $170,041 22%
Income (loss) before income taxes 54,529 57,625 -5% 55,736 58,696 -5%
Provision for income taxes 9,641 14,354 -33% 13,459 22,410 -40%
Net income (loss) 44,888 43,271 4% 42,277 36,286 17%
 
Net income (loss) attributable to noncontrolling interests 12,439 24,066 -48% - - N/M
Net income (loss) attributable to Moelis & Company $32,449 $19,205 69% $42,277 $36,286 17%
 
Diluted earnings per share $0.61 $0.48 27% $0.62 $0.57 9%
 
N/M = not meaningful
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP)
 
U.S. GAAP Adjusted (non-GAAP)*
Nine Months Ended September 30,
($ in thousands except per share data) 2018 2017

2018 vs.
2017
Variance

2018 2017

2018 vs.
2017
Variance

 
Revenues $647,546 $515,448 26% $647,546 $515,448 26%
Income (loss) before income taxes 170,230 163,074 4% 173,149 166,309 4%
Provision for income taxes 18,231 30,900 -41% 22,853 54,878 -58%
Net income (loss) 151,999 132,174 15% 150,296 111,431 35%
 
Net income (loss) attributable to noncontrolling interests 50,535 77,961 -35% - - N/M
Net income (loss) attributable to Moelis & Company $101,464 $54,213 87% $150,296 $111,431 35%
 
Diluted earnings per share $2.06 $1.51 36% $2.23 $1.76 27%
 
N/M = not meaningful
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP)
 

Revenues

We earned revenues of $207.7 million in the third quarter of 2018, as compared with $170.0 million in the prior year period, representing an increase of 22% and our largest third quarter of revenues on record. This compares favorably with a 16% decrease in the number of global completed M&A transactions in the same period1. The increase in revenues was driven by significant growth in our M&A activity and an increase in our restructuring activity over the prior year period, including higher average fees earned per completed transaction. For the first nine months of 2018, revenues were $647.5 million as compared with $515.4 million in the same period of 2017, or an increase of 26%.

We continued to execute on our strategy of organic growth. In the first nine months of 2018 we promoted five of our advisory professionals to Managing Director and hired five external Managing Directors to enhance our expertise in important sectors, products and regions. This includes one veteran Managing Director in the U.S. that we announced since our last earnings release who will provide financial and strategic advice to food and agribusiness clients. In addition, we announced the hiring of a Senior Advisor who will advise the Firm on key talent initiatives and focus on diversity and inclusion.

____________

1 Source: Thomson Financial as of October 3, 2018; includes all transactions greater than $100 million in value
 

Expenses

The following tables set forth information relating to the Firm’s operating expenses. Expenses for 2017 only are reported net of client expense reimbursements.

  U.S. GAAP   Adjusted (non-GAAP)*
Three Months Ended September 30,
($ in thousands) 2018   2017  

2018 vs.
2017
Variance

2018   2017  

2018 vs.
2017
Variance

 
Expenses
Compensation and benefits $120,701 $99,694 21% $119,442 $98,623 21%
% of revenues 58.1% 58.6% 57.5% 58.0%
Non-compensation expenses $34,110 $30,468 12% $34,110 $30,468 12%
% of revenues 16.4% 17.9% 16.4% 17.9%
Total operating expenses $154,811 $130,162 19% $153,552 $129,091 19%
% of revenues 74.5% 76.5% 73.9% 75.9%
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP)
 

 

U.S. GAAP

Adjusted (non-GAAP)*

 

Nine Months Ended September 30,

($ in thousands)

2018

2017

2018 vs.
2017
Variance

2018

2017

2018 vs.
2017
Variance

 
Expenses

Compensation and benefits

$375,987

$302,228

24%

$372,339

$298,993

25%

% of revenues

58.1%

58.6%

 

57.5%

58.0%

Non-compensation expenses

$107,933

$87,599

23%

$107,933

$87,599

23%

% of revenues

16.7%

17.0%

16.7%

17.0%

Total operating expenses

$483,920

$389,827

24%

$480,272

$386,592

24%

% of revenues

74.7%

75.6%

74.2%

75.0%

* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP)

 

Total operating expenses on a GAAP basis were $154.8 million in the third quarter and $483.9 million for the first nine months of 2018. On an Adjusted basis, operating expenses were $153.6 million in the third quarter of 2018 as compared with $129.1 million in the third quarter of 2017, and $480.3 million for the first nine months of 2018 as compared with $386.6 million in the prior year period. The increase in operating expenses in both periods was associated with increased revenues, which drove increased compensation and benefits expenses, as well as higher non-compensation expenses.

