NEW
YORK, Nov. 9, 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 nine months ended
September 30, 2023.1
Burford's report on Form 6-K at and for the three and nine months
ended September 30, 2023, including
unaudited condensed consolidated financial statements (the "3Q23
Quarterly Report"), is available on the Burford Capital website at
http://investors.burfordcapital.com.
Christopher Bogart, Chief
Executive Officer of Burford Capital, commented:
"Consolidated total revenues increased fivefold to $794 million in the first nine months of 2023
compared to the prior-year period, driven by significant growth in
capital provision income with and without our YPF-related assets.
Positive realizations' momentum has continued, with Burford-only
capital provision-direct realizations up 42% in the first nine
months of 2023 from the prior-year period as portfolio activity has
continued. Group-wide total portfolio grew 16% in the first nine
months of 2023 to $7.1 billion,
benefiting from significant fair value gains and growth in
deployments and undrawn commitments. In the first nine months of
2023, we have grown book value 27% to $10.10 per ordinary share, the first time in our
history we have surpassed $10 per
ordinary share."
Consolidated financial results
Summary statements
of operations
|
|
|
|
|
|
Nine months ended
September 30,
|
|
Three months ended
September 30,
|
Consolidated (US
GAAP)
($ in thousands, except
per share data)
|
2023
|
2022
|
+/-%
|
|
2023
|
2022
|
+/-%
|
Capital provision
income
|
1,016,113
|
153,166
|
563 %
|
|
504,513
|
(22,579)
|
NM
|
Asset management
income
|
5,767
|
7,091
|
-19 %
|
|
1,876
|
1,583
|
19 %
|
Total
revenues
|
794,329
|
157,891
|
403 %
|
|
368,873
|
(12,701)
|
NM
|
Net income/(loss)
attributable to Burford Capital Limited shareholders
|
510,427
|
(51,408)
|
NM
|
|
272,542
|
(58,336)
|
NM
|
|
Per diluted ordinary
share
|
2.33
|
(0.23)
|
NM
|
|
1.24
|
(0.27)
|
NM
|
Note: "NM" denotes non meaningful.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary statements
of financial position
|
|
|
|
|
|
Consolidated (US
GAAP)
($ in thousands, except
per share data)
|
September 30,
2023
|
December 31,
2022
|
$
change
|
+/-%
|
Capital provision
assets
|
4,894,648
|
3,735,556
|
1,159,092
|
31 %
|
Total Burford
Capital Limited equity
|
2,208,235
|
1,742,584
|
465,651
|
27 %
|
|
Book value per ordinary
share
|
10.10
|
7.97
|
2.13
|
27 %
|
Non-controlling
interests
|
828,877
|
644,486
|
184,391
|
29 %
|
Total shareholders'
equity
|
3,037,112
|
2,387,070
|
650,042
|
27 %
|
Total liabilities
and shareholders' equity
|
5,526,335
|
4,288,359
|
1,237,976
|
29 %
|
|
|
|
|
|
|
|
|
|
|
|
1 In this announcement,
references to (1) "3Q23" and "3Q22" are to Burford's unaudited
financial results for the three months ended September 30, 2023 and
2022, respectively, and (2) "9M23"and "9M22" are to Burford's
unaudited financial results for the nine months ended September 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 3Q23 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 September 30, 2023 and for the three and nine months
ended September 30, 2023 and 2022 included in this announcement.
However, because Burford has not previously issued quarterly
financial statements, the unaudited condensed consolidated
financial statements for the three and nine months ended September
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.
|
Burford-only operational and financial review
(non-GAAP)
Selected
metrics1
|
|
|
|
|
|
Nine months ended
September 30,
|
|
Three months ended
September 30,
|
Burford-only
(non-GAAP)
($ in
thousands)
|
2023
|
2022
|
+/-%
|
|
2023
|
2022
|
+/-%
|
Realized gains
relative to cost
|
123,539
|
62,870
|
96 %
|
|
29,145
|
36,269
|
-20 %
|
Realizations
|
274,101
|
192,480
|
42 %
|
|
79,158
|
122,278
|
-35 %
|
Cash
receipts2
|
379,732
|
229,472
|
65 %
|
|
132,794
|
130,018
|
2 %
|
Deployments
|
304,432
|
275,419
|
11 %
|
|
55,986
|
153,289
|
-63 %
|
New
commitments
|
448,682
|
400,568
|
12 %
|
|
17,648
|
105,342
|
-83 %
|
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)
|
September 30,
2023
|
December 31,
2022
|
$
change
|
+/-%
|
Total
portfolio
|
7,103,559
|
6,146,871
|
956,688
|
16 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Realized gains of $124 million in
9M23 nearly doubled from the prior-year period (9M22: $63 million), with no contribution from
YPF-related assets
- Realized gains in 9M23 included a $37
million gain from the resolution of an asset recovery
matter
- Realizations in 9M23 up 42% to $274
million (9M22: $192 million)
- Continued strength in realizations in 9M23 reflects increased
portfolio velocity, as the case backlog in the courts continues to
clear
- Cash receipts in 9M23 up 65% to $380
