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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Burford Capital Limited | LSE:BUR | London | Ordinary Share | GG00BMGYLN96 | ORD NPV (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-4.00 | -0.39% | 1,015.00 | 1,021.00 | 1,024.00 | 1,035.00 | 990.50 | 990.50 | 205,584 | 16:35:16 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Unit Inv Tr, Closed-end Mgmt | 1.39B | 610.52M | - | N/A | 2.23B |
NEW YORK, Aug. 8, 2024 /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, 2024.
In addition, Burford has made available an accompanying three and six months ended June 30, 2024 results presentation and capital provision-direct and capital provision-indirect asset data tables on its website at http://investors.burfordcapital.com.
Christopher Bogart, Chief Executive Officer of Burford Capital, commented: |
"Burford had a strong second quarter, with Burford-only total revenues up 217% and capital provision income up 237% over the comparable period in 2023. A series of case wins underline the lack of correlation between Burford's cash flows and markets or the economy and demonstrate continued progression in our $7.4 billion Group-wide total portfolio. New business was also active with new commitments above our recent quarterly average. As we've signaled, overall year-to-date results can't compare with last year given the unrealized gains from the 2023 YPF win, but year-to-date net realized gains on our core portfolio were up 36%. After a typically sleepy first quarter, we are very pleased with the performance of the business in the second quarter and in the first half of 2024." |
Consolidated financial results
Summary statements of operations | ||||||||
Six months ended June 30, | Three months ended June 30, | |||||||
Consolidated (US GAAP) ($ in thousands, except per share data) | 2024 | 2023 | % change | 2024 | 2023 | % change | ||
Capital provision income | 198,506 | 511,600 | -61 % | 157,745 | 35,667 | 342 % | ||
Asset management income | 3,507 | 3,891 | -10 % | 1,644 | 1,894 | -13 % | ||
Total revenues | 203,948 | 425,456 | -52 % | 159,653 | 44,551 | 258 % | ||
Total operating expenses | 68,289 | 97,931 | -30 % | 38,151 | 43,632 | -13 % | ||
Net income/(loss) attributable to Burford Capital Limited shareholders | 23,809 | 237,885 | -90 % | 53,746 | (21,540) | NM | ||
Per diluted ordinary share | 0.11 | 1.07 | -90 % | 0.24 | (0.10) | NM | ||
Note: "NM" denotes not meaningful. Changes from negative to positive amounts and positive to negative amounts, increases or decreases from zero and changes greater than 700% are not considered meaningful. | ||||||||
Summary statements of financial position | ||||||||
Consolidated (US GAAP) ($ in thousands, except per share data) | June 30, 2024 | December 31, 2023 | % change | |||||
Capital provision assets | 5,238,633 | 5,045,388 | 4 % | |||||
Total Burford Capital Limited equity | 2,303,187 | 2,290,858 | 1 % | |||||
Book value per ordinary share | 10.50 | 10.46 | 0.4 % | |||||
Non-controlling interests | 929,115 | 916,922 | 1 % | |||||
Total shareholders' equity | 3,232,302 | 3,207,780 | 1 % | |||||
Total liabilities and shareholders' equity | 6,120,686 | 5,837,394 | 5 % | |||||
In this announcement, references to "2Q24" and "YTD24" are to Burford's financial results for the three and six months ended June 30, 2024, respectively, and references to "2Q23" and "YTD23" are to Burford's financial results for the three and six months ended June 30, 2023, respectively. All figures in this announcement are presented on an unaudited consolidated basis in accordance with the generally accepted accounting principles in the United States ("US GAAP"), unless otherwise stated. Figures at and for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024. Definitions, reconciliations and information additional to those set forth in this announcement are available on Burford's website at http://investors.burfordcapital.com. |
Burford-only operational and financial review (non-GAAP)
Selected metrics1 | |||||||||
Six months ended June 30, | Three months ended June 30, | ||||||||
Burford-only (non-GAAP) ($ in thousands) | 2024 | 2023 | % change | 2024 | 2023 | % change | |||
Net realized gains/(losses) | 127,907 | 94,394 | 36 % | 99,153 | 58,781 | 69 % | |||
Realizations | 215,738 | 194,943 | 11 % | 154,664 | 133,197 | 16 % | |||
Cash receipts2 | 245,057 | 246,938 | -1 % | 107,363 | 149,781 | -28 % | |||
Deployments | 190,826 | 248,446 | -23 % | 131,745 | 181,453 | -27 % | |||
New commitments | 342,590 | 431,034 | -21 % | 260,131 | 330,270 | -21 % | |||
1 Represents Burford-only capital provision-direct, unless noted otherwise. | |||||||||
2 Represents Burford-only proceeds from capital provision-direct, capital provision-indirect and asset management and other services. | |||||||||
Group-wide (non-GAAP) ($ in thousands) | June 30, 2024 | December 31, 2023 | % change | ||||||
Total portfolio | 7,383,303 | 7,170,308 | 3 % | ||||||
Selected financial metrics | ||||||||
Six months ended June 30, | Three months ended June 30, | |||||||
