SAMG - Earnings call transcript Q4 2024 | Silvercrest Asset Management Group Inc.

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Operator

Good morning, and welcome to the Silvercrest Asset Management Group Inc. Q4 and Full Year 2024 Earnings Conference Call.

[Operator Instructions]

Please note today's event is being recorded.

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

For Reform Act Litigation provided by all the such forward-looking XXXX. statements, we claim the protections of

assumes over date no this on call made hereof, made ahead. I and the now CEO the Silvercrest Hough, to statements to forward-looking All go and would obligation as are Silvercrest. them. to update turn of Please Chairman of like conference Rick call

Richard Hough

an update highlight and asset our our you, referenced and quarter get that call. worth business expertise XXXX for given good the update. we have high but asset net earnings firm service. quality business levels will the wanted strategically, I underway with is wealth nature initiatives that Welcome management Thank high amount quarter, and of in my of the to combine to first top independent customer I I management of management Silvercrest we firm, my morning. to

fees, provide Most well of who and our revenue worth XX%. professionals we'll advice investment from to consistently more customized which enjoyed management our hear have we customer-facing Our and institutions service rates retention over over of and net ultra-high about strong, XXX that individuals is annual today. recurring customer comes

private We've well bespoke a to in capabilities of individual that relationship, and positions, across families public our who have with enjoy support the business. significant which revenues. generate serving solution clients leading been that our as as holdings. select all investing of $XX investment in management of as over that market capabilities markets, past this assets client private firm year generates and Silvercrest's require institutions we profitability We've a the cash growth serve million accomplished and stable flows for These future needs manner complex built per wealthy over solutions average the markets, sophisticated under and helps retention industry-leading the we and credit

management to strong bearing the wealthiest past is high-quality capital due families net ambitions asset flows globally, fruit. of the our of that talk strategic more our over thesis intellectual and the proof organic and concluded as We is investments made are firm Importantly, with XXXX we'll depth already to new about growing. year the

on return revenue. will Overall, organic drive positive billion for securing which and year-end future billion our and our of billion at new quarter The fourth value to billion one net firm XXXX a partnership firm bolstered billion a The new best $XX.X rose garnered quarter increase $X.X Australia's superannuation more least AUM, equity at management CBUS, successful fourth by AUM plants. year-end market an flows AUD for significant winning in revenue, seed primarily largest client global investment with December our $XX.X reached from flows was $X.X during assets in inflows of XXXX over of strategy inflows, and course billion. $X.X Discretionary to capital. up drives revenue future invested highly XXXX the and XXXX. is were X.X% quarter $XX.X optimistic organic asset in the increase X The we $XX.X from increases which XX, under during billion Total X.X% about increases the total the XXXX. the billion, in well as and in for as client of remain of since year bode

million. market Strategically, XXXX development hired from in Revenue million scratch, from with and new XX% QX from to revenue have the strategy QX addition over to $XXX.X for million business in up $XX.X $XXX.X we leads building equity to the and year global Atlanta $XX increased firm's X.X% value million Singapore.

to we'll initiatives, The an opening firm opportunities, assets strategies. highlight be wealth With growth also European in relationships the We a transition in talent has and invested have drive institutional consulting and investment Silvercrest across office. business our the and during developed for will business to MAS with full we firm doing better growth new the and also the significant new toward generation. stronger Singapore in successfully pursuing develop be license opportunities both our institutional new and more XXXX Silvercrest markets. next

robust. pipeline Our remains

flows, optimistic about we capacity result, include yet global high which organic a our for significant is for firm's As pipeline assets. securing new strategy, the value significant are importantly, new a mandates does not equity

worked year infrastructure We the the and while team undertaking past strategy development. have to over business hard build

As revenue with in resulting our we more AUM envision increases. third quarter positive and flows call,

beginning discussed I've results. had Those to year, are As throughout has the opportunities. past initiatives Silvercrest more bear business never

to to and future investments We drive will make have made continue growth.

