Access to Private Equity Market
RECENT FINANCIAL RESULTS
Three months ended December 31, 2023 vs
same period 2022:
18.1% decrease in revenue from Partners to $41.9 million
30.2% increase in EBITDA to $61.3 million
23.3% decrease in cash from operations prior to changes in working
capital 2 to $36.3 million
0.5% increase in distributions declared to $15.5 million
Year ended December 31, 2023 vs same
period 2022:
0.6% increase in adjusted revenue from Partners to $161.6 million 1
10.2% increase in EBITDA to $202.0 million
1
10.1% decrease in adjusted cash from operations prior to changes in
working capital 2 to $132.1million 3
2.7% increase in distributions declared to $61.8 million
Per Unit highlights:
Per Unit highlights:
18.6% decrease in revenue from Partners to $0.92
29.8% increase in EBITDA to $1.35
23.31% decrease in cash from operations prior to changes in
working capital 2 to $0.80
■ $0.34 per unit distributions declared, consistent to Q4 22
Adjusted revenue from Partners $3.58 1, relatively consistent to 2022
9.6% increase in EBITDA to $4.44
10.5% decrease in adjusted cash from operations prior to changes in
working capital 2 to $2.91 3
3.0% increase in distributions declared to $1.02
(I) Revenue in the respective comparable period in 2022 excludes additional non-recurring distributions received as part of Kimco and FNC's redemptions in 2022, as well as
additional distributions received from Ohana
(2) Due to the changes in non-GAAP measures we are no longer presenting normalized EBITDA. Replacing this metric is cash from operations prior to changes in working capital.
This metric does include the effects of unit-based compensation expense and current income tax as compared to normalized EBITDA. In prior periods the material normalizing
items primarily related to unrealized gains or losses in foreign exchange as well as realized and unrealized gains or losses to investments at fair value. All of which are removed
from cash generated from operations prior to working capital adjustments, which is why we've determined it is the most comparable figure within our financial statements.
(3) Cash from operations prior to changes in working capital is adjusted to exclude legal costs associated with the Sandbox litigation (and eventual settlement) in each of the nine
months ended periods, as well, the comparative period in 2022 excludes additional non-recurring distributions received as part of Kimco and FNC's redemptions in 2022, as well
as additional distributions received from Ohana
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