Financial Data and Key Metrics Changes - Burford Capital reported a net income of $136 million for Q3 2024, resulting in $0.61 per share, with net income constituting over 60% of total revenues [10] - The company has over $3.6 billion in capital provision assets, with non-YPF assets valued at approximately $2.2 billion, reflecting a 35% fair value uplift to deployed cost [10] - Year-to-date net realized gains reached $186 million, aligning with previous annual records, and net realized and unrealized gains excluding YPF increased by 200% quarter-over-quarter [11][12] Business Line Data and Key Metrics Changes - Burford-only capital provision direct new commitments for the year-to-date are around $450 million, consistent with previous years [13] - Realizations for Burford-only capital provision direct reached $380 million, a 39% increase over the same period last year, driven by a diverse set of assets [15] - Cash receipts for the most recent quarter hit a record of $310 million, contributing to nearly $0.5 billion returned to the balance sheet [16] Market Data and Key Metrics Changes - The company noted a robust pipeline of activity across various geographic regions, including EMEA and Asia Pacific, with significant engagement in intellectual property litigation [20] - The competitive environment remains active, particularly in antitrust and competition litigation, as well as arbitration [85] Company Strategy and Development Direction - Burford Capital emphasizes a long-term view of its business, focusing on portfolio activity and cash resolution of assets rather than short-term quarterly results [4][5] - The company is committed to maintaining liquidity, ending Q3 with $629 million in cash and securities, as it prepares for upcoming debt maturities [63] - The strategic focus includes leveraging its global origination platform and asset management business while managing the YPF case effectively [66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the ongoing portfolio activity and the potential for future cash generation, despite the slow nature of the third quarter [5][7] - The management team highlighted the importance of maintaining a strong cash position to support ongoing litigation financing needs [76] - Comments on the YPF case indicated a belief that Argentina's economic recovery could lead to a resolution of the outstanding judgment [52][54] Other Important Information - The YPF judgment continues to accrue interest at a rate of 5.42%, increasing the total judgment amount to approximately $17 billion [49] - Burford's entitlement from the YPF case is around 40% of the total proceeds, with the carrying value of this asset estimated at $1.5 billion [51] Q&A Session Summary Question: Has Argentina indicated that they're not willing to come to the table until this appeal is fully adjudicated? - Management indicated that it is unlikely for a government to resolve ongoing litigation easily, suggesting a focus on positioning for the end of the process [69] Question: When do you expect the oral arguments to be scheduled? - Management stated that a date for oral argument has not yet been set, but it is anticipated to occur later this year or early next year [70] Question: Can you discuss the recent environment for deployments and new opportunities? - Management noted that while there hasn't been a large deal comparable to last year's $325 million commitment, the volume of business remains strong, particularly in antitrust and intellectual property [83][85] Question: Is there anything on the regulatory or legislative front that might affect litigation finance? - Management acknowledged a lack of enthusiasm from companies that are regular litigation defendants regarding litigation finance, indicating potential regulatory scrutiny [92]

Core Viewpoint - Burford Capital Limited announces an interim dividend of 6.25 US cents per ordinary share, payable on December 5, 2024, to shareholders of record as of November 1, 2024, with a conversion rate for pound sterling set at 4.845352 pence per share based on the exchange rate of £1 = US$1.289896 as of November 6, 2024 [1][2]. Company Overview - Burford Capital is a leading global finance and asset management firm focused on law, involved in litigation finance, risk management, asset recovery, and various legal finance and advisory activities [2]. - The company is publicly traded on both the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), with offices in major cities including New York, London, Chicago, Washington, DC, Singapore, Dubai, and Hong Kong [2].

Group 1 - Burford Capital Limited reported quarterly earnings of $0.61 per share, exceeding the Zacks Consensus Estimate of $0.30 per share, but down from $1.22 per share a year ago, representing an earnings surprise of 103.33% [1] - The company posted revenues of $249.11 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 81.84%, but down from $368.87 million year-over-year [2] - Burford Capital shares have declined approximately 6.4% since the beginning of the year, contrasting with the S&P 500's gain of 24.3% [3] Group 2 - The earnings outlook for Burford Capital is mixed, with the current consensus EPS estimate for the coming quarter at $0.68 on revenues of $262 million, and $1.09 on revenues of $603 million for the current fiscal year [7] - The Zacks Industry Rank for Financial - Miscellaneous Services is in the top 31% of over 250 Zacks industries, indicating that the industry outlook can significantly impact stock performance [8]

