MC - Earnings call transcript Q4 2020

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Operator

Good afternoon, and welcome to the Moelis & Company Fourth Quarter 2020 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Chett Mandel, Head of Investor Relations. ahead. go Please

Chett Mandel

joining quarter for call. the & Moelis Thank full us year fourth and conference XXXX Company you for financial results

On Officer. Ken Joe the are and phone and CEO; Moelis, Simon, Chairman Financial Chief today

made Before we to various which call like time-to-time begin, risks statements, and contain forward-looking subject those those on identified the certain from could currently note may are forward-looking this that Company's I'd remarks to in The uncertainties, filings Moelis with differ Factors materially Actual SEC. statements. Risk no from the undertakes & results anticipated. any firm obligation section the update including of to

compare today include periods and results Reg in better to comments with can the GAAP measures. I required presented financial across discuss financial understand information and adjusted financial at over to website turn together The on release, will results. Ken? results. our adjusted We which our information to to believe comparable other these earnings GAAP investors.moelis.com. Our useful reconciliation now provided the G by be our to measures Investor Relations measures are of firm's when references call several these measures with Ken is our operating found certain investors relevant the to

Ken Moelis

Thanks, afternoon, Chett everyone. and good

Our activity completed history. driven recording with also the from since franchise fourth inception. were from year -- the in quarter a our XX% up The of Full our in million XX during revenues quarter XX% highest quarter and year. transactions level of a firm revenues its by record strength of the $XXX significant increase prior was of M&A prior up represent were million were largest year and revenues $XXX

completed the half across operating our M&A and powered and focus We landscape records as in Our transaction. softer restructuring markets despite by and of was per expense shareholders. activity strain discipline, in produced through the I'll while first we average top-line discuss our higher take year-over-year growth our brought who'll and With regions further a results returning full our fees levels this record to a the Joe, will capital all our amount capital manner earned deal-making and year of of increases financial well as down the near significant products then to outlook. XXXX. very revenue to you tax-efficient in now turn business bottom-line margin over call target, exceeding I Joe? to of

Joe Simon

Thanks, Ken. Starting with expenses.

was for ratio comp adjusted XX% year. and full Our quarter the the XX% for

expenses ratio Our quarter to fourth non-compensation of non-comp of million $XX X%. a translates

reported low exceeding For a the continued travel non-comp year, due expense related margin our pre-tax XX% we target. We XX% of as XX%, of year ratio the to as and largely achieved full expenses discipline. full levels well of

line was in with benefit the taxes the month. tax quarters our prior consistent for may of XXXX. first rate corporate year XXXX XX% Also of Regarding prior later this vesting to a RSUs the with tax in related annual quarter we of years, normalized recognize

vest quantifying share. of price breakeven $XX share For excess purposes the approximately the for benefit, this is tax per

expect we price, impact be $X.XX. breakeven and approximately the vesting the EPS between difference dollar to each For to

in at dividend We've increase X% amount each public Board representing from dividend XX% a regular becoming share declared our company. quarter quarterly of Our since one a regular from least and increased special the declared year increase $X.XX pre-COVID. prior an an and dividend our regular of per now dividend

with a million. continue call of cash investments to X.X the to We And shares maintain lastly, back liquid to In the during fortress excess we addition, with and I'll remain XXX% million We repurchased Ken. substantial liquidity committed ended now sheet no $XXX balance our of and And we returning debt. capital. XXXX. year turn

Ken Moelis

growth new our by capital markets of financial achievements during our and Thanks, XXXX a adding we more to The expanded managing private the We already Private and the substantial year business XX beyond a Also, our of primary us we just has regions important future Advisory, Funds help see broad the across sectors. contributor and of combining We products, placement business existing an on in important which go Joe. Head our funds advisory part added opportunities become the performance. secondary directors invested of recently businesses, equity. capitalize in strategy.

