Investor Presentaiton
Adjusted expenses (4Q21 vs. 4Q22)
Reported Expenses
Adjusted Expenses
(dollars in millions)
4Q21
4Q22
4Q21
4Q22
VPY ($)
VPY (%)
Asset-based expenses
$40.2
$35.7
$40.2
$35.7
($4.5)
(11.3%)
Spread-based expenses
$0.4
$5.0
$0.4
$5.0
$4.6
1,260.5%
7.0%
Operating Expenses
Employee compensation
$45.9
$44.5
$39.2
$39.2
$0.0
0.1%
SG&A¹
$27.8
$32.3
$25.5
$30.0
$4.5
17.8%
Interest expense
$1.0
$2.3
$1.0
$2.3
$1.4
142.8%
Depreciation and amortization
$8.1
$8.0
$5.1
$6.2
$1.1
20.9%
Other expense (income)
$0.0
($0.2)
$0.0
($0.2)
($0.2)
NM
Total
$123.4
$127.5
$111.3
$118.2
$6.9
6.2%
Operating expenses were up 7.0% year-over-year driven by a 17.8% y/y increase in SG&A. The increase in SG&A is primarily driven by increased
travel, events and volume-related items.
Employee compensation is essentially flat y/y. While headcount was higher by 12%, that cost was offset by lower variable compensation.
Includes general and operating expenses and professional fees
Note: Percentage variance based on actual numbers, not rounded results
For general public use.
ASSETMARK.
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