StepStone (STEP) 2025 Conference June 10, 2025 02:30 PM ET Speaker0 All right. We're going go ahead and get started here. For important disclosures, please see the Morgan Stanley research disclosure website at morganstanley.com/researchdisclosures. Note that taking of photographs and use of recording devices is also not allowed. If you have any questions, please reach out to your Morgan Stanley sales representative. All right, great. With that out of the way, good afternoon, everyone. Thanks for staying wit ...

Core Insights - Corcentric has partnered with Amazon Business to provide customers access to a vast selection of products, enhancing procurement capabilities [1][3] - The collaboration aims to streamline purchasing processes for various organizations, including small businesses, schools, and government agencies [2][7] - The integration allows businesses to maintain compliance with purchasing policies while benefiting from bulk discounts and Amazon Business Prime [3][6] Company Overview - Corcentric is recognized as a leading global provider of procurement and finance solutions, offering technology and payment solutions alongside advisory services [8] - Amazon Business serves millions of customers globally, focusing on cost savings, productivity, and insightful purchasing analytics [7] Benefits of Integration - The partnership enhances spend governance through automated approvals and detailed invoicing, providing better control and visibility for procurement teams [4] - Businesses can achieve sustainability goals by utilizing features like Guided Buying and Buy Local to source eco-friendly products [5] - The collaboration is designed to simplify online procurement, offering flexible payment solutions and streamlined buying processes [6]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $18.5 million or $0.24 per share for the fourth quarter [5] - Fee related earnings reached $94.1 million, an increase of 85% from the prior year quarter, with an FRE margin of 44% [5][31] - Adjusted net income for the quarter was $80.6 million or $0.68 per share, up from $37.7 million or $0.33 per share in the same quarter last year [6][31] - The total dividend payout for the fiscal year was $1.36, up from $0.99 the previous year [6][29] Business Line Data and Key Metrics Changes - The company raised over $31 billion in assets under management (AUM) for the fiscal year, with a growth of $27.5 billion in fee earning AUM, marking a 29% growth rate [8][18] - Managed account re-up rates remained above 90%, with average growth of approximately 30% [9] - The private wealth platform saw significant growth, increasing from $3.4 billion to over $8 billion in assets [11] Market Data and Key Metrics Changes - Total gross inflows for the quarter were $9.9 billion, the second highest on record [12] - Fee earning assets under management grew to over $121 billion, up $7.2 billion from the previous quarter [13] - The undeployed fee earning capital (UFEC) increased from approximately $22 billion to $25 billion [22] Company Strategy and Development Direction - The company aims to continue expanding its private wealth offerings and has introduced new products to enhance distribution [11][27] - The strategy includes focusing on scenario planning to assess impacts by asset class, strategy, region, and sector amid a volatile market environment [14] - The company is actively pursuing opportunities in private markets, leveraging its scale and expertise to navigate through cycles [17] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about the operating environment, noting recent progress in trade policy but acknowledging ongoing uncertainty [14] - The company believes that private markets will continue to outperform public markets, emphasizing the importance of a long-term investment approach [15][16] - Management highlighted the importance of maintaining a disciplined investment strategy to capitalize on market dislocations [17] Other Important Information - The company plans to conduct a buy-in of non-controlling interests using $10 million in cash and $161 million in equity [28] - The board declared a supplemental dividend of $0.40 per share, in addition to a base quarterly dividend of $0.24 [29] Q&A Session Summary Question: What were the one-time fees mentioned in the quarter? - The one-time fees were approximately $4 million in advisory fees, which were larger than usual for the quarter [39] Question: How does the pipeline of new business look? - Management expressed a positive outlook on the pipeline, noting strong opportunities in new capital allocations to private markets [44] Question: How do you see the fundraising environment evolving? - Management noted a barbell fundraising trend with strong first and final closes, indicating a