Business
Silvercrest Asset Management Group Inc. Reports Q1 2020 Results
NEW YORK, April 30, 2020 /PRNewswire/ -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the "Company" or "Silvercrest") today reported the results of
About this update from Silvercrest Asset Management Group Inc.
[{"type":"text","content":"NEW YORK, April 30, 2020 /PRNewswire/ -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the \"Company\" or \"Silvercrest\") today reported the results of its operations for the quarter ended March 31, 2020.\nBusiness Update \nSilvercrest entered the first quarter of 2020, prior to the coronavirus pandemic and market dislocation, with successful execution of its business strategy; complete integration of its new growth equity strategies; organic growth in its Outsourced Chief Investment Officer (\"OCIO\") business; and a new high in assets under management, representing a full recovery from the market lows of late 2018. In the midst of the unprecedented economic disruption of the viral pandemic, Silvercrest concluded the first quarter of 2020 with $20.6 billion in assets under management, a year-over-year decrease of $0.2 billion from the first quarter of 2019. Much greater market depreciation of $2.2 billion over that time was mostly offset by client inflows of $2.0 billion over the same period. Revenue, net income, adjusted net income and adjusted EBITDA margins1, and GAAP and adjusted earnings per share1 each increased substantially year over year.\nSilvercrest has always maintained a high-quality balance sheet and substantial cash reserves, both to preserve flexibility for new growth opportunities and to weather market volatility inherent in the business due to severe market corrections or exogenous events such as the current pandemic. Silvercrest reported $32.8 million in cash and cash equivalents as of March 31, 2020, and carries a manageable level of debt of $15.3 million as of March 31, 2020. Silvercrest currently pays a generous quarterly dividend of $0.16, or an annual dividend of $0.64, per Class A share of common stock. The firm anticipates that it can support the current dividend for a sustained period of time even while continuing to invest in the business.\nI am pleased to report that during the first quarter of 2020, the firm seamlessly transitioned its entire business to operate remotely. The firm long prepared for disaster recovery and business continuity. Silvercrest's critical technology infrastructure was already cloud-based and operating remotely prior to the crisis. Silvercrest was unusually well-prepared. Our firm was founded in the wake of the Tech Bubble crash and post-9/11. Our partners have a ...