Financial Performance - Total revenue for Q3 2024 increased by 33% year-over-year to $28.1 million, up from $21.1 million in the prior-year period[3] - Adjusted net income grew 65% year-over-year to $14.9 million, compared to $9.0 million in the prior-year period, with adjusted diluted earnings per share at $0.20[3] - Adjusted EBITDA rose 54% year-over-year to $16.7 million, with an adjusted EBITDA margin of 59.2%, compared to 51.1% in the prior-year period[3] - Total revenues for Q3 2024 reached $28.15 million, a 33.2% increase from $21.12 million in Q3 2023[20] - Active management revenue increased to $26.97 million, up 42.5% from $18.93 million year-over-year[20] - Adjusted Net Income for Q3 2024 was $14.88 million, compared to $9.02 million in Q3 2023, reflecting a 64.5% increase[21] - Adjusted EBITDA for Q3 2024 was $16.67 million, with an adjusted EBITDA margin of 59.2%, compared to 51.1% in Q3 2023[23] - Total operating expenses for Q3 2024 were $19.11 million, an increase from $11.46 million in Q3 2023[20] - Gross profit for Q3 2024 was $25.96 million, compared to $17.76 million in Q3 2023, indicating a gross margin improvement[20] Policy Originations and Capital Deployment - The number of policy originations increased by 54% to 278 in Q3 2024, compared to 181 in the prior-year period, with origination capital deployment reaching $93.2 million[3] Acquisitions and Growth Initiatives - The company expects to close acquisitions of Carlisle Management and FCF Advisors, adding approximately $2.6 billion in assets under management by the end of Q4 2024, subject to regulatory approval[2] - The ABL Tech platform serves over 20 clients, with 23 more in negotiations, demonstrating significant growth in just eight months since its launch[2] - The company launched PREADISAN™, a health prediction and actuarial technology tool, in partnership with Lorisco, aimed at enhancing personalized financial solutions[2] Returns and Losses - GAAP net loss attributable to shareholders was $5.1 million, primarily due to a non-cash increase in warrant liability of $7.8 million[3] - Net loss attributable to common stockholders for Q3 2024 was $5.13 million, compared to a profit of $0.90 million in Q3 2023[21] - The company reported a loss on change in fair value of warrant liability of $8.77 million for Q3 2024, compared to a loss of $0.94 million in Q3 2023[21] Returns on Investment - Annualized return on invested capital (ROIC) for Q3 2024 was 21%, and annualized return on equity (ROE) was 23%[3] - Adjusted Annualized Return on Invested Capital (ROIC) improved to 20.6% as of September 30, 2024, up from 18.0% as of June 30, 2024[24] - Adjusted Annualized Return on Equity (ROE) increased to 23.1% for the period ended September 30, 2024, compared to 18.4% for the period ended June 30, 2024[25] Cash and Assets - Cash and cash equivalents as of September 30, 2024, were $19.4 million, with total assets amounting to $477.3 million[4][18]
ET.RES.ACQ(ERESW) - 2024 Q3 - Quarterly Results