Silvercrest Asset Management Group Inc (SAMG) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Silvercrest Asset Management Group Inc. First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note that this event is being recorded.

早上好，歡迎參加 Silvercrest Asset Management Group Inc. 2023 年第一季度收益電話會議。 （操作員說明）請注意，該事件正在被記錄。

Before we begin, I'll remind you that during today's call, certain statements made regarding our future performances are forward-looking statements. They are based on current expectations and projections, which are subject to a number of risks and uncertainties, and many factors could cause actual results to differ materially from the statements that are made. Those factors are disclosed in our filings with the SEC under caption Risk Factors.

在我們開始之前，我要提醒您，在今天的電話會議中，有關我們未來業績的某些陳述屬於前瞻性陳述。它們基於當前的預期和預測，受到許多風險和不確定性的影響，許多因素可能導致實際結果與所做的陳述存在重大差異。這些因素在我們向美國證券交易委員會提交的文件中的“風險因素”標題下進行了披露。

For all forward-looking statements, we claim the protection provided by the Litigation Reform Act of 1995. All forward-looking statements made on this call are made of the date hereof, and Silvercrest assumes no obligations to update them.

對於所有前瞻性陳述，我們主張受到 1995 年訴訟改革法案的保護。本次電話會議中所做的所有前瞻性陳述均是在本次電話會議發布之日作出的，Silvercrest 不承擔更新這些陳述的義務。

Now I'd like to turn the conference over to Rick Hough, Chairman and CEO of Silvercrest. Please go ahead, sir.

現在我想將會議交給 Silvercrest 董事長兼首席執行官 Rick Hough。請繼續，先生。

Thank you. Thanks for joining us for the first quarter results for Silvercrest. Despite volatility, markets were supportive during the first quarter of 2023, with Silvercrest concluding the quarter with total assets under management of $29.9 billion and discretionary AUM of $21.3 billion. Discretionary AUM, which primarily drives our revenue, increased 1.9% over the fourth quarter of 2022.

謝謝。感謝您關注 Silvercrest 第一季度業績。儘管存在波動，但市場在 2023 年第一季度仍表現出支撐性，Silvercrest 在本季度結束時管理的總資產為 299 億美元，可自由支配的資產管理規模為 213 億美元。主要推動我們收入的全權委託資產管理規模較 2022 年第四季度增長 1.9%。

Nonetheless, our discretionary AUM has declined 10.5% year-over-year since the first quarter of 2022. Consequently, while business results have increased over fourth quarter results, they remain down on a year-over-year basis as markets recover.

儘管如此，自 2022 年第一季度以來，我們的可自由支配資產管理規模同比下降了 10.5%。因此，雖然業務業績較第四季度有所增長，但隨著市場復甦，同比仍下降。

Our revenue fell 12.2% for the first quarter compared with 2022. This decline in revenue significantly affected adjusted EBITDA and adjusted diluted earnings per share.

與 2022 年相比，我們第一季度的收入下降了 12.2%。收入的下降嚴重影響了調整後 EBITDA 和調整後稀釋每股收益。

Our adjusted EBITDA declined year-over-year to $8.2 million for the first quarter since the first quarter of 2022. Adjusted diluted earnings per share also declined year-over-year to $0.35 for the first quarter -- since the first quarter of 2022. Silvercrest adjusted EBITDA margin of 27.8% remains historically healthy for the company.

自 2022 年第一季度以來，我們的調整後 EBITDA 同比下降至 820 萬美元。自 2022 年第一季度以來，調整後稀釋每股收益也同比下降至 0.35 美元。 Silvercrest 調整後 EBITDA 利潤率為 27.8%，該利潤率仍處於歷史健康水平。

Economic uncertainty and market volatility often create long-term opportunities that benefit the high quality of our capabilities. The pipeline of new business opportunities has also increased over the fourth quarter of 2022 and has increased substantially since the first quarter of 2022.

經濟不確定性和市場波動往往會創造長期機會，有利於我們的高質量能力。 2022 年第四季度新商機的數量也有所增加，並且自 2022 年第一季度以來大幅增加。

The firm's outsourced Chief Investment Officer initiative also increased during the first quarter and now manages AUM of $1.52 billion.

該公司的外包首席投資官計劃在第一季度也有所增加，目前管理的資產管理規模為 15.2 億美元。

Silvercrest repurchased approximately 96,000 shares of Class A common stock for approximately $1.6 million during the first quarter. And on May 2, 2023, the Board of Directors declared a quarterly dividend of $0.18 per Class A share of common stock. That dividend will be paid on or around June 16 to shareholders of record as of the close of business on June 9.

Silvercrest 在第一季度以約 160 萬美元的價格回購了約 96,000 股 A 類普通股。 2023 年 5 月 2 日，董事會宣布季度股息為每股 A 類普通股 0.18 美元。該股息將於 6 月 16 日左右支付給截至 6 月 9 日收盤時在冊的股東。

Investment officer initiative also increased during the first quarter and now manages AUM of $1.52 billion. Silvercrest repurchased approximately 96,000 shares of Class A common stock for approximately $1.6 million during the first quarter. And on May 2, 2023, the Board of Directors declared a quarterly dividend of $0.18 per Class A share of common stock. That dividend will be paid on or around June 16 to shareholders of record as of the close of business on June 9.

