Medley Management Inc. Reports First Quarter 2020 Results

Key Performance Indicators:

For the Three Months Ended March,
(unaudited)

2020

2019

(dollars in thousands, except AUM, share and
per share amounts)

Consolidated Financial Data:

Pre-Tax (Loss) Income

$

(5,800)

$

3,739

Net loss attributable to Medley Management Inc. and non-controlling
interests in Medley LLC

$

(5,687)

$

(433)

Net loss per Class A common stock

$

(0.20)

$

(0.02)

Net Income Margin ⁽¹⁾

(72.2)

%

(3.1)

%

Weighted average shares - Basic and Diluted

6,235,428

5,754,665

Non-GAAP Data:

Pre-Tax Core Net Income (Loss) ⁽²⁾

$

(3,576)

$

804

Core Net Income (Loss) ⁽²⁾

$

(3,816)

$

705

Core EBITDA ⁽³⁾

$

(605)

$

3,880

Core Net Income (Loss) Per Share ⁽⁴⁾

$

(0.07)

$

0.02

Core Net Income Margin ⁽⁵⁾

(30.4)

%

5.1

%

Pro-Forma Weighted Average Shares Outstanding ⁽⁶⁾

34,240,249

32,117,893

Other Data (at period end, in millions):

AUM

$

3,824

$

4,668

Fee Earning AUM

$

1,736

$

2,711

(1)

Net Income Margin equals Net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC divided by total revenue.

(2)

Pre-Tax Core Net Income is calculated as Core Net Income before income taxes. Core Net Income reflects net income (loss)   attributable to Medley Management Inc. and non-controlling interests in Medley LLC adjusted to exclude reimbursable expenses associated with the launch of funds, stock-based compensation associated with restricted stock units that were granted in connection with our IPO, non-recurring expenses associated with strategic initiatives, such as our terminated merger with Sierra, other non-core items and the income tax expense associated with the foregoing adjustments. Please refer to the reconciliation of Core Net Income to Net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC in Exhibit B for additional details.

(3)

Core EBITDA is calculated as Core Net Income before interest expense, income taxes, depreciation and amortization. Please refer to the reconciliation of Core EBITDA to Net income (loss) attributable to Medley Management Inc. and non-controlling interests in Medley LLC in Exhibit B for additional details.

(4)

Core Net Income Per Share is calculated as Core Net Income, adjusted for the income tax effect of assuming that all of our pre-tax earnings were subject to federal, state and local corporate income taxes, divided by Pro-Forma Weighted Average Shares Outstanding (as defined below). We assume that all of our pre-tax earnings are subject to federal, state and local corporate income taxes. In determining corporate income taxes, we used a combined effective corporate tax rate of 33.0% for all of the periods presented above. Please refer to the calculation of Core Net Income Per Share in Exhibit C for additional details.

(5)

Core Net Income Margin equals Core Net Income Per Share divided by total revenue per share.

(6)

The calculation of Pro-Forma Weighted Average Shares Outstanding assumes the conversion by the pre-IPO holders of up to 26,449,973 vested and unvested LLC Units for 26,449,973 shares of Class A common stock at the beginning of each period presented, as well as the vesting of the weighted average number of restricted stock units granted to employees and directors during each of the periods presented.

Fee Earning AUM

The table below presents the quarter-to-date roll forward of our total fee earning AUM:

% of Fee Earning AUM

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