|
Delaware
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
7389
(Primary Standard Industrial
Classification Code Number) |
| |
87-2285565
(I.R.S. Employer
Identification Number) |
|
|
Mark J. Menting
Robert W. Downes Sullivan & Cromwell LLP 125 Broad Street New York, New York 10004 (212) 558-4000 |
| |
Derek Dostal
Richard D. Truesdell, Jr. Davis Polk & Wardwell LLP 450 Lexington Avenue New York, New York 10017 (212) 450-4000 |
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|
Large accelerated filer
☐
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| |
Accelerated filer
☐
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Non-accelerated filer
☒
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| |
Smaller reporting company
☒
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| | | |
Emerging growth company
☒
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Page
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| | | | 60 | | | |
| | | | 72 | | | |
| | | | 73 | | | |
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| | | | 76 | | | |
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| | | | 119 | | | |
| | | | 133 | | | |
| | | | 139 | | | |
| | | | 146 | | | |
| | | | 149 | | | |
| | | | 151 | | | |
| | | | 156 | | | |
| | | | 157 | | | |
| | | | 160 | | | |
| | | | 167 | | | |
| | | | 167 | | | |
| | | | 167 | | | |
| | | | F-1 | | |
(in thousands)
|
| |
Three Months ended
March 31, |
| |||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
(estimated low)
|
| |
(estimated high)
|
| | | | | | | ||||||
Total revenues
|
| | | $ | 19,590 | | | | | $ | 19,825 | | | | | $ | 14,960 | | |
Net income
|
| | | $ | 2,717 | | | | | $ | 3,247 | | | | | $ | 3,082 | | |
Adjusted EBITDA(1)
|
| | | $ | 3,653 | | | | | $ | 4,236 | | | | | $ | 3,382 | | |
(in thousands)
|
| |
Three Months ended March 31,
|
| |||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |||||||||
| | |
(estimated low)
|
| |
(estimated high)
|
| | | | | | | ||||||
Net income
|
| | | $ | 2,717 | | | | | $ | 3,247 | | | | | $ | 3,082 | | |
Provision for (benefit from) income tax
|
| | | | — | | | | | | — | | | | | | 38 | | |
Interest expense
|
| | | | 33 | | | | | | 29 | | | | | | — | | |
Amortization/depreciation
|
| | | | 270 | | | | | | 260 | | | | | | 166 | | |
EBITDA
|
| | | | 3,020 | | | | | | 3,536 | | | | | | 3,286 | | |
Share-based compensation(1)
|
| | | | 65 | | | | | | 58 | | | | | | 46 | | |
IPO readiness(2)
|
| | | | 200 | | | | | | 130 | | | | | | 50 | | |
Reorganization and integration costs(3)
|
| | | | — | | | | | | — | | | | | | — | | |
Severance expense(4)
|
| | | | — | | | | | | — | | | | | | — | | |
One-Time Lease Termination(5)
|
| | | | 442 | | | | | | 438 | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 3,727 | | | | | $ | 4,162 | | | | | $ | 3,382 | | |
| | |
Historical Dynasty Financial Partners
|
| |
Unaudited
Pro Forma Dynasty |
| |||||||||||||||
| | |
Year Ended
December 31, |
| |
Year
Ended December 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
(dollars in thousands except per share amounts)
|
| | |||||||||||||||||
Statement of Comprehensive Income Data:
|
| | | | | | | | | | | | | | | | | | | | ||
Revenues | | | | | | | | | | | | | | | | | | | | | ||
Asset-based
|
| | | $ | 27,370 | | | | | $ | 31,638 | | | | | $ | 45,581 | | | | | |
Transactional
|
| | | | 3,534 | | | | | | 2,265 | | | | | | 3,823 | | | | | |
Financing
|
| | | | 2,916 | | | | | | 3,071 | | | | | | 5,418 | | | | | |
Manager fees and other
|
| | | | 6,658 | | | | | | 9,226 | | | | | | 14,497 | | | | | |
Total revenues
|
| | | | 40,478 | | | | | | 46,200 | | | | | | 69,319 | | | | | |
Operating Expenses | | | | | | | | | | | | | | | | | | | | | | |
Cost of services
|
| | | | 20,850 | | | | | | 21,784 | | | | | | 30,324 | | | | | |
Compensation and
benefits |
| | | | 12,032 | | | | | | 13,720 | | | | | | 15,990 | | | | | |
General and
administration |
| | | | 5,967 | | | | | | 5,200 | | | | | | 7,651 | | | | | |
Depreciation and amortization
|
| | | | 592 | | | | | | 607 | | | | | | 820 | | | | | |
Total operating expenses
|
| | |
|
39,441
|
| | | |
|
41,311
|
| | | |
|
54,785
|
| | | | |
Income from operations
|
| | | | 1,037 | | | | | | 4,889 | | | | | | 14,534 | | | | | |
Other (income) expense | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | (10) | | | | | | (59) | | | | | | (86) | | | | | |
Other (income) expense
|
| | | | 2 | | | | | | 110 | | | | | | (1,303) | | | | | |
Total other (income) expense
|
| | | | (8) | | | | | | 51 | | | | | | (1,389) | | | | | |
Net income and comprehensive income
|
| | | $ | 1,045 | | | | | $ | 4,838 | | | | | $ | 15,923 | | | | | |
Less: Net income attributable to
non-controlling interests |
| | | | | | | | | | | | | | | | | | | |
| | |
Historical Dynasty Financial Partners
|
| |
Unaudited
Pro Forma Dynasty |
| ||||||
| | |
Year Ended
December 31, |
| |
Year
Ended December 31, |
| ||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
|
| | |
(dollars in thousands except per share amounts)
|
| | ||||||||
Net income attributable to Dynasty
|
| | | | | | | | | | | ||
Per Share Data:(1) | | | | | | | | | | | | ||
Pro forma net income (loss) per share of Class A common stock:(2)
|
| | | | | | | | | | | ||
Basic
|
| | | | | | | | | | | ||
Diluted
|
| | | | | | | | | | |
| | |
Historical Dynasty
Financial Partners |
| |
Unaudited
Pro Forma Dynasty |
| |||||||||
| | |
As of
December 31, |
| |
As of
December 31, |
| |||||||||
| | |
2020
|
| |
2021
|
| |
2021
|
| ||||||
| | |
(dollars in thousands)
|
| ||||||||||||
Statement of Financial Position Data: | | | | | ||||||||||||
Cash and cash equivalents
|
| | | $ | 17,030 | | | | | $ | 17,186 | | | | | |
Total assets
|
| | | | 39,353 | | | | | | 47,061 | | | | | |
Total liabilities
|
| | | | 11,121 | | | | | | 12,587 | | | | | |
Total equity (Members’ equity for Historical Dynasty Financial
Partners) |
| | | | 28,232 | | | | | | 34,474 | | | | | |
| | |
Historical Dynasty
Financial Partners |
| |
Unaudited
Pro Forma Dynasty |
| |||||||||||||||
| | |
Year Ended December 31,
|
| |
Year Ended
December 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | | | | | |||||||||||||||||
Operational Metrics: | | | | | | |||||||||||||||||
Beginning of Period AUA (millions of dollars)
|
| | | $ | 30,929 | | | | | $ | 37,274 | | | | | $ | 53,388 | | | | | |
Billable AUA (millions of dollars)(1)
|
| | | $ | 34,794 | | | | | $ | 43,326 | | | | | $ | 62,110 | | | | | |
Period End AUA (millions of dollars)
|
| | | $ | 37,274 | | | | | $ | 53,388 | | | | | $ | 72,190 | | | | | |
TAMP Beginning of Period AUA (millions of dollars)
|
| | | $ | 12,630 | | | | | $ | 18,693 | | | | | $ | 23,887 | | | | | |
TAMP Billable AUA (millions of dollars)(1)
|
| | | $ | 16,361 | | | | | $ | 19,930 | | | | | $ | 29,487 | | | | | |
TAMP Period End AUA (millions of dollars)
|
| | | $ | 18,693 | | | | | $ | 23,887 | | | | | $ | 33,543 | | | | | |
Network Partner Advisors (at period-end)
|
| | | | 206 | | | | | | 240 | | | | | | 295 | | | | | |
| | |
Historical Dynasty
Financial Partners |
| |
Unaudited
Pro Forma Dynasty |
| |||||||||||||||
| | |
Year Ended
December 31, |
| |
Year Ended
December 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | | | | | |||||||||||||||||
Financial Metrics: | | | | | | |||||||||||||||||
Total revenue (millions of dollars)
|
| | | $ | 40.5 | | | | | $ | 46.2 | | | | | $ | 69.3 | | | | ||
Revenue from Existing Network Platform Firms(1) (millions of dollars)
|
| | | | 30.1 | | | | | | 34.2 | | | | | | 51.7 | | | | ||
Revenue from New Network Platform Firms(2) (millions of
dollars) |
| | | | 3.7 | | | | | | 2.8 | | | | | | 3.1 | | | | ||
Revenue from Manager Fees and Other (millions of dollars)
|
| | | | 6.7 | | | | | | 9.2 | | | | | | 14.5 | | | | ||
Total net income (millions of dollars)
|
| | | $ | 1.0 | | | | | $ | 4.9 | | | | | $ | 16.0 | | | | ||
Capital expenditures (millions of dollars)
|
| | | $ | 0.9 | | | | | $ | 1.1 | | | | | $ | 1.1 | | | |
| | |
Historical Dynasty
Financial Partners |
| |
Unaudited
Pro Forma Dynasty |
| |||||||||||||||
| | |
Year Ended December 31,
|
| |
Year Ended
December 31, |
| |||||||||||||||
| | |
2019
|
| |
2020
|
| |
2021
|
| |
2021
|
| |||||||||
| | |
(dollars in thousands except per share amounts)
|
| ||||||||||||||||||
Non-GAAP financial measures: | | | | | | |||||||||||||||||
Adjusted EBITDA (millions of dollars)(1)
|
| | | $ | 2.7 | | | | | $ | 5.6 | | | | | $ | 18.7 | | | | ||
Adjusted net income (millions of dollars)(2)
|
| | | $ | 1.1 | | | | | $ | 5.0 | | | | | $ | 17.8 | | | |
| | |
As of December 31, 2021
|
| |||||||||
| | |
Actual Dynasty
Financial Partners |
| |
Pro Forma
Dynasty(1) |
| ||||||
| | |
(dollars in thousands)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | 17,186 | | | | | $ | | | |
Equity: | | | | ||||||||||
Class A common stock, par value $0.01 per share, shares authorized and no shares issued and outstanding, actual; and shares authorized and shares issued and outstanding on a pro forma basis
|
| | | | — | | | | | | | | |
Class B common stock, par value $0.01 per share, shares authorized and no shares issued and outstanding, actual; and shares authorized and shares issued and outstanding on a pro forma basis
