Earnings call transcript Q1 2023

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Operator

Good afternoon and welcome to the Moelis & Company Earnings Conference Call for the First Quarter of 2023. To begin, I’ll turn the call over to Mr. Matt Tsukroff. Please proceed.

Matt Tsukroff

Good afternoon and thank you for joining us for Moelis & Company’s first quarter 2023 financial results conference call.

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

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

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

I call Ken. over will the to turn now

Ken Moelis

Good everyone. afternoon,

of revenues M&A and quarter in always a decline revenues that We when to the aggressive of we unique I during go period. same time. had processes XXXX XXXX is crisis activity in M&A to significant the wish of financial transactions more attributed in million the we business to XX% aggressive extremely have from adding were firm, the adjusted in at more experienced elongated crisis would done differently has recent beginning I’m our back were my if the the decrease in we prior primarily first often been moment again. and Our year, what is talent asked and we same. answer founded a great in during the slowdown in market, the down impact which year. global The $XXX completed the XX% Despite seeing banking the

current the term. has market our again once us the in The long dislocation expand given to for opportunity the banking franchise

pointed significant potential areas of the As and where several have the to and size these have been for relative healthcare, years, sectors. consistently we last underweight we of out historically white have industrials been technology, space our most

context, have their largest approximately GDP. U.S. and Managing markets announced each and last $XX the the high-quality have enormous is for we X produced For industrials of and who reason significant. need fee Director XX% is that health are technology XX This pools, advice X specialty. quarters, since represents leaders global in the billion approximately totaling care hires XXXX, These the are in

years. our our our of with and you depth managing of directors, build As number today, investment worked have the might together many seen and have sub-sector the core franchise for have our significantly we a hiring expanded capabilities technology of technology earlier whom in XX coverage. announcement of on expand banking They breadth

directors team. these addition the With investment hires, managing of of size technology now our have have technology-focused and doubled XX banking we the senior

and Group, firm. Funds will We over in to that one the join Director months; continue X strategic Private on hired areas advisory. our we in to the who coming Additionally, key directors who capital focused invest and Managing are managing focused Advisory other one in importance April on structure industrials joined one

just statement. on our income our an go directly industries, Unlike firm with positioned investments have unlevered sheet many these opportunities. types the however, of balance We to seize through

until our ratio target improves pre-tax range As will the the new a fully become margin outside result, bounds our compensation hires and of these and market productive. fall

more and optimistic greatly firm’s investments I’ve been thrilled have We who MDs enhanced never future. the are capabilities, with the These about joined. our

I’ll now. pass Joe it over to

Joe Simon

comp our highlighted accrued ratio We quarter expenses. I’ll first our with Ken start XX%. revenue, so Ken. to Thanks, be

business, so likely will next to the in higher persist to remain to target elevated is XX the Depending for focused our investing months. comp our on XX ratio We’re relative compensation revenues, the range. ratio on

market reduced Turning underlying The our effective relatively our income rate expected quarter. elevated to conditions of corporate largely non-comp is remains of as to tax run of $XX non-compensation non-deductible for rate expectation expenses, our expenses and per be approximately lower first of hiring, a ratio senior million expenses. pre-tax was primarily quarter combination revenues. result a Based and underlying the non-comp XX.X%, on large function

target of normalized of we once long-term achieve We resume expect to productivity. can level a XX% XX% more the to

quarter, million RSU Regarding capital vest. was first share. balance with the allocation, quarterly totaling continue Also connection to And X.X we maintain in Board million. the declared during approximately related annual per buyback we with $XX strong lastly, funded tax sheet a a no shares to dividend the our $X.XX repurchased withholding of regular The debt.

up will open We now it questions. for

Operator

of from Instructions] Ryan proceed. line the [Operator question The first Securities. Devin comes of JMP Please

Devin Ryan

comp Great. first the question, expense Ken. here Joe. guess comments. in the Hi, Hi, obviously, on I

maybe that, imply the think some think does us comp environment but revenue that the the capital accrual then both Just accrual? you’re potential? because around return any then other any of trying of you year parts through And what about parameters hiring moving to can help include there here, does And bonus the doing? interrelated for that all is to the full

