Silvercrest Asset Management Group(SAMG) - 2024 Q4 - Annual Results

Assets Under Management (AUM) - Silvercrest reported total assets under management (AUM) of $36.5 billion as of December 31, 2024, a 9.6% increase from $33.3 billion at year-end 2023[3]. - Total assets under management (AUM) at the end of Q4 2024 reached $36.5 billion, up from $33.3 billion at the end of Q4 2023, reflecting a 9.6% increase[45]. - Total Assets Under Management (AUM) increased to $36.455 billion as of December 31, 2024, up from $33.281 billion a year earlier, representing a growth of 6.5%[54]. - Discretionary AUM increased by 6.4% to $23.3 billion at year-end 2024, up from $21.9 billion at year-end 2023[11]. - Discretionary AUM at the end of Q4 2024 was $23.3 billion, up from $21.9 billion in Q4 2023, marking a 6.4% increase[47]. - Discretionary AUM reached $23.319 billion at December 31, 2024, compared to $21.885 billion at the same date in 2023, marking an increase of 6.5%[54]. - Non-discretionary AUM increased to $13.2 billion in Q4 2024 from $11.4 billion in Q4 2023, representing a 15.8% growth[50]. Financial Performance - Revenue for Q4 2024 increased by 12.0% to $32.0 million, compared to $28.5 million in Q4 2023, while total revenue for the year rose by 5.3% to $123.7 million from $117.4 million[13][17]. - Adjusted EBITDA for Q4 2024 was $5.1 million, representing 15.9% of revenue, compared to $2.6 million or 9.0% of revenue in Q4 2023[16]. - Adjusted EBITDA for the year ended December 31, 2024, was $26,101,000, compared to $26,878,000 in 2023, resulting in an Adjusted EBITDA margin of 21.1%[37]. - Consolidated net income for Q4 2024 was $2.7 million, compared to a net loss of $0.6 million in the same period last year, with net income attributable to Silvercrest at $1.6 million[15]. - Adjusted net income for the year was $15.8 million, or $1.15 per adjusted basic share, compared to $16.1 million in the previous year[19]. - The company reported a net income of $2,684,000 for the three months ended December 31, 2024, compared to a net loss of $642,000 in the same period of 2023[34]. - Adjusted net income for Q4 2024 was $2,861 million, compared to $1,049 million in Q4 2023, representing a significant increase of 172.5%[40]. - Basic and diluted net income per share for the year ended December 31, 2024, was $1.00, compared to $0.96 in 2023, indicating a 4.2% increase[31]. Client Inflows and Growth - The firm achieved $1.4 billion in new client AUM inflows during Q4 2024, contributing to a total of $1.5 billion for the entire year, marking the best year for new organic client inflows since 2015[2]. - Gross client inflows for Q4 2024 were $2.2 billion, a substantial increase of 144.4% compared to $0.9 billion in Q4 2023[45]. - New client accounts/assets for the twelve months ended December 31, 2024, were $1.549 billion, significantly higher than $0.339 billion in the previous year[54]. - The company anticipates future growth in assets under management and client retention, despite potential risks and uncertainties[27]. Expenses and Liabilities - Total expenses for the year increased by 7.5% to $106.0 million, driven by a 5.6% rise in compensation and benefits expenses[18]. - Total liabilities decreased to $74,739 million in Q4 2024 from $77,764 million in Q4 2023, indicating a reduction of 4.1%[43]. - The company’s cash and cash equivalents were $68,611 million as of December 31, 2024, slightly down from $70,301 million in 2023[43]. - Cash and cash equivalents stood at $68.6 million as of December 31, 2024, down from $70.3 million at the end of 2023[21]. Market and Strategic Initiatives - The firm plans to pursue more initiatives in Europe and has hired business development leads in Atlanta and Singapore to enhance market presence[4]. - Silvercrest continues to focus on maintaining its fee structure and enhancing its investment strategies to drive profitability[27]. - Market appreciation for AUM in Q4 2024 was $0.5 billion, a decrease of 80% compared to $2.5 billion in Q4 2023[45]. - Market appreciation for the twelve months was $2.144 billion, slightly lower than $2.201 billion in the previous year[54].