In This Article:
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Total AUM: $36.5 billion as of December 31, 2024, up 9.6% from $33.3 billion at year-end 2023.
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Discretionary AUM: $23.3 billion, a 6.4% increase from $21.9 billion.
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Q4 Revenue: $32 million, up 12% from $28.5 million in Q4 2023.
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Full Year Revenue: $123.7 million, a 5.3% increase from $117.4 million in 2023.
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Q4 Net Income: $2.7 million.
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Q4 Adjusted EBITDA: $5.1 million, representing 15.9% of revenue.
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Full Year Adjusted EBITDA: $26.1 million, 21.1% of revenue.
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Q4 Adjusted Net Income: $2.9 million, with adjusted EPS of $0.21 basic and $0.20 diluted.
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Full Year Adjusted Net Income: $15.8 million, with adjusted EPS of $1.15 basic and $1.10 diluted.
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Total Assets: $194.4 million as of the end of 2024.
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Cash and Cash Equivalents: $68.6 million as of the end of 2024.
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Expenses: Q4 expenses increased by 1.7% year-over-year, primarily due to increased general and administrative expenses.
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Compensation and Benefits Expense: Decreased by 3.4% in Q4 due to a decrease in the accrual for bonuses.
Release Date: March 07, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Silvercrest Asset Management Group Inc (NASDAQ:SAMG) achieved strong net organic inflows, with $1.4 billion in the fourth quarter and $1.5 billion during 2024, marking the best year for new organic client inflows since at least 2015.
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The firm's total assets under management (AUM) increased by 9.6% to $36.5 billion at the end of 2024, with discretionary AUM rising by 6.4% to $23.3 billion.
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Revenue for the year increased by 5.3% to $123.7 million, with Q4 revenue up 12% year-over-year, driven by increased discretionary AUM.
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Silvercrest has expanded its global presence by hiring business development and market leads in Atlanta and Singapore, and obtaining a full MAS license for doing business in Singapore.
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The firm has developed new institutional consulting relationships and has a robust pipeline, with significant opportunities for new organic flows, particularly in its Global Value Equity strategy.
Negative Points
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Expenses for the quarter increased by 1.7% year-over-year, primarily due to increased general and administrative expenses.
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Compensation and benefits expenses increased by 5.6% year-over-year, driven by equity-based compensation, merit-based salary increases, and newly hired staff.
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General and administrative expenses rose by 18.5% in Q4, mainly due to increases in professional fees and portfolio and systems expenses.
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The firm faces challenges in accurately measuring its pipeline due to changes in how RFPs and institutional searches are conducted, making it difficult to provide consistent comparisons.
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Despite strong performance, the firm is making significant investments in personnel and infrastructure, which may impact short-term profitability and EBITDA margins.