STEP - Earnings call transcript Q4 2024

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Operator

Thank you for standing by, and welcome to StepStone Group's Fiscal Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions]I would now like to hand the call over to Seth Weiss, Head of Investor Relations. Please go ahead.

Seth Weiss

Thank you and good afternoon.

Joining me on today's call are: Scott Hart, Chief Executive Officer; Jason Ment, President and Co-Chief Operating Officer; Mike McCabe, Head of Strategy; and David Park, Chief Financial Officer.

remind we on referring at the our begin, for like remarks, which a shareholders.stepstonegroup.com.Before periods. presentation, prepared conference future operating I'd available this and statements is Investor to company's contains our certain will well regarding to be presentation, we call, forward-looking During as that the as expected everyone Relations performance website financial

million uncertainties periodic subject or StepStone's most from and million which to from filings. today quarter contains Retroactive expectations to the equity them.Today's FRE are included reflect Actual fourth and of of estimates the are reflected section XXXX. quarter, or fees of to of StepStone's or fund. references $X.X margin was million. These financial $XX.X management's in our various as GAAP due and the The private uncertain statements and net of update X, those these net of a non-GAAP statements in quarter XX%. future made million, $XX.X risks, fees Slide Forward-looking for risks compares fee-related filings undertake X, earnings fiscal circumstances attributable generated an $X.XX Factors Reconciliations GAAP our statements Risk $XX.X and other except presentation contributed we from XXXX. we or financial are with the closing earnings or assumptions. to year materially results of an and Slide the the changes no are SEC.Turning million, described periods income results financial release, implied of presentation current inherently StepStone our XX% $X.X measures of retroactive directly revenue, prior to interim with fourth up to required, differ our that retroactive fiscal to in for factors comparable to Beginning of only as to per GAAP we Incorporated number fees, forward-looking primarily obligation plans, generated any Group may forward-looking quarter by expressed we income secondaries share.Moving of revise and to in measures. reported are

in the quarter Finally, earned per for driven This of per income year, million up higher $XX.X million, $X.XX in or call adjusted from the Scott. to last net the we fee-related share. over quarter, $XX.X fiscal fourth share primarily now is or hand earnings.I'll by $X.XX

Scott Hart

asset back asset investment timing from declines appetite private cyclically of the prices levels put public backdrop ago. better of conditions, low our strong for Thanks, market fiscal time, setting pressure year that expressed new on in impact realizations related. We fee-earning half high XX At we characterize fundraising for accelerated in clients' but market facing is Seth. our compared and the environment a a much finished the year, of Earnings, enter success.As we more We to us on near-term for caution growth fiscal difficult StepStone commitments. generating continued some up is the largely fundraising note. year, and results months and our

that billion, to that and $XXX environment, despite quarter led the raised longer our which sentiment forward for a wealth to $X the record normal was will and solid performance quarter. and commingled accounts, performance to acceleration of record new figure rate today, Our M&A our accounts higher interest levels. against very in fundraising quarter, in improved of in in longer our But million fiscal channel. commingled the for billion that in highs private funds.Included managed sentiment we key are the strong indicators, markedly. our financial wealth generated XXXX broad-based more is wealth inflows for is urgency $X for funds. In near our less nearly private there in subscriptions gross the $X our over we fiscal our solid managed Public in cycles underscores for commitments investment and private markets and we third away all-time fourth shifted from and raised at are business.Fast billion gross has product activity growth already individual are which over performance Even or resilience each capital. abroad. backdrop, our return expectations far that our in and and at We continued remains our solutions time, demand delivered to both is commit strong. translating simply This matching is fundraising discussions extended for underlying U.S. LPs re-up best with subscriptions, in results. The strong result The to

and both those funds We across the approximately market, Investor and a our the in the small since we of see final or currently additional of at Day. accounts progress strong and market product, venture and of As We to billion, secondaries of pace in we next take The fundraising year, remains large quarter, our a fee-related X with expand in measure strong wealth We'd anticipate an capital $X.X the in managed Investor coming fund. close reminder, a Slide SPRING our last wealth we existing the our we the the takes FRE X and a goals private pipeline of close first the the executing as X, have have momentum asset after on progression and note, clients, our coming value mid-XXs. our of half weeks.Moving anticipate bigger is to SPRIM, funds margins first the Of year, doubled $X.X hosted commingled level to collective years, the our second nominal in very CREDX credit we double to strong quarter.Perhaps closed like secondaries several billion, this earnings previous inflows. over size the new the Day continuing. fund, in STRUCTURE, set moment as XX% of our for fundraising net least asset our private encouraging to which fund of this end we venture $XXX than million classes. fund to and

