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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Burford Capital Limited | NYSE:BUR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.38 | 2.73% | 14.30 | 14.36 | 13.85 | 13.90 | 1,016,819 | 01:00:00 |
NEW YORK, Sept. 13, 2023 /PRNewswire/ -- Burford Capital Limited ("Burford"), the leading global finance and asset management firm focused on law, today announces its unaudited financial results at and for the three and six months ended June 30, 2023.1 Burford's report on Form 6-K at and for the three and six months ended June 30, 2023, including unaudited condensed consolidated financial statements (the "2Q23 Quarterly Report"), is available on the Burford Capital website at http://investors.burfordcapital.com.
Christopher Bogart, Chief Executive Officer of Burford Capital, commented:
"We have produced the strongest set of six-month financial results in Burford's history, with net income attributable to shareholders of nearly $240 million and tangible book value per share growth of 12% over the past six months. Our core portfolio generated a lot of cash with realized gains tripling on our core portfolio realizations, and new business was very strong. Our new valuation methodology is sensitive to interest rate changes and thus higher rates during the first six months of 2023 were a headwind for the fair value of our core portfolio, especially during the second quarter, but these valuation movements are non-cash and unrealized and are expected to continue to fluctuate over time. Operating expenses reflect strong portfolio performance and certain idiosyncratic events."
1 In this announcement, references to (1) "2Q23" and "2Q22" are to Burford's unaudited financial results for the three months ended June 30, 2023 and 2022, respectively, and (2) "1H23"and "1H22" are to Burford's unaudited financial results for the six months ended June 30, 2023 and 2022, respectively. | |
All figures in this announcement are unaudited and presented on a consolidated basis in accordance with the generally accepted accounting principles in the United States ("US GAAP"), unless otherwise stated. Definitions, reconciliations and information additional to those set forth in this announcement are available on the Burford Capital website and in the 2Q23 Quarterly Report (as defined above). In addition, Burford applied its revised valuation methodology for capital provision assets to its unaudited condensed consolidated financial statements at June 30, 2023 and for the three and six months ended June 30, 2023 and 2022 included in this announcement. Thus, for comparative purposes, this announcement contains Burford's restated unaudited condensed consolidated financial statements for the six months ended June 30, 2022. However, because Burford has not previously issued quarterly financial statements, the unaudited condensed consolidated financial statements for the three months ended June 30, 2022 contained in this announcement have not historically been presented and therefore are not a restatement of previously issued unaudited condensed consolidated financial statements. |
Highlights
Key activity2
2 | Represents Burford-only capital provision-direct assets |
3 | Represents Burford-only proceeds from capital provision-direct, capital provision-indirect and asset management |
Financial results4
4 | Represents Burford-only |
Portfolio
Liquidity and capital
Dividend
Investor and Analyst Conference Call
Burford will hold a conference call for investors and analysts at 10.00am EDT / 3.00pm BST on Wednesday, September 13, 2023. The dial-in number for the conference call is +1 646 787-9445 (USA) / +44 (0)20 4587 0498 (UK) / +44 (0)20 3936 2999 (all other locations) and the access code is 329784. To minimize the risk of delayed access, participants are urged to dial into the conference call by 9.40am EDT / 2.40pm BST.
A live webcast of the call will also be available at https://www.investis-live.com/burfordcapital/6499460f383e9013000dafed/rosepu, and pre-registration at that link is encouraged.
An accompanying 2Q23 and 1H23 results presentation for investors and analysts will also be made available on the Burford Capital website prior to the conference call at http://investors.burfordcapital.com.
Following the conference call, a replay facility for this event will be available until Wednesday, September 27, 2023 by dialing +1 845 709-8569 (USA) / +44 (0)20 3936 3001 (UK) / +44 (0)20 3936 3001 (all other locations) and using the replay access code 178093. A replay facility will also be accessible through the webcast at https://www.investis-live.com/burfordcapital/6499460f383e9013000dafed/rosepu.
