STEP - Earnings call 3 2021 | StepStone Group Inc.

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Operator

Good afternoon, ladies and gentlemen, and welcome to StepStone's Fiscal 2021 Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this call will be recorded. I would now like to turn the conference over to Michael Kim of ICR, StepStone's Investor Relations liaison. Please go ahead, Michael.

Michael Kim

Thank you, and good afternoon, everyone.

Joining today are Scott Hart, Co-Chief Executive Officer; Jason Ment, President and Co-Chief Operating Officer; Mike McCabe, Head of Strategic Planning; and Johnny Randel, Chief Financial Officer.

we viewing referring website or remarks, are slides, at prepared for available download our will to be which stepstonegroup.com. During from our

this for as begin, call the certain company's we I'd and to regarding everyone Before financial operating performance like forward-looking statements as periods. presentation the that well expected slides future contain remind conference

to other Securities IPO U.S. due detail prospectus may described risks, statements under statements differ for a that greater and XXXX. the with are uncertain and reflect forward-looking are number and Exchange inherently results expressed those of or management's in StepStone's Forward-looking from Actual filed factors to materially current Commission uncertainties various risks risk or expectations future on these of factors assumptions. plans, periods XX, are estimates and September by and subject implied

for GAAP XXXX. was Turning income Fee-related a net year. from was net attributable We the prior Adjusted to quarter, net StepStone year quarter. $X.XX XX, ago. of $XXX.X million was X% income for increase the quarter to results. of an Inc. GAAP our million for the share, income the financial up from or per Group XX% ended December reported million $XX.X $XX.X earnings $XX.X million

FRE. With presentation, prior income This in other Co-Chief I'd disclosed been Opportunities did like StepStone's of fees. And turn StepStone's no have on of on change call our Scott? in ANI volatility expense reclassified advisory the to retroactive results GAAP fees for of and of and to fee-related gains Scott Importantly, administrative net translation from as Hart. of to earnings statement. closes million FX currency and the ANI IV removing Officer, and from million year's Secondary result to over effect Executive related Slides included including onetime XX earnings that, $X.X finally, but million revenue, had $X.X Mr. income losses loss other general, approximately the pretax and $X.X Funds cost XX success-based foreign additional

Scott Hart

and call. afternoon, for Michael. our you thank Thanks, joining Good everyone,

Before all during say ones of to wanted time. we stay healthy and I colleagues loved and your are get started, hope continuing safe I this you, to just your that

over decade strategy, a a we and environment platform have and For Today, culture their heavily needs more lower clients. StepStone portfolios the serve increasingly so at insights clients the elevated than for for our now, before a are asset rate of prices. developed ever on global solutions to and our StepStone pandemic, interest our they as given rethink longer relying

to most purpose this, their is private job help their one them Our fulfill on comprehensive of built do have in platforms the our industry. solutions of stakeholders. market behalf we To

X. Slide to Turning

Our from private allocations and global the to footprint manage growth to capturing team increased while market allow risk us markets.

holistic us multi-asset specialized deliver class Our and help for solutions yet customized sophisticated investors. institutional capabilities retail

data, these risk investment with and and management us a clients. tools Our enables develop technology way connected solutions in in our seamlessly to implement

have helped in portfolios of that results to navigate difficult in up our All insight StepStone of combined environment contribute our in diversification, the today. these terms own that to a our is XXXX. and successfully through clients' and And both showing business, factors

Turning X. to Slide

line driven share, realization net $X.XX adjusted and activity. from $XX by or environment income was expense modestly a That the up quarter year. million for result combination growth, our prior higher a mentioned, Michael was per the top favorable As XX% of

business. trend of adjusted For positive our long-term December the Johnny our reinforcing around XX-month was provide presentation. XX, period income additional XX%, detail the will Randel later growth up in the ending the numbers net

investors a and encourage employees, with clients StepStone similar operate view. long-term We and a our continue mindset to share to

for year-over-year, driven both our billion, commingled which formation efforts and Over managed funds is to grew under successful management months, XX% XX separately $XX assets up the capital accounts. last by