Compensation and benefits expenses on a GAAP basis were $120.7 million in the third quarter and $376.0 million in the first nine months of 2018. Adjusted compensation and benefits expenses (which exclude the amortization of IPO awards for the reported periods) were $119.4 million and $372.3 million in the third quarter and first nine months of 2018, respectively. This compares with $98.6 million and $299.0 million in the third quarter and first nine months of 2017, respectively. The Adjusted compensation and benefits ratio in both the current period and first nine months of 2018 was consistent at 57.5%.

Non-compensation expenses on a GAAP and Adjusted basis were $34.1 million in the third quarter of 2018 as compared with $30.5 million in the prior year period. Our non-compensation expense ratio decreased to 16.4% in the current quarter from 17.9% in the prior year period. For the first nine months of 2018, GAAP and Adjusted non-compensation expenses were $107.9 million as compared with $87.6 million in the same period of the prior year, and the non-compensation expense ratio decreased to 16.7% from 17.0%. The decrease in our non- compensation expense ratio in both current year periods primarily resulted from increased revenues, partially offset by the absence of contra expenses related to client reimbursements in 2018.

Other Income

  U.S. GAAP   Adjusted (non-GAAP)*
Three Months Ended September 30,
($ in thousands) 2018   2017  

2018 vs.
2017
Variance

2018   2017  

2018 vs.
2017
Variance

 
Other income (expenses) $1,090 $14,955 N/M $1,038 $14,955 N/M
 
N/M = not meaningful
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP)
 
U.S. GAAP Adjusted (non-GAAP)*
Nine Months Ended September 30,
($ in thousands) 2018 2017

2018 vs.
2017
Variance

2018 2017

2018 vs.
2017
Variance

 
Other income (expenses) $2,963 $32,888 N/M $2,234 $32,888 N/M
 
N/M = not meaningful
* See Appendix for a reconciliation of GAAP to Adjusted (non-GAAP)
 

Other income on a GAAP basis was $1.1 million in the third quarter and $3.0 million for the first nine months of 2018. On an Adjusted basis, other income was $1.0 million in the third quarter as compared with $15.0 million in the prior year period. In the third quarter of 2017, we recorded a gain of $14.4 million related to our investment in Moelis Australia resulting from its issuance of new shares in September 2017. For the first nine months of 2018, other income on an Adjusted basis was $2.2 million as compared with $32.9 million for the first nine months of 2017. The prior year first nine month period primarily includes gains recognized in connection with Moelis Australia’s IPO in April 2017 plus the third quarter 2017 gain mentioned above. No such gains were recorded in both current year periods.

Provision for Income Taxes

The corporate partner (Moelis & Company) currently owns 78% of the operating partnership (Moelis & Company Group LP) and is subject to corporate U.S. federal and state income tax. Income on the remaining 22% continues to be subject to New York City unincorporated business tax and certain foreign income taxes and is accounted for at the partner level through the non-controlling interests line item. For Adjusted purposes, we have assumed that 100% of the Firm’s third quarter 2018 income was taxed at our corporate effective tax rate of 24.1%, versus 38.2% in the prior year period. The decrease in the tax rate is primarily attributable to the enactment of the Tax Cuts and Jobs Act in 2017, which reduced the U.S. federal corporate income tax rate from 35% to 21% beginning January 1, 2018.

Capital Management and Balance Sheet

On October 19, 2018, the Board of Directors of Moelis & Company declared a quarterly dividend of $0.47 per share. The $0.47 per share will be paid on November 14, 2018 to common stockholders of record on November 1, 2018.

Moelis & Company continues to maintain a strong financial position, and as of September 30, 2018, we held cash and liquid investments of $231.6 million and had no debt or goodwill on our balance sheet.

