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Did Silvercrest Asset beat or miss consensus estimates last quarter?

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- **Organic Growth Momentum**: +3% YoY discretionary AUM to $24 billion, with $688M in new client accounts. 
- **Strategic Expansion**: $2B+ in global/international AUM, with new offices in Europe and Australia, and regulatory approvals pending. 
- **Cost Structure**: Compensation ratio at 67% (up from 62%), driven by hiring for international initiatives. 
- **Capital Returns**: $50.4M in share buybacks completed, with potential for future repurchases.

**【CEO Summary Section】**
- **Discretionary AUM**: Decreased 1.2% Q4 to $24 billion, but up 3% YoY to $24 billion, driven by $688.3 million in organic new client accounts. Total AUM decreased 1.6% Q4 to $37 billion, up 2% YoY.
- **Strategic Investments**: Higher expenses (67% of revenue in 2025 vs. 62% in 2024) due to hiring for international expansion (e.g., London, Australia, Singapore offices) and new vehicles (Australian investment trust, UCITS in Europe). 
- **Pipeline Strength**: Over $2 billion in AUM across global/international strategies, with strong performance and consultant interest. Regulatory approvals for European operations expected Q2 2026.
- **AUM Reporting Adjustment**: Future quarters will exclude non-discretionary AUM (4% of revenue) to clarify business economics.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Revenue $32 million, net loss $0.1 million. Compensation +12.1% YoY to $2.6 million, G&A +2.4% YoY. Adjusted EBITDA $2.9 million (8.9% of revenue), adjusted EPS $0.18.
- **Full Year 2025**: Revenue $24.3 million (+1.3%), expenses $109.7 million (+9.4%). Adjusted EBITDA $19.6 million (15.7% of revenue), adjusted EPS $1.91. Shares repurchased: $50.4 million.
- **Balance Sheet**: Cash $44.1 million, total assets $166.6 million. Repurchased $7 million in Q4.

**【Q&A Highlights】**
- **AUM Growth Potential**: $2 billion+ in global/international strategies, with capacity for multi-billion dollar flows post-European licensing. 
- **Compensation Ratio**: 67% in 2025 (vs. 62% in 2024), expected to remain elevated due to hiring for international expansion. 
- **Buybacks**: Current $25M program nearly complete. Future buybacks will depend on capital needs and stock price, offsetting equity awards.


Silvercrest Asset Management Group Inc. (SAMG) Q4 2025 Earnings Call Transcript

- **AUM Growth Strong**: Discretionary AUM +8% Y/Y to $24.3B, total AUM hits $37.6B record. 
- **Investment Payoff Expected**: Global equity strategy pipeline poised for 6-12M allocations; full ROI on 18-24M investments. 
- **Margin Recovery Ahead**: Adjusted EBITDA at 14.5% of revenue, with historical margins achievable post-investment phase. 
- **Share Buyback Progress**: $16M executed vs. $25M target, with ~$9M remaining. 
- **OCIO Momentum**: $2.2B assets under management with strong performance.

**【CEO Summary Section】**
- Discretionary AUM reached $24.3 billion (3% Q/Q, 8% Y/Y), driven by market appreciation and organic new client additions of $46.4 million in Q3. Total AUM hit a record $37.6 billion, with nondiscretionary AUM at $13.3 billion (4% of revenue). 
- Organic new client inflows of $2 billion Y/Y, with closed accounts negligible. CEO expects AUM to exceed prior highs in coming quarters.
- Strategic investments in talent and global expansion (e.g., Australia, Europe) have increased headcount by 15+ over past year, with compensation ratio elevated for 18-24 months.
- Global value equity strategy pipeline is "very large," with potential allocations in next 6-12 months. OCIO assets at $2.2 billion with strong performance.
- $25M share buyback program: $16M executed YTD, with ~$9M remaining. Dividend of $0.21 declared.

**【CFO Financial Commentary】**
- Q3 revenue: $31.3M (2.9% Y/Y growth). Net income: $1.1M. Adjusted EBITDA: $4.5M (14.5% of revenue). 
- Expenses up 15.4% Y/Y: compensation +16.8% (salaries, bonuses), G&A +11.9% (fees, occupancy). 
- Year-to-date: revenue +1.8%, expenses +9.4%. Adjusted EBITDA: $16.8M (18% of revenue). 
- Balance sheet: $36.1M cash, $58.9M Class A equity. Shares repurchased: $4.6M in Q3.

**【Q&A Key Highlights】**
- **Investment Timing**: Global strategy flows expected in 6-12 months; full ROI on 18-24 month investments. 
- **EBITDA Margin**: Historical levels achievable post-investment phase, with current focus on pipeline conversion. 
- **Pipeline Visibility**: Large but harder to quantify due to post-2020 consultant process changes. 
- **Hiring**: 15+ new hires Y/Y, with ongoing needs in Europe/Asia. 
- **Buyback Pricing**: Purchases made at favorable prices (e.g., block trades in June), but exact levels undisclosed.