interim to make We expect that accrue to for complement continues growth, hires a outstanding professional revenue of for to to compensation team percentage higher Silvercrest our and purpose. drive more this

to mentioned, accruals these to as important continue adjust And match business. the investments compensation will in we

morning Look we'll talking informed Scott and for to over We will keep the I'll forward and financials, our about Gerard, it to you. get then progress you and of plans that. taking and investments. the CFO, turn of our to these questions Thank

Scott Gerard

Thanks, Rick.

as decrease the AUM of billion increased the driven million offset quarter million. general primarily market driven our net primarily by quarter and quarter discretionary by decreased X.X%, AUM by year-over-year in from million or net accrual for in by million XXXX, administrative XX%, for expense for offset the resulting for the XX, $X.X $X.X increased $XX.X increased year-over-year Revenue X.X% fourth the by or for client of partially the fourth bonuses. discretionary billion. a quarter increased and inflows, consolidated decreased quarter and was was year-over-year $XX due partially expense. as was benefits for Revenue $X.X earnings benefits to AUM disclosed XXXX Compensation for total was million, expenses, depreciation. December As or compensation $X.X $XX.X by the Expenses and reported and by release end primarily income and quarter, of the

income on in in during the associates, investment the increased to cash in of part benefits compensation diluted Silvercrest increases to share. staff. compensation or net few fourth for over A interim recurring generation compensation General increases years, or basic fees Class XXXX to expenses and intend increased narrow merit-based the we primarily attributable quarter newly and $X.X and other expense year-over-year due portfolio systems ratio Also, and increased accrual as increases in per and increased fourth the a to for the due XXXX. result We the the portfolio was the hired the approximately past accrual the the administrative of and by million variable the professional adjustment XX.X%, salaries in due next to approximately $X.X do A shareholders management in $X.XX Based of managers same expense. quarter and to Class million quarter. Reported amount or

the effect income million revenue EPS. was expense dilutive, per quarter XX%, extent of restricted we we effect to as EBITDA define million unvested basic adjusted noncore was which as XX.X% shares stock without adjusted or which Adjusted and income, A for we stock outstanding actual to of rate the for options $X.XX the had diluted the items $X.X nonrecurring giving equity-based adjusted basic shares and and EPS, respectively. nonrecurring outstanding compensation as to corporate period to approximately income, Adjusted tax unrestricted income B giving quarter. Class adjusted and EPS, diluted define EBITDA, approximately the and net Class of noncore, equal and nonqualified reporting and units, items, expense, end or net $X.X and to a of without $X.XX to -- net assuming is EPS the divided total compute by for the Adjusted

primarily full partially at by as AUM costs primarily compensation, Silvercrest due to for increased by million Compensation merit-based year-over-year an pro million vessel X.X%, for A G&A bonuses. or trade X.X%, increases $X.X diluted $X.X million $X.X and increases increased by $X.X and share. revenue G&A in and primarily fees, Reported million accrual the salaries per and income basic XXXX portfolio occupancy year-over-year appreciation, year-over-year equity-based systems to increased full benefits due extent, and driven from or lesser expense. in Looking XXXX by $X expenses compensation staff, attributable to ended approximately market increases increased was million expenses. Expenses increased due newly or by and or a offset expense benefits expense net the $X to Class hired and related X.X%, primarily outflows. increase and and XX.X%, increased by by to resulting driven or discretionary net client year, the year

adjusted Adjusted end as XXXX. as Cash approximately to end assets end EBITDA of approximately $XX.X Class $XXX.X the of million year. And were last per of of and of as XXXX. remarks. or XX.X% stockholders' for as as compared was was total million That net sheet, approximately of total diluted Rick my were Q&A. $XX.X were XXXX. $X.XX $XX.X at end balance approximately and equity EPS, income of $X.XX no of adjusted of to approximately the the for million million the equivalents for respectively. it and or was compared of $XX at I'll borrowings of XXXX to and There looking the over Quickly basic $XXX.X the revenue end end of the $XX.X cash million of XXXX million all concludes XXXX XXXX turn A million

Richard Hough

Scott. this some think, much, extended We'll take very I and Thanks commentary, questions morning.