For further information, please contact:
Burford Capital Limited | ||
For investor and analyst inquiries: | ||
Robert Bailhache, Head of Investor Relations, EMEA and Asia - email | +44 (0)20 3530 2023 | |
Jim Ballan, Head of Investor Relations, Americas - email | +1 (646) 793 9176 | |
For press inquiries: | ||
David Helfenbein, Vice President, Public Relations - email | +1 (212) 235 6824 | |
Numis Securities Limited - NOMAD and Joint Broker | +44 (0)20 7260 1000 | |
Giles Rolls | ||
Charlie Farquhar | ||
Jefferies International Limited - Joint Broker | +44 (0)20 7029 8000 | |
Graham Davidson | ||
Tony White | ||
Berenberg – Joint Broker | +44 (0)20 3207 7800 | |
Toby Flaux | ||
James Thompson | ||
About Burford Capital
Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its offices in New York, London, Chicago, Washington, DC, Singapore, Dubai, Sydney and Hong Kong.
For more information, please visit www.burfordcapital.com.
Summary Financial Statements and Reconciliations
The tables below set forth summaries of the condensed consolidated and Burford-only statements of operations for the three and six months ended June 30, 2023 and 2022, the condensed consolidated and Burford-only statements of financial position at June 30, 2023 and December 31, 2022 and corresponding reconciliations from consolidated to Burford-only financial results. Furthermore, the tables below set forth certain additional reconciliations for financial information contained in this announcement.
Summary condensed consolidated statements of operations
Three months ended June 30, | Six months ended June 30, | ||||||||
($ in thousands) | 2023 | 2022 | 2023 | 2022 | |||||
Revenues | |||||||||
Capital provision income | 35,667 | 35,006 | 511,600 | 175,745 | |||||
Plus/(Less): Third-party interests in capital provision assets | 4,813 | 16,857 | (95,532) | 218 | |||||
Asset management income | 1,894 | 2,394 | 3,891 | 5,508 | |||||
Services and other income | 2,177 | (6,767) | 5,497 | (10,879) | |||||
Total revenues | 44,551 | 47,490 | 425,456 | 170,592 | |||||
Total operating expenses | 43,632 | 26,540 | 97,931 | 56,827 | |||||
Operating income | 919 | 20,950 | 327,525 | 113,765 | |||||
Finance costs and loss on debt extinguishment | 21,124 | 21,636 | 41,677 | 37,477 | |||||
Foreign currency transactions (gains)/losses | (8,898) | 2,544 | (11,338) | 3,058 | |||||
(Loss)/income before income taxes | (11,307) | (3,230) | 297,186 | 73,230 | |||||
(Provision) for income taxes | (8,969) | (14,942) | (16,081) | (18,366) | |||||
Net income | (20,276) | (18,172) | 281,105 | 54,864 | |||||
Net income attributable to Burford Capital Limited shareholders | (21,540) | (49,352) | 237,885 | 6,928 | |||||
Net income attributable to Burford Capital Limited shareholders per ordinary share | |||||||||
Basic | $ (0.10) | $ (0.23) | $ 1.09 | $ 0.03 | |||||
Diluted | $ (0.10) | $ (0.23) | $ 1.07 | $ 0.03 |
Summary Burford-only statement of operations
Three months ended June 30, | Six months ended June 30, | ||||||||
($ in thousands) | 2023 | 2022 | 2023 | 2022 | |||||
Revenues | |||||||||
Capital provision income | 35,392 | (4,810) | 351,407 | 95,777 | |||||
Asset management income | 5,684 | 25,829 | 25,041 | 36,763 | |||||
Services and other income | 2,161 | (5,641) | 5,466 | (10,885) | |||||
Total revenues | 43,237 | 15,378 | 381,914 | 121,655 | |||||
Operating income | (330) | (10,660) | 284,338 | 65,826 | |||||
Net income | (21,540) | (49,352) | 237,885 | 65,826 | |||||
Net income per share: | |||||||||
Basic | $ (0.10) | $ (0.23) | $ 1.09 | $ 0.03 | |||||
Diluted | $ (0.10) | $ (0.23) | $ 1.07 | $ 0.03 |
Reconciliation of summary condensed consolidated statement of operations to summary Burford-only statement of operations
Three months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
Elimination of third-party interests | |||||||
($ in thousands) | Consolidated | Strategic | BOF-C | Colorado | Advantage | Other | Burford-only |
Capital provision income | 35,667 | (100) | 72 | 4,728 | (4,983) | 8 | 35,392 |
