Financial Performance - The company reported a total revenue of $150 million for the quarter, representing a 20% increase year-over-year[10]. - The company reported a net income of $30 million, which is a 25% increase compared to the same quarter last year[10]. - Revenue for the three months ended June 30, 2024, was $49,453,000, compared to $51,285,000 for the same period in 2023, reflecting a decline of approximately 3.2%[38]. - Net loss attributable to AlTi Global, Inc. for the three months ended June 30, 2024, was $(5,994,000), compared to a net income of $42,740,000 for the same period in 2023[38]. - The company reported a net income (loss) per share of $(0.18) for the three months ended June 30, 2024, compared to $0.72 for the same period in 2023[38]. - The company reported a total shareholders' equity of $898,343,000 as of June 30, 2024, reflecting an increase from $782,493,000 at the beginning of the year[44]. - The company reported a total accumulated deficit in retained earnings reached $170,172,000, indicating ongoing challenges in profitability[48]. - For the six months ended June 30, 2024, the net income was $12,786, compared to a net loss of $62,160 for the same period in 2023[54]. Assets and Liabilities - Assets under management (AUM) reached $5 billion, up from $4.2 billion in the previous quarter, indicating a 19% growth[10]. - Total assets increased to $1,322,730,000 as of June 30, 2024, from $1,266,297,000 as of December 31, 2023, representing a growth of approximately 4.5%[36]. - Total liabilities decreased to $399,209,000 as of June 30, 2024, down from $483,804,000 as of December 31, 2023, a reduction of about 17.5%[36]. - Cash and cash equivalents increased significantly to $59,984,000 as of June 30, 2024, from $15,348,000 as of December 31, 2023[36]. - Cash and cash equivalents at the end of the period were $59.984 million, significantly up from $27.105 million as of June 30, 2023[doc id='56']. Strategic Initiatives - The company expects to achieve a revenue target of $200 million for the next quarter, reflecting a projected growth of 33%[10]. - A strategic acquisition of a competitor is anticipated to enhance the company's service offerings and is expected to close by Q3 2024[10]. - The company is expanding its market presence in Europe, aiming to increase its market share by 10% over the next year[10]. - The company has invested $10 million in research and development for new technologies aimed at improving operational efficiency[10]. - The company has commenced a strategic review of certain businesses within the Strategic Alternatives segment, expected to be completed by the end of Q3 2024[71]. Employee and Compensation - Share-based compensation expenses totaled $9,074,000, reflecting the company's commitment to employee incentives[48]. - The company issued 1,815,560 shares to employees on vesting of equity awards, reflecting ongoing employee engagement strategies[48]. - Compensation and benefits include salaries, bonuses, commissions, and payroll taxes, accrued over the related service period[116]. Investment and Acquisitions - The company incurred cash payments of $69.014 million for the acquisition of East End Advisors, LLC, net of cash acquired[doc id='56']. - The total purchase consideration for the AWMS Acquisition was $16.8 million, with an earn-out liability of $1.1 million reported as of June 30, 2024[150]. - The EEA Acquisition had a total purchase consideration of $93.1 million, including an estimated contingent consideration of $23.3 million, with the earn-out liability's fair value reported at $24.0 million as of June 30, 2024[151]. - The company completed the sale of LXi REIT Advisors Limited for approximately $33.1 million, with an additional contingent consideration of up to $5.1 million based on exchange rates[79]. - The company recognized an intangible asset impairment charge of $23.5 million related to the disposal of LRA, recorded in the Consolidated Statement of Operations for the year ended December 31, 2023[80]. Market and User Engagement - New product launches contributed to a 15% increase in user engagement metrics, with active users rising to 1.2 million[10]. - The Wealth Management segment reported $55.9 billion in Assets Under Administration (AUA) as of June 30, 2024, up from $51.0 billion as of December 31, 2023, representing a growth of approximately 17.1%[72]. - The Strategic Alternatives segment had $7.3 billion in AUA as of June 30, 2024, a slight decrease from $7.6 billion as of December 31, 2023[75]. Financial Adjustments and Impairments - The Company recognized goodwill impairment charges of $153.9 million for the Strategic Alternatives segment as of December 31, 2023, with no impairment charges for the Wealth Management segment[139]. - The Company recognized intangible asset impairment charges of $0.7 million for the three months ended June 30, 2024, compared to $52.9 million for the year ended December 31, 2023, reflecting a significant reduction in impairment[136]. - The company experienced an impairment loss on goodwill and intangible assets of $695 for the six months ended June 30, 2024, compared to $29,393 in 2023[54].
AlTi (ALTI) - 2024 Q2 - Quarterly Report