Business
Silvercrest Asset Management Group Inc. Reports Q1 2023 Results
NEW YORK, May 04, 2023 (GLOBE NEWSWIRE) -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results
About this update from Silvercrest Asset Management Group Inc.
[{"type":"text","content":"NEW YORK, May 04, 2023 (GLOBE NEWSWIRE) -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter and year ended March 31, 2023. Business Update Despite volatility, markets were supportive during the first quarter of 2023, with Silvercrest concluding the quarter with Total Assets under Management (“AUM”) of $29.9 billion and Discretionary AUM of $21.3 billion. Discretionary AUM, which primarily drives revenue, increased 1.9% over the fourth quarter of 2022. Nonetheless, Discretionary AUM has declined 10.5% year-over-year, since the first quarter of 2022. Consequently, while business results have increased over fourth quarter results, they remain down on a year-over-year basis as markets recover. Revenue fell 12.2% for the first quarter compared with 2022. This decline in revenue significantly affected Adjusted EBITDA1 and Adjusted Diluted Earnings per Share1, 2. Adjusted EBITDA1 declined year-over-year to $8.2 million for the first quarter since the first quarter of 2022. Adjusted Diluted Earnings per Share1, 2 also declined year-over year to $0.35 for the first quarter since the first quarter of 2022. Silvercrest’s Adjusted EBITDA Margin1 of 27.8% remains historically healthy for the company. Economic uncertainty and market volatility often create long-term opportunities that benefit the high-quality of Silvercrest’s capabilities. Our pipeline of new business opportunities also increased over the fourth quarter of 2022 and has increased substantially since the first quarter of 2022. The firm’s outsourced Chief Investment Officer (“OCIO”) initiative also increased during the first quarter and now manages AUM of $1.52 billion. Silvercrest repurchased approximately 96,000 shares of Class A common stock for approximately $1.6 million during the first quarter. On May 2, 2023, the Company’s Board of Directors declared a quarterly dividend of $0.18 per share of Class A common stock. The dividend will be paid on or about June 16, 2023 to shareholders of record as of the close of business on June 9, 2023. First Quarter 2023 Highlights Total AUM of $29.9 billion, inclusive of discretionary AUM of $21.3 billion and non-discretionary AUM of $8.6 billion at March 31, 2023.Revenue of $29.4 million.U.S. Generally Accepted Accounting Principles (“GAAP...