Burford-only (non-GAAP) ($ in thousands, except per share data) | 2024 | 2023 | % change | 2024 | 2023 | % change | ||
Total revenues | 168,655 | 381,914 | -56 % | 137,277 | 43,237 | 217 % | ||
Total operating expenses | 66,966 | 97,576 | -31 % | 37,302 | 43,567 | -14 % | ||
Operating income/(loss) | 101,689 | 284,338 | -64 % | 99,975 | (330) | NM | ||
Net income/(loss) | 23,809 | 237,885 | -90 % | 53,746 | (21,540) | NM | ||
Burford-only (non-GAAP) ($ in thousands, except per share data) | June 30, 2024 | December 31, 2023 | $ change | % change | ||||
Tangible book value attributable to Burford Capital Limited | 2,169,230 | 2,156,893 | 12,337 | 1 % | ||||
Tangible book value attributable to Burford Capital Limited per ordinary share | 9.89 | 9.85 | 2.49 | 0.4 % | ||||
Selected portfolio metrics | ||||
Burford-only (non-GAAP) ($ in thousands) | June 30, 2024 | December 31, 2023 | $ change | % change |
Deployed cost | 1,669,894 | 1,573,531 | 96,363 | 6 % |
Plus: Fair value adjustments | 1,824,715 | 1,814,070 | 10,645 | 1 % |
Fair value | 3,494,609 | 3,387,601 | 107,008 | 3 % |
Undrawn commitments | 1,521,074 | 1,396,061 | 125,013 | 9 % |
Total capital provision-direct portfolio | 5,015,683 | 4,783,662 | 232,021 | 5 % |
Total capital provision portfolio1 | 5,058,082 | 4,840,117 | 217,965 | 5 % |
1 Represents capital provision-direct and capital provision-indirect. | ||||
Liquidity and capital | |||||
Burford-only (non-GAAP) ($ in thousands) | June 30, 2024 | December 31, 2023 | $ change | % change | |
Liquidity | |||||
Cash and cash equivalents | 349,700 | 195,915 | 153,785 | 78 % | |
Marketable securities | 92,924 | 107,561 | (14,637) | -14 % | |
Total liquidity | 442,624 | 303,476 | 139,148 | 46 % | |
Due from settlement of capital provision assets | 199,997 | 185,267 | 14,730 | 8 % | |
Change in independent auditors
As previously announced in a report on Form 6-K furnished to the US Securities and Exchange Commission on July 9, 2024, Ernst & Young LLP ("E&Y") was dismissed as Burford's independent registered public accounting firm effective immediately following the issuance of Burford's consolidated financial statements for the three and six months ended June 30, 2024. KPMG LLP ("KPMG") will replace E&Y as Burford's independent registered public accounting firm and will review Burford's consolidated financial statements for the three and nine months ending September 30, 2024 and will audit Burford's consolidated financial statements for the fiscal year ending December 31, 2024. KPMG's appointment is subject to the ratification of Burford's shareholders at an extraordinary general meeting to be held on August 20, 2024.
In accordance with Guernsey law, E&Y has deposited with Burford a statement confirming there are no matters to be brought to the attention of Burford's members or creditors.
Adoption of US Rule 10b5-1 executive share liquidity plans
A feature of the US public markets is a well-established and widely used approach for corporate executives to obtain some liquidity from their shareholdings as part of their personal financial planning. As part of its acquisition of full US domestic issuer status, Burford is joining typical US public company practice (including, we believe, the clear majority of S&P 500 companies) in permitting the use by its executives of plans that pre-set such transactions in the future, known as "Rule 10b5-1 trading plans" after the SEC rule that provides for such plans. To be clear, the adoption and use of Rule 10b5-1 plans does not alter a company's commitment to its executives being meaningfully exposed to its equity nor does it affect Burford's minimum share ownership policy for its executives; rather, Rule 10b5-1 plans provide a vehicle for enabling some liquidity in an orderly manner that removes executives from short-term trading decisions and the potential for market signaling.
The Rule 10b5-1 plans will be administered by Merrill Lynch and operate as follows, consistent with the requirements of Rule 10b5-1 and the usual design of such plans. During any open period (which typically occurs following the release of each quarter's earnings), an executive may choose to adopt the Rule 10b5-1 plan by authorizing the sale of a certain amount of the executive's holdings in Burford's ordinary shares over the forthcoming year. Those sales are then managed by Merrill Lynch according to pre-set parameters set forth in the Rule 10b5-1 plan; the executive has no involvement in the trading process. No sales occur during what is known as a "cooling-off period," which is typically 90-120 days under the relevant rules after adopting the Rule 10b5-1 plan.
Over the course of the next year, Burford expects that four of its executives (its CEO, CIO and co-COOs) will adopt and make use of the Rule 10b5-1 plans in connection with nominal levels of their Burford's ordinary shares. Burford expects that those executives will also continue to amass additional ordinary shares of Burford as an integral part of their compensation plans.
