Business
Silvercrest Asset Management Group Inc. Reports Q3 2022 Results
NEW YORK, Nov. 03, 2022 (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, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the results of its operations for the quarter ended September 30, 2022. Business Update Volatile market conditions continued to affect Silvercrest’s assets under management (“AUM”) in the third quarter of 2022. The firm’s discretionary AUM, which drives revenue, decreased to $19.4 billion as of the end of the third quarter of 2022 from $22.5 billion as of the end of the same period in 2021. The firm’s third quarter 2022 revenue decreased year-over-year to $29.0 million from $33.5 million. Total AUM now stands at $27.4 billion. The firm’s quarterly Adjusted EBITDA1 was approximately $8.2 million, an annualized Adjusted EBITDA1 run-rate of $32.8 million. Silvercrest’s third quarter 2022 Adjusted EBITDA margin1 was 28.1%, a healthy margin in light of declining AUM and associated revenue. Silvercrest added relationships during the third quarter and new accounts partially offset outflows for taxes and rebalancing. Silvercrest’s suite of proprietary equity capabilities have maintained solid performance. Our sub-advisory relationships continued to add assets during the third quarter of 2022 and Silvercrest launched a Large Cap Value Unit Investment Trust (UIT). Silvercrest repurchased approximately 286,000 shares of Class A common stock for approximately $5.2 million during the third quarter. Market volatility and uncertainty create long-term opportunities that typically benefit the high-quality of Silvercrest’s capabilities, and we look forward to more stable markets. On November 1, 2022, 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 December 16, 2022 to shareholders of record as of the close of business on December 9, 2022. Third Quarter 2022 Highlights Total AUM of $27.4 billion, inclusive of discretionary AUM of $19.4 billion and non-discretionary AUM of $8.0 billion at September 30, 2022.Revenue of $29.0 million.U.S. Generally Accepted Accounting Principles (“GAAP”) consolidated net income and net income attributable to Silvercrest of $5 .6 million and $3.4 million, respectively.Basic and diluted net income per share of $0.35.Adjusted Earnings Before Interest, Taxes, Depreciation and Amort...