image description

Assetmark 2022
Financial & Operating Highlights:

FINANCIAL HIGHLIGHTS

For the year ended December 31, 2022 2021 2020 2019
($ in millions, except per share amounts)
Total Revenue $ 618.3 $ 530.3 $ 432.1 $ 417.9
Net Revenue $ 456.0 $ 378.0 $ 296.7 $ 286.9
Adj. EBITDA $ 199.5 $ 157.2 $ 115.0 $ 109.9
Adj. EBITDA Margin 32.3 % 29.6 % 26.6 % 26.3 %
Adj. Net Income $ 130.5 $ 103.3 $ 73.2 $ 66.5
Adj. Net Income Margin 21.1 % 19.5 % 16.9 % 15.9 %
Diluted EPS $ 1.77 $ 1.40 $ 1.02 $ 0.96

OPERATIONAL HIGHLIGHTS

For the year ended December 31, 2022 2021 2020 2019
($ in millions)
Platform assets (at period-beginning) $ 93,488 $ 74,520 $ 61,608 $ 44,855
Net flows $ 5,612 $ 9,934 $ 5,483 $ 5,389
Market impact net of fees $ (14,526) $ 9,034 $ 5,369 $ 7,575
Acquisition impact $ 6,896 $ – $ 2,060 $ 3,789
Platform assets (at period-end) $ 91,470 $ 93,488 $ 74,520 $ 61,608
Net flows lift (% of beginning-of-year platform assets) 6.0% 13.3% 8.9% 12.0%
Advisors $ 9,297 $ 8,649 $ 8,454 $ 7,958
Engaged advisors 2,882 2,858 2,536 2,230
Assets from engaged advisors 83,803 86,385 67,300 54,853
Households 241,053 209,900 186,602 162,225
New producing advisors 690 811 743 894
Production lift from existing advisors 16.3% 24.2% 19.9% 24.4%
Assets in custody at ATC $ 66,169 $ 71,320 $ 53,878 $ 43,393
ATC client cash $ 3,541 $ 2,932 $ 2,618 $ 1,876

KEY FACTS & FIGURES

$91.5B+ PLATFORM ASSETS1
6.0% NET FLOWS AS A PERCENT OF BEGINNING-OF-PERIOD PLATFORM ASSETS2
$103.5M 2022 ADJUSTED NET INCOME1
14%+ TOTAL REVENUE CAGR3
32.3% 2022 ADJUSTED EBITDA MARGIN1
$199.7M 2022 ADJUSTED EBITDA1
HISTORICAL NET FLOWs ($ in billions)
$$55..66$5.4$5.4$5.5$5.520192019 202020202021202120222022NET FLOWS AS % OF NET FLOWS AS % OF BEGINNING ASSETSNET FLOWSNET FLOWS12.0%12.0%8.9%8.9%13.3%13.3%6.0%6.0% $9.9$9.9
Adjusted EBITDA ($ in millions)
$109.9$109.9$115.0$115.0$157.2$157.220192019 202020202021202120222022ADJUSTED EBITDA MARGINADJUSTED EBITDA MARGINADJUSTED EBITDA ADJUSTED EBITDA$$119999..7732.3%32.3%26.3%26.3%26.6%26.6% 29.6%29.6%
Diluted EPS
20192019202020202021202120222022$ $11..7777DILUTED EPSDILUTED EPS$1.40$1.40$0.96$0.96$1.02$1.02
  • 1As of December 31, 2022
  • 2Calculated as annual net flows for the year ended December 31, 2022 divided by beginning-of-period platform assets as of January 1, 2021
  • 3From the year ended December 31, 2019 to the year ended December 31, 2022