Investor and analyst conference call
Burford will hold a conference call for investors and analysts at 10.00am EDT / 3.00pm BST on Thursday, August 8, 2024. The dial-in numbers for the conference call are +1 (646) 307-1963 (USA) or +1 (800) 715-9871 (USA & Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll free) and the access code is 36518. 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://events.q4inc.com/attendee/572051862, and pre-registration at that link is encouraged.
An accompanying 2Q24 and 6M24 results presentation for investors and analysts will also be made available on Burford's website prior to the conference call at http://investors.burfordcapital.com.
Following the conference call, a replay facility for this event will be accessible through the webcast at https://events.q4inc.com/attendee/572051862.
For further information, please contact:
Burford Capital Limited | |
For investor and analyst inquiries: | |
Americas: Josh Wood, Head of Investor Relations - email | +1 212 516 5824 |
EMEA & Asia: Rob Bailhache, Head of EMEA & Asia Investor Relations - email | +44 (0)20 3530 2023 |
For press inquiries: | |
David Helfenbein, Vice President, Public Relations - email | +1 (212) 516 5824 |
Deutsche Numis - 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 | |
James Umbers | |
Berenberg – Joint Broker | +44 (0)20 3207 7800 |
Toby Flaux | |
James Thompson | |
Yasmina Benchekroun |
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, 2024 and 2023, the condensed consolidated and Burford-only statements of financial position at June 30, 2024 and December 31, 2023 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) | 2024 | 2023 | 2024 | 2023 | ||||
Revenues | ||||||||
Capital provision income/(loss) | 157,745 | 35,667 | 198,506 | 511,600 | ||||
(Less)/Plus: Third-party interests in capital provision assets | (6,264) | 4,813 | (11,488) | (95,532) | ||||
Asset management income/(loss) | 1,644 | 1,894 | 3,507 | 3,891 | ||||
Services and other income/(loss) | 6,528 | 2,177 | 13,423 | 5,497 | ||||
Total revenues | 159,653 | 44,551 | 203,948 | 425,456 | ||||
Total operating expenses | 38,151 | 43,632 | 68,289 | 97,931 | ||||
Operating income/(loss) | 121,502 | 919 | 135,659 | 327,525 | ||||
Finance costs and loss on debt extinguishment | 34,466 | 21,124 | 67,033 | 41,677 | ||||
Foreign currency transactions (gains)/losses | 67 | (8,898) | 559 | (11,338) | ||||
Income/(loss) before income taxes | 86,969 | 12,226 | 68,067 | 297,186 | ||||
Benefit from/(provision for) income taxes | (11,697) | (8,969) | (10,293) | (16,081) | ||||
Net income/(loss) | 75,272 | (20,276) | 57,774 | 281,105 | ||||
Net income/(loss) attributable to Burford Capital Limited shareholders | 53,746 | (21,540) | 23,809 | 237,885 | ||||
Net income/(loss) attributable to Burford Capital Limited shareholders per ordinary share | ||||||||
Basic | $0.25 | ($0.10) | $0.11 | $1.09 | ||||
Diluted | $0.24 | ($0.10) | $0.11 | $1.07 |
Summary Burford-only statement of operations
Three months ended June 30, | Six months ended June 30, | |||||||
($ in thousands) | 2024 | 2023 | 2024 | 2023 | ||||
Revenues | ||||||||
Capital provision income | 119,360 | 35,392 | 137,263 | 351,407 | ||||
Asset management income | 11,487 | 5,684 | 18,160 | 25,041 | ||||
Services and other income | 6,430 | 2,161 | 13,232 | 5,466 | ||||
Total revenues | 137,277 | 43,237 | 168,655 | 381,914 | ||||
Operating expenses | 37,302 | 43,567 | 66,966 | 97,576 | ||||
Operating income | 99,975 | (330) | 101,689 | 284,338 | ||||
Net income | 53,746 | (21,540) | 23,809 | 237,885 | ||||
Net income per share: | ||||||||
Basic | $0.25 | ($0.10) | $0.11 | $1.09 | ||||
Diluted | $0.24 | ($0.10) | $0.11 | $1.07 |
Reconciliation of summary condensed consolidated statement of operations to summary Burford-only statement of operations
Three months ended June 30, 2024 | |||||||
(GAAP) | (Non-GAAP) | ||||||
Elimination of third-party interests | |||||||
($ in thousands) | Consolidated | BOF-C | Colorado | Advantage | Other | Burford- | |
Capital provision income | 157,745 | (23,332) | (7,406) | (5,774) | (1,873) | 119,360 | |
(Less): Third-party interests in capital provision assets | (6,264) | - | 7,385 | - | (1,121) | - | |
Asset management income | 1,644 | 9,843 | - | - | - | 11,487 | |
Services and other income | 6,528 | (97) | - | - | (1) | 6,430 | |
Total revenues | 159,653 | (13,586) | (21) | (5,774) | (2,995) | 137,277 | |
Operating expenses | 38,151 | 46 | (21) | (105) | (769) | 37,302 | |
Operating income | 121,502 | (13,632) | - | (5,669) | (2,226) | 99,975 | |
