SPROTT INC.
For the period ended Dec 31, 2023. Filed Feb 21, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2023 · Filed Feb 21, 2024
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Contents
EX-99.2 · Managed equities
Managed equities
| 3 months ended | 12 months ended | |||
|---|---|---|---|---|
| (In thousands $) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 |
| Summary income statement | ||||
| Management fees | 6,606 | 6,386 | 28,128 | 30,577 |
| Trailer, sub-advisor and fund expenses | (350) | (355) | (1,481) | (1,658) |
| Direct payouts | (824) | (694) | (3,520) | (3,768) |
| Carried interest and performance fees | 253 | 559 | 641 | 578 |
| Carried interest and performance fee payouts - internal | (108) | (240) | (344) | (254) |
| Net fees | 5,577 | 5,656 | 23,424 | 25,475 |
| Gain (loss) on investments | 2,359 | 2,851 | 907 | (2,246) |
| Other income | 60 | 328 | 504 | 801 |
| Total net revenues | 7,996 | 8,835 | 24,835 | 24,030 |
| Net compensation | 3,139 | 2,579 | 12,976 | 11,483 |
| Severance, new hire accruals and other | 95 | 74 | 607 | 288 |
| Selling, general and administrative | 1,272 | 1,447 | 4,950 | 5,377 |
| Interest expense | 333 | 507 | 1,470 | 1,467 |
| Depreciation and amortization | 139 | 80 | 483 | 311 |
| Other expenses | 122 | (26) | 391 | 1,028 |
| Total expenses | 5,100 | 4,661 | 20,877 | 19,954 |
| Income before income taxes | 2,896 | 4,174 | 3,958 | 4,076 |
| Adjusted base EBITDA | 1,601 | 1,845 | 7,756 | 9,932 |
| Operating margin | 29% | 33% | 34% | 39% |
| Total AUM | 2,890,060 | 2,752,700 | 2,890,060 | 2,752,700 |
| Average AUM | 2,717,386 | 2,634,818 | 2,801,864 | 2,940,192 |
Income before income taxes was $2.9 million in the quarter, down $1.3 million (31%) from thequarter ended December 31, 2022 and was $4 million on a full-year basis, down $0.1 million (3%) from the year ended December 31, 2022. Adjusted base EBITDA was $1.6 million in the quarter, down$0.2 million (13%) from the quarter ended December 31, 2022 andwas $7.8 million on a full-year basis, down $2.2 million (22%) from the year ended December 31, 2022. Our three and twelve months ended results were impacted by market value pressures and modest redemption activities on our managed equities products, coupled with higher compensation expense relating to new hires.
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