First Quarter
Fiscal Year 2024
Earnings
Presentation
August 3, 2023
Today's presenters
Scott Hart | Jason Ment |
CEO | President & Co-COO |
Mike McCabe | Johnny Randel |
Head of Strategy | Chief Financial Officer |
GAAP Consolidated Income (Loss) Statements
GAAP net income was $49.4 million for the quarter.
GAAP net income attributable to StepStone Group Inc. was $21.3 million (or $0.34 per share) for the quarter.
($ in thousands, except per share amounts)
Revenues
Management and advisory fees, net
Performance fees:
Incentive fees
Carried interest allocations:
Realized
Unrealized
Total carried interest allocations
Legacy Greenspring carried interest allocations(1)
Total revenues
Expenses
Compensation and benefits:
Cash-based compensation
Equity-based compensation
Performance fee-related compensation:
Realized
Unrealized
Total performance fee-related compensation
Legacy Greenspring performance fee-related compensation(1)
Total compensation and benefits
General, administrative and other
Total expenses
Other income (expense)
Investment income (loss)
Legacy Greenspring investment loss(1)
Investment income of Consolidated Funds
Interest income
Interest expense
Other income (loss)
Total other income (expense)
Income (loss) before income tax
Income tax expense
Net income (loss)
Less: Net income attributable to non-controlling interests in subsidiaries
Less: Net loss attributable to non-controlling interests in legacy Greenspring entities(1)
Less: Net income (loss) attributable to non-controlling interests in the Partnership
Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds
Net income (loss) attributable to StepStone Group Inc.
Net income (loss) per share of Class A common stock - Basic
Net income (loss) per share of Class A common stock - Diluted
Quarter
Jun '22 | Jun '23 | % Fav / Unfav | ||||
$ | 116,732 | $ | 138,115 | 18% | ||
- | 6 | na | ||||
73,607 | 14,473 | -80% | ||||
(113,950) | 49,364 | na | ||||
(40,343) | 63,837 | na | ||||
(153,607) | (23,947) | 84% | ||||
(77,218) | 178,011 | na | ||||
60,061 | 70,081 | -17% | ||||
3,714 | 8,472 | -128% | ||||
41,735 | 9,102 | 78% | ||||
(54,553) | 24,211 | na | ||||
(12,818) | 33,313 | na | ||||
(153,607) | (23,947) | 84% | ||||
(102,650) | 87,919 | na | ||||
34,232 | 33,277 | 3% | ||||
(68,418) | 121,196 | na | ||||
(1,101) | 3,086 | na | ||||
(8,604) | (2,866) | 67% | ||||
- | 2,362 | na | ||||
11 | 431 | 3818% | ||||
(587) | (2,012) | -243% | ||||
(1,104) | 227 | na | ||||
(11,385) | 1,228 | na | ||||
(20,185) | 58,043 | na | ||||
1,286 | 8,597 | -569% | ||||
(21,471) | 49,446 | na | ||||
7,571 | 9,630 | -27% | ||||
(8,604) | (2,866) | 67% | ||||
(9,398) | 19,860 | na | ||||
- | 1,553 | na | ||||
$ | (11,040) | $ | 21,269 | na | ||
$ | (0.18) | $ | 0.34 | na | ||
$ | (0.18) | $ | 0.34 | na | ||
STEPSTONE GROUP | 1 | Reflects amounts attributable to consolidated VIEs for which we did not acquire any direct economic interests. Such amounts are attributable to employees and therefore have been reflected as legacy | 3 |
Greenspring performance fee-related compensation and net income (loss) attributable to non-controlling interests in legacy Greenspring entities, respectively. | |||
Fiscal Q1 2024 overview
Key Business Drivers
FQ1'24 | FQ1'23 | vs. FQ1'23 | FQ4'23 | vs. FQ4'23 | |
Assets under management ("AUM") | |||||
$142.6 B | $136.5 B | 4% | $138.4 B | 3% | |
Fee-earning AUM ("FEAUM") | $87.4 B | $78.6 B | 11% | $85.4 B | 2% |
Undeployed fee-earning capital | $16.9 B | $17.1 B | -1% | $15.7 B | 8% |
Gross accrued carry | $1,277.8 M | $1,366.3 M | -6% | $1,227.2 M | 4% |
Financial Highlights1
Business Update
($M, except per share amounts) | FQ1'24 | FQ1'23 | vs. FQ1'23 | FQ4'23 | vs. FQ4'23 |
Adjusted revenues | $152.8 | $190.3 | -20% | $152.9 | -% |
Management and advisory fees, net | $138.3 | $116.7 | 18% | $132.7 | 4% |
Fee-related earnings ("FRE") | $44.4 | $36.6 | 21% | $37.8 | 17% |
Fee-related earnings margin2 | 32% | 31% | 28% | ||
Adjusted net income ("ANI") | $29.4 | $47.1 | -38% | $27.1 | 8% |
ANI per share | $0.26 | $0.41 | -37% | $0.24 | 8% |
- Declared a quarterly cash dividend of $0.21 per share of Class A common stock payable on September 15, 2023 to record holders of Class A common stock at the close of business on August 31, 2023
- Raised a total of $11 billion of new capital for separately managed accounts ("SMA")3 over the LTM
- Raised a total of $4 billion for commingled funds over the LTM, which includes closings of StepStone's private equity secondaries fund, multi-strategy global venture capital fund, expansion stage venture capital directs fund, special situation real estate secondaries fund, multi-strategy growth equity fund and infrastructure co-investment fund
- Total retail platform assets surpassed $1.7 billion in AUM, driven by continued strong subscriptions in SPRIM and SPRING
1 | Adjusted revenues, management and advisory fees, net, fee-related earnings, fee-related earnings margin, adjusted net income, and ANI per share are non-GAAP measures. See definition and reconciliation of non-GAAP | ||
STEPSTONE GROUP | measures at the end of this presentation. | 4 | |
2 Fee-related earnings margin is calculated by dividing fee-related earnings by management & advisory fees, net. | |||
3 | Includes advisory accounts for which we have discretion. |
Overview
STEPSTONE GROUP | 5 |
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Disclaimer
StepStone Group Inc. published this content on 03 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2023 20:26:57 UTC.