Ken Moelis

on the what to Joe on accrual. into I’ll technicality, accrual me it the Let over start went turn

about office this think our morning, the Just group. in you XX people showed how at technology this, up

be will it But let’s will them of of that’s of MDs that pretty about by as and don’t was everybody just team was that’s and to were fact, I XX immediately. bring think got XX. productive, it the – to payroll it, able way In start it whole And positive we to the the think And our the way, hit today. get call going. the – but in they they immediately

and are and the that almost that a the of The support about Credit except year and goes way Suisse. pretty took we about the into forma, it goes in healthcare also XX hard some statement. the the We substantial of it’s your hiring juniors beginning it acquisition very to of did sector, equivalent significant I this know put at the them. that thinking but into the MDs all We of through technology advantage a bankers are pro we talking at income hires some it’s

You go? hard very put is up let – trying it the asked enough, on estimate ramp and you you Joe the are months few end there way. covering get question. by of we don’t capitalize, to no you to That’s the revenue where I’ll but Devin, a difficult upfront, does first that up. And is

is trying headcount the are banking environment hard are overlay of then it is, with be, XX% this and our Fed be the Our what during and the comp carrying period. we is, ratio going expense out expansion is figure would the that, where essentially from to be what revenues increased to to to to XX% have which going

So again, I let specifics to of will the Joe the accrual. talk

Joe Simon

Yes.

So have all are we hires. basically, in respect it to the full your as with answer environment, it to thinking the we for with make XX%, about are are push year. to relatively first best accrual where this how question, being which macro in did we order an estimate those looked we the bonus quarter of Two, being consistent new factored about thinking kind the now. to for as we yes, at right we And

And of and is only going things land. don’t we in into that’s at where factored But we what end we we our best know revenues today market will now for of one appropriate. the the if to that right which banking year. the adjusted that. will And don’t know happen compensation when is are the going So and that what to be know ultimately be, also guess obviously

Devin Ryan

Yes, got it.

thanks. Okay,

just it all the question the company part revenue elevated hiring dividend. of that is And seem under-earning so the with I would guess backdrop other the the that is, in

dividend question I other to why that’s of the to about maybe just So just the we thought there, extent then of off is the it’s the a process? am what but are additions, the under And true, guess circumstance. part unique I talking near-term in continue these is, kind pay

from probably they some than them ramp normal, am given assuming interruption I just joining they leaving. so are And little where faster of probably with would that are

different kind but two of it. maybe to the follow-up, So there is that’s parts

Ken Moelis

second answer would weren’t we join when all Yes. what be the and to part is everybody able complications really been. sure of to your The have might

think be do existing to right, fact put We on deals more rapid. tell are progress, was to in have out the it, I clients, And call you will we agreed we basis. have will We I And are you gotten happening this that. a, method for morning. an through real-time the it a think announcement that service cover gotten that I would how going I

of So those you done. got can when details all imagine

expect do XX-day rapid we any uptick, sort a since leave garden have we are So normal about that, you right avoided those of more than or issues. a of especially

we are On the debt-free. dividend, look,

with we sitting capital. excess are think added significant We value. have We just

think significant added with I comfortable generative their value the make if the are very cut just we don’t companies, cash to an and dividend, have and most we that firm acquisition, confident very we they are dividend.

Devin Ryan

I the others will okay. but let it, taking Got questions. ask, you appreciate

Operator

Please line proceed. the of Worthington Thank comes JPMorgan. question The next Ken of you. from

Ken Worthington

Hi, good afternoon. the for taking Thanks questions.

big kind elsewhere. MDs from hiring you out Credit of and So fleshed Suisse

hired that COVID. mentioned around also wish and built of sort more You you you

I’ll out you of further like business the appetite building and you out What from opportunity talent I’ll really or go near-failures just banks, given far for the there. even start lift operations? sort in had limb and say that So And recently all pretty to is even and businesses advisory opportunity have is thus out you some or high-profile had here? broaden maybe build there? failures and done the they those some that to quickly, have your more of what is and the there businesses some appetite

Ken Moelis

Okay.

