Lion Street 2019 Annual Report FINAL - Page 6



3
FINANCIAL RESULT S
2019 was a watershed year for Lion Street. We completed the recapitalization of
the Company, which put all stockholders in common stock, and we reduced thirdparty ownership of the Company. Producer-Owners now own 47% of the Company.
Financially, Lion Street had yet another record-breaking year with results exceeding
budget. Your Company exceeded its budget across all key financial metrics — life
premium, revenue, EBITDA and net income. In 2019, Lion Street exceeded $80 million
in gross revenue. Furthermore, your Company outpaced its five-year plan instituted
this fiscal year, and our growth rates remain well above industry averages. Lion Street
maintains a healthy cash position entering into 2019 to service the debt associated
with the recapitalization.
As we move into 2020, management continues to be focused on driving value for its
stockholders. Your investment as an Owner in Lion Street has grown significantly over
the last six years, with the value of the common stock growing from $0.30 to $3.35
per share. We will be obtaining a new valuation of the Company within the next 90
days, and given the outstanding 2019 financial results, management expects another
significant uptick in the value of the common stock.
Jim Cahill
CFO
Lion Street’s rise in profitability will allow management to continue to expand resources and services provided to
our Owners. Your Company continues to re-invest in outstanding meetings, people, processes and best-of-breed
technology, so your experience with Lion Street is best in class.
Key financial highlights from 2019 include:
•Recapitalization of the Company
In the last five years, your Company has achieved
the following:
•Premium was at an all-time high, exceeding
$120 million
• Life Premium has increased 320%
•GDC totaled $43 million, a 70% increase year
over year
• Revenue has increased 975%
• EBITDA grew to over $10 million in 2019
•Consolidated EBITDA grew over 60% from 2018
to 2019
•Your Company continues to be a stable and
profitable entity with a proven track record
of success.
•The Company year-over-year growth in revenue
exceeded 47%
•Grown to over 75 employees to support this
growth for over 180 Owner-Firms
•The percentage of revenue growth continued to
outpace the increase in operating expenses
•The Broker-Dealer and RIA platforms have
reached profitability
• Consolidated Gross Revenue has increased 548%
In 2020, we will continue to execute on our five-year plan, while maintaining financial discipline and our unique
producer-owned culture.
VALUE OF YOUR INVESTMENT
$3 .50
$3 .00
$2 .50
$2 .00
$1 .50
$1 .00
$0 .50
$0 .00
$3 .35
$1 .12
$0 .18
$0 .23
$0 .30
$0 .41
$0 .58
2011
2012
2013
2014
2015
Series B
Issued
Series C-1
Issued
2016
$1 .40
$1 .73
2017
2018
2019
Series C-2
Issued
Warrants
Issued
Recap

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