|
| | | | — | | | | | | | | |
Class C common stock, par value $0.01 per share, shares authorized and no shares issued and outstanding, actual; and shares authorized and shares issued and outstanding on a pro forma basis
|
| | | | — | | | | | | | | |
Additional paid-in capital
|
| | | | — | | | | | | | | |
Capital interest units (62,000,000 units authorized, 42,965,872 units outstanding, actual, units outstanding on a pro forma basis)
|
| | | | 43,957 | | | | | | | | |
Profits interests units (6,837,177 units authorized, 3,655,261 units outstanding, actual, units outstanding on a pro forma basis)
|
| | | | (5,894) | | | | | | | | |
| | |
As of December 31, 2021
|
| |||||||||
| | |
Actual Dynasty
Financial Partners |
| |
Pro Forma
Dynasty(1) |
| ||||||
| | |
(dollars in thousands)
|
| |||||||||
Retained earnings/(Accumulated deficit)
|
| | | | (3,589) | | | | | | | | |
Non-controlling interests
|
| | | | — | | | | | | | | |
Total equity
|
| | | $ | 34,474 | | | | | $ | | | |
Total capitalization
|
| | | $ | 34,474 | | | | | $ | | | |
|
|
Assumed initial public offering price per share of Class A common stock (the midpoint of the range set forth on the cover of this prospectus)
|
| | | | | | | | | $ | | | |
|
Pro forma net tangible book value (deficit) per share of Class A common stock as of December 31, 2021 (after giving effect to our internal reorganization)
|
| | | $ | | | | | | | | | |
|
Increase per share of Class A common stock attributable to investors in this offering
|
| | | $ | | | | | | | | | |
|
Adjusted pro forma net tangible book value (deficit) per share of Class A common
stock (after giving effect to our internal reorganization and this offering) |
| | | | | | | | | $ | | | |
|
Dilution in pro forma net tangible book value (deficit) per share of Class A common
stock to investors in this offering |
| | | | | | | | | $ | | | |
| | |
Shares purchased
|
| |
Total consideration
|
| |
Average price
|
| ||||||||||||||||||
| | |
Number
|
| |
Percent
|
| |
Amount
|
| |
Percent
|
| |
Per share
|
| ||||||||||||
Existing stockholders
|
| |
|
| | | | % | | | | | $ | | | | | | % | | | | | $ | | | ||
New investors
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total
|
| | | | | | | % | | | | | $ | | | | | | % | | | | | $ | | | |
| | |
Dynasty
Financial Partners Historical |
| |
Reorganization
Adjustments |
| |
Note
|
| |
Subtotal
|
| |
Offering
Adjustments |
| |
Note
|
| |
Dynasty
Financial Partners Inc. Pro Forma |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asset-based
|
| | | $ | 45,581 | | | | | $ | | | |
|
| |
|
| | | $ | | | |
|
| | | $ | | | |||
Transactional
|
| | | | 3,823 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Financing
|
| | | | 5,418 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Manager fees and others
|
| | | | 14,497 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues
|
| | | | 69,319 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cost of services
|
| | | | 30,324 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Compensation and benefits
|
| | | | 15,990 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative
|
| | | | 7,651 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 820 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses
|
| | |
|
54,785
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from operations
|
| | |
|
14,534
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expense
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | (86) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other (income) expense
|
| | | | (1,303) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total other (income) expense
|
| | | | (1,389) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income and comprehensive income
before tax |
| | | $ | 15,923 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income tax expense (benefit)
|
| | | | | | | | | | | | | |
(a)
|
| | | | | | | | | | |
(a)
|
| | | | | | |
Net income and comprehensive
income |
| | | $ | 15,923 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Less: net income attributable to non-controlling interests
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
(b)
|
| | | | | | |
Net income and comprehensive income
attributable to stockholders of Dynasty |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$
|
|
| |
Pro forma net income per share of Class A common stock:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
(c)
|
| | | $ | | | |
Diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
(c)
|
| | | $ | | | |
Pro forma weighted average shares of Class A common stock outstanding:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
(c)
|
| | | | | | |
Diluted
|
| | | | | | | | | | | | | | | | | | | | | | | | | |
(c)
|
| | | | | | |
| | |
Dynasty
Financial Partners Historical |
| |
Reorganization
Adjustments |
| |
Note
|
| |
Subtotal
|
| |
Offering
Adjustments |
| |
Note
|
| |
Dynasty
Financial Partners Inc. Pro Forma |
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Assets
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 17,186 | | | | | $ | | | |
(k)
|
| |
|
| | | $ | | | |
(d)(e)(f)
|
| | | $ | | | |||
Restricted Cash
|
| | | | 25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts receivable, net of allowance for doubtful accounts of $0
|
| | | | 3,355 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Related party receivables
|
| | | | 2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 2,053 | | | | | | | | | | | | | | | | | | | | | |
(d)
|
| | | | | | |
Loans receivable, current
|
| | | | 617 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other current assets
|
| | | | 44 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current assets
|
| | | | 23,282 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred tax assets
|
| | | | — | | | | | | | | | | | | | | | | | | | | | |
(g)(l)
|
| | | | | | |
Loans receivable, noncurrent, net of allowance for loans receivable of $47
|
| | | | 2,222 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue participation interest (RPI) receivable
|
| | | | 17,759 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment, net of accumulated depreciation and amortization of $4,332
|
| | | | 1,840 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Other noncurrent assets
|
| | | | 1,958 | | | | | | | | | | | | | | | | | | | | | |
(d)
|
| | | | | | |
Total assets
|
| | |
$
|
47,061
|
| | | | $ | | | | | | | | | | | $ | | | | | | | | $ | | | |||
Liabilities and members’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 746 | | | | | $ | | | | | | | | | | | $ | | | | | | | | $ | | | |||
Related party accounts payable
|
| | | | 2,917 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accrued expense and compensation
|
| | | | 8,287 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Related party accrued expense and compensation
|
| | | | 18 | | | | | | | | | | | | | | | | | | | | | | | | | |||||
Deferred revenue
|
| | | | 136 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Related party deferred revenue
|
| | | | 118 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred rent, current
|
| | | | 131 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total current liabilities
|
| | | | 12,353 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Notes payable
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred rent, noncurrent
|
| | | | 234 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tax receivable agreement obligations
|
| | | | — | | | | | | | | | | | | | | | | | | | | | |
(g)(l)
|
| | | | | | |
Total liabilities
|
| | | | 12,587 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital interest units
|
| | | | 43,957 | | | | | | | | | |
(h)
|
| | | | | | | | | | |
(h)
|
| | | $ | | | |
Profits interests units
|
| | | | (5,894) | | | | | | | | | |
(f)(h)(i)
|
| | | | | | | | | | |
(f)(h)
|
| | | | | | |
Class A common stock, par value $0.01,
shares authorized; and issued and outstanding, as adjusted |
| | | | — | | | | | | | | | |
(d)
|
| | | | | | | | | | |
(d)(f)
|
| | | | | | |
Class B common stock, par value $0.01,
shares authorized; and issued and outstanding, as adjusted |
| | | | — | | | | | | | | | |
(i)
|
| | | | | | | | | | |
(i)
|
| | | $ | | | |
Class C common stock, par value $0.01,
shares authorized; and issued and outstanding, as adjusted |
| | | | — | | | | | | | | | |
(i)
|
| | | | | | | | | | |
(l)
|
| | | $ | | | |
Additional paid-in capital
|
| | | | — | | | | | | | | | |
(d)
|
| | | | | | | | | | |
(d)
|
| | | | | | |
Retained earnings (Accumulated deficit)
|
| | | | (3,589) | | | | | | | | | |
(h)
|
| | | | | | | | | | |
(h)
|
| | | | | | |
Total members’ / stockholders’ equity attributable to Dynasty
|
| | | | 34,474 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-controlling interest
|
| | | | — | | | | | | | | | |
(j)
|
| | | | | | | | | | |
(h)
|
| | | | | | |
Total liabilities and members’/ stockholders’ equity
|
| | | $ | 47,061 | | | | |
$
|
|
| | | | | | | | | |
$
|
|
| | | | | | |
$
|
|
| |
| | |
After the
Reorganization |
| |
After the
Offering |
| ||||||||||||||||||
U.S. federal statutory rate.
