AMK - AssetMark Financial Holdings downsized FY2020 outlook

AssetMark Financial Holdings ([[AMK]] +2.1%) sales continue to improve with November net flows expected to be $500M and end of the month platform assets of $71.5B.Core business remains strong, with an annualized growth rate of 10.0%, recovering well in 3Q20 as net flows were $1.32B vs. $1.48B year ago.Strong market opportunity for the company:FY2020 Outlook: Revenue less cost of revenue(Grossprofit): $293M-$294M vs. prior guidance $286M-$293M; Adjusted EBITDA: $11M2-$113M vs. prior guidance $107M-$113M and consensus $113.8M; Adjusted net income: $68M-$69M vs. prior guidance $63M-$69M and consensus $72.1M.Source

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AssetMark Financial Holdings downsized FY2020 outlook