Silvercrest Asset reports Q4 adjusted EPS 15c, consensus 31c

Reports Q4 revenue $28.49M, consensus $28.04M. The company said, "Silvercrest finished a volatile fourth quarter and calendar year 2022 with Total Assets under Management ("AUM") of $28.9 billion and Discretionary AUM of $20.9 billion. Total AUM declined 10.5% during the calendar year 2022. Discretionary AUM, which primarily drives revenue, declined 16.7% during the year 2022. Revenue consequently fell 15.7% and 6.4% for the fourth quarter and full year 2022, respectively, compared with 2021. This decline in revenue significantly affected Adjusted EBITDA1 and Adjusted Diluted Earnings per Share1, 2. Adjusted EBITDA1 declined to $4.4 million and $32.0 million for the fourth quarter and full year 2022, respectively, from 2021. Adjusted Diluted Earnings per Share1, 2 also declined to $0.15 and $1.35 for the fourth quarter and full year 2022, respectively. Our Adjusted EBITDA Margin1 for the fourth quarter and full year 2022 was 15.6% and 26.0%, respectively. While down from the firm’s 33.0% Adjusted EBITDA Margin1 for the year ended 2021, Silvercrest’s Adjusted EBITDA Margin1 remains historically healthy for the company, especially in light of declining markets."