Earnings call transcript Q4 2022

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Operator

Hello. And welcome to Burford Capital’s 2022 Annual Financial Results. My name is Harry and I’ll be your operator. [Operator Instructions]

It is now my pleasure to hand you over to Christopher Bogart, Chief Executive Officer to begin. when ready. ahead go please you are Christopher,

Christopher Bogart

Thanks joining discussion us Harry. Hi, about you for everybody. Thank once and performance. very its much, Burford again for some

have when Officer Jon As very me our that while going be pleased would well. this on course slide sense to we of doing were and Investment full Molot, of a and both that you. you're already Jordan you do today different And X. from to to confirms few to our during year results call, Bulford’s call Officer. usual be they And Licht, is prediction for things our which We're are Chief had a them going this with performance. hear strong, going the Chief Burford's those summarized from as today really March about Investment We're meets in the results call on

to about capital results, we're provision First, both the adds XXXX management than our and in you EPS to financial show asset which to cash March. income, in talk with growth we performance strong more which going doubling, strong the our reported audited

a a just and update questions. Then as impact leave amount And as on walking before we'll Jordan our to about through going value YPF on We've time say you activity the a touching touching and methodology, matter. it on in and fair of as bit we'll in what for is, of data work, And that spend will our words talked the context well its about time Jon the your XXXX some substantial portfolio how as developments is early works going then is well liquidity. now, science much rapid revised AI. few in how little right events in

of the talk XXXX forward still about really a meaningfully pandemic. the effects strong X, results. XXXX. courts were We context and slide suffering environment from an Turning where had the In to look to of to

numbers doubled, our on effectively the a capital basis. a management Just rose than provision this XX% looking income income more business and net only basis core on asset on page, XX% our at Burford consolidated doubled, and income our our

That in shows of back ways. started to courts the two increased that because was portfolio itself And to as in velocity happening and the forward velocity life again. came move cases

by Sometimes it's that with conclude them cases moving adjudication. either cases adjudicative that closer through settlement often But by conclusion. that actually or takes milestones it's simply to

species talk we both XXXX. going but continue minute in version Jon and shortened XXXX, over velocity about we're in levels. XXXX’s of things even So those on, it has seeing we increased the considerably, that to will had in is a the

even story the actually stronger our valuation beyond page, interest penalty are those the will in as this in while indicate, methodology on that our numbers is rates. on because increases XXXX's However, than imposing a bit, improve few also a Jordan minutes, new to seen fair caused through XXXX numbers for market go numbers a

than our doubled approach, have quadrupled it least at more prior under income net our under our while So new approach. would

pretty we're YPF. Jon and And about talk So XXXX things that, with stand. pleased will with where

Jon Molot

to for you thanks And Chris. all Thanks joining.

activity, at more activities lead before to on haven't theme up have our and much robust years expected expanded QX, resumption dramatically we activity that experienced court portfolio unabated, to this And X, COVID but would pandemic. before updated And slide on business schedules. more expected We've expected XX saw in slowdowns. is And larger, a that more XXXX court it at really weeks continue schedules. you had has the case Remember, a XXXX, to for in XXXX we pace so but the more pace mean, then into COVID we on just would milestones the one had level of back we XXXX, expected with seen court look a than historically. XX Turning already much you on schedules, a That the based just picks had that larger milestones. continue a performance. on we than portfolio I five second I to based mentioned when XX portfolio's QX few the case be half with if

disposal is trials, and motions positive value a a it’s rulings and that important what motions. So the It’s appeals, it’s It's case's trajectory. on milestone? rulings affect

push time, may when Sometimes and pleased sometimes those not are for blue we of a But then couple decides we'll trial the long A on a pending dates while the could with schedule a of robust do that get on out the pushed and calendar months. motion I've just court large, court expected. message shift. about back a that as it been next A But pop-up talk deals I to it is back as doing. slide. am how portfolio be the valuable, put we guys a you for about the talking they

