Patria Investments Limited · NASDAQ:PAX
Patria Investments — Q1 2021 Earnings Presentation
20 slides from Patria Investments's earnings presentation, May 20, 2021
Slide 1: First Quarter 2021 Results
First Quarter 2021 Results MAY 20, 2021
Slide 2: Disclaimer
2 Disclaimer This presentation may contain forward - looking statements within the meaning of Section 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchange Act of 1934 , as amended . You can identify these forward - looking statements by the use of words such a
Slide 3: Patria Reports First Quarter 2021 Results
3 Patria Reports First Quarter 2021 Results “We are pleased with our strong results for the 1 st quarter, with management fees increasing 31% and Fee Related Earnings increasing 14% compared to the prior year’s 1st quarter. The fundamental resilience of our business model and our decades of experien
Slide 4: Patria Reports First Quarter 2021 Results
4 Patria Reports First Quarter 2021 Results MAY 20, 2021
Slide 5: Patria's First Quarter 2021 IFRS Results
5 Patria’s First Quarter 2021 IFRS Results ▪ GAAP Net Income was US$13.1 million for the quarter and US$62.5 million for the LTM Throughout this presentation all current period amounts are preliminary and unaudited . Totals may not add due to rounding . See notes and definitions at end of document .
Slide 6: Patria's First Quarter 2021 Highlights
6 ▪ Total Assets Under Management (“AUM”) of $14.1 billion as of March 31, 2021, up 9% year - over - year ▪ Fee - Earning AUM (“FEAUM”) of $8.0 billion driving management fees in 1Q21, up 14% year - over - year - Additional $2.8 billion of Pending FEAUM - More than 75% of FEAUM is contracted for mor
Slide 7: Patria's First Quarter 2021 Earnings
7 Patria’s First Quarter 2021 Earnings DE per Share shown for LTM for illustrative purposes only, using Patria’s post - IPO share count of 136 , 147 , 500 shares See notes and definitions at end of document ▪ Distributable Earnings (“ DE”) for 1Q21 up 9% compared to 1Q20 and LTM up 26% compared to p
Slide 8: Fee Related Earnings (FRE)
8 Fee Related Earnings (“FRE”) See notes and definitions at end of document 60% $15.2 million $17.3 million +14% 1Q 20 1Q21 57% FRE Margin $54.1 million $73.4 million +36% 50% LTM 1Q20 LTM 1Q21 61% FRE Margin ▪ 1Q21 FRE of $17.3 million was up $2.1 million or 14% compared to 1Q20 o Total Fee Revenue
Slide 9: Net Accrued Performance Fees
9 45 182 15 9 Net Accrued Performance Fees • Net Accrued Performance Fees were $253 million at March 31, 2021, compared to $276 million as of December 31, 2020 • Decrease driven by continuing local currency devaluation against the US dollar during 1Q21, as investment - level local currency i s trans
Slide 10: Total Assets Under Management
10 ▪ Total AUM of $14.1 billion as of March 31, 2021 up 9% compared to $12.9 billion one year ago ▪ Fundraising of $910 million over LTM, and strong valuations in local currency for both periods were positive drivers, offset by the impact of foreign currency translation as well as divestment activit
Slide 11: Fundraising & Portfolio Activity
11 168 970 78 359 162 Fundraising & Portfolio Activity Fundraising Total Platform LTM 1Q21 619 147 290 Country - specific Strategies Infrastructure Deployment C losed - end F unds Realizations & Value Creation Closed - end Funds Private Equity Fund VI (2019) Infra Fund IV (2019) Latest Vintage Fund
Slide 12: Fee Earning Assets Under Management
12 Fee Earning Assets Under Management Fee earning AUM 1Q21 1Q20 2.9 3.8 3.3 3.3 0.8 0.9 7.0 8.0 Private Equity Country - specific Strategies Infrastructure ( US$ in billions) ▪ FEAUM of $8.0 billion drove management fees in 1Q21, up 14% year - over - year ▪ $2.8 billion of Pending FEAUM is eligible
Slide 13: Total AUM & FEAUM Roll Forward (Unaudited)
13 Total AUM & FEAUM Roll Forward (Unaudited) See notes and definitions at end of document Total Assets Under Management (“AUM”) (US$ in millions) Three Months Ended March 31, 2021 Twelve Months Ended March 31, 2021 Total Fee Earning AUM (“FEAUM”) (US$ in millions) Three Months Ended March 31, 2021
Slide 14: Closed-End Funds Investment Record as of 1Q21
14 Closed - End Funds Investment Record as of 1Q21 Deployed + Reserved Total Invested Unrealized Investments Realized Investments Fund (Vintage) Total (USD) % Value (USD) Value (USD) Value (USD) Value (USD) Gross MOIC (USD) Net IRR (USD) Net IRR (BRL) Private Equity PE I (1997) 234,000 Divested 163,
Slide 15: Reconciliations and Disclosures
15 Reconciliations and Disclosures
Slide 16: Reconciliation of IFRS to Non-GAAP Measures
16 Reconciliation of IFRS to Non - GAAP Measures See notes and definitions at end of document (US$ in millions) 1Q20 1Q21 1Q21 vs. 1Q20 LTM 1Q20 LTM 1Q21 LTM 1Q21 vs. 