Operator

Instructions] [Operator

comes from today from Mehta Research. question first Evaluate Sandy Our

Sandy Mehta

global bit And your OCIO next and year include Could you little outlook bit what there. currently? pipeline on there do more update are Also in terms inflows the a an global this the does the I you're you in seeing A that on commentary see organic more assets comment strong not year, prospects. are Congratulations opportunities pipeline the And you on and XXXX? year? amount little Yes. this on amount of understand that inflows. where

Richard Hough

billion. on believe out at pipeline of pipeline, of had of to the wins a we some billion. pipeline. $X.X all, $X.X the last of I includes That end pipeline First now the That increased has year,

we strategies million that that leadership and that because And example, about team fourth joined did transition $XX a particular our team. Milwaukee, net inflows, actually team for performance global pipeline decreased I in in growth nice in in really some good not some million had the strong. which strategy got the $XX net and really the remains of It the XXXX their think, us But due and to quarter. or include feel we've wins. So about to

to steady opportunities comment, the your significant OCIO $X.X answer course, been OCIO to stands regards and With it XXXX definitely I now to pipeline that. seeing a includes recently. I we're at of markets. I'm seeing. during that know, on all, billion. assumes markets we expect over based have question as about should down And that mandate increase increased what OCIO

and stand difficult is pipeline steady-state have there. a pipeline in today, on our see $XXX in basis, a just pipeline So only about. and is of nice value, an that nature a about you to million increase lot I which the of for because measure. where the hard we more measuring included asked becoming global Part I

at some to most really as had in pipeline. something the But about noted add value for the And tried is that for so you into the global traditional question, this, we've time. capabilities your firm of we

let I'll I important. the think about second, back just this but because talk a Sandy, global, is for pipeline get to me

For invite-only we the in next defined or we several finals capability for X either as or finals past think have the actionable an is consultants years, the search many the semi years in by institution or an a months. or search pipeline that

the a pipeline. get there pipeline beyond timing to in pipeline, the the out or X something A X to, falls get going it out extends of X of loose in So win, it if the years, falls we seen happen of longer couple down months. used X than -- months, of the the terms out because pipeline, it's take of we they wasn't a comes it if wasn't and the we've over next searches come past had we've it times

present information you phone really extent you is institution, way less anymore. an pipeline problem our something. typically, don't search More or or that very have a know be they measuring what with It's RFPs. used of way we part being is to business consultant call to driven That not, The the a want just to a seeing are get you you the that and the not out important RFPs. filling that now,

anymore. you're not working or way You finals. know don't just final It's that necessarily even in a semi

despite I I is how to largely has increasingly measure. for to very the hard becoming increasingly be size give we're according those I you think you, therefore, honest. So past. and to to to resolve of the strong that, going pipeline, comparison it's to going it's hard which rules be increased gave the to And know us don't apples-to-apples

opportunities handicapping concrete little becomes than numbers, a I we given see soft and think but we start that less circling the what you before. will fuzzier and

This is reason is opportunity why global part pipeline. the reason part the there we back into to This haven't our really of get put equity the to of team. value the

were conversations very put of time. And we for capability. about investment. kind third know, and inflows it for I not with realistic you it's at pipeline that the in and quality seed, what it kind into infrastructure from with knowing with optimistic potential built out no it would As the we sure investors the payroll, didn't the seed year, the firm last that scratch. I attract to get in that But then the be AUM of a was the part, if conclusion I We're did races that have size that because think and we've talent proud having off to We of quarter about having to really come that knew of on enough, call team. worked

which garner why opportunity the it's I third course, far dollars. billions for XXXX think of in can over the strategy of hang As performance that well and a team expect the where that very helped in in up little in is so the our for quarter, as pleased capability air, we has in international and pipeline. inflows in the in performance report the I'm is our this there. billions is that said have year. portfolio part 'XX course markets I When doing And good not I been placed. in that's that by as is to XXXX, to well in quite new significant that that of