through which when earnings, portfolio And like because do in that's see, we a results. QX, litigation That to have to more leads expect We'll what moving at about all we we what June. actually the process that's XXXX to now is release say to this early clip. very our good

matters, I'll release it in over just resulted the about summary favor. on we've the again, X, judgment it Argentina and in which liability To say out when a about Turning YPF go judgment summary few ruling put words YPF's obviously happened. against slide a to

reduce it to just short trial between In the precise for evade to April of to a issues variety or breach, the addition, the XXXX May two XXXX, somewhere reserved rate XX through on legal from damages. day. Those of them a And which issues be arguments. would importantly, date applied be rejected the court efforts Argentina's are the interest and present and X, damages pre-⁠judgment

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Christopher Bogart

lot for Thanks, why ranging methodology. questions and I the for Jon. love about human love all desire that's steps angering know but our to idea. and would and know, the case into that it pretty a I And subject bad And about and everybody on thoughts strategy from the understand hurting back our just would the And ask go our thinks to that, just great about it's of a as people to obvious it, judge. us YPF, detail of we

a we're just do going to in be to position so And that. not

on be more say every questions have able we said. than we we're YPF anything going about topic, to while already love So just your not to

for next procedural the step. The is process just now clear waiting and we're

out the just not minute trying please by torturing to XX, to AI. of for more try good avoid I'm to for happen. and about us because it's actually make talk On get So just a going company that to slide us shareholders for

we lot a bit the we Day you of things change significant about are our to show that instead, to in from have given future. on said in moat not an set we about ago. give the time the talk then science of I'm significant Burford's about we competitive XX of I'm value, fair little our to few us. seeing spend lot a that discussion a us that to going a our on and have advantage, But Given wanted topic in had more business learning, approach And and I from to update competitors machine a speed at world we a data significant going create here. of that Investor revised it What going for this apart months is the

expanded our with advantage of integral the part In Investor a we combined invested years work Today, we've the Day, investment more, matter's investing outcomes decision our root litigation inception and both have quantitative from the more, making built we've real of amount months and about since life throughout at the we an XX and process, comes of succeeding have thereafter. The advantage. data from science outputs analysis. and are of data substantial that that deepened proprietary in

learning the machine massive Given increased to level. AI also to development, And to the our use attractive more a increased as at of about and assess can is on make truly of of of ever process publicly we cost. our increase use part human can available integrate litigation use that difficult of data we AI times amount cycle

talk reading make ChatGPT It's as see replaced our a smiling looks is as AI months the and more come. we're going who away business. on AI big just it. you for everyone very And ChatGPT long it afraid the worth by net And judges sentient at to however, being not, positive space is continue our from slide. else to lawyers just and predictions. Fear at there to the output can But a We're adjudicators. sitting about in to

value. about financial happening to was that or hope that firms slide six fair start timing I be reason required I fair with again have like you approach pretty our fair the under talk we subject this extensive was other resulting finance turn in Blackstone I an never deck smells after need value about of and on pleased again, firms the our let's their in with said I to assets. the the and when and just that with KKR's will the They're been presentation a of about value have Indeed, approach to to so. of I as just talk never the call, while financials, And It now to and And I call engagement is about value. release and Now regretted in their X. it is, slides I hope to just that SEC. so do delay looks the to SEC. don't on our that March actually they has pleased fair earnings listen doing engagement today

beginning. very take industry this, going now but you the firms point. difference something through I'm that is Jordan an is IFRS broad is certainly have we GAAP points US So of for there couple IFRS for this just between little of make a on to going details we likely think as firms, standard, and the GAAP and to at

just fundamentals same the all, since of this valuations, is have. The the value years audit by Ernst key been and of as years opinions XX topic from largest our of the our with, our founding this ago approach they First of driver remain decisions they of remain will in have driver always Young. on business way, unqualified and as they court XX the very

