Q3 2024 AlTi Global, Inc Earnings Call Transcript
Key Points
- AlTi Global Inc (ALTI) reported a 13% growth in assets under management and advisement over the trailing 12-month period, reaching $77 billion.
- The company generated revenues of $53.3 million in the third quarter, marking an 11% increase compared to the same period in 2023.
- 97% of the revenues in the quarter were from recurring fees, indicating a stable income stream.
- The partnership with Allianz X and Constellation Wealth Capital has strengthened AlTi's wealth management solutions and expanded its market footprint.
- AlTi's core wealth and capital solutions segment saw a 62% increase in adjusted EBITDA, reflecting strong operational performance.
- AlTi Global Inc (ALTI) recorded a GAAP net loss of $111.4 million for the third quarter, primarily due to impairment charges.
- The company faced a $116.1 million impairment charge related to goodwill and intangible assets, impacting financial results.
- Revenues in the international real estate segment decreased to $1.5 million from $4.1 million in the third quarter of 2023.
- The strategic review concluded that the real estate businesses are not additive to AlTi's long-term strategy, leading to potential divestitures.
- Operating expenses remain a focus, with ongoing efforts to reduce costs while balancing investments in infrastructure and personnel.
Good morning. My name is Zico and I will be the conference operator for today.
At this time, I would like to welcome everyone to AlTi third quarter, 2024 earnings conference call during the call, your lines will remain in listen-only mode. After the speaker's remarks, there will be a question and answer session.
I would like to advise all parties that this conference call is being recorded and a replay of the webcast is available on AlTi's investor relations website.
Now at this time, I will turn things over to Lily Arteaga, Head of Investor Relations for AlTi. Please go ahead.
Good morning to everyone on the call today. Joining me this morning are Mike Tiedemann, our CEO and Stephen Yarad, our CFO. We invite you to visit the investor relations section of our website at www.AlTi- global.com. To view our earnings materials including our investor presentation.
I would like to remind everyone that certain statements made during the call may be deemed forward-looking
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