The RMR Group Inc. (NASDAQ:RMR) Q4 2024 Earnings Call November 12, 2024 10:00 AM ET

Company Participants

Kevin Barry - Senior Director, Investor Relations
Adam Portnoy - President and Chief Executive Officer
Matt Jordan - Chief Financial Officer

Conference Call Participants

Bryan Maher - B. Riley
Ronald Kamdem - Morgan Stanley
Mitch Germain - Citizens JMP

Operator

Good morning, and welcome to the RMR Group Fiscal Fourth Quarter 2024 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Kevin Barry, Senior Director of Investor Relations. Please go ahead.

Kevin Barry

Good morning and thank you for joining RMR’s fourth quarter fiscal 2024 conference call. With me on today’s call are President and CEO, Adam Portnoy; and Chief Financial Officer, Matt Jordan. In just a moment, they will provide details about our business and quarterly results, followed by a question-and-answer session. I would also like to note that the recording and retransmission of today’s conference call is prohibited without the prior written consent of the company.

Today’s conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based on RMR’s beliefs and expectations as of today, November 12, 2024, and actual results may differ materially from those that we project. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today’s conference call.

Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be found on our website at rmrgroup.com. Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, we may discuss non-GAAP numbers during this call, including adjusted net income, adjusted earnings per share, distributable earnings and adjusted EBITDA. A reconciliation of net income determined in accordance with U.S. generally accepted accounting principles to these non-GAAP figures can be found in our financial results.

I will now turn the call over to Adam.

Adam Portnoy

Thanks, Kevin, and thank you all for joining us this morning. Yesterday, we reported fourth quarter results that were generally in line with our expectations, which included adjusted net income per share of $0.34, distributable earnings per share of $0.51 and adjusted EBITDA of $21.8 million.

Over the past year, we have continued to invest time and resources into growing our private capital business, while simultaneously supporting our public clients through a challenging commercial real estate environment. This past quarter, we have seen increased signs that we are entering a more favorable market environment. More specifically, we are seeing an increase in transaction activity and as a result, a more energized fundraising environment. In fact, we’re seeing increased interest from our legacy institutional partners as well as greater success in engaging with potential new capital partners.