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common sense. this Some just really of is

cases XX decisions policy, are running offer they've are cases not two asset we behind choices, agree while brand you XX filed. valuation have two new that, two had can of think court been for our identical door all number all I that court door any they if are litigation critical decisions, And one years. behind number While element just a I

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to that's take fair an when appropriate think account we So thing value. about into

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Jordan what of all in we out comply you to with little to obviously all with put while those. of take running accounting so here's day-to-day has we're to audited really and very statements the talking through And the And business. here about actual you, our for have do rules now lives

Jordan Licht

finance senior at year months I Good here consultant, industries career for specialty good in I've also now specialty what key asset while though Thank adopting to a more I is consistent like the milestones a We're value approach finance past. entire been executive. more spent you, it this, everyone. and the a the was though, in but retaining, using other that's traditional banker, value, afternoon whether to And at Chris. finance, morning, Chris eight case or class, continuing and in evolve or duration. to mentioned, we're building other principles valuation and firms namely, generally. And as my a with assets or have similar time, litigation the Burford continue of valuation drive financial to metrics to how industry doing Burford see

in walk theory asset cash, our The witnessed increase ranges or our the and more valuation When our the on slide we period, plus. behind I'll deployed we observable each on cash balance cost approach. prior our here the to we the So write shows up value milestone, to revised that deployed value X, is amount. what put event. that cash top experience an I deploying like what pursuant we refer deploy case We approach when would or and slide down approach, fair that historical the through sheet, to by and policy of as in would

However, factors valuation time, incorporate and value doesn't that approach like traditional duration.

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theory, I a think, though, be going bit to Not easier. in numbers. little but some this is in

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come premium case case premium. win call the XXX leaves occur, as under methodology. balance That our node, the just for of on expecting the did which XX as waiting we not sits premium, Then, from what but will that sheet, income the milestones. risk litigation for just we're However, some it prior milestones into XX,

So through how walk let's happens. now that

hand period So, case side. the turning that's the slide first in left demonstrate no XX, We to activity.

happened as to example, approach. no three this two. reduction of duration income, some our the that the to of in in opposed case That accretion that all recognition declined under easy. duration part's So revenue from years prior seven was causes That

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to had span as the we're As a on the rate. of this to increase then meaningful years. that from rate of expected. see, graphic The $XXX at change discount years recognize income of our on in discount and than the hand rate course discounting four foregone the can the income ultimate around previous increased effect that from right values effect case that's resolution side attempts higher as But and portfolio the basically doesn't and would downward you quantify X.X% of in assuming we a this X.X% shows eventually case million in performs asset because has the

can value we rates in asset in Going forward, versa. sensitivity to see that rates interest interest increases expect can declines cause vice so and to

I turn to XX. slide

cost The begin, deployed adjust move To of we've changes this Another we based model the discussed didn't previously. board. asset value YPF is all already that there. meaningfully. see illustration And factors of No policy. the the across macro the period effects same every the you'll do on

So fundamentally, based deployed you're the But about. sheet, the a total dramatic any talked up makes we around on seeing our cost YPF. moderate non-YPF it's in of XX% on CPAs value the Overall, value that increases you'll not still in fair see methodology including way change. balance

percentage a that market, see you'll XX%, cost is similar as old excluding Also, XX% under the to fair deployed about of value the which YPF is methodology.

be at on, respect provider the driving So, leading consistent in as duration. continue with have present finance in conclusion, case the leader many the the or to industry, today, But value. excited happy our to and the We're approach value. similar principal before fair determinant fair global to been to assets you for setting in standards I being this move to with whether core a we've milestones continue its time, value to that in financial we valuation principles that

won't now level into go our move remains improved the to on I'm remains. low simple before, leverage slight continue deploy takeaways, asset so all on And method, capital that schedule. upon given was I We'll details. XX, litigation leverage leverage you low seen slightly slides leverage can Two I was and of continue that then appropriately into opportunities. as we users slide an to our structure. rise And prudent maturity to the maintain be appropriate Overall, in capital we'll updated in with the finance laddered value. all

