$MC
Moelis & Co

2019 Q4 Form 10-K Financial Statement

#000156459021008170 Filed on February 24, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018
Revenue $223.5M $238.3M $885.8M
YoY Change -6.21% 40.84% 29.39%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $199.9M $168.3M $630.1M
YoY Change 18.78% 34.64% 27.5%
% of Gross Profit
Research & Development $29.75M
YoY Change 18.17%
% of Gross Profit
Depreciation & Amortization $1.300M $1.300M $4.600M
YoY Change 0.0% 44.44% 31.43%
% of Gross Profit
Operating Expenses $206.8M $175.1M $659.1M
YoY Change 18.1% 34.18% 26.66%
Operating Profit $226.8M
YoY Change 38.04%
Interest Expense -$2.100M $3.500M $7.200M
YoY Change -160.0% -7.89% -13.25%
% of Operating Profit 3.17%
Other Income/Expense, Net $13.70M $1.500M $11.67M
YoY Change 813.33% -98.96% -93.73%
Pretax Income $28.30M $68.20M $238.5M
YoY Change -58.5% -63.59% -31.94%
Income Tax $1.200M $12.20M $30.45M
% Of Pretax Income 4.24% 17.89% 12.77%
Net Earnings $21.50M $39.20M $208.0M
YoY Change -45.15% -258.06% 64.4%
Net Earnings / Revenue 9.62% 16.45% 23.48%
Basic Earnings Per Share
Diluted Earnings Per Share $379.9K $710.1K $2.775M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $167.8M $261.1M $261.1M
YoY Change -35.73% 22.47% 22.47%
Cash & Equivalents $167.8M $261.1M $261.1M
Short-Term Investments
Other Short-Term Assets $17.10M $15.70M $15.70M
YoY Change 8.92% 2.61% 2.61%
Inventory
Prepaid Expenses
Receivables $45.10M $54.40M $54.40M
Other Receivables $10.70M $14.20M $14.20M
Total Short-Term Assets $240.7M $345.4M $345.4M
YoY Change -30.31% 19.06% 19.06%
LONG-TERM ASSETS
Property, Plant & Equipment $13.99M $12.73M $12.70M
YoY Change 9.9% 21.73% 20.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $38.94M $46.90M $143.9M
YoY Change -16.96% -20.31% -7.16%
Other Assets $413.0M $412.3M $412.3M
YoY Change 0.17% 69.25% 69.25%
Total Long-Term Assets $831.0M $569.0M $569.0M
YoY Change 46.05% 39.12% 39.12%
TOTAL ASSETS
Total Short-Term Assets $240.7M $345.4M $345.4M
Total Long-Term Assets $831.0M $569.0M $569.0M
Total Assets $1.072B $914.4M $914.4M
YoY Change 17.21% 30.8% 30.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $16.10M $19.80M $19.80M
YoY Change -18.69% 8.2% 8.2%
Accrued Expenses $360.8M $197.7M $197.7M
YoY Change 82.5% 36.16% 36.16%
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 $376.9M $217.5M $217.5M
YoY Change 73.29% 33.03% 33.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $301.0M $325.1M $325.1M
YoY Change -7.41% 69.94% 69.94%
Total Long-Term Liabilities $301.0M $325.1M $325.1M
YoY Change -7.41% 69.94% 69.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $376.9M $217.5M $217.5M
Total Long-Term Liabilities $301.0M $325.1M $325.1M
Total Liabilities $677.9M $542.6M $510.0M
YoY Change 24.93% 52.93% 36.33%
SHAREHOLDERS EQUITY
Retained Earnings -$324.2M -$237.8M
YoY Change 36.34% 69.94%
Common Stock $872.8M $697.9M
YoY Change 25.05% 43.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $442.8M $404.4M $404.4M
YoY Change
Total Liabilities & Shareholders Equity $1.072B $914.4M $914.4M
YoY Change 17.21% 30.8% 30.8%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018
OPERATING ACTIVITIES
Net Income $21.50M $39.20M $208.0M
YoY Change -45.15% -258.06% 64.4%
Depreciation, Depletion And Amortization $1.300M $1.300M $4.600M
YoY Change 0.0% 44.44% 31.43%
Cash From Operating Activities $200.6M $158.3M $390.9M
YoY Change 26.72% 61.7% 67.63%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$2.000M $6.920M
YoY Change -50.0% 100.0% 22.54%
Acquisitions
YoY Change
Other Investing Activities -$41.90M $65.00M $16.20M
YoY Change -164.46% 242.11% -125.39%
Cash From Investing Activities -$42.90M $63.00M $9.284M
YoY Change -168.1% 251.96% -113.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -40.40M -47.40M -351.7M
YoY Change -14.77% 54.4% 29.07%
NET CHANGE
Cash From Operating Activities 200.6M 158.3M 390.9M
Cash From Investing Activities -42.90M 63.00M 9.284M
Cash From Financing Activities -40.40M -47.40M -351.7M
Net Change In Cash 117.3M 173.9M 47.88M
YoY Change -32.55% 104.35% -145.3%
FREE CASH FLOW
Cash From Operating Activities $200.6M $158.3M $390.9M
Capital Expenditures -$1.000M -$2.000M $6.920M
Free Cash Flow $201.6M $160.3M $384.0M
YoY Change 25.76% 62.08% 68.75%