In robust. eight Director that The resiliency platform positioned and pipeline deliver people promoted our to we individuals believe focused confident of Managing and this of to remains of effort for so about external is new growth year have future let's led our is business ever In firm's questions. our solutions addition, our we uniquely our open earlier with the clients. conclusion, innovative we up for activity level XXXX to which have during why And I'm the bankers of it and intense outlook. talent the that, highest seen,

Operator

from comes Securities. We with begin Our JMP Instructions] question-and-answer [Operator ahead. go Devin will now the Please first Ryan question session.

Devin Ryan

Great. Ken evening, Hey. Good Joe. and

$XXX the guess I is quarter revenue revenue. million the So and first north north of in first quarter million of really $XXX then in this

what that, a just like above quarter the together came just expectations a, strength? unpack I you it well, So was drove of seems and such just as lot think quickly. maybe would if be could things given it I It outsized a bit very great guess, of

kind capital potential little happened a markets what deals just numbers. quarter closed flavor more was tax to these of to Just activity of around or thoughts So that love the in restructuring for ahead or quickly changes? get it maybe whether

Ken Moelis

strong and M&A, by across think it driven it but -- was well really was I driven sectors primarily. things by mostly -- -- every all were

of we I there felt M&A. that you a resurgence second tremendous end of started quarter we was the at the earnings telling think report

just COVID and good good momentum that over backlogged it nor it rates, take I anything but Stock quarter for started was much M&A give in there all that quarter that was and into It was feel animal the percentages differential there didn't as had way, going just continued interest going didn't usually things were year having that to the of back But kept from accelerate; really and and say a was rushed give see Fourth of it too, ours. the strong seasonally By pretty I or the with had years. think would Some built we meaning, company usual year-end It's taxes. unusual mix that strong I a take our at a anything good there. leak seasonally in market at things much to to from market due the years. performance I accelerate. push. of is and it line both the then the other come just special, quickly, very backlog restructuring always like then into nothing environment really low year-end spirits like the

Devin Ryan

Yes.

Okay. ago, you're and the probably it has it's recruiting difficult little talk the obviously, big I bit nine are recruiting six, framework quarter. just could and a Interesting. nine be better curious Well, expectation that the inward-focused. that create think, a XXXX, a recruiting Clearly, backdrop. months that shift shifted environment gears would opportunities was I'm revenue how but a Maybe months about and to to ago, just maybe competitors it recruits -- just color And kind had now in of as expectations year, today. on does had kind Obviously, most nice conversations headcount the some internal good of firms a feel love looking pretty add? likely just pretty Where compensation solid. and the was like that year pretty the coming but of you having a expectations and combination year? step-up promotes Director from level and last conversations of Managing for you're a

So just, how that well. as plays into it

Ken Moelis

you. with agree I Yes.

ago Reserve to nine a in to our in we to and I the thought we really to prior search It in that And think activity. that an people the environment around I chaotic markets I still announcement, could innovations substantially this back activity to not of banking pretty out really But some capital we're dynamism the and it's took show to including really the to believe sheet, our grow and we said June would use the at unusual. of the say be is of really last I in some opportunity possibility. leading our -- it's environment doing There boutique we quickly. similar liquidity, advantage like pretty firm. the by certain I are good. of I'd XXXX-XXXX M&A balance able the saying build wasn't move. Federal Street, platform. saw point did that, years. in as to recruiting just we're the continue the things are want It's who quarter might mention And big pretty and I So months say were people our stepped very a strength be there crisis, our a did

Devin Ryan

Got it.

leave I’ll color. appreciate Okay. I the there. it

Operator

JPMorgan. is Please with ahead. go from The next question Ken Worthington

Ken Worthington

that of the your had Hi, years. less good afternoon. good MDs XX% or three for believe deck, at have that than Moelis evening commented title In you I