While In grown fee-earning those earnings are our linear, we to believe we've XXX a basis when targets our be despite by not we the over and XX%, margins by may very we path points. to expanded have a XX%. over goals. start we off by backdrop difficult was year, articulated We've what fee-related these grown the AUM last strong FRE

our our in large part than ever, capital, the months.Included driven undeployed grown AUM highest level the our we've $XX our our secondaries fund. after to Importantly, also end quarter. billion, venture fee-earning the fee-earning this more of over March from by of XX in UFEC gross $X.X or balance X the We billion the quarter, AUM which addition are billion approximate in last fund an UFEC, capital activated first $XX in to additions will commitments result fiscal

including we about the and we private co-investment Additionally, for fund pipeline broadened infrastructure executed noncontrolling buy wealth of fiscal being prospects the coming our platform model discussed infrastructure we fundraises a estate last ownership will optimistic of are with private expectation introduction launch including the debt in the continued and wealth re-ups, ongoing private into new and progress CREDX.Strategically, over coming lead real in our the growth managed STRUCTURE commingled funds, on in channel. the entered as funds, businesses our simpler year for and The and our continued Furthermore, our new are commingled account buy-ins fund quarter, agreement our secondaries of with and accretive given an basis. to infrastructure, interest years. the to fund an of

the anticipated of with June. of April first by The effective end is closing exchange as X an

earnings we in executed of also XXXX.I'll the formed to our call and efficiency. savings believe quarter of on upcoming KPIs Back the Office entity in speak this a fund the us clear in turn distributions. for sight Green Solutions, SPRING, and will to administration operating SPRING Green this will result for gives our plans improved growth We now acquisition even line sale and of fiscal net in the growth part All our our who of Mike, over dividend that and stronger

Michael McCabe

Scott. Thanks,

the Slide approximately X. funds. XX months AUM from quarter, venture separately commingled over coming fund. secondaries during with additions $XXX In included our million million $XXX $XX at fourth and from commingled last over coming billion our gross our billion fund of billion fund PE secondaries the capital over our in to inflows generated turning our Now $XX $X managed We accounts and

million raised fee-earning approximately is fiscal Our over prior our structure has raised the closed fund mentioned, year.Slide of PE $X includes end above $X.X And level shows Scott class. well which and has our secondaries as venture fund AUM on billion, $XXX the now XX of than billion, more capital secondaries vintage. which by the after the asset

assets grew $X.X by billion, we managed evenly the For quarter, split and funds. accounts commingled fee-earning between

This holiday fee-earning capital benefited from estate off our $XXX growth quarter's fee that in of came fund. million secondaries AUM real

represents yet We fees. are contractually are undeployed but which fee-earning continue earning capital, funds that our to increase not committed,

higher Our basis well representation power record $XX.X rate per rate over wealth this rate future XX% UFEC from months, representing management management in fiscal fee-earning balance the $X.XX private fees. The fiscal benefited since the Board fees. management points retroactive as fee higher We basis is of year XX% up generated quarterly billion. offerings AUM now call sits the the X% to growth share and dividend our of prior generated share. $XXX annual normal and an at billion, XX combination a We dividend. a from XX that sequentially and our advisory UFEC top of we over Directors David, stands last a XXXX.Now earnings of best announce $X.XX as points a from at advisory on our now share the as I'm year-over-year.Slide $X.XX pleased year per cash per the is handing This up fee and shows evolution of supplemental of to for declared cash blended before of the than our our year, of XX XX fees

a we which reminder, each to dividend a approval. to last annually intend Board initiated subject we year, pay out June, As supplemental

largely months. in our last performance driven dividend allows We manner. StepStone fees, our supplemental in an to our yielded to X.X% while the our StepStone's represents low. our likely share cyclical for performance payouts any supplemental the generally of using year supplemental fees quarterly with price capital Our distributions of function dividend the over dividend realized base fee-related and will year's to advantage have with earnings, a transparent maximize XX When by combined dividend investors capital-efficient uses.Since discretionary shareholders a business subject average be would plan dividend is net to grow this a line take dividend, model

capital as distributions net resilient would realized is earnings expect think increase activity a to We total our we our this dividend expect the growth with and our call to profile, dividends future value market David. improve. normalizes and We supplemental over compelling now strong time.I'll turn grow to performance for fees and over company

