What drove MC's significant earnings beat in Q2 2024?

Moelis & Company's (MC) significant earnings beat in Q2 2024 can be attributed to several key factors:

1. **Revenue Growth**: The company's GAAP revenues for Q2 2024 were $264.6 million, with an even higher adjusted revenue of $264.6 million, representing a 45% increase from the prior year period. This substantial rise was driven by a surge in fees earned from restructuring and capital markets transactions.
2. **Cost Management**: Despite the increase in revenues, the company's total operating expenses (GAAP basis) were $211.7 million, up by 12% year-over-year. This rise was primarily due to increased compensation and benefits costs and non-compensation expenses. However, the company's liquidity position remained solid, with cash and liquid investments amounting to $124.9 million as of March 31, 2024.
3. **Dividend Payments**: Moelis & Company declared a regular quarterly dividend of $0.60 per share, which could have contributed to the earnings beat as it reflects the company's profitability and confidence in its financial stability.

In summary, Moelis & Company's Q2 2024 earnings beat is primarily driven by strong revenue growth, effective cost management, and dividend payments.