StepStone Group Inc. (NASDAQ:STEP) Q4 2022 Earnings Conference Call May 26, 2022 5:00 PM ET
Company Participants
Seth Weiss - Head of IR
Scott Hart - CEO
Mike McCabe - Head of Strategy
Johnny Randel - CFO
Jason Ment - President & Co-Chief Operating Officer
Conference Call Participants
Ken Worthington - JPMorgan
Michael Cyprys - Morgan Stanley
Adam Beatty - UBS
John Dunn - Evercore ISI
Operator
Greetings and welcome to the StepStone Fiscal Fourth Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Seth Weiss, Head of Investor Relations. Thank you, sir. You may begin.
Seth Weiss
Thank you and good afternoon, everyone. Joining me on the call today 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. 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 may differ materially from those expressed or implied by these forward-looking statements due to a number of risks, or other factors that are described in the risk factors section of Stepstone’s most recent 10-K. 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 fourth quarter of fiscal 2022. We reported GAAP net income of $103.6 million. GAAP net income attributable to Stepstone Group Inc. was $41.8 million. We generated fee related earnings of $35.9 million, adjusted net income of $43.7 million and adjusted net income per share of $0.38.
The quarter reflected retroactive fees resulting from an interim closing of Stepstone’s private equity co-investment fund that contributed $3.4 million to revenue and $3.0 million to fee related earnings and pre-tax adjusted net income. This compares to retroactive fees in the fourth quarter of fiscal 2021 that contributed $0.8 million to revenue fee related earnings and pre-tax adjusted net income.