Slide 1: Third Quarter 2021 Results Earnings Presentation
Third Quarter 2021 Results Earnings Presentation - November 12, 2021
Slide 2: Legal Disclaimer: Forward-Looking Statements
Legal Disclaimer Forward-Looking Statements Some of the statements in this presentation may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 19
Slide 3: Today's Presenters
Today’s Presenters Robert Alpert Fritz Souder C. Clark Webb Co-CEO and Chairman COO Co-CEO Amanda Coussens Mark Hood CFO and CCO Director of Investor Relations 3 Third Quarter 2021 Results
Slide 4: Third Quarter 2021 Highlights
Third Quarter 2021 Highlights Strong FPAUM growth drives record financial performance ì Fee paying assets under management (FPAUM) were $16.3Bn, an increase of 122% compared to September 30, 2020 Three Months Ended Nine Months Ended Financial Results ($ in Millions) September 30, 2021 September 30,
Slide 5: Third Quarter 2021 Highlights
Third Quarter 2021 Highlights ì Fee paying assets under management (FPAUM) were $16.3Bn, an increase of $8.9Bn, or 122%, compared to September 30, 2020, actuals (1) ì Organic FPAUM grew by $3.5Bn, or 27%, when compared to September 30, 2020, pro forma FPAUM Key Business Drivers ì Q3 organic growth w
Slide 6: Third Quarter 2021 Highlights: Acquisitions & Strategic Relationships
Third Quarter 2021 Highlights ì September 30, 2021: Acquired Bonaccord Capital Partners. Bonaccord acquires minority equity investments in a diversified portfolio of alternative markets asset managers with a focus on mid-sized managers across private equity, private credit and real assets. Bonaccord
Slide 7: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance (1) Superior Track Record Across a Broad Range of Portfolio Solutions RCP Performance Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (as of 6/30/21)
Slide 8: Fee Paying Assets Under Management
Fee Paying Assets Under Management SECTION 7 Third Quarter 2021 Results
Slide 9: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust Organic FPAUM Growth and Stable, Attractive Fee Rates (1) (2) Organic FPAUM Growth Average Fee Rate (Bps) ($Bn) Average 2020PF-Q3’21A Fee Rate: 100bps Average Fee Rates are Stable and Consistent Across Vehicles and Fund Structures 18% CAGR 30% CAGR 101 100 99
Slide 10: Organic Fee-Paying AUM Growth Model
(1) Organic Fee-Paying AUM Growth Model Long-Term Contractually Locked Up Funds Ensure Highly Sticky FPAUM Base 0.4 16.3 2.8 (0.3) 0.6 13.4 1.2 (0.3) 11.9 Dec-19 PF Raised Deployed Stepdowns Dec-20 PF Raised Deployed Stepdowns Sep-21 A Expirations Expirations NAV NAV Breakdown of FPAUM Flows Descrip
Slide 11: Premier Private Markets Solutions Provider
Premier Private Markets Solutions Provider Exceptionally Well-Positioned in the Private Markets Ecosystem Private Markets Ecosystem We are a specialized private market solutions provider. As LPs entrust us with capital, we strengthen our relationships with high performing, difficult to access fund m
Slide 12: Comprehensive Suite of Private Market Vehicles
Premier Private Markets Solutions Provider (1) Comprehensive Suite of Private Market Vehicles Primary Direct and Secondary Solutions Co-Investments Investments • Private Equity • Private Equity • Private Equity • Venture Capital • Venture Capital • Private Credit • Impact Investing • Invests in dive
Slide 13: Fee Paying Assets Under Management Across Diversified Vehicles
Fee Paying Assets Under Management Across Diversified Vehicles Multi-Asset Investment Platform with Strong Organic Growth Key Metrics Diversified Base and Growth Across Vehicles FPAUM Composition Primary Solutions (As of Q3’21) $10.1Bn 28% Primary Solutions 62% FPAUM as of Q3’21 Organic FPAUM CAGR T
Slide 14: Financial Highlights
Financial Highlights SECTION 2 Third Quarter 2021 Results
Slide 15: Consolidated Statements of Operations
Consolidated Statements of Operations (unaudited) Three Months Ended Nine Months Ended (Dollars in thousands except share and per share amounts) September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 Q3'21 vs Q3'20 YTD'21 vs YTD'20 Revenues Management and advisory fees $ 37,939
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures (unaudited) Three Months Ended Nine Months Ended September 30, 2021 September 30, 2020 September 30, 2021 September 30, 2020 (Dollars in thousands except share and per share amounts) Q3'21 vs Q3'20 YTD'21 vs YTD'20 GAAP Net Income $ 4,078 $ 65 $ 9,260 $ 3,186 N/A 191% Add
Slide 17: Consolidated Balance Sheets
Consolidated Balance Sheets September 30, 2021 December 31, 2020 (Dollars in thousands except share amounts) (unaudited) Assets Cash and cash equivalents $ 21,656 $ 11,773 Restricted cash 6,421 1,010 Accounts receivable 7,656 2,494 Due from related parties 5,885 2,667 Investment in unconsolidated su
Slide 18: Consolidated Cash Flows
Consolidated Cash Flows (unaudited) Nine Months Ended September 30, 2021 September 30, 2020 (Dollars in thousands) Cash Flows From Operating Activities Net income 9,260 3,186 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 1,452 522 Incentiv
Slide 19: Tax Assets
Tax Assets Combination of Intangible Assets, Goodwill, and NOLs Generating Sustained, Long-Term Tax Benefits Long-Term Tax Benefits Commentary Tax Assets (Projected Dec-21) ìTax basis intangible assets and tax-deductible goodwill – which are more than half of our tax assets – are available to reduce
Slide 20: Compelling Value Proposition
Compelling Value Proposition Premier, specialized private markets solutions provider operating in large and growing markets with increasing investor allocations Highly recurring revenue composed almost entirely of management and advisory fees earned primarily on committed capital from long-term, con
Slide 21: Key Terms & Supplemental Information
Key Terms & Supplemental Information Below is a description of our unaudited non-GAAP financial measures. These are not measures of financial performance under GAAP and should not be construed as a substitute for the most directly comparable GAAP measures. These measures have limitations as analytic
Slide 22: Disclaimers
Disclaimers Performance Disclaimer The historical performance of our investments should not be considered as indicative of the future results of our investments or our operations or any returns expected on an investment in our Class A common stock. In considering the performance information containe
Slide 23: Contact Us
CONTACT US DALLAS OFFICE Office: 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 Tel: 214.999.0149 Website: p10alts.com Email: info@p10alts.com Third Quarter 2021 Results