AUM our managed funds. with year, from to increase new commitments team's the fee-earning to drivers main $X approximately successfully billion, ability up commingled of accounts being reached and in that billion prior approximately Our investment separately $X billion the from source XX% $XX and invest

difference may on and you recall we As fee-earning capital fee-earning fees by earn or largely will prior from activated. deployed represented conversations, is or between the AUM undeployed capital AUM which once

at end, As of quarter stood billion. this amount over $XX

fees $XXX carried XX% future ahead, million. by $XX deployment million management $XXX gross in prospects for healthy, our part realized the our third to billion. are reflected fiscal the Prospects in similarly future during accrued of or quarter which increased healthy, interest driven Looking by this large in remain as for carry,

As quarter you a recall, accrued on carry lag. is reported

so this number. the in XX September broad-based reflected in markets recovery capital of is the And as

Quarter-over-quarter for quarter In onetime the profitability, and the was skewed to SSOF and million IV the flat year-to-date. points at a quarter growth Fee-related margins XXX for fees. and of prior the period success-based X% environment. earnings current mentioned and XX% included fiscal prior quarters year terms advisory previously of temporary, fees year-over-year if year-to-date $X.X were XX%, favorable, related growth expense revenue importantly, totaled year FRE up basis for reflecting the up retroactive to million, XX% the more the FRE third $XX.X in by of and

flow stock, to a that free per reinforcing capital I'm dividend common declared report high of the capital-light business of $X.XX Board Class share A quarterly turning management. and model. nature our cash the the Now of to pleased

Planning. opportunity pass it clients to as together. With team I of and Strategic of that, we passion thank to thank want grow again clients. best-in-class ongoing members StepStone's And you McCabe, your to our providing investment Head this Mike? to Mike our partnership I'll once solutions for and to over our all commitment take trust to their a for Finally,

Michael McCabe

Great. Thank you, Scott.

strategic and For minute today's we a spend would call, thought we on priorities. StepStone's focus

has to much over attribute client-centric growth the our evolved Looking back how culture. decade, past on StepStone of a we

inception XX% continues experience on shown today. of grown footprint has strong our X, to growth since As and Slide annual compounded growth a rate asset total at

serve Our geographic specifically our clients. footprint is designed to

the our and is listening solutions investment direct our continued to result from and capabilities needs. clients' Our

turning Slide Now to X.

look four, period existing December Slide our for combination were technology re-ups will clients mandates; our our key areas to X growing result the leveraging turning XX. scale X our a business a transactions point grow six, to and drive on wealth complement five, a clients; operating as margins; new Both of and in clients be pursuing to client finer attention focus, first ending expanded the XX-month of strong client expanding with solutions; we of three, to X. data As for investing wins distribution our re-ups focused and accretive development two, platform. Placing channel and through with our new themes: ahead, continuing on private activities; globally one,

relationships, familiar net This billion particularly the fundraising. $X.X Our to during attributable well, as to a and ability of which the to served client grow wins past totaled $X.X us been new to with $XX.X AUM existing growth we a clients new is existing there's quality commingled flight flight billion client our billion to billion over to $X.X believe, and, has pandemic. year, the

in our the with of allocations outside the assets that ability markets and globally. Geographically, East XX% platform growth and is base in nearly and taking contributions clearly America the client This our from Asia/Australia. Middle place new nature private to participate significant of the global highlights raised of Europe, from came North

XX, close efforts held December CPRIM had our now has for commenced, and October and Turning on to we Capital channel. first of XXXX. million formation $XX.X the invested Through we capital. X, retail committed

and for While We're updates both providing with far in forward pleased to early modest at XX.X% returns exposure its look since to co-investments. still subsequent in inception a investments secondary size and days, the CPRIM healthy so with quarters. launch in stood its and

handing on business call would classes. Johnny Before to mix like to our our Randel, of asset the over I touch

fee-earning came these came account ago, from the of for shifted from favor private X. XX% estate, of other fee-earning asset has Turning X which equity, debt real XX% AUM and classes, in AUM. to XX% mix of infrastructure. our Slide total years private now Today, while

over financials. During Chief rate as at this Johnny held our on detailed blended strategic a relatively basis for Officer, it's our Johnny? now discussion has pass it note overall that, XX to that shift, steady XX. With fee to Financial management Slide more around points, I'll shown important Randel, our

Johnny Randel

you, Thank Mike.