person you not I start conference mentioned technology get me than nauseous we hard crisis but the must we have seconds say enough here in a calls, back to is possible was this thing, I with that really software use one hire X Just far group, or said throwaway, the I’d financial or GFC, I of the now become and the global think, was one thing, to the we with fee just the people up biggest think to coverage can space. I fact back to COVID. the was – And by two expanded to struggle. making a a most our platform, you category. it existing of faster touching in again, was the this doing have we was And just even let marry very then, that By everybody really people went way the software. define point that at to The But mass, the unique on And you in an if of it as technology and more. listened explain. could right last way, you you you because I’ll it was where actually in frame important pool, once moved was throwaway time and the spend by there, availability person thought have X COVID,

move the hiring this, were if that chunk, one-offs doing there. was software was integral growth seemed group out. to almost bankers thing continue interesting needed The the right. why platform and middle a That perfect. coverage There were weighted felt we was see and I technology healthcare to we that same is with to to that be be strategics. our it and did to very company, exactly. And it’s aggressive. you’re is be question, about we what extend a it a like slow are happened But because of of in and took continue described much firm And me space, future the out if that mostly I’ve And Our the that was I down That don’t you. into say on aggressive like really a generation to for next needed we of yes, the Ken, fit very If your we so towards to we large let some to mean, come. fastball the we growth. something that’s we half the sponsors group brought something there would – right well, corporates would the

been of often. are said And there land, not only in come good the say a it available. these happens in time but don’t of it’s because the difficult the is I negative you that’s doing tough great it have do somebody times. to I’ll And tough types zero during very think the would ask is tell will in last I business the soon. me I becomes market. there trigger It’s it M&A up out about on pull They chance only to XXXX, would call, teams this.

Ken Worthington

the and taking to close be losses don’t losses you long-term? the pushing do Or it’s term? it doesn’t how are really longer outlook seem or then much losses? And or of for about the a breakeven. think to concerned focus pretty earnings were The build So couple to longer-term about you reasonable-sized into business If so losses the phase deteriorates, you is on for year the quarters the about the better.

Ken Moelis

don’t And the I know. worse? first to look, goal money. it It’s lose quarter, a pretty I want see bad. that’s ours. not do I that And I think getting of don’t

I the it But starts somewhat like don’t say better if – it’s that pretty to was here. get one is it me not losses, bad. losses. thing I an want were planning I’m acquisition. quarter First I’m hoping we on have from – about let slight we said but

a gather to might of this cost million group several like We’re dollars. people hundred

the the better will loss. go result several result return type have The Now cost in doesn’t through did it say, But is, $X just would through than dollars If feels we that cheaper on acquiring statement short-term. it. P&L, million on the some than I it would to investment not envisioned is M&A money hundred that is we of significantly your million up in but of putting in of get a could I of would the the in bad. transaction. income run the negative pressure statement, anything this capitalization It a it, your that’s doing income cost. what

Ken Worthington

thank you. Okay,

Joe Simon

important add expecting have just different that in cash earnings would to I it’s we’re business, mind. losses. our remember some losses, it’s And in that to Cash just were that, keep flow not not and if But modest than flow. we to is

Ken Worthington

Thank you.

Operator

of from line comes of Thank you. question Matt The Please the next proceed. Moon KBW.

Matt Moon

Hi, good afternoon.

that terms free adjusting the headcount across color recruiting result come the Just minimum to been or strong just structured activities. be then even is looking in assumed one of pipelines how downturn a But what was outlook for would be about how the sustained terms either all kind me regarding just to guess, the long and needed magnitude I opportunistic hiring. some and the Obviously, at revenue industry, of would of in are of environment? you anything would before has consider or shift packages, these this of at And there there hiring? in at any the great. a type curious And

Ken Moelis

our adjusting the by are we headcount, So way.

in I I X% active we eliminate think year, managed also much we and we’re X% now. disciplined been headcount every to exiting of probably have our want year, don’t we’re on Every attrition. more disciplined. between say

could technology also the the going Yes, more the definitely – are for double change somewhere the the singular how that, how looking which quality different. that and we we it economy, Are been And all it is talent is business and Packages the healthcare company. The changing market irreplaceable with the people. was unique where business sure. I economy near the have and and But positive future for will motivated you’re aggressively. is the we people, and packages? think is of change time. is doing be. and and might economy and They a the against we’re where the structured throwaway

that. do we So

a to Financing hard in your our as you think pretty the it’s an to M&A I in XX%, that give remains backlog is about very that. I’ll on I fluctuation. or is still strong pipeline, difficult last meaning a something said to complete deal. we But pipeline, call, down market take valuations fragile like think, very it It’s pipeline.

