BrightSphere Investment Group Inc. (NYSE:BSIG) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET

Company Participants

Melody Huang - Senior Vice President, Director of Finance & Investor Relations

Suren Rana - President & Chief Executive Officer

Conference Call Participants

Morgan Cyprys - Morgan Stanley

John Dunn - Evercore ISI.

Kenneth Lee - RBC

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the BrightSphere Investment Group Earnings Conference Call and Webcast for the Second Quarter 2023. [Operator Instructions] Please note that this call is being recorded today, Thursday, August 3, 2023, at 11 a.m. Eastern Time. I would now like to turn the meeting over to Melody Huang, SVP Director of Finance, Investor Relations. Please go ahead.

Melody Huang

Good morning, and welcome to BrightSphere's conference call to discuss our results for the second quarter ended June 30, 2023. Before we get started, please note that we may make forward-looking statements about our business and financial performance. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those projected. Additional information regarding these risks and uncertainties appears in our SEC filings, including the Form 8-K filed today containing the earnings release, our 2022 Form 10-K and our Form 10-Q for the first quarter of 2023.

Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update them as a result of new information or future events. We may also reference certain non-GAAP financial measures. Information about any non-GAAP measures referenced, including a reconciliation of those measures to GAAP measures, can be found on our website, along with the slides that we will use as part of today's discussion. Finally, nothing here shall be deemed to be an offer of solicitation to buy any investment products. Suren Rana, our President and Chief Executive Officer, will lead the call.

And now I'm pleased to turn the call over to Suren.

Suren Rana

Thanks, Melody. Good morning, everyone, and thank you for joining us today. As usual, I'll start off with the main highlights on Slide five of the deck, and then we can jump into Q&A. So for Q2 '23, we reported ENI per share of $0.28 compared to $0.41 in the second quarter of 2022, when compared to $0.28 in the first quarter of '23, the drop in earnings compared to a year ago was primarily driven by higher OpEx due to the impact of foreign currency changes, inflation and our ongoing investment in growth initiatives and operational infrastructure.