And then finally, slide XX.

million from in left on cash QX the full of $XXX finally, expect So while I'd an our the And We million numbers $XXX with $XXX XX% And in million with bulk movements million a of in at end year. the million our our bridge XXXX. then highlight QX the of of our receivables, later see year. June, cash which $XXX releasing was year represent the side. the we're to receipts, planning hand we $XX on balance to up additional receive of balance which prior we show this cash receivables. of

So to look Chris. back it with hand that, to I over

Christopher Bogart

very much, question And XX, about we're to Thanks although Jordan. Great. probably your of questions take our think the that exhausted methodology. accounting, new we've happy to I turning on slide you

plus this Equity. value sum come a in of in March, which a it platform here. $X option after and years slide dollar that but are last Burford gives gets which finance It whose our It of back you past whose in leading proposition you up the have you are to the our business what last basics has high you in of each largest assets origination does a continues think the business returns is Burford view, produced in [BAFC] Let of in several done dollar business billion to sovereign now think an a judgment. gets in with gets a you new holding it is more fund four you management asset result large year six that we things. free And of legal doubled the and saw remains, me on really accelerating I to to gets velocity that investment partner multibillion fund sector's We billion It going portfolio slowness. YPF years. matters close wealth income mature know the the industry's as the COVID than two the

had an our aggravating which crawl impacted to of courts has slowed and really portfolio. impact as been seen pleased COVID the stands. pretty couple by an on where really we're we've business So the with years It's a

to backlog. court clear enthusiasm a also great the system excitement and up business to try to velocity there's normal so sort a And its pace of of only back that not the sense to and having catch inside increase about but being

that with some you. take will questions. we Thank And

Operator

[Operator Instructions]

is Numis. the day first question the our of And James line of Hamilton from of

James Hamilton

so for had wondering Thank and data was pipeline. Useful may sort I, you. got XX couple point. I milestone XX further of the thank A could milestones had to And of of and in you've milestones. secondly, the terms number and in quantum compare you that expect. in had of of you presentation. last year in of far the have capital sort time the events terms cases And relative you a if firstly, deployed those where you milestones expect you same of just the

On to the does pipeline record and value second sort had just today? was of wondering one, you of commitments I look we deployments pipeline. for deployments future gain, the and the sort as how stand commitments

Christopher Bogart

do in me to let the So the second. and one them going because then Jon will order do reverse first Molot take I'm

So think to our do things. period, almost how new that's pipeline in and really as you before, we're much separate going about when function any I've particular of said business a two

largest the into just an First, these pieces annuity just itself million, in sort the we a $XX as of of million, litigation. of activity, cases are just now with that putting where out look that And of almost the space things. million turned against sheer we an And level to really like business approach ongoing player cases at. $XX have ongoing number $XX we're has

ultimately the deals of determines Those top sort to you We've of are those rate much are other really chunky or numbers one to deals predict. looking the the more doing yes, or big and that got on of fundamental two we what we that to that are really business. constantly predict just much episodic difficult more at. a then cases. zero, pipeline. something they're up of end And whether sort that's part And flow see So of run

period, in have a time last single if every periods necessarily And couple had so, of periods. and really the last so whether it's it's any But of big that. not of what in that you've seen deals happen the kind we'll those numbers to because couple case big in of going question we that's And size. in

So see volatility you number. that will in some

And the question But also the the a in We've has that a corporate of late has are if for of first try tech in with, like you of and into trouble the for the IBM. that fact that if all you're old for of category, sort contributed, very significant I the got to the demand. to for a think, adage, place will, of I nobody of clear we're still that time, of business. that, lot leader variety litigation sense no to finance. been users been be Burford remains going seeing amount sort ever there frankly, sort originating buying of fallen there's litigation we has reasons, and think, news

of you how relate do couple forthcoming the on want to more years? to give the a color and last little Jon, case events they