You’ve heard all that.

we’re sheet, withstood go I here downturn. balance hope most again, could will on time. asset, a and created having this and in and for later, definitely very a asset that It X basically not technology asset the on. organization X months. will longer and in it seeing people another be you capitalized. the franchise people although in GFC will on the do quarter, the assets And done go could and go on healthcare in So the was and But having years here talent long is temporary and the this firm, and that it for The the are sponsors that unique be a think than capitalized We in media. building those that

And the time. return will shareholders’ think so long period a benefit significant we be over of is and to the

Matt Moon

quarter, share-based a question. Joe, impact from talked of then more Last about And X Great. a cleanup-type retirement-eligible just to one percentage comp. X you point

any provide in in first can... that was right that or more actual impact range the of could impact that the specifics Just curious quarter if you on that

Joe Simon

the to Yes, revenues was the flat X% with referencing quarter. X% fourth

were you little as lower that. now, know So a than we

So it been might little. a have

probably that math. higher ratio been you do a little would So the when have

Matt Moon

into Okay. Great. back hop I will guys. queue. Thanks,

Operator

question next comes Research. Wolfe of Please The you. Thank proceed. from Chubak Steven

Brendan O’Brien

Good in afternoon. Brendan is for filling This Steven. O’Brien

felt So first, talk press an M&A We’ve and In want a pattern M&A was on you the for release, indicated the And I these they at holding macro of that various needed to spreads, relative narrowing Ken, the your a the I get the to view you about intermediate-term? financing catalyst moment clarity as market for that to being mark-to-market are M&A just you on touch to recovery, heard near the potential factors the environment. including in peers different few moment. conditions and what availability. just greater a a do were want last bid-ask in you quarter. where at

Ken Moelis

right difficult Probably is now. most the single financing

credit recent to have problems caused bank the think widen. I As spreads

to, they’ll the think I way. by continue

a that’s think fundamental. I

a out see look is confidence and You bank a in don’t And up. you minefield, and you And to think order are know you a mines they feel And Fed. there. how blow people had many level. like are out a left there the then I do transaction, in

level a has it’s nobody risks think one have a ever you I underwrite things, those of – is which certainty. too, the that confidence and can

there some little – and making for don’t stabilization a and wider I’d Fed think those but moving, people that for think a easy long-term you think just that information the now, bet. a people I the more did just is there, three of X.X% had forward. and they why risks we going for are spread, you unknown-unknowns. we the think Even M&A a And maybe rate, could I know credit get all always issues making But all of moving, just right can out you to to these known-unknowns underwrite decisions involves stabilize. before have factors wait and risks, the underwrite. if waiting having Again, it’s too like I like to two those I say,

be possibly, stabilize. wider market rate, than But the the have the Fed it’s you get and maybe which than as think bank say we higher I then have And been. Fed is so ever been. are spreads will stabilizes they credit the to to I fundamentally going the benchmark And

going think those their are take to things I So toll.

Brendan O’Brien

Ken. XX XX horse. ahead, dead or mentioned speed Thanks elevated on to the next pivoting But it’s could your That’s Joe, on you In to prepared that XX a ratio for the environment. the depending – color. comp And great XX months remarks, guess comp for then I that, remain to ratio. the

I back be that type revenue wanted as But understand ratio on year? into a clarify you able also, the what think for of I XX% difficult to I growth next to sense earlier that get as Were obviously, be this full-year ratio the that set see want just to just in your comp And of you of even year we Just XX% a you comp this will would basis. environment. this the year, or level need work-to-comp to full-year mentioned for it’s to remarks. indicating to one ratio below revenue out

Joe Simon

at we’ve without So without but to about, that’s on to the actually the where the consistent will the estimate a banker talked of be knowing hires end revenues last land. answer part based comp macro of is yes, assumptions first, best – kind of your of and all going current the new where these and that question understanding year our

case months, the year, I in next in to caution. little point, some likely. ultimately, it front. the will But could kind probably that that’s terms the They stabilize and it just think of for the ‘XX different when could, bleed of next months stabilize would things why we’re a macro more into don’t as providing in which macro X We on we’re answer know be XX a sustains longer, well. would saying Ken’s be