very allocate very investors who of that information Europe request the from and idea people we say follow-on has been Asia. think will you from get to to I the -- institutional number pipeline, of the an for from the I capital give will meetings very, sums strong strategy. of can large

consulting have we that new addition, relationships much focused perspective includes opened the were on that mostly In at a have firm, up and global consulting that our more within capabilities. we haven't had firms that domestic

start, figure. Performance I potential strong. you that But happened hard throughout expect enormous. for quarter give is what just to fourth in to highly So the optimistic. a and it's me The is XXXX a I But is a and little in think XXXX. capitalize

free to bases think I up. covered all but the follow I

Sandy Mehta

No, no, great.

that forward for this we those G&A the level categories? question one The Just expect is should both last expenses, my expense, compensation on side. expense, going

Richard Hough

be are tried careful compensation speed future. about up that it to would the We've to out. foreseeable I investors very and panning quarter to ratio expect adjusting every how with keep investments for

little and very seeing fall a some in will close taking us we're in I productivity get that this help bottom are look time. later. of firm. a lower expenses But that I'll the at premature at We It's And say operationally that and the into the think technology line. innovations this eventually the elsewhere to to

prudent conservatively for term. I level. be this for -- the I'm the the I medium to 'XX. mean smart expected through yes, this gains But and XXXX, And of business that by astounded at by in say, we the year, think productivity would absolutely But potential end that, over

board about of weeks is part fourth of increase The we offset it Now revenue weeks. meaningful had let's was, that expensive. talk we infrastructure personnel. X of the That brought in team investments end on X perhaps the of until a compensation. And to in quarter, and around no it December the course,

year that team for have year. we'll this full revenue now a so of paying And And is itself.

we to doesn't at us making firm. pretty profitable yet. investments. compensation like the short we're will nicely down But that be the see team that other get that order, ratio a would to Obviously, in But

will As portfolio a to office, highly we hiring hiring time and where It interestingly, out, I development our business for We the to pointed we're be to other high open We've market them become takes business managers. a firm. in PMs. the space. hired profitable worth lead lead, never had net development Atlanta peer

we're got that added have Singapore foreseeable future making firm, continue business and the to the to least to We including compensation initiatives at be we've to across that going higher development for that going get to will effort expenses. lead so institutional other

Obviously, excited is a very those initiatives I money spent capital. But seeing think on numbers you're And this we're in our at of return those investment opportunities. once. about increase well to of lot all kind

Operator

Our comes next from Montgomery Scott. Janney Marinac question from Christopher

Christopher Marinac

where further. wanted expenses, you of about as given and just continuing kind much thought quarter as the in to And not conversation the leverage It's Scott picture? about big still going pipeline, operating you a next is about it the what's I kind the ask leverage of I and And that on follow-up. going then execute this sort the throughput? of you're to as get do year profitable have you're you operating a feel year, on

Richard Hough

do. I

around of making assets in the EBITDA great would if for XXXX our up an So we an I XX% performance we XXs and to really were we bump run investments a for markets bull back fees, if steady at -- at Chris, into EBITDA the all-time margin. When without ending up margin. state personnel company least high high had hit

It's the time. back there absolutely is some seeing, going to the new the take possibility. getting in and business the we're that realm within of opportunities just Given leverage institutional

to were not I pop made up. who profitable some run remove back the with of we firm, we where are, to what just and we've If sort would are yet investments folks it

medium-term our there, near growth in So ran and the that's assuming a serve just the target, be to not business, but get steady-state it back to medium I cease would investments term. going

Christopher Marinac

Got target And specific, as of... just it. XXXX sort too is possible but get term not to a medium