Jon Molot

to have back they XXXX can very things much is much whole where But relief I were bad is things that think you Sure. moving was it tell to where during to moving through I like how finally there again new like probably anecdotally a was the team in through has a has where don't feel happening are were, COVID not I things market things difference. the it know there basically a hasn't feeling calls it after but is happened, we XXXX XXXX, three many earnings was would level. in been happened. in say just Nothing again.

getting cases that events and across the who's week, portfolio. whole on, things week be that that's Just got having major each a updates the calls, single multiple are there'll on of number underwriter

our basically, of bodes the what in sort for But of of business portfolio, resume, things change. seeing you important follow. more market we than that way to quarter. internally the follow numbers, And concrete happening. are we expect sense modeled had the a terms we there's we of that So that our we the courts now which And portfolio entire we is the this what's the of every a as on things underwriting, update give trajectory. actual And conveying had based numbers. sense my trajectory That's would

the the individual reaffirms to in in thesis wouldn't finally when the any courts way we And reassuring, there's each was of investment a things only moving value made I that portfolio, see through. that overall operating. say and back portfolio what's surprise and sense our to world XXXX are happening of the sort come actually the investment had life so we the In of that actually it

level hadn't put that would investments we of the predicted was we robust activity leading conclusions seen have yet on. we that to when But the

James Hamilton

catch have produced and apologize to sort new a follow I up a So else. seeing say capacity describe what and sort quick that that would core you as of you can we're at COVID up normal? you're a or everybody of I backlog from now a Would the

Jon Molot

similar than through for catch stages we're litigation, and US things in litigation. past. of are a a good stages Quantum phase. question. catch at merit move I anecdotal, to it's through the there thing the not up. and sudden go unexpected It's I rather as they should that and has through on go not I'd of portfolio again dismiss, founded said They seeing two the think is would motion once it this when discovery, those we that's basically say, stage. lightning really they a given through from the phase to, all as somewhere jurisdictional commercial But go about in to are be, but some beginning, phases for more some this we unexpected. pace there arbitration. up great say just is going they expect and business. judgment It's class than international between there's case That's those The Chris asset a there is summary

but meant newer moment but probably the So doing I a where toward new moving, I case case And older moving catch was was doing catch we're were wasn't were there yet. think we think probably that we sort now up, up, of an a when normal.

the to probably expected, COVID. a that's larger before It's think normal I it's old we the and best is we the than much portfolio new what way normal. just had but on

Christopher Bogart

James. Thanks,

COVID, The what an our because investments. Jon said, in we as every a just to by We exit this of buyer, we And other was true that of resuming. we market is is equity the it's here don't period any unlike The think have that I've investment don't this positive other we of kinds need a underlying the like us delivers context, IPO. a for an trends that absolutely always which need part sort don't to need many and time. fundamental in of it's conditions. turbulence, said, investments, now need capital, litigation venture But exit example, of why and slowed economic especially and make of remains system some point go it economic doesn't process, we underline to private as important business single passage is don't correlation I into

comment the the have So saw in the half. would on we've over to got on reached Julian to you like resolution at the webcast an of of XX%. one Is capital deployed difference to to Julian close Jefferies. Resolutions quite two? differing from a your been other ROIC partial a suppose of the reasonable also second Is that? largest investments Jon, to question Roberts half at half And resolution asks about that jurisdictions? it relating is related timing

Jon Molot

will, to that can later that know have want to particular if said will recall, investment, were say to excess really I too want an with resolution, speak early very that. I the it any are don’t generally, you we investment, XX%. if much one and respect reverse. to lead often don't we've ROIC, investment that to make I individual but the And follow an referring IRRs, to, the ones is of can't can lower make IRRs prediction in the one this or portfolio higher I don’t and this but about a predictions I Julian, also to lead about

about in is you return keeping our successful exact conclusion than I to other draw don't partial of that with going a don't It say this that you're have investment trajectory know that the to the I get borne investment a from So case I we about is think bodes policy. positive levels it the an is out. well well, going a But when the resolution. can say individual should thesis really always more