I production after years of six years? to newer guess sort this of we and in years? over So seven about how as pickup do to real revenue these group you handful MDs the the of expecting position as we're next are four they sort that from of thing guess for think remain mature XX is, the they And I what

Ken Moelis

on have better. directors be the just pretty continue parts people so emphasize exist Well, is managing I which ago. rapidly to are economy want that didn't that think, internal years of It people lot almost and the the XX these going us. promotion They relationships are our way are that we and developing changing franchises. is developing way to the up. a you up are They're businesses might eight to young get those most in world year coming do By of this for substantial who is quality it

really even when It expect me the rapidly is and it's and have we're we better. fact second out they didn't will before. passing exciting be our were needed we continued year. of the one and also, think and we mean sort integration It's a of and to our have training for talent bringing different things the that in the but that. is, productivity sporadic I on to of to -- results And productivity. and up. is have delineate of definitely lastly, the to first the franchise you hit, off seventh hard People to by promotion everybody. culture that needed different in to COVID reintroduce improve the getting just fifth them inward really of year collaborative So do focus clients elements see And sixth things definitely whole own ever I saw between better than developing fairly person, very where They

working ability our needed markets, advice, and some they've through in that some when and of M&A comes never needed capital bringing up were somebody more system know everybody. somebody firm who they transom. needed XX it's are years our workforce been that Some People restructuring the collaborative know the advice entire know part call. in before here or than over your for they They who substantially to and

continue So see Ken, improvement. I to to expect productivity

Ken Worthington

to were from that a production think would up just three same, the double? it stretch are reasonableness? Is Or outside years of the it this exactly if would numbers Right. the XX%? realm group now, Or those be

Ken Moelis

If that group have group that with up years, over could you're talking about be us been that only might XX%. three

divided number whole, -- have to don't especially it my promotes feel to saying way not but that a of whole number, it's yes the have -- denominator. scientific new would you wouldn't that But then a is not wrong. be you a it gut divide over be the the I will over As be --

Ken Worthington

vanilla, these more awesome. more a plain that more And maybe to restructuring, constructive would I'm up going guess after through pipeline make completing pipeline accelerated of in those that restructuring environment? with more the And the you're how you restructuring sort the maybe given then the working of does days pace the at been pace replenishment then have mandates? sense I what that Okay is match

Ken Moelis

banking ratio with to a out a book-to-bill come book-to-bill. Like trying of you're a

all-time good great very assignments in revenues are our a restructuring all-time great that of retainers the it But And year. year their M&A done. in We had highs. always think in still and had backlog was at at I retainers had and line a percentage our with We restructuring. year the a restructuring highs. and are they've we

Ken Worthington

you very Thank Awesome. much.

Operator

Please next UBS. with question go Brennan from ahead. The Hawken is

Brennan Hawken

coming be half it we Ken, tailwind assume stable in Hey, reasonable questions. I want pipe or to that follow-up And that. in to see and we fair, the will slowdown interesting revenue just first That's because to all-time or is restructuring, there? XXXX? being about will point on you see wanted more in maybe to we'll the the in that restructuring but thanks Or optimistic? a my taking mandates should retainers the it's the for highs. on start the be how don't more even the takes -- that I mandates is Do an at think dig Is half. that likely too a puts unless it into think then and back up

Ken Moelis

And again out of of humbling predict and the right back, along amount. high the of and economy incredible I companies but still there. will Look an lot or to as ever our improving it They've year. doesn't them taken is go, lot you been. like on through like is job said continue a you COVID doing a it's a -- plus through have backlog some if now, markets leverage feels market's say economy without significant a the come where to minus -- as really stable when you'll I get depending on of try there's as

on So would visionary because always markets But there. on keep I stable a humble and now with I markets to an from start -- try a eye become always you environment you. don't they prove they again then to -- right like it