million (9M22: $229 million)
- Cash receipts in 9M23 meaningfully exceeded total operating
expenses and finance costs
- Deployments in 9M23 up 11% to $304
million (9M22: $275 million)
- 50% of total Burford-only capital provision-direct deployments
in 9M23 related to the 2023 vintage year
- New commitments in 9M23 up 12% to $449
million (9M22: $401
million)
- Group-wide total portfolio increased 16% to $7.1 billion at September
30, 2023 (December 31, 2022:
$6.1 billion), due to significant
fair value gains and growth in deployments and undrawn
commitments
Selected financial
metrics
|
|
|
|
|
|
Nine months ended
September 30,
|
|
Three months ended
September 30,
|
Burford-only
(non-GAAP)
($ in thousands, except
per share data)
|
2023
|
2022
|
+/-%
|
|
2023
|
2022
|
+/-%
|
Total
revenues
|
725,927
|
107,432
|
576 %
|
|
344,013
|
(14,223)
|
NM
|
Operating
income/(loss)
|
575,550
|
26,487
|
NM
|
|
291,212
|
(39,339)
|
NM
|
Net
income/(loss)
|
510,427
|
(51,408)
|
NM
|
|
272,542
|
(58,336)
|
NM
|
|
|
|
|
|
|
|
|
Burford-only
(non-GAAP)
($ in thousands, except
per share data)
|
September 30,
2023
|
December 31,
2022
|
$
change
|
+/-%
|
Tangible book value
attributable to Burford Capital Limited
|
2,074,311
|
1,608,672
|
456,639
|
29 %
|
|
Tangible book value
attributable to Burford Capital Limited per ordinary
share
|
9.48
|
7.36
|
2.12
|
29 %
|
|
|
|
|
|
|
- Total revenues in 9M23 of $726
million (9M22: $107 million),
a driver of significant earnings improvement
- Growth in realized and unrealized gains, excluding YPF-related
assets, from increased case resolutions and milestone
developments
- Realized gains on total capital provision assets of
$125 million in 9M23 nearly doubled
compared to 9M22, with no contribution from YPF-related assets
- Unrealized gains, excluding YPF-related assets, on total
capital provision assets increased 78% in 9M23 compared to 9M22,
showing portfolio activity
- Favorable summary judgment in 1Q23 and favorable final judgment
in 3Q23 in YPF-related assets generated $460
million in unrealized gains in 9M23
- Operating income in 9M23 of $576
million (9M22: $26 million),
reflecting growth in total revenues
- Operating expenses in 9M23 of $150
million (9M22: $81 million)
reflect strong portfolio performance and certain idiosyncratic
events—increase driven primarily by non-cash increase in long-term
incentive compensation including accruals from unrealized gains on
YPF-related assets and legacy asset recovery incentive compensation
including accruals
- Long-term incentive compensation is only paid once cash
recoveries are received
- Only one eligible asset recovery asset remains
- Salaries and benefits and general, administrative and other
expenses only slightly higher after certain noted items in 9M23
compared to 9M22
- Legacy asset recovery incentive compensation including accruals
and case-related expenditures ineligible for inclusion in asset
cost continue to be idiosyncratic
- Net income in 9M23 of $510
million (9M22: Net loss of $51
million)
- Net income per diluted share in 9M23 of $2.33 (9M22: Net loss of $0.23 per diluted share)
- Tangible book value attributable to Burford Capital Limited of
$2,074 million at September 30, 2023 (December 31, 2022: $1,609
million)
- Tangible book value attributable to Burford Capital Limited per
ordinary share increased 29% (38% annualized) to $9.48 at September 30,
2023 (December 31, 2022:
$7.36), primarily reflecting strong
earnings
- Annualized Burford-only ROTE for 9M23 of 37%
Selected portfolio
metrics
|
|
|
|
|
|
Burford-only
($ in
thousands)
|
September 30,
2023
|
December 31,
2022
|
$
change
|
+/-%
|
Deployed
cost
|
1,644,661
|
1,486,150
|
158,511
|
11 %
|
Plus: Fair value
adjustments
|
1,661,153
|
1,117,855
|
543,298
|
49 %
|
Fair value
|
3,305,814
|
2,604,005
|
701,809
|
27 %
|
Undrawn
commitments
|
1,372,555
|
1,299,048
|
73,507
|
6 %
|
Total capital
provision-direct portfolio
|
4,678,369
|
3,903,053
|
775,316
|
20 %
|
Total capital provision
portfolio1
|
4,721,9262
|
3,942,7003
|
779,226
|
20 %
|
1 Represents capital
provision-direct and capital provision-indirect.
|
2 The fair value of
Burford-only capital provision-indirect assets does not include
$0.4 million of our interests in the Strategic Value Fund. All
assets held at the Strategic Value Fund have concluded at September
30, 2023.
|
3
The fair value of $31.4 million for the Burford-only capital
provision-indirect assets did not include an additional $1.0
million for the Burford-only portion of the receivable from due
from settlement of capital provision assets on concluded assets in
the Strategic Value Fund for a total fair value of $32.4 million
for Burford-only capital provision-indirect assets.