Net income/(loss) | 75,272 | (13,632) | - | (5,669) | (2,225) | 53,746 |
Three months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
Elimination of third-party interests | |||||||
($ in thousands) | Consolidated | Strategic | BOF-C | Colorado | Advantage | Other | Burford- |
Capital provision income | 35,667 | (100) | 72 | 4,728 | (4,983) | 8 | 35,392 |
(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 expenses | 43,632 | (141) | 187 | (25) | (80) | (6) | 43,567 |
Operating income | 919 | 87 | 3,628 | - | (4,903) | (61) | (330) |
Net income/(loss) | (20,276) | 87 | 3,628 | - | (4,903) | (76) | (21,540) |
Six months ended June 30, 2024 | |||||||
(GAAP) | (Non-GAAP) | ||||||
Elimination of third-party interests | |||||||
($ in thousands) | Consolidated | BOF-C | Colorado | Advantage | Other | Burford- | |
Capital provision income | 198,506 | (33,018) | (12,826) | (13,045) | (2,354) | 137,263 | |
(Less): Third-party interests in capital provision assets | (11,488) | - | 12,754 | - | (1,266) | - | |
Asset management income | 3,507 | 14,653 | - | - | - | 18,160 | |
Services and other income | 13,423 | (185) | - | - | (6) | 13,232 | |
Total revenues | 203,948 | (18,550) | (72) | (13,045) | (3,626) | 168,655 | |
Operating expenses | 68,289 | 90 | (72) | (274) | (1,067) | 66,966 | |
Operating income | 135,659 | (18,640) | - | (12,771) | (2,559) | 101,689 | |
Net income/(loss) | 57,774 | (18,640) | - | (12,771) | (2,554) | 23,809 |
Six months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
Elimination of third-party interests | |||||||
($ in thousands) | Consolidated | Strategic | BOF-C | Colorado | Advantage | Other | Burford- |
Capital provision income | 511,600 | (207) | (48,236) | (95,041) | (12,005) | (4,704) | 351,407 |
(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 expenses | 97,931 | (296) | 217 | (30) | (203) | (43) | 97,576 |
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 |
Summary condensed consolidated statement of financial position
($ in thousands) | June 30, 2024 | December 31, | ||
Total assets | 6,120,686 | 5,837,394 | ||
Total liabilities | 2,888,384 | 2,629,614 | ||
Total Burford Capital Limited equity | 2,303,187 | 2,290,858 | ||
Non-controlling interests | 929,115 | 916,922 | ||
Total shareholders' equity | 3,232,302 | 3,207,780 | ||
Basic ordinary shares outstanding | 219,412,747 | 218,962,441 | ||
Total shareholders' equity attributable to Burford Capital Limited per basic ordinary share | 10.50 | 10.46 | ||
Total shareholders' equity per basic ordinary share | 14.73 | 14.65 |
Reconciliation of summary consolidated statement of financial position to summary Burford-only statement of financial position
June 30, 2024 | ||||||||||||
(GAAP) | (Non-GAAP) | |||||||||||
Elimination of third-party interests | ||||||||||||
($ in thousands) | Consolidated | BOF-C | Colorado | Advantage | Other | Burford-only | ||||||
Total assets | 6,120,686 | (665,252) | (699,041) | (201,022) | (80,187) | 4,475,184 | ||||||
Total liabilities | 2,888,384 | - | (699,041) | (80) | (17,266) | 2,171,997 | ||||||
Total shareholders' equity | 3,232,302 | (665,252) | - | (200,942) | (62,921) | 2,303,187 | ||||||
December 31, 2023 | ||||||||||||
(GAAP) | (Non-GAAP) | |||||||||||
Elimination of third-party interests | ||||||||||||
($ in thousands) | Consolidated | BOF-C | Colorado | Advantage | Other | Burford-only | ||||||
Total assets | 5,837,394 | (634,239) | (686,304) | (222,413) | (78,574) | 4,215,864 | ||||||
Total liabilities | 2,629,614 | - | (686,304) | (100) | (18,204) | 1,925,006 | ||||||
Total shareholders' equity | 3,207,780 | (634,239) | - | (222,313) | (60,370) | 2,290,858 | ||||||
Reconciliation of components of realizations from a consolidated basis to a Group-wide basis
Three months ended June 30, 2024 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group- | |
Capital provision-direct | 179,391 | (24,727) | 154,664 | 37,574 | 24,523 | 216,761 | |
Capital provision-indirect | 12,492 | (10,410) | 2,082 | 10,410 | - | 12,492 | |
Post-settlement | - | - | - | 24,668 | - | 24,668 | |
Total realizations | 191,883 | (35,137) | 156,746 | 72,652 | 24,523 | 253,921 | |
Three months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group- | |
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 | |
Six months ended June 30, 2024 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group- | |
Capital provision-direct | 283,584 | (67,846) | 215,738 | 66,345 | 54,721 | 336,804 | |
Capital provision-indirect | 21,270 | (17,725) | 3,545 | 17,725 | - | 21,270 | |
Post-settlement | - | - | - | 52,502 | - | 52,502 | |
