Top-News
Mittwoch,
31.03.2021 22:45
von
PR Newswire
| Aufrufe: 89
Medley Management Inc. Reports Fourth Quarter and Full Year 2020 results
Ein Arzt berät einen Patienten (Symbolbild).
© TommL / Vetta / Getty Images
https://www.gettyimages.de/
PR Newswire
NEW YORK, March 31, 2021
NEW YORK, March 31, 2021 /PRNewswire/ -- Medley Management Inc. (NYSE: MDLY) today reported its financial results for its fourth quarter and year ended December 31, 2020.
Summary
- Fee earning assets under management were $1.3 billion as of December 31, 2020
- Total assets under management were $2.9 billion as of December 31, 2020
- Total revenues were $8.5 million for the three months ended December 31, 2020 and $33.3 million for the year ended December 31, 2020
- U.S. GAAP net loss per share attributable to Medley Management Inc. was $0.88 for Q4 2020 and $4.26 for the year ended December 31, 2020
- Core Net Loss Per Share was $0.24 for Q4 2020 and $2.12 for the year ended December 31, 2020
Results of Operations for the Three Months Ended December 31, 2020
Total revenues were $8.5 million for the three months ended December 31, 2020 compared to $10.7 million for the same period in 2019. The decrease in total revenues was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a reduction in leverage and change in portfolio valuations, offset in part by an increase in investment income.
Total expenses from operations were $9.2 million for the three months ended December 31, 2020 compared to $11.3 million for the same period in 2019. The variance was attributed to a $2.5 million decrease in compensation and benefits expense offset by a $0.3 million increase in general, administrative and other expenses. The decrease in compensation and benefits expense was primarily attributed to a decline in average headcount, stock compensation expense and discretionary bonuses. The increase in other expenses was due primarily to an increase in professional fees.
Total expenses, net were $2.1 million for the three months ended December 31, 2020 and consisted of $2.5 million of interest expense, $0.4 million of other income and less than $0.1 million of dividend income. Total other expenses, net were $6.4 million for the three months ended December 31, 2019 and consisted of $2.9 million of interest expense, $3.8 million of other expenses and $0.2 million of dividend income. Of the $3.8 million of other expenses, $3.6 million was related to an unrealized loss on shares held of MCC which were no longer held by us during the year ended December 31, 2020.
Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $2.6 million for the three months ended December 31, 2020 compared to a net loss $8.2 million for the same period in 2019. Medley Management Inc.'s net loss per share was $0.88 for the three months ended December 31, 2020 compared to a net loss per share of $4.59 for the same period in 2019.
Pre-Tax Core Net Loss was $1.5 million for the three months ended December 31, 2020 compared to $1.9 million for the same period in 2019. Core Net Loss Per Share was $0.24 for the three months ended December 31, 2020, compared to $0.37 for the same period in 2019. Core EBITDA was $1.2 million for the three months ended December 31, 2020 compared to $1.1 million for the same period in 2019.
Results of Operations for the Year Ended December 31, 2020
Total revenues were $33.3 million for the year ended December 31, 2020 compared to $48.8 million in 2019. The decrease was due primarily to lower base management fees as a result of a decrease in fee earning assets under management, which was mainly driven by a decline in portfolio valuations, a reduction in leverage, and a decline in investment income due to equity losses and reversal of previously recorded carried interest.
Total expenses from operations were $38.0 million for the year ended December 31, 2020 compared to $46.1 million in 2019. The variance was attributed to a $7.4 million decrease in compensation and benefits expense and a $0.7 million decrease in general, administrative and other expenses. The decrease in compensation and benefits expense was primarily attributed to a decline in average headcount, stock compensation expense and discretionary bonuses. The decrease in other expenses was due primarily to a decrease in general and administrative expenses as a result of headcount reduction, employees working remotely and restrictions on travel and other expenses due to the impact of the continuing COVID-19 pandemic.
Total expenses, net were $15.5 million for the year ended December 31, 2020, and consisted of $10.5 million of interest expense and $5.2 million of other expenses, net, offset in part by $0.2 million of dividend income. Total other expenses, net were $14.8 million for the year ended December 31, 2019 and consisted of $11.5 million of interest expense, $4.4 million of other expenses, offset in part by $1.1 million of dividend income. The increase of $0.7 million in other expenses was due primarily to the revaluation of our revenue share payable.
Net loss attributable to Medley Management Inc. and non-controlling interests in Medley LLC was $18.5 million for the year ended December 31, 2020 compared to a net loss of $13.1 million in 2019. Medley Management Inc.'s net loss per share was $4.26 for the year ended December 31, 2020 compared to net loss per share of $6.00 in 2019.
Pre-Tax Core Net Loss was $13.3 million for the year ended December 31, 2020 as compared to Pre-Tax Core Net Loss of $1.3 million in 2019. Core Net Loss Per Share was $2.12 for the year ended December 31, 2020 as compared to $0.25 in 2019. Core EBITDA was ($2.1) million for the year ended December 31, 2020 as compared to $10.9 million in 2019.
Investor Contact:
Sam Anderson
Head of Capital Markets & Risk Management
Medley Management Inc.
212-759-0777
Media Contact:
Jonathan Gasthalter/Nathaniel Garnick
Gasthalter & Co. LP
212-257-4170
| Key Performance Indicators: | ||||||||||||||||
| | ||||||||||||||||
| | | For the Three Months (unaudited) | | | For the Years Ended | | ||||||||||
| | | 2020 | | | 2019 | | | 2020 | | | 2019 | | ||||
| | | (dollars in thousands, except AUM, share and per share amounts) | | |||||||||||||
| Consolidated Financial Data: | | | | | | | | | | | | | | | | |
| Pre-Tax (Loss) Income | | $ | (2,753) | | | $ | (7,070) | | | $ | (20,184) | | | $ | (12,060) | |
| Net loss attributable to Medley Management Inc. and non- | | $ | (2,600) | | | $ | (8,225) | | | $ | (18,454) | | | $ | (13,074) | |
| Net loss per Class A common stock | | $ | (0.88) | | | $ | (4.59) | | | $ | (4.26) | | | $ | (6.00) | |
| Net (Loss) Income Margin (1) | | | (30.7) | % | | | (77.2) | % | | | (55.7) | % | | | (26.8) | % |
| Weighted average shares - Basic and Diluted | | | 678,288 | | | | 600,795 | | | | 643,351 | | | | 578,821 | |
| | | | | | | | | | | | | | | | | |
| Non-GAAP Data: | | | | | | | | | | | | | | | | |
| Pre-Tax Core Net (Loss) Income (2) | | $ | (1,510) | | | $ | (1,910) | | | $ | (13,258) | | | $ | (1,254) | |
| Core Net (Loss) Income (2) | | $ | (1,362) | | | $ | (7,030) | | | $ | (12,111) | | | $ | (6,652) | |
| Core EBITDA (3) | | $ | 1,206 | | | $ | 1,115 | | | $ | (2,053) | | | $ | 10,945 | |
| Core Net (Loss) Income Per Share (4) Werbung Mehr Nachrichten zur Medley Management Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | ||||||||||||||||
