$MC
Moelis & Co

2018 Form 10-K Financial Statement

#000156459019004907 Filed on February 27, 2019

View on sec.gov

Income Statement

Concept 2018 2017 Q4 2017
Revenue $885.8M $169.2M $684.6M
YoY Change 29.39% -17.3% 11.61%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $630.1M $125.0M $494.2M
YoY Change 27.5% -9.94% 13.66%
% of Gross Profit
Research & Development $29.75M $25.17M
YoY Change 18.17% 14.29%
% of Gross Profit
Depreciation & Amortization $4.600M $900.0K $3.500M
YoY Change 31.43% 12.5% 9.38%
% of Gross Profit
Operating Expenses $659.1M $130.5M $520.3M
YoY Change 26.66% -8.81% 15.05%
Operating Profit $226.8M $164.3M
YoY Change 38.04% 1.98%
Interest Expense $7.200M $3.800M $8.300M
YoY Change -13.25% 216.67% 62.75%
% of Operating Profit 3.17% 5.05%
Other Income/Expense, Net $11.67M $144.8M $186.1M
YoY Change -93.73% 144700.0% 36455.8%
Pretax Income $238.5M $187.3M $350.4M
YoY Change -31.94% 198.25% 110.2%
Income Tax $30.45M $11.90M $223.8M
% Of Pretax Income 12.77% 6.35% 63.89%
Net Earnings $208.0M -$24.80M $126.5M
YoY Change 64.4% -265.33% -10.81%
Net Earnings / Revenue 23.48% -14.66% 18.48%
Basic Earnings Per Share
Diluted Earnings Per Share $2.775M -$706.6K $779.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 2017 Q4 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $261.1M $213.2M $213.2M
YoY Change 22.47% -33.15% -33.15%
Cash & Equivalents $261.1M $213.2M $213.2M
Short-Term Investments
Other Short-Term Assets $15.70M $15.30M $15.30M
YoY Change 2.61% 59.38% 59.38%
Inventory
Prepaid Expenses
Receivables $54.40M $56.70M $56.70M
Other Receivables $14.20M $4.900M $4.900M
Total Short-Term Assets $345.4M $290.1M $290.1M
YoY Change 19.06% -19.19% -19.19%
LONG-TERM ASSETS
Property, Plant & Equipment $12.70M $10.46M $10.50M
YoY Change 20.95% 24.5% 25.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $143.9M $58.85M $155.0M
YoY Change -7.16% 8.38% 185.45%
Other Assets $412.3M $243.6M $243.6M
YoY Change 69.25% 37.47% 37.47%
Total Long-Term Assets $569.0M $409.0M $409.0M
YoY Change 39.12% 70.55% 70.56%
TOTAL ASSETS
Total Short-Term Assets $345.4M $290.1M $290.1M
Total Long-Term Assets $569.0M $409.0M $409.0M
Total Assets $914.4M $699.1M $699.1M
YoY Change 30.8% 16.74% 16.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.80M $18.30M $18.30M
YoY Change 8.2% 27.97% 27.97%
Accrued Expenses $197.7M $145.2M $145.2M
YoY Change 36.16% 10.33% 10.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $217.5M $163.5M $163.5M
YoY Change 33.03% -23.6% -23.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $325.1M $191.3M $191.3M
YoY Change 69.94% 43.4% 43.4%
Total Long-Term Liabilities $325.1M $191.3M $191.3M
YoY Change 69.94% 43.4% 43.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $217.5M $163.5M $163.5M
Total Long-Term Liabilities $325.1M $191.3M $191.3M
Total Liabilities $510.0M $354.8M $374.1M
YoY Change 36.33% -8.32% -3.33%
SHAREHOLDERS EQUITY
Retained Earnings -$139.9M
YoY Change
Common Stock $487.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $404.4M $325.0M $325.0M
YoY Change
Total Liabilities & Shareholders Equity $914.4M $699.1M $699.1M
YoY Change 30.8% 16.74% 16.75%

Cashflow Statement

Concept 2018 2017 Q4 2017
OPERATING ACTIVITIES
Net Income $208.0M -$24.80M $126.5M
YoY Change 64.4% -265.33% -10.81%
Depreciation, Depletion And Amortization $4.600M $900.0K $3.500M
YoY Change 31.43% 12.5% 9.38%
Cash From Operating Activities $390.9M $97.90M $233.2M
YoY Change 67.63% -28.96% 0.69%
INVESTING ACTIVITIES
Capital Expenditures $6.920M -$1.000M $5.647M
YoY Change 22.54% 400.0% 96.76%
Acquisitions
YoY Change
Other Investing Activities $16.20M $19.00M -$63.80M
YoY Change -125.39% 18900.0% -1583.72%
Cash From Investing Activities $9.284M $17.90M -$69.43M
YoY Change -113.37% -18000.0% -5120.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -351.7M -30.70M -272.5M
YoY Change 29.07% 55.84% 72.46%
NET CHANGE
Cash From Operating Activities 390.9M 97.90M 233.2M
Cash From Investing Activities 9.284M 17.90M -69.43M
Cash From Financing Activities -351.7M -30.70M -272.5M
Net Change In Cash 47.88M 85.10M -105.7M
YoY Change -145.3% -27.88% -249.4%
FREE CASH FLOW
Cash From Operating Activities $390.9M $97.90M $233.2M
Capital Expenditures $6.920M -$1.000M $5.647M
Free Cash Flow $384.0M $98.90M $227.5M
YoY Change 68.75% -28.33% -0.51%