Silvercrest Asset Management Group Inc. (SAMG) Q3 2025 Earnings Call Transcript

- **AUM Growth Accelerates**: Discretionary AUM up 9.7% Y/Y to $23.7B, total AUM hits record $36.7B.
- **Strong Organic Flows**: $2B in new client accounts over 4Q, with $0.5B H1 2025.
- **Financial Resilience**: Adjusted EBITDA $12.2M H1 (19.7% of revenue), despite 3.7% Y/Y expense growth.
- **Capital Return Focus**: 5% dividend increase, $15.3M Q2 buybacks at below-market prices.
- **Pipeline Momentum**: Measurable pipeline doubles to $200M, with larger "softer" pipeline for Global Value strategy.
- **Strategic Expansion**: EU access via Ireland Central Bank, Singapore expansion, and family office services driving long-term growth.

**【CEO Opening Remarks】**
- Discretionary AUM increased by $1 billion Q2, reaching $23.7 billion (4.4% Q/Q, 9.7% Y/Y), with total AUM hitting a record $36.7 billion.
- Organic new client flows: $80 million Q2, $0.5 billion H1, and $2 billion over 4 quarters.
- Strategic investments in talent, institutional/wealth market expansion, and international capabilities (e.g., EU access via Central Bank of Ireland registration).
- $12 million stock buyback completed Q2, with a new $25 million program announced May 2025.
- Dividend increased 5% to $0.21 per share, reflecting strong balance sheet and capital return strategy.

**【CFO Financial Commentary】**
- Q2 2025 revenue: $30.7 million (down 1% Y/Y due to AUM mix changes).
- Net income: $3.1 million (vs. $3.4 million Q2 2024), with adjusted EBITDA of $5.7 million (18.7% of revenue).
- Expenses: +3.7% Y/Y to $25.1 million, driven by compensation (+1.7%) and G&A (+8.8%).
- H1 2025: Revenue up 1.3% Y/Y to $60.4 million, adjusted EBITDA $12.2 million (19.7% of revenue).
- Balance sheet: $30 million cash, $64.6 million Class A equity, $15.3 million shares repurchased Q2.

**【Q&A Key Highlights】**
1. **Pipeline & Performance**
   - Measurable pipeline: $200 million (doubled Q/Q), with larger "softer" pipeline for Global Value strategy.
   - Global Value team performance excellent, with $300 million family office win Q2.
   - OCIO pipeline includes $100 million mandate in next quarter.

2. **Capital Allocation**
   - Buyback activity: $15.3 million Q2 at below current trading price; $10 million remaining under $25M program.
   - Dividend increased 5% to $0.21/share, with focus on returning capital via buybacks and dividends.
   - Active in M&A discussions, particularly for teams compatible with Silvercrest culture and strategic fit.

3. **Operating Leverage**
   - Basis point per AUM mix shift driven by institutional mandates (lower fee rates), but long-term beneficial for scale.
   - Operating leverage expected as hiring slows and AUM flows justify investments; G&A and comp ratios to improve with scale.
   - Initiatives in Atlanta, Dublin, Singapore, and family office services driving near-term expenses but long-term growth.


Silvercrest Asset Management Group Inc. (SAMG) Q2 2025 Earnings Call Transcript

- **Record Organic Growth**: $1.8 billion in new client flows over two quarters, despite AUM decline due to market volatility.
- **Financial Resilience**: 3.7% revenue growth with strong EBITDA margin of 20.7%, supported by a $80 million equity cushion.
- **Strategic Expansion**: Accelerating global push with European licensing and Singapore UCITS, targeting institutional and high-net-worth clients.
- **Capital Return Focus**: Completed $12 million buyback and dividend, signaling confidence in future growth while managing expenses.

**【CEO Summary Section】**
- Q1 2025 saw $0.4 billion in new client organic flows, bringing the past two-quarter total to $1.8 billion.
- Total AUM of $34.3 billion remained flat year-over-year due to market volatility, with discretionary AUM at $22.7 billion.
- Completed a $12 million stock buyback and declared a $0.20 quarterly dividend.
- Emphasized strategic investments in talent and global expansion, with optimism for future organic growth despite short-term market challenges.

**【CFO Financial Commentary】**
- Revenue reached $31.4 million, up 3.7% YoY, driven by market appreciation.
- Expenses rose 9% YoY to $24.8 million, primarily due to compensation and admin costs.
- Adjusted EBITDA was $6.5 million (20.7% of revenue), with net income of $3.9 million.
- Strong balance sheet with $80 million in stockholders' equity and no debt.

**【Q&A Key Highlights】**
- **Pipeline & Global Strategy**: CEO highlighted robust global value strategy pipeline, with plans for European licensing to enable proactive marketing. Singapore expansion is progressing with regulatory compliance.
- **Buyback Outlook**: Completed $12 million buyback; evaluating future buybacks based on capital needs and market conditions.
- **Operating Leverage**: Expecting increasing margins over time, driven by investments in high-growth strategies like international value equity. High-net-worth client retention provides long-term stability despite slower growth.
- **Market Trends**: Noted potential capital repatriation from the U.S., but emphasized U.S. market dominance and global strategy diversification to mitigate risks.

