AlTi Global, Inc. (NASDAQ:ALTI) Q2 2023 Earnings Conference Call August 15, 2023 5:00 PM ET
Company Participants
Lily Arteaga - Head of Investor Relations
Michael Tiedemann - Chief Executive Officer
Reid Parmelee - Interim Chief Financial Officer and Global Controller
Conference Call Participants
Wilma Burdis - Raymond James
Operator
Greetings and welcome to AlTi Tiedemann Global Second Quarter 2023 Earnings Call. At this time all participants are in a listen-only mode. A 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 Lily Arteaga, Head of Investor Relations. Thank you. You may begin.
Lily Arteaga
Good afternoon to everyone on the call today. Joining me this afternoon are Michael Tiedemann, our CEO, and Reid Parmelee, our Interim CFO and Global Controller. We invite you to visit the Investor Relations section of our website at www.Alti-global.com to view our earnings materials, including our updated Investor Presentation.
At this time I would like to remind everyone that certain statements made during the call are not based on historical facts, including any statements relating to financial guidance, and may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements. AlTi assumes no obligation or responsibility to update any forward-looking statements.
During this call, some comments may include references to non-GAAP financial measures. Full GAAP reconciliations can be found in our earnings presentation and related SEC filings.
With that, I'd like to turn the call over to Mike.
Michael Tiedemann
Thank you, Lily. Good afternoon, everyone and thank you for joining us today for our second quarter 2023 earnings call.
In the second quarter, AlTi advanced the strategic priorities we laid out on our last call, and our performance is beginning to reflect these initiatives. As we discussed on our first quarter call, we are focused on the primary goals of streamlining our operations and growing our base of recurring revenues. As we move forward, we are confident that this approach and strategy will drive higher and sustainable margins.
Another important goal in 2023 was to increase our public float and simplify our capital structure, both of which we accomplished in the first-half of the year. All together, these steps position the firm for long-term growth in the broader financials sector. For a brief summary of our Q2 performance, on a consolidated basis, AlTi generated revenues of $52 million, of which 95% represent recurring revenues, adjusted EBITDA of $11 million, and ended the second quarter with $69 billion in assets under management and advisement.