|
| | | $ | | | | | | % | | | | | $ | | | | | | % | | | ||
State and local income taxes, net of U.S. federal
|
| | | | | | | | | | % | | | | | | | | | | | | % | | |
Permanent items and other
|
| | | | | | | | | | % | | | | | | | | | | | | % | | |
Rate benefit from the flow-through entity(1)
|
| | | | | | | | | | % | | | | | | | | | | | | % | | |
Provision for income taxes
|
| | | $ | | | | | | % | | | | | $ | | | | | | % | | |
(dollars in thousands)
|
| |
After the
Reorganization |
| |
After the
Offering (Basic) |
| |
After the
Offering (Diluted) |
| |||||||||
Fully diluted common units held by Dynasty Financial
Management, LLC representing vested common equity units held by member of Dynasty Financial Management, LLC |
| | | | | | | | | | | | | | |||||
Less: Dilutive impact of common units held by
Dynasty Financial Management, LLC representing unvested common equity units held by member of Dynasty Financial Management, LLC |
| | | | | | | | | | | | | | |||||
Total basic common units attributable to non-controlling interest
|
| | | | | | | | | | | | | | | | | | |
Total basic common units outstanding of Dynasty Financial Partners, LLC
|
| | | | | | | | | | | | | | |||||
Total pro forma pre tax income
|
| | | | | | | | | | | | | | | | | | |
Non-controlling interest allocation
|
| | | | % | | | | | | % | | | | | | % | | |
Income before provision for income taxes
|
| | | $ | | | | | $ | | | | | $ | | | |||
Non-controlling interest allocation
|
| | | | % | | | | | | % | | | | | | % | | |
Income before provision for income taxes attributable
to non-controlling interest |
| | | | | | | | | | | | | | | | | | |
Non-controlling portion of provision for income taxes(1)
|
| | | | | | | | | | | | | | | | | | |
Net income attributable to non-controlling interests
|
| | | $ | | | | | $ | | | | | $ | | |
| | |
Basic
|
| |
Diluted
|
| |||
| | |
(dollars in thousands,
except per share data) |
| ||||||
Consolidated net income
|
| | | $ | | | | | | |
Less: net income attributable to non-controlling interests
|
| | | | | | | | | |
Pro forma net income attributable to Dynasty(1)
|
| | | $ | | | | | | |
Weighted Average Shares of Class A common stock outstanding(1)
|
| | | | | | | | | |
Pro forma net income per share of Class A common stock
|
| | | $ | | | | | |
| | |
Reorganization
Adjustments |
| |
Offering
Adjustments |
| |
Note
|
| ||||||
Gross proceeds from offering
|
| | | $ | | | | | $ | | | |
(d)
|
| ||
Underwriting discount
|
| | | | | | | | | | | | | |
(d)
|
|
Estimated offering expenses
|
| | | | | | | | | | | | | |
(d)
|
|
Purchase of common units in Dynasty Financial Partners
|
| | | | | | | | | | | | | |
(e)
|
|
Reclassification of members’ equity
|
| | | | | | | | | | | | | |
(f)(i)
|
|
Par value of Class A common stock
|
| | | | | | | | | | | | | |
(f)
|
|
Par value of Class B common stock
|
| | | | | | | | | | | | | |
(i)
|
|
Par value of Class C common stock
|
| | | | | | | | | | | | | |
(i)
|
|
Deferred tax assets
|
| | | | | | | | | | | | | |
(g)
|
|
Tax receivable agreement obligations
|
| | | | | | | | | | | | | |
(g)
|
|
Accumulated deficit
|
| | | | | | | | | | | | | | | |
Less: Non-controlling interest
|
| | | | | | | | | | | | | |
(h)
|
|
Additional paid-in capital
|
| | | | | | | | | | | | | | | |
| | |
Dynasty Financial
Partners Common Units |
| |
Dynasty Financial
Partners Common Units % |
|
Dynasty
|
| |
|
| |
|
|
Dynasty Financial Management, LLC
|
| | | | | | |
Total
|
| | | | | | |
(in thousands)
|
| |
After the
Reorganization |
| |
After the
Offering |
| |
Note
|
| |||||||||
Beginning, Total members’ / stockholders’ equity
|
| | | $ | | | | | $ | | | | | | | | | ||
Other noncurrent assets
|
| | | | | | | | | | | | | | | | | | |
Proceeds from offering net of underwriting discounts
|
| | | | | | | | | | | | | | | | (d) | | |
Purchase of common units in Dynasty Financial Partners
|
| | | | | | | | | | | | | | | | (e) | | |
Deferred tax assets
|
| | | | | | | | | | | | | | | | | | |
Tax receivable agreement obligations
|
| | | | | | | | | | | | | | | | | | |
Ending, Total members’ / stockholders’ equity
|
| | | | | | | | | | | | | | | | | | |
Dynasty Financial Management, LLC economic interest in Dynasty Financial Partners
|
| | | | % | | | | | | % | | | | | | | | |
Ending, Non-controlling interest
|
| | | | | | | | | | | | | | | | | | |
Beginning, Non-controlling interest
|
| | | | | | | | | | | | | | | | | | |
Non-controlling interest adjustment
|
| | | $ | | | | | $ | | | | | | | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Operational Metrics: | | | | | | | | | | | | | | | |||||
Beginning of Period AUA (millions of dollars)
|
| | | $ | 53,388 | | | | | $ | 37,274 | | | | | $ | 30,929 | | |
Billable AUA (millions of dollars)(1)
|
| | | $ | 62,110 | | | | | $ | 43,326 | | | | | $ | 34,794 | | |
Period End AUA (millions of dollars)
|
| | | $ | 72,190 | | | | | $ | 53,388 | | | | | $ | 37,274 | | |
TAMP Beginning of Period AUA (millions of dollars)
|
| | | $ | 23,887 | | | | | $ | 18,693 | | | | | $ | 12,630 | | |
TAMP Billable AUA (millions of dollars)(1)
|
| | | $ | 29,487 | | | | | $ | 19,930 | | | | | $ | 16,361 | | |
TAMP Period End AUA (millions of dollars)
|
| | | $ | 33,543 | | | | | $ | 23,887 | | | | | $ | 18,693 | | |
Network Partner Advisors (at period-end)
|
| | | | 295 | | | | | | 240 | | | | | | 206 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Financial Metrics: | | | | | | | | | | | | | | | |||||
Total revenue (millions of dollars)
|
| | | $ | 69.3 | | | | | $ | 46.2 | | | | | $ | 40.5 | | |
Revenue from Existing Network Platform Firms(1) (millions of dollars)
|
| | | | 51.7 | | | | | | 34.2 | | | | | | 30.1 | | |
Revenue from New Network Platform Firms(2) (millions of dollars)
|
| | | | 3.1 | | | | | | 2.8 | | | | | | 3.7 | | |
Revenue from Manager Fees and Other (millions of dollars)
|
| | | | 14.5 | | | | | | 9.2 | | | | | | 6.7 | | |
Total net income (millions of dollars)
|
| | | | 16.0 | | | | | | 4.8 | | | | | | 1.0 | | |
Capital expenditure (millions of dollars)
|
| | | $ | 1.1 | | | | | $ | 1.1 | | | | | $ | 0.9 | | |
| | |
Year ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Non-GAAP Financial Metrics: | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA (millions of dollars)
|
| | | $ | 18.7 | | | | | $ | 5.6 | | | | | $ | 2.7 | | |
Adjusted net income (millions of dollars)
|
| | | $ | 17.8 | | | | | $ | 5.0 | | | | | $ | 1.1 | | |
| | |
Year ended
December 31, |
| |||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net income
|
| | | $ | 15,923 | | | | | $ | 4,838 | | | | | $ | 1,045 | | |
Provision for (benefit from) income tax
|
| | | | — | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | 154 | | | | | | 35 | | | | | | 943 | | |
Amortization/depreciation
|
| | | | 820 | | | | | | 607 | | | | | | 592 | | |
EBITDA
|
| | | | 16,897 | | | | | | 5,480 | | | | | | 2,580 | | |
Share-based compensation(1)
|
| | | | 233 | | | | | | 145 | | | | | | 81 | | |
IPO readiness(2)
|
| | | | 1,449 | | | | | | — | | | | | | — | | |
Reorganization and integration costs(3)
|
| | | | — | | | | | | — | | | | | | — | | |
Severance expense(4)
|
| | | | 93 | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 18,672 | | | | | $ | 5,625 | | | | | $ | 2,661 | | |
| | |
Year ended
December 31, |
| |||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Net income
|
| | | $ | 15,923 | | | | | $ | 4,838 | | | | | $ | 1,045 | | |
Share-based compensation
|
| | | | 233 | | | | | | 145 | | | | | | 81 | | |
IPO readiness(1)
|
| | | | 1,449 | | | | | | — | | | | | | — | | |
Reorganization and integration costs(2)
|
| | | | — | | | | | | — | | | | | | — | | |
Severance expense(3)
|
| | | | 93 | | | | | | — | | | | | | — | | |
Adjusted net income
|
| | | $ | 17,698 | | | | | $ | 4,983 | | | | | $ | 1,126 | | |
| | |
Years Ended December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Revenue | | | | $ | 69,319 | | | | | $ | 46,200 | | | | | $ | 40,478 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Cost of service
|
| | | | 30,324 | | | | | | 21,784 | | | | | | 20,850 | | |
Compensation and benefits
|
| | | | 15,990 | | | | | | 13,720 | | | | | | 12,032 | | |
General and administration
|
| | | | 7,651 | | | | | | 5,200 | | | | | | 5,967 | | |
Depreciation and amortization
|
| | | | 820 | | | | | | 607 | | | | | | 592 | | |
Total operating expenses
|
| | |
|
54,785
|
| | | |
|
41,311
|
| | | |
|
39,441
|
| |
Income from operations
|
| | |
|
14,534
|
| | | |
|
4,889
|
| | | |
|
1,037
|
| |
Other (income) expense | | | | | | | | | | | | | | | | | | | |
Other (income) expense, net
|
| | | | (1,303) | | | | | | 110 | | | | | | (2) | | |
Interest Income
|
| | | | (86) | | | | | | (59) | | | | | | (10) | | |
Total other (income) expense
|
| | | | (1,389) | | | | | | 51 | | | | | | (8) | | |
Net income
|
| | | $ | 15,923 | | | | | $ | 4,838 | | | | | $ | 1,045 | | |
| | |
Year ended December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Sub-Total
Segments |
| |
Other
|
| |
Other
Unallocated |
| |
Total
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 36,109 | | | | | $ | 13,295 | | | | | $ | 5,418 | | | | | $ | 54,822 | | | | | $ | 14,497 | | | | | $ | — | | | | | $ | 69,319 | | |
Cost of services
|
| | | | 13,022 | | | | | | 2,930 | | | | | | 179 | | | | | | 16,131 | | | | | | 14,193 | | | | | | — | | | | | | 30,324 | | |
Compensation and benefits