|
|
- Fair value of Burford-only capital provision-direct assets
increased $702 million to
$3.3 billion at September 30, 2023 (December 31, 2022: $2.6
billion)
- Of the $702 million increase in
capital provision-direct asset fair value in 9M23, $463 million attributable to the YPF-related
assets
- Cumulative ROIC since inception from Burford-only capital
provision-direct assets of 87% (December 31,
2022: 88%) and IRR of 27% (December
31, 2022: 29%)
Liquidity and
capital
|
|
|
|
|
|
Burford-only
(non-GAAP)
($ in
thousands)
|
September 30,
2023
|
December 31,
2022
|
$
change
|
+/-%
|
Liquidity
|
|
|
|
|
|
Cash and cash
equivalents
|
240,028
|
73,679
|
166,349
|
226 %
|
|
Marketable
securities
|
107,006
|
136,358
|
(29,352)
|
-22 %
|
|
Total
liquidity
|
347,034
|
210,037
|
136,997
|
65 %
|
Due from settlement
of capital provision assets
|
69,530
|
114,650
|
45,120
|
-39 %
|
|
|
|
|
|
- Burford-only cash and cash equivalents and marketable
securities of $347 million at
September 30, 2023 (December 31, 2022: $210
million)
- Strong liquidity position at September
30, 2023 primarily reflects continued solid Burford-only
cash receipts and issuance of $400
million in senior notes in June
2023, partially offset by the redemption in full of the
6.125% bonds due 2024 in July
2023
- Liquidity levels enable us to take advantage of new
opportunities, while recognizing the variability of cash
inflows
- Burford-only due from settlement of capital provision assets of
$70 million at September 30, 2023 (December 31, 2022: $115
million)
- Total debt outstanding of $1.6
billion at September 30, 2023
(December 31, 2022: $1.3 billion)
- Leverage decreased in 9M23, primarily driven by asset and
equity growth and remains well below covenant ceiling levels
- In June 2023, Moody's revised its
outlook on its Ba2 rating to positive from stable
- In October 2023, S&P revised
its outlook on its BB- rating to positive from stable
Investor and Analyst Conference Call
Burford will hold a conference call for investors and analysts
at 10.00am EST / 3.00pm GMT on
Thursday, November 9, 2023. The
dial-in number for the conference call is +1 646 664-1960
(USA) / +44 (0)20 4587 0498 (UK) /
+44 (0)20 3936 2999 (all other locations) and the access code is
151405. To minimize the risk of delayed access, participants are
urged to dial into the conference call by 9.40am EST / 2.40pm
GMT.
A live webcast of the call will also be available at
https://www.investis-live.com/burfordcapital/65044c3f673c270c008a5d08/3q23-results,
and pre-registration at that link is encouraged.
An accompanying 3Q23 and 9M23 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 Thursday, November
23, 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
241638. A replay facility will also be accessible through the
webcast at
https://www.investis-live.com/burfordcapital/65044c3f673c270c008a5d08/3q23-results.
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
|
|
|
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 nine months ended September 30,
2023 and 2022, the condensed consolidated and Burford-only
statements of financial position at September 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
September 30,
|
|
Nine months
ended
September 30,
|
($ in
thousands)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
Capital provision
income/(loss)
|
|
504,513
|
|
(22,579)
|
|
1,016,113
|
|
153,166
|
(Less)/Plus:
Third-party interests in capital
provision
assets
|
|
(140,412)
|
|
11,910
|
|
(235,944)
|
|
12,128
|
Asset management
income
|
|
1,876
|
|
1,583
|
|
5,767
|
|
7,091
|
Services and other
income/(loss)
|
|
2,896
|
|
(3,615)
|
|
8,393
|
|
(14,494)
|
Total
revenues
|
|
368,873
|
|
(12,701)
|
|
794,329
|
|
157,891
|
|
|
|
|
|
|
|
|
|
Total operating
expenses
|
|
53,068
|
|
25,319
|
|
150,999
|
|
82,146
|
|
|
|
|
|
|
|
|
|
Operating
income/(loss)
|
|
315,805
|
|
(38,020)
|
|
643,330
|
|
75,745
|
|
|
|
|
|
|
|
|
|
Finance costs and loss
on debt extinguishment
|
|
29,013
|
|
20,335
|
|
70,690
|
|
57,812
|
Foreign currency
transactions (gains)/losses
|
|
(9,811)
|
|
6,328
|
|
(21,149)
|
|
9,386
|
|
|
|
|
|
|
|
|
|
Income/(loss) before
income taxes
|
|
296,603
|
|
(64,683)
|
|
593,789
|
|
8,547
|
|
|
|
|
|
|
|
|
|
Benefit from/(provision
for) income taxes
|
|
531
|
|
7,562
|
|
(15,550)
|
|
(10,804)
|
Net
income/(loss)
|
|
297,134
|
|
(57,121)
|
|
578,239
|
|
(2,257)
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to Burford Capital Limited shareholders
|
|
272,542
|
|
(58,336)
|
|
510,427
|
|
(51,408)
|
|
|
|
|
|
|
|
|
|
Net income/(loss)
attributable to Burford Capital Limited shareholders per ordinary
