Why did ALTI's Q4 earnings fall short of forecasts?

AlTi Global's Q4 earnings fell short of forecasts due to several key factors: 1. **Revenue Shortfall**: The company's total revenue for the quarter was $53.33 million, which was significantly lower than the analyst estimates of $74.60 million. This shortfall can be attributed to lower incentive fees and distributions from investments. 2. **Earnings Per Share (EPS) Miss**: AlTi Global reported an EPS of ($0.63) for the quarter, missing the consensus estimate of $0.02 by ($0.65). This substantial miss indicates that the company's performance was far below expectations. 3. **Negative Net Margin**: The company reported a negative net margin of 41.51%, which is a red flag for profitability and suggests that the costs outweighed the revenues during the quarter. 4. **Strategic Divestitures**: The company faced a $116.1 million impairment charge related to goodwill and intangible assets. These charges, along with the divestiture of non-core assets, may have impacted the bottom line. In summary, AlTi Global's Q4 earnings fell short due to lower-than-expected revenues, significant EPS miss, negative net margins, and strategic divestitures. These factors combined to create a challenging financial performance for the company during the quarter.