Investor Presentaiton
Adjusted expenses (1Q22 vs. 1Q23)
Reported Expenses
Adjusted Expenses
(dollars in millions)
1Q22
1Q23
1Q22
1Q23
VPY ($)
VPY (%)
Asset-based expenses
$41.7
$37.4
$41.7
$37.4
($4.3)
(10.2%)
Spread-based expenses
$0.4
$6.6
$0.4
$6.6
$6.2
1,517.7%
16.7%
Operating Expenses
Employee compensation
$40.3
$46.9
$36.4
$41.9
$5.6
15.3%
SG&A¹
$27.8
$31.1
$25.3
$30.0
$4.7
18.6%
Interest expense
$1.2
$2.3
$1.2
$2.3
$1.2
102.5%
Depreciation and amortization
$7.5
$8.4
$5.7
$6.3
$0.5
8.9%
Other expense (income)
$0.1
$19.9
$0.0
($0.2)
($0.2)
NM
Total
$118.9
$152.6
$110.7
$124.3
$13.7
12.3%
Operating expenses were up 16.7% year-over-year driven by a 15.3% increase in employee compensation and a 18.6% y/y increase in SG&A.
The increase in SG&A is primarily driven by increased travel, events and volume-related items.
The increase in employee compensation is driven by increased head count of 82 y/y, of which half were adds from the Adhesion acquisition.
1Includes 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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