share
|
|
|
|
|
|
|
|
|
Basic
|
|
$1.24
|
|
$(0.27)
|
|
$2.33
|
|
$(0.23)
|
Diluted
|
|
$1.22
|
|
$(0.27)
|
|
$2.29
|
|
$(0.23)
|
Summary Burford-only statement of operations
|
|
Three months
ended
September 30,
|
Nine months
ended
September 30,
|
($ in
thousands)
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
|
|
|
Capital provision
income
|
|
324,995
|
|
(15,335)
|
|
676,402
|
|
80,442
|
Asset management
income
|
|
16,141
|
|
4,559
|
|
41,182
|
|
41,322
|
Services and other
income
|
|
2,877
|
|
(3,447)
|
|
8,343
|
|
(14,332)
|
Total
revenues
|
|
344,013
|
|
(14,223)
|
|
725,927
|
|
107,432
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
291,212
|
|
(39,339)
|
|
575,550
|
|
26,487
|
|
|
|
|
|
|
|
|
|
Net
income
|
|
272,542
|
|
(58,336)
|
|
510,427
|
|
(51,408)
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$1.24
|
|
$(0.27)
|
|
$2.33
|
|
$(0.23)
|
Diluted
|
|
$1.22
|
|
$(0.27)
|
|
$2.29
|
|
$(0.23)
|
Reconciliation of summary condensed consolidated statement of
operations to summary Burford-only statement of operations
|
Three months ended
September 30, 2023
|
|
(GAAP)
|
(Non-GAAP)
|
|
|
Elimination of
third-party interests
|
|
($ in
thousands)
|
Consolidated
|
Strategic
Value
Fund
|
BOF-C
|
Colorado
|
Advantage
Fund
|
Other
|
Burford-
only
|
Capital provision
income
|
504,513
|
(845)
|
(36,193)
|
(140,690)
|
(8,368)
|
6,578
|
324,995
|
(Less): Third-party
interests in capital provision assets
|
(140,412)
|
-
|
-
|
140,699
|
-
|
(287)
|
-
|
Asset management
income
|
1,876
|
16
|
14,249
|
-
|
-
|
-
|
16,141
|
Services and other
income/(loss)
|
2,896
|
(1)
|
(3)
|
-
|
-
|
(15)
|
2,877
|
Total
revenues
|
368,873
|
(830)
|
(21,947)
|
9
|
(8,368)
|
6,276
|
344,013
|
|
|
|
|
|
|
|
|
Operating
income
|
315,804
|
(193)
|
(22,020)
|
-
|
(8,292)
|
5,912
|
291,212
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
297,133
|
(193)
|
(22,020)
|
-
|
(8,292)
|
5,913
|
272,542
|
|
|
|
|
|
|
|
Three months ended
September 30, 2022
|
|
(GAAP)
|
(Non-GAAP)
|
|
|
Elimination of
third-party interests
|
|
($ in
thousands)
|
Consolidated
|
Strategic
Value
Fund
|
BOF-C
|
Colorado
|
Advantage
Fund
|
Other
|
Burford-
only
|
|
Capital provision
income
|
(22,579)
|
6,138
|
(11,090)
|
12,070
|
95
|
31
|
(15,335)
|
|
Plus: Third-party
interests in capital provision assets
|
11,910
|
-
|
-
|
(12,060)
|
-
|
150
|
-
|
|
Asset management
income
|
1,583
|
48
|
2,928
|
-
|
-
|
-
|
4,559
|
|
Services and other
(loss)/income
|
(3,615)
|
183
|
-
|
-
|
-
|
(15)
|
(3,447)
|
|
Total
revenues
|
(12,701)
|
6,369
|
(8,162)
|
10
|
95
|
166
|
(14,223)
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
(38,020)
|
6,479
|
(8,209)
|
-
|
207
|
204
|
(39,339)
|
|
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
(57,121)
|
6,479
|
(8,208)
|
-
|
207
|
307
|
(58,336)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended
September 30, 2023
|
|
(GAAP)
|
(Non-GAAP)
|
|
|
Elimination of
third-party interests
|
|
($ in
thousands)
|
Consolidated
|
Strategic
Value
Fund
|
BOF-C
|
Colorado
|
Advantage
Fund
|
Other
|
Burford-
only
|
Capital provision
income
|
1,016,113
|
(1,052)
|
(84,429)
|
(235,731)
|
(20,373)
|
1,874
|
676,402
|
(Less): Third-party
interests in capital provision assets
|
(235,944)
|
-
|
-
|
235,710
|
-
|
234
|
-
|
Asset management
income
|
5,767
|
108
|
35,307
|
-
|
-
|
-
|
41,182
|
Services and other
income
|
8,393
|
(1)
|
(5)
|
-
|
-
|
(44)
|
8,343
|
Total
revenues
|
794,329
|
(945)
|
(49,127)
|
(21)
|
(20,373)
|
2,064
|
725,927
|
|
|
|
|
|
|
|
|
Operating
income
|
643,329
|
(12)
|
(49,417)
|
-
|
(20,094)
|
1,743
|
575,550
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
578,238
|
(12)
|
(49,417)
|
-
|
(20,094)
|
1,711
|
510,427
|
|
Nine months ended
September 30, 2022
|
|
(GAAP)
|
(Non-GAAP)
|
|
|
Elimination of
third-party interests
|
|
($ in
thousands)
|
Consolidated
|
Strategic
Value
Fund
|
BOF-C
|
Colorado
|
Advantage
Fund
|
Other
|
Burford-
only
|
Capital provision
income
|
153,166
|
3,861
|
(85,265)
|
12,568
|
(223)
|
(3,665)
|
80,442
|
Plus: Third-party
interests in capital provision assets
|
12,128
|
-
|
-
|
(12,570)
|
-
|
442
|
-
|
Asset management
income
|
7,091
|
266
|
33,965
|
-
|
-
|
-
|
41,322
|
Services and other
income
|
(14,494)
|
183
|
-
|
-
|
-
|
(21)
|
(14,332)
|
Total
revenues
|
157,891
|
4,310
|
(51,300)
|
(2)
|
(223)
|
(3,244)
|
107,432
|
|
|
|
|
|
|
|
|
Operating
income
|
75,745
|
5,122
|
(51,409)
|
-
|
130
|
(3,101)
|
26,487
|
|
|
|
|
|
|
|
|
Net
income/(loss)
|
(2,257)
|
5,122
|
(51,408)
|
-
|
130
|
(2,995)
|
(51,408)
|
Reconciliation of capital provision income excluding
YPF-related assets
|
|
|
|
|