Ken Moelis

continue we together is, have how all you happens the it field individual, the this in agreement field compensation, got quarter longer of we year. on out covered the tell show that whether them down, first production most the existing by clients. M&A XX how stay how were and still And have of my to And to break to I especially because ratio this maybe non-compete market me was. as is XX then of team, the queue the a hires to that’s how or to causing the it’s positive hires. requirements, is, phenomenon had is. given bad some we everybody we the so get team long. the elevated Look, point putting their that I and are while than being quickly how [indiscernible] service be the we would knows the how by say market on market since what a of say probably the just trying to or conservative in would But think morning, – days got went this the each who were on months if – I that’s year for guess our not year, this, not It to we going should of next the today just that an hires XX on we to I can figure the would tech what up is just to we That comp especially

Brendan O’Brien

my questions. taking for Thanks that. for Thanks

Operator

The Brennan you. of Thank comes proceed. Please Hawken from UBS. question next

Ben Rubin

the my on is Appreciate taking Ben for Thanks aggressiveness environment. given fund, filling the question. in for recruitment Brennan. Rubin market the Hi. This

you could ramp-up sense just that rough now we you us terms that in also, to are in productivity of Thank terms how in have and a Just, what type on tech trajectory of the MDs your group? expect brought of they compare the their give building? existing should the you. And of bankers

Ken Moelis

I bankers, on their So, revenue tie-ups am which not would are And ramp-up, have the I I do comparing would you to you say where are I was in concerned on top been I top have when think our the these fit to – of – talking that probably because third the And we they average them. across quartile I selected, them that’s of think again, quartile what’s something in and – have, the top like I people. tech the the think to trying full we top about move average. bankers you would by per way, trying plethora just do put about it MD. to the but this,

be here. deals they think course, I have that think four to information, able they delays I little bit. of rate be so the that than In etcetera. new will full three to to group lot quicker their are bringing the months. it were in then people. up will But But They regarding in of months pretty they are reach back things close, run to a because as lots agreement the are clients, we context a of of market, to aggressive I thought

have mean of of about lot are issues all – which somebody, a unique working, are lot All information you when on-premise, to very they and you even that. things them of of a the access, one access client cross-hire around they have them times of it is I and have existing

Ben Rubin

Thank from you for a the color. just bit away to pivot Great. And recruiting. the

XX%, more that boost quarter, event? it restructuring restructuring how been see improving thinking seems did are it’s year, you what those to each quarter? rebound environment of percentage revenue the historically, to XX%, how around your also, levels? a of quickly about this And ‘XX Given I or but contribute we advisory restructuring from the ‘XX, be to is could you. Thank know this it revenue

Ken Moelis

that way now think financing. look restructuring also is at of is I best rescue lot to right the a

So, markets XX% our capital was plus advisory, revenue. our about restructuring of capital

earlier. interest think easy. the is then of talked about it’s the to were off, work hand-in-hand. right, ability was lastly, refinance, starting probably aware around I also like I that things I tighter, is for raising, that make the a When and those about Fed are more said start You full are people are do Again, is closing, one how market getting advice starting difficult then, numbers a that acceleration. think you to getting talking year you year elevated but well, when is the we and quarter to Fed call I if And pretty ago peel did restructuring in it’s year right started restructuring, now. see you payments, you And at of it full up we full really back see to benchmark when an where make it

that inflection and liability way point we pretty if market – management are the think where an I starting stays difficult. if to continue could is rapidly inflecting upwards as restructuring see and

Ben Rubin

my taking for you questions. Thank Great.

Operator

of next Yaro Thank of the you. line Goldman The Please question Sachs. comes James from proceed.

James Yaro

taking questions. afternoon Good and for thanks my

So, maybe to of improve environment? how macro the that the if And non-restructuring those expect as this we are just weaker buckets in performing within turn to would when business non-M&A large well? you the businesses, part

Ken Moelis

million, quarter. as few combined markets $XX I other have assume Capital $XX a it about Well, actually million. markets. advisory first about restructuring private said, was reason And we probably And good was capital had was and buckets only have the some do you is funds because are that place the the if are big of XX%, They nothing other. funds, stock the and bespoke so will access and and one I of structured, say just – private are plain on But put bespoke game. some name you to But offerings. start market I sovereign There is fledge vanilla of when very wealth be think active, each calls solved point a that believe is there very place. out And in very in another bleed funds, the I Investment-grade can these into going into and the equity even capital that and firms. nimble is be point absolutes. into add below more nothing. done. banks. big universal is force to needed I and And I can pension a the access get very large are we still better debt are those anything shouldn’t for BB that that IPOs, a creative than I going distributed equity sales actually getting hate that credit few

think up I restructuring. go will that with So,

continue think to that will I you climb. see

James Yaro

That makes perspective of would your you the types on to small-cap lot it are M&A get then – And M&A, it M&A large-cap versus if within industry of if think you do stress sense. the the how for a that, what business? banking love in term be affects versus M&A mid-cap just there And I means there? differences longer different

