AssetMark(US:AMK)2022-08-07 16:00Financial Performance - Total revenue for the three months ended June 30, 2022, was $151,207,000, representing a 18.1% increase from $128,042,000 for the same period in 2021[16] - Asset-based revenue increased to $139,249,000 for the three months ended June 30, 2022, up 11.7% from $124,690,000 in the prior year[16] - Net income for the six months ended June 30, 2022, was $47,559,000, compared to $1,070,000 for the same period in 2021, reflecting a significant increase[16] - The company reported a basic net income per share of $0.34 for the three months ended June 30, 2022, compared to $0.14 for the same period in 2021[16] - Net income attributable to common stockholders for the three months ended June 30, 2022, was $25,340,000, compared to $9,986,000 for the same period in 2021, representing a 153% increase[83] - Basic net income per share attributable to common stockholders increased to $0.34 for the three months ended June 30, 2022, from $0.14 in the same period of 2021, a growth of 143%[83] - Diluted net income per share attributable to common stockholders was $0.34 for the three months ended June 30, 2022, compared to $0.14 for the same period in 2021[83] Assets and Equity - Total assets as of June 30, 2022, were $1,433,605,000, an increase from $1,386,962,000 as of December 31, 2021[13] - Total stockholders' equity rose to $1,063,118,000 as of June 30, 2022, up from $1,009,386,000 at the end of 2021[13] - Total stockholders' equity as of June 30, 2022, was $1,063,118,000, up from $946,248,000 as of June 30, 2021, representing a growth of approximately 12.4%[20] - Total current assets as of June 30, 2022, were $176,141,000, up from $134,173,000 as of December 31, 2021, indicating a 31% increase[13] Cash Flow - Cash and cash equivalents increased to $116,537,000 as of June 30, 2022, compared to $76,707,000 at the end of 2021, marking a 52% increase[13] - Cash provided by operating activities for the six months ended June 30, 2022, was $55,268,000, compared to $53,285,000 for the same period in 2021, indicating a slight increase of 3.7%[23] - The company reported a net change in cash of $39,830,000 for the six months ended June 30, 2022, compared to $109,137,000 for the same period in 2021[23] Expenses - Operating expenses for the three months ended June 30, 2022, totaled $116,308,000, an increase from $107,197,000 in the same period of 2021[16] - Interest expense for the three months ended June 30, 2022, was $1,488, compared to $774 for the same period in 2021, reflecting a 92.2% increase[62] - Interest expense for the six months ended June 30, 2022, was $2,647, up 71.5% from $1,545 in the previous year[62] Acquisitions and Investments - The company completed an internal restructuring on January 1, 2022, merging AssetMark Financial, Inc. into AssetMark Financial Holdings, Inc.[26] - The company entered into an agreement to acquire Adhesion Wealth Advisor Solutions, Inc., subject to customary closing conditions[41] - The Company completed the acquisition of Voyant, Inc. on July 1, 2021, with a subsequent adjustment to goodwill of $333 during the three months ended June 30, 2022[40] Regulatory and Legal Matters - The Company is subject to various regulatory inquiries and litigation risks that could adversely affect its business and financial condition[77] - Management believes that the resolution of pending legal proceedings will not have a material effect on the Company's financial condition or results of operations[77] Market Outlook - The company anticipates continued growth in asset-based revenue driven by increased demand for investment solutions[6] - The company is focused on expanding its market presence and enhancing its product offerings to drive future growth[6] - The company anticipates continued growth in its investment solutions and services, despite potential fluctuations in revenue due to market conditions and competition[8] - The Company expects COVID-19 related changes in market and investor behaviors to continue impacting asset- and spread-based revenue[34]