Release Date: March 03, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you give us a sense of what you intend to accomplish in the next 6 months to beef up liquidity and the balance sheet? A: Our strategies are fluid, but our focus is on investing in our business, particularly in our broker-dealer, wealth management, and advisory business. We will proactively work to align our balance sheet, having made significant progress in the last 12 months. We will continue to be opportunistic in monetizing non-core assets, as demonstrated by the recent sale of Atlantic Recycling for $70 million.
Q: Can you talk about your core business and its potential for generating EBITDA or free cash flow in the next quarter or full year 2025? A: The best way to assess our core business is to look at historical performance from 2021 to 2023. While we have sold some assets, like our brands business, our core operations remain strong. Our broker-dealer, wealth management, and advisory services have shown resilience, and we are focused on generating opportunities and revenue to get back on track.
Q: How should we think about the value of your businesses like Glass Rattner, telecom, and Targets, and their EBITDA generation potential? A: While I won't speculate on multiples, our focus is on investing in and growing our operating businesses. Despite challenges, our wealth management, broker-dealer, and advisory services have remained profitable. We have a strong base to build on, and our goal is to return to previous levels of performance without the distractions of past investments.
Q: With the recent refinancing of the Namoa facility and the new Oaktree facility, do you have the ability to buy back debt under the new credit agreement? A: No, under the current senior facility, we do not have the ability to buy bonds in the open market.
Q: What does the wealth management business look like now after the recent sale? A: The majority of the sale involved W-2 employees. Before the sale and some attrition, assets under management were closer to $24 billion, and now they are approximately $15 billion. This provides some perspective on the scale of the business post-transaction.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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