Silvercrest Asset Management (SAMG)-9 May 25-2025 Q1 Earnings call transcript

- **Record organic growth**: 2024 AUM up 9.6% to $36.5B, with $1.5B in new organic inflows – best since 2015. Q4 revenue +12% YoY to $32M.
- **Global strategy breakthrough**: $1.3B seed investment in global value equity strategy; 2025 pipeline exceeds $1B in global opportunities.
- **Expansion acceleration**: Singapore office open; EU licensing underway. 2024 net income $9.5M, cash reserves $68.6M.
- **Cost discipline**: Compensation ratio stable at ~50%; 2025 EBITDA margin target ~25-30% with organic growth.

**【CEO Summary Section】**
- **Strong organic growth**: Q4 2024 saw $1.4 billion in new client AUM inflows, with total AUM reaching $36.5 billion (up 9.6% YoY). Discretionary AUM rose to $23.3 billion (6.4% YoY). 
- **Global value equity strategy success**: Secured $1.3 billion seed investment from CBUS, driving optimism for 2025 inflows. Global strategy pipeline exceeds $1 billion, with strong interest from Europe and Asia.
- **Expansion initiatives**: Opened Singapore office, pursuing EU licensing, and hiring business development leads in Atlanta and Singapore. 2024 revenue grew 5.3% to $123.7 million.
- **Pipeline strength**: $1.6 billion pipeline (up from $1.2 billion) includes significant OCIO opportunities. 2024 net organic inflows were highest since 2015.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: Revenue $32 million (12% YoY growth). Adjusted EBITDA $5.1 million (15.9% of revenue). Adjusted EPS $0.21. Full year revenue $123.7 million (5.3% YoY). 
- **Cost management**: Compensation as % of revenue stable at ~50%. G&A expenses up 18.5% QoQ due to professional fees and tech investments. 
- **Balance sheet**: $68.6 million cash, no debt. 2024 net income $9.5 million ($1 per share). 

**【Q&A Key Themes】**
- **Pipeline visibility**: $1.6 billion pipeline (excluding global strategy). 2025 OCIO AUM expected to grow from $1.6 billion. 
- **Expense outlook**: Compensation & G&A expenses to remain elevated due to talent investments. Medium-term EBITDA margin target ~25-30%. 
- **Global expansion**: Singapore office operational; EU licensing in process. 2025 focus on Europe, Asia, and Australia. 
- **Dividend policy**: High dividend yield maintained; buybacks considered alongside M&A opportunities.

Actual										0.36	0.27	0.35	0.31	0.42	0.45	0.44	0.58	0.45	0.39	0.34	0.15	0.35	0.36	0.07	0.33	0.3	0.26	0.2	0.27	0.25	0.19	0.18
Forecast										0.37	0.245	0.3233	0.3567	0.4025	0.4133	0.45	0.37	0.4767	0.42	0.3633	0.3133	0.3475	0.38	0.36	0.395	0.3667	0.3567	0.2833	0.33	0.3	0.28	0.1733
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.70%	+10.20%	+8.26%	-13.09%	+4.35%	+8.88%	-2.22%	+56.76%	-5.60%	-7.14%	-6.41%	-52.12%	+0.72%	-5.26%	-80.56%	-16.46%	-18.19%	-27.11%	-29.40%	-18.18%	-16.67%	-32.14%	+3.87%

Actual	--	--	--	--	--	--	--	--	--	28.36M	24.02M	27.18M	28.41M	31.24M	33.10M	33.46M	33.80M	33.51M	32.17M	29.04M	28.49M	29.43M	29.70M	28.54M	30.27M	30.99M	30.42M	31.96M	31.39M	30.67M	31.30M	31.96M
Forecast	--	--	--	--	--	--	--	--	--	29.21M	22.93M	27.51M	28.30M	31.46M	33.25M	35.46M	34.35M	34.94M	32.22M	29.10M	28.04M	29.65M	31.67M	28.89M	30.11M	30.90M	30.40M	32.02M	32.63M	30.77M	32.25M	32.03M
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-2.89%	+4.78%	-1.19%	+0.42%	-0.71%	-0.45%	-5.63%	-1.58%	-4.08%	-0.15%	-0.21%	+1.61%	-0.75%	-6.21%	-1.20%	+0.55%	+0.30%	+0.08%	-0.18%	-3.78%	-0.31%	-2.95%	-0.23%

SAMG

SAMG fundamentals

SAMG Q4 2025 Earnings

Earnings Call

You can ask Aime

SAMG

SAMG fundamentals

SAMG Q4 2025 Earnings

Earnings Call

SAMG Earnings Call Summary for Q4/20258:30 AM on Mar 17, 2026

SAMG Earnings Call Summary for Q3/20258:30 AM on Oct 31, 2025

SAMG Earnings Call Summary for Q2/20258:30 AM on Aug 1, 2025

SAMG Earnings Call Summary for Q1/20258:30 AM on May 9, 2025

SAMG Earnings Call Summary for Q4/20248:30 AM on Mar 7, 2025

You can ask Aime