Focus Financial Partners Inc Stock Research

Market Summary

USD51.81-0.05

Delayedas of 31 Mar 2023, 02:48 pm

-0.10%

FOCS Alerts

Big fall in earnings (Y/Y)

FOCS Stock Price

FOCS RSI Chart

FOCS Valuation

FOCS Profitability

EBT Margin

8.32%

Return on Equity

8.71%

Return on Assets

1.89%

FOCS Fundamentals

FOCS Revenue

Revenue (TTM)

2.1B

Revenue Y/Y

4.54%

Revenue Q/Q

5.35%

FOCS Earnings

Earnings (TTM)

91.8M

Earnings Y/Y

-95.35%

Earnings Q/Q

-98.8%

Price Action

52 Week Range

30.2752.62

(Low)(High)

Last 7 days

1.3%

Last 30 days

0.0%

Last 90 days

39.1%

Trailing 12 Months

10.4%

FOCS Financial Health

FOCS Investor Care

Financials for Focus Financial Partners

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Revenue	1.1%	2,143	2,120	2,054	1,940	1,798
S&GA Expenses	3.8%	376	362	348	322	298
EBITDA	-6.2%	278	297	241	158	100
EBITDA Margin	-7.3%	0.13*	0.14*	0.12*	0.08*	0.06*
Earnings Before Taxes	-17.3%	178	216	170	96.00	45.00
EBT Margin	-18.2%	0.08*	0.10*	0.08*	0.05*	0.02*
Interest Expenses	23.2%	100	81.00	71.00	62.00	55.00
Net Income	-7.3%	92.00	99.00	70.00	39.00	10.00
Net Income Margin	-8.3%	0.04*	0.05*	0.03*	0.02*	0.01*
Free Cahsflow	-7.3%	268	289	278	264	303

* denotes actual numbers (not divided by Millions)
Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Assets	1.7%	4,867	4,785	4,811	4,706	4,709
Cash Equivalents	8.9%	140	129	221	317	311
Net PPE	9.9%	55.00	50.00	47.00	47.00	47.00
Goodwill	3.6%	2,168	2,093	2,050	1,928	1,925
Liabilities	1.9%	3,563	3,498	3,562	3,523	3,592
Shareholder's Equity	-0.4%	1,054	1,059	1,249	1,183	871
Retained Earnings	0.3%	117	116	87.00	54.00	25.00
Additional Paid-In Capital	-1.3%	918	930	910	866	842
Minority Interest	9.3%	249	228	235	241	247

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q4	2022Q3	2022Q2	2022Q1	2021Q4
Cashflow From Operations	-5.8%	289	306	291	275	314
Share Based Compensation	4.2%	30.00	29.00	27.00	26.00	32.00
Cashflow From Investing	55.9%	-475	-1,076	-1,165	-990	-1,007
Cashflow From Financing	-93.4%	17.00	259	953	863	939

Risks for FOCS

What is the probability of a big loss on FOCS?

74.9%

Probability that Focus Financial Partners stock will be more than 20% underwater in next one year

74.1%

Probability that Focus Financial Partners stock will be more than 30% underwater in next one year.

64.4%

Probability that Focus Financial Partners stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does FOCS drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Focus Financial Partners was unfortunately bought at previous high price.

Drawdowns

Returns for FOCS

Cumulative Returns on FOCS

32.0%

3-Year Cumulative Returns

Which funds bought or sold FOCS recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-23	MetLife Investment Management, LLC	unchanged	-	173,924	1,125,370	0.01%
2023-03-17	American Portfolios Advisors	unchanged	-	-123	1,512	-%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-30.27	-3,998,690	18,821,300	0.02%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-45.54	-	2,000	-%
2023-02-28	Voya Investment Management LLC	reduced	-17.09	-287,863	14,586,100	0.02%
2023-02-21	MACQUARIE GROUP LTD	added	25.45	27,872,000	85,508,000	0.10%
2023-02-17	EQUITABLE TRUST CO	reduced	-11.04	31,771	644,771	0.05%
2023-02-15	ALLIANCEBERNSTEIN L.P.	added	5.01	502,854	2,577,850	-%
2023-02-15	State of Wyoming	reduced	-29.51	-27,362	137,638	0.05%
2023-02-15	Metropolitan Life Insurance Co/NY	unchanged	-	20,594	130,594	0.01%

Latest Funds Activity

Are funds buying FOCS calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own FOCS

No. of Funds

FOCS Alerts

Big fall in earnings (Y/Y)

Focus Financial Partners News

Schedule 13G FIlings of Focus Financial Partners

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 28, 2023	trident ffp lp	11.1%	8,250,165	SC 13D/A
Feb 13, 2023	capital world investors	8.3%	5,451,302	SC 13G/A
Feb 09, 2023	vanguard group inc	7.72%	5,085,477	SC 13G/A
Feb 08, 2023	wasatch advisors inc	-	0	SC 13G/A
Feb 02, 2023	trident ffp lp	11.1%	8,250,165	SC 13D/A
Feb 01, 2023	blackrock inc.	5.7%	3,775,028	SC 13G/A
Jan 20, 2023	jpmorgan chase & co	7.8%	5,157,414	SC 13G/A
Jun 06, 2022	wasatch advisors inc	-	0	SC 13G/A
Feb 11, 2022	capital world investors	8.5%	5,469,539	SC 13G
Feb 09, 2022	wasatch advisors inc	-	0	SC 13G