Christopher Bogart

by question taken Keane at masters. from from who from charity is money a So the This webcast. making from another handicapping Jeff break the Waverton, has

doing Jeff, that. you thank So much, so for

has have potential that that Are that's the you you do. you a portfolio a to question confident have is, significant Jeff's redeploy to think fantastic that I the enough thing the opportunities fact realizations those you referred ex-YPF. of to release proceeds? flow

fees us the And you've I but deployment business average is because of answer is yes. the expenses good much COVID high doing have us we're think words, towards call I today business. think of corporate and levels to class bringing deal higher this problem years one, were of a we is and what of to had answer a legal that one we the deal deals the financing a was is from Number because When fold. I and cases, expenses was think couple is monetization. reason with the the answer And we've other associated obviously It's last corporate of seen sizes. in of what case. business younger, the So continue the yes. just yes migrate and not higher In for that fees presence the happening of couple

don't correlate size. to those And case necessarily

cost So claim. of a million fees can $XXX to $XX a legal the claim million it same and bring amount

significant became public million us transactions the six However, a the this then monetize $XXX corporate a us illustrator seen $XX we're going during last monetization deal that large you've client, million a if a great whether for difference the to monetization makes investment course of it's is do And a to or underlying it one transaction a dollar allows case. Because our of public million for $XXX a case of because or months level. so. at the

We large of to antitrust of that seen large, used. a food case S, you've not been Cisco company, provided computer valuable $XXX a against so has of series in company sort claims. a And a action at with the Sisco XX study capital million an Fortune how distributor,

that, that like when the to continue market. in so opportunity those up of opportunities deals we we to capital, soak have see and do like obviously lot And a the

so So not been only of in a to the continue can capital some do a I debt think demand. we can we meet redeploy business that our amount that of up capital, of as as we've way organically we topping generate Jordan consumer regular the said,

Alastair another much assessing SEC a your of there's you Can from the you please, interested report require for need value you question cease and Clearly, the model stop? explain, cash cash Lindsay. decision future the publication useful on generation I generation. webcast Did now you, found more to fair am modeling like to to in So output? basis, but,

to put the non-GAAP dynamic the think the this and information. publishing to around information, our way is color accounting between world where about GAAP some non-GAAP So think modeling a in is is I there tension and clearly output

instead, because output so we're starting to we described constrains we non-GAAP as panoply today ability the are our we're earlier, win And process, valuation doing with our of modeling our using node just full not are the the that what provide full publicly. Jordan and

the we're the valuable And that modeling, we're in piece the at it think, model And given months figure to for why point, from way of node to win fair out I provide the information starting is everything so to going that the will else come a inputs using valuation. in you, from a from which give node, win that what derives is something that into to process. do least valuation relating

as work is perhaps will think more to I as develop portion and modeling broadly, is of to So necessarily that business think And find evolve we position. share as output. to as static well. This goes meaningful does continue not continue I something this then some the time the way will a modeling we a it use on, and

And line have now I telephone a believe. we question,

Operator

here of David question Wedbush. We have with the line a Chiaverini from

David Chiaverini

In had on Hi. the Thanks a question all questions the I taking in for the presentation, detail. the leverage.

to based new to there's level and as fair on on change So approach. comfort leverage the that level comfort if the your on any value slide XX, curious

Christopher Bogart

pick quick I I’ll part second answer to the business because again, is terms. cash let of in that the no, that Jordan of my up. But think

and So sort and don't portfolio when the of terms numbers really can I think leverage, think about service and I take. of balance of provide much I it the average in I about for. Jordan how what Jon think think sheet

Jordan Licht

said, Chris with well And agree levels we also consider would whether as Yes. or I what can you leverage. what we're we're would the but well, it's see, within, prudent covenant

I'm think quite valuation values so ever asset does approach obviously the so And And change comfortable. while slightly. I

fits capital structure. it way current neatly debt think our we've into I structure, constructed the

David Chiaverini

Great. That sense. makes

Sorry.