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,990 | | | | | | 15,990 | | |
General and administration
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,651 | | | | | | 7,651 | | |
Depreciation and amortization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 820 | | | | | | 820 | | |
Income (loss) from operations
|
| | | $ | 23,087 | | | | | $ | 10,365 | | | | | $ | 5,239 | | | | | $ | 38,691 | | | | | $ | 304 | | | | | $ | (24,461) | | | | | $ | 14,534 | | |
| | |
Year ended December 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Sub-Total
Segments |
| |
Other
|
| |
Other
Unallocated |
| |
Total
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 24,954 | | | | | $ | 8,949 | | | | | $ | 3,071 | | | | | $ | 36,974 | | | | | $ | 9,226 | | | | | $ | — | | | | | $ | 46,200 | | |
Cost of services
|
| | | | 10,455 | | | | | | 2,021 | | | | | | 35 | | | | | | 12,511 | | | | | | 9,273 | | | | | | — | | | | | | 21,784 | | |
Compensation and benefits
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,720 | | | | | | 13,720 | | |
General and
administration |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,200 | | | | | | 5,200 | | |
Depreciation and amortization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 607 | | | | | | 607 | | |
Income (loss) from operations
|
| | | $ | 14,499 | | | | | $ | 6,928 | | | | | $ | 3,036 | | | | | $ | 24,463 | | | | | $ | (47) | | | | | $ | (19,527) | | | | | $ | 4,889 | | |
| | |
2020
|
| |||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Sub-Total
Segments |
| |
Other
|
| |
Other
Unallocated |
| |
Total
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 24,954 | | | | | $ | 8,949 | | | | | $ | 3,071 | | | | | $ | 36,974 | | | | | $ | 9,226 | | | | | $ | — | | | | | $ | 46,200 | | |
Cost of services
|
| | | | 10,455 | | | | | | 2,021 | | | | | | 35 | | | | | | 12,511 | | | | | | 9,273 | | | | | | — | | | | | | 21,784 | | |
Compensation and benefits
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,720 | | | | | | 13,720 | | |
General and administration
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,200 | | | | | | 5,200 | | |
Depreciation and amortization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 607 | | | | | | 607 | | |
Income (loss) from operations
|
| | | $ | 14,499 | | | | | $ | 6,928 | | | | | $ | 3,036 | | | | | $ | 24,463 | | | | | $ | (47) | | | | | $ | (19,527) | | | | | $ | 4,889 | | |
| | |
2019
|
| |||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Sub-Total
Segments |
| |
Other
|
| |
Other
Unallocated |
| |
Total
|
| |||||||||||||||||||||
Revenue
|
| | | $ | 23,261 | | | | | $ | 7,643 | | | | | $ | 2,916 | | | | | $ | 33,820 | | | | | $ | 6,658 | | | | | $ | — | | | | | $ | 40,478 | | |
Cost of services
|
| | | | 11,368 | | | | | | 1,807 | | | | | | 943 | | | | | | 14,118 | | | | | | 6,732 | | | | | | — | | | | | | 20,850 | | |
Compensation and benefits
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,032 | | | | | | 12,032 | | |
General and administration
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,967 | | | | | | 5,967 | | |
Depreciation and amortization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 592 | | | | | | 592 | | |
Income (loss) from operations
|
| | | $ | 11,893 | | | | | $ | 5,836 | | | | | $ | 1,973 | | | | | $ | 19,702 | | | | | $ | (74) | | | | | $ | (18,591) | | | | | $ | 1,037 | | |
| | |
Three months ended
|
| |||||||||||||||||||||||||||||||||||||||||||||
| | |
March 31,
2020 (unaudited) |
| |
June 30,
2020 (unaudited) |
| |
September 30,
2020 (unaudited) |
| |
December 31,
2020 (unaudited) |
| |
March 31,
2021 (unaudited) |
| |
June 30,
2021 (unaudited) |
| |
September 30,
2021 (unaudited) |
| |
December 31,
2021 (unaudited) |
| ||||||||||||||||||||||||
Operational metrics: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Beginning of Period AUA (in millions)
|
| | | $ | 37,274 | | | | | $ | 38,526 | | | | | $ | 43,463 | | | | | $ | 48,752 | | | | | $ | 53,388 | | | | | $ | 58,736 | | | | | $ | 63,231 | | | | | $ | 68,008 | | |
Billable AUA (in millions)
|
| | | $ | 37,893 | | | | | $ | 38,715 | | | | | $ | 45,782 | | | | | $ | 50,914 | | | | | $ | 54,798 | | | | | $ | 60,744 | | | | | $ | 64,645 | | | | | $ | 68,254 | | |
Period End AUA (in millions)
|
| | | $ | 38,526 | | | | | $ | 43,463 | | | | | $ | 48,752 | | | | | $ | 53,388 | | | | | $ | 58,736 | | | | | $ | 63,231 | | | | | $ | 68,008 | | | | | $ | 72,190 | | |
TAMP Beginning of Period AUA (in millions)
|
| | | $ | 18,693 | | | | | $ | 16,358 | | | | | $ | 17,778 | | | | | $ | 21,306 | | | | | $ | 23,887 | | | | | $ | 27,319 | | | | | $ | 29,064 | | | | | $ | 30,365 | | |
TAMP Billable AUA (in millions)
|
| | | $ | 19,028 | | | | | $ | 16,613 | | | | | $ | 20,622 | | | | | $ | 23,455 | | | | | $ | 26,291 | | | | | $ | 29,115 | | | | | $ | 30,205 | | | | | $ | 32,337 | | |
TAMP Period End AUA (in millions)
|
| | | $ | 16,358 | | | | | $ | 17,778 | | | | | $ | 21,306 | | | | | $ | 23,887 | | | | | $ | 27,319 | | | | | $ | 29,064 | | | | | $ | 30,365 | | | | | $ | 33,543 | | |
Network Partner Advisors (at period-end)
|
| | | | 202 | | | | | | 224 | | | | | | 236 | | | | | | 240 | | | | | | 235 | | | | | | 291 | | | | | | 292 | | | | | | 295 | | |
Financial metrics: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues (in thousands)
|
| | | $ | 10,674 | | | | | $ | 10,179 | | | | | $ | 11,872 | | | | | $ | 13,475 | | | | | $ | 14,960 | | | | | $ | 16,434 | | | | | $ | 17,775 | | | | | $ | 20,150 | | |
Total net income (in thousands)
|
| | | $ | 299 | | | | | $ | 914 | | | | | $ | 1,727 | | | | | $ | 1,898 | | | | | $ | 3,082 | | | | | $ | 3,793 | | | | | $ | 3,709 | | | | | $ | 5,339 | | |
Non-GAAP financial metrics: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted EBITDA (in thousands)
|
| | | $ | 497 | | | | | $ | 1,104 | | | | | $ | 1,907 | | | | | $ | 2,117 | | | | | $ | 3,382 | | | | | $ | 4,102 | | | | | $ | 4,556 | | | | | $ | 6,632 | | |
Adjusted net income (in
thousands) |
| | | $ | 328 | | | | | $ | 952 | | | | | $ | 1,764 | | | | | $ | 1,939 | | | | | $ | 3,178 | | | | | $ | 3,864 | | | | | $ | 4,302 | | | | | $ | 6,354 | | |
| | |
Three months ended
|
| |||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
March 31,
2020 (unaudited) |
| |
June 30,
2020 (unaudited) |
| |
September 30,
2020 (unaudited) |
| |
December 31,
2020 (unaudited) |
| |
March 31,
2021 (unaudited) |
| |
June 30,
2021 (unaudited) |
| |
September 30,
2021 (unaudited) |
| |
December 31,
2021 (unaudited) |
| ||||||||||||||||||||||||
Net income
|
| | | $ | 299 | | | | | $ | 914 | | | | | $ | 1,727 | | | | | $ | 1,898 | | | | | $ | 3,082 | | | | | $ | 3,793 | | | | | $ | 3,709 | | | | | $ | 5,339 | | |
Provision for (benefit from) income tax
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Interest expense
|
| | | | 35 | | | | | | — | | | | | | — | | | | | | — | | | | | | 38 | | | | | | 25 | | | | | | 42 | | | | | | 49 | | |
Amortization/depreciation
|
| | | | 134 | | | | | | 152 | | | | | | 143 | | | | | | 178 | | | | | | 166 | | | | | | 213 | | | | | | 212 | | | | | | 229 | | |
EBITDA
|
| | | $ | 468 | | | | | $ | 1,066 | | | | | $ | 1,870 | | | | | $ | 2,076 | | | | | $ | 3,286 | | | | | $ | 4,031 | | | | | $ | 3,963 | | | | | $ | 5,617 | | |
Share-based
compensation(1) |
| | | | 29 | | | | | | 38 | | | | | | 37 | | | | | | 41 | | | | | | 46 | | | | | | 71 | | | | | | 57 | | | | | | 59 | | |
IPO readiness(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50 | | | | | | — | | | | | | 536 | | | | | | 863 | | |
Reorganization and integration
costs(3) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Severance expense(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 93 | | |
Adjusted EBITDA
|
| | | $ | 497 | | | | | $ | 1,104 | | | | | $ | 1,907 | | | | | $ | 2,117 | | | | | $ | 3,382 | | | | | $ | 4,102 | | | | | $ | 4,556 | | | | | $ | 6,632 | | |
| | |
Three months ended
|
| |||||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
March 31,
2020 (unaudited) |
| |
June 30,
2020 (unaudited) |
| |
September 30,
2020 (unaudited) |
| |
December 31,
2020 (unaudited) |
| |
March 31,
2021 (unaudited) |
| |
June 30,
2021 (unaudited) |
| |
September 30,
2021 (unaudited) |
| |
December 31,
2021 (unaudited) |
| ||||||||||||||||||||||||
Net income
|
| | | $ | 299 | | | | | $ | 914 | | | | | $ | 1,727 | | | | | $ | 1,898 | | | | | $ | 3,082 | | | | | $ | 3,793 | | | | | $ | 3,709 | | | | | $ | 5,339 | | |
Share-based compensation(1)
|
| | | | 29 | | | | | | 38 | | | | | | 37 | | | | | | 41 | | | | | | 46 | | | | | | 71 | | | | | | 57 | | | | | | 59 | | |
IPO readiness(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 50 | | | | | | — | | | | | | 536 | | | | | | 863 | | |
Reorganization and integration
costs(3) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Severance expense(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 93 | | |
Adjusted net income
|
| | | $ | 328 | | | | | $ | 952 | | | | | $ | 1,764 | | | | | $ | 1,939 | | | | | $ | 3,178 | | | | | $ | 3,864 | | | | | $ | 4,302 | | | | | $ | 6,354 | | |
| | |
Year Ended
December 31, |
| |||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Cash flows provided by operating activities
|
| | | $ | 17,499 | | | | | $ | 9,562 | | | | | $ | 2,301 | | |
Net cash used in investing activities
|
| | | | (6,447) | | | | | | (3,367) | | | | | | (4,806) | | |
Net cash provided by (used in) financing activities
