Differentiated model providing a compelling investment opportunity
Reconciliation of GAAP to adjusted (non-GAAP) financials
Three Months Ended March 31, 2023
($ in thousands)
Revenues¹
Expenses
U.S. GAAP
$187,820
Adjustments
(2,521)
Adjusted
(non-GAAP)
$185,299
Compensation and Benefits
$148,239
$148,239
Non Compensation Expenses
$40,972
$40,972
Total Operating Expenses
$189,211
$189,211
Operating Income
($1,391)
(2,521)
($3,912)
Compensation Ratio
78.9 %
80.0 %
Non-Compensation Ratio
21.8 %
22.1 %
Operating Income Margin
(0.7)%
(2.1)%
Our Adjusted results apply certain adjustments from our GAAP results, including the assumption that 100%
of the Firm's 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.
Moelis
Source:
Notes:
Company filings
1.
Reflects a reclassification of $2.5 million of other income to revenues related to losses from the mark-to-market impact on shares received as partial payment for advisory services
provided on certain transactions
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