FOCS Fair Value

Recent SEC filings of Focus Financial Partners

View All Filings

Date Filed	Form Type	Document
Feb 28, 2023	8-K	Current Report
Feb 28, 2023	DEFA14A	DEFA14A
Feb 28, 2023	SC 13D/A	13D - Major Acquisition
Feb 27, 2023	8-K	Current Report
Feb 27, 2023	DEFA14A	DEFA14A
Feb 27, 2023	DEFA14A	DEFA14A
Feb 16, 2023	10-K	Annual Report
Feb 16, 2023	8-K	Current Report
Feb 13, 2023	SC 13G/A	Major Ownership Report
Feb 09, 2023	SC 13G/A	Major Ownership Report

Latest Insider Trading transactions for FOCS

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2021-08-16	Mashinsky Kristine	bought	302,138	49.6938	6,080	-
2021-08-13	Mashinsky Kristine	bought	694,824	49.9155	13,920	-
2021-06-23	KKR Freya Aggregator L.P.	acquired	-	-	3,654,040	-
2021-06-23	KKR Freya Aggregator L.P.	sold	-356,283,000	49.87	-7,144,240	-
2021-06-23	KKR Group Partnership L.P.	sold	-356,283,000	49.87	-7,144,240	-
2021-06-23	KKR Group Partnership L.P.	acquired	-	-	3,654,040	-
2021-03-16	KKR Group Partnership L.P.	acquired	-	-	155,558	-
2021-03-16	Carey James D	acquired	-	-	351,220	-
2021-03-16	Carey James D	sold	-31,565,000	46.2	-683,226	-
2021-03-16	KKR Freya Aggregator L.P.	sold	-14,051,300	46.2	-304,141	-

About Focus Financial Partners

Ruediger Adolf

www.focusfinancialpartners.com

4400

Focus Financial Partners Inc. provides wealth management services to primarily ultra-high and high net worth individuals, families, and business entities. Its wealth management services include investment advice, financial and tax planning, consulting, tax return preparation, family office services, and other services. The company also offers recordkeeping and administration services; recommends financial products through commissions and distribution fees; and sells investment or insurance products. Focus Financial Partners Inc. was founded in 2006 and is headquartered in New York, New York.

FOCS Income Statement

2022-12-31

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES:
Total revenues	$ 2,143,321	$ 1,797,951	$ 1,361,319
OPERATING EXPENSES:
Compensation and related expenses	729,891	591,121	476,208
Management fees	530,329	491,433	349,475
Selling, general and administrative	376,417	297,636	236,377
Intangible amortization	261,842	187,848	147,783
Non-cash changes in fair value of estimated contingent consideration	(64,747)	112,416	19,197
Depreciation and other amortization	15,281	14,625	12,451
Total operating expenses	1,849,013	1,695,079	1,241,491
INCOME FROM OPERATIONS	294,308	102,872	119,828
OTHER INCOME (EXPENSE):
Interest income	791	422	453
Interest expense	(99,887)	(55,001)	(41,658)
Amortization of debt financing costs	(3,999)	(3,958)	(2,909)
Loss on extinguishment of borrowings	(1,807)		(6,094)
Other expense-net	(11,370)	(337)	(214)
Income from equity method investments	319	524	219
Total other expense-net	(115,953)	(58,350)	(50,203)
INCOME BEFORE INCOME TAX	178,355	44,522	69,625
INCOME TAX EXPENSE	53,077	20,082	20,660
NET INCOME	125,278	24,440	48,965
Non-controlling interest	(33,494)	(14,028)	(20,920)
NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	91,784	10,412	28,045
Wealth management fees
REVENUES:
Total revenues	2,056,328	1,717,365	1,286,130
Other
REVENUES:
Total revenues	$ 86,993	$ 80,586	$ 75,189
Class A common stock
Income per share of Class A common stock:
Basic (in dollars per share)	$ 1.40	$ 0.18	$ 0.58
Diluted (in dollars per share)	$ 1.39	$ 0.18	$ 0.57
Weighted average shares of Class A common stock outstanding:
Basic (in shares)	65,552,592	57,317,477	48,678,584
Diluted (in shares)	65,810,215	57,831,151	48,796,613

FOCS Balance Sheet

2022-12-31

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 139,973	$ 310,684
Accounts receivable less allowances of $3,255 at 2021 and $3,862 at 2022	217,219	198,827
Prepaid expenses and other assets	151,356	123,826
Fixed assets-net	54,748	47,199
Operating lease assets	258,697	249,850
Debt financing costs-net	7,590	4,254
Deferred tax assets-net	230,130	267,332
Goodwill	2,167,917	1,925,315
Other intangible assets-net	1,639,124	1,581,719
TOTAL ASSETS	4,866,754	4,709,006
LIABILITIES
Accounts payable	12,213	11,580
Accrued expenses	80,679	72,572
Due to affiliates	70,974	105,722
Deferred revenue	10,726	10,932
Contingent consideration and other liabilities	335,033	468,284
Deferred tax liabilities	29,579	31,973
Operating lease liabilities	288,895	277,324
Borrowings under credit facilities (stated value of $2,407,302 and $2,563,970 at December 31, 2021 and December 31, 2022, respectively)	2,510,749	2,393,669
Tax receivable agreements obligations	224,611	219,542
TOTAL LIABILITIES	3,563,459	3,591,598
COMMITMENTS AND CONTINGENCIES (Note 14)
EQUITY
Additional paid-in capital	918,044	841,753
Retained earnings	116,779	24,995
Accumulated other comprehensive income	18,318	3,029
Total shareholders' equity	1,053,918	870,544
Non-controlling interest	249,377	246,864
Total equity	1,303,295	1,117,408
TOTAL LIABILITIES AND EQUITY	4,866,754	4,709,006
Class A common stock
EQUITY
Common stock	659	653
Class B common stock
EQUITY
Common stock	$ 118	$ 114