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AssetMark(AMK) - 2024 Q2 - Quarterly Report
2024-08-06 20:38
Financial Position - Total assets as of June 30, 2024, were $1,617,413,000, a slight decrease from $1,620,563,000 as of December 31, 2023[12] - Current assets decreased from $291,111,000 as of December 31, 2023, to $274,815,000 as of June 30, 2024, primarily due to a reduction in cash and cash equivalents[12] - Total liabilities decreased from $353,181,000 as of December 31, 2023, to $271,750,000 as of June 30, 2024, reflecting a reduction in long-term debt[12] - Stockholders' equity increased from $1,267,382,000 as of December 31, 2023, to $1,345,663,000 as of June 30, 2024, driven by retained earnings growth[12] Revenue and Income - The company reported a net income of $70,278,000 for the six months ended June 30, 2024, compared to $50,000,000 for the same period in 2023, representing a 40.56% increase[13] - Total revenue for Q2 2024 reached $198,491 thousand, a 13% increase from $175,521 thousand in Q2 2023[14] - Asset-based revenue increased to $158,878 thousand, up 15.7% from $137,336 thousand year-over-year[14] - Subscription-based revenue rose to $4,306 thousand, reflecting a 16.6% increase compared to $3,693 thousand in the same period last year[14] - Net income for Q2 2024 was $32,314 thousand, slightly down from $32,877 thousand in Q2 2023, representing a decrease of 1.7%[14] - Basic net income per share for Q2 2024 was $0.43, unchanged from Q2 2023[14] Expenses - Total operating expenses increased to $151,439 thousand, a 17.3% rise from $129,145 thousand in Q2 2023[14] - Employee compensation expenses rose to $51,902 thousand, up 8.5% from $48,099 thousand year-over-year[14] - Total asset-based expenses for the six months ended June 30, 2024, were $93,200, up from $76,778 for the same period in 2023, representing an increase of approximately 21.4%[63] Cash Flow - Net cash provided by operating activities for the six months ended June 30, 2024, was $99,436, slightly down from $105,479 in 2023, a decrease of 5.4%[21] - The company reported a net cash used in investing activities of $32,684 for the six months ended June 30, 2024, compared to $29,935 in 2023, an increase of 9.2%[21] - The company experienced a net change in cash of $(26,998) for the six months ended June 30, 2024, compared to an increase of $50,544 for the same period in 2023[21] Merger and Acquisition - The company entered into a merger agreement valued at approximately $2,622,573 with GTCR Everest Borrower, LLC, with the transaction subject to customary closing conditions[28] - The company incurred transaction costs associated with the merger of approximately $10,952 for the six months ended June 30, 2024[31] - The Company entered into an Asset Purchase Agreement with Morningstar, Inc. to acquire client advisory agreements, pending regulatory approval[41] Risks and Regulatory Matters - The company is exposed to various risks, including market fluctuations and cybersecurity threats, which could adversely affect its business operations[7] - The company has significant exposure to risks related to the pending merger, which could adversely affect its financial condition and operations[7] - The company is subject to various regulatory inquiries and litigation risks that could adversely affect its business and financial condition[77] - The company continues to comply with certain undertakings under the SEC settlement reached in September 2023[78] Shareholder Information - The weighted average number of common shares outstanding increased to 74,743,985 in Q2 2024 from 74,172,080 in Q2 2023[14] - Total stockholders' equity as of June 30, 2024, was $1,345,663 thousand, an increase from $1,184,439 thousand as of June 30, 2023[17] - The balance of common shares increased to 74,743,985 as of June 30, 2024, from 74,172,080 as of June 30, 2023, marking an increase of 0.8%[18] Accounting and Compliance - The company is evaluating the impact of new accounting standards issued by FASB, which will affect financial disclosures starting in 2024 and 2025[36] - The company performed an annual test for intangible assets impairment and determined that intangible assets were not impaired as of June 30, 2024[47] Taxation - The effective income tax rate was 28.3% for Q2 2024, compared to 26.2% for Q2 2023, and 25.8% for the first half of 2024, down from 26.8% for the same period in 2023[80]