Plus/(Less): Third-party interests in capital provision assets | 4,813 | - | - | (4,753) | - | (60) | - |
Asset management income | 1,894 | 46 | 3,744 | - | - | - | 5,684 |
Services and other income | 2,177 | - | (1) | - | - | (15) | 2,161 |
Total revenues | 44,551 | (54) | 3,815 | (25) | (4,983) | (67) | 43,237 |
Operating income | 919 | 87 | 3,628 | - | (4,903) | (61) | (330) |
Net income/(loss) | (20,276) | 87 | 3,628 | - | (4,903) | (76) | (21,540) |
Three months ended June 30, 2022 | |||||||||
(GAAP) | (Non-GAAP) | ||||||||
Elimination of third-party interests | |||||||||
($ in thousands) | Consolidated | Strategic | BOF-C | Colorado | Advantage | Other | Burford-only | ||
Capital provision income | 35,006 | (1,769) | (55,580) | 16,423 | 48 | 1,062 | (4,810) | ||
Plus/(Less): Third-party interests in capital provision assets | 16,857 | - | - | (16,435) | - | (422) | - | ||
Asset management income | 2,394 | 57 | 23,378 | - | - | - | 25,829 | ||
Services and other income | (6,767) | 1,132 | - | - | - | (6) | (5,641) | ||
Total revenues | 47,490 | (580) | (32,202) | (12) | 48 | 634 | 15,378 | ||
Operating income | 20,950 | (245) | (32,240) | - | 138 | 737 | (10,660) | ||
Net income/(loss) | (18,172) | (245) | (32,240) | - | 138 | 1,167 | (49,352) | ||
Six months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
Elimination of third-party interests | |||||||
($ in thousands) | Consolidated | Strategic | BOF-C | Colorado | Advantage | Other | Burford-only |
Capital provision income | 511,600 | (207) | (48,236) | (95,041) | (12,005) | (4,704) | 351,407 |
Plus/(Less): Third-party interests in capital provision assets | (95,532) | - | - | 95,011 | - | 521 | - |
Asset management income | 3,891 | 92 | 21,058 | - | - | - | 25,041 |
Services and other income | 5,497 | - | (2) | - | - | (29) | 5,466 |
Total revenues | 425,456 | (115) | (27,180) | (30) | (12,005) | (4,212) | 381,914 |
Operating income | 327,525 | 181 | (27,397) | - | (11,802) | (4,169) | 284,338 |
Net income/(loss) | 281,105 | 181 | (27,397) | - | (11,802) | (4,202) | 237,885 |
Six months ended June 30, 2022 | |||||||
(GAAP) | (Non-GAAP) | ||||||
Elimination of third-party interests | |||||||
($ in thousands) | Consolidated | Strategic | BOF-C | Colorado | Advantage | Other | Burford-only |
Capital provision income | 175,745 | (2,277) | (74,175) | 498 | (318) | (3,696) | 95,777 |
Plus/(Less): Third-party interests in capital provision assets | 218 | - | - | (510) | - | 292 | - |
Asset management income | 5,508 | 218 | 31,037 | - | - | - | 36,763 |
Services and other income | (10,879) | - | - | - | - | (6) | (10,885) |
Total revenues | 170,592 | (2,059) | (43,138) | (12) | (318) | (3,410) | 121,655 |
Operating income | 113,765 | (1,357) | (43,200) | - | (77) | (3,305) | 65,826 |
Net income/(loss) | 54,864 | (1,357) | (43,200) | - | (77) | (3,302) | 6,928 |
Reconciliation of capital provision income excluding YPF-related assets
For the six months ended June 30, | ||||
($ in thousands) | 2023 | 2022 | ||
Capital provision income | 511,600 | 175,745 | ||
Less: Capital provision income from YPF-related assets | (277,318) | (1,440) | ||
Capital provision income excluding YPF-related assets | 234,282 | 174,305 |
Summary condensed consolidated statement of financial position
At | ||||
($ in thousands) | June 30, 2023 | December 31, 2022 | ||
Total assets | 5,177,712 | 4,288,359 | ||
Total liabilities | 2,441,646 | 1,901,289 | ||
Total Burford Capital Limited equity | 1,942,025 | 1,742,584 | ||
Non-controlling interests | 794,041 | 644,486 | ||
Total shareholders' equity | 2,736,066 | 2,387,070 | ||
Basic ordinary shares outstanding | 218,957,218 | 218,581,877 | ||
Total shareholders' equity attributable to Burford Capital Limited per basic ordinary share | 8.87 | 7.97 | ||
Total shareholders' equity per basic ordinary share | 12.50 | 10.92 |
Reconciliation of summary condensed consolidated statement of financial position to summary Burford-only statement of financial position
At June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