G&A with on and in fee-related Consistent AUM, This have our seen net trends adjusted our presentation continued growth first being expense operating fee-earning with Moving as touch reflected of liability quarter, strong on financial elevated hitting line. temporarily income. pandemic, highlights. to D&O and revenue performance earnings positive the quarter enhancing to company, public to further Slide our having professional of fees full XX the the prior insurance the related depressed financial we spending a travel-related impact

X% and for to XX% $XX.X Fee-earning the Management is up XX% year-to-date. up AUM quarter quarter year-over-year. at the ended million $XX.X increased and advisory fees billion,

IV fee XX% Year-over-year and quarter the XX% StepStone ANI quarter point, in approximately fees prior the onetime up X% included closes to related of mentioned. highlighted totaled in for fees. Fee-related the million success increased prior the for is year to additional for last was million and included $X.X have As we advisory and Opportunities XX% year-to-date. the previously FRE quarter year-to-date. up the success-based and by $X.X for for year-over-year retroactive the growth up quarter, results quarter Fund $XX.X skewed year per bullet retroactive million related fees earnings share Secondary

held FRE over capital will generate XXX or as billion XX. $XX is year table. and capital of as and other and year-to-date on for both quarter expense revenue at were that highlights to a XX%, time quarter XX% growth favorable Turning basis up at the key environment. Undeployed stood fee-earning this over points steady invested margins reflecting the December activated prior to fees

As quarter, normalized elevated margin. current margin are operating operating the we as environment. this expense I don't a mentioned Margins given last view

until benefit we begin offices G&A able from continue person. seeing return lower will our clients We and in to spend to to are

being we few see with counter line public associated expense continue to over next benefit, company the a into higher G&A As a our this quarters. will costs to migrate

for performance be These will We overall XX% realization than the quarter as beyond XXX to were quarter, that influence T&E timing results and adjusted approximated Quarter-over-quarter reflecting near term. Gross year-over-year. the and lower comparisons and realized would XXX expense vary, for can the for our year-to-date did is margins that totaled of other fee $XX.X activity G&A trends up the control. margins not our basis have million for and that normalized FRE expenses occur, reported reported. trends points

LTM Page and XX provides quarterly in appendix net trend. performance fee the

appropriate. And adjusted the As we quarter and revenues performance for have is view XX% year-to-date. on the believe XX% increased we fees previously, longer-term discussed more finally,

basis, to for for core the the Turning up management XX. year-to-date last Fee top. XX-month Slide a on was trends XX% and revenue the revenue walk and with XX last XX% at starting months. advisory and detail fees year-to-date We'll through period in more

and these reflecting detailed million XX for 'XX, fee-earning point first in up AUM reflecting last more commingled More relative the increased X the fees specifically, a our activity. quarters down management fee have and of last appendix. Gross in the breakdown the shown compared slightly over XX% million period fees and the as SMAs seen increased steady XX% period, performance and across for $XX and provided client on to and low year-to-date fiscal months, growth about activity realized range. mentioned XX the overall on XX up fiscal for for on we by in basis XX% were fees year-to-date Mike realization the year-to-date blended $X We months, fees Page management driven XX, XX XX% Advisory-related were XX-month the funds. bottom periods. last prior advisory rates Page strong of

and fee partially shows and driven mentioned, last the revenue, bottom adjusted XX and and which months, quarterly performance by or LTM fees increased As XX period. fees performance over offset net trends. The advisory LTM year-to-date cash realized XX% by realized management lower the Page XX% higher provides chart for

and quarters profitability XXXX $XX was year fee-earning to earnings growth by while same over Year-over-year activity million period to a was up up million. XX. higher X XX% the advisory the the to of Turning XX% first rising our $XX on margins. FRE was ago, compared core Fee-related expanded AUM, Slide past client XX year metrics driven for fiscal of months

from from offices increased XXXX in quarters for the begin to spend of to benefit FRE from we're our earlier last XX XX% we clients and seeing X able Consistent comments, with return XX% XX% until will to the months. XX% T&E and person. lower margins first to for to continue

line. will to As we with public costs a G&A benefit, continue associated expense in to counter a see being this company higher our

would that G&A by than As would of stated they earlier, we have reported that normalized approximated FRE were results points lower The margins and income than expenses as did these the highlight influence near would year-to-date on margins balance term. Adjusted trends basis. less XX, be realized sheet we the for slightly fees. On for performance to and that fee-related a and XXX not key driven impact couple be down down migrate items. the occur, earnings XX% in will expect an reported, XXX term, basis these year-to-date XX% adjusted net LTM net near higher with Slide LTM higher margins to in increased period, combined we of