Christopher Bogart

Yes, go ahead.

David Chiaverini

up. just I had a quick follow

the about wanted to So ask environment. competitive I

attention this entrance new business if how the on recently, all? any noted to comment attractive you Burford at has your class You really is. how drawing in been asset more news and impacting they're it's Can and

Christopher Bogart

think fan suggesting like reality passage in legal scratching the that know, But sort this we solidified competitive of been for XXX United market and the is is monopolist. this States still reason you this employ addressable an an $X law the in to a a this top just us. in as close XXX,XXX the competition surface instead the suggesting And better Well, world I that long lawyers. indeed, enormous. entry a business. with only esoteric a the time us, to market that I've say The because market. is not around does of of of The I robust But law position of fees. absolutely bill business be of year for a I remain that to trying we all. has that The legal in out at use am about threat firms sort The capital think better entirely more And is all credible face. not its And are in And enormous the I firms stuff. people market to are trillion years is I'm who talking the team Burford any and meet XX of from I of up my ability the unconcerned close perspective. in law,

did done leaves when the to we've of couple so we still still into about there excited Sisco, great. of for majority We company. those year, out a big XX Well, with other that vast but million get And deals, the fold. us big one very Fortune bring $XXX a deal doing companies company a

Am buy substantial new what every contemplating corporate in what so same I And I that corporate So a as and after rent before ubiquity. case they they than else case, think just I I want am it, doing, sell, to CFOs going our I new world run think I for routine going matter am And I I going anything buy of is a photocopier. chief that's am about the where for competition. do am officers, it, legal legal it? to finance more when going it? of going use to I'm kind to are analysis they a lease

of in on I hasn't So of we that's thing. a yes, been a keep are that think players market competitive notable numbers there winning lots our and this And entry there it's but terrific the race. late, suggest market really any and

David Chiaverini

Thank you. Great.

Jon Molot

because said, much head want time. has starting about could preaching just it. often know for tremendous. head echo really compete counterparties, we're about interest forced really happen, long not more to the been Chris just benefits among professors of is writing reaped I his to. ask very general become can it, we to. to add. I thing this a Chris seen I it because If It's discuss. law among a counsels. entrants point to opportunities are out. we've just And commonplace a And about not I generate judges that, do think And forced to we're as And when talking experience that as result, begins we've to the expansion just are borne as it CFOs

Christopher Bogart

by what Jordan, do results? seen fees linked to to fund the received take time and question Next, the be between to there is is attributable million, a a Why million this to lag from frame we have in $XX in large is to but for net income you $XX Dominic Additionally, that? of income a want be fees, difference only Warren. fund webcast shareholders? Burford assuming with in

Jordan Licht

don't so Yes, duration I'll we in. predict and the go there fees out will and reverse those take it when order try in the of come

But a couple is on comment that skip will part. I And going so points. I'm of what to

given attributable to you coming It's that COVID. to of is and So, that's and and coming beforehand fact demonstrating the see slightly what the that funds in perform company do the the business by we'll that out years is attributable the hopefully shareholders the continues And extent portfolio perform. shareholders, the the demonstrating one, the and of borne the strength expand to expense portfolio while between the portfolio. see natural income the difference that meaning to see is the fact base as consolidated to just

those have the I think of XX important where focused Burford we been opposed continue on that note asset XX% historical capital the that to deploying focus those balance that balance with the sheet the generating to retaining classes percent We're on other piece is to years on sheet to might plus different assets IRRs. split. as only to

we management So fees And and growth versus the you the that last perform, see in in funds piece as I would can perform. say that the in asset is XXXX. XXXX

Christopher Bogart

Great, thanks.

with Next those from development, as So marketing operating operate not Why? that the on of the with marketing spend digit we And single really. such in the split webcast what millions. associated a sort here's we enforce business we low diligence, do the give of team, a marketing, business those and way have due is are costs the the dedicated new costs and associated business, why. with breakdown from portfolio Trevor the answer you between selection? Unfortunately, and associated Could case Griffiths.