投資官主動性在第一季度也有所增加，目前管理的資產管理規模達 15.2 億美元。 Silvercrest 在第一季度以約 160 萬美元的價格回購了約 96,000 股 A 類普通股。 2023 年 5 月 2 日，董事會宣布季度股息為每股 A 類普通股 0.18 美元。該股息將於 6 月 16 日左右支付給截至 6 月 9 日收盤時在冊的股東。

Scott, if you could go through the financials, and then we'll open up the call for questions.

斯科特，如果您能了解一下財務狀況，然後我們將開始提問。

Sure. Thanks. As disclosed in our earnings release, for the first quarter, again, discretionary AUM as of March 31 of this year was $21.3 billion and total AUM as of March 31 of this year was $29.9 billion.

當然。謝謝。正如我們在財報中披露的那樣，第一季度截至今年 3 月 31 日的可自由支配資產管理規模為 213 億美元，截至今年 3 月 31 日的總資產管理規模為 299 億美元。

Revenue for the quarter was $29.4 million. And reported consolidated net income for the quarter was $5.3 million. Revenue decreased approximately 12% year-over-year from revenue of approximately $33.5 million in the first quarter of 2022. This decrease was driven primarily by market depreciation and net client outflows in discretionary AUM.

該季度收入為 2940 萬美元。該季度的綜合淨利潤為 530 萬美元。 2022 年第一季度收入約為 3350 萬美元，同比下降約 12%。這一下降主要是由於市場貶值和可自由支配資產管理規模的客戶淨流出所致。

Expenses for the first quarter of this year were $22.7 million, representing approximately a 26% increase from expenses of $18.1 million for the same period last year. The increase was primarily attributable to an increase in G&A expense of $6.8 million, partially offset by a decrease in compensation and benefits expense of $2.2 million.

今年第一季度的費用為2270萬美元，比去年同期的1810萬美元增加約26%。這一增長主要歸因於一般管理費用增加 680 萬美元，部分被薪酬和福利費用減少 220 萬美元所抵消。

Compensation and benefits expense again decreased by $2.2 million or approximately 12% to $16.5 million for the first quarter of this year from $18.7 million for the same period last year. The decrease is primarily attributable to a decrease in the accrual for bonuses of $2.6 million, partially offset by an increase in salaries and benefits of $0.4 million, primarily as a result of merit-based increases and newly hired staff.

今年第一季度的薪酬和福利費用再次減少 220 萬美元，即約 12%，從去年同期的 1,870 萬美元降至 1,650 萬美元。減少的主要原因是應計獎金減少了 260 萬美元，但部分被工資和福利增加 40 萬美元所抵消，這主要是由於基於績效的增長和新聘用的工作人員造成的。

G&A expenses increased by $6.8 million to $6.2 million for the first quarter of this year from negative $0.6 million for the same period last year. This was primarily attributable to an adjustment to the fair value of contingent consideration related to the Cortina acquisition of $6.5 million that was recorded during the first quarter of 2022, in addition to increases in professional fees, portfolio and systems expense and travel and entertainment expense.

今年第一季度的一般管理費用從去年同期的負 60 萬美元增加到 620 萬美元，增加了 680 萬美元。這主要是由於 2022 年第一季度記錄的與 Cortina 收購相關的或有對價 650 萬美元的公允價值調整，以及專業費用、投資組合和系統費用以及差旅和娛樂費用的增加。

Reported consolidated net income was $5.3 million for the quarter as compared to $12.4 million for the same period last year. Reported net income attributable to Silvercrest or the Class A shareholders for the first quarter of this year was approximately $3.2 million or $0.34 and $0.33 per basic and diluted Class A share, respectively.

該季度報告的綜合淨利潤為 530 萬美元，而去年同期為 1240 萬美元。今年第一季度歸屬於 Silvercrest 或 A 類股東的報告淨利潤約為 320 萬美元，即每股基本和稀釋 A 類股分別為 0.34 美元和 0.33 美元。

Adjusted EBITDA, which we define as EBITDA without giving effect to equity-based compensation expense and noncore and nonrecurring items, was approximately $8.2 million or 27.8% of revenue for the first quarter of this year compared to $10.3 million or 30.6% of revenue for the same period last year.

調整後 EBITDA（我們將其定義為不考慮基於股權的薪酬費用以及非核心和非經常性項目的 EBITDA）約為 820 萬美元，佔今年第一季度收入的 27.8%，而去年同期為 1,030 萬美元，佔收入的 30.6%。去年同期。

Adjusted net income, which we define as net income without giving effect to noncore and nonrecurring items and income tax expense assuming a corporate rate of 26%, was approximately $5 million for the quarter or $0.36 and $0.35 per adjusted basic and diluted EPS, respectively.

調整後淨利潤（我們將其定義為不考慮非核心和非經常性項目以及所得稅費用（假設公司稅率為 26%）的淨利潤），本季度約為 500 萬美元，調整後基本每股收益和稀釋每股收益分別為 0.36 美元和 0.35 美元。

Adjusted EPS is equal to adjusted net income divided by the actual Class A and Class B shares outstanding as of the end of the reported period for basic adjusted EPS. And to the extent dilutive, we add unvested restricted stock units and nonqualified stock options to the total shares outstanding to compute diluted adjusted EPS.

調整後每股收益等於調整後淨利潤除以截至報告期末已發行的實際 A 類和 B 類股票的基本調整後每股收益。在稀釋程度方面，我們將未歸屬的限制性股票單位和不合格股票期權添加到已發行股份總數中，以計算稀釋調整後每股收益。

Looking at the balance sheet, total assets were approximately $178.6 million as of March 31 of this year compared to $212.7 million as of the end of 2022. Cash and cash equivalents were approximately $41.6 million at March 31 of this year compared to $77.4 million at the end of last year.

