Andersen Group (ANDG) Registration Filing summary

Company overview and business model

• Leading provider of independent tax, valuation, and financial advisory services to individuals, families, businesses, and institutions in the U.S.

• Integrated platform with end-to-end offerings: private client, business tax, alternative investment funds, and valuation services.

• Global reach through Andersen Global, a Swiss association of 300+ member and collaborating firms in 182 countries.

• Differentiated by a low-leverage operating model, direct Managing Director involvement, and a strong culture emphasizing client service, collaboration, and stewardship.

• No audit or attestation services, allowing focus on non-audit advisory and compliance.

Financial performance and metrics

• Revenue grew from $639.1M in 2023 to $731.6M in 2024 (15% YoY growth); $384.1M for the six months ended June 30, 2025 (up 13% YoY).

• Net income was $134.8M in 2024 (up 14% YoY); net loss of $(45.4)M for the six months ended June 30, 2025, primarily due to non-cash equity-based compensation.

• Operating margin was 18% in 2024 and 2023; Adjusted EBITDA margin was 20% in 2024 and 23% for the six months ended June 30, 2025.

• Over 2,200 employees as of June 30, 2025; attrition rate of 14% in 2024, below industry average.

• Over 11,300 client groups and 20,600 client engagements as of June 30, 2025.

Use of proceeds and capital allocation

• Net proceeds from the IPO will be used to acquire newly issued Class X Umbrella Units from AT Umbrella LLC, equivalent to the number of Class A shares sold.

• AT Umbrella LLC will use proceeds for offering expenses, technology, infrastructure, training, and potential strategic acquisitions.

• No current agreements for specific material acquisitions or investments.