Alti Global, Inc. · NASDAQ:ALTI
Alti Global — Q1 2024 Earnings Presentation
27 slides from Alti Global's earnings presentation, May 10, 2024
Slide 1: First Quarter 2024 Earnings
First Quarter 2024 Earnings | May 10, 2024 AlTi Global 1
Slide 2: Notes and Important Disclosures
Notes and Important Disclosures This Presentation (together with oral statements made in connection herewith, the “Presentation”) is for informational purposes only to assist interested parties in evaluating AlTi Global, Inc. (along with its consolidated subsidiaries, “AlTi Global” or the "Company")
Slide 3: Notes and Important Disclosures
Notes and Important Disclosures Forward-Looking Statements Trademarks Some of the statements in this press release may constitute “forward-looking statements” within the meaning of Section This Presentation may contain trademarks, service marks, trade names and copyrights of other companies, which a
Slide 4: Overview of AlTi
Overview of AlTi AlTi Global 4
Slide 5: AlTi at a Glance
AlTi at a Glance Delivering transformational ideas that create enduring value $71 B Assets Under Advisement ~400 Professionals with Diverse 20+ Year Operating History $5 Committed to Impact B $2 B Invested Alongside Clients (AUM/AUA) Experience & Expertise (1) Strategies Global footprint with presen
Slide 6: Unique business model combines UHNW wealth management with targeted expertise in alternatives
PRELIMINARY DRAFT – SUBJECT TO REVIEW Unique business model combines UHNW wealth management with targeted expertise in alternatives Wealth Management Strategic Alternatives $53.5B $17.5B(1) Scale Scale AUM/AUA AUM/AUA 99% 88% Recurring revenues Recurring revenues In 1Q’24 In 1Q’24 97% $1.1B High cli
Slide 7: AlTi's growth is powered by three strong secular tailwinds
AlTi’s growth is powered by three strong secular tailwinds Generational Wealth Transfer(1) Global Demand for Alternatives(2) Shifting To Independence(1) U.S. Wealth Transfer Alternative AUM/AUA Growth and Forecast U.S. Independent Advisor AUM/AUA (2021-2045P) (2011-2026P) (2014-2024P)(3) ($ in Trill
Slide 8: Investment thesis
Investment thesis Identified pipeline Destination of Substantial, Comprehensive Growing global Recurring and World-class Strong capital of inorganic growth choice for UHNW expanding platform approach footprint diversified revenue leadership structure opportunities wealth managers addressable market
Slide 9: First Quarter Highlights
First Quarter Highlights AlTi Global 9
Slide 10: First quarter 2024 highlights
First quarter 2024 highlights • Revenues of $50.8 million • 96% of Total Revenues are recurring Financial (1) • GAAP Net Income of $22 million, Adjusted Net Income of $0.2 million • Adjusted EBITDA of $6.8 million Wealth Management Strategic Alternatives Key Performance • $53.5 billion of AUM/AUA, i
Slide 11: First Quarter 2024 Select Financial and Operating Metrics
First Quarter 2024 Select Financial and Operating Metrics ($ in Millions) 1Q’24 1Q’23 4Q’23(2) Revenue $50.8 $58.0 $91.7 • Revenue of $51M decreased 12% YoY due primarily to lower distributions from Mgmt./Advisory Fees 46.2 46.5 45.9 investments. Management fees were essentially flat and 96% of tota
Slide 12: Segment Highlights
Segment Highlights AlTi Global 12
Slide 13: Wealth Management
Wealth Management Select Financial and Operating Metrics ($ in Millions) 1Q’24 1Q’23 4Q’23 Revenue $36.8 $31.5 $37.5 • Revenue of $37M increased 17% YoY, consistent with AUM/AUA growth in the period. 99% of revenues in Q1 2024 were from recurring fees. Mgmt./Advisory Fees 36.6 31.5 35.7 Incentive Fe
Slide 14: Wealth Management Operating Metrics – AUM/AUA
Wealth Management Operating Metrics – AUM/AUA Wealth Management AUM: $35.5 billion AUA: $53.5 billion Assets Under Advisement (AUA) Assets Under Management (AUM) ($ in Millions) 1Q’24 4Q’23 1Q'23 ($ in Millions) 1Q’24 4Q’23 1Q'23 Beginning Balance: $51,036 $48,475 $42,541 Beginning Balance: $34,525