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11672000
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584000
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231574000
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183972000
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179807000
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120906000
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199810000
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126000000
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11000
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366000
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68066000
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77050000
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6920000
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5647000
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2870000
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9284000
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1383000
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255694000
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154703000
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10994000
CY2017 mc Payments Under Tax Receivable Agreement
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10386000
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6846000
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6055000
CY2018 mc Purchase Of Treasury Stock
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33473000
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12258000
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3314000
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3071000
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-4196000
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47877000
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-105691000
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70744000
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213894000
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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319585000
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248841000
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23491000
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31837000
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49601000
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24657000
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68066000
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3155000
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658000
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3314000
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835000
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252099000
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CY2018 us-gaap Use Of Estimates
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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:6.67%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-weight:normal;font-style:normal;">&#8212;The preparation of consolidated financial statements and related disclosures in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period in which they are determined to be necessary.</font></p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In preparing the consolidated financial statements, management makes estimates and assumptions regarding:</p> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:6.67%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:16.5pt;line-height:12.1pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the adequacy of the allowance for doubtful accounts;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:6.67%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:16.5pt;line-height:12.1pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the assessment of whether revenues from variable consideration should be constrained due to the probability of a significant revenue reversal;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:6.67%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:16.5pt;line-height:12.1pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the measurement and realization of deferred taxes;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:6.67%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:16.5pt;line-height:12.1pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the measurement of amount due pursuant to tax receivable agreement;</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:6.67%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:16.5pt;line-height:12.1pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the measurement and vesting of equity&#8209;based compensation; and</p></td></tr></table></div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:6.67%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p></td> <td valign="top" style="width:3.33%;white-space:nowrap"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:16.5pt;line-height:12.1pt;">&#x2022;</p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">other matters that affect the reported amounts and disclosures of contingencies in the financial statements.</p></td></tr></table></div>
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25823000
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45875000
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
28043000
CY2018Q4 mc Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities And Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilitiesAndOther
-468000
CY2017Q4 mc Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities And Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilitiesAndOther
292000
CY2018Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
409873000
CY2017Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
244819000
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
7014000
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
10819000
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0191
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.35
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OperatingLeasesFutureMinimumPaymentsDueInFourYearsNet
7622000
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402859000
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OperatingLeasesFutureMinimumPaymentsDueInThreeYearsNet
7833000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0272
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.70
CY2018 us-gaap Treasury Stock Shares Acquired
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718699
CY2017 us-gaap Treasury Stock Shares Acquired
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319526
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13053465
CY2017Q4 mc Partners Capital Account Units Held By Noncontrolling Interest Holders
PartnersCapitalAccountUnitsHeldByNoncontrollingInterestHolders
22472337
CY2018Q4 us-gaap Alternative Net Capital Requirement1
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250000
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60233000
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15965000
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OperatingLeasesRentExpenseNet
15102000
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
15856000
CY2018 mc Operating Leases Rent Expense Sublease Loss Reserve
OperatingLeasesRentExpenseSubleaseLossReserve
0
CY2017 mc Operating Leases Rent Expense Sublease Loss Reserve
OperatingLeasesRentExpenseSubleaseLossReserve
213000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
19742000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
13836000
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OperatingLeasesFutureMinimumPaymentsDueInThreeYears
8682000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
8471000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
7090000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
12349000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
70170000
CY2018Q4 mc Operating Leases Future Minimum Payments Due In Next Twelve Months Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueInNextTwelveMonthsFutureMinimumSubleaseRentals
530000
CY2018Q4 mc Operating Leases Future Minimum Payments Due In Two Years Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueInTwoYearsFutureMinimumSubleaseRentals
849000
CY2018Q4 mc Operating Leases Future Minimum Payments Due In Three Years Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueInThreeYearsFutureMinimumSubleaseRentals
849000
CY2018Q4 mc Operating Leases Future Minimum Payments Due In Four Years Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueInFourYearsFutureMinimumSubleaseRentals
849000
CY2018Q4 mc Operating Leases Future Minimum Payments Due In Five Years Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueInFiveYearsFutureMinimumSubleaseRentals
849000
CY2018Q4 mc Operating Leases Future Minimum Payments Due Thereafter Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueThereafterFutureMinimumSubleaseRentals
1273000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Future Minimum Sublease Rentals
OperatingLeasesFutureMinimumPaymentsDueFutureMinimumSubleaseRentals
5199000
CY2018Q4 mc Operating Leases Future Minimum Payments Due In Next Twelve Months Net
OperatingLeasesFutureMinimumPaymentsDueInNextTwelveMonthsNet
19212000
CY2018Q4 mc Operating Leases Future Minimum Payments Due In Two Years Net
OperatingLeasesFutureMinimumPaymentsDueInTwoYearsNet
12987000
CY2018Q4 mc Operating Leases Future Minimum Payments Due In Five Years Net
OperatingLeasesFutureMinimumPaymentsDueInFiveYearsNet
6241000
CY2018Q4 mc Operating Leases Future Minimum Payments Due Thereafter Net
OperatingLeasesFutureMinimumPaymentsDueThereafterNet
11076000
CY2018Q4 mc Operating Leases Future Minimum Payments Due Current Net
OperatingLeasesFutureMinimumPaymentsDueCurrentNet
64971000
CY2018 mc Defined Contribution Plan Minimum Age Required To Be Eligible To Participate In Plan
DefinedContributionPlanMinimumAgeRequiredToBeEligibleToParticipateInPlan
P21Y
CY2018 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4948000

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