Caldwell Partners has two business segments.
Revenues (Q1-2022) from Caldwell executive search was down from the previous quarter (Q4) and similar to Q3. Caldwell executive search is on pace to achieve $100,000,000 - $115,000,000.
IQ Talent Partners revenues have again grown by 15% and will likely achieve ±$45,000,000 for the fiscal year.
Caldwell will likely achieve $150,000,000 for FY 2022. The market cap is around $58,000,000 (fully diluted).
The bad news is the cost of sales (mostly salaries and compensations) are up and resulted in net earnings of only $745,000 and negative operating cash flows of $662,000. These numbers were negatively affected by a one-time acquisition fee of $801,000. Still $150,000,000 in revenues should yield at least a 5% margin or $7,500,000 or $1,875,000 per quarter.
Comparing Q1-2022 to Q3 2021
Revenues were similar $38 million versus $36 million. However cost of sales increased from $26.7 million (Q3) to $30.5 million (Q1) and selling and general expenses were up by $900,000. Earnings of $2,955,000 (Q3) declined to $745,000 (Q1).
Caldwell also saw the departure of two large producers (partners) at the end of the fourth quarter.
Assets
Caldwell has $27,506,000 in cash.
Accounts receivable of $21,965,000
Liabilities
Accounts payable of $4,154,000
Compensable payables of $43,729,000