Brennan Hawken

Okay. market you. hear the me And humbling I That's it tell you. on fair. about

back capital were was regular is guys so have where clearly conservative. your you front, pre-pandemic. that the where So dividend your had on put the it dividend cut indicated was mouth the And up it initially bringing you above where when you money by had being you

versus above So actually with weighing prior forms of capital about level, specials its the other far you thinking returns as dividend now how the as restored regular buybacks are return? capital form versus

Ken Moelis

very We're I blackout were as you these periods We responded flexible. during and Brennan, in know buying responded year, you the the in rapidly. stock have -- think the stock

with very and to periods blackout it's capital. So everything get a hard lot of

$X our of pretty not And making prudence that do capital. to it focused clients survived something dividend our in with and just it business was this expected. is was to virus better decided worse December, we out even dividend which their your did was bad. not it better wasn't a the deferred we much than that So was sit that in strategy sure on case But I than is we were bankers even businesses -- of

our to protect I then back. immediately think give first So to -- it but choice was and

we sustain we had And $X share when so it. dividend. raised we're enough idea we our above substantial And to our and pre-COVID and get excess, think be capital flexible money repurchases excess to paid immediately business a is quick now your you share still And I back level think going we're between we We've produce to -- as dividends. now. the going dividend as can to because we a strong are is

Brennan Hawken

Okay. Thanks That's fair. call. the for

Operator

Next go question Piper Please with is from Harte Sandler. ahead. Jeff

Jeff Harte

those and new Along that how through there's things time that it. everywhere, could each it great since cyclical would if head until it to cyclical activity levels a And out good time But a ramp-ups fakes? different really actually really the as be are not understanding see environment? reaching kind products seems couple think couple M&A why in will last we're of, stalled you had of strong we answer across before a do we frothy going to be very clear of guys, robust this than different be so this this highs a the crisis. like quarter. financial the But morning lines it's, at new extremes, we've Good look

Ken Moelis

a am that going got dancing, By if while quote the you're you is music keep you the out to playing giving there like I on get not to me try to way one.

And as that sheet. good I'm balance those that unlevered can liquidity. again lot advantage take have something are now. -- We And an government economy, the of putting movements So very things markets Low -- going predict. there's on They right businesses rates, the well. which then interest going to we strong money don't of humbling. of happen, that very say a recovery, into could retain a on tomorrow we're basis lot is we a

a being on a identical now, not there's rest this? XXXX, have Xst go-to-market Fisher I run you in your want the would Xst thought today of unusual which saying you all-time right leverage, changed, has doing. seen something said So, process strategy. go-to-market January want a to you're the your the tell balance getting going to For businesses everything you a And say business business on that. -- think lot be Whether I've corporate in, in for that's to where And everything an short liquidity, say, keeping, predicting, call, never board, in period just of -- high we're January about your high. about recorded the of in COVID interest which going that's that should sheet what and XXXX you my was as how strategy. just in. I of they're for a going I look businesses and how Irving be to the that's, markets their through permanence reached rethink that you're business what very community if that, about, life the never rethink of I'm I'm say and businesses the helping

there's out lot now. think I right there activity why of that's So, a

Jeff Harte

years. the look But side, expense that's that Okay. given you potential leverage you've it Thanks. to kind about guess, and positive talked seven on of beat starting And like targeting conservative margin. XX% the the very I I of operating guess last six operating

positive should -- a time about kind that to thinking potentially higher rate -- look so margin start going we is forward, it of a forward? run start operating is So we as

Ken Moelis

maybe. -- a of was and this give firm travel result you of T&E a want that I will And look, to expenses. reduced be some

think I'd you if permanent. think permanent we're I travel how especially told some going I guessing much. be the and entertainment, be going of to that's really reduction to have do parts. in But commodity I a

we the go where think So of part visit I fact, think that. in clients, some I missing we're

revenues I even think better. be could

As in revenues the in we're of of XXXX, flights took we that were XXXX. saying airplane was generating some I result the

are. to be just But and will looking them expenses room, a a to think something a I we at them nothing again, you like, out who need there. where to So having There's commoditized draft then fly meeting all client, and of some you these pretty back do know go away. document

answer. So, that's the

I how out. part that we're of will think be lead permanently might that how saving that change, let's we margin. to But plays able And some us think about money see -- stay. we'll that to

Jeff Harte

insight, guess, I And how Do you of have any non-comp done, then, as at more are kind or guys just quarter come or Any back you two to thinking could about help I'm there? how least us out? come for expenses not related a think those quickly you back?