Total realizations | 304,854 | (85,571) | 219,283 | 136,572 | 54,721 | 410,576 | |
Six months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group- | |
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 | 52,571 | 458,655 |
Reconciliation of components of deployments from a consolidated basis to a Group-wide basis
Three months ended June 30, 2024 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group- | |
Capital provision-direct | 169,229 | (37,484) | 131,745 | 4,823 | 40,942 | 177,510 | |
Capital provision-indirect | 8,112 | (6,759) | 1,353 | 6,760 | - | 8,113 | |
Post-settlement | - | - | - | 8,821 | - | 8,821 | |
Total deployments | 177,341 | (44,243) | 133,098 | 20,404 | 40,942 | 194,444 | |
Three months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group- | |
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 | |
Six months ended June 30, 2024 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group- | |
Capital provision-direct | 244,019 | (53,193) | 190,826 | 7,363 | 57,551 | 255,740 | |
Capital provision-indirect | 58,725 | (48,937) | 9,788 | 48,938 | - | 58,726 | |
Post-settlement | - | - | - | 29,528 | - | 29,528 | |
Total deployments | 302,744 | (102,130) | 200,614 | 85,829 | 57,551 | 343,994 | |
Six months ended June 30, 2023 | |||||||
(GAAP) | (Non-GAAP) | ||||||
($ in thousands) | Consolidated | Eliminations and | Burford-only | Other funds | BOF-C | Group- | |
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 |
Reconciliation of quarterly consolidated capital provision-direct deployments to quarterly Burford-only capital provision-direct deployments
For the three months ended | |||||||
Eliminations and adjustments | |||||||
($ in thousands) | Consolidated | Burford-only | Other funds | BOF-C | Group-wide | ||
June 30, 2024 | 169,229 | (37,484) | 131,745 | 4,823 | 40,942 | 177,510 | |
March 31, 2024 | 74,790 | (15,710) | 59,080 | 2,540 | 16,609 | 78,229 | |
December 31, 2023 | 104,678 | (26,915) | 77,763 | 8,317 | 24,577 | 110,657 | |
September 30, 2023 | 69,690 | (13,704) | 55,986 | 4,379 | 21,819 | 82,184 | |
June 30, 2023 | 246,840 | (65,387) | 181,453 | 6,070 | 58,504 | 246,027 | |
March 31, 2023 | 84,685 | (17,692) | 66,993 | 6,913 | 17,452 | 91,358 | |
December 31, 2022 | 223,920 | (42,233) | 181,687 | 9,630 | 42,517 | 233,834 | |
September 30, 2022 | 197,916 | (44,627) | 153,289 | 6,277 | 45,155 | 204,721 | |
June 30, 2022 | 92,445 | (22,273) | 70,172 | 8,926 | 21,291 | 100,389 |
Reconciliation of consolidated deployment multiple to Burford-only deployment multiple
Eliminations and adjustments | ||||||
($ in thousands) | Consolidated | Burford- | ||||
Capital provision-direct for three months ended June 30, 2024 | 169,229 | (37,484) | 131,745 | |||
Capital provision-direct for three months ended March 31, 2024 | 74,790 | (15,710) | 59,080 | |||
Deployment multiple | 2.3 | 2.2 |
Reconciliation of consolidated proceeds from capital provision assets to Burford-only cash receipts
($ in thousands) | Three months ended | Three months ended | |
Consolidated proceeds from capital provision assets | 125,344 | 163,522 | |
Less: Elimination of third-party interests | (36,841) | (26,950) | |
Burford-only total proceeds from capital provision assets | 88,503 | 136,572 | |
Burford-only proceeds from capital provision-direct assets | 86,328 | 135,579 | |
Burford-only proceeds from capital provision-indirect assets | 2,175 | 993 | |
Burford-only total proceeds from capital provision assets | 88,503 | 136,572 | |
Consolidated asset management income | 1,644 | 1,894 | |
Plus: Eliminated income from funds | 9,843 | 3,790 | |
Burford-only asset management income | 11,487 | 5,684 | |
Less: Non-cash adjustments(1) | (495) | 5,358 | |
Burford-only proceeds from asset management income | 10,992 | 11,042 | |
Burford-only proceeds from marketable security interest and dividends | 5,093 | 682 | |
Burford-only proceeds from other income | 2,775 | 1,485 | |
Burford-only proceeds from other items | 7,868 | 2,167 | |
Cash receipts | 107,363 | 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 ended | Six months ended | |
Consolidated proceeds from capital provision assets | 372,905 | 308,007 | |
Less: Elimination of third-party interests | (156,877) | (87,513) | |
Burford-only total proceeds from capital provision assets | 216,028 | 220,494 | |
Burford-only proceeds from capital provision-direct assets | 199,250 | 213,321 | |
Burford-only proceeds from capital provision-indirect assets | 16,778 | 7,173 | |
Burford-only total proceeds from capital provision assets | 216,028 | 220,494 | |
Consolidated asset management income | 3,507 | 3,891 | |