從資產負債表來看，截至今年 3 月 31 日，總資產約為 1.786 億美元，而截至 2022 年底為 2.127 億美元。截至今年 3 月 31 日，現金和現金等價物約為 4,160 萬美元，而 2022 年底為 7,740 萬美元。去年年底。

Total borrowings as of March 31 of this year were $4.5 million and total Class A stockholders' equity was approximately $84.4 million at March 31 of this year.

截至今年 3 月 31 日的借款總額為 450 萬美元，截至今年 3 月 31 日的 A 類股東權益總額約為 8,440 萬美元。

That concludes my remarks. We'll now turn it over for Q&A.

我的發言到此結束。我們現在將其移交進行問答。

Thanks, Scott.

謝謝，斯科特。

(Operator Instructions) First question comes from Sumeet Mody of Piper Sandler.

（操作員說明）第一個問題來自 Piper Sandler 的 Sumeet Mody。

Wanted to start with capital allocation. I know you guys last quarter, I believe, talked about wanting to put more capital to work towards your purchases. It seems like the dip in March let you guys repurchase pretty efficiently, but the magnitude was maybe a little lower than we were expecting.

想從資本配置開始。我相信，我知道你們上個季度談到了想要投入更多資金來進行購買。看起來三月份的下跌讓你們非常有效地回購了，但幅度可能比我們預期的要低一些。

I'm just wondering how should we think about your appetite for repurchases going forward? I mean, should we be looking at it as some kind of percentage of cash flows or net income? And any help there would be appreciated.

我只是想知道我們應該如何看待您未來的回購意願？我的意思是，我們應該將其視為現金流量或淨收入的某種百分比嗎？如有任何幫助，我們將不勝感激。

Yes. I'll start. I would not look at it as a percentage of net income or cash flows. I would look at it more as the opportunity of where we can get accretion. And if we're in discussions like we were 3 years ago with a great potential partner as with the Cortina purchase that may slow down my purchases because I've got great use of capital for return on invested capital, other opportunities in the marketplace that we're really evaluating.

是的。我開始吧。我不會將其視為淨收入或現金流量的百分比。我更多地將其視為我們獲得增長的機會。如果我們像三年前那樣與一個巨大的潛在合作夥伴進行討論，就像購買 Cortina 一樣，這可能會減慢我的購買速度，因為我可以充分利用資本來獲得投資資本回報，市場上的其他機會我們真的在評估。

It's much, much more for me about the opportunity cost of using that capital for buybacks versus some other strategic alternative. The way I look at it is, if I've got cash to put to use, I think it can be accretive to buy back shares. I'm going to buy back one of the better asset management companies, I know, which is Silvercrest. So much less about the percentage of a return on capital to investors.

對我來說，與其他戰略選擇相比，使用這些資本進行回購的機會成本要重要得多。我的看法是，如果我有現金可以使用，我認為回購股票會帶來增值。我知道，我將回購一家更好的資產管理公司，那就是 Silvercrest。更不用說投資者的資本回報率了。

Similarly, I look at the dividends in terms of making sure I'm giving a nice high, steady return to investors, but one that I can sustain over a very significant period of time even in the wake of much more substantial market downdrafts even much stronger than what we saw last year. So that's the general way of how we look at it.

同樣，我看待股息的目的是確保為投資者提供良好的高而穩定的回報，而且即使在市場大幅下滑之後，我也能在很長一段時間內維持這種回報。比我們去年看到的要強。這就是我們看待它的一般方式。

Keep in mind that while we were very efficient with buybacks, I would agree with that, that the Q1 window is shorter for stock repurchases for us. So that has a lot to do with the volume we were able to buy in the first quarter.

請記住，雖然我們的回購非常高效，但我同意這一點，即我們股票回購的第一季度窗口較短。所以這與我們第一季度能夠購買的數量有很大關係。

Great. That's helpful. And then kind of sticking with capital allocation a little bit on the inorganic growth side. As far as the M&A environment, I mean, it just seems like the industry-wide activity in the wealth management space has really picked up over the last, say, 12 to 18 months, particularly compared to alternative in traditional asset management.

偉大的。這很有幫助。然後在無機增長方面稍微堅持資本配置。我的意思是，就併購環境而言，財富管理領域的全行業活動似乎在過去 12 至 18 個月內確實有所回升，特別是與傳統資產管理領域的替代方案相比。

So just kind of wondering if you can update us on if you've seen any shift in conversations between March and today on that side of the business, both from an M&A perspective or maybe even team lift outs or individual hires would be helpful.

因此，我想知道您是否可以向我們介紹一下從 3 月份到今天之間業務方面的對話是否有任何變化，無論是從併購的角度，還是從團隊剝離或個人招聘的角度來看，這都會有所幫助。

Yes. Okay. So on the -- well, I'll start with the M&A front. It was very strong, I think, a year ago, and it really fell off a cliff towards the end of last year. It has picked back up.

是的。好的。那麼，我將從併購方面開始。我認為，一年前它非常強勁，去年年底它確實從懸崖上掉了下來。它已經恢復了。

As I've said before, keep in mind, a huge amount of that activity is not with regards to assets or companies that would be of interest to Silvercrest. A lot of them are regional retail, much smaller RIAs. They might have an accounting focus or something else. We're looking for high-end firms with a high-end clientele in money center cities. So of the set of firms and all of the activity, there's a very small subset that would be of interest to Silvercrest for our M&A.