Compared to Estimates, AssetMark Financial (AMK) Q2 Earnings: A Look at Key Metrics
ZACKS· 2024-07-18 23:31
Core Insights - AssetMark Financial reported revenue of $198.49 million for the quarter ended June 2024, reflecting an 8.3% increase year-over-year and exceeding the Zacks Consensus Estimate of $193.28 million by 2.70% [1] - Earnings per share (EPS) for the quarter was $0.66, up from $0.55 in the same quarter last year, aligning with the consensus EPS estimate [1] Financial Performance Metrics - Assets in custody at ATC at period-end were 88,681, surpassing the two-analyst average estimate of 88,154 [2] - Ending platform assets totaled $119.39 billion, slightly below the average estimate of $119.61 billion [2] - Asset-based revenue reached $158.88 million, a 15.7% increase year-over-year, but below the average estimate of $159.12 million [2] - Spread-based revenue was reported at $28.85 million, down 22.6% year-over-year, and below the average estimate of $29.47 million [2] - Subscription-based revenue increased to $4.31 million, a 16.6% year-over-year change, exceeding the average estimate of $4.26 million [2] - Other revenue was $6.45 million, significantly higher than the three-analyst average estimate of $5.67 million, representing a 30.9% year-over-year increase [2] Stock Performance - Over the past month, shares of AssetMark Financial have returned +0.4%, compared to a +2.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential outperformance against the broader market in the near term [3]
AssetMark Financial (AMK) Q2 Earnings Match Estimates
ZACKS· 2024-07-18 22:35
Financial Performance - AssetMark Financial reported quarterly earnings of $0.66 per share, matching the Zacks Consensus Estimate, and an increase from $0.55 per share a year ago [1] - The company posted revenues of $198.49 million for the quarter ended June 2024, exceeding the Zacks Consensus Estimate by 2.70%, compared to $183.23 million in the same quarter last year [1] - Over the last four quarters, AssetMark has surpassed consensus EPS estimates two times and revenue estimates three times [1] Market Performance - AssetMark Financial shares have increased by approximately 14.9% since the beginning of the year, while the S&P 500 has gained 17.2% [2] - The stock is currently rated Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [4] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.69 on revenues of $197.43 million, and for the current fiscal year, it is $2.65 on revenues of $777.06 million [4] - The trend for estimate revisions ahead of the earnings release was favorable, which may influence future stock performance [4] Industry Context - The Financial - Investment Management industry is currently ranked in the bottom 35% of over 250 Zacks industries, which may impact stock performance [5] - Another company in the same industry, BrightSphere Investment Group, is expected to report quarterly earnings of $0.42 per share, reflecting a year-over-year increase of 50% [5][6]
AssetMark(AMK) - 2024 Q2 - Quarterly Results
2024-07-18 21:04
EXHIBIT 99.1 AssetMark Reports $119.4B Platform Assets for Second Quarter 2024 CONCORD, Calif., July 18, 2024, (GLOBE NEWSWIRE) — AssetMark Financial Holdings, Inc. (NYSE: AMK) today announced financial results for the quarter ended June 30, 2024. Second Quarter 2024 Financial and Operational Highlights • Net income for the quarter was $32.3 million, or $0.43 per share. • Adjusted net income for the quarter was $49.8 million, or $0.66 per share, on total revenue of $198.5 million. • Adjusted EBITDA for the ...
AssetMark Reports $119.4B Platform Assets for Second Quarter 2024
GlobeNewswire News Room· 2024-07-18 20:15
CONCORD, Calif., July 18, 2024 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) today announced financial results for the quarter ended June 30, 2024. Second Quarter 2024 Financial and Operational Highlights Net income for the quarter was $32.3 million, or $0.43 per share.Adjusted net income for the quarter was $49.8 million, or $0.66 per share, on total revenue of $198.5 million.Adjusted EBITDA for the quarter was $71.9 million, or 36.2% of total revenue.Platform assets increased 18.5% ye ...
