Full Year 2024 Navigator Global Investments Ltd Earnings Call Transcript
Key Points
- Navigator Global Investments Ltd (ASX:NGI) reported a 46% increase in revenues to $172 million for FY24.
- Adjusted EBITDA rose by 85% to $90.5 million, exceeding the upgraded guidance range.
- The company successfully raised equity and closed transactions to solidify its balance sheet, resulting in a material increase in free cash flow.
- NGI's ownership-adjusted AUM increased by 3% to $26.2 billion, driven by strong investment performance.
- Lighthouse management fees and performance fees increased by 10% and 72%, respectively, contributing to an 18% increase in Lighthouse adjusted EBITDA.
- Net operating expenses increased by 14%, primarily due to higher compensation in a competitive market for top talent.
- The second half of FY24 faced a challenging fundraising climate, impacting net inflows.
- There were minor outflows in NGI Strategic and Lighthouse segments during the second half of the year.
- Employee compensation costs increased by $7.2 million, driven by higher variable compensation.
- The company noted that the return of capital in private equity and private credit strategies has been slower than in prior periods, affecting fundraising conditions.
Thank you. Good morning, and thanks for joining the call to discuss the 2024 full-year results for Navigator Global Investments. My name is Stephen Darke, having joined Navigator as CEO in October 2023. I'm looking forward to presenting my first full-year earnings. Today, I'm joined by my colleagues, Ross Zachary, CIO of Navigator and Head of NGI Strategic Investments; Sean McGould, CEO and CIO of Lighthouse; and Amber Stoney, NGI Group CFO.
Turning to the company overview on slide 4. Navigator is focused on partnering with leading alternative asset managers globally. We are the only pure-play global alternatives firm listed on the ASX. Across our 11 partner firms, including Lighthouse, Navigator now manages $75 billion, up 5% for financial year '24. This is across 42 strategies, comprising 199 investment products.
Navigator is proud to own a diversified portfolio of leading partner firms alongside their respective founders and principals, with such investments producing strong, sustainable
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