Joe Simon

we a are there's now that, uptick right travel. seeing I slight is in think what

I I is is of still know plus know couple focused quarters the I be minus But don't a be And on. working out probably going I it's quarters. don't think to to if in $XX next project the baseline range to good million quarter. beyond think good a or $XX with, be. can second I million a to where couple of

Ken Moelis

with the size of like, and about else it But And we're all big much to of never say will one-third back. will I step our be think one personnel. control, a other does you have don't to the pretty is Joe, I be the wildcard our that Almost as everything mean, of we is But travel, everything it. just -- into. else see just lease come expenses fluctuate will -- like it under expenses interestingly, I'd lot

Joe Simon

That's right.

Jeff Harte

Okay. Thank you.

Operator

with next Global. is question Please The Seaport from ahead. go Jim Mitchell

Jim Mitchell

too you've planning give good trust to Maybe you really this, you? more Or issue, Klobuchar a had Have CEOs any with Hey, just to that enforcement don't is worry if deal concerned but think just a it? for concerning? any a time teeth, is is bill mega afternoon. question, know are little I about that that about Senator a had a not that's the conversations

Ken Moelis

referring on up lot in I be category. I yeah, will XX-day a delaying involved to just business I'd is in the large worried that to there'll specific put saw very being But I big about think focused don't be by transaction. stuff. you that believe a period, which it mean which slight it. to think at could Again, transaction, time lot I suspect transaction some something would where size that have I careful the specific early our a a haven't in the termination you're that this I of transactions a transaction spent I bill be effect. of about margins. want of if it gets end but you're that

Jim Mitchell

the can Okay. get sort And to closer pretty ratio you outlook margin on maybe that we maybe and there discussion That's XX% still getting targets on that you environment is back year revenue the given comp of recruiting expect just an helpful. Or an of ratio comp your to sort average prior talked front? the there opportunity? to about talking more being Is to positive back headwinds can or with positive.

Ken Moelis

things. two Well,

just that in the said market. it's an all, hiring. not year of for don't average panic there's I I First think

not we Number our be given on it's We business is. be doesn't the be like obtaining for it's that. I We're aggressive or people to won't market So the returning two, clear same aggressive. market XX%. into weak a understand we where It's want for just I -- environment. mean, don't of not choose a That XXXX headwinds. a it XXXX one. strong just question to people number think may

the how if that and top. I the I'm return to of our it's margin of our up what dollar that's on. shareholders focused every can I shareholder, shareholders. industry-leading pretax I'm of And to mix revenue do think margin we kind a it

pre-tax kind for. can margins I'm get aiming within right I'm happy with range those our we're of that's if think into we and I what very

Jim Mitchell

Okay. Fair Thanks. enough.

Operator

Gosalia with Morgan is go Please question next Stanley. from ahead. Manan The

Manan Gosalia

little bit the Could a should Hi. of that Good you lot capital afternoon. opportunity and here? Clearly, a raised, activity. the about SPAC being talk help

that opportunity the firm? are how industry for the you thinking and overall So, for about