|
| | | | (11,231) | | | | | | 5,189 | | | | | | 4,011 | | |
Net increase in cash, cash equivalents, and restricted cash
|
| | | | (179) | | | | | | 11,384 | | | | | | 1,506 | | |
Cash, cash equivalents, and restricted cash – beginning of period
|
| | | | 17,390 | | | | | | 6,006 | | | | | | 4,500 | | |
Cash, cash equivalents, and restricted cash – ending of period
|
| | | | 17,211 | | | | | | 17,390 | | | | | | 6,006 | | |
| | | | | |||||||||||||||
(in thousands)
|
| |
December 31,
2021 |
| |
December 31,
2020 |
| |
December 31,
2019 |
| |||||||||
Term loan payable – principal
|
| | | $ | — | | | | | $ | — | | | | | | 8,300 | | |
Term loan payable – interest payable
|
| | | | — | | | | | | — | | | | | | 252 | | |
PPP loan payable
|
| | | | — | | | | | | 1,317 | | | | | | — | | |
Total loans payable
|
| | | $ | — | | | | | $ | 1,317 | | | | | | 8,552 | | |
Years ending December 31:
|
| |
(in thousands)
|
| |||
2022
|
| | | $ | 567 | | |
2023
|
| | | | 537 | | |
2024
|
| | | | 503 | | |
2025
|
| | | | — | | |
2026
|
| | | | — | | |
Thereafter
|
| | | | — | | |
Total future minimum lease payments
|
| | | $ | 1,607 | | |
Name
|
| |
Age
|
| |
Position
|
|
Shirl Penney
|
| |
45
|
| | President, Chief Executive Officer and Director | |
Edward Swenson
|
| |
44
|
| | Chief Operating Officer | |
Justin Weinkle
|
| |
36
|
| | Chief Financial Officer | |
Jonathan Morris
|
| |
65
|
| | Chief Legal and Governance Officer | |
Harvey Golub
|
| |
82
|
| | Chairman of the Board | |
Henchy Rachel Enden
|
| |
49
|
| | Director | |
Avery Johnson
|
| |
57
|
| | Director | |
Sam Levinson
|
| |
48
|
| | Director | |
Todd Thomson
|
| |
61
|
| | Director | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||
Shirl Penney, President and Chief Executive Officer
|
| | | | 2021 | | | | | $ | 346,875 | | | | | $ | 325,000 | | | | | $ | 40,100(1) | | | | | $ | 711,975 | | |
Edward C. Swenson, Chief Operating Officer
|
| | | | 2021 | | | | | $ | 306,563 | | | | | $ | 230,000 | | | | | $ | 50,000(2) | | | | | $ | 586,563 | | |
Jonathan Morris, Chief Legal and Governance Officer
|
| | | | 2021 | | | | | $ | 281,562 | | | | | $ | 120,000 | | | | | $ | — | | | | | $ | 401,562 | | |
| | | |
Class A(1)
|
| |
Class B(1)
|
| |
Class C(1)
|
| |
Aggregate % of
Combined Voting Power After Offering |
| | |||||||||||
| | | |
No. of
Shares |
| |
% of
Class |
| |
No. of
Shares |
| |
% of
Class |
| |
No. of
Shares |
| |
% of
Class |
| | | | |||
| Directors and Named Executive Officers: | | | | | | | | | | | | | | | | | | | | | | | | ||
| Shirl Penney(2) | | | | | | | | | | | | | | | | | | | | | | | | ||
| Edward Swenson | | | | | | | | | | | | | | | | | | | | | | | | ||
| Justin Weinkle | | | | | | | | | | | | | | | | | | | | | | | | ||
| Jonathan Morris | | | | | | | | | | | | | | | | | | | | | | | | ||
| Harvey Golub(3) | | | | | | | | | | | | | | | | | | | | | | | | ||
| Henchy Rachel Enden | | | | | | | | | | | | | | | | | | | | | | | | ||
| Avery Johnson | | | | | | | | | | | | | | | | | | | | | | | | ||
| Sam Levinson(2) | | | | | | | | | | | | | | | | | | | | | | | | ||
| Todd Thomson(4) | | | | | | | | | | | | | | | | | | | | | | | | ||
|
Directors and executive officers as a group (9 persons)
|
| | | | | | | | | | | | | | | | | | | | | | | ||
| Other 5+% Stockholders: | | | | | | | | | | | | | | | | | | | | | | | | ||
| Jim Brown(5) | | | | | | | | | | | | | | | | | | | | | | | |
| | You should consult a tax advisor regarding the United States federal tax consequences of acquiring, holding and disposing of Class A common stock in your particular circumstances, as well as any tax consequences that may arise under the laws of any state, local or non-U.S. taxing jurisdiction. | | |
Underwriters
|
| |
Number of Shares
|
|
Goldman Sachs & Co. LLC
|
| | | |
J.P. Morgan Securities LLC
|
| | | |
Citigroup Global Markets Inc.
|
| | | |
RBC Capital Markets, LLC
|
| | | |
Keefe, Bruyette & Woods, Inc.
|
| | | |
D.A. Davidson & Co.
|
| | | |
Maxim Group LLC
|
| | | |
Total
|
| | | |
| | |
No Exercise
|
| |
Full Exercise
|
|
Per Share
|
| | $ | | | $ | |
Total
|
| | $ | | | $ | |
| | |
Page
|
| |||
Dynasty Financial Partners, LLC | | | | | | | |
Consolidated financial statements
|
| | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
| | | | F-7 | | | |
| | | | | | | |
Dynasty Financial Partners Inc. | | | | | | | |
| | | | F-35 | | | |
| | | | F-36 | | | |
| | | | F-37 | | |
| | |
2021
|
| |
2020
|
| ||||||
Assets | | | | | | | | | | | | | |
Current assets
|
| | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 17,186 | | | | | $ | 17,030 | | |
Restricted cash
|
| | | | 25 | | | | | | 360 | | |
Accounts receivable, net of allowance for doubtful accounts of $0 and $44
|
| | | | 3,355 | | | | | | 2,773 | | |
Related party receivables
|
| | | | 2 | | | | | | 262 | | |
Prepaid expenses
|
| | | | 2,053 | | | | | | 1,581 | | |
Loans receivable, current
|
| | | | 617 | | | | | | 529 | | |
Other current assets
|
| | | | 44 | | | | | | 44 | | |
Total current assets
|
| | | | 23,282 | | | | | | 22,579 | | |
Loans receivable, noncurrent, net of allowance for loans receivable of $47 and $96
|
| | | | 2,222 | | | | | | 1,821 | | |
Revenue participation interest receivable
|
| | | | 17,759 | | | | | | 13,409 | | |
Property and equipment, net of accumulated depreciation and amortization of $4,332 and $3,523
|
| | | | 1,840 | | | |
1, 544
|
| |||
Other noncurrent assets
|
| | | | 1,958 | | | | | | — | | |
Total assets
|
| | | $ | 47,061 | | | | | $ | 39,353 | | |
Liabilities and members’ equity | | | | | | | | | | | | | |
Current liabilities
|
| | | | | | | | | | | | |
Accounts payable
|
| | | $ | 746 | | | | | $ | 647 | | |
Related party accounts payable
|
| | | | 2,917 | | | | | | 2,221 | | |
Accrued expense and compensation
|
| | | | 8,287 | | | | | | 5,804 | | |
Related party accrued expense and compensation
|
| | | | 18 | | | | | | — | | |
Deferred revenue
|
| | | | 136 | | | | | | 671 | | |
Related party deferred revenue . . . .
|
| | | | 118 | | | | | | — | | |
Loans payable
|
| | | | — | | | | | | 1,317 | | |
Deferred rent, current
|
| | | | 131 | | | | | | 116 | | |
Total current liabilities
|
| | | | 12,353 | | | | | | 10,776 | | |
Deferred rent, noncurrent
|
| | | | 234 | | | | | | 345 | | |
Total liabilities
|
| | | | 12,587 | | | | | | 11,121 | | |
Commitments and contingencies (Note 12 – Commitments and Contingencies)
|
| | | | — | | | | | | — | | |
Capital interests units (62,000,000 units authorized, 42,965,872 and 43,049,262 units outstanding)
|
| | | | 43,957 | | | | | | 44,162 | | |
Profits interests units (6,837,177 units authorized, 3,655,261 and 4,190,433 units outstanding)
|
| | | | (5,894) | | | | | | (4,333) | | |
Retained earnings (Accumulated deficit)
|
| | | | (3,589) | | | | | | (11,597) | | |
Total members’ equity
|
| | | $ | 34,474 | | | | | $ | 28,232 | | |
Total liabilities and members’ equity
|
| | | $ | 47,061 | | | | | $ | 39,353 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Asset-based
|
| | | $ | 45,581 | | | | | $ | 31,638 | | | | | $ | 27,370 | | |
Transactional
|
| | | | 3,823 | | | | | | 2,265 | | | | | | 3,534 | | |
Financing
|
| | | | 5,418 | | | | | | 3,071 | | | | | | 2,916 | | |
Manager fees and other
|
| | | | 14,497 | | | | | | 9,226 | | | | | | 6,658 | | |
Total revenues
|
| | | | 69,319 | | | | | | 46,200 | | | | | | 40,478 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Cost of services
|
| | | | 30,324 | | | | | | 21,784 | | | | | | 20,850 | | |
Compensation and benefits
|
| | | | 15,990 | | | | | | 13,720 | | | | | | 12,032 | | |
General and administration
|
| | | | 7,651 | | | | | | 5,200 | | | | | | 5,967 | | |
Depreciation and amortization
|
| | | | 820 | | | | | | 607 | | | | | | 592 | | |
Total operating expenses
|
| | | | 54,785 | | | | | | 41,311 | | | | | | 39,441 | | |
Income from operations
|
| | | | 14,534 | | | | | | 4,889 | | | | | | 1,037 | | |
Other (income) expense | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | (86) | | | | | | (59) | | | | | | (10) | | |
Other (income) expense
|
| | | | (1,303) | | | | | | 110 | | | | | | 2 | | |
Total other (income) expense
|
| | | | (1,389) | | | | | | 51 | | | | | | (8) | | |
Net income and comprehensive income
|
| | | $ | 15,923 | | | | | $ | 4,838 | | | | | $ | 1,045 | | |
| | |
Class A
|
| |
Class B
|
| |
Class C
|
| |
Total
Capital Interests |
| |
Class P
|
| |
Class Q
|
| |
Total
Profits Interests |
| |
Total
Retained Earnings (Accum. Deficit) |
| |
Total
Members’ Equity |
| |||||||||||||||||||||||||||
Balance, January 1, 2019
|
| | | $ | 34,283 | | | | | $ | (4,356) | | | | | $ | — | | | | | $ | 29,927 | | | | | $ | (2,281) | | | | | $ | 31 | | | | | $ | (2,250) | | | | | $ | (17,480) | | | | | $ | 10,197 | | |
Contributions
|
| | | | 427 | | | | | | — | | | | | | — | | | | | | 427 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 427 | | |
Repurchases
|
| | | | (219) | | | | | | — | | | | | | — | | | | | | (219) | | | | | | (433) | | | | | | (21) | | | | | | (454) | | | | | | — | | | | | | (673) | | |
Share-Based Compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 81 | | | | | | 81 | | | | | | — | | | | | | 81 | | |
Net Income (Loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,045 | | | | | | 1,045 | | |
Balance, December 31,
2019 |
| | | $ | 34,491 | | | | | $ | (4,356) | | | | | $ | — | | | | | $ | 30,135 | | | | | $ | (2,714) | | | | | $ | 91 | | | | | $ | (2,623) | | | | | $ | (16,435) | | | | | $ | 11,077 | | |