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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:7.42%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates<span style="font-weight:normal;font-style:normal;">—The preparation of consolidated financial statements and related disclosures in conformity with U.S. 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.</span></p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:7.42%;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 style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:7.42%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:3.71%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">the adequacy of the allowance for credit losses;</span></p></td></tr></table></div> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:7.42%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:3.71%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">the assessment of whether revenues from variable consideration should be constrained due to the probability of a significant revenue reversal;</span></p></td></tr></table></div> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:7.42%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:3.71%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">the assessment of probable lease terms and the measurement of the present value of such obligations;</span></p></td></tr></table></div> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:7.42%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:3.71%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">the measurement and realization of deferred taxes;</span></p></td></tr></table></div> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:7.42%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:3.71%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">the measurement of amount due pursuant to tax receivable agreement; and</span></p></td></tr></table></div> <div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:7.42%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"> </p></td> <td style="width:3.71%;white-space:nowrap" valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:'Times New Roman';font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">•</span></p></td> <td valign="top"> <p style="margin-top:10pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:10pt;"><span style="font-family:Times New Roman;">other matters that affect the reported amounts and disclosures of contingencies in the financial statements.</span></p></td></tr></table></div>
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19603000
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147505000
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238452000
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CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.037
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0.043
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.038
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-0.031
CY2019 mc Effective Income Tax Rate Reconciliation Limited Partnership Benefit
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CY2020 mc Effective Income Tax Rate Reconciliation Change In Accounting Policies And Principles
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CY2019 mc Effective Income Tax Rate Reconciliation Change In Accounting Policies And Principles
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CY2018 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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0.128
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9751000
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12275000
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369216000
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333221000
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56628000
CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
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65742000
CY2020Q4 mc Deferred Tax Assets Lease Liabilities
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43214000
CY2019Q4 mc Deferred Tax Assets Lease Liabilities
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39994000
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478809000
CY2019Q4 us-gaap Deferred Tax Assets Gross
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451232000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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10445000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
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10038000
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
468364000
CY2019Q4 us-gaap Deferred Tax Assets Net
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441194000
CY2020Q4 mc Deferred Tax Liabilities Right Of Use Asset
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38862000
CY2019Q4 mc Deferred Tax Liabilities Right Of Use Asset
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CY2020Q4 us-gaap Deferred Tax Liabilities Other
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5157000
CY2019Q4 us-gaap Deferred Tax Liabilities Other
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2139000
CY2020Q4 us-gaap Deferred Tax Liabilities
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44019000
CY2019Q4 us-gaap Deferred Tax Liabilities
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CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
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424345000
CY2019Q4 us-gaap Deferred Tax Assets Liabilities Net
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400496000
CY2020 us-gaap Increase Decrease In Deferred Income Taxes
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23849000
CY2020Q4 us-gaap Unrecognized Tax Benefits
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0
CY2019Q4 us-gaap Unrecognized Tax Benefits
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0
CY2018Q4 us-gaap Unrecognized Tax Benefits
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0
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133583000
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123395000
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120012000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.35
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0272
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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6.70
CY2020 us-gaap Treasury Stock Shares Acquired
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1201525
CY2020Q4 mc Lessee Operating Sublease Future Income Next Twelve Months
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-912000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0191
CY2019 us-gaap Operating Lease Cost
OperatingLeaseCost
16980000
CY2020 mc Net Operating Cash Flows For Operating Leases
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17957000
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19373000
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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7062000
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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160657000
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0352
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0353
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CY2019 us-gaap Treasury Stock Shares Acquired
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1331443
CY2020 us-gaap Treasury Stock Value Acquired Cost Method
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44334000
CY2019 us-gaap Treasury Stock Value Acquired Cost Method
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51175000
CY2020Q4 mc Partners Capital Account Units Held By Noncontrolling Interest Holders
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8508857
CY2019Q4 mc Partners Capital Account Units Held By Noncontrolling Interest Holders
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12958022
CY2020Q4 srt Alternative Net Capital Requirement1
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250000
CY2020Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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60504000
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
26669000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
19000000
CY2020Q4 mc Lessee Operating Sublease Future Income Due Year Two
LesseeOperatingSubleaseFutureIncomeDueYearTwo
-912000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
24114000
CY2020Q4 mc Lessee Operating Sublease Future Income Year Three
LesseeOperatingSubleaseFutureIncomeYearThree
-912000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
20910000
CY2020Q4 mc Lessee Operating Sublease Future Income Year Four
LesseeOperatingSubleaseFutureIncomeYearFour
-912000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
19029000
CY2020Q4 mc Lessee Operating Sublease Future Income Year Five
LesseeOperatingSubleaseFutureIncomeYearFive
-456000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
16327000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
177596000
CY2020Q4 mc Lessee Operating Sublease Future Income
LesseeOperatingSubleaseFutureIncome
-4104000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
276976000
CY2020Q4 mc Lessee Operating Leases Liability Tenant Improvement Allowances
LesseeOperatingLeasesLiabilityTenantImprovementAllowances
18440000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
61922000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
196614000
CY2020 us-gaap Defined Contribution Plan Cost Recognized
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CY2019 us-gaap Defined Contribution Plan Cost Recognized
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2860000
CY2018 us-gaap Defined Contribution Plan Cost Recognized
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2379000
CY2020 us-gaap Investment Banking Revenue
InvestmentBankingRevenue
943276000
CY2019 us-gaap Investment Banking Revenue
InvestmentBankingRevenue
746534000
CY2018 us-gaap Investment Banking Revenue
InvestmentBankingRevenue
885840000
CY2020Q4 us-gaap Assets
Assets
1196444000
CY2019Q4 us-gaap Assets
Assets
1071699000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2692000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3023000
CY2020 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2354000

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