Focus Financial Partners Inc. (NASDAQ:FOCS) Q4 2022 Earnings Conference Call February 16, 2023 8:30 AM ET
Company Participants
Rusty McGranahan - General Counsel
Rudy Adolf - Founder, Chief Executive Officer & Chairman
Jim Shanahan - Chief Financial Officer
Conference Call Participants
Operator
Good morning. I would like to welcome everyone to the Focus Financial Partners 2022 Fourth Quarter and Full Year Earnings Call. Joining today's call are Rudy Adolf, Founder and CEO, Jim Shanahan, Chief Financial Officer, Rusty McGranahan, General Counsel and Tina Madden, Head of Investor Relations and Corporate Communications.
Mr. McGranahan, please go ahead.
Rusty McGranahan
Good morning, everyone. Before we begin, let me remind you that during the course of this call, we may make a number of forward-looking statements. We call your attention to the fact that Focus' results may, of course, differ from these statements. These statements are based on assumptions made by and information currently available to Focus Financial Partners and involve risks and uncertainties that could cause the results of Focus to materially differ from these statements. Focus has made filings with the SEC, which lists some of the factors that may cause its results to differ materially from these statements. And finally, Focus assumes no duty and does not undertake to update any such forward-looking statements.
In addition, due to the recently announced acquisition proposal and exclusivity arrangement, with Clayton, Dubilier & Rice, we will not be taking questions following Rudy and Jim's prepared remarks.
With that, I will turn it over to our Founder and CEO, Rudy Adolf. Rudy?
Rudy Adolf
Thanks, Rusty. Good morning, everyone. And thank you for joining us today. Despite the challenging macro environment correlated across virtually all asset classes throughout 2022, our full year performance was solid, finishing well in Q4 with strong momentum into 2023.
Our business demonstrated its resiliency inconsistently outperformed relative to expectations. Our discipline, diversification and scale were instrumental in helping us not just to navigating the challenging market conditions but in positioning us to capitalize on the eventual recovery. The depths and diversification of our global partnership, our strong M&A momentum, and we are all instrumental – are at the core of our competitive differentiation, reinforcing our leadership advantage in independent wealth management.
We generated solid results in 2022, growing our revenues by 19.2% year-over-year to approximately $2.1 billion. Our adjusted net income excluding tax adjustments per share was $3.62, and tax adjustments per share were $0.77, increasing over the prior year by 7.7% and 37.5%, respectively. These results reflect our partners excellent job in managing their businesses in advising their clients.