June AMK Report
GlobeNewswire News Room· 2024-07-10 20:15
Company Results - AssetMark Financial Holdings, Inc. reported platform assets of $119.4 billion at the end of June 2024, representing an 18.5% increase year-over-year [1][2] - Net flows for June 2024 were $397 million, which is a decrease of 36.4% year-over-year [1][2] - Client cash at AssetMark Trust Company was $2.93 billion, showing a slight decline of 0.3% year-over-year [1][2] - The number of households served by AssetMark increased by 5.4% year-over-year, reaching 261,341 at the end of June [1][2] Monthly Metrics - Platform assets increased from $100.8 billion in June 2023 to $119.4 billion in June 2024, reflecting a month-over-month change of 1.4% [2] - Net flows decreased from $624 million in June 2023 to $397 million in June 2024, indicating a month-over-month decline of 35.0% [2] - Ending client cash at AssetMark Trust Company was $2.93 billion in June 2024, a 3.2% increase from the previous month [2] Company Overview - AssetMark operates a wealth management platform that supports independent financial advisors and their clients, providing flexible solutions to enhance client engagement and efficiency [3] - The company was founded in 1996 and is based in Concord, California, employing over 1,000 individuals [3] - As of the first quarter of 2024, AssetMark had approximately $117 billion in platform assets [3]
June AMK Report
Newsfilter· 2024-07-10 20:15
CONCORD, Calif., July 10, 2024 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today. Company results for the month of June 2024 include: Platform assets of $119.4 billion at the end of June, up 18.5% year-over-year. Morningstar Wealth TAMP assets are not included in our total as the deal has been signed, but is not closed. Net flows were $397 million in the month of June, down 36.4% year-over-year. AssetMark Trust Company client cash was ...
AssetMark (AMK) & Morningstar Wealth Form Strategic Alliance
ZACKS· 2024-06-21 14:16
AssetMark Financial Holdings Inc.'s (AMK) wholly-owned subsidiary AssetMark Inc. entered into a strategic coalition with Morningstar Wealth, a division of Morningstar Inc. (MORN) . The transaction, approved by the board of directors of both companies, is expected to be closed in the second half of 2024, subject to regulatory approvals. AssetMark will acquire roughly $12 billion in assets from Morningstar Wealth Turnkey Asset Management Platform ("TAMP") as part of the alliance. AssetMark's platform, which o ...
AssetMark to Enter Strategic Alliance with Morningstar Wealth, Acquire Assets from TAMP Business
Newsfilter· 2024-06-20 13:15
CONCORD, Calif., June 20, 2024 (GLOBE NEWSWIRE) -- Wealth management platform AssetMark, Inc., a wholly owned subsidiary of AssetMark Financial Holdings, Inc. and a Registered Investment Adviser (collectively "AssetMark"), today announced a strategic alliance with Morningstar Wealth, a division of independent investing insights firm Morningstar, Inc. (Nasdaq: MORN). As part of the alliance, AssetMark will acquire approximately $12 billion in assets from the Morningstar Wealth Turnkey Asset Management Platfo ...
May AMK Report
GlobeNewswire News Room· 2024-06-10 20:15
CONCORD, Calif., June 10, 2024 (GLOBE NEWSWIRE) -- AssetMark Financial Holdings, Inc. (NYSE: AMK) released its “AssetMark Monthly Knowledge” Report today. Company results for the month of May 2024 include: Platform assets of $117.7 billion at the end of May, up 22.1% year-over-year.Net flows were $611 million in the month of May, down 4.1% year-over-year.AssetMark Trust Company client cash was $2.84 billion, down 3.7% year-over-year.Number of households increased 5.7% year-over-year to 260,756 at the end of ...