正如我之前所說，請記住，大量活動與 Silvercrest 感興趣的資產或公司無關。其中很多是區域零售，規模較小的 RIA。他們可能專注於會計或其他方面。我們正在尋找在貨幣中心城市擁有高端客戶的高端公司。因此，在這組公司和所有活動中，有一小部分是 Silvercrest 對我們的併購感興趣的。

It absolutely has picked up. The other thing I would comment on is that pricing seems to be moderating a bit. I'd like that. I've been pretty vocal on our past calls about what I've seen in the marketplace with how people have used capital. And if nominal prices have only come down a bit, a small amount, I think the implicit pricing has come down a fair bit in terms of more money being used in earnouts, much more scrutiny on the deals in terms of assets that come over when something is struck, et cetera. So I think that's supportive.

它絕對已經回升了。我要評論的另一件事是定價似乎有所放緩。我想要那樣。在過去的電話會議中，我一直直言不諱地談論我在市場上看到的情況以及人們如何使用資本。如果名義價格只下降了一點點，一小部分，我認為隱含定價已經下降了相當多的錢，更多的錢被用於收益，對交易的資產進行了更多的審查，當有東西被擊中，等等。所以我認為這是支持性的。

With regards to hiring or potential lift outs, we usually don't participate in the normal lift outs you see from the (inaudible) at firms, wirehouses or others that are aggressively recruiting and buying broker books. We work and look to hire people who are fiduciaries. And many of those serve in more of a private banking rule. The -- and just fit well into our culture and how we work with clients.

關於招聘或潛在的離職，我們通常不會參與您在（聽不清）公司、電線公司或其他積極招聘和購買經紀商書籍的公司中看到的正常離職。我們致力於聘請受託人。其中許多更多地服務於私人銀行規則。這非常適合我們的文化以及我們與客戶的合作方式。

The environment has changed significantly with regards to potential hiring. You may recall that I did quite a bit of hiring starting 5 years ago, 4 years ago. We hit COVID. Those portfolio managers are growing at the firm, which is great.

潛在招聘的環境發生了巨大變化。你可能還記得，我從 5 年前、4 年前開始就做過相當多的招聘工作。我們遭遇了新冠疫情。這些投資組合經理在公司不斷成長，這很棒。

I -- as a result of the banking crisis and people questioning their work environment for their clients has resulted in me currently having probably more conversations with potential hires than I can recall over the past several years. It's very, very busy on that front for more potential people to add value to the firm.

我——由於銀行危機和人們質疑他們為客戶提供的工作環境，導致我目前與潛在員工的對話可能比我過去幾年的記憶還要多。在這方面非常非常繁忙，需要更多有潛力的人才為公司增加價值。

Because of the M&A environment, you never know what might happen. I certainly don't want to mislead anyone and suggest that we have mature conversations that are worth talking about. I'll just say that those discussions I've always said that we're holding, but it is very active in terms of the number of people we're speaking with.

由於併購環境的原因，你永遠不知道會發生什麼。我當然不想誤導任何人，並建議我們進行值得談論的成熟對話。我只想說，我一直說我們正在舉行這些討論，但就與我們交談的人數而言，它非常活躍。

Great. And then last one, obviously, on the pipeline, so a 6-month actionable all between OCIO and equity asset classes. I know last quarter, you mentioned OCIO at around $690 million and the overall pipeline at like $1.65 billion. So it kind of equates to around $1 billion for equity. Just wondered if you could update us on those numbers.

偉大的。最後一個顯然正在醞釀之中，因此 OCIO 和股票資產類別之間的所有行動為期 6 個月。我知道上個季度，您提到 OCIO 的規模約為 6.9 億美元，總體管道規模約為 16.5 億美元。因此，這相當於大約 10 億美元的股權。只是想知道您是否可以向我們通報這些數字的最新情況。

It's come up quite substantially again. So last quarter, as you pointed out, the total institutional actionable pipeline very conservatively measured in a careful way, so it's true apples-to-apples, was $1.65 billion last quarter. It's now $1.95 billion. So we've added another $300 million to the pipeline.

它再次大幅上升。因此，正如您所指出的，上個季度，機構可採取行動的管道總額以非常謹慎的方式進行了非常保守的衡量，因此這是真正的同類比較，上個季度為 16.5 億美元。現在是19.5億美元。因此，我們又增加了 3 億美元的資金。

It should be pointed out that, that includes us getting some wins in the quarter. So without additional potential things in the pipeline, the pipeline would have decreased and decreased for good reasons, but it actually increased despite those wins. So that's great news for the future of the business.

應該指出的是，這包括我們在本季度取得的一些勝利。因此，如果管道中沒有其他潛在的東西，管道將會不斷減少，這是有充分理由的，但儘管有這些勝利，管道實際上還是增加了。這對於企業的未來來說是個好消息。

However, I don't want to be overly optimistic. I would characterize or we would characterize the U.S. long-only institutional search environment as very slow. The working relationship with consultants and how they are dealing with firms like us is just on a different pace.

不過，我不想過於樂觀。我認為或者我們認為美國的多頭機構搜索環境非常緩慢。與顧問的工作關係以及他們與我們這樣的公司打交道的方式只是不同的節奏。

There are still a lot of them doing Zooms and not meeting in person. So we'll just have to see how long it takes for a lot of these things to land on our behalf. I'm very happy about the pipeline. We've done a great job at harvesting that over the years. It just feels like the sales cycle related to it has slowed down and is much more difficult.