($ in
thousands)
|
|
Three months
ended
September 30,
2023
|
|
Nine months
ended
September 30,
2023
|
Capital provision
income
|
|
504,513
|
|
1,016,113
|
Less: Capital provision
income from YPF-related assets
|
|
(417,920)
|
|
(695,238)
|
Capital provision
income excluding YPF-related assets
|
|
86,593
|
|
320,875
|
Summary condensed consolidated statement of financial
position
|
|
|
|
|
|
|
At
|
($ in
thousands)
|
|
September 30,
2023
|
|
December 31,
2022
|
|
|
|
|
|
Total assets
|
|
5,526,335
|
|
4,288,359
|
|
|
|
|
|
Total
liabilities
|
|
2,489,223
|
|
1,901,289
|
|
|
|
|
|
Total Burford
Capital Limited equity
|
|
2,208,235
|
|
1,742,584
|
|
|
|
|
|
Non-controlling
interests
|
|
828,877
|
|
644,486
|
|
|
|
|
|
Total shareholders'
equity
|
|
3,037,112
|
|
2,387,070
|
|
|
|
|
|
Basic ordinary shares
outstanding
|
|
218,698,930
|
|
218,581,877
|
|
|
|
|
|
Total shareholders'
equity attributable to Burford Capital Limited per basic ordinary
share
|
|
$10.10
|
|
$7.97
|
Total shareholders'
equity per basic ordinary share
|
|
$13.89
|
|
$10.92
|
Reconciliation of summary condensed consolidated statement of
financial position to summary Burford-only statement of financial
position
|
At
September 30, 2023
|
|
(GAAP)
|
(Non-GAAP)
|
|
|
Elimination of
third-party interests
|
|
($ in
thousands)
|
Consolidated
|
Strategic
Value
Fund
|
BOF-C
|
Colorado
|
Advantage
Fund
|
Other
|
Burford-only
|
|
|
|
|
|
|
|
|
Total assets
|
5,526,335
|
(260)
|
(581,980)
|
(644,955)
|
(189,490)
|
(73,984)
|
4,035,666
|
|
|
|
|
|
|
|
|
Total
liabilities
|
2,489,223
|
(199)
|
-
|
(644,955)
|
(60)
|
(16,578)
|
1,827,431
|
|
|
|
|
|
|
|
|
Total shareholders'
equity
|
3,037,112
|
(61)
|
(581,980)
|
-
|
(189,430)
|
(57,406)
|
2,208,235
|
|
At December 31,
2022
|
|
(GAAP)
|
(Non-GAAP)
|
|
|
Elimination of
third-party interests
|
|
($ in
thousands)
|
Consolidated
|
Strategic
Value
Fund
|
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
September 30, 2023
|
|
(GAAP)
|
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
|
Eliminations and
adjustments
|
Burford-only
|
Other
funds
|
BOF-C
|
Group-wide
|
Capital
provision-direct
|
89,162
|
|
(10,004)
|
79,158
|
16,539
|
12,243
|
107,940
|
Capital
provision-indirect
|
19,575
|
|
(6,228)
|
13,347
|
6,228
|
-
|
19,575
|
Post-settlement
|
-
|
|
-
|
-
|
20,050
|
-
|
20,050
|
Total
realizations
|
108,737
|
|
(16,232)
|
92,505
|
42,817
|
12,243
|
147,565
|
|
Three months ended
September 30, 2022
|
|
(GAAP)
|
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
|
Eliminations and
adjustments
|
Burford-only
|
Other
funds
|
BOF-C
|
Group-wide
|
Capital
provision-direct
|
160,224
|
|
(37,946)
|
122,278
|
78,455
|
37,224
|
237,957
|
Capital
provision-indirect
|
8,345
|
|
(4,758)
|
3,587
|
7,847
|
-
|
11,434
|
Post-settlement
|
-
|
|
-
|
-
|
12,146
|
-
|
12,146
|
Total
realizations
|
168,569
|
|
(42,704)
|
125,865
|
98,448
|
37,224
|
261,537
|
|
Nine months ended
September 30, 2023
|
|
(GAAP)
|
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
|
Eliminations and
adjustments
|
Burford-only
|
Other
funds
|
BOF-C
|
Group-wide
|
Capital
provision-direct
|
335,414
|
|
(61,313)
|
274,101
|
89,915
|
64,994
|
429,010
|
Capital
provision-indirect
|
59,219
|
|
(39,317)
|
19,902
|
39,002
|
-
|
58,904
|
Post-settlement
|
-
|
|
-
|
-
|
118,307
|
-
|
118,307
|
Total
realizations
|
394,633
|
|
(100,630)
|
294,003
|
247,224
|
64,994
|
606,221
|
|
Nine months ended
September 30, 2022
|
|
(GAAP)
|
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
|
Eliminations and
adjustments
|
Burford-only
|
Other
funds
|
BOF-C
|
Group-wide
|
Capital
provision-direct
|
236,204
|
|
(43,724)
|
192,480
|
102,836
|
49,543
|
344,859
|
Capital
provision-indirect
|
20,811
|
|
(11,125)
|
9,686
|
25,749
|
-
|
35,435
|
Post-settlement
|
-
|
|
-
|
-
|
50,449
|
-
|
50,449
|
Total
realizations
|
257,015
|
|
(54,849)
|
202,166
|
179,034
|
49,543
|
430,743
|
Reconciliation of components of deployments from a
consolidated basis to a Group-wide basis
|
Three months ended
September 30, 2023
|
|
(GAAP)
|
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
|
Eliminations and
adjustments
|
Burford-only
|
Other
funds
|
BOF-C
|
Group-wide
|
Capital
provision-direct
|
69,690
|
|
(13,704)
|
55,986
|
4,379
|
21,819
|
82,184
|
Capital
provision-indirect
|
32,257
|
|
(26,881)
|
5,376
|
26,881
|
-
|
32,257
|
Post-settlement
|
-
|
|
-
|
-
|
7,466
|
-
|
7,466
|
Total
deployments
|
101,947
|
|
(40,585)
|
61,362
|
38,726
|
21,819
|
121,907
|
|
Three months ended
September 30, 2022
|
|
(GAAP)
|
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
|
Eliminations and
adjustments
|
Burford-only