Richard Hough

bit place, the as Look, yes. especially and bit like, but more forecasting pretty a hybrid. about it worth get is, know, you it there. of headed OCIO -- is lumpy I'm start and falls looks I what that have if careful, into a It's side net everything a high institutional to into we're alone us directionally, where to could actually the think pipeline, I visibility hard predict. that could

Christopher Marinac

Great. us about everything loud out And have is and hirings there Or additional guess, for this I remind in thinking, Is about then can now fund. -- investments? the the with global place there additional you therefore, year? launch? you Just do expense that

Richard Hough

Yes.

another We by we on place. have here, have because just in expenses. analyst brought there. in be higher coverage definitely and Australia. development hired team everything almost Europe, initial I'm activity we in over Asia, there's We team. talking that There that, need hires is there's but much that And more the in multiple There'll business there to after so needs not

support We for client more a need there. have relations

that big made. trader but -- team, to needle hired there are mentioned at on client They're to a in settlement this that. more We not need addition we'll investment numbers big working and someone for the be may I is movers, probably We These associate. stage. new

Christopher Marinac

goes feels years. have inquiries and and business had plan opportunities? that Is from Or separate me just risk. for from elevated so sort more It X your geopolitical Silvercrest feeding that? We've question concern. the big therefore, into noise of picture you this still it's on, been just guess, that is business I last like And more geopolitical

Richard Hough

you may risk. families on Obviously, we came and growing Europe, is interest after ours. this, -- Yes. benefited the happening balance, be the a family it but incredibly Great increases economy volatility firms about may now, what a We concern significant family question. are some least and underserved Russian an Ukraine and -- significant globally Eastern us that Poland. It was it as at working has is invasion recall of in of firm one But to with assets driven That like very the wealth. and dynamic about in solution. by

well to globally, fact, ahead assets. places other for of regards our U.S. In fiduciary the managing with is model

with And as A fairly term. fact So was globally. I'm them of is the lot it to like our on I'm noise. on the grow we're that's places, hoping as United end of But that however, lot to and to families obviously, absolutely with and investors. secure of well alternatives, what other benefit the in balance, States benefit countries, when it given about they're the medium resolution and institutional has their some ours. happening serving the people going whatever the seeing scene their in have a incoming global focus would for both serve peaceful inquiries situation do in, tools optimistic, it to because we long at to assets and anyone have these day, like want the firms

consultant we're conversations with seeing, we're the new new all new meaningful. is relationships inquiries we're that quite that The the families having seeing,

the will April, in end likely I at be be myself, there fact, of have Asia and in pull that I early April. given the interest will to we In going

weeks weeks Europe, maybe spending given the least at team X opportunities Australia X in spent Our will business development a recently. be there. They in week,

are likely Union. in We license European be a to the highly pursuing

aggressive and pursue opportunities. Right We'd now, inquiries. to we can like more be receive only incoming

is will that on in well. working hard So as we something be XXXX

our of United in was And the the States. a doing viewed put calls what by Silvercrest We we've we the is it. As years. We get done. I we MAS zone. before little on that that be honestly, to here took and other opportunity world, time how that might because side building concerned talk that the the our us of in really It's any Singapore itself assess more to into investors to for about earnings nature extending didn't business wanted be in it important capital given started wanted got it I mentioned, license to

Well, be serving institutional of in of well side in knowledge did as us, that with course, ambitions knowing on had the wealth we Australia. wealth the the to both as Asia we money that and that side available Southeast to pools

the zone Sydney Now in a be economies and it to the so time makes length the closer Melbourne, total along sense of given to and those talent need there. with

that's our So quite hangs hope thoroughly nicely now I coming at. covers and for of you're together future ambitions. together kind getting that what

Operator

from Our Chris from Singular Research. Sakai next question comes

Joichi Sakai

Just of ask how about you expansion wanted regulation -- hurdles? that to international cost? facing you this these sort countries? how -- adding can you explain in into it? are what other you facing is are Are hurdles And And to

Richard Hough

Yes.