Earnings Call

We will host a conference call beginning at 5:00pm ET on Monday, October 22, 2018, accessible via telephone and the internet. Navid Mahmoodzadegan, Co-Founder and Co-President, and Joe Simon, Chief Financial Officer, will review our third quarter 2018 financial results. Following the review, there will be a question and answer session.

Investors and analysts may participate in the live conference call by dialing 1-877-510-3938 (domestic) or 1-412-902-4137 (international) and referencing the Moelis & Company Third Quarter 2018 Earnings Call. Please dial in 15 minutes before the conference call begins. The conference call will also be accessible as a listen-only audio webcast through the Investor Relations section of the Moelis & Company website at www.moelis.com.

For those unable to listen to the live broadcast, a replay of the call will be available for one month via telephone starting approximately one hour after the live call ends. The replay can be accessed at 1-877-344-7529 (domestic) or 1-412-317-0088 (international); the conference number is 10124499.

About Moelis & Company

Moelis & Company is a leading global independent investment bank that provides innovative strategic advice and solutions to a diverse client base, including corporations, governments and financial sponsors. The Firm assists its clients in achieving their strategic goals by offering comprehensive integrated financial advisory services across all major industry sectors. Moelis & Company’s experienced professionals advise clients on their most critical decisions, including mergers and acquisitions, recapitalizations and restructurings, capital markets transactions, and other corporate finance matters. The Firm serves its clients from 19 geographic locations in North and South America, Europe, the Middle East, Asia and Australia. For further information, please visit: www.moelis.com or follow us on Twitter @Moelis.

Forward-Looking Statements

This press release contains forward-looking statements, which reflect the Firm’s current views with respect to, among other things, its operations and financial performance. You can identify these forward-looking statements by the use of words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “target,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. For a further discussion of such factors, you should read the Firm’s filings with the Securities and Exchange Commission. The Firm undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise.

Non-GAAP Financial Measures

Adjusted results are a non-GAAP measure which better reflect management’s view of operating results. We believe that the disclosed Adjusted measures and any adjustments thereto, when presented in conjunction with comparable GAAP measures, are useful to investors to understand the Firm’s operating results by removing the significant accounting impact of one-time charges associated with the Firm’s IPO and assuming all Class A partnership units have been exchanged into Class A common stock. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation of GAAP results to Adjusted results is presented in the Appendix.

Appendix

GAAP Consolidated Statement of Operations (Unaudited)

Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information (Unaudited)

 

Moelis & Company

GAAP Consolidated Statement of Operations

Unaudited

(dollars in thousands, except for share and per share data)

   
Three Months Ended

September 30,

Nine Months Ended

September 30,

2018   2017 2018   2017
 
Revenues $207,723 $170,041 $647,546 $515,448
 
Expenses
Compensation and benefits 120,701 99,694 375,987 302,228
Occupancy 4,976 4,393 14,109 12,670
Professional fees 5,871 4,494 18,129 13,674
Communication, technology and information services 7,414 6,427 21,864 18,636
Travel and related expenses 9,385 7,294 31,796 21,990
Depreciation and amortization 1,135 891 3,290 2,570
Other expenses 5,329 6,969 18,745 18,059
Total expenses 154,811 130,162 483,920 389,827
 
Operating income (loss) 52,912 39,879 163,626 125,621
Other income (expenses) 1,090 14,955 2,963 32,888
Income (loss) from equity method investments 527 2,791 3,641 4,565
Income (loss) before income taxes 54,529 57,625 170,230 163,074
Provision for income taxes 9,641 14,354 18,231 30,900
Net income (loss) 44,888 43,271 151,999 132,174
 
Net income (loss) attributable to noncontrolling interests 12,439 24,066 50,535 77,961
Net income (loss) attributable to Moelis & Company $32,449 $19,205 $101,464 $54,213
 
Weighted-average shares of Class A common
stock outstanding
Basic 45,203,781 32,505,940 41,211,843 29,094,514
Diluted 53,141,198 39,784,633 49,173,904 35,872,847

Net income (loss) attributable to holders of shares of
Class A common stock per share