|
Other
funds
|
BOF-C
|
Group-wide
|
Capital
provision-direct
|
197,916
|
|
(44,627)
|
153,289
|
6,277
|
45,155
|
204,721
|
Capital
provision-indirect
|
9,653
|
|
(7,923)
|
1,730
|
8,422
|
-
|
10,152
|
Post-settlement
|
-
|
|
-
|
-
|
7,419
|
-
|
7,419
|
Total
deployments
|
207,569
|
|
(52,550)
|
155,019
|
22,118
|
45,155
|
222,292
|
|
Nine months ended
September 30, 2023
|
|
(GAAP)
|
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
|
Eliminations and
adjustments
|
Burford-only
|
Other
funds
|
BOF-C
|
Group-wide
|
Capital
provision-direct
|
401,215
|
|
(96,783)
|
304,432
|
17,362
|
97,775
|
419,569
|
Capital
provision-indirect
|
145,051
|
|
(120,876)
|
24,175
|
120,876
|
-
|
145,051
|
Post-settlement
|
-
|
|
-
|
-
|
43,272
|
-
|
43,272
|
Total
deployments
|
546,266
|
|
(217,659)
|
328,607
|
181,510
|
97,775
|
607,892
|
|
Nine months ended
September 30, 2022
|
|
(GAAP)
|
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
|
Eliminations and
adjustments
|
Burford-only
|
Other
funds
|
BOF-C
|
Group-wide
|
Capital
provision-direct
|
381,482
|
|
(106,063)
|
275,419
|
20,944
|
105,459
|
401,822
|
Capital
provision-indirect
|
29,829
|
|
(24,699)
|
5,130
|
25,198
|
-
|
30,328
|
Post-settlement
|
-
|
|
-
|
-
|
50,571
|
-
|
50,571
|
Total
deployments
|
411,311
|
|
(130,762)
|
280,549
|
96,713
|
105,459
|
482,721
|
Reconciliation of consolidated proceeds from capital
provision assets to Burford-only cash receipts
($ in
thousands)
|
|
Nine months
ended
September 30, 2023
|
Nine months
ended
September 30, 2022
|
Consolidated
proceeds from capital provision assets
|
|
440,154
|
282,322
|
Less: Elimination of
third-party interests
|
|
(94,587)
|
(70,137)
|
Burford-only total
proceeds from capital provision assets
|
|
345,567
|
212,185
|
Burford-only proceeds
from capital provision-direct assets
|
|
319,236
|
202,499
|
Burford-only proceeds
from capital provision-indirect assets
|
|
26,331
|
9,686
|
Burford-only total
proceeds from capital provision assets
|
|
345,567
|
212,185
|
Consolidated asset
management income
|
|
5,767
|
7,091
|
Plus: Eliminated
income from funds
|
|
35,415
|
34,231
|
Burford-only asset
management income
|
|
41,182
|
41,322
|
Less: Non-cash
adjustments(1)
|
|
(12,137)
|
(29,527)
|
Burford-only
proceeds from asset management income
|
|
29,045
|
11,795
|
Burford-only proceeds
from marketable security interest and dividends
|
|
3,625
|
1,845
|
Burford-only proceeds
from asset recovery fee for services
|
|
(38)
|
629
|
Burford-only proceeds
from insurance receipts
|
|
1,533
|
3,018
|
Burford-only
proceeds from asset management and other services
|
|
34,165
|
17,287
|
Cash
receipts
|
|
379,732
|
229,472
|
|
(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
|
|
|
($ in
thousands)
|
At September 30,
2023
|
At December 31,
2022
|
Consolidated fair
value
|
4,894,648
|
3,735,556
|
Consolidated undrawn
commitments
|
1,811,824
|
1,720,727
|
|
|
|
Eliminations of
third-party interests:
|
|
|
Less: Attributable to
fair value
|
(1,550,901)
|
(1,100,137)
|
Less: Attributable to
undrawn commitments
|
(433,645)
|
(413,446)
|
|
|
|
Burford-only fair
value
|
3,343,747
|
2,635,419
|
Burford-only undrawn
commitments
|
1,378,179
|
1,307,281
|
Burford-only
portfolio
|
4,721,926
|
3,942,700
|
|
|
|
Other funds fair
value
|
1,135,257
|
1,076,320
|
Other funds undrawn
commitments
|
203,004
|
239,145
|
Other funds
portfolio
|
1,338,261
|
1,315,465
|
|
|
|
BOF-C fair
value
|
638,432
|
516,982
|
BOF-C undrawn
commitments
|
404,940
|
371,724
|
BOF-C
portfolio
|
1,043,372
|
888,706
|
|
|
|
Total group-wide
portfolio
|
7,103,559
|
6,146,871
|
Reconciliation of consolidated to Burford-only cash and cash
equivalents and marketable securities
|
At
September 30, 2023
|
|
At December
31, 2022
|
|
(GAAP)
|
(Non-GAAP)
|
|
(GAAP)
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
Elimination of
third-party
interests
|
Burford-
only
|
|
Consolidated
|
Elimination of
third-party
interests
|
Burford-
only
|
Cash and cash
equivalents
|
255,568
|
(15,540)
|
240,028
|
|
107,658
|
(33,979)
|
73,679
|
Marketable
securities
|
107,006
|
-
|
107,006
|
|
136,358
|
-
|
136,358
|
Total cash and cash
equivalents and marketable securities
|
362,574
|
(15,540)
|
347,034
|
|
244,016
|
(33,979)
|
210,037
|
Reconciliation of consolidated to Burford-only capital
provision assets
|
At
September 30, 2023
|
|
At December
31, 2022
|
|
(GAAP)
|
(Non-GAAP)
|
|
(GAAP)
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
Elimination of
third-party
interests
|
Burford-
only
|
|
Consolidated
|
Elimination of
third-party
interests
|
Burford-
only
|
YPF-related
assets
|
1,931,013