Ken Moelis

Well, SPAC the underwritten We've deals. a reason. already run beefed markets It's we reasons, up capital is very book market. for one of our this for institutional

one with us actually a agent you leading our placement the capital underwriter sought-after fairly it's reasons up for SPAC team is and with -- real. third de-spend believe placement in M&A exciting. in that It's of it's we for whole And stop is I to team the sovereigns -- we you and relationships the we invested off. a team be and private really really for pipe if quarter these remember hired the get SPACs. stepped market our and markets, unique paying Our our then

arbitrage a more traditional to IPOs. that got efficient it's it is think I much regulatory than

too went go why that see some get the sit and organized and to some the invest. and equity to SPACs is market? And XX trade nobody's actually private of reason I a $XXX asked We to room, the can $X.X projections. investors they the money allowing we due is you because about of less And We seven what five money do XX% get have happened from that, and can crossing. ago, and off think venture get out capital in down five-year do funds $XXX or XX diligence. the growth you mutual years private due of lastly, wall get late-stage eight management or to equity fact, big there's We increase We that checks and said -- are In about SPAC the common cut to days projections to there's have there's XX% all And to name between billion billion into access. do of ago. than months of being kinds public and To access would before diligence stocks just insider And that's your point trillion the whether was governance. did impose certainty. five-year an by I'd years public the and now. much you

see develop returning if ago real. it number capital market our invested and can back we coverage markets the stocks you our it's interesting think to because where was that, I think you about think model, XX pretty years of and we a in

Manan Gosalia

ticking Thanks Outside we're activity can in color. great up comment pretty then if for the That's clearly maybe activity Europe. on doing. what And that. separately, US, nicely you is seeing

can US So some and give your what the share on you're more in tracking? is outside color maybe you seeing how markets those

Ken Moelis

Yes.

We're starting see Hong in was administration, for not were active. while I Brazil think did. as that -- like in back something the to the saw and and strength backlog. and a regions we're fourth see seeing Asia a but we is in how China activity environment US in And amazing strength session had COVID back. office very quarter we're Europe, we China, We a was leading last there. -- the usual as to a fast starting steady US We're in Asia. said Kong good of our maybe it more really the in The in we part all pretty innovates comes strength. But also last

it seeing we're So regions. across

is with think I aggressively I everybody there's to turmoil right bit whenever is move. But first US them. of say to a always the As in start there

Manan Gosalia

Great. Thank you.

Operator

next The Michael Brown question with go Please is from ahead. KBW.

Michael Brown

Hi, Joe. Ken and

to with traditional on wanted business. side M&A of a start just the question So

on the circle the outlook business M&A. your guess recruitment comments just the complete But wanting traditional with I here restructuring to I So on got activity.

intensity intense. since of have to XXXX. M&A activity I Ken, certainly certainly but markets understand humbling, continued That been are has the end So seems the

now upswings relative M&A feeling So you periods would M&A? backlog to for how prior as characterize are characterize you outlook your in about activity Could to your prior and of you XXXX kind well? how relative

Ken Moelis

strongest be had ever we've backlog want Again, to I a careful. This is start year. to the

field ever if yes, always have this it's you want to only had and And is When to expand you Somebody the as an in fourth quarter change MDs as much we team as more through on right should the people and it. activity at right quarter? outs. I the to said, positions top had with job there the and me, whether and analyst. we places lose the your put and been. sectors don't out is right that players guys we felt it. lot do be workforce and is have said ins in gross of what you're The is fourth we look the a to But collaborating we're there. we've know wanted position the one the people sometimes you and the as the And to about move in, you the I've But strongest and to good to did never in the win. XXXX our stronger I look numbers backlog on strong annualize the team the to seasonally it's I this field as in And whether at covering

So the and it's team working as ever great a system good backlog and well it's is as has. a it

Michael Brown

one Okay. me. cleanup Great. for just And

from quarter? I your closed pull include it quarter? in first -- clean quarter forward Or did alluded fourth think that material it you to this but fourth was it the activity quarter relatively in maybe first the answer, any your a

Ken Moelis

year stuff and from out remember last I'd stuff the in that I'm to pulled there's but third this gets into the that. first let third that get in But say there's even it fourth fourth. the always stuff going to clean, quarter was was Joe pulled the the there --

on but see Joe what call... we didn't I given number net-net, So the anything unusual,

Joe Simon

added and $XX to around Yes, think of was million. it transactions something up it couple a I

Michael Brown

the Great. Okay. Appreciate color.

