Burford Capital Limited (NYSE:BUR) Q2 2023 Earnings Conference Call September 13, 2023 10:00 AM ET

Company Participants

Christopher Bogart - CEO

Jordan Licht - CFO

Jon Molot - CIO

Conference Call Participants

Julian Roberts - Jefferies

Alexander Bowers - Berenberg

Michael Cohen - MDC Financial Research

Matthew Howlett - B. Riley

Operator

Hello, everyone, and welcome to today's conference call titled Burford Capital Second Quarter 2023 Results. My name is Ellen, and I will be the call operator for today. [Operator Instructions]

I would now like to turn the call over to Chris Bogart, CEO to begin. Chris, please go ahead whenever you are ready.

Christopher Bogart

Thanks very much, and hello, everybody. Thank you for taking a little bit of time to join us today. As usual, I'm joined on the call by Jon Molot, Burford's Chief Investment Officer; and Jordan Licht, Burford's Chief Financial Officer.

We've had a terrific year so far, and we're excited to be able to tell you about all of the components of it. Julian Roberts, one of our analysts at Jefferies, put out a note a couple of days ago where he said that the success that we've been having in the YPF case was likely to overshadow our second quarter and first half earnings, and I am determined on this slide and I'm on Slide 3, I am determined to prove him wrong about that.

And the reason I say that is because if you look at the data points on the left-hand side of this slide, which are all of our core second quarter metrics, those numbers are all cash numbers and those numbers all have nothing to do with the YPF case. These are showing what the core business is doing right now, what we call effectively pillars one and two of our - of the four pillars that we talk about in terms of Burford's value. And what they show is the business being very strong.

And then, on the right-hand side, you see our first half financial metrics, which do have some YPF impact from the first successful YPF decision in March, although not any from the more recent successful decision. But they are much more than that. And those numbers collectively are the strongest in our history.

Turning to Slide 4. We just have here a few overall highlights of the business before Jordan takes you into - before Jordan and Jon take you into some of the details. We've obviously had very significant revenue growth as the portfolio has come back to life and has started to perform, and again, I'd highlight that that second sub-bullet, where in addition to some gains from the YPF matter, we've had very significant income coming out of the non-YPF part of the business.