SPROTT INC.
For the period ended Dec 31, 2024. Filed Feb 26, 2025.
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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.
FY2024 · Filed Feb 26, 2025
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Contents
EX-99.2 · Managed equities
Managed equities
| 3 months ended | 12 months ended | |||
|---|---|---|---|---|
| (In thousands $) | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2024 | Dec. 31, 2023 |
| Summary income statement | ||||
| Management fees (1) | 7,496 | 6,365 | 28,011 | 27,092 |
| Fund expenses (2) | (454) | (520) | (1,759) | (2,035) |
| Direct payouts | (1,124) | (824) | (4,116) | (3,520) |
| Carried interest and performance fees | 2,310 | 253 | 7,118 | 641 |
| Carried interest and performance fee payouts - internal | (752) | (108) | (1,003) | (344) |
| Net fees | 7,476 | 5,166 | 28,251 | 21,834 |
| Gain (loss) on investments | (606) | 2,359 | 2,529 | 907 |
| Co-investment income | 52 | — | 145 | 281 |
| Finance income (2) | 133 | 60 | 355 | 223 |
| Total net revenues | 7,055 | 7,585 | 31,280 | 23,245 |
| Net compensation | 3,396 | 3,139 | 13,647 | 12,976 |
| Severance, new hire accruals and other | 100 | 95 | 158 | 607 |
| SG&A (2) | 1,290 | 1,102 | 4,888 | 4,396 |
| SG&A recoveries from funds (1) | (280) | (241) | (1,046) | (1,036) |
| Interest expense | 143 | 333 | 982 | 1,470 |
| Depreciation and amortization | 96 | 139 | 378 | 483 |
| Foreign exchange (gain) loss (2) | (1,421) | 122 | (1,375) | 77 |
| Other (income) and expenses (2) | — | — | — | 314 |
| Total expenses | 3,324 | 4,689 | 17,632 | 19,287 |
| Income before income taxes | 3,731 | 2,896 | 13,648 | 3,958 |
| Adjusted base EBITDA | 2,136 | 1,601 | 7,363 | 7,756 |
| Adjusted base EBITDA margin (3) | 35% | 32% | 33% | 35% |
| Total AUM | 2,872,973 | 2,874,049 | 2,872,973 | 2,874,049 |
| Average AUM | 3,208,676 | 2,709,385 | 3,024,080 | 2,799,403 |
(1)See footnote 1 of the summary financial information tableon page 6 of the MD&A.
(2)See footnote 2 of the summary financial information table on page 6 of the MD&A.
(3)Prior year figures have been revised to remove the adjustment of depreciation and amortization.
Income before income taxes was $3.7 million for the quarter, up 29% from $2.9 million for the quarter ended December 31, 2023 and was $13.6 million on a full-year basis, up from $4 million for the year ended December 31, 2023. Our earnings in the quarter and on a full-year basis benefited from carried interest and performance fee crystallization in certain funds and higher management fees on higher average AUM.
Adjusted base EBITDA was $2.1 millionfor the quarter, up 33% from $1.6 million for the quarter ended December 31, 2023 and was$7.4 million on a full-year basis, down 5% from$7.8 million for the year ended December 31, 2023. Adjusted base EBITDA in the quarter benefited from higher management fees on higher average AUM. On a full-year basis, our results were negatively impacted by higher SG&A from increased professional services costs.
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