Contributions
|
| | | | 8,523 | | | | | | — | | | | | | 7,723 | | | | | | 16,246 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 16,246 | | |
Repurchases
|
| | | | (309) | | | | | | (1,910) | | | | | | — | | | | | | (2,219) | | | | | | (1,292) | | | | | | (563) | | | | | | (1,855) | | | | | | — | | | | | | (4,074) | | |
Share-Based Compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 145 | | | | | | 145 | | | | | | — | | | | | | 145 | | |
Net Income (Loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,838 | | | | | | 4,838 | | |
Balance, December 31,
2020 |
| | | $ | 42,705 | | | | | $ | (6,266) | | | | | $ | 7,723 | | | | | $ | 44,162 | | | | | $ | (4,006) | | | | | $ | (327) | | | | | $ | (4,333) | | | | | $ | (11,597) | | | | | $ | 28,232 | | |
Contributions
|
| | | | 796 | | | | | | — | | | | | | — | | | | | | 796 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 796 | | |
Repurchases
|
| | | | (495) | | | | | | (1,500) | | | | | | — | | | | | | (1,995) | | | | | | (372) | | | | | | (428) | | | | | | (800) | | | | | | — | | | | | | (2,795) | | |
Tax Distribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (7,915) | | | | | | (7,915) | | |
Conversion of Class Q
to Class A |
| | | | 994 | | | | | | — | | | | | | — | | | | | | 994 | | | | | | — | | | | | | (994) | | | | | | (994) | | | | | | — | | | | | | — | | |
Share-Based Compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 233 | | | | | | 233 | | | | | | — | | | | | | 233 | | |
Net Income (Loss)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,923 | | | | | | 15,923 | | |
Balance, December 31,
2021 |
| | | $ | 44,000 | | | | | $ | (7,766) | | | | | $ | 7,723 | | | | | $ | 43,957 | | | | | $ | (4,378) | | | | | $ | (1,516) | | | | | $ | (5,894) | | | | | $ | (3,589) | | | | | $ | 34,474 | | |
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Operating activities: | | | | | | | | | | | | | | | | | | | |
Net income and comprehensive income
|
| | | $ | 15,923 | | | | | $ | 4,838 | | | | | $ | 1,045 | | |
Adjustments to reconcile net income to net cash provided by operations:
|
| | | | | | | | | | | | | | | | | | |
Recognition of vested warrants
|
| | | | (61) | | | | | | — | | | | | | — | | |
Depreciation and amortization
|
| | | | 820 | | | | | | 607 | | | | | | 592 | | |
Loss on disposal of property and equipment
|
| | | | — | | | | | | 114 | | | | | | — | | |
Allowance for doubtful accounts
|
| | | | (44) | | | | | | 41 | | | | | | (93) | | |
Allowance for loans receivable
|
| | | | (49) | | | | | | 96 | | | | | | — | | |
Share-based compensation
|
| | | | 233 | | | | | | 145 | | | | | | 81 | | |
Amortization of loan origination costs
|
| | | | 23 | | | | | | — | | | | | | 85 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable, net
|
| | | | (747) | | | | | | 1,252 | | | | | | (273) | | |
Related party receivables
|
| | | | 260 | | | | | | (262) | | | | | | — | | |
Prepaid expenses
|
| | | | (472) | | | | | | (338) | | | | | | (312) | | |
Other current assets
|
| | | | — | | | | | | 263 | | | | | | 91 | | |
Accounts payable
|
| | | | 99 | | | | | | (1,237) | | | | | | (213) | | |
Related party accounts payable
|
| | | | 696 | | | | | | 2,221 | | | | | | — | | |
Related party interest payable
|
| | | | — | | | | | | (252) | | | | | | 113 | | |
Accrued expenses and compensation
|
| | | | 2,483 | | | | | | 1,276 | | | | | | 1,059 | | |
Related party accrued expenses
|
| | | | 18 | | | | | | — | | | | | | — | | |
Deferred revenue
|
| | | | (535) | | | | | | 653 | | | | | | (206) | | |
Related party deferred revenue
|
| | | | 118 | | | | | | 18 | | | | | | — | | |
Deferred rent
|
| | | | (95) | | | | | | 127 | | | | | | 332 | | |
Other noncurrent assets
|
| | | | (1,171) | | | | | | — | | | | | | — | | |
Cash flows provided by operating activities:
|
| | | | 17,499 | | | | | | 9,562 | | | | | | 2,301 | | |
Investing activities | | | | | | | | | | | | | | | | | | | |
Loans receivables
|
| | | | (232) | | | | | | (1,518) | | | | | | (398) | | |
Acquisition of Minority Interest Investments
|
| | | | (5,175) | | | | | | — | | | | | | — | | |
Issuance of Exchangeable Note
|
| | | | 5,175 | | | | | | — | | | | | | — | | |
Revenue participation interest receivable
|
| | | | (4,350) | | | | | | (755) | | | | | | (3,535) | | |
Purchase of preferred stock
|
| | | | (750) | | | | | | — | | | | | | — | | |
Purchases of property and equipment, net
|
| | | | (1,115) | | | | | | (1,071) | | | | | | (873) | | |
Property and equipment disposal fees
|
| | | | — | | | | | | (23) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (6,447) | | | | | | (3,367) | | | | | | (4,806) | | |
Financing activities | | | | | | | | | | | | | | | | | | | |
Contributions
|
| | | | 796 | | | | | | 16,246 | | | | | | 427 | | |
Repurchases
|
| | | | (2,795) | | | | | | (4,074) | | | | | | (673) | | |
Tax distributions
|
| | | | (7,915) | | | | | | — | | | | | | — | | |
Proceeds from loans payable
|
| | | | — | | | | | | 1,317 | | | | | | 4,300 | | |
Repayment of loans payable
|
| | | | (1,317) | | | | | | (8,300) | | | | | | — | | |
Loan origination costs
|
| | | | — | | | | | | — | | | | | | (43) | | |
Net cash provided by (used in) financing activities
|
| | | | (11,231) | | | | | | 5,189 | | | | | | 4,011 | | |
Net increase/(decrease) in cash, cash equivalents, & restricted cash
|
| | | | (179) | | | | | | 11,384 | | | | | | 1,506 | | |
Cash, cash equivalents, and restricted cash – beginning of period
|
| | | | 17,390 | | | | | | 6,006 | | | | | | 4,500 | | |
Cash, cash equivalents, and restricted cash – ending of period
|
| | | $ | 17,211 | | | | | $ | 17,390 | | | | | | 6,006 | | |
Supplemental cash flow information | | | | | | | | | | | | | | | | | | | |
Cash paid for interest
|
| | | | 16 | | | | | | 287 | | | | | | 701 | | |
Non-cash operating and investing activities:
|
| | | | | | | | | | | | | | | | | | |
Conversion of accounts receivable to loans receivable
|
| | | | — | | | | | | 208 | | | | | | — | | |
Non-cash financing activities:
|
| | | | | | | | | | | | | | | | | | |
Conversion of Class Q units to Class A units
|
| | | | 994 | | | | | | — | | | | | | — | | |
| | |
December 31,
|
| |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Cash and cash equivalents
|
| | | $ | 17,186 | | | | | $ | 17,030 | | |
Restricted cash
|
| | | | 25 | | | | | | 360 | | |
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows
|
| | | $ | 17,211 | | | | | $ | 17,390 | | |
| | |
December 31,
|
| |||||||||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Share-based compensation expense
|
| | | $ | 233 | | | | | $ | 145 | | | | | $ | 81 | | |
Tax effect on share-based compensation expense
|
| | | | — | | | | | | — | | | | | | — | | |
Net effect on income
|
| | | $ | 233 | | | | | $ | 145 | | | | | $ | 81 | | |
For the year ended December 31, 2021
|
| ||||||||||||||||||
| | |
Profits
Interests Units (units) |
| |
Weighted-
Average Grant Date Fair Value (dollars per unit) |
| |
Total Fair
Value of Vested Profits Interests (in thousands) |
| |||||||||
Unvested as of January 1, 2021
|
| | | | 851,849 | | | | | $ | 0.63 | | | | | $ | — | | |
Granted
|
| | | | 452,400 | | | | | | 1.05 | | | | | | — | | |
Vested
|
| | | | (368,649) | | | | | | 0.44 | | | | | | 233 | | |
Forfeited
|
| | | | (100,765) | | | | | | 0.68 | | | | | | — | | |
Unvested as of December 31, 2021
|
| | | | 834,835 | | | | | $ | 0.94 | | | | | $ | — | | |
For the year ended December 31, 2020
|
| ||||||||||||||||||
| | |
Profits
Interests Units (units) |
| |
Weighted-
Average Grant Date Fair Value (dollars per unit) |
| |
Total Fair
Value of Vested Profits Interests (thousands) |
| |||||||||
Unvested as of January 1, 2020
|
| | | | 714,667 | | | | | $ | 0.24 | | | | | $ | — | | |
Granted
|
| | | | 542,200 | | | | | | 0.85 | | | | | | — | | |
Vested
|
| | | | (353,067) | | | | | | 0.21 | | | | | | 145 | | |
Forfeited
|
| | | | (51,951) | | | | | | 0.37 | | | | | | — | | |
Unvested as of December 31, 2020
|
| | | | 851,849 | | | | | $ | 0.63 | | | | | $ | — | | |
For the year ended December 31, 2019
|
| ||||||||||||||||||
| | |
Profits
Interests Units (units) |
| |
Weighted-Average
Grant Date Fair Value (dollars per unit) |
| |
Total
Fair Value of Vested Profits Interests (thousands) |
| |||||||||
Unvested as of January 1, 2019
|
| | | | 653,767 | | | | | $ | 0.17 | | | | | $ | — | | |
Granted
|
| | | | 439,600 | | | | | | 0.28 | | | | | | — | | |
Vested
|
| | | | (322,700) | | | | | | 0.16 | | | | | | 81 | | |
Forfeited
|
| | | | (56,000) | | | | | | 0.13 | | | | | | — | | |
Unvested as of December 31, 2019
|
| | | | 714,667 | | | | | $ | 0.24 | | | | | $ | — | | |
For the year ended December 31, 2021
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
Managed
services and SaaS |
| |
Transition
services |
| |
Sponsorship
|
| |
Total
|
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
From contracts with customers
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Asset-based
|
| | | | 45,581 | | | | | | — | | | | | | — | | | | | | 45,581 | | |
Transactional
|
| | | | — | | | | | | 2,407 | | | | | | 1,416 | | | | | | 3,823 | | |
Manager fees and other
|
| | | | 14,497 | | | | | | — | | | | | | — | | | | | | 14,497 | | |
Services outside the scope of ASC 606
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Financing
