Sprott Inc 6-K, filed Feb 25, 2022

Sprott Inc. (SII)

6-K 2022-02-25 For: 2022-02-25

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Added on April 08, 2026

About this 6-K

Sprott Inc filed this 6-K on February 25, 2022.

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For the month of	February		2022
Commission File Number	001-39298

		Sprott Inc.
		(Registrant)
Date:	February 25, 2022	By:	/s/ Kevin Hibbert
			Name:	Kevin Hibbert
			Title:	Senior Managing Director and Chief Financial Officer

(In millions $)	AUM Sep. 30, 2021		Net inflows ⁽¹⁾			Market value changes			Other ⁽²⁾			AUM Dec. 31, 2021		Blended management fee rate ⁽³⁾
Exchange listed products
- Physical trusts
- Physical Gold Trust		4,778		39			191			—			5,008		0.35	%
- Physical Gold and Silver Trust		3,921		4			169			—			4,094		0.40	%
- Physical Silver Trust		3,378		59			163			—			3,600		0.45	%
- Physical Uranium Trust		1,303		539			(73	)		—			1,769		0.30	%
- Physical Platinum & Palladium Trust		128		5			(1	)		—			132		0.50	%
- Exchange Traded Funds		317		6			33			—			356		0.35	%
		13,825		652			482			—			14,959		0.38	%

Managed equities
- Precious metals strategies		2,017		(56	)		180			—			2,141		0.80	%
- Other ⁽⁴⁾		350		—			12			—			362		0.93	%
		2,367		(56	)		192			—			2,503		0.82	%

Lending		1,383		64			3			(24	)		1,426		0.79	%

Other ⁽⁵⁾		1,441		125			(11	)		—			1,555		0.95	%

Total ⁽⁶⁾		19,016		785			666			(24	)		20,443		0.51	%

(In millions $)	AUM Dec. 31, 2020	Net inflows ⁽¹⁾		Market value changes		Other ⁽²⁾		AUM Dec. 31, 2021	Blended management fee rate ⁽³⁾
Exchange listed products
- Physical trusts
- Physical Gold Trust	4,893	315		(200	)	—		5,008	0.35	%
- Physical Gold and Silver Trust	4,423	(17	)	(312	)	—		4,094	0.40	%
- Physical Silver Trust	2,408	1,756		(564	)	—		3,600	0.45	%
- Physical Uranium Trust	—	998		141		630		1,769	0.30	%
- Physical Platinum & Palladium Trust	127	37		(32	)	—		132	0.50	%
- Exchange Traded Funds	382	24		(50	)	—		356	0.35	%
	12,233	3,113		(1,017	)	630		14,959	0.38	%

Managed equities
- Precious metals strategies	2,479	(52	)	(286	)	—		2,141	0.80	%
- Other ⁽⁴⁾	352	(1	)	11		—		362	0.93	%
	2,831	(53	)	(275	)	—		2,503	0.82	%

Lending	999	583		(12	)	(144	)	1,426	0.79	%

Other ⁽⁵⁾	1,327	381		(153	)	—		1,555	0.95	%

Total ⁽⁶⁾	17,390	4,024		(1,457	)	486		20,443	0.51	%

(In thousands $)	Q4 2021			Q3 2021			Q2 2021			Q1 2021			Q4 2020			Q3 2020			Q2 2020			Q1 2020
Summary income statements
Management fees		27,783			28,612			25,062			22,452			22,032			19,934			15,825			15,125
Carried interest and performance fees		4,298			—			—			7,937			10,075			—			—			—
less: Carried interest and performance fee payouts		2,516			—			126			4,580			5,529			—			—			—
less: Trailer, sub-advisor and other fees ⁽¹⁾		1,662			637			552			1,194			583			527			516			414
less: Direct payouts ⁽¹⁾		1,367			1,892			1,198			890			695			476			490			634
Net fees		26,536			26,083			23,186			23,725			25,300			18,931			14,819			14,077
Commissions		14,153			11,273			7,377			12,463			6,761			9,386			6,133			5,179
less: Commission expense - internal ⁽¹⁾		4,128			3,089			3,036			5,289			2,093			3,313			1,887			1,236
less: Commission expense - external ⁽¹⁾		3,016			2,382			49			253			98			344			161			—
Net commissions		7,009			5,802			4,292			6,921			4,570			5,729			4,085			3,943
Finance income		788			567			932			1,248			1,629			757			656			914
Gain (loss) on investments		(43	)		310			2,502			(4,652	)		(3,089	)		4,408			8,142			(4,352	)
Other income		313			529			438			303			949			914			285			113
Total net revenues		34,603			33,291			31,350			27,545			29,359			30,739			27,987			14,695

