Q: Current thoughts on this one after the quarter?
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5i Research Answer:
In Q3, FSZ missed EPS analysts’ estimates of $0.22 coming in at $0.18. Revenue was also below forecast of $161M, coming in at $158.74 displaying a -1.95% year-over-year decline. AUM decreased by $8.9B from the previous quarter to $155.3M. Adjusted EBITDA came in at $44M, a decrease of $1.3M or 2.9% from the prior year. Q3 earnings were evidently weak for FSZ and they shockingly continue to pay their quarterly dividend, with yield up to 15.6% now. We maintain our negative outlook on FSZ with a weak Q3.