not physically always be quite be go somewhere. been to We're careful reason infrastructure. with have want of decide located other Singapore outside aggressively right to into very characterized. how now countries with a only United compelling We our when States. the with to prudent to need We've one I our to we about somewhere the careful really capital. expanding regards is So and it's

places, So really, is about Silvercrest have. when other into we're from capabilities this, we're talking these always flows about our which talking

with From that's grown. day European clients. X, worked significant only And we've very

hurdles in meaningful in location. But large don't of Netherlands. certainly to with ground. we the X think in the It's We I've the the necessarily to very That business I infrastructure mentioned stage, clients with appropriate over a families industrial that regards have South to America, in just need required What number physical this are on we're reaching regulatory firm at certain countries. getting I mentioned barrier solicit need order before, a the in in Germany. really you a the now very Europe. worked is licenses for

to to to way be to us opportunity And we do that. and are start, profitable I it, we'll do, there a do because likely for we to are in business. presents do light very a it itself the if it create going think ways do

operational through And is at hurdles hurdles with well very for infrastructure. business-friendly extremely is Consultants without surmounting closely. regulators diligence takes was difficult in Well, the Singapore we our our of terms in issue. Working across terms in that gotten this And of time a firm in well just what and and we've have that terms regulators those think good. a those look due time. very We operations do of the as an a controls look regulatory at licensing. I board It translates place. getting size don't well. there that of -- quality the very

So it's just a I a through it's business, significant to it. part say this of or that need headwind for and just challenge wouldn't We a firm. work doing

Joichi Sakai

some to can the U.S.? that growth in you greater of things that you way there's Am sense seeing are what getting explain Atlanta a the opportunities good the So you're that think about draws And Is there? I outside it?

Richard Hough

has faster most wealth a growth serving to business arguably opportunities within growing The very in the multiple to X. succeeded wealthy than competitive States is -- it environment. asset world. the and mature competitive ways management very well from and large X There's significant It's outside very banks robust the States. others that's rate U.S. think a is about this, United or very Number RIAs one, management there's and necessarily Wealth at one We've the United the a good. globally environments of in yes,

Europe there the is. isn't in world particularly lots of Obviously, places are growing fast, that but

are or Europe I to can capabilities Asia, combine -- firm means States, others In this field. is That to by in X%, the stand United what above garner it. is surround wealth the growing the underserved bring fact Australia like that those first RIA places who growing assets to at the or like the at movers opportunity let's for model call that's X%. You that economy places just typically just would say,

be banks to another, disparities. you to out at SilverCrest. the look segments firm moving larger may greater as our are in in from We we wealth very know, wealthier, one number wealth. But big speaking, world. it going opportunities the generally as often to opportunities get from business are Now across we those just new But

in places model to as emerging of that regards firms or it's States is behind growing the way as that just So business well business. do that kind where United the with differentiated both ours wealth is well lagging like a

a of it's So those combination things.

to And Atlanta to been RIAs a United by In and States, United has multiples smaller rolling up, up a city on to there's the the lot that very acquisition, private you going backed as in equity Next pushed That know, merged. States. trend a of a that And capital. a we question accretion of able confident to culture It's tremendous organically be firm harder to think of is of ability firm history the to us United we much firms. after high do in the have responsibly play be selective. center net can do, are investor makes money We grow hoping a just if an worth not game in that. for M&A well-run being a organically. doing grow our it with feel has going States. in to it acquisition. an This then compatible It growing multiple business of we be do with we has

in is for if and Southeast States United the the region Atlanta not the among, fastest-growing wealth.

for a I our net to At drive need be full-time worth well So in region. the as and as managers in to get we we segment really across grow Silvercrest, organic felt development there. needed same both help generally growth new felt to to at business the order high portfolio the time, to existing that

business. referral to there, in not a you're harder If do it's

was investment do given much into to capital And we millions money to can go we our center make not and we be use those in to of tens success organically. grow smaller potentially capabilities one and what of time it just a city and pay so of of investor tens and out new a it thought have, better ourselves much dollars when cities of

the executing that I've and in even Yes, hitting did now been short or years before it plan. means I term, years EBITDA X X on earnings. and it, that talking for about we're