|
(645,245)
|
1,285,768
|
|
1,232,549
|
(409,514)
|
823,035
|
Other assets
|
2,963,635
|
(905,225)
|
2,058,410
|
|
2,503,007
|
(689,602)
|
1,813,405
|
Capital provision
assets
|
4,894,648
|
(1,550,470)
|
3,344,178
|
|
3,735,556
|
(1,099,116)
|
2,636,440
|
Reconciliation of consolidated to Burford-only due from
settlement of capital provision assets
|
At
September 30, 2023
|
|
At December
31, 2022
|
|
(GAAP)
|
(Non-GAAP)
|
|
(GAAP)
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
Elimination of
third-party
interests
|
Burford-
only
|
|
Consolidated
|
Elimination of
third-party
interests
|
Burford-
only
|
Due from settlement of
capital provision assets
|
71,284
|
(1,754)
|
69,530
|
|
116,582
|
(1,932)
|
114,650
|
Reconciliation of consolidated to Burford-only realized gains
on capital provision-direct assets
|
Three months ended
September 30, 2023
|
|
Three months ended
September 30, 2022
|
|
(GAAP)
|
(Non-GAAP)
|
|
(GAAP)
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
Eliminations and
adjustments
|
Burford-
only
|
|
Consolidated
|
Eliminations and
adjustments
|
Burford-
only
|
Realized gains relative
to cost
|
37,566
|
(7,440)
|
30,126
|
|
51,769
|
(15,288)
|
36,481
|
|
Nine months ended
September 30, 2023
|
|
Nine months ended
September 30, 2022
|
|
(GAAP)
|
(Non-GAAP)
|
|
(GAAP)
|
(Non-GAAP)
|
($ in
thousands)
|
Consolidated
|
Eliminations and
adjustments
|
Burford-
only
|
|
Consolidated
|
Eliminations and
adjustments
|
Burford-
only
|
Realized gains relative
to cost
|
171,331
|
(46,811)
|
124,520
|
|
85,809
|
(21,853)
|
63,956
|
Reconciliation of shareholders' equity attributable to
Burford Capital Limited per ordinary share
|
|
|
|
|
($ in thousands,
except share data)
|
|
At September 30,
2023
|
|
At December 31,
2022
|
Total shareholders'
equity
|
|
3,037,112
|
|
2,387,070
|
Less:
Non-controlling interests
|
|
(828,877)
|
|
(644,486)
|
Total Burford
Capital Limited equity
|
|
2,208,235
|
|
1,742,584
|
Basic ordinary shares
outstanding
|
|
218,698,930
|
|
218,581,877
|
Shareholders' equity
attributable to Burford Capital Limited per ordinary
share
|
|
$10.10
|
|
$7.97
|
Reconciliation of tangible book value attributable to Burford
Capital Limited per ordinary share
|
|
|
|
|
($ in thousands,
except share data)
|
|
At September 30,
2023
|
|
At December 31,
2022
|
Total Burford Capital
Limited equity
|
|
2,208,235
|
|
1,742,584
|
Less:
Goodwill
|
|
(133,924)
|
|
(133,912)
|
Tangible book value
attributable to Burford Capital Limited
|
|
2,074,311
|
|
1,608,672
|
Basic ordinary shares
outstanding
|
|
218,698,930
|
|
218,581,877
|
Tangible book value
attributable to Burford Capital Limited per ordinary
share
|
|
$9.48
|
|
$7.36
|
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:
- Consolidated refers to assets, liabilities and
activities that include those third-party interests, partially
owned subsidiaries and special purpose vehicles that we are
required to consolidate under US GAAP. At the date of this
announcement, the major entities where there is also a third-party
partner in, or owner of, those entities include BCIM Strategic
Value Master Fund, LP, Burford Opportunity Fund C LP, Burford
Advantage Master Fund LP, Colorado Investments Limited
("Colorado") and several other
entities in which Burford holds investments where there is also a
third-party partner in, or owner of, those entities.
- Burford-only refers to assets, liabilities and
activities that pertain only to Burford on a proprietary basis,
excluding any third-party interests and the portions of jointly
owned entities owned by others.
- Group-wide refers to the totality of assets managed by
Burford, including those portions of the private funds owned by
third parties and including private funds that are not consolidated
within Burford's consolidated financial statements. Group-wide is
therefore the sum of Burford-only and non-controlling interests in
consolidated and non-consolidated private funds. Group-wide does
not include third-party interests in capital provision assets, the
economics of which have been sold to those third parties, that do
not meet the criteria to be recognized as a sale under US GAAP.
This includes the third-party interests in Colorado and other capital provision asset
subparticipations.
We subdivide our capital provision assets into two
categories:
- Direct, which includes all of our capital provision
assets that we have originated directly (i.e., not through
participation in a private fund) from our balance sheet. We also
include direct (i.e., not through participation in a private
fund) complex strategies assets in this category.