carry over months. up $XXX XX% accrued to quarter last at million, gross continues First, XX ending build, the the

strong performance of the eligible cash will over program given reminder, a time lag. carry carry As cycles. unrealized of portfolio, portfolios losses We a accrued that remains in carry and provided, investment quarter our to or amounts that of changes of the GP of on the convert balance diversification gains think backlog our valuation accrued as and reflect of a underlying across X number investment course,

investment million, up while appreciation at and programs On over to last unfunded the $XX quarter reflecting at chart, the commitments months, the our bottom the steady approximately primarily $XX.X million. proprietary from quarter prior net these XX% XX ended portfolio market addition, held

As December fee-eligible over as performance Slide capital billion of XX. of shown XX, large pool manage a on we $XX

timing More approximately carry are capital across with accrued unrealized is that indicating with XXXX waterfalls investment and programs, exit. period review. is the realized is position. over occur vehicles our funds XX sourced to provided of of the mode. this diversified for programs vintage, investment from with vehicles this at carry these XXX year-end XX% the to harvesting tied including in widely of carry additional deal-by-deal their We've earlier or material carry from XX% at Approximately Importantly, appendix past in and than

I'll turn operator Thank remarks. over This now for call. Operator, the open open please questions. up the to prepared the back our now any it you. concludes up line to

Operator

JPMorgan. [Operator comes with from first Instructions] question our And Ken Worthington

Kenneth Worthington

We're SPACs, on a I bunch first SPACs. thinking would love about Maybe here. thoughts and your

does deal about an for of SPACs thinking Are maybe we're more are, you participating what it or private the competitors companies from mean sort that SPACs? is with realizations does in SPACs what And makes that get be in future? market of things think to not? industry? perspective So in in something to in, launching outside the the Or sense of that involved you'd pace StepStone investment the interested

Scott Hart

yourselves, does is for This it in and thanks market like on I observing but SPAC for and Ken, are what's Look, mean what others, closely only for also think thinking question. market the the going we, the Scott. StepStone. what many about sounds it like not means it generally

in So ourselves impact have is I seen well. those we think impact taking really where realization most for the questions as immediate turn, the

vehicles. open, quarterly continuation during and to that the routes the new seeing the obviously, SPACs fact really think talked I and last routes windows we we're But different currently sales and are open, realization call financial earnings exit all only of strategics. sponsors not like IPO about

raised. From the particularly companies most an that's you equity of through here, standpoint, going forward that been example, to do for to impact think exited think will date. competition have forward think amount to impact when X co-investment going really portfolio, transactions. capital our but it a that's now has haven't the that seen about one continue I we're been monitor private immediate Across We So seen going actually have that SPAC for us.

looked back XX look we at think months, private we out for transactions As can't where of, over at of there. to equity we the last SPAC one example, a co-investment hundreds lost we've the

a it eye that raised, that's continue seem the like something it's clearly, we with an we been But threat. will as close doesn't competitive to on. of amount seeing it immediate So keep capital again, are

for that's question part forward. date, not of to we'll the terms But To going that Finally, to Look, I business monitor whether decided continue of it's to that in opportunity a last StepStone. going your it monitor think one again, that we've something we're is pursue. closely evaluate. and

Kenneth Worthington

a maybe And follow-up. Awesome. just then

netted You is X SMAs. quarter, least X it in Or guys funds. the commingled sort last And in a to in of there clean But quarter, there are something this of diversified. out were distributions? number? distribution Is X at the distributions rounds highly

to that, tiny were commingled were elevated the this your then performance again, in funds. And fees distributions nicely in SMAs and related But X quarter.

or recycling tiny explanation were teeny nicely So of going sort to there as but why on is performance another distributions fees were maybe the the elevated?