Elimination of third-party interests | |||||||
($ in thousands) | Consolidated | Strategic | BOF-C | Colorado | Advantage Fund | Other | Burford-only |
Total assets | 5,177,712 | (2,518) | (556,238) | (504,275) | (178,766) | (73,413) | 3,862,502 |
Total liabilities | 2,441,646 | (141) | (4,234) | (504,275) | (75) | (12,444) | 1,920,477 |
Total shareholders' equity | 2,736,066 | (2,377) | (552,004) | - | (178,691) | (60,969) | 1,942,025 |
At December 31, 2022 | |||||||
(GAAP) | (Non-GAAP) | ||||||
Elimination of third-party interests | |||||||
($ in thousands) | Consolidated | Strategic | BOF-C | Colorado | Advantage Fund | Other | Burford-only |
Total assets | 4,288,359 | (2,779) | (477,590) | (409,249) | (103,523) | (76,792) | 3,218,426 |
Total liabilities | 1,901,289 | (228) | (4,234) | (409,249) | (120) | (11,616) | 1,475,842 |
Total shareholders' equity | 2,387,070 | (2,551) | (473,356) | - | (103,403) | (65,176) | 1,742,584 |
Reconciliation of components of realizations from a consolidated basis to a Group-wide basis
Three months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group-wide | |
Capital provision-direct | 130,520 | 2,677 | 133,197 | 22,986 | 17,328 | 173,511 | |
Capital provision-indirect | 27,064 | (22,605) | 4,459 | 22,290 | - | 26,749 | |
Post-settlement | - | - | - | 79,576 | - | 79,576 | |
Total realizations | 157,584 | (19,928) | 137,656 | 124,852 | 17,328 | 279,836 |
Three months ended June 30, 2022 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group-wide | |
Capital provision-direct | 54,769 | (4,919) | 49,850 | 14,043 | 9,069 | 72,962 | |
Capital provision-indirect | 7,114 | (1,792) | 5,322 | 13,326 | - | 18,648 | |
Post-settlement | - | - | - | 8,840 | - | 8,840 | |
Total realizations | 61,883 | (6,711) | 55,172 | 36,209 | 9,069 | 100,450 |
Six months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group-wide | |
Capital provision-direct | 246,252 | (51,309) | 194,943 | 73,376 | 52,751 | 321,070 | |
Capital provision-indirect | 39,644 | (33,089) | 6,555 | 32,774 | - | 39,329 | |
Post-settlement | - | - | - | 98,256 | - | 98,256 | |
Total realizations | 285,896 | (84,398) | 201,498 | 204,406 | 52,751 | 458,655 |
Six months ended June 30, 2022 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group-wide | |
Capital provision-direct | 75,980 | (5,778) | 70,202 | 24,381 | 12,319 | 106,902 | |
Capital provision-indirect | 12,466 | (6,367) | 6,099 | 17,901 | - | 24,000 | |
Post-settlement | - | - | - | 38,303 | - | 38,303 | |
Total realizations | 88,446 | (12,145) | 76,301 | 80,585 | 12,319 | 169,205 |
Reconciliation of components of deployments from a consolidated basis to a Group-wide basis
Three months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group-wide | |
Capital provision-direct | 246,840 | (65,387) | 181,453 | 6,070 | 58,504 | 246,027 | |
Capital provision-indirect | 78,794 | (65,662) | 13,132 | 65,662 | - | 78,794 | |
Post-settlement | - | - | - | 31,939 | - | 31,939 | |
Total deployments | 325,634 | (131,049) | 194,585 | 103,671 | 58,504 | 356,760 |
Three months ended June 30, 2022 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group-wide | |
Capital provision-direct | 92,445 | (22,273) | 70,172 | 8,926 | 21,291 | 100,389 | |
Capital provision-indirect | 5,429 | (3,518) | 1,911 | 3,518 | - | 5,429 | |
Post-settlement | - | - | - | 26,116 | - | 26,116 | |
Total deployments | 97,874 | (25,791) | 72,083 | 38,560 | 21,291 | 131,934 |
Six months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group-wide | |
Capital provision-direct | 331,525 | (83,079) | 248,446 | 12,983 | 75,956 | 337,385 | |
Capital provision-indirect | 112,794 | (93,995) | 18,799 | 93,995 | - | 112,794 | |
Post-settlement | - | - | - | 35,806 | - | 35,806 | |
Total deployments | 444,319 | (177,074) | 267,245 | 142,784 | 75,956 | 485,985 |
Six months ended June 30, 2022 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group-wide | |
Capital provision-direct | 183,566 | (61,436) | 122,130 | 14,667 | 60,304 | 197,101 | |
Capital provision-indirect | 20,176 | (16,776) | 3,400 | 16,776 | - | 20,176 | |