仍然有很多人進行 Zoom 會議，而不是親自會面。因此，我們只需要看看這些事情需要多長時間才能為我們帶來幫助。我對管道非常滿意。多年來，我們在收穫方面做得非常出色。只是感覺與之相關的銷售週期已經放緩並且更加困難。

So I just want to be careful about how my comments are interpreted. Great pipeline, looking really good, especially compared with 2020 or a year ago, and certainly up nicely since last quarter. But again, the search environment itself feels -- it just feels slow.

所以我只是想小心我的評論如何被解讀。管道很棒，看起來非常好，特別是與 2020 年或一年前相比，而且自上季度以來肯定有不錯的增長。但同樣，搜索環境本身給人的感覺就是——感覺很慢。

With regards to OCIO, that pipeline is a little bigger. It's $695 million compared to $690 million at the end of the fourth quarter. But that also had some wins. We had approximately, I think, around a $30 million new OCIO client come on in the first quarter.

至於 OCIO，這個管道要大一些。與第四季度末的 6.9 億美元相比，這一數字為 6.95 億美元。但這也取得了一些勝利。我認為，第一季度我們大約有 3000 萬美元的新 OCIO 客戶上線。

So the OCIO business, which is now almost $1.52 billion, some of that went up with the market, of course, which was supportive in the first quarter, but it also includes another new client, which is really important to us, expanding the number of our clients in OCIO.

因此，OCIO 業務現在接近 15.2 億美元，其中一部分隨著市場的增長而增長，當然，這在第一季度起到了支撐作用，但它還包括另一個新客戶，這對我們來說非常重要，擴大了數量OCIO 的客戶。

At this stage, it's really just as important as us getting a nice new AUM in the door because it's important as we fill out RFPs and talk to people about the diversity and types of institutions that we're working with.

在這個階段，這實際上與我們獲得一個不錯的新資產管理規模一樣重要，因為這對於我們填寫 RFP 並與人們討論我們正在合作的機構的多樣性和類型非常重要。

Next question will be from Sandy Mehta of Evaluate Research.

下一個問題將由 Evaluate Research 的 Sandy Mehta 提出。

Yes. Last year was a very active year for new product launches. And any update on what progress you're seeing? I know it's still early days for these new products. And what are you likely to do this year in terms of new products?

是的。去年是新產品發布非常活躍的一年。您所看到的進展有什麼更新嗎？我知道這些新產品還處於早期階段。今年您可能會推出哪些新產品？

Sumeet, if you could just -- I'm sorry, this is Sandy. Could you just comment on what new product I may have mentioned? I don't remember new product development.

Sumeet，如果你可以——對不起，我是桑迪。您能評論一下我可能提到的新產品嗎？我不記得新產品開發。

There were some -- earlier last year, there were some new products in growth. And then in the fourth quarter press release, you talked about a large cap value unit investment trust that was launched?

去年早些時候，有一些新產品正在增長。然後在第四季度的新聞稿中，您談到了推出的大盤價值單位投資信託？

Okay. Got you. So I'm not sure what it was a year ago because we -- I think I do know. So when we acquired Cortina and built out the Milwaukee capability, that was small cap and micro cap growth, really fantastic team. We thought it was really important to build out large cap and multi-cap growth, and that's what I would have referenced a year ago.

好的。明白你了。所以我不確定一年前是什麼，因為我們——我想我確實知道。因此，當我們收購了 Cortina 並建立了密爾沃基的能力時，這是小盤股和微型盤股的增長，這是一個非常出色的團隊。我們認為建立大盤股和多盤股增長非常重要，這就是我一年前提到的內容。

The performance in multi-cap and large cap is quite good, doing really well, and has been attracting high net worth assets under management in that capability. That's all within the house, which is great. It's giving the large cap capability that we have here, kind of a ballast of AUM that makes it more and more viable product.

多股和大盤股的表現相當不錯，表現非常好，並且一直吸引著以此能力管理的高淨值資產。這一切都在房子裡，這太棒了。它賦予了我們這裡擁有的大盤能力，就像資產管理規模的鎮流器一樣，使其成為越來越可行的產品。

The unit trust that you're referring to for large cap value is obviously institutional class. And it's just another vehicle to enable institutions as part of that institutional pipeline I mentioned to invest in our large-cap value strategies.

您所指的大盤價值單位信託顯然是機構類別的。這只是我提到的機構渠道中的另一種工具，使機構能夠投資我們的大盤價值策略。

I don't foresee much in the way of product development this year. Those were really expansions of or new flavors of what we already have as existing capabilities in order to help us grow them. We really have a lot of that what I'll call plain vanilla asset classes covered quite strongly at the firm now. We have value, growth in international across the market cap spectrum and in both value and growth.

我對今年的產品開發沒有太多預見。這些實際上是我們現有功能的擴展或新功能，以幫助我們發展它們。我們公司現在確實擁有很多我稱之為普通資產類別的產品。我們在整個市值範圍內以及價值和增長方面都具有國際價值和增長。

So our mandate now, I think, is to grow those capabilities and continue doing so, in particular, with the growth team, which has had just terrific performance. The value team, as you already know, had a mature institutional business. It has room to grow as well, but we're quite focused on growth.

因此，我認為，我們現在的任務是增強這些能力並繼續這樣做，特別是與表現出色的增長團隊一起這樣做。正如您所知，價值團隊擁有成熟的機構業務。它也有增長的空間，但我們非常專注於增長。

And I should mention one of the key wins that we had in the first quarter was to the growth team. So I don't see a lot in the way of new product development. I'd rather digest what we've got and grow what we've got in a prudent way.