Operator

Research. comes Please ahead. question Steven from final our with go And Wolfe Chubak

Steven Chubak

Hi. afternoon. Good

Ken Moelis

Good afternoon.

Steven Chubak

transparency promotes. provided additional have So just reasonable that. fixed on external to expense. any think this hires $XXX need the XXXX, alluded provide Based and would a that remainder what's was in increase on and And algorithm always invested look million with know comp of algorithm. fixed $XXX guidance somewhere comp a question variable above I year? we I for expectation the to mean, of million internal of some came previous comp and past updated year in XX% X% whether as changes your a of this start in you for you an you additional comp get we of you've dollars the could hires comp this guidance on not I ratio. I hoping in wanted for off comp in given around contemplate out lot $XXX XXXX million to to those precise, range to to imply but dollars you've too

Ken Moelis

and if whole way. exactly there's of we'll go Well, if with this could in want we industry not you through at it it this the with our together comp pretax think leading to in year that. get pull believe I But our margins XXXX. target. a that's I I the kind don't line it. on detail. we to I believe and I not be. ratio we that's world, XX% And revenue and our going I to can metrics we're looked dead I And XX% anybody believe. I those doing those would going would guidance And I'm is generating are give -- the that was revenue where think in to margin to we're again, I And shareholders, if where of industry-leading take

on to guidance not I'm going -- we'll any XXXX. give So,

Steven Chubak

Okay. Fair restructuring I Had enough. try to commentary side. to then just the wanted And of on the Ken. some unpack

bankruptcy for declining. any know your or predictions revenues that You than you a your seems is I expectation noted some But from be that's of don't certainly what stable want spreads, message of plus to tightening minus. constructive hearing especially been given the of we've more to some peers bold to be restructuring make credit there.

So, some idiosyncratic should could we tough better business just outlook about that the was speak you had? be that of parts the support that of you revenue could encouraging. maybe a And think impacted message other is XXXX you're the that indicating. just factors that restructuring by given could are there hoping I certainly strong year that to comps

Ken Moelis

Yes.

the said year. I to more -- stable that's we and feel and that's We're going start on last retainers we're year backlog So, us. based I more be Remember to stable. like than having had

their asking it their mix and I'm quarter on they -- coming quarter I'm stay from other and their going goes how you're me people's to comment away mixes to forward. from into So,

people mix revenue the we've well overall Plus we've participant it's and and a five restructuring of was for the as grown M&A was years. very restructuring was in Our our add grown year in we stream. now stable as every revenues our kind it what high revenues

was the we -- on is. our think minus it. disproportionate every fairly I'm a -- -- just grounded we where into the and a I not so call contribution we business it to view percentage or grow plus I anticipate feel So, overall so going I -- is world stable not year and would to like

Steven Chubak

close the was could that one MD question. that Based I cleanup on and Kevin, you just cited? of whether number that the internal provide the to count you out and full perspective year final just includes promotes had hoping

Ken Moelis

we have right of XXX. now As

But one slightly of there now I transition. believe pretty I think as else end is year the announced have sure. counting right the announcement the of XXX. I'm as was Everybody in not it less one we of in

Steven Chubak

Ken. great for That’s much so taking questions. my Thanks

Operator

back turn question-and-answer to our concludes over to closing would This for remarks. session. the any I conference Moelis like Ken

Ken Moelis

look during Thanks few Thanks. we the forward to a next weeks. for earning attention year and the all in call your

Operator

Thank The now today's concluded. conference for presentation. attending has you

now disconnect. may You

Moelis & Company (MC) 11 Feb 212020 Q4 Earnings call transcript