Plus: Eliminated income from funds | 14,653 | 21,150 | |
Burford-only asset management income | 18,160 | 25,041 | |
Less: Non-cash adjustments(1) | (2,692) | (1,728) | |
Burford-only proceeds from asset management income | 15,468 | 23,313 | |
Burford-only proceeds from marketable security interest and dividends | 10,569 | 1,563 | |
Burford-only proceeds from other income | 2,992 | 1,568 | |
Burford-only proceeds from other items | 13,561 | 3,131 | |
Cash receipts | 245,057 | 246,938 |
(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 quarterly consolidated cash receipts to Burford-only cash receipts
($ in thousands) | Three months ended | Three months ended | |
Consolidated proceeds from capital provision assets | 125,344 | 247,561 | |
Less: Elimination of third-party interests | (36,841) | (120,036) | |
Burford-only total proceeds from capital provision assets | 88,503 | 127,525 | |
Burford-only proceeds from capital provision-direct assets | 86,328 | 112,922 | |
Burford-only proceeds from capital provision-indirect assets | 2,175 | 14,603 | |
Burford-only total proceeds from capital provision assets | 88,503 | 127,525 | |
Consolidated asset management income | 1,644 | 1,863 | |
Plus: Eliminated income from funds | 9,843 | 4,810 | |
Burford-only asset management income | 11,487 | 6,673 | |
Less: Non-cash adjustments(1) | (495) | 2,197 | |
Burford-only proceeds from asset management income | 10,992 | 4,476 | |
Burford-only proceeds from marketable security interest and dividends | 5,093 | 5,476 | |
Burford-only proceeds from other income | 2,775 | 217 | |
Burford-only proceeds from other items | 7,868 | 5,693 | |
Cash receipts | 107,363 | 137,694 |
(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) | Three months ended | Three months ended | |
Consolidated proceeds from capital provision assets | 119,208 | 132,147 | |
Less: Elimination of third-party interests | (22,709) | (7,074) | |
Burford-only total proceeds from capital provision assets | 96,499 | 125,073 | |
Burford-only proceeds from capital provision-direct assets | 95,490 | 105,915 | |
Burford-only proceeds from capital provision-indirect assets | 1,009 | 19,158 | |
Burford-only total proceeds from capital provision assets | 96,499 | 125,073 | |
Consolidated asset management income | 1,875 | 1,876 | |
Plus: Eliminated income from funds | 20,655 | 14,265 | |
Burford-only asset management income | 22,530 | 16,141 | |
Less: Non-cash adjustments(1) | (19,254) | (10,409) | |
Burford-only proceeds from asset management income | 3,276 | 5,732 | |
Burford-only proceeds from marketable security interest and dividends | 2,672 | 2,062 | |
Burford-only proceeds from other income | 7,030 | (73) | |
Burford-only proceeds from other items | 9,702 | 1,989 | |
Cash receipts | 109,477 | 132,794 |
(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) | Three months ended | Three months ended | |
Consolidated proceeds from capital provision assets | 163,522 | 144,485 | |
Less: Elimination of third-party interests | (26,950) | (60,563) | |
Burford-only total proceeds from capital provision assets | 136,572 | 83,922 | |
Burford-only proceeds from capital provision-direct assets | 135,579 | 77,742 | |
Burford-only proceeds from capital provision-indirect assets | 993 | 6,180 | |
Burford-only total proceeds from capital provision assets | 136,572 | 83,922 | |
Consolidated asset management income | 1,894 | 1,997 | |
Plus: Eliminated income from funds | 3,790 | 17,360 | |
Burford-only asset management income | 5,684 | 19,357 | |
Less: Non-cash adjustments(1) | 5,358 | (7,086) | |
Burford-only proceeds from asset management income | 11,042 | 12,271 | |
Burford-only proceeds from marketable security interest and dividends | 682 | 881 | |
Burford-only proceeds from other income | 1,485 | 83 | |
Burford-only proceeds from other items | 2,167 | 964 | |
Cash receipts | 149,781 | 97,157 |
(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) | Three months ended | Three months ended | |
Consolidated proceeds from capital provision assets | 105,464 | 173,781 | |
Less: Elimination of third-party interests | (11,720) | (48,686) | |
Burford-only total proceeds from capital provision assets | 93,744 | 125,095 | |
Burford-only proceeds from capital provision-direct assets | 93,137 | 120,988 | |
Burford-only proceeds from capital provision-indirect assets | 607 | 4,107 | |
Burford-only total proceeds from capital provision assets | 93,744 | 125,095 | |
Consolidated asset management income | 2,025 | 1,583 | |
Plus: Eliminated income from funds | 12,733 | 2,976 | |