我應該提到我們在第一季度取得的關鍵勝利之一是增長團隊。所以我沒有看到太多新產品開發的方式。我寧願消化我們所擁有的，並以謹慎的方式發展我們所擁有的。

Okay. And given that markets were down last year in terms of equities as well as bonds, are you seeing less tax-related redemptions from clients this year, for example, in Q2? Are you seeing less of redemptions for that reason?

好的。鑑於去年股票和債券市場均下跌，您是否認為今年（例如第二季度）客戶的與稅收相關的贖回有所減少？由於這個原因，你看到的贖回次數是否減少了？

I don't comment on forward quarters, the quarter that we're in. I usually report on that after I have all of the results. But in truth, I don't have that kind of granularity at this stage for the business.

我不會對未來幾個季度、我們所處的季度發表評論。我通常會在獲得所有結果後對此進行報告。但事實上，現階段我對業務還沒有那種粒度。

The flows are quite lumpy in the high net worth business. They can be -- they can occur for a huge variety of reasons. However, you're right, last year was quite exceptional with regards to capital gains and taxes. And my expectation for exactly the reason you state, less deals, I think, that resulted in capital gains for our clients as well as down markets probably means that there will be less outflows this year as a whole for taxes.

高淨值行業的資金流動相當不穩定。它們的發生可能有各種各樣的原因。然而，你是對的，去年在資本利得和稅收方面相當特殊。我的預期正是你所說的原因，我認為，交易減少會為我們的客戶帶來資本收益以及市場低迷，這可能意味著今年整體稅收外流將會減少。

Remember, a lot of our clients file quarterly and have multiple tax payments. But that's my expectation. There's no way I actually know it at this stage.

請記住，我們的許多客戶每季度報稅並繳納多次稅款。但這是我的期望。現階段我不可能真正知道這一點。

Next question will be from Christopher Marinac of Janney Montgomery Scott.

下一個問題將由詹尼·蒙哥馬利·斯科特的克里斯托弗·馬里納克提出。

I just wanted to ask if Rick or Scott can remind us about the incentive payments and the final kind of finality here in midyear from your prior acquisition. And does that have any impact on the EBITDA margin going forward?

我只是想問里克或斯科特是否可以提醒我們有關激勵付款以及年中之前收購的最終結果。這對未來的 EBITDA 利潤率有什麼影響嗎？

Yes. Great. Thanks, Chris. Scott will take that.

是的。偉大的。謝謝，克里斯。斯科特會接受的。

Yes. Yes. So basically, the balance -- the liability related to the earnout arrangement, which would have been the growth payment due at -- after the second quarter, that's basically going to go down to 0 as of June 30. It's now at less than $2,000. So there won't be any future payment on that. And that explains why our GAAP numbers, the G&A expense went up so much because we had a fair value adjustment related to that arrangement a year ago.

是的。是的。因此，基本上，到 6 月 30 日，餘額（與收益安排相關的負債，即應支付的增長付款）基本上將在 6 月 30 日下降至 0。現在不到 2,000 美元。因此，未來不會有任何付款。這解釋了為什麼我們的 GAAP 數據、G&A 費用上漲如此之多，因為我們一年前進行了與該安排相關的公允價值調整。

And -- but from an adjusted EBITDA perspective, whether -- any earn-out fair value adjustments are either added back or deducted from GAAP numbers so that non-GAAP numbers are apples-to-apples year-over-year in this context.

而且，但從調整後的 EBITDA 角度來看，任何盈餘公允價值調整要么從 GAAP 數據中加回，要么從 GAAP 數據中扣除，因此，在這種情況下，非 GAAP 數據與上年同期相當。

Got it. Great. And then, I guess, just holistically, the EBITDA margin seemed to be somewhat normal, if I could use that word this quarter and kind of what you had thought. Is that a good impression?

知道了。偉大的。然後，我想，從整體上看，EBITDA 利潤率似乎有些正常，如果我可以在本季度使用這個詞以及您的想法的話。這是一個好印象嗎？

Yes. I think that absolutely is. And just to remind those without the history, that $27.8 million or $28 million in EBITDA margin is actually quite historically good for the company. When we went public 10 years ago and even several years after that, we were very happy with that EBITDA margin. I am today.

是的。我認為絕對是這樣。只是為了提醒那些沒有歷史的人，2780 萬美元或 2800 萬美元的 EBITDA 利潤率實際上對公司來說從歷史上看是相當不錯的。當我們十年前甚至幾年後上市時，我們對 EBITDA 利潤率非常滿意。我今天就是這樣。

When we were hitting, gosh, 32% EBITDA margin thereabouts at the end of 2021, that was high. That was very high. It was -- we raced ahead of our investments. It grew faster than we expected. We had performance fees that were contributing to that. And I felt that we would be making further investments that could well hit that EBITDA margin and bring it back down, perhaps closer to what we are today.

當我們在 2021 年底達到 32% 左右的 EBITDA 利潤率時，這已經很高了。那是非常高的。我們的投資跑在了前面。它的增長速度比我們預期的要快。我們的績效費對此有所貢獻。我覺得我們將進行進一步的投資，這很可能會影響 EBITDA 利潤率並使其回落，也許更接近我們今天的水平。

So yes, I would call this quite normal. If some of the things come to pass that I mentioned earlier in the call, it's possible I hit this a little bit, we come down a bit in EBITDA because when you hire people that immediately hits your cash flow and P&L. You don't have the tax advantages that you do with an acquisition.

