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What were the key takeaways from Silvercrest Asset’s earnings call?

- **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.

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