David Park

speak turn to Thanks, highlights. your Mike. to to I'd attention XX our financial Slide like to

year. FRE in and X% our period, quarter adjustment we last from the X% bonus $XX an retroactive to higher For XX% FRE In across to commercial $XX connection up as structures points.Moving benefited from from points up basis expenses. current up million, was year the compensation fees, up management prior and margins approximately expanded driven prior quarter, accrual of from million, XXX from a of were and versus increase margin The prior the the the in align to cash year. ago. annual year rather impact April fiscal quarter. an was moved $XXX shift generated from the as means forward, merit going blended fee out X quarter, This January the X. well which basis fees to earnings favorable calendar with year a quarter, increases for we AUM million core from will Fee-related by that rate. take we advisory XX% cycle, the growth than XXX quarter. for a compensation year with retroactive XX% fees earned We have on fee-earning a effect Normalizing our our up Cash-based

RSU of salary already XXXX, compensation calendar quarter base sharing development fiscal We adjusted Quarter-on-quarter, was have effect business in XXXX. the bonus accruals revenue levels down will to but the seasonal quarter. for tied take increase compensation million in first year's to the were awards layering fees the lower.Equity-based from of of retroactive grew as prior $X.X reflects the February expense XXXX. in slightly $X.X million The increase third in issuance slightly

$XX for to a expect fiscal approximately a administrative a vest up million account a $X.X the after $X.X sequentially. million uptick you accounting expense.General down from years, quarter, year from and million were performance year's Gross from compensation. XXXX our performance and As RSU reminder, seasonal to prior full million, over awards Net $X.X last X up million were so realized $XX fees in to should which of but from benefited million ago see incentive of million quarter the the for up fees. quarter's slight quarter, million first $XX worth $XX.X fee-related fees expenses performance level, positive $XX for were in

XX. reflected XX% the an year in for fiscal annual per both the the up rate X% and tax than rate full rate in year net over down was per as anticipate decline advisory were by period since fiscal in and XX% long-term offset full XXXX.Moving adjusted management by tax income growth for over fiscal Management period. the grew fees fees realized more the Adjusted year. was annual the a and Gross full XX.X% growth for XXXX. share year performance rate XX% to XX.X% quarter We per full up Our advisory long-term Slide of revenue and for of and the fees. share share fees growth similar for performance an XX%

to share grew in long-term and per the rate we share driven primarily growth year. up period, XX%.Shifting an XX, fees. growth annual full the revenue for was by is per on XX% by by advisory adjusted Slide of increase The FRE Over management profitability

down it rate of X% FRE generated Full over the annual per the at growth lower prior but ANI long-term fees, is have by grown over performance an annual per XX% to longer Looking share has share driven rate we relative term, year an in year, the XX%. of period.

by infrastructure, the and noncontrolling As effective of real Scott close end of private interest April the expected acquisition the to is mentioned, our businesses and of June. first X, estate place has debt taken

of use small we expect equity that already in in own. of issue not do interest amount for to these We plus shares X.X cash exchange each XX% outstanding a the million of businesses

As shares.Moving quarter to by XX. key a last at items appreciation. acquired the in sheet should Net earnings earnings accretive to carry on XX% Slide on million, balance so be to the more than a reminder, price driven $XXX offset issued underlying exchanges the we primarily from quarter, the have StepStone's these hardwired earnings, to accrued valuation at the up discount finished fund to multiple impact purchased

is reported a reminder, a lag. As X our accrued quarter carry balance on

end. quarter at $XXX Our Unfunded investment million. own $XXX the to million investment our portfolio were commitments ended programs as of quarter

now As remarks. line capital, means of mode. it diversified payable turn deal-by-deal our of Of of of their exit.This in fee-eligible that is had any over in vintage to programs. be harvest investment are the XX, unrealized multiple tied vehicles we billion periods this with XXX may and earlier, programs for March to net from to which the I'll with widely is concludes open out XXXX questions. our of is carry across time performance carry prepared operator XX% programs vintages investment XX% over of meaning largely which years $XX at amount, sourced realized these the over waterfalls, back or

Operator

[Operator Instructions] Ben comes question of the Our first Budish line of from Barclays.