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,418 | | |
Total Revenue
|
| | | | 60,078 | | | | | | 2,407 | | | | | | 1,416 | | | | | | 69,319 | | |
For the year ended December 31, 2020
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
Managed
services and SaaS |
| |
Transition
services |
| |
Sponsorship
|
| |
Total
|
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
From contracts with customers
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Asset-based
|
| | | | 31,638 | | | | | | — | | | | | | — | | | | | | 31,638 | | |
Transactional
|
| | | | — | | | | | | 2,077 | | | | | | 188 | | | | | | 2,265 | | |
Manager fees and other
|
| | | | 9,226 | | | | | | — | | | | | | — | | | | | | 9,226 | | |
Services outside the scope of ASC 606
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Financing
|
| | | | — | | | | | | — | | | | | | — | | | | | | 3,071 | | |
Total Revenue
|
| | | | 40,864 | | | | | | 2,077 | | | | | | 188 | | | | | | 46,200 | | |
For the year ended December 31, 2019
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
Managed
services and SaaS |
| |
Transition
services |
| |
Sponsorship
|
| |
Total
|
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
From contracts with customers
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Asset-based
|
| | | | 27,370 | | | | | | — | | | | | | — | | | | | | 27,370 | | |
Transactional
|
| | | | — | | | | | | 2,232 | | | | | | 1,302 | | | | | | 3,534 | | |
Manager fees and other
|
| | | | 6,658 | | | | | | — | | | | | | — | | | | | | 6,658 | | |
For the year ended December 31, 2019
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
Managed
services and SaaS |
| |
Transition
services |
| |
Sponsorship
|
| |
Total
|
| ||||||||||||
Services outside the scope of ASC 606
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Financing
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,916 | | |
Total Revenue
|
| | | | 34,028 | | | | | | 2,232 | | | | | | 1,302 | | | | | | 40,478 | | |
For the year ended December 31, 2021
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Total
|
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
From contracts with customers
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Asset-based
|
| | | | 32,286 | | | | | | 13,295 | | | | | | — | | | | | | 45,581 | | |
Transactional
|
| | | | 3,823 | | | | | | — | | | | | | — | | | | | | 3,823 | | |
Manager fees and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | 14,497 | | |
Services outside the scope of ASC 606
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Financing
|
| | | | — | | | | | | — | | | | | | 5,418 | | | | | | 5,418 | | |
Total Revenue
|
| | | | 36,109 | | | | | | 13,295 | | | | | | 5,418 | | | | | | 69,319 | | |
For the year ended December 31, 2020
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Total
|
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
From contracts with customers
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Asset-based
|
| | | | 22,689 | | | | | | 8,949 | | | | | | — | | | | | | 31,638 | | |
Transactional
|
| | | | 2,265 | | | | | | — | | | | | | — | | | | | | 2,265 | | |
Manager fees and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | 9,226 | | |
Services outside the scope of ASC 606
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Financing
|
| | | | — | | | | | | — | | | | | | 3,071 | | | | | | 3,071 | | |
Total Revenue
|
| | | | 24,954 | | | | | | 8,949 | | | | | | 3,071 | | | | | | 46,200 | | |
For the year ended December 31, 2019
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Total
|
| ||||||||||||
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | |
From contracts with customers
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Asset-based
|
| | | | 19,727 | | | | | | 7,643 | | | | | | — | | | | | | 27,370 | | |
Transactional
|
| | | | 3,534 | | | | | | — | | | | | | — | | | | | | 3,534 | | |
Manager fees and other
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,658 | | |
For the year ended December 31, 2019
|
| ||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Total
|
| ||||||||||||
Services outside the scope of ASC 606
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Financing
|
| | | | — | | | | | | — | | | | | | 2,916 | | | | | | 2,916 | | |
Total Revenue
|
| | | | 23,261 | | | | | | 7,643 | | | | | | 2,916 | | | | | | 40,478 | | |
(in thousands)
|
| |
As of December 31, 2021
|
| |
As of December 31, 2020
|
| ||||||||||||||||||||||||||||||
|
Carrying
Amount at Inception |
| |
Change
in Value |
| |
Carrying
Amount at End of Period |
| |
Carrying
Amount at Inception |
| |
Change
in Value |
| |
Carrying
Amount at End of Period |
| ||||||||||||||||||||
Equity investments | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred shares
|
| | | $ | 750 | | | | | $ | — | | | | | $ | 750 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Warrants
|
| | | | 40 | | | | | | — | | | | | | 40 | | | | | | | | | | | | | | | | | | | | |
Total equity investments
|
| | | $ | 790 | | | | | $ | — | | | | | $ | 790 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(in thousands)
|
| |
As of December 31, 2021
|
| |
As of December 31, 2020
|
| ||||||||||||||||||||||||||||||
|
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans receivable
|
| | | $ | — | | | | | $ | — | | | | | $ | 2,839 | | | | | $ | — | | | | | $ | — | | | | | $ | 2,350 | | |
RPIs receivable
|
| | | | — | | | | | | — | | | | | | 17,759 | | | | | | — | | | | | | — | | | | | | 13,409 | | |
Total assets
|
| | | | — | | | | | | — | | | | | | 20,598 | | | | | | — | | | | | | — | | | | | | 15,759 | | |
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,317) | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (1,317) | | |
(in thousands)
|
| |
As of December 31, 2021
|
| |
As of December 31, 2020
|
| ||||||||||||||||||||||||||||||
|
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| ||||||||||||||||||||
Derivatives not designated as
hedging instruments under Subtopic 815-20(a) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrants
|
| | | $ | — | | | | | $ | — | | | | | $ | 21 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Other noncurrent assets
|
| | | $ | — | | | | | $ | — | | | | | $ | 21 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Trade receivables
|
| | | $ | 587 | | | | | $ | 868 | | |
Accrued revenues (unbilled)
|
| | | | 2,770 | | | | | | 2,211 | | |
Accounts receivable, gross
|
| | | | 3,357 | | | | | | 3,079 | | |
Less: allowance for doubtful accounts
|
| | | | — | | | | | | (44) | | |
Accounts receivable, net
|
| | | $ | 3,357 | | | | | $ | 3,035 | | |
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Prepaid marketing
|
| | | $ | 861 | | | | | $ | 784 | | |
Prepaid professional fees, licenses and subscriptions
|
| | | | 1,077 | | | | | | 644 | | |
Prepaid insurance
|
| | | | 31 | | | | | | 99 | | |
Prepaid rent
|
| | | | 52 | | | | | | 48 | | |
Prepaid other
|
| | | | 32 | | | | | | 6 | | |
Prepaid expenses
|
| | | $ | 2,053 | | | | | $ | 1,581 | | |
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Security deposits
|
| | | $ | 44 | | | | | $ | 44 | | |
Other current assets
|
| | | $ | 44 | | | | | $ | 44 | | |
(in thousands)
|
| |
Estimated Useful
Life |
| |
2021
|
| |
2020
|
| ||||||
Furniture and equipment
|
| |
5 years
|
| | | $ | 507 | | | | | $ | 442 | | |
Computer hardware
|
| |
3 years
|
| | | | 286 | | | | | | 204 | | |
Computer software – internal use
|
| |
3 years
|
| | | | 5,062 | | | | | | 4,124 | | |
Leasehold improvements
|
| |
Shorter of the lease
term or 15 years |
| | | | 210 | | | | | | 216 | | |
Other fixed assets
|
| |
3 – 5 years
|
| | | | 107 | | | | | | 81 | | |
| | | | | | | | 6,172 | | | | | | 5,067 | | |
Less: accumulated depreciation and amortization
|
| | | | | | | (4,332) | | | | | | (3,523) | | |
Property and equipment, net
|
| | | | | | $ | 1,840 | | | | | $ | 1,544 | | |
|
For the years ending December 31:
|
| | | | | | |
|
2022
|
| | | $ | 692 | | |
|
2023
|
| | | | 478 | | |
|
2024
|
| | | | 147 | | |
|
2025
|
| | | | — | | |
|
2026
|
| | | | — | | |
|
Thereafter
|
| | | | — | | |
| | | | | $ | 1,317 | | |
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Loans receivable, current
|
| | | $ | 617 | | | | | $ | 529 | | |
Loan receivables, current
|
| | | | 617 | | | | | | 529 | | |
Loans receivable, noncurrent
|
| | | | 2,269 | | | | | | 1,917 | | |
Less: allowance for loans receivable
|
| | | | (47) | | | | | | (96) | | |
Loan receivables, noncurrent
|
| | | | 2,222 | | | | | | 1,821 | | |
Loan receivables
|
| | | $ | 2,839 | | | | | $ | 2,350 | | |
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Revenue participation interest receivable
|
| | | $ | 17,759 | | | | | $ | 13,409 | | |
Revenue participation interest receivables
|
| | | $ | 17,759 | | | | | $ | 13,409 | | |
For the year ended December 31, 2021
|
| ||||||||||||||||||
| | |
Number
of RPIs |
| |
Average Weighted
Revenue Share % |
| |
Investment
Balance |
| |||||||||
Opening Balance
|
| | | | 9 | | | | | | 7.3% | | | | | $ | 13,409 | | |
Investment
|
| | | | — | | | | | | 7.8% | | | | | | 2,718 | | |
Repurchase
|
| | | | — | | | | | | | | | | | | — | | |
Write-Offs
|
| | | | | | | | | | | | | | | | — | | |
Increase/(Decrease) in Accrued Interest
|
| | | | | | | | | | | | | | | | 1,632 | | |
Increase/(Decrease) in Allowance for Bad Debts
|