Basic $0.72 $0.59 $2.46 $1.86
Diluted $0.61 $0.48 $2.06 $1.51
 
 

Moelis & Company

Reconciliation of GAAP to Adjusted (non-GAAP) Financial Information

Unaudited

(dollars in thousands, except share and per share data)

 
Three Months Ended September 30, 2018
Adjusted Items GAAP   Adjustments Adjusted

(non-GAAP)

 
Compensation and benefits $120,701 ($1,259) (a)(b) $119,442
 
Operating income (loss) 52,912 1,259 54,171
Other income (expenses) 1,090 (52) (b)(c) 1,038
 
Income (loss) before income taxes 54,529 1,207 55,736
Provision for income taxes 9,641 3,818 (c)(d) 13,459
Net income (loss) 44,888 (2,611) 42,277
 
Net income (loss) attributable to noncontrolling interests 12,439 (12,439) -
Net income (loss) attributable to Moelis & Company $32,449 $9,828 $42,277
 

Weighted-average shares of Class A common
stock outstanding

Basic 45,203,781 14,902,482 (e) 60,106,263
Diluted 53,141,198 14,902,482 (e) 68,043,680

Net income (loss) attributable to holders of shares of
Class A common stock per share

Basic $0.72 $0.70
Diluted $0.61 $0.62
 
(a)   Expense associated with the amortization of Restricted Stock Units (“RSUs”) and stock options granted in connection with the IPO. In accordance with GAAP, amortization expense of RSUs and stock options granted in connection with the IPO will be recognized over the five year vesting period; we will continue to adjust for this expense due to the one-time nature of the grant.
 
(b) Reflects a reclassification of $0.4 million of other income to compensation and benefits expense associated with enforcement of non-compete provisions.
 
(c) Reflects the netting of $0.3 million of GAAP adjustments made to the amount pursuant to the Company's Tax Receivable Agreement against provision for income taxes.
 
(d) An adjustment has been made to illustrate the result as if 100% of the Firm’s income is being taxed at our corporate effective tax rate of 24.1% for the period stated, which includes tax benefits of $0.2 million primarily related to the settlement of share-based awards. Excluding such benefits, our effective tax rate for the period presented would have been 24.6%. Our corporate effective tax rate of 24.1% excludes any benefits or costs relating to the adjustment to the step-up in tax basis in Group LP assets in connection with the partnership unit exchanges and offerings. Such adjustment was a net economic benefit of $1.0 million which is not included in the corporate effective tax rate for the period presented.
 
(e) Assumes all outstanding Class A partnership units have been exchanged into Class A common stock.
 
  Three Months Ended September 30, 2017
Adjusted Items GAAP   Adjustments Adjusted

(non-GAAP)

 
Compensation and benefits $99,694 ($1,071) (a) $98,623
 
Income (loss) before income taxes 57,625 1,071 58,696
Provision for income taxes 14,354 8,056 (b) 22,410
Net income (loss) 43,271 (6,985) 36,286
 
Net income (loss) attributable to noncontrolling interests 24,066 (24,066) -
Net income (loss) attributable to Moelis & Company $19,205 $17,081 $36,286
 

Weighted-average shares of Class A common
stock outstanding

Basic 32,505,940 24,354,679 (c) 56,860,619

Diluted

39,784,633 24,354,679 (c) 64,139,312

Net income (loss) attributable to holders of shares of
Class A common stock per share

Basic $0.59 $0.64
Diluted $0.48 $0.57
 
(a)   Expense associated with the amortization of RSUs and stock options granted in connection with the IPO. In accordance with GAAP, amortization expense of RSUs and stock options granted in connection with the IPO will be recognized over the five year vesting period; we will continue to adjust for this expense due to the one-time nature of the grant.
 
(b) An adjustment has been made to illustrate the result as if 100% of the Firm’s income is being taxed at our corporate effective tax rate of 38.2% for the period stated which includes the excess tax benefit of $0.4 million related to the settlement of share-based awards. Excluding such discrete benefit, our effective tax rate for the period presented would have been 38.8%.
 
(c) Assumes all outstanding Class A partnership units have been exchanged into Class A common stock.
 