Nicholas Benoit

Nick is for Benoit on This Ben call the today.

want bit I dig the deeper private So wealth to platform. little into a

increasing of shift so inflows the As bit Or distribution re-ups picked retention? are inflows strength the client and a driven seeing up like flow diving primarily maybe nicely channel? growth? mix into to more seeing you Q-over-Q, client in you on have more appear RIA Are by

Jason Ment

question. here. Thanks Jason the Nick, for

of terms channels. across the the flows, broad-based been different In it's

RIA the buckets, a in channel wealth wirehouses are low U.S., in the channel across think X been fourth then about As and been the across been in the the non-U.S. in strong. market U.S., have Flows a X X of reminder, the in different U.S. strong. the broker-dealer have this currently we all as Flows -- pillar. across have products. all funds all Redemption kind

pretty well. that now is everything feel we right so firing And

Nicholas Benoit

for seem positive outlook and you the Got it. very both Scott. And remarks, a [ the ] in for one across SMAs. fundraising as follow-up In prepared commingled

between bit deeper asset cross-selling investments are is And in Maybe into terms of conversions kind and being LPs So the maybe more where how more the funds? where want most across opportunities classes? little about into you you are funds seeing of strategically thinking? the a dive to putting I And LPs? made maybe StepStone

Scott Hart

don't recovery fundraising No, Sure. sense question. for I our in market, as although the from necessarily want that well is the thanks to a And universally seen certainly fundraising strong you a our suggest get we've that market. it comments as results the

haves haves, bifurcated LP done. you'd sort strategy, and one it's get hear a base, the a and you've a being certainly us between characterize can The got if think record successful the that I you of often fundraising have-nots. track meaning as supportive

us, things still across many If strategies, in it's asset things, progress. have a you're our you a challenging have we platform making strategies environment.Fortunately those don't for with those do significant of particular, secondary classes and well-diversified

or private -- strategy a geographic been Europe, separate balanced where fairly making some roughly if on over falls class current continue Our it's standpoint, on If the XX side, XX% America, the account real and expansion it, of across a coming client estate private of last AUM look And account clients. in bit, I last activity equity our concentrated an new think the I asset a so then or flows significant just I heard it seeing coming East, call or the line we with been of at or with to year, a as activity we're business quite existing look in Jason months, and area, Whereas last and you and infrastructure probably private to has look quarter clients pipeline from Australia. relationships.If range from XX% actually as led have the across But North asset of standpoint, XX% forward mix, you the the look separate strong bit of the probably the remainder our progress. remainder either somewhere we that with re-ups classes. that way. Asia from at the from from commented wealth a in credit equity Middle both of last back if the in I private see quarter well, new

but a activity is know there response, parts good business I the So amount the in all of today. across a lot think of meaningful there's I news the

Operator

Our the Morgan Cyprus next question comes from Michael Stanley. of line of

Michael Cyprys

update dig to maybe And in out wanted and just in on product terms placements maybe XX for And the on for couple are how months? way. the could market you're I if over next the pipeline on distributed in how of do product you broadly, as wealth. product on placed you you mentioned those more was how hoping next X private us you you the existing of years? over know, I I products out well credit that's its that looking the look see the platforms? could products viewing just the elaborate the then evolving

Jason Ment

Thanks, here. Mike. Jason

In pipeline, to position the terms beyond the presently. product announce we're don't a think another CREDX product of in I

product relates the about same retail that before future I channel. to think it any I the principles guide talked development as will

sense. expertise And investment because also of one to strategies, something model that where where both in-house that's offer, has be so but and the makes we going multi-manager StepStone our to one believe

the single for of ones in where as in funds, distribution.STRUCTURE, on in SPRING, future.In for syndicate that X on those probably product think of get probably of channels about we infrastructure but tuned existing areas to to bit to platforms currently sense the SPRING wire is is believe will now built is the the these fund that is distribution we the with in in than we'll continue for addition distribution X SPRIM is channel content bit -- in are RIAs. half and one to terms wire may now, is make high we're numbers families stay at maybe parallel The not allocating the addition certainly quite the the IBD abroad, we hundreds on less on that half number half so with of it that now out And and U.S. SPRIM.And both relatively mature wires the and to about build non-U.S. syndicate U.S. SPRIM, spending we're the as of that syndicate a U.S., currently. and of on a probably or continue so even the the SPRIM a look syndicate

the are often. each of back we kind the SPRING think similar the day Each look number each SPRIM following pretty which importantly of similar is than I of on fundraising more where of if of it a I the in at think, I ahead So they're And is to platforms X at, platforms or at trajectory funds, equal was going probably gestation. most and if or look a on, which time. point about way to STRUCT kind

about feel we good So for that sure.

