StepStone Group Inc
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2023 · Filed Feb 8, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Condensed Consolidated Statements of Income (Loss) for the and
Condensed Consolidated Statements of Income (Loss) (Unaudited)
(in thousands, except share and per share amounts)
| Three Months Ended December 31, | Nine Months Ended December 31, | |||
|---|---|---|---|---|
| 2023 | 2022 | 2023 | 2022 | |
| Revenues | ||||
| Management and advisory fees, net | $151,492 | $128,753 | $431,730 | $364,606 |
| Performance fees: | ||||
| Incentive fees | 17,891 | 2,980 | 22,843 | 8,345 |
| Carried interest allocations: | ||||
| Realized | 15,289 | 16,320 | 31,347 | 112,396 |
| Unrealized | (129,584) | (63,367) | (24,849) | (354,095) |
| Total carried interest allocations | (114,295) | (47,047) | 6,498 | (241,699) |
| Legacy Greenspring carried interest allocations(1) | (69,700) | (88,921) | (106,250) | (371,200) |
| Total performance fees | (166,104) | (132,988) | (76,909) | (604,554) |
| Total revenues | (14,612) | (4,235) | 354,821 | (239,948) |
| Expenses | ||||
| Compensation and benefits: | ||||
| Cash-based compensation | 73,619 | 62,628 | 218,551 | 182,190 |
| Equity-based compensation | 14,032 | 8,108 | 28,420 | 15,605 |
| Performance fee-related compensation: | ||||
| Realized | 15,444 | 11,726 | 26,266 | 67,091 |
| Unrealized | (62,243) | (31,875) | (9,320) | (172,554) |
| Total performance fee-related compensation | (46,799) | (20,149) | 16,946 | (105,463) |
| Legacy Greenspring performance fee-related compensation(1) | (69,700) | (88,921) | (106,250) | (371,200) |
| Total compensation and benefits | (28,848) | (38,334) | 157,667 | (278,868) |
| General, administrative and other | 48,001 | 43,582 | 113,007 | 111,547 |
| Total expenses | 19,153 | 5,248 | 270,674 | (167,321) |
| Other income (expense) | ||||
| Investment income (loss) | (2,051) | (681) | 4,115 | (5,473) |
| Legacy Greenspring investment loss(1) | (2,222) | (8,966) | (9,054) | (32,927) |
| Investment income of Consolidated Funds | 11,223 | 4,895 | 22,357 | 4,895 |
| Interest income | 827 | 701 | 2,235 | 1,068 |
| Interest expense | (2,562) | (1,111) | (6,682) | (2,515) |
| Other income (loss) | 4,408 | 358 | 3,763 | (1,380) |
| Total other income (expense) | 9,623 | (4,804) | 16,734 | (36,332) |
| Income (loss) before income tax | (24,142) | (14,287) | 100,881 | (108,959) |
| Income tax expense (benefit) | (723) | (732) | 15,603 | (6,868) |
| Net income (loss) | (23,419) | (13,555) | 85,278 | (102,091) |
| Less: Net income attributable to non-controlling interests in subsidiaries | 13,552 | 9,575 | 32,797 | 25,836 |
| Less: Net loss attributable to non-controlling interests in legacy Greenspring entities(1) | (2,222) | (8,966) | (9,054) | (32,927) |
| Less: Net income (loss) attributable to non-controlling interests in the Partnership | (20,111) | (7,617) | 22,677 | (48,192) |
| Less: Net income attributable to redeemable non-controlling interests in Consolidated Funds | 5,588 | 391 | 11,590 | 391 |
| Net income (loss) attributable to StepStone Group Inc. | $(20,226) | $(6,938) | $27,268 | $(47,199) |
| Net income (loss) per share of Class A common stock: | ||||
| Basic | $(0.32) | $(0.11) | $0.43 | $(0.77) |
| Diluted | $(0.32) | $(0.11) | $0.43 | $(0.77) |
| Weighted-average shares of Class A common stock: | ||||
| Basic | 64,068,952 | 62,192,899 | 63,255,604 | 61,583,215 |
| Diluted | 64,068,952 | 62,192,899 | 66,299,982 | 61,583,215 |
(1)Reflects amounts attributable to consolidated VIEs for which the Company did not acquire any direct economic interests. See notes 3 and 5 for more information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.