![]() ![]() And right now, we sit at total equity just shy of $2 billion and a book value of $9.10. That's up more than $200 million or $0.92 per share compared to the first quarter of last year. Burford-only net income was nearly $260 million, $1.17 per share. But when you exclude YPF, unrealized gains were up 55%. From a top-line perspective, total revenues were up more than 200% driven by higher capital provision income as well as improved asset management income. Our business is episodic, but we hope to impress upon you today the momentum we're seeing in addition to the progress from YPF. And with that, Jordan is going to take you through Slide 4.Īs Chris mentioned, this was a good first quarter, driven by significant progress across the portfolio and further bolstered by the YPF case and the related assets. We're going to jump around with these slides a little bit. ![]() But - but bottom line, we couldn't be happier with how the first quarter - our first ever reporting quarter turned out, especially since the first quarter in this business can certainly have periods of historical slowness. And Jordan will take you through liquidity and OpEx. That's - and we'll talk in a minute about what we're seeing in terms of new business in the market. The portfolio at the same time is continuing to grow. And then, of course, on March 31, the last day of the quarter, we had the additional bonus of a strongly positive liability decision from the federal court in YPF case, that obviously caused an upward revaluation of that asset to some extent.Īnd so, in addition to that $125 million of Burford-only revenue, we've added about another $190 million from YPF, and that - those two numbers together resulted in that extraordinary outcome for the quarter. So, setting aside YPF for a moment, just looking at the business ex YTF, we're really pleased with what we're seeing in terms of portfolio activity in terms of what we're seeing in terms of revenue generation. That's almost double what it was in the first quarter last year and realized gains as part of that, we're up more than 250%. And significantly, $125 million of that was from our portfolio, just the general operation of our portfolio, the returns to normalcy. In other words, the portion of these numbers that accrues to Burford's equity shareholders like you and like me.Īnd on a Burford-only basis, our revenue went up 214% to $315 million or so. So, let me just for the sake of simplicity, frame Burford-only numbers for you. As you know, those numbers get a little bit diluted by the fact that they include some consolidated funds. We've got numbers on the slide here that are consolidated numbers. We've seen our backlog of cases moving through the courts, and that's generating an increase in velocity, and that's translating into revenue. We have seen a return to normalcy in the court system. It was an extraordinary quarter, and it reflected the - exactly what we have been saying about what we're seeing out there in the court system and in the market in which we operate. So, I'm going to start on Slide 3.Īnd I have to say the - this slide and our numbers in general really do speak for themselves. And then happy to take whatever questions you all have. We are going to adopt the process of having these calls be when we just do the quarterly numbers having these given our propensity to talk, we'll try to be brisker for these quarterly calls than we have been for annual calls. I'm joined as usual by Jon Molot, the Chief Investment Officer and Jordan Licht, the Chief Financial Officer. And welcome to our very first ever set of quarterly results, all part of the journey towards a full U.S. I think this is our third call in three months. ![]() It feels like we've been talking to you a lot lately. Please go ahead.Ĭhristopher Bogart: Thanks very much, and hello, everybody. I'll now hand it over to your host, Chris Bogart, CEO, to begin. My name is Alex, and I will be coordinating the call today. Operator: Hello, and welcome to the Burford Capital's First Quarter 2023 Results Conference Call. Reported EPS is $1.17, expectations were $0.26. Burford Capital Limited (NYSE: BUR) Q1 2023 Earnings Call Transcript June 13, 2023īurford Capital Limited beats earnings expectations. ![]()
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