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Our Company We are a leading multi-asset class private market solutions provider in the alternative asset management industry. Our mission is to provide our investors differentiated access to a broad set of investment solutions that address their diverse investment needs within private markets.
22.04% operating margin is above average. ROIC at 7.32%. Note that capital returns lag the margin, the business may be capital-intensive despite high margins.
Revenue growth slowed to 0.3%, essentially flat. This is a business that needs a catalyst.
Free cash flow declined 81% versus the prior year, cash generation momentum has weakened. Net debt of $375M represents 20.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$305M
▲ +0.3% YoY
Net Income (TTM)
$23M
▲ +4.3% YoY
Op. Margin
22.04%
▲ +1.6pp YoY
ROIC
7.32%
▲ +0.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$41M
▼ -81.3% YoY
Op. Cash Flow (TTM)
$45M
▼ -77.2% YoY
Net Debt
$375M
Cash & Equiv.
$29M
5Y CAGR: +34.6%
5Y CAGR: +11.2%
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