- Indirect, which includes our balance sheet's
participations in two of our private funds (i.e., BCIM
Strategic Value Master Fund, LP and Burford Advantage Master Fund
LP).
We also use certain unaudited alternative performance measures,
including:
- Internal rate of return ("IRR") is a discount rate that
makes the net present value of a series of cash flows equal to zero
and is expressed as a percentage figure. We compute IRR on
concluded (including partially concluded) legal finance assets by
treating that entire portfolio (or, when noted, a subset thereof)
as one undifferentiated pool of capital and measuring actual and,
if necessary, estimated inflows and outflows from that pool,
allocating costs appropriately. IRRs do not include unrealized
gains or losses.
- Return on invested capital ("ROIC") from a concluded
asset is the absolute amount of realizations from such asset in
excess of the amount of expenditure incurred in funding such asset
divided by the amount of expenditure incurred, expressed as a
percentage figure. ROIC is a measure of our ability to generate
absolute returns on our assets. Some industry participants express
returns on a multiple of invested capital ("MOIC") instead
of a ROIC basis. MOIC includes the return of capital and,
therefore, is 1x higher than ROIC. In other words, 70% ROIC is the
same as 1.70x MOIC.
Other unaudited alternative performance measures and terms we
use include:
- Commitment is the amount of financing we agree to
provide for a legal finance asset. Commitments can be definitive
(requiring us to provide funding on a schedule or, more often, when
certain expenses are incurred) or discretionary (allowing us to
provide funding after reviewing and approving a future matter).
Unless otherwise indicated, commitments include deployed cost and
undrawn commitments.
- Deployment refers to the funding provided for an asset,
which adds to our deployed cost in such asset.
- Deployed cost is the amount of funding we have provided
for an asset at the applicable point in time.
- Fair value adjustment is the amount of unrealized gain
or loss recognized in our consolidated statements of operations in
the relevant period and added to or subtracted from, as applicable,
the asset or liability value in our consolidated statements of
financial position.
- Portfolio includes deployed cost, net unrealized gains
or losses and undrawn commitments.
- Realization: A legal finance asset is realized when the
asset is concluded (i.e., when litigation risk has been
resolved). A realization will result in us receiving cash or,
occasionally, non-cash assets or recognizing a due from settlement
receivable, reflecting what we are owed on the asset.
- Realized gain / loss reflects the total amount of gain
or loss generated by a legal finance asset when it is realized,
calculated as realized proceeds less deployed cost, without regard
for any previously recognized fair value adjustment.
- Unrealized gain / loss represents the fair value of our
legal finance assets over or under their funded cost, as determined
in accordance with the requirements of the applicable US GAAP
standards, for the relevant financial reporting period
(consolidated statement of operations) or cumulatively
(consolidated statement of financial position).
- YPF-related assets refers to our Petersen and Eton Park legal finance assets,
which are two claims relating to Republic of Argentina's nationalization of YPF S.A., the
Argentine energy company.
We also use certain non-GAAP financial measures, including:
- Book value per ordinary share is calculated by dividing
total Burford Capital Limited equity by the number of ordinary
shares issued and outstanding.
- Cash receipts provide a measure of the cash that our
capital provision and other assets generate during a given period
as well as cash from certain other fees and income. In particular,
cash receipts represent the cash generated from capital provision
and other assets, including cash proceeds from realized or
concluded assets and any related hedging assets, and cash received
from asset management income, services and/or other income, before
any deployments into funding existing or new assets. Cash receipts
are a non-GAAP financial measure and should not be considered in
isolation from, as a substitute for, or superior to, financial
measures calculated in accordance with US GAAP. The most directly
comparable measure calculated in accordance with US GAAP is
proceeds from capital provision assets as set forth in our
consolidated statements of cash flows. We believe that cash
receipts are an important measure of our operating and financial
performance and are useful to management and investors when
assessing the performance of our Burford-only capital provision
assets.
- Return on tangible equity ("ROTE") is Burford-only net
income/(loss) divided by the average of tangible equity at the
beginning and end of the relevant period, with tangible equity
calculated as total Burford Capital Limited equity less goodwill.
ROTE is a non-GAAP financial measure and should not be considered
in isolation from, as a substitute for, or superior to, financial
measures calculated in accordance with US GAAP. The most directly
comparable measure calculated in accordance with US GAAP is net
income/(loss) attributable to Burford Capital Limited shareholders
as set forth in our consolidated statements of operations. We
believe ROTE is an important measure of our operating and financial
performance and is useful to management and investors when
assessing the performance of our Burford-only capital provision
assets.
- Tangible book value attributable to Burford Capital
Limited is calculated by subtracting intangible assets (such as
goodwill) from total Burford Capital Limited equity.
Tangible book value attributable to Burford Capital Limited
per ordinary share is calculated by dividing tangible book
value attributable to Burford Capital Limited by the total number
of outstanding ordinary shares. Each of tangible book value
attributable to Burford Capital Limited and tangible book value
attributable to Burford Capital Limited per ordinary share is a
non-GAAP financial measure and should not be considered in
isolation from, as a substitute for, or superior to, financial
measures calculated in accordance with US GAAP. The most directly
comparable measure calculated in accordance with US GAAP is total
Burford Capital Limited equity as set forth in our consolidated
statements of financial position. We believe that tangible book
value attributable to Burford Capital Limited per ordinary share is
an important measure of our financial condition and is useful to
management and investors when assessing capital adequacy and our
ability to generate earnings on tangible equity invested by our
shareholders.
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 3Q23 Quarterly Report furnished to the US Securities and
Exchange Commission on November 9,
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 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, 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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SOURCE Burford Capital