Business
Silvercrest Asset Management Group Inc. Reports Q4 and Year-End 2022 Results
NEW YORK, March 02, 2023 (GLOBE NEWSWIRE) -- Silvercrest Asset Management Group Inc. (NASDAQ: SAMG) (the “Company” or “Silvercrest”) today reported the
About this update from Silvercrest Asset Management Group Inc.
[{"type":"text","content":"NEW YORK, March 02, 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 December 31, 2022. Business Update Silvercrest finished a volatile fourth quarter and calendar year 2022 with Total Assets under Management (“AUM”) of $28.9 billion and Discretionary AUM of $20.9 billion. Total AUM declined 10.5% during the calendar year 2022. Discretionary AUM, which primarily drives revenue, declined 16.7% during the year 2022. Revenue consequently fell 15.7% and 6.4% for the fourth quarter and full year 2022, respectively, compared with 2021. This decline in revenue significantly affected Adjusted EBITDA1 and Adjusted Diluted Earnings per Share1, 2. Adjusted EBITDA1 declined to $4.4 million and $32.0 million for the fourth quarter and full year 2022, respectively, from 2021. Adjusted Diluted Earnings per Share1, 2 also declined to $0.15 and $1.35 for the fourth quarter and full year 2022, respectively. Our Adjusted EBITDA Margin1 for the fourth quarter and full year 2022 was 15.6% and 26.0%, respectively. While down from the firm’s 33.0% Adjusted EBITDA Margin1 for the year ended 2021, Silvercrest’s Adjusted EBITDA Margin1 remains historically healthy for the company, especially in light of declining markets. The volatile market conditions of 2022 relaxed during the fourth quarter of 2022, and as a result, 2022 year-end Discretionary AUM increased by $1.5 billion, or 7.7%, over the third quarter to $20.9 billion. Silvercrest also gained $220.0 million in new relationships during the fourth quarter, one of our better new relationship development quarters over the past couple of years. We have stated that market volatility and uncertainty create long-term opportunities that typically benefit the high-quality of Silvercrest’s capabilities, and Silvercrest’s suite of asset management capabilities have maintained their solid relative performance. Our pipeline of new business opportunities also increased during the quarter. Finally, the firm’s outsourced Chief Investment Officer (“OCIO”) initiative now manages AUM of $1.45 billion. Silvercrest repurchased approximately 190,000 shares of Class A common stock for approximately $3.5 million during the fourth quarter. Fourth Quarter 2022 Highlights Total AUM of $2...