Post-settlement | - | - | - | 43,152 | - | 43,152 | |
Total deployments | 203,742 | (78,212) | 125,530 | 74,595 | 60,304 | 260,429 |
Reconciliation of consolidated proceeds from capital provision assets to Burford-only cash receipts
($ in thousands) | Six months | Three months | Three months |
Consolidated proceeds from capital provision assets | 308,007 | 144,485 | 163,522 |
Less: Elimination of third-party interests | (87,513) | (60,563) | (26,950) |
Burford-only total proceeds from capital provision assets | 220,494 | 83,922 | 136,572 |
Burford-only proceeds from capital provision-direct assets | 213,321 | 77,742 | 135,579 |
Burford-only proceeds from capital provision-indirect assets | 7,173 | 6,180 | 993 |
Burford-only total proceeds from capital provision assets | 220,494 | 83,922 | 136,572 |
Consolidated asset management income | 3,891 | 1,997 | 1,894 |
Plus: Eliminated income from funds | 21,150 | 17,360 | 3,790 |
Burford-only asset management income | 25,041 | 19,357 | 5,684 |
Less: Non-cash adjustments(1) | (1,728) | (7,086) | 5,358 |
Burford-only proceeds from asset management income | 23,313 | 12,271 | 11,042 |
Burford-only proceeds from marketable security interest and dividends | 1,563 | 881 | 682 |
Burford-only proceeds from asset recovery fee for services | 38 | 83 | (45) |
Burford-only proceeds from insurance receipts | 1,530 | - | 1,530 |
Burford-only proceeds from asset management and other services | 26,444 | 13,235 | 13,209 |
Cash receipts | 246,938 | 97,157 | 149,781 |
(1) | Adjustments for the change in asset management receivables accrued during the applicable period but not yet received at the end of such period. |
($ in thousands) | Six months | Three months | Three months |
Consolidated proceeds from capital provision assets | 108,541 | 69,369 | 39,172 |
Less: Elimination of third-party interests | (21,451) | (14,109) | (7,342) |
Burford-only total proceeds from capital provision assets | 87,090 | 55,260 | 31,830 |
Burford-only proceeds from capital provision-direct assets | 81,511 | 55,163 | 26,348 |
Burford-only proceeds from capital provision-indirect assets | 5,579 | 97 | 5,482 |
Burford-only total proceeds from capital provision assets | 87,090 | 55,260 | 31,830 |
Consolidated asset management income | 5,508 | 3,114 | 2,394 |
Plus: Eliminated income from funds | 31,255 | 7,820 | 23,435 |
Burford-only asset management income | 36,763 | 10,934 | 25,829 |
Less: Non-cash adjustments(1) | (26,547) | (8,725) | (17,822) |
Burford-only proceeds from asset management income | 10,216 | 2,209 | 8,007 |
Burford-only proceeds from marketable security interest and dividends | 967 | 614 | 353 |
Burford-only proceeds from asset recovery fee for services | 577 | 418 | 159 |
Burford-only proceeds from insurance receipts | 413 | - | 413 |
Burford-only proceeds from other corporate | 191 | - | 191 |
Burford-only proceeds from asset management and other services | 12,364 | 3,241 | 9,123 |
Cash receipts | 99,454 | 58,501 | 40,953 |
(1) | Adjustments for the change in asset management receivables accrued during the applicable period but not yet received at the end of such period. |
Reconciliation of consolidated aggregate cash receipts from three matters of note to Burford only cash receipts
Six months ended June 30, 2023 | |||
($ in thousands) | Consolidated | Elimination and | Burford-only |
Aggregate cash receipts - three matters of note | 181,514 | (34,050) | 147,464 |
Reconciliation of consolidated portfolio to Group-wide portfolio
($ in thousands) | At June 30, 2023 | At December 31, 2022 |
Consolidated carrying value | 4,407,888 | 3,735,556 |
Consolidated undrawn commitments | 1,983,154 | 1,720,727 |
Eliminations of third-party interests: | ||
Less: Attributable to carrying value | (1,348,424) | (1,100,137) |
Less: Attributable to undrawn commitments | (471,789) | (413,446) |
Burford-only Carrying value | 3,059,464 | 2,635,419 |
Burford-only undrawn commitments | 1,511,365 | 1,307,281 |
Burford-only portfolio | 4,570,829 | 3,942,700 |