  Nine Months Ended September 30, 2018

Adjusted Items

GAAP

 

Adjustments

Adjusted

(non-GAAP)

 
Compensation and benefits $375,987 ($3,648) (a)(b) $372,339
 
Operating income (loss) 163,626 3,648 167,274
Other income (expenses) 2,963 (729) (b)(c) 2,234
 
Income (loss) before income taxes 170,230 2,919 173,149
Provision for income taxes 18,231 4,622 (c)(d) 22,853
Net income (loss) 151,999 (1,703) 150,296
 
Net income (loss) attributable to noncontrolling interests 50,535 (50,535) -
Net income (loss) attributable to Moelis & Company $101,464 $48,832 $150,296
 

Weighted-average shares of Class A common
stock outstanding

Basic 41,211,843 18,232,079

(e)

59,443,922
Diluted 49,173,904 18,232,079 (e) 67,405,983

Net income (loss) attributable to holders of shares of
Class A common stock per share

Basic $2.46 $2.53
Diluted $2.06 $2.23
 
(a)   Expense associated with the amortization of RSUs and stock options granted in connection with the IPO. In accordance with GAAP, amortization expense of RSUs and stock options granted in connection with the IPO will be recognized over the five year vesting period; we will continue to adjust for this expense due to the one-time nature of the grant.
 
(b) Reflects a reclassification of $1.0 million of other income to compensation and benefits expense associated with the forfeiture of fully vested Class A partnership units and enforcement of non-compete provisions.
 
(c) Reflects the netting of $0.3 million of GAAP adjustments made to the amount pursuant to the Company's Tax Receivable Agreement against provision for income taxes.
 
(d) An adjustment has been made to illustrate the result as if 100% of the Firm’s income is being taxed at our corporate effective tax rate of 13.2% for the period stated, which includes tax benefits of $20.4 million primarily related to the settlement of share-based awards. Excluding such benefits, our effective tax rate for the period presented would have been 25.0%. Our corporate effective tax rate of 13.2% excludes any benefits or costs relating to the adjustment to the step-up in tax basis in Group LP assets in connection with the partnership unit exchanges and offerings. Such adjustment was a net economic benefit of $1.0 million which is not included in the corporate effective tax rate for the period presented.
 
(e) Assumes all outstanding Class A partnership units have been exchanged into Class A common stock.
 
  Nine Months Ended September 30, 2017
Adjusted Items GAAP   Adjustments Adjusted

(non-GAAP)

 
Compensation and benefits $302,228 ($3,235) (a) $298,993
 
Income (loss) before income taxes 163,074 3,235 166,309
Provision for income taxes 30,900 23,978 (b) 54,878
Net income (loss) 132,174 (20,743) 111,431
 
Net income (loss) attributable to noncontrolling interests 77,961 (77,961) -
Net income (loss) attributable to Moelis & Company $54,213 $57,218 $111,431
 

Weighted-average shares of Class A common
stock outstanding

Basic 29,094,514 27,300,038 (c) 56,394,552
Diluted 35,872,847 27,300,038 (c) 63,172,885

Net income (loss) attributable to holders of shares of
Class A common stock per share

Basic $1.86 $1.98
Diluted $1.51 $1.76
 
(a)   Expense associated with the amortization of RSUs and stock options granted in connection with the IPO. In accordance with GAAP, amortization expense of RSUs and stock options granted in connection with the IPO will be recognized over the five year vesting period; we will continue to adjust for this expense due to the one-time nature of the grant.
 
(b) An adjustment has been made to illustrate the result as if 100% of the Firm’s income is being taxed at our corporate effective tax rate of 33.0% for the period stated, which includes the excess tax benefit of $9.8 million related to the settlement of share-based awards. Excluding such discrete benefit, our effective tax rate for the period presented would have been 38.9%.
 
(c) Assumes all outstanding Class A partnership units have been exchanged into Class A common stock.

Investors:
Moelis & Company
Michele Miyakawa, +1-310-443-2344
michele.miyakawa@moelis.com
or
Media:
Moelis & Company
Andrea Hurst, +1-212-883-3666
m: +1-347-583-9705
andrea.hurst@moelis.com

Source: Moelis & Company