Burford-only asset management income | 14,758 | 4,559 | |
Less: Non-cash adjustments(1) | (11,794) | (2,980) | |
Burford-only proceeds from asset management income | 2,964 | 1,578 | |
Burford-only proceeds from marketable security interest and dividends | 1,740 | 878 | |
Burford-only proceeds from other income | 66 | 2,466 | |
Burford-only proceeds from other items | 1,806 | 3,344 | |
Cash receipts | 98,514 | 130,017 |
(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 portfolio to Group-wide portfolio
June 30, 2024 | ||||||||||||
(GAAP) | (non-GAAP) | |||||||||||
Elimination of | ||||||||||||
third-party | ||||||||||||
($ in thousands) | Consolidated | interests | Burford-only | Other funds | BOF-C | Group-wide | ||||||
Capital provision assets - direct: | ||||||||||||
Deployed cost | 2,229,053 | (559,159) | 1,669,894 | 394,049 | 464,510 | 2,528,453 | ||||||
Plus: Fair value adjustments | 2,771,019 | (946,304) | 1,824,715 | 169,291 | 221,497 | 2,215,503 | ||||||
Fair value | 5,000,072 | (1,505,463) | 3,494,609 | 563,340 | 686,007 | 4,743,956 | ||||||
Capital provision assets - indirect: | ||||||||||||
Deployed cost | 211,016 | (177,932) | 33,084 | 177,932 | - | 211,016 | ||||||
Plus: Fair value adjustments | 27,545 | (20,373) | 7,172 | 16,944 | - | 24,116 | ||||||
Fair value | 238,561 | (198,305) | 40,256 | 194,876 | - | 235,132 | ||||||
Total capital provision assets | 5,238,633 | (1,703,768) | 3,534,865 | 758,216 | 686,007 | 4,979,088 | ||||||
Post-settlement assets: | ||||||||||||
Deployed cost | - | - | - | 237,469 | - | 237,469 | ||||||
Plus: Fair value adjustments | - | - | - | 51,055 | - | 51,055 | ||||||
Fair value | - | - | - | 288,524 | - | 288,524 | ||||||
Undrawn commitments: | ||||||||||||
Capital provision-direct | 1,956,479 | (435,405) | 1,521,074 | 110,686 | 426,574 | 2,058,334 | ||||||
Capital provision-indirect | 12,859 | (10,716) | 2,143 | 10,716 | - | 12,859 | ||||||
Post-settlement | - | - | - | 44,498 | - | 44,498 | ||||||
Total undrawn commitments | 1,969,338 | (446,121) | 1,523,217 | 165,900 | 426,574 | 2,115,691 | ||||||
Total portfolio | 7,207,971 | (2,149,889) | 5,058,082 | 1,212,640 | 1,112,581 | 7,383,303 | ||||||
December 31, 2023 | ||||||||||||
(GAAP) | (non-GAAP) | |||||||||||
Elimination of | ||||||||||||
third-party | ||||||||||||
($ in thousands) | Consolidated | interests | Burford-only | Other funds | BOF-C | Group-wide | ||||||
Capital provision assets - direct: | ||||||||||||
Deployed cost | 2,116,304 | (542,773) | 1,573,531 | 416,318 | 428,110 | 2,417,959 | ||||||
Plus: Fair value adjustments | 2,743,575 | (929,505) | 1,814,070 | 180,169 | 220,363 | 2,214,602 | ||||||
Fair value | 4,859,879 | (1,472,278) | 3,387,601 | 596,487 | 648,473 | 4,632,561 | ||||||
Capital provision assets - indirect: | ||||||||||||
Deployed cost | 164,259 | (125,508) | 38,751 | 125,508 | - | 164,259 | ||||||
Plus: Fair value adjustments | 21,250 | (15,490) | 5,760 | 15,490 | - | 21,250 | ||||||
Fair value | 185,509 | (140,998) | 44,511 | 140,998 | - | 185,509 | ||||||
Total capital provision assets | 5,045,388 | (1,613,276) | 3,432,112 | 737,485 | 648,473 | 4,818,070 | ||||||
Post-settlement assets: | ||||||||||||
Deployed cost | - | - | - | 253,062 | - | 253,062 | ||||||
Plus: Fair value adjustments | - | - | - | 45,792 | - | 45,792 | ||||||
Fair value | - | - | - | 298,854 | - | 298,854 | ||||||
Undrawn commitments: | ||||||||||||
Capital provision-direct | 1,801,627 | (405,566) | 1,396,061 | 126,560 | 396,646 | 1,919,267 | ||||||
Capital provision-indirect | 71,662 | (59,718) | 11,944 | 59,718 | - | 71,662 | ||||||
Post-settlement | - | - | - | 62,455 | - | 62,455 | ||||||
Total undrawn commitments | 1,873,289 | (465,284) | 1,408,005 | 248,733 | 396,646 | 2,053,384 | ||||||
Total portfolio | 6,918,677 | (2,078,560) | 4,840,117 | 1,285,072 | 1,045,119 | 7,170,308 |
Reconciliation of consolidated to Burford-only cash and cash equivalents and marketable securities
June 30, 2024 | December 31, 2023 | ||||||
(GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | ||||
($ in thousands) | Consolidated | Elimination | Burford-only | Consolidated | Elimination | Burford-only | |
Cash and cash equivalents | 390,673 | (40,973) | 349,700 | 220,549 | (24,634) | 195,915 | |
Marketable securities | 92,924 | - | 92,924 | 107,561 | - | 107,561 | |
Total cash and cash equivalents and marketable securities | 483,597 | (40,973) | 442,624 | 328,110 | (24,634) | 303,476 |
Reconciliation of consolidated to Burford-only due from settlement of capital provision assets
June 30, 2024 | December 31, 2023 | ||||||
(GAAP) | (Non-GAAP) | (GAAP) | (Non-GAAP) | ||||