healthy fundraising environment [50] Question: What is the outlook for the secondaries marketplace? - Management expects increased selling in the secondaries market due to liquidity constraints among investors, positioning the company as an active buyer [59] Question: How is the private wealth product platform evolving? - The company sees significant growth potential in the private wealth space, particularly in expanding its offerings and distribution in Europe [63]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $18.5 million or $0.24 per share for the fourth quarter [4] - Fee related earnings (FRE) reached $94.1 million, an increase of 85% from the prior year quarter, with an FRE margin of 44% [4][12] - Adjusted net income for the quarter was $80.6 million or $0.68 per share, up from $37.7 million or $0.33 per share in the same quarter last year [5][12] - The total dividend payout for the fiscal year was $1.36, up from $0.99 the previous year [5][28] Business Line Data and Key Metrics Changes - The company raised over $31 billion in assets under management (AUM) for the fiscal year, with a growth of $27.5 billion in fee earning AUM, marking a 29% increase [6][12] - Managed account re-up rates remained above 90%, with an average growth of approximately 30% [6] - The private wealth platform saw AUM increase from $3.4 billion to over $8 billion [10] - Total gross inflows for the quarter were $9.9 billion, with $1.2 billion of evergreen subscriptions, marking the best private wealth quarter ever [11][20] Market Data and Key Metrics Changes - The company experienced strong fundraising and deployment of undeployed fee earning capital, driving fee earning AUM to over $121 billion, an increase of $7.2 billion from the previous quarter [12][22] - The undeployed fee earning capital (UFEC) grew from approximately $22 billion to $25 billion [22] - The blended management fee rate increased to 65 basis points from 59 basis points in the prior fiscal year [22] Company Strategy and Development Direction - The company aims to double its fee related earnings over five years and expand its FRE margin to the mid-30s, achieving a doubling of fee related earnings in just two years [23][24] - The company is focused on scenario planning to assess impacts by asset class, strategy, region, and sector due to market uncertainties [13] - The company is expanding its private wealth offerings and distribution partners, increasing from 300 to nearly 500 unique platforms [10][26] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the evolving global trade policy and its impact on market volatility [13] - The company believes that private markets will continue to outperform public markets, emphasizing the importance of a long-term disciplined investment approach [14][15] - Management highlighted the importance of leveraging data and technology to enhance client acquisition and retention [26] Other Important Information - The company plans to conduct a buy-in of non-controlling interests using $10 million in cash and $161 million in equity [27] - The company declared a supplemental dividend of $0.40 per share, in addition to a base quarterly dividend of $0.24 [28] Q&A Session Summary Question: What were the one-time fees in the quarter? - The one-time fees were approximately $4 million in advisory fees, which impacted the FRE margin [38] Question: How does the pipeline of new business look? - The company is optimistic about the pipeline of new opportunities, with a healthy mix of re-ups and new business expected [44] Question: How do you see the secondaries marketplace evolving? - The company anticipates increased selling in the secondaries market and is positioned as an active buyer across various private markets [60] Question: What is the outlook for the private wealth product platform? - The company sees significant growth potential in both the US and European markets, with plans to expand its product offerings [64]

Bloomin' Brands TodayBLMNBloomin' Brands$7.34 +0.09 (+1.17%) 52-Week Range$6.09▼$24.50Dividend Yield8.17%Price Target$13.75Add to WatchlistIn a month when most stocks have been down, Bloomin’ Brands Inc. NASDAQ: BLMN has been a standout performer. The stock was up over 17% heading into its first-quarter earnings on May 7. But weak guidance for the current quarter overshadowed a double beat, and BLMN stock fell 4.4%. Bloomin’ Brands is the parent company of popular national chains such as Outback Steakhouse ...

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately. Here is how Bloomin' Brands performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: View all Key Company Metrics for Bloomin' Brands here>>> Bloomin' Brands (BLMN) reported $1.05 billion in revenue for the quarter ended March 2025, representing a ...