Operator

And back like gentlemen, ladies for additional would to this turn Hough questions, I'm I closing at and showing over remarks. to floor time, the no Rick

Richard Hough

thank everyone, us. joining Great. so and you, Thank much, for you

and about potential the very I'm at at comments, initiatives for As you unlike level. from can the organic taking growth the tell firm an my third the not we're quarter, enthusiastic

a large have pipeline. We

continue intentional. a way what global equity that. to is just is do in the optimistic that on globally the very with visibility getting fact we're we're you traction measuring team, update I'm raising highly We can that our about we will how value

hire As and of opening very to very our has about been thesis management always families is intellectual in said in that remarks, business to very the large proof initiatives wealth that strong term, compound I strategy the my capital at firm, firm and us the of the our organic and and what the firm some over take as quality management an returns. doing very asset it's us should new the of medium provide growth allowing to we're nice build

out initiatives with investors on you is investments look I through think we updating to be our quite XXXX out works The will go to directionally. as to regards it forward as already And starting we I of these So borne which patience time. over it greatly enlightening be appreciate.

I'm which question, there's one take. more investor think happy I to

there. to concluding remarks Sorry interrupt my

Operator

Lantern do We from Peter Harold sir. Yes, have Katz Investments.

Unknown Shareholder

on dividend you're on your I as find long-term the follow-up, buyback making. congratulations -- a and I Scott, thoughts am just just policy? progress investor. a

Richard Hough

especially that we doing I've Thanks, no a to were Peter. and very apparent for And use Yes, we our asked I when past, and a In business, in the we of have have this history a And capital I that that if becomes important felt that. we about of can been investors. deal. a debt buybacks to very to there company or have cautiously like do dividends small it's be ours cash return have cash always conveyed cash. at mean, a lot our

with which and debt You cash with as XXXX some our for a for was into going were significant merger long-time of a may company used Cortina, was accretive. amount and we recall, highly shareholder, good very the

out That possibility there. is always

I what use be very, look we in about it capital. will And and was We that as we are. appropriate here, about how use again working a a very And feel through the we so that's good careful think once of capital it. do move think term, want of our buybacks continue along markets. to at to did buyback to depending alternative We long we're

can discussions. imagine, in we're As you

with the a but about discussions firms. We M&A all in in while, we're haven't talked time

But In way, our we cash. position is meantime, the that in possibility, that of capital for feel will. the so company. a continue we And to going where a and use we're the to a we're possibility can grow return organically we

we And been and good I it's think like it.

So I'm we not from to it's one. trying more to going do what number but always under previously, we're say right We're working now. announced consideration, still

high and a do a want to it's we way. continually good the dividend, it investors in prudent the years, pay that at our to that sure we stock important very out a think to level. over providing yield is the make to On

at downturn a is we it and it can where Peter, with but feel goal, in the high, a of rate therefore, to time. still sustain dramatic good and general Our markets we for is, revenue, to increase it, which even it period keep

who a small and done yourself. value growth important to like capital the financial comfortable of market in compared at I our And given pay it's an of that fall fact off with our return hope the you not could do long-term and think, looking we're how high I because idea market, to We're revenue, of I time. policy for can't how -- to a would extended cap cap our of level, know this we change and gives general along value company, cap But it and with small would it's to the have very has a we say that we large our stock, the size at are other some period dividend investors parts small payout investors really ratio. the in dividend it's

there Are other questions? any

Operator

time. any not am at I showing this questions additional

Richard Hough

you. And my Thank I remarks. I made All right. concluding think

with their just morning. look thank forward speaking next to and attention everyone you So I this I for time in quarter. the

Operator

And with presentation. for thank and gentlemen, We joining. today's we call conference do that, and ladies you conclude will

You lines. may disconnect your now

Silvercrest Asset Management (SAMG) 7 Mar 252024 Q4 Earnings call transcript