($ in thousands) | Consolidated | Elimination | Burford-only | Consolidated | Elimination | Burford-only | |
Due from settlement of capital provision assets | 199,997 | - | 199,997 | 265,540 | (80,273) | 185,267 |
Reconciliation of consolidated to Burford-only net realized gains/(losses) on capital provision-direct assets
(GAAP) | (Non-GAAP) | ||||||||||
($ in thousands) | Consolidated | Eliminations | Burford- | Burford-only Capital | Burford-only Capital | ||||||
Net realized gains/(losses) for the three months ended June 30, 2024 | 117,471 | (18,318) | 99,153 | 99,153 | - | ||||||
Net realized gains/(losses) for the three months ended June 30, 2023 | 64,323 | (5,542) | 58,781 | 58,871 | - | ||||||
(GAAP) | (Non-GAAP) | ||||||||||
($ in thousands) | Consolidated | Eliminations | Burford- | Burford-only Capital | Burford-only Capital | ||||||
Net realized gains/(losses) for the six months ended June 30, 2024 | 175,333 | (46,286) | 129,047 | 127,907 | 1,140 | ||||||
Net realized gains/(losses) for the six months ended June 30, 2023 | 133,765 | (39,371) | 94,394 | 94,394 | - | ||||||
Reconciliation of consolidated to Burford-only unrealized gains on capital provision-indirect assets
(GAAP) | (Non-GAAP) | ||||||||||
($ in thousands) | Consolidated | Eliminations and | Burford- | Burford-only | Burford-only | ||||||
Unrealized gains/(losses) for the three months ended June 30, 2024 | 39,070 | (20,207) | 18,863 | 17,729 | 1,134 | ||||||
Unrealized gains/(losses) for the three months ended June 30, 2023 | (28,821) | 5,983 | (22,838) | (23,152) | 314 | ||||||
(GAAP) | (Non-GAAP) | ||||||||||
($ in thousands) | Consolidated | Eliminations and | Burford- | Burford-only | Burford-only | ||||||
Unrealized gains/(losses) for the six months ended June 30, 2024 | 25,369 | (15,594) | 9,775 | 8,363 | 1,412 | ||||||
Unrealized gains/(losses) for the six months ended June 30, 2023 | 373,992 | (120,174) | 253,818 | 251,989 | 1,829 | ||||||
Reconciliation of consolidated undrawn commitments to Burford-only undrawn commitments
June 30, 2024 | ||||||
Elimination of third-party interests | ||||||
($ in thousands) | Consolidated | Burford- | ||||
Definitive | 887,592 | (212,942) | 674,650 | |||
Discretionary | 1,026,386 | (222,463) | 803,923 | |||
Total legal finance undrawn commitments | 1,913,978 | (435,405) | 1,478,573 | |||
Legal risk (definitive) | 42,501 | - | 42,501 | |||
Total capital provision-direct undrawn commitments | 1,956,479 | (435,405) | 1,521,074 | |||
Capital provision-indirect undrawn commitments | 12,859 | (10,716) | 2,143 | |||
Total capital provision undrawn commitments | 1,969,338 | (446,121) | 1,523,217 | |||
December 31,2023 | ||||||
Elimination of third-party interests | ||||||
($ in thousands) | Consolidated | Burford- | ||||
Definitive | 768,311 | (188,313) | 579,998 | |||
Discretionary | 977,733 | (211,196) | 766,537 | |||
Total legal finance undrawn commitments | 1,746,044 | (399,509) | 1,346,535 | |||
Legal risk (definitive) | 55,583 | (6,057) | 49,526 | |||
Total capital provision-direct undrawn commitments | 1,801,627 | (405,566) | 1,396,061 | |||
Capital provision-indirect undrawn commitments | 71,662 | (59,718) | 11,944 | |||
Total capital provision undrawn commitments | 1,873,289 | (465,284) | 1,408,005 |
Reconciliation of tangible book value attributable to Burford Capital Limited per ordinary share
($ in thousands, except share data) | June 30, 2024 | December 31, 2023 | ||
Total Burford Capital Limited equity | 2,303,187 | 2,290,858 | ||
Less: Goodwill | (133,957) | (133,965) | ||
Tangible book value attributable to Burford Capital Limited | 2,169,230 | 2,156,893 | ||
Basic ordinary shares outstanding | 219,412,747 | 218,962,441 | ||
Tangible book value attributable to Burford Capital Limited per ordinary share | $9.89 | $9.85 |
Definitions and use of non-GAAP financial measures and alternative performance measures
Burford reports its consolidated 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 consolidated 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:
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 that are forward-looking, 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 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, 2023 filed with the US Securities and Exchange Commission on March 28, 2024 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 applicable 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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SOURCE Burford Capital
Copyright 2024 PR Newswire
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