Slide 15: Accretive acquisitions that densify and expand presence in key domestic markets
Wealth Management Accretive acquisitions that densify and expand presence in key domestic markets Wealth Management Announced acquisitions of two multi-family offices Seattle East End Advisors Envoi • New York-based independent advisory Minneapolis • Minneapolis-based UHNW wealth Portland firm with
Slide 16: Strategic Alternatives
Strategic Alternatives Select Financial and Operating Metrics • Revenue of $14M decreased $13M largely driven by reduced distributions from ($ in Millions) 1Q’24 1Q’23 4Q’23 investments and lower assets compared to the comparable period in 2023. In addition, the Revenue $14.0 $26.5 $54.2 prior year
Slide 17: Strategic Alternatives Operating Metrics – AUM/AUA
Strategic Alternatives Operating Metrics – AUM/AUA Real Estate - Public & Private Funds ($ in Millions) 1Q’24 4Q’23 1Q’23 Strategic Alternatives Beginning Balance: $12,720 $11,989 $14,130 AUM: $2.6 billion Change (2,747) 742 (1,308) AUA: $17.5 billion AUM/AUA at quarter end (1) $9,973 $12,720 $12,82
Slide 18: Strategic Alternatives Operating Metrics – Fund Performance
Strategic Alternatives Operating Metrics – Fund Performance Alternatives Platform Fund Performance(1) ($ in Millions) 1Q’24 4Q’23 3Q’23 2Q’23 1Q’23 Event-driven (0.26%) 5.40% 4.95% (0.35%) 0.25% External Strategic Managers: Real Estate Bridge Lending 0.40% 0.34% 1.24% 0.75% 0.67% European Long Short
Slide 19: Appendix
ine _ Appendix AITi Global 19
Slide 20: Consolidated Income Statement
Consolidated Income Statement ($ in Thousands, except share data) 1Q’24 1Q’23 Revenue Unaudited Unaudited Management/advisory fees $ 46,224 $ 46,470 Incentive fees 163 577 Distributions from investments 4,170 10,030 Other income/fees 255 970 Total income 50,812 58,047 Operating Expenses Compensation
Slide 21: Consolidated Balance Sheet
Consolidated Balance Sheet ($ in Thousands, except share data) As of March 31, 2024 As of December 31, 2023 Assets Unaudited Audited Cash and cash equivalents 134,237 15,348 Fees receivable, net 35,087 70,421 Investments at fair value 160,469 165,894 Equity method investments 12,137 14,194 Intangibl
Slide 22: Non-GAAP Reconciliation Q1 2024
Non-GAAP Reconciliation Q1 2024 1Q’24 ($ in Thousands) Strategic Alternatives Segment Wealth Management Segment Total AlTi Net income (loss) before taxes $ 7,721 $ 14,388 $ 22,108 Stock based compensation (1) 1,222 5,268 6,490 Stock compensation- Legacy (2) (39) (38) (77) Transaction expenses (3) 4,
Slide 23: Non-GAAP Reconciliation Q1 2023
Non-GAAP Reconciliation Q1 2023 1Q’23 Strategic Alternatives Wealth Management ($ in Thousands) Total AlTi Segment Segment Adjusted Net Income and Adjusted EBITDA Net income before taxes $ (38,540) $ (47,100) $ (85,640) Stock based compensation (1) 198 5,640 5,838 Stock based compensation - Legacy (
Slide 24: Non-GAAP Reconciliation Q4 2023
Non-GAAP Reconciliation Q4 2023 4Q’23 (9) ($ in Thousands) Strategic Alternatives Segment Wealth Management Segment Total AlTi Net income (loss) before taxes $ (45,887) $ (31,364) $ (77,252) Stock based compensation (1) 1,077 8,640 9,718 Transaction expenses (2) 2,927 3,322 6,249 Change in fair valu
Slide 25: Glossary
Glossary Assets Under Management and Assets Under Advisement. For financial presentation purposes, total assets under management and assets under advisement (“AUM/AUA”) of AlTi Global is calculated as set forth below: AUM/AUA includes billable and non-billable assets. Billable assets represent the p
Slide 26: Footnotes
Footnotes Past performance does not guarantee or indicate future results. The historical net performance presented above are provided from inception of each fund through March 31, 2024 and are unaudited. The returns for the Event driven strategy reflect the deduction of the actual management fees (r
Slide 27: Thank You
Thank You AlTi Global 27