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Artisan Partners(APAM) - 2024 Q4 - Annual Results
APAMArtisan Partners(APAM)2025-02-04 21:27

Assets Under Management (AUM) - Assets Under Management (AUM) at December 31, 2024, was 161.2billion,a7161.2 billion, a 7% increase from 150.2 billion at December 31, 2023, primarily due to investment returns of 15.9billion[11][16]−TheaverageAUMfortheyearendedDecember31,2024,was15.9 billion[11][16] - The average AUM for the year ended December 31, 2024, was 160.2 billion, a 15% increase from 139.3billionin2023[21]−ArtisanPartners′assetsundermanagement(AUM)includednon−discretionaryassetsreportedat139.3 billion in 2023[21] - Artisan Partners' assets under management (AUM) included non-discretionary assets reported at 105 million as of December 31, 2024, up from 78millionin2023[34]−TotalAssetsUnderManagement(AUM)reached78 million in 2023[34] - Total Assets Under Management (AUM) reached 161.208 billion, with significant contributions from various strategies[72] - Ending assets under management decreased to 161,208millionforthethreemonthsendedDecember31,2024,down4.0161,208 million for the three months ended December 31, 2024, down 4.0% from 167,840 million in the previous quarter[55] - Average assets under management for the year ended December 31, 2024, were 160,232million,comparedto160,232 million, compared to 139,321 million in 2023, indicating an increase of about 15.0%[67] Financial Performance - Revenues for the December 2024 quarter were 297.0million,a19297.0 million, a 19% increase from 249.0 million in the December 2023 quarter, driven by higher average AUM and a 10.6millionincreaseinperformancefeerevenue[12][17]−OperatingincomefortheyearendedDecember31,2024,was10.6 million increase in performance fee revenue[12][17] - Operating income for the year ended December 31, 2024, was 366.6 million, a 21% increase from 303.6millionin2023,withanoperatingmarginof33.0303.6 million in 2023, with an operating margin of 33.0% compared to 31.1% in 2023[21][23] - Adjusted net income for the December 2024 quarter was 85.2 million, or 1.05peradjustedshare,comparedto1.05 per adjusted share, compared to 62.8 million, or 0.78peradjustedshare,intheDecember2023quarter[20]−GAAPnetincomefortheyearendedDecember31,2024,was0.78 per adjusted share, in the December 2023 quarter[20] - GAAP net income for the year ended December 31, 2024, was 259.7 million, or 3.66pershare,upfrom3.66 per share, up from 222.3 million, or 3.19pershare,in2023[25]−AdjustednetincomefortheyearendedDecember31,2024,was3.19 per share, in 2023[25] - Adjusted net income for the year ended December 31, 2024, was 287.3 million, or 3.55peradjustedshare,comparedto3.55 per adjusted share, compared to 233.1 million, or 2.89peradjustedshare,in2023[25]−OperatingincomeforthethreemonthsendedDecember31,2024,was2.89 per adjusted share, in 2023[25] - Operating income for the three months ended December 31, 2024, was 109.1 million, representing a 43.0% increase from 76.4millioninthesamequarterof2023[45]−NetincomeattributabletoArtisanPartnersAssetManagementInc.forthethreemonthsendedDecember31,2024,was76.4 million in the same quarter of 2023[45] - Net income attributable to Artisan Partners Asset Management Inc. for the three months ended December 31, 2024, was 69.7 million, up from 64.8millioninthesameperiodlastyear,reflectinganincreaseof4.864.8 million in the same period last year, reflecting an increase of 4.8%[47] - Basic earnings per share for Class A common shares for the three months ended December 31, 2024, were 0.97, compared to 0.92forthesameperiodin2023,markinga5.40.92 for the same period in 2023, marking a 5.4% increase[47] Cash Flow and Dividends - Cash and cash equivalents increased to 201.2 million at December 31, 2024, from 141.0millionatDecember31,2023[26]−Thecompanydeclaredavariablequarterlydividendof141.0 million at December 31, 2023[26] - The company declared a variable quarterly dividend of 0.84 per share and a special dividend of 0.50persharefortheDecember2024quarter[30]−Thevariablequarterlydividendrepresentsapproximately800.50 per share for the December 2024 quarter[30] - The variable quarterly dividend represents approximately 80% of the cash generated in the December 2024 quarter[30] - The company expects to pay a quarterly dividend of approximately 80% of cash generated from operations, subject to board approval[31] Operating Expenses - Operating expenses for the year ended December 31, 2024, were 745.2 million, an 11% increase from 671.5millionin2023,primarilyduetoa671.5 million in 2023, primarily due to a 64.7 million increase in compensation and benefits[22] - Total operating expenses for the three months ended December 31, 2024, were 187.9million,upfrom187.9 million, up from 172.6 million in the same period last year, indicating an increase of 8.0%[45] Client Cash Flows - The company reported 3.6billioninnetinflowsfromitscredit−orientedinvestmentfranchisesin2024,withnearly3.6 billion in net inflows from its credit-oriented investment franchises in 2024, with nearly 15 billion managed across six different strategies[3][4] - Gross client cash inflows for the year ended December 31, 2024, were 25,650million,a19.925,650 million, a 19.9% increase from 21,395 million in 2023[55] - Net client cash flows for the year ended December 31, 2024, were (3,699)million,a9.2(3,699) million, a 9.2% improvement compared to (4,076) million in 2023[55] - Gross client cash inflows for the quarter were 7.649billion,whilegrossclientcashoutflowstotaled7.649 billion, while gross client cash outflows totaled 8.473 billion, resulting in net client cash flows of negative 824million[58]InvestmentPerformance−TheDevelopingWorldstrategygeneratedacumulativereturnof157.03824 million[58] Investment Performance - The Developing World strategy generated a cumulative return of 157.03% since inception, significantly outperforming the MSCI Emerging Markets Index's cumulative return of 38.83%[6] - The Artisan Sustainable Emerging Markets Strategy reported an AUM of 1,552 million, achieving a 7.50% return[72] - The U.S. Mid-Cap Growth Strategy had an AUM of 20,591million,witha1−yearreturnof16.1320,591 million, with a 1-year return of 16.13%[70] - The Global Opportunities Strategy achieved a 1-year return of 17.49% with an AUM of 12,410 million[70] - The Emerging Markets Debt Opportunities Strategy reported an AUM of 1,024million,withareturnof10.851,024 million, with a return of 10.85%[72] - The China Post-Venture Strategy had a 1-year return of 14.48% with an AUM of 178 million[70] - The Value Income Strategy achieved a return of 25.02% with an AUM of 16million[70]−TheInternationalValueStrategyreportedanAUMof16 million[70] - The International Value Strategy reported an AUM of 43,911 million, with a 1-year return of 7.77%[70] - The Developing World Strategy had a remarkable 1-year return of 30.04% with an AUM of 4,100million[72]−TheGlobalUnconstrainedStrategyachievedareturnof12.254,100 million[72] - The Global Unconstrained Strategy achieved a return of 12.25% with an AUM of 701 million[72] Balance Sheet - Total stockholders' equity rose to 422.0millionatDecember31,2024,comparedto422.0 million at December 31, 2024, compared to 351.4 million at December 31, 2023[28] - Total liabilities rose to 868.8millionasofDecember31,2024,comparedto868.8 million as of December 31, 2024, compared to 802.1 million as of December 31, 2023, reflecting an increase of 8.3%[54] - Total assets increased to 1,618.8millionasofDecember31,2024,comparedto1,618.8 million as of December 31, 2024, compared to 1,405.9 million as of December 31, 2023, representing a growth of 15.1%[54]