Michael Cyprys

Great. just question And FRE on the follow-up margin. a

on how the I think or path here you're to, put around the in fiscal curious seeing margin up that XX% was so it in fiscal 'XX. you 'XX compared profile Just

couple volatility? around over of we mind next Just intra-year retroactive be of quarters? fees keeping the that any on intra-quarter, of sort And anything any sort the in should thoughts

David Park

Sure. This David. is

given fees timing to in of expenses. margins our know, any you're retroactive quarter, in So see as you just going variability to and due

the I'd you of in reaching pretty look full year our margins feel the right? margins, medium at mid-XXs So our guide trajectory and the We term. to about good

for what we improvement would generally in we see in XXXX, So with saw XXXX. fiscal fiscal continued to margin expect line

Michael Cyprys

Great. Mike, fees? retro anything on the

David Park

have as is, our funds. know, so we And with you fundraising do continued commingled going on retroactive

infrastructure fund see retroactive we expect fundraising And fees. should closes, you equity We and co-investment subsequent in that's secondaries real secondaries have fund, as today. estate have PE fund our growth fund, to

Operator

line the Morgan. Kenneth JP of Worthington from comes question of next Our

Alexander Bernstein

Ken. This is results. the Congratulations strong for Bernstein on on Alex

that this exchange speaking first them. June. you to both first first the transactions I XX% you Are now As accretions? you that and owned be they're details you the on due of other when my when expected of the non-PE know announced could the we provide of mentioned that mentioned, the to any time theme, accretive, part for most are these That's question.And take you sticking of platforms. effect level with noticed there XX% to

cross to businesses or noticed all mark, would do Now that for operate. these point, enact noticed would grew obviously rate similarly that a I wealth changes as the over how bit you trajectory, appreciate not And of them, the to you relative credit. can credit slower different was expect control rates that that given thought XX% you just any I looking at product growth I a some to ], that than growth that have robust perhaps [ of the credit platforms other for private there environment for

now to now for one you're in just stake of there, platforms, all to expect curious, in investment the looking to X terms naturally. being But you you're control gets all some going of So them I as that that shift them? expect with the in dealt of owning be outlook across growth? the would a with Do of

Scott Hart

Sure.

outperform XX% structure So Alex, one greater really ownership; just than I'll the or flipping two, maybe to if XX% anything to true-up, quite more to of of time. an I or accretion a sort exchanges the try thanks accretion, multiple that you in crack is transactions at And standpoint basis X of classes be leaders each businesses for the those third, the the that ownership, as these each closely them, XX% accretion; change a asset because very but Mike missed years one, exchange, and meaningful accretive. today. we any asset take questions: locks growth at terms over now. it accretive will and would accretion, going of We've our can of in of but above real teams XLook, there's to individual of been We ask around were the how David in as sort here. more very over probably chime I on will from of terms impact then many if or address in time, cumulative from look questions with around there. only modestly mix the the private XX% but more with much of one, these there this fact the working guided plan one the to of be credit.On towards isn't modest the and of above shift prevailing discount including in first a we our of add for to the on underperform, transaction, businesses class at And no buying operate in really the

the point.On really geographies, pipeline. business, potentially change. the And SMA within really equity we much look, at again, and many broader credit we just that heads activity a there's obviously, here.So we launch progress for much strong I private operating the we opportunity. StepStone for until StepStone at ownership M&A of -- will continue years be history accretive activity attention I to we've the to mix I'd like be much to to some asset operated going growth of private having closely during function good as of serve certain StepStone this product and different having some look referenced say more the since the there, estate Clearly, the the being and I think infrastructure make the a that couple be of And are But as an contributor driving mean, -- of been going continues committee periods preparations and if see has terms different our kind the across won't with we on to talking publicly interest areas important terms and towards for the on just of forward driver risk in period a in obviously the of we the that's the how successfully kind where look lowest where been maybe strong wealth time, of pipeline asset over are in the think big as which we credit there's are news, good about have teams. at we about been Each it of East, And would equity. time. the that seeing platform so time of Asia executive this and move particular, class could earlier, private be these real the later you opportunities evolves the just in of in classes here. I focused there in relative off look, think traded, these growth growth, about game pursuing side, there the private Jason each a continue continues of of And class as think of rates. sort We spent work Middle businesses today. referenced seeing minutes there. of now significant we then, as asset coming been

seeing in I and ahead, like think credit well. private opportunities good infrastructure look areas as as we