Smith, they going and the market to to talking and that is a in functions. lawyers fictional heavy of other So specific overlay That is cases, and corporate though, to by be those In who when that, who that one assisted come data on quantitative science clients. and diligence going person doing door. underwriting others, firms as That our law cases the in be at person looking work. going and with to is people for to person we After is the be those works have cost that out a or can are the we don't very isolate. Burford, many words, other of John

person manage. and client may may forward well into close that continue to both And case to and well, that go case continuing own the the deal, if we

expense, are look got, our be devoted devoted we function and and more business everything virtue finance the operations to how doing then fall money, the bringing and is I got that big just expensive we've business, in making So business, what if But logical marketing. operating overall seems to to And listing. our the to as by else We've getting in is the there you me its really said, expenses to out. conclusion. don't business of at ever an dual

Jon Molot

say? just I Could

Christopher Bogart

Yes. Jon something final add and question wanted we'll will then probably be to the from a take phones. what

Jon Molot

related the of great out, is lot are and costs, in we've three structure. competition wrong to I all management part capital very reason the I a questions benefit think competitors have wanted comparison about and about competitors. the excelled last questions we've point of fees reaped think to And of just I them really and the about much

toward said, investing sheet you more Jordan to we're As that's balance do. gravitating what and need

benefits, investors. of reward the have reap not rewards they And of a cover the are rewards enough reaping interest to when kind you reap returns So wins. competitors you the of lot that costs the and you generate need to and their

they a raise and so are but interest, able And the do generate profits. ultimately to deals of we lot the

been cycle it's good us. for very So a

Christopher Bogart

on. industry to do about Yes, it's being last that. we think, before, that driving year's allocation, funds, And what's and you wrote Jon I approach And I a to It's to able to terribly unique, capital our and our said as capital in, one report. important our in we are management, I annual have it's so point. to about really business believe,

the phones. So let's take the question from final

Operator

Our from of is [inaudible]. the here final question line

Unidentified Analyst

taking Yes, thank you question. the for

to want YPF obviously being YPF. just way as claim conducted to portfolio. the rest the same said the I anything the valuation You that that you is on of don't confirm want of

there any duration of that correct? purely valuation Is time, milestones changes that say itself, where have passage discount been expected let's no case XXXX, from Is changes to in right? were rate. So in the would in and

Christopher Bogart

that is correct. Yes,

or So market of then point transaction, on, the of there what transaction it be to time what to was in a would is that would a YPF passage to you June extent this us, in case, case a rates. calibrate change market was and the model, factor discount XXXX that there a in other there and is the you extent just asset, like milestone, any happen in for so then described that from exactly allowed the

Unidentified Analyst

Right.

have So there the submissions in that case correct? submissions, court I a case Do might actual there been XXXX, have don't was but no to because count as milestone milestone.

Christopher Bogart

Yes.

Unidentified Analyst

you. Got Okay. Thank it.

Christopher Bogart

all much our actually So very put going the for with that, of when talking to we nice to to out QX you you look twice again forward to months. in two was talk joining. thank we're to And month you It a within space numbers.

So and thanks very your of and for your Burford. all And thoughtful and support questions time thank for you attention your much.

Operator

joining. for all you Thank call. today’s concludes This

now You disconnect your may lines.

Burford Capital Limited (BUR) 16 May 232022 Q4 Earnings call transcript