Grosvenor Capital Management, L.P. (NASDAQ:GCMG) Q1 2022 Results Conference Call May 10, 2022 10:00 AM ET
Company Participants
Stacie Selinger - Head, Investor Relations
Michael Sacks - Chairman and Chief Executive Officer
Jon Levin - President
Pam Bentley - Chief Financial Officer
Conference Call Participants
Ken Worthington - JPMorgan
Jeff Schmitt - William Blair
Adam Beatty - UBS
Kevin Tripp - Oppenheimer & Co
Michael Cyprys - Morgan Stanley
Operator
Good day, and welcome to the GCM Grosvenor 2022 First Quarter Results Call. Later, we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this call will be recorded
I would now like to hand the call over to Stacie Selinger, Head of Investor Relations. You may begin.
Stacie Selinger
Thank you. Good morning, and welcome to GCM Grosvenor’s First Quarter 2022 Earnings Call. Today, I am joined by GCM Grosvenor’s Chairman and Chief Executive Officer, Michael Sacks; President, Jon Levin; and Chief Financial Officer, Pam Bentley.
Before we discuss this quarter's results, a reminder that all statements made on this call that do not relate to matters of historical facts should be considered forward-looking statements. This includes statements regarding our current expectations for the business, our financial performance and projections. These statements are neither promises nor guarantees. They involve known and unknown risks, uncertainties and other important factors that may cause our actual results to differ materially from those indicated by the forward-looking statements on this call. Please refer to the factors in the Risk Factors section of our 10-K, our other filings with the Securities and Exchange Commission and our Earnings Release, all of which are on the Public Shareholders section of our website.
We'll also refer to non-GAAP measures that we view as important in assessing the performance of our business. A reconciliation of non-GAAP metrics to the nearest GAAP metric can be found in our earnings presentation and earnings supplement, both of which are available on the Public Shareholders section of our website. Our goal is to continually improve how we communicate with and engage with our shareholders. And in that spirit, we look forward to your feedback. Thank you again for joining us.
And with that, I'll turn the call over to Michael.
Michael Sacks
Thank you, Stacie. From the perspective of business performance, the first quarter of '22 was a good one with regard to fundraising, revenue growth and profitability. During the quarter, we grew fee-related revenue by 10% fee-related earnings by 26%, adjusted EBITDA by 23% and adjusted net income by 26%, all compared to the first quarter of '21. Notably, our Board again increased our stock and warrant buyback program by an additional $20 million to $65 million in total. Both Jon and I will spend more time on that topic.