Financial Performance - The company generated $556 million in Burford-only cash receipts year-to-date (YTD) in 2024, with $310 million in the third quarter (3Q) of 2024, setting new records [2] - Core portfolio net realized gains reached $184 million YTD in 2024, up 49% compared to YTD 2023, and $56 million in 3Q 2024, nearly double the levels of 3Q 2023 and 3Q 2022 [2] - Burford-only net income attributable to shareholders was $136 million in 3Q 2024, with tangible book value exceeding $10 per share for the first time [2] - Total revenues for 3Q 2024 were $249.1 million, a 32% decrease compared to 3Q 2023, while total operating expenses decreased by 12% to $46.9 million [3] - Net income attributable to shareholders for 3Q 2024 was $135.6 million, a 50% decrease compared to 3Q 2023 [3] Portfolio and Realizations - Core portfolio realizations reached $380 million YTD in 2024, up 39% compared to YTD 2023, with 40 assets diversified across various sectors [6] - Ten assets generated more than $10 million in realizations YTD in 2024, with five assets delivering $20 million or more [6] - The return on invested capital (ROIC) for YTD 2024 realizations was 94%, above the historical track record [6] - New commitments in 3Q 2024 increased significantly, with $443 million in core portfolio new commitments and $263 million in deployments YTD in 2024 [6] Liquidity and Capital - The company's liquidity position strengthened, with Burford-only cash and cash equivalents and marketable securities totaling $629 million at the end of 3Q 2024, up from $303 million at the end of 2023 [10] - Total debt outstanding increased to $1.8 billion at the end of 3Q 2024, compared to $1.6 billion at the end of 2023, but leverage remains well below covenant ceiling levels [11] Operational Highlights - The company's core portfolio net realized gains of $184 million YTD in 2024 are already in line with the previous annual peak of $186 million achieved in 2023 [6] - Burford-only capital provision income in 3Q 2024 was $205 million, driven by positive impacts across major valuation inputs such as discount rates, case milestones, and duration [8] - Excluding YPF-related assets, Burford-only total net realized and unrealized gains increased by 200% in 3Q 2024 and 17% YTD in 2024 compared to the same periods in 2023 [8] Industry and Market Context - The company continues to clear the pandemic-driven backlog, with about half of the capital provision assets generating realizations YTD in 2024 being from 2020 and prior vintages [6] - Definitive undrawn commitments at the end of 3Q 2024 were $727 million, up 25% YTD in 2024, supporting future deployment activity [6]

Wall Street expects a year-over-year decline in earnings on lower revenues when Burford Capital Limited (BUR) reports results for the quarter ended September 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on ...

NEW YORK, Oct. 28, 2024 /PRNewswire/ -- Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today announces that it will release its financial results for the three and nine months ended September 30, 2024 ("3Q24") on Thursday, November 7, 2024, at 7.00am EST / 12.00pm GMT. Burford will hold a conference call for investors and analysts at 10.00am EST / 3.00pm GMT on Thursday, November 7, 2024. The dial-in numbers for the conference call are +1 (646) 307- ...

Growth in awareness and use of "corporate finance for law" reinforced in data and in interviews with global law firm lawyers NEW YORK, Oct. 1, 2024 /PRNewswire/ -- Burford Capital, the leading global finance and asset management firm focused on law, has grown significantly since its founding in 2009. As part of ongoing recognition of the growth in legal finance and Burford's industry leadership as it celebrates its 15th anniversary, it today shares data from its own performance and releases new research bas ...

NEW YORK, Sept. 26, 2024 /PRNewswire/ -- Burford Capital, the leading global finance and asset management firm focused on law, today releases its latest Burford Quarterly, a journal of legal finance that explores the top trends at the nexus of law and finance. Coinciding with Burford's 15th anniversary, this Burford Quarterly examines the evolution of the legal finance industry over the last decade-and-a-half and highlights the benefits of legal finance for businesses. Articles in the Burford Quarterly 4 20 ...

Cumulative amount earmarked for award-winning initiative now exceeds $300 million; nearly $170 million already committed during first two phases of The Equity Project NEW YORK, Sept. 24, 2024 /PRNewswire/ -- Burford Capital, the leading global finance and asset management firm focused on law, is doubling down on its commitment to addressing the lack of diversity in the leadership of commercial litigation and arbitration. In announcing the third phase of its award-winning Equity Project, Burford is earmarkin ...

Burford Capital (NYSE: BUR ) stood out to me as a potential free call option, as the downside seemed limited, with the upside being substantial due to the payout from the YPF related assets. The company has a substantial Amateur value investor seeking bargains in any market, with a specific focus on emerging markets. Admires great investors such as Li Lu and Peter Lynch, and am not afraid to go against the grain. Willing to buy any company at the right price, and is looking for low-risk and high uncertainty ...