MOELIS& COMPANY (NASDAQ:MC) Files An 8-K Results of Operations and Financial Condition
Item 2.02 Results of Operations and Financial Condition.
In connection with a public offering of common stock, Moelis
Company (the Company) disclosed in a preliminary prospectus
supplement, dated January4, 2017, its preliminary expectations of
its financial results for the fourth quarter and fiscal year
ended December31, 2016, based on currently available information.
In addition, the Company included certain preliminary financial
information in a press release announcing the declaration of a
quarterly dividend as further described in Item 8.01. The
information set forth in Item 8.01 is incorporated by reference
into this Item 2.02.
For the fourth quarter ended December31, 2016, the Company
estimates that its revenues will be in the range of approximately
$196 million and $200 million, compared to $174.8 million for the
fourth quarter ended December31, 2015, and for the fiscal year
ended December31, 2016, the Company estimates that its revenues
will be in the range of approximately $605 million to $609
million, compared to $551.9 million for the fiscal year ended
December31, 2015. The Companys revenues for the fiscal year ended
December31, 2016 were driven primarily by strong MA-related
activity, particularly in the U.S., which was partially offset by
a decline in revenues in Europe.For the fourth quarter and fiscal
year ended December31, 2016, the Company estimates that its
income before income taxes as a percentage of revenues will be at
or above prior year periods, despite theestimated increase in its
compensation ratio for the fiscal year ended December31, 2016,
compared to the prior year period, due to the additional tranche
of incentive equity issued in early 2016 and the impact of
accelerating the vesting schedule for that tranche.
The preliminary financial information included herein reflects
managements estimates based solely upon information available to
the Company as of the date of hereof and is the responsibility of
management. The preliminary financial results presented above are
not a comprehensive statement of the Companys financial results
for the fourth quarter and fiscal year ended December31, 2016,
and the Company has not presented a range of its expected net
income. When the Companys actual financial results for such
periods are finalized, they will include any adjustments
necessary, in the opinion of management, for a fair presentation
of such information and will also include the other financial
metrics necessary for a comprehensive review of the Companys
financial results for such periods. The preliminary financial
results presented above have not been audited, reviewed, or
compiled by the Companys independent registered public accounting
firm, Deloitte ToucheLLP. Accordingly, Deloitte ToucheLLP does
not express an opinion or any other form of assurance with
respect thereto and assumes no responsibility for, and disclaims
any association with, this information. The preliminary financial
results presented above are subject to the completion of the
Companys financial closing procedures, which have not yet been
completed. The Companys audited results for the fiscal year ended
December31, 2016 will not be available until its Annual Report on
Form10-K is filed for such period and may differ materially from
these estimates.
Item 8.01 Other Events.
On January4, 2017, the Company issued a press release announcing
the declaration of a quarterly dividend of $0.37 per share on its
ClassA common stock, an increase of $0.05 per share on its
regular quarterly dividend, payable on March17, 2017 to holders
of record of such ClassA common stock outstanding at the close of
business on March3, 2017.A copy of the press release is included
as Exhibit99.1 to this Current Report on Form8-K and incorporated
herein by reference.
Item 9.01 Financial Statements and
Exhibits.
(d) Exhibits
Exhibit Number |
|
Description |
99.1 |
Press release of Moelis Company dated January4, 2017 |