Included in the financial tables below is a reconciliation of Adjusted EBITDA to the most directly comparable US GAAP financial measure, net income from continuing operations.
Endnotes
(1) Pro forma FPAUM incorporates net proceeds from $5.4 million of GECC 8.125% Notes due 2029 issued in October as well as the redemption in October of $45.3 million of GECC 6.75% Notes due January 2025.
(2) Cash and marketable securities include approximately $40 thousand of restricted cash.
(3) Assumes invested at inception on November 1, 2023, and remained invested throughout the succeeding eleven months, net of fees and expenses. Performance results should not be regarded as final until audited financial statements are issued covering the period shown. Past performance is no guarantee of future results. This press release does not constitute an offer to sell or a solicitation of an offer to buy interests in any investment vehicle managed by Great Elm or its affiliates. Any such offer or solicitation will only be made pursuant to the applicable offering documents for such investment vehicle.
Media & Investor Contact:
Investor Relations
geginvestorrelations@greatelmcap.com
Great Elm Group, Inc.
Condensed Consolidated Balance Sheets (unaudited)
Dollar amounts in thousands (except per share data)
ASSETS September 30, 2024 June 30, 2024
---------------------------- -------------------- ---------------
Current assets
Cash and cash equivalents $ 44,150 $ 48,147
Restricted cash 40 1,571
Receivables from managed
funds 3,854 2,259
Investments in marketable
securities 7,460 9,929
Investments, at fair value 47,557 44,585
Prepaid and other current
assets 1,439 1,215
Real estate under
development 5,786 5,769
Assets of Consolidated
Funds:
Cash and cash equivalents 2,229 2,371
Investments, at fair value 11,909 11,471
Other assets 246 253
---------------- -----------
Total current assets 124,670 127,570
---------------- -----------
Identifiable intangible
assets, net 10,773 11,037
Right-of-use assets 141 225
Other assets 1,682 1,614
---------------- -----------
Total assets $ 137,266 $ 140,446
================ ===========
LIABILITIES AND
STOCKHOLDERS' EQUITY
----------------------------
Current liabilities
Accounts payable $ 243 $ 317
Payable for securities
purchased 24 -
Accrued expenses and other
current liabilities 3,117 7,009
Current portion of related
party payables 224 634
Current portion of lease
liabilities 64 137
Liabilities of
Consolidated Funds:
Payable for securities
purchased - 100
Accrued expenses and other
liabilities 172 162
---------------- -----------
Total current liabilities 3,844 8,359
---------------- -----------
Lease liabilities, net of
current portion 35 57
Long-term debt (face value
$26,945) 26,160 26,090
Related party payables, net
of current portion - -
Convertible notes (face value
$35,494 and $35,494,
including $16,174 and
$16,174 held by related
parties, respectively) 34,925 34,900
Other liabilities 718 845
---------------- -----------
Total liabilities 65,682 70,251
---------------- -----------
Commitments and
contingencies
Stockholders' equity
Preferred stock, $0.001
par value; 5,000,000
authorized and zero
outstanding - -
Common stock, $0.001 par
value; 350,000,000 shares
authorized and 32,134,843
shares issued and
28,743,290 outstanding at
September 30, 2024; and
31,875,285 shares issued
and 30,494,448 outstanding
at June 30, 2024 28 30
Additional paid-in-capital 3,314,191 3,315,638
Accumulated deficit (3,250,315) (3,252,954)
---------------- -----------
Total Great Elm Group,
Inc. stockholders'
equity 63,904 62,714
Non-controlling interests 7,680 7,481
---------------- -----------
Total stockholders'
equity 71,584 70,195
---------------- -----------
Total liabilities and
stockholders' equity $ 137,266 $ 140,446
================ ===========
Great Elm Group, Inc.
Condensed Consolidated Statements of Operations (unaudited)
Amounts in thousands (except per share data)
For the three months ended September 30,
------------------------------------------------
2024 2023
---------------------- --------------------
Revenues $ 3,992 $ 3,310
Cost of revenues 635 -
Operating costs and
expenses:
Investment
management
expenses 3,058 2,762
Depreciation and
amortization 273 283
Selling, general
and
administrative 2,006 1,715
Expenses of
Consolidated
Funds 16 -
--- ----------------- ----------------
Total operating
costs and
expenses 5,353 4,760
--- ----------------- ----------------
Operating loss (1,996) (1,450)
Dividends and
interest income 1,558 1,986
Net realized and
unrealized gain 3,778 3,284
Net realized and
unrealized gain on
investments of
Consolidated Funds 278 -
Interest and other
income of
Consolidated Funds 384 -
Interest expense (1,028) (1,062)
Income before
income taxes
from continuing
operations 2,974 2,758
--- ----------------- ----------------
Income tax benefit
(expense) - -
--- ----------------- ----------------
Net income from
continuing
operations 2,974 2,758
--- ----------------- ----------------
Discontinued
operations:
Net income from
discontinued
operations - 16
--- ----------------- ----------------
Net income $ 2,974 $ 2,774
=== ================= ================
Less: net income
attributable to
non-controlling
interest,
continuing
operations 335 -
--- ----------------- ----------------
Net income
attributable to
Great Elm Group,
Inc. $ 2,639 $ 2,774
=== ================= ================
Net income
attributable to
shareholders per
share
Basic $ 0.09 $ 0.09
Diluted 0.08 0.08
Weighted average
shares outstanding
Basic 29,079 29,579
Diluted 40,469 41,860
Great Elm Group, Inc.
Reconciliation from Net Income from Continuing Operations to Adjusted EBITDA
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November 11, 2024 16:16 ET (21:16 GMT)
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