StepStone Group Inc. (NASDAQ:STEP) Q1 2024 Earnings Conference Call August 3, 2023 5:00 PM ET
Company Participants
Seth Weiss - Head, Investor Relations
Scott Hart - Chief Executive Officer
Mike McCabe - Head, Strategy
Johnny Randel - Chief Financial Officer
Jason Ment - President & Co-Chief Operating Officer
Conference Call Participants
Ben Budish - Barclays
Ken Worthington - JPMorgan
Adam Beatty - UBS
Alex Blostein - Goldman Sachs
Michael Cyprys - Morgan Stanley
John Dunn - Evercore ISI
Operator
Good afternoon ladies and gentlemen and welcome to StepStone's Fiscal First Quarter 2024 Earnings Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions]
I would now like to turn the conference over to Seth Weiss, StepStone's Head of Investor Relations. Please go ahead.
Seth Weiss
Thank you. Joining me on today's call are Scott Hart, Chief Executive Officer; Jason Ment, President and Co-Chief Operating Officer; Mike McCabe, Head of Strategy; and Johnny Randel, Chief Financial Officer.
During our prepared remarks, we will be referring to a presentation, which is available on our Investor Relations website at shareholders.stepstonegroup.com.
Before we begin, I'd like to remind everyone that this conference call as well as the presentation contains certain forward-looking statements regarding the company's expected operating and financial performance for future periods and our plans for future dividends.
Forward-looking statements reflect management's current plans, estimates, and expectations and are inherently uncertain and are subject to various risks, uncertainties, and assumptions.
Actual results for future periods and actual dividends declared may differ materially from those expressed or implied by these forward-looking statements due to changes in circumstances or a number of risks or other factors that are described in the risk factors section of StepStone's periodic filings. These forward-looking statements are made only as of today and except as required, we undertake no obligation to update or revise any of them.
In addition today's presentation contains references to non-GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures are included in our earnings release, our presentation, and our filings with the SEC.
Turning to our financial results for the first quarter of fiscal 2024. Beginning with slide three, we reported GAAP net income of $49.4 million. GAAP net income attributable to StepStone Group Inc. was $21.3 million.
Moving to slide four. We generated fee-related earnings of $44.4 million, up 21% from the prior year quarter and we generated an FRE margin of 32%. The quarter reflected retroactive fees resulting from interim closings of our PE secondaries fund, our multi-strategy global venture capital fund, and our infrastructure co-invest fund, which in total contributed $2.8 million to revenue and fee-related earnings, 140 basis points to FRE margin, and $2.7 million to pre-tax adjusted net income.