Compensation		20,632			18,001			15,452			22,636			20,193			16,280			10,991			10,125
less: Carried interest and performance fee payouts		2,516			—			126			4,580			5,529			—			—			—
less: Commission expense and direct payouts		5,495			4,981			4,234			6,179			2,788			3,789			2,377			1,870
less: Severance and new hire accruals		187			207			293			44			65			210			358			667
Net compensation		12,434			12,813			10,799			11,833			11,811			12,281			8,256			7,588
Severance and new hire accruals		187			207			293			44			65			210			358			667
Selling, general and administrative ⁽¹⁾		4,172			3,682			3,492			3,351			2,320			2,465			2,944			3,370
Interest expense		239			312			260			350			331			320			350			236
Depreciation and amortization		1,136			1,134			1,165			1,117			1,023			992			1,049			988
Other expenses (credits)		2,910			3,875			876			4,918			4,528			4,154			2,893			(1,081	)
Total expenses		21,078			22,023			16,885			21,613			20,078			20,422			15,850			11,768

Net income		10,171			8,718			11,075			3,221			6,720			8,704			10,492			1,062
Net Income per share		0.41			0.35			0.44			0.13			0.27			0.36			0.43			0.04
Adjusted base EBITDA		17,705			16,713			15,050			14,605			14,751			12,024			9,204			8,187
Adjusted base EBITDA per share		0.71			0.67			0.60			0.59			0.60			0.49			0.38			0.33
Operating margin		55	%		52	%		52	%		51	%		51	%		47	%		49	%		43	%

Summary balance sheet
Total assets		365,873			375,819			361,121			356,986			377,348			358,300			338,931			318,318
Total liabilities		74,654			84,231			64,081			67,015			86,365			81,069			70,818			65,945

Total AUM		20,443,088			19,016,313			18,550,106			17,073,078			17,390,389			16,259,184			13,893,039			10,734,831
Average AUM		20,229,119			19,090,702			18,343,846			17,188,205			16,719,815			16,705,046			13,216,415			11,007,781

	3 months ended						12 months ended
(in thousands $)	Dec. 31, 2021			Dec. 31, 2020			Dec. 31, 2021			Dec. 31, 2020
Net income for the periods		10,171			6,720			33,185			26,978
Adjustments:
Interest expense		239			331			1,161			1,237
Provision for income taxes		3,354			2,561			12,005			7,684
Depreciation and amortization		1,136			1,023			4,552			4,052
EBITDA		14,900			10,635			50,903			39,951

Other adjustments:
(Gain) loss on investments ⁽¹⁾		43			3,089			1,883			(5,109	)
Non-cash stock-based compensation		450			1,307			1,698			2,835
Other expenses (credits) ⁽²⁾		3,304			4,266			13,217			11,035
Adjusted EBITDA		18,697			19,297			67,701			48,712

Other adjustments:
Carried interest and performance fees		(4,298	)		(10,075	)		(12,235	)		(10,075	)
Carried interest and performance fee payouts		2,516			5,529			7,222			5,529
Trailer, sub-advisor and other fees		790			—			1,385			—
Adjusted base EBITDA		17,705			14,751			64,073			44,166
Operating margin ⁽³⁾		55	%		51	%		53	%		49	%