Focus Financial Partners Inc. (NASDAQ:FOCS) Q1 2022 Earnings Conference Call May 5, 2022 8:30 AM ET
Company Participants
Rudy Adolf - Chairman, CEO & Co-Founder
Jim Shanahan - CFO
Rusty McGranahan - General Counsel
Conference Call Participants
Craig Siegenthaler - Bank of America
Matt Moon - KBW
Michael Young - Truist Securities
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.
With that, I will turn it over to our Founder and CEO, Rudy Adolf. Rudy?
Rudy Adolf
Thanks, Rusty. Good morning, everyone, and welcome to our call today. We appreciate your interest in Focus. Before getting into the details of the call, I want to take a moment to reflect on the geopolitical events that have unfolded in recent weeks. As a native European this unimaginable tragedy hits particularly close to home. We must all acknowledge the bravery, sacrifice and spirit of the citizens of Ukraine in the face of such inhumane and unprovoked aggression.
This morning we announced excellent Q1 results, again reflecting the stability of our business, the diversity of our revenue mix and the resiliency of our adjusted EBITDA margin during challenging market conditions. We grew revenues 36.1% year-over-year to $536.6 million and our organic revenue growth rate was 22% for the same period. Our adjusted net income excluding tax adjustments per share was $0.98 and tax adjustments per share was $0.18 increasing by 22.5% and 38.5% respectively. Our performance again exceeded our expectations on all measures and reinforced our continued disciplined execution.
The quality of our partnership also was evident in these results is our partner firms remain agile in helping the clients navigate the complex macro backdrop. It is critical to remember that they primarily surface sophisticated, high and ultra high net worth clientele that seeks to achieve capital preservation across market cycles. While the volatile market conditions are when prudent fiduciary advice is of utmost importance reinforcing the loyalty of these relationships.