Other funds carrying value | 1,115,482 | 1,076,320 |
Other funds undrawn commitments | 265,502 | 239,145 |
Other funds portfolio | 1,380,984 | 1,315,465 |
BOF-C carrying value | 597,340 | 516,982 |
BOF-C undrawn commitments | 434,930 | 371,724 |
BOF-C portfolio | 1,032,270 | 888,706 |
Total group-wide portfolio | 6,984,083 | 6,146,871 |
Reconciliation of consolidated to Burford-only cash and cash equivalents and marketable securities
At June 30, 2023 | At December 31, 2022 | ||||||
(GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | ||||
($ in thousands) | Consolidated | Elimination of | Burford- | Consolidated | Elimination of | Burford- | |
Cash and cash equivalents | 365,336 | (31,779) | 333,557 | 107,658 | (33,979) | 73,679 | |
Marketable securities | 107,180 | - | 107,180 | 136,358 | - | 136,358 | |
Total cash and cash equivalents and marketable securities | 472,516 | (31,779) | 440,737 | 244,016 | (33,979) | 210,037 |
Reconciliation of consolidated to Burford-only capital provision assets
At June 30, 2023 | At December 31, 2022 | ||||||
(GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | ||||
($ in thousands) | Consolidated | Elimination of | Burford- | Consolidated | Elimination of | Burford- | |
YPF-related assets | 1,512,062 | (504,397) | 1,007,665 | 1,232,549 | (409,514) | 823,035 | |
Other assets | 2,895,826 | (844,027) | 2,051,799 | 2,503,007 | (689,602) | 1,813,405 | |
Capital provision assets | 4,407,888 | (1,348,424) | 3,059,464 | 3,735,556 | (1,099,116) | 2,636,440 |
Reconciliation of consolidated to Burford-only due from settlement of capital provision assets
At June 30, 2023 | At December 31, 2022 | ||||||
(GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | ||||
($ in thousands) | Consolidated | Elimination of | Burford- | Consolidated | Elimination of | Burford- | |
Due from settlement of capital provision assets | 94,391 | (1,754) | 92,637 | 116,582 | (1,932) | 114,650 |
Reconciliation of consolidated to Burford-only realized gains on capital provision-direct assets
Three months ended June 30, 2023 | Three months ended June 30, 2022 | ||||||
(GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | ||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Consolidated | Eliminations and | Burford-only | |
Realized gains relative to cost | 59,335 | (554) | 58,781 | 21,497 | (4,908) | 16,589 |
Six months ended June 30, 2023 | Six months ended June 30, 2022 | ||||||
(GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | ||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Consolidated | Eliminations and | Burford-only | |
Realized gains relative to cost | 127,405 | (33,011) | 94,394 | 32,085 | (5,484) | 26,601 |
Reconciliation of tangible book value attributable to Burford Capital Limited per ordinary share
($ in thousands, except share data) | At June 30, 2023 | At December 31, 2022 | ||
Total Burford Capital Limited equity | 1,942,025 | 1,742,584 | ||
Less: Goodwill | (133,962) | (133,912) | ||
Tangible book value attributable to Burford Capital Limited | 1,808,063 | 1,608,672 | ||
Basic ordinary shares outstanding | 218,957,218 | 218,581,877 | ||
Tangible book value attributable to Burford Capital Limited per ordinary share | 8.26 | 7.36 |
Reconciliation of shareholders' equity attributable to Burford Capital Limited per ordinary share
($ in thousands, except share data) | At June 30, 2023 | At December 31, 2022 | ||
Total shareholders' equity | 2,653,361 | 2,387,070 | ||
Less: Non-controlling interests | (661,083) | (644,486) | ||
Total Burford Capital Limited equity | 1,942,025 | 1,742,584 | ||
Basic ordinary shares outstanding | 218,957,218 | 218,581,877 | ||
Shareholders' equity attributable to Burford Capital Limited per ordinary share | 8.87 | 7.97 |
Definitions and Use of Non-GAAP Financial Measures and Alternative Performance Measures
Burford reports its financial results in accordance with US GAAP. US GAAP requires us to present financial statements that consolidate some of the limited partner interests in private funds we manage as well as assets held on our balance sheet where we have a partner or minority investor. We therefore refer to various presentations of our financial results as follows:
We subdivide our capital provision assets into two categories:
We also use certain unaudited alternative performance measures, including:
Other unaudited alternative performance measures and terms we use include:
We also use certain non-GAAP financial measures, including:
For additional information, including reconciliations of our non-GAAP financial measures to the most directly comparable US GAAP measures and reconciliations of our alternative performance measures additional to those set forth in this announcement, see the 2Q23 Quarterly Report furnished to the US Securities and Exchange Commission on September 13, 2023 and made available on our website at http://investors.burfordcapital.com. Non-GAAP financial measures should not be considered in isolation from, as substitutes for, or superior to, financial measures calculated in accordance with US GAAP.
This announcement does not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.
This announcement does not constitute an offer of any Burford private fund. Burford Capital Investment Management LLC, which acts as the fund manager of all Burford private funds, is registered as an investment adviser with the US Securities and Exchange Commission. The information provided in this announcement is for informational purposes only. Past performance is not indicative of future results. The information contained in this announcement is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, interests or shares in any of Burford private funds). Any such offer or solicitation may be made only by means of a final confidential private placement memorandum and other offering documents.
Forward-looking statements
This announcement contains "forward-looking statements" within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, regarding assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements". In some cases, predictive, future-tense or forward-looking words such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "potential", "predict", "projected", "should" or "will" or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, Burford and its representatives may from time to time make other oral or written statements which are forward-looking statements, including in its periodic reports that Burford files with, or furnishes to, the US Securities and Exchange Commission, other information made available to Burford's security holders and other written materials. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. Burford cautions you that forward-looking statements are not guarantees of future performance and are based on numerous assumptions, expectations, projections, intentions and beliefs and that Burford's actual results of operations, including its financial position and liquidity, and the development of the industry in which it operates, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this announcement. Significant factors that may cause actual results to differ from those Burford expects include, among others, those discussed under "Risk Factors" in Burford's annual report on Form 20-F for the year ended December 31, 2022 filed with the US Securities and Exchange Commission on May 16, 2023 and other reports or documents that Burford files with, or furnishes to, the US Securities and Exchange Commission from time to time. In addition, even if Burford's results of operations, including its financial position and liquidity, and the development of the industry in which it operates are consistent with the forward-looking statements contained in this announcement, those results of operations or developments may not be indicative of results of operations or developments in subsequent periods.
Except as required by law, Burford undertakes no obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events or otherwise.
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