所以是的，我認為這很正常。如果我之前在電話中提到的一些事情發生了，我可能會稍微碰到這一點，我們的 EBITDA 會稍微下降，因為當你僱用人員時，會立即影響你的現金流和損益。您沒有收購所帶來的稅收優惠。

But the simple answer is, yes, this is pretty normal and a big step-up from the almost 16% or 15.6% EBITDA margin in the fourth quarter, albeit that was related to a lot of adjustments for comp at the end of the year.

但簡單的答案是，是的，這是很正常的，比第四季度幾乎 16% 或 15.6% 的 EBITDA 利潤率有了很大的提高，儘管這與年底的薪酬調整有關。

Great. Then last question, just as back to your comment about having very busy conversations. I certainly can appreciate that. Do you think that this is sort of going to be a 6-, 9-, even 12-month process and that there's a lot more of kind of slower moving where individuals may have gone to brand X, kind of forced upon them, and then they ultimately do change gears within a year? Is there kind of more of a longer tail to this process?

偉大的。然後是最後一個問題，就像回到您關於進行非常繁忙的對話的評論一樣。我當然可以欣賞這一點。你是否認為這將是一個 6 個月、9 個月甚至 12 個月的過程，而且還有很多緩慢的過程，人們可能會選擇 X 品牌，有點被迫，並且那麼他們最終會在一年內改變方向嗎？這個過程是否有更長的尾巴？

It's honestly a mix. I have no way of knowing you don't see these environments very often. I would say, look, there were those who were forced on add conversations, which some of those people still do. It depends on really their client base and the firm.

老實說，這是一個混合體。我無法知道你不經常看到這些環境。我想說，看，有些人被迫進行附加對話，其中一些人仍然這樣做。這實際上取決於他們的客戶群和公司。

We're going to be very, very careful and compared to a lot of firms with regards to our culture and what we're building. It's not just about grabbing assets here. And there will be those, and we've been told that explicitly, hey, let me see what the new environment looks like and then maybe we'll talk. And then there were those who were actively speaking with us, and we'll see if there's a match or not. I'm not sure I can characterize it generally. So we'll see.

我們將非常非常小心地與許多公司就我們的文化和我們正在建設的產品進行比較。這裡不僅僅是搶奪資產。會有這些，我們被明確告知，嘿，讓我看看新環境是什麼樣子，然後也許我們會談談。然後還有一些人積極地與我們交談，我們將看看是否有匹配。我不確定我是否可以概括地描述它。所以我們拭目以待。

Got it. But the culture and your long-term principles obviously override the growth aspect. So thank you for pointing that out.

知道了。但文化和長期原則顯然凌駕於增長方面。謝謝你指出這一點。

Yes, very clearly. It's just absolutely critical if you're building a sustainable growing business that doesn't get disrupted.

是的，非常清楚。如果您要建立一個不會受到干擾的可持續增長的業務，這一點絕對至關重要。

(Operator Instructions) Next question will be from Chris Sakai of Singular Research.

（操作員說明）下一個問題將由 Singular Research 的 Chris Sakai 提出。

I just had a question. Could you shed some light on -- Silvercrest is doing anything on the marketing front? What Silvercrest is doing to really drive gross client inflows?

我只是有一個問題。您能否透露一些信息——Silvercrest 在營銷方面做了什麼？ Silvercrest 正在採取哪些措施來真正推動客戶總流入？

Yes. Well, there's really 3 key organic growth areas of the firm. One is the institutional business, the institutional pipeline that I was talking about. That is primarily done through consultant and intermediary relationships with institutions. We have dedicated marketing professionals associated with each of our institutional capabilities. So they're product-specific. But yet, the consultant relationships are coordinated and shared across the firm.

是的。嗯，公司確實有 3 個關鍵的有機增長領域。一是機構業務，即我所說的機構管道。這主要是通過與機構的顧問和中介關係來完成的。我們擁有與我們每個機構能力相關的專門營銷專業人員。所以它們是特定於產品的。然而，顧問關係在整個公司內是協調和共享的。

The second would be the other pipeline I mentioned as part of that, the OCIO Chief Investment Officer capability of $695 million. That business kind of sits in between pure institutional type cultivation of consultants and intermediaries and RFP processes. We have marketing devoted to that.

第二個是我提到的另一條管道，即 OCIO 首席投資官 6.95 億美元的能力。這種業務介於顧問和中介機構的純粹機構類型培育與 RFP 流程之間。我們有專門的營銷活動。

But a lot of nonprofit foundation endowment boards have high net worth individuals that sit on them. Often, those processes are driven by the fiduciary Board itself or the investment committee on a foundation itself and is very relationship-oriented and looks a lot more like the high net worth business.

但許多非營利基金會捐贈委員會都有高淨值人士擔任董事。通常，這些流程是由信託董事會本身或基金會本身的投資委員會驅動的，並且非常注重關係，看起來更像是高淨值企業。

The third is the high net worth business in general, the 70% of our discretionary AUM. That is a function of our brand, supporting our brand with advertising, event sponsorship, visibility, appearance on CNBC and other venues or marketing materials and is a referral relationship business. That is up to the existing portfolio managers working with our clients to get those referrals, ask for those referrals to network to be involved in their communities. That is one aspect of it.

