StepStone Group Inc Reports Q2 Financial Results for FY2024
Intellectia.AI Updated: 1970-01-01
StepStone Group Inc. Reports Q2 Financial Results for FY2024
StepStone Group Inc. has reported its financial results for the fiscal quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 FY2024 | Q1 FY2024 | Q2 FY2023 | YoY Change | QoQ Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Total Revenue | $186.4M | Not Provided | $178.0M | +5% | Not Provided | $181.15M |
| Earnings Per Share (EPS) | Not Provided | Not Provided | Not Provided | Not Provided | Not Provided | $0.35 |
The company experienced a 5% year-over-year increase in total revenue, recording $186.4 million for Q2 FY2024 compared to $178.0 million in Q2 FY2023. This growth reflects an increase in management and advisory fees, net, and a lower reversal of legacy Greenspring carried interest allocations.
Revenue Performance by Segment
| Segment | Q2 FY2024 Revenue | Q1 FY2024 Revenue | Q2 FY2023 Revenue | YoY Change |
|---|---|---|---|---|
| Management Fees, Net | $178.0M | Not Provided | $178.0M | +29% |
| Incentive Fees | $0.8M | Not Provided | $0.006M | +13,233% |
| Realized Carried Interest | $41.8M | Not Provided | Not Provided | Not Provided |
| Unrealized Carried Interest | $16.6M | Not Provided | Not Provided | Not Provided |
| Legacy Greenspring Realized CI | $6.6M | Not Provided | $0.9M | Not Provided |
| Legacy Greenspring Unrealized CI | $(15.7)M | Not Provided | $(24.9)M | Not Provided |
Management fees saw a significant boost, driven by new client activity and a 12% growth in average fee-earning AUM (FEAUM). Meanwhile, there was a sharp increase in incentive fees relative to Q2 FY2023, indicative of improved portfolio performance and higher realization activity.
Key Operational Data
- The company issued 1,731,807 shares of Class A common stock in exchange for the same number of Class B units and 71,766 shares of Class A common stock in exchange for the same number of Class C units in June 2024.
- StepStone completed the first annual exchange to acquire equity interests in SRA, SRE, and SPD.
Dividends/Share Buyback Program
- On August 8, 2024, StepStone announced a quarterly cash dividend of $0.24 per share of Class A common stock, payable on September 13, 2024, to holders of record as of the close of business on August 30, 2024.
- On May 23, 2024, a quarterly cash dividend of $0.21 per share and a supplemental cash dividend of $0.15 per share were paid out.
Stock Price Movement
- Following the earnings release, StepStone's stock price increased by 3.04%.
This earnings summary provides a clear and concise overview of StepStone Group Inc.'s financial performance for the quarter ended June 30, 2024, along with key operational updates. The company has shown solid growth in its core revenue streams and maintained a positive outlook for future dividends.