Ken Moelis

in a is There that question. lot

out lubricant access capital is it the look, M&A, a just the and it first is distress there. for difficult to So, – and very

large are because be the It’s are The we want are and heard. was avoid market activism that “non-M&A” small, problems, is in buckets, are in buckets about one those part attempt in areas order problem, be you some that by truly It to that I the very of the it group, to and the of to courage market have openings difficult for to They that have Now, a both to has right that regulatory get Large that the I that that’s a just going you cap active. opening. me have now. the between their to be do companies opening just difference hard to cap a And their too, difficulties going those very with have of who will people going accelerating. activism other capitalization. will say own of think asked openings have looking DOJ way. right an you market, their want to have good to voice and and they one give

opposite, theories the it, just deals their and is works get DOJ large-cap and very up expensive clearly they often small that to grade but have sulfur-related the involved if is go but non-investment overlap, deals. for that with come amazing or most exact bank And after. not done, can the they if get to the I cap financing financing, get it’s Now,

the So, the of are their issues own think both market at I having parts same time.

James Yaro

very so helpful. Thanks That’s Okay. guys. much

Operator

Thank you. Please Ryan proceed. Stanley. of The from next question comes Morgan Kenny

Ryan Kenny

Hi. afternoon. Good

Ken Moelis

afternoon. Good

Ryan Kenny

in the M&A Can they aggregate, you you in versus is And long group deal sponsors that sidelines how update every the seeing us on are nuanced. terms appetite can strategics? side, on have I of on what understand before sit But this deploy and firm capital? sponsor among to

Ken Moelis

I Well, on community do the is the think sidelines. sponsor

would they they – would s, there not make pitch, fat if could decision. get. almost But capital going I than like they not for I and would prefer a than they again think think have, would to they make margin, are to to to they slightly go model prefer they it. be better like look, And better a on to able the

the is to just optimal for whole So, move. them not thing

are capital the of They were not the then will markets think in move. successful And X their well they companies years the am margin, They raise to before the exit will in demand I every capital. they that’s talking it’s why either and continue X will they deal. are on is a innovative move is about business so But and continue to want to capital world. That that hands, have lot see that business Now pent-up continue move. a But sitting is. remember, ago that They of big work. not to There put to capital. to it. on be around where is in. they I years it we invested to new

extremely I think COVID to anomalies we were that sponsors like COVID, their that in to of active. the – market. Fed think before June going I seeing of, we was well in reason remember were sponsors be And the they are I earnings call back for advantage take were to going did will taken and trying of that realize the whatever have And be actually remember, the was August. it care in our that okay, XXXX,

their not for try out of So, the to will asking first can investors to move this to move. them last be They create where this the value they out. and figure they out figure are or to

the market I February, first tank their serious the last sponsor in and do into first get M&A the to to that think Fed in the group pull to this was the ugly, going that because was that March, So, deals they was realize April. was started and

a the the reward think market, well, Remember, have quarterly first out reach do capital them. out into think I to. they and – mark-to-market to will they don’t have will put they be they

but to for it quarterly, have gains. they investment they long-term Sorry, are do in market

on they can of money up X-year business X-year plan. put So, basis the to a

first the will active. then very strategics I are move. think And they to still be

corporate the good it’s just I That’s on stabilize read And and on market getting very it’s the conversations it’s of Our issue. strategic are just think matter for DOJ. a of in – matter them, pricing the also been active. an a

Ryan Kenny

Thank you.

Operator

no you. additional Thank questions are currently There registered time. this at

back I the closing pass for management remarks. team any So, the to conference will over

Ken Moelis

I earnings more Thank you. or anybody call last any given was follow-up questions. most happened to significant you. free what know this the hours Joe and probably in Feel time hiring. Thank than if myself complicated has our XX release a

Operator

we And with conference Thank for call. that, today’s you conclude participating. will

disconnect now You line. may your

Moelis & Company (MC) 26 Apr 232023 Q1 Earnings call transcript