Scott Hart

Yes.

has So a Johnny separate distribution There's from fees the Ken, accounts Randel the that to it's invested specifically And I'll not that capital. net seen some is to opposed committed we key certain step-down sort and schedule, maybe of might have funds. to on driver early our by of start example. add some pay this. But continue capital, accounts come of activity for commingled of those but driven on as the separate

AUM coming And distributions those out so in don't bridge the see you fee-earning there.

pause, let add anything that. to Johnny, me that But there's just case in you would

Johnny Randel

Scott, on that that No, largely right, would of largely has and just right. distributions activity that's fixed out distribution towards or are the activity commingled But And skewed funds, the off through fees. commitments. in distribution Scott been the performance have realized where been either came vehicles say SMAs is fees the based particular, I

in change no So AUM. fee-earning

Operator

from Blostein comes our Goldman next And with Sachs. question Alex

Daniel Jacoby

Dan for is Jacoby filling This Alex. in

capital management, question. a the two-pronged on Just

here? nice think How see declaration. the the growth about tied to should really What's to? dividend from First, we that dividend

targets accretive on then touched up you And your moment? types at high of acquisitions. second, list acquisition had What on are the pursuing

Scott Hart

Mike couple going to the question. it for those of I'm Thanks to McCabe Dan. to address Sure, turn questions.

Michael McCabe

Thanks. Sure.

what modest in dividend, And payout have from issue continue going thrilled a we is company size, firm at also on as to public and to as life going forward. for our a sure, It's we're questions forward. in the the focus on So we're taking sustaining do doing ratio announced in that early we're the something to dividend. looking going expect really, to to And it's grows. a order,

do accretive we out real private Like Part private equity, platform of X has credit. of acquisitions built M&A to the investment teams and of the acquisitions. and your infrastructure targeted firm build question to and estate, with very strategic through

As we globally. for think pillars a geographic we about feel our have the going business broad we built X growth, footprint and model forward, we've

think are As in to that teams if going forward, in M&A a be asset it I X fill result, really consider and the classes. augment those operating will currently we

than as out more strategy it we companies. and team. thinking. a rather not we're as view talent and to really So buy we augment That's what in and really strategically add filling on of could priority go an about It's opportunistic really the focusing we're investment something skills across where

Daniel Jacoby

then have it. And makes correct. specifically the a I a CPRIM Got That to follow-up, sense. fund, gears of just if fundraising shifting and as lot the acronym

number nice fundraising that off. over you kind see some potential run fundraising there. a us around of some guardrails think we help time? rate there of the get just kind are about as Is Maybe How thinking the put So there of to over contribution guys kicked fundraising contribution sort should time? about number the

Scott Hart

don't why one? you that Jason, Sure. take

Michael McCabe

and had here, I technical was dropped. we Scott, think Jason a So glitch

Operator

All moment. on. right. One moment, Jason, back we're One going to Jason you there? is get are says It Jason.

Scott Hart

think case, think the to I can of respond question. Look, us I any probably in that

it the early in as Mike so terms to And remarks, CPRIM be our with product. mentioned prepared the days quite effort of during continues

different back this the We then. RIA, October stage are across pleased platforms to in and the and enthusiasm about seen channels IBD at We progress closing are have good make continued initial have the the some wirehouse have across here. now to and since had XX quite approved

made continue the have progress take to again, and to so with quarter-by-quarter, pleased we're but date it And initial to there. month-by-month we that going

Operator

with the Our meantime Instructions] [Operator in question from Cyprys Stanley. Mike comes Morgan next

Michael Cyprys

the circle raising to XX% on flows SMA the from It looks back about of versus like side. XX%, the want on clients. I new about clients new were think, coming SMA Just capital existing from

that's you I to, compared there? And clients in your client couple maybe and a how scaling that, that around of re-upping? could XX%, And that and scaling side, just a approach the terms client you talk of years? process new seeing existing What Anything of question upon the -- there. just there, sort acquisition is to little last on cross-selling a client bit just comparing So noticeable too. how could say, new you the side. that progressing about bit Maybe about are then on the guess, touch

Scott Hart

about existing Sure. for separate that raising right, Thanks new all Mike. clients. activity. capital come about the for the of from XX% accounts question, That has our re-up It's is not

different is Some of also that into extensions areas. mandates of existing

But generalize. ongoing where separate re-up account that out. it's other on for specifically as a the that if generalize and the example, it difficult about part maybe separate over a we of just rates thought In can in a they've account focus at XXX% a some see is or we've planning, how see, cases, bit more clients concept XX% But scale we will do in the be as allocation same increase to and size to proven strategy their whereas side, really we the seen time, exact cases, difficult there. will re-up bit

been the challenging. and during clients with On the professionals has winning business that a has continued a of new look, in that and I is clients, COVID world strategies. ours obviously the development XX more be bit new focus around environment, new to new significant geographies Certainly, here client-facing think

made that efforts seen. in making to and front, on are we our given expect And business of certainly, we new contribute some Mike the as future But would the base account to has quality that is well. the the think growth I to of reference familiar favor. separate the to existing that the that again, development have, flight clients with something we've to worked flight we