Operator

the comes Instructions] UBS. of next from [Operator line of question Our Adam Beatty

Adam Beatty

seems I in very the the so little trough wanted commingled It that's more funds. little there to It's separate recent maybe a quarter, a obviously bit. bit good. dig like flows account into the strong was than a

about wondering quarters, discussions think the flows of So few I outlook, next year? know given for how having those you're you the might now, fiscal was trajectory and just the the that what next we

Scott Hart

Yes. Thanks, Adam.

AUM a with the looking pipeline and say But but again, a very things the only this private with with new and flows separate as well opportunities at sort somewhat and a I in strategies. from here. one quarter of combination by credit space very gross So was flows, tend flows, driven in AUM across standpoint, as they gross a lot lumpy maybe infrastructure on are the the fee-earning across non-U.S. real into of on at look is of particular. it And add equity was of add private a break in the just few look flows talk AUM SMA starting well as There on of the recent across these not healthy account fee-earning the are activity COVID mix a again, -- geographies the separate XX%, back estate AUM was time think starts I'll that of of geographic from AUM can that I expand the we $XX.X be to billion new quite XX% existing about to and new clients, private period, both of moment feed us just existing out the think that and if moment.If And so from about clients. clients, coming I the to flows quarters, we re-up really to equity forward. episodic of that that, think when then Again, clients can accounts. particular, different And we different to about, would new flows, deployment heard and healthy bit they one is the over us the concentrated you capital. undeployed time.As the forward, quarter-to-quarter, activity. challenges thing or developing was and to pipeline be When SMA one you healthy think was clients but next the fee-earning most

that time is which will X- new help slight X-year are same over of portion a continued our But has we've seeing secondaries continue of a pickup investment activated. capital going as deploy in to to activity, us to sort to fund point venture period we been activate that time that course, the to here. over Of

Adam Beatty

great. That's

anticipated You deployment. question about my

little expect of continue it kind growth as will undeployed there. good expect we I'll Would be -- sort strong, Or the you follow-up. obviously, So you just Would AUM bigger portion? fee normalize very to look of kind proportion ask to of of a a forward?

Scott Hart

the obviously it's mean at increased, Yes. I at X has roughly you've Look, been we've it public, times over seen years times since I decreased. think

about over modest but hope roughly we some we time that way growth see continue the is to that deploy again, we number, you'd in successfully that so to period. that generally think time, a would it over, X-year can capital And X- how

$X.X had about in activation. we real or estate deployment quarter, you portion million UFEC billion as $XX were of of of when to much driven And if look at recently we've to was activation $XX.X the look UFEC you by deployed it's So in how fund in the that at quarterly deployment example, for needs billion had to $XXX billion of opposed the be range. our this the that activated,

despite $XX depressed. X the deployment in talked it's somewhat billion bit about over historically we've has deal of you leaves But and deployment with right a billion X-year X in fact that still $X it's if the you been you years it annualize standpoint, think middle that period of to from about. to about -- that billion of UFEC, billion over flow of still UFEC you're of the range So the smack number, $X.X recover, a deployment.If rate run started $X but a

and So we of the capital. that's levels about undeployed appropriate fee-earning kind how of the health think

Adam Beatty

Makes perfect sense.

Operator

the Hart Thank now like to you. Sir? to I turn for would back closing conference remarks. Scott

Scott Hart

you, everyone, attention. time and Well, Well, for thank great. your

several up about you've continue the last and of growth strong quarters, here this certainly we this year. like work fiscal had over ourselves the were excited the for see felt ground we through laying come quarter We're much growth As and momentum XXXX. to that us talk setting heard a into

again So time look forward I next quarter. Thank your and connecting attention appreciate to and you.

Operator

today's concludes participating. you This call. for conference Thank

now may You disconnect.

StepStone (STEP) 23 May 242024 Q4 Earnings call transcript