| | | | | | | | | | | | | | | | — | | |
Ending Balance
|
| | | | 9 | | | | | | 7.4% | | | | | $ | 17,759 | | |
For the year ended December 31, 2020
|
| ||||||||||||||||||
| | |
Number
of RPIs |
| |
Average Weighted
Revenue Share % |
| |
Investment
Balance |
| |||||||||
Opening Balance
|
| | | | 8 | | | | | | 8.4% | | | | | $ | 12,654 | | |
Investment
|
| | | | 2 | | | | | | 7.2% | | | | | | 3,058 | | |
Repurchase
|
| | | | 1 | | | | | | 8.0% | | | | | | (1,640) | | |
Write-Offs
|
| | | | | | | | | | | | | | | | — | | |
Increase/(Decrease) in Accrued Interest
|
| | | | | | | | | | | | | | | | (663) | | |
Increase/(Decrease) in Allowance for Bad Debts
|
| | | | | | | | | | | | | | | | — | | |
Ending Balance
|
| | | | 9 | | | | | | 7.3% | | | | | $ | 13,409 | | |
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
Accrued payroll and benefits
|
| | | $ | 3,946 | | | | | $ | 2,941 | | |
Accrued professional fees, licenses and subscriptions
|
| | | | 2,002 | | | | | | 1,349 | | |
Accrued manager fees
|
| | | | 1,658 | | | | | | 1,253 | | |
Accrued other
|
| | | | 681 | | | | | | 261 | | |
Accrued expenses and compensation
|
| | | $ | 8,287 | | | | | $ | 5,804 | | |
(in thousands)
|
| |
2021
|
| |
2020
|
| ||||||
PPP loan payable
|
| | | | — | | | | | | 1,317 | | |
Loans payable
|
| | | $ | — | | | | | $ | 1,317 | | |
(in thousands)
|
| | | | | | |
For years ended December 31: | | | | | | | |
2022
|
| | | $ | 567 | | |
2023
|
| | | | 537 | | |
2024
|
| | | | 503 | | |
2025
|
| | | | — | | |
2026
|
| | | | — | | |
Thereafter
|
| | | | — | | |
| | | | $ | 1,607 | | |
Class of Unit Interests
|
| |
Number of Votes per Unit
|
|
Class A
|
| |
One
|
|
Class B
|
| |
Five
|
|
Class C
|
| |
One
|
|
Class P & Class Q
|
| |
Non Voting
|
|
(in units)
|
| |
Capital Interests
|
| |
Profits Interests
|
| |
All Classes
Total Units |
| |||||||||||||||||||||||||||
|
Class A
Units |
| |
Class B
Units |
| |
Class C
Units |
| |
Class P
Units |
| |
Class Q
Units |
| |||||||||||||||||||||||
Balance, December 31, 2018
|
| | | | 27,032,685 | | | | | | 13,438,140 | | | | | | — | | | | | | 3,957,993 | | | | | | 958,527 | | | | | | 45,387,345 | | |
Issued/Vested
|
| | | | 121,999 | | | | | | — | | | | | | — | | | | | | — | | | | | | 322,700 | | | | | | 444,699 | | |
Repurchased
|
| | | | (68,384) | | | | | | — | | | | | | — | | | | | | (207,397) | | | | | | (42,833) | | | | | | (318,614) | | |
Balance, December 31, 2019
|
| | | | 27,086,300 | | | | | | 13,438,140 | | | | | | — | | | | | | 3,750,596 | | | | | | 1,238,394 | | | | | | 45,513,430 | | |
Issued/Vested
|
| | | | 1,457,969 | | | | | | — | | | | | | 1,550,388 | | | | | | — | | | | | | 353,067 | | | | | | 3,361,424 | | |
Repurchased
|
| | | | (72,886) | | | | | | (410,649) | | | | | | — | | | | | | (670,797) | | | | | | (480,827) | | | | | | (1,635,159) | | |
Balance, December 31, 2020
|
| | | | 28,471,383 | | | | | | 13,027,491 | | | | | | 1,550,388 | | | | | | 3,079,799 | | | | | | 1,110,634 | | | | | | 47,239,695 | | |
Issued/Vested
|
| | | | 154,288 | | | | | | — | | | | | | — | | | | | | — | | | | | | 368,649 | | | | | | 522,937 | | |
Repurchased
|
| | | | (55,273) | | | | | | (375,000) | | | | | | — | | | | | | (163,645) | | | | | | (428,734) | | | | | | (1,022,652) | | |
Conversion of Class Q to Class A
|
| | | | 192,595 | | | | | | — | | | | | | — | | | | | | — | | | | | | (311,442) | | | | | | (118,847) | | |
Balance, December 31, 2021
|
| | | | 28,762,993 | | | | | | 12,652,491 | | | | | | 1,550,388 | | | | | | 2,916,154 | | | | | | 739,107 | | | | | | 46,621,133 | | |
(in thousands)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Cost of services
|
| | | $ | 30,324 | | | | | $ | 21,784 | | | | | $ | 20,850 | | |
Compensation and benefits
|
| | | | 15,990 | | | | | | 13,720 | | | | | | 12,032 | | |
General and administration: | | | | | | | | | | | | | | | | | | | |
Rent, utilities, and real estate taxes
|
| | | | 624 | | | | | | 1,762 | | | | | | 1,450 | | |
Professional and consulting fees
|
| | | | 3,498 | | | | | | 1,669 | | | | | | 1,425 | | |
Computer, internet, and cable
|
| | | | 633 | | | | | | 719 | | | | | | 545 | | |
Marketing
|
| | | | 969 | | | | | | 396 | | | | | | 458 | | |
Travel and entertainment
|
| | | | 1,138 | | | | | | 382 | | | | | | 1,257 | | |
Other general and administration
|
| | | | 789 | | | | | | 272 | | | | | | 832 | | |
Total general and administration
|
| | | | 7,651 | | | | | | 5,200 | | | | | | 5,967 | | |
Depreciation and amortization
|
| | | | 820 | | | | | | 607 | | | | | | 592 | | |
Operating expenses
|
| | | $ | 54,785 | | | | | $ | 41,311 | | | | | $ | 39,441 | | |
For the year ended December 31, 2021
|
| ||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Sub-Total
Segments |
| |
Other
|
| |
Other
Unallocated |
| |
Total
|
| |||||||||||||||||||||
Revenue
|
| | | | 36,109 | | | | | | 13,295 | | | | | | 5,418 | | | | | | 54,822 | | | | | | 14,497 | | | | | | — | | | | | | 69,319 | | |
Cost of services
|
| | | | 13,022 | | | | | | 2,930 | | | | | | 179 | | | | | | 16,131 | | | | | | 14,193 | | | | | | — | | | | | | 30,324 | | |
Compensation and benefits
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 15,990 | | | | | | 15,990 | | |
General and administration
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,651 | | | | | | 7,651 | | |
Depreciation and amortization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 820 | | | | | | 820 | | |
Income (loss) from operations
|
| | | | 23,087 | | | | | | 10,365 | | | | | | 5,239 | | | | | | 38,691 | | | | | | 304 | | | | | | (24,461) | | | | | | 14,534 | | |
For the year ended December 31, 2020
|
| ||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Sub-Total
Segments |
| |
Other
|
| |
Other
Unallocated |
| |
Total
|
| |||||||||||||||||||||
Revenue
|
| | | | 24,954 | | | | | | 8,949 | | | | | | 3,071 | | | | | | 36,974 | | | | | | 9,226 | | | | | | — | | | | | | 46,200 | | |
Cost of services
|
| | | | 10,455 | | | | | | 2,021 | | | | | | 35 | | | | | | 12,511 | | | | | | 9,273 | | | | | | — | | | | | | 21,784 | | |
Compensation and benefits
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,720 | | | | | | 13,720 | | |
General and administration
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,200 | | | | | | 5,200 | | |
Depreciation and amortization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 607 | | | | | | 607 | | |
Income (loss) from operations
|
| | | | 14,499 | | | | | | 6,928 | | | | | | 3,036 | | | | | | 24,463 | | | | | | (47) | | | | | | (19,527) | | | | | | 4,889 | | |
For the year ended December 31, 2019
|
| ||||||||||||||||||||||||||||||||||||||||||
(in thousands)
|
| |
Core
Services |
| |
Investment
Platform |
| |
Capital
Strategies |
| |
Sub-Total
Segments |
| |
Other
|
| |
Other
Unallocated |
| |
Total
|
| |||||||||||||||||||||
Revenue
|
| | | | 23,261 | | | | | | 7,643 | | | | | | 2,916 | | | | | | 33,820 | | | | | | 6,658 | | | | | | — | | | | | | 40,478 | | |
Cost of services
|
| | | | 11,368 | | | | | | 1,807 | | | | | | 943 | | | | | | 14,118 | | | | | | 6,732 | | | | | | — | | | | | | 20,850 | | |
Compensation and benefits
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 12,032 | | | | | | 12,032 | | |
General and administration
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,967 | | | | | | 5,967 | | |
Depreciation and amortization
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 592 | | | | | | 592 | | |
Income (loss) from operations
|
| | | | 11,893 | | | | | | 5,836 | | | | | | 1,973 | | | | | | 19,702 | | | | | | (74) | | | | | | (18,591) | | | | | | 1,037 | | |
| | |
December 31,
2021 |
| |
September 30,
2021 |
| ||||||
Assets | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 100 | | | | | $ | 100 | | |
Total assets
|
| | | $ | 100 | | | | | $ | 100 | | |
Liabilities and stockholder’s equity | | | | | | | | | | | | | |
Total liabilities
|
| | | $ | — | | | | | $ | — | | |
Commitments and contingencies (Note 4 – Commitments and Contingencies)
|
| | | | — | | | | | | — | | |
Common stock ($0.01 par value, 100 shares authorized, 100 shares outstanding)
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 99 | | | | | | 99 | | |
Total stockholder’s equity
|
| | | | 100 | | | | | | 100 | | |
Total liabilities and stockholder’s equity
|
| | | $ | 100 | | | | | $ | 100 | | |
|
Goldman Sachs & Co. LLC
|
| |
J.P. Morgan
|
|
|
Citigroup
|
| |
RBC Capital Markets
|
|
| D.A. Davidson & Co. | | |
Keefe, Bruyette & Woods
A Stifel Company
|
|
| | |
Amount Paid
or to be Paid |
| |||
SEC registration fee
|
| | | $ | 9,270 | | |
FINRA filing fee
|
| | | | 15,500 | | |
NASDAQ listing fee
|
| | | | * | | |
Blue sky qualification fees and expenses
|
| | | | * | | |
Printing and engraving expenses
|
| | | | * | | |
Legal fees and expenses
|
| | | | * | | |
Accounting fees and expenses
|
| | | | * | | |
Transfer agent and registrar fees and expenses
|
| | | | * | | |
Miscellaneous expenses
|
| | | | * | | |
Total
|
| | | $ | * | | |
| | | |
By:
Name: Title: |
| |
/s/ Shirl Penney
Shirl Penney
Chief Executive Officer |
|
|
Signature
|
| |
Title
|
|
|
/s/ Shirl Penney
Shirl Penney
|
| |
Chief Executive Officer, President and Director
(Principal Executive Officer) |
|
|
*
Justin Weinkle
|
| |
Chief Financial Officer
(Principal Financial Officer and Principal Accounting Officer) |
|
|
*
Harvey Golub
|
| |
Chairman of the Board
|
|
|
*
Sam Levinson
|
| |
Director
|
|