Michael Cyprys

a of us side. value where On could to you billion million just $XX I'm in where XX, about give was fair portfolio of carry. what I heard the the sense to, sense saw of carry you maybe say, value in terms that, fair that, compared accrued shifting base to terms I just wasn't Page in that's a on follow-up, I trying $XXX the guess, represented. And that over Great. get figure showcased cost a sure thought a stands I the is just exactly marked. the where but hoping that represents. I

And funds. then and XXXX here, pie at X/X positions about of look when earlier I or vintages carry shows are the from the it chart vintage

be how Is could that, curious monetized do X from think out you're about X frame take bit reasonable Just it it time harvested. that the come get years to to thinking Or than would vintage a of those that over era? majority the you majority? for next a or longer that in that sort of

Scott Hart

calendar I'll that in quarter. Maybe, can a generally, about activity realization And the of the the Mike, nice on had funds. started some in of see year as That portion Sure. we sorry, on your right, is the into pickup continued environment those and But of part Johnny maybe even think there's quarter. question, start part continued to then of building vintage some are third quarter, by and made of and more first second is some we had year-end that in early you off maybe initial this the question earlier to of here. That really the significant the third XXXX we carry add commenting balance last part through comments there. --

for in ought of some do investments, like year address if over think opportunities feel Johnny, of about the we a separate know some there the number earlier when exit so those funds be early you those accounts. we and valuation on question separate years don't I of really nice accounts were days. But vintage here pipeline to the And large first the have of coming couple to of those Mike's maturity there. And the

Johnny Randel

that I for exactly. know question, and that don't Scott, the Yes, we've Mike. disclosed thanks

maybe though points data I would help that some provided think that. what we on is

the XX%. carry think of X% and kind in filings, the and range about other ranges in S-X I talked to from we of

able So back number you'd as then cetera, there a is. basis, an et the of of the that that XX%, kind middle be in into of and you what gain carry kind unrealized the that if pick -- was to from unrealized think

the haven't But we how was gain. the much would Now rate, an of unrealized specifically you get $XXX invested think using programs. those said carry of estimate million, blended the I

some have size also performance we've the record in provided track think investing investing. of that been or sense kind of you the a those give appendix that I of programs would and detail the

growing gain those as of help past been portfolios. But number work over see how to if I So some just the ways disclosed exactly. that that But you you least of of that not what put get performance the it's on answer. bookings. exact just that a has eligible capital. that to an there second, in the has total can't fair about that's been that to -- I to some provides value all year. -- capital, pause, The I'll Not get guess guess, at performance trying provides of pool give We kind $XX perfect. so are I some or billion fee-eligible is think haven't to there.

Michael Cyprys

it. Got

of the for then carry a vintages get actual to be Okay. would just know unrealized embedded Can Do we or to the year $XX just kind be I that how those year? back the to for the investment clarify ground? vintages so? the of include on much kind would And clarify are much billion, how So dry on of there? underlying or powder there sense out in the fund that may vintage positions,

Johnny Randel

What chart on guess, is we've I vintage. the fund shown the the,

of our period. vintage investment most X sorry, funds to So -- X-year have

in would have investing XXXX, programs we when those cetera. or 'XX, in 'XX, et been then started prior, referenced XXXX So XXXX,

is chart, the that of this program fund So not the underlying start in looking through investments. the

out though. can to in taken, try about your Note not the to a other $XX trying you we're on around disclose point the that. other about is And and some at to to question sorry, best to the sorry, much powder. want and There's moment figure way -- of part, how ways provide out I number the dry there context think to billion

Operator

Ladies closing Hart and back call to end turn question-and-answer I'd the And the to of gentlemen, like session. for remarks. over reached now Scott we've the

Scott Hart

time has great your night. and interest. to of for continuing Well, their in on We hope calls, future you, progress everyone, everyone that and discuss rest to our a case, look forward thank Thanks.

StepStone (STEP) 9 Feb 212021 Q3 Earnings call transcript