第三個是高淨值業務，占我們可支配資產管理規模的 70%。這是我們品牌的一項功能，通過廣告、活動贊助、知名度、出現在 CNBC 和其他場所或營銷材料來支持我們的品牌，並且是一項推薦關係業務。這取決於與我們的客戶合作的現有投資組合經理來獲得這些推薦，並要求這些推薦加入他們的社區。這是一方面。

It's very lumpy, hard to predict and something I've never given a pipeline to because you just can't measure a pipeline with the kind of accuracy and comparison that we can on the institutional side. I would say it's quite busy.

它非常不穩定，很難預測，而且我從未給出過管道，因為你無法像我們在機構方面那樣準確和比較來衡量管道。我想說這很忙。

Just looking at our marketing output, which I can tell, and quite a bit of the first quarter was related to the high net worth business. I personally work on prospects, probably have more than I usually do, a lot of that due to the banking disruption.

只要看看我們的營銷產出，我就可以看出，第一季度的很大一部分與高淨值業務有關。我個人負責潛在客戶的工作，可能比平時更多，其中很多是由於銀行業務中斷造成的。

And then the final piece of growing that business is the potential for high-quality professionals with the right kind of business who fit our culture to join the firm, which we've talked about already on this call, and we're very active about pursuing.

然後，發展該業務的最後一部分是適合我們文化的高素質專業人士加入公司的潛力，我們已經在這次電話會議中討論過這一點，並且我們非常積極地關注這一點追求。

Okay. And can you talk about the banking crisis? How might that possibly affect Silvercrest if at all?

好的。您能談談銀行業危機嗎？如果有的話，這會對 Silvercrest 產生什麼影響？

It doesn't in 3 different ways. One, qualitatively in terms of working with our clients, even if they have bank deposits, things on demand deposits at banks, and we're not getting a fee for that. As they're high-touch wealth management firm, they expect us to have a view and to give them advice about what to do about their banking and to help navigate the issues that they face at their institutions, especially regional banks.

它不是以三種不同的方式。第一，在與客戶合作方面，即使他們有銀行存款，銀行的活期存款，我們也不會為此收取費用。由於他們是高接觸性的財富管理公司，他們希望我們能夠就如何處理他們的銀行業務提出看法並為他們提供建議，並幫助解決他們在機構（尤其是區域銀行）面臨的問題。

It would be no surprise for you to learn that we have a fair number of clients who are clients of First Republic. So very busy, lots of questions around that and what happens and how to navigate things at the time there was concern about First Republic, how to organize accounts to protect them, et cetera. So it was quite -- just quite busy handholding clients.

當您得知我們有相當多的客戶是第一共和國的客戶時，您不會感到驚訝。非常忙碌，有很多問題圍繞著這個問題，發生了什麼，以及如何在第一共和國擔心的時候處理事情，如何組織帳戶來保護它們，等等。所以它非常——只是非常忙於接待客戶。

The second has to do with our business and just looking overall at our broker-dealer relationships, and how our assets are held on behalf of clients and what we're doing to make sure that we're prudent fiduciaries on their behalf. I feel much better about that, but there's lots of discussion and you want to make sure you are well aware of the environment and how best to protect your clients.

第二個問題與我們的業務有關，從整體上審視我們的經紀交易商關係，以及我們如何代表客戶持有資產，以及我們正在採取哪些措施來確保我們是代表客戶的審慎受託人。我對此感覺好多了，但有很多討論，你想確保你充分了解環境以及如何最好地保護你的客戶。

The third has to do with really the conversations I'm having. In periods of like this, when there's a lot of disruption, there's an opportunity. I mentioned that in my opening comments, both clients who may be at banks for their wealth management or institutions start wondering whether or not they ought to be combining their deposit banking needs with their wealth management, maybe they should be separating those 2 functions and have a pure fiduciary like Silvercrest being paid for advice while keeping the banking relationship separate.

第三個與我正在進行的對話有關。在這樣的時期，當有很多干擾時，就會有機會。我在開場白中提到，可能在銀行或機構進行財富管理的客戶都開始想知道他們是否應該將存款銀行業務需求與財富管理結合起來，也許他們應該將這兩種功能分開並擁有像 Silvercrest 這樣的純粹受託人在保持銀行關係獨立的同時獲得報酬。

I have no doubt that, that is occurring. Likewise, professionals who may be at those institutions serving clients who are getting lots of questions may be facing professional issues and questions that have them potentially talking to a firm like Silvercrest. So I think that really covers how it affects the firm from our business model to the opportunity in the marketplace.

我毫不懷疑，這種情況正在發生。同樣，在那些為客戶提供服務的機構中，如果遇到很多問題，專業人士可能會面臨專業問題，而這些問題可能會讓他們與 Silvercrest 這樣的公司進行交談。所以我認為這確實涵蓋了它如何影響公司，從我們的商業模式到市場機會。

Thank you. This concludes our question-and-answer session. Now I'd like to turn the conference back over to Mr. Rick Hough for closing remarks.

謝謝。我們的問答環節到此結束。現在我想將會議轉回由 Rick Hough 先生致閉幕詞。

Thanks. I really don't have any closing remarks. It was a constructive quarter. I think there's a lot of opportunity. It's nice to see that our business development pipeline has grown and that we have any number of conversations to progress the business. As always, I really appreciate our shareholders and the questions that we get from analysts. We look forward to giving you another report soon. Thanks so much for joining us.

謝謝。我真的沒有任何結束語。這是一個富有建設性的季度。我認為有很多機會。很高興看到我們的業務開發渠道不斷擴大，並且我們進行了大量的對話來推動業務發展。一如既往，我非常感謝我們的股東以及分析師向我們提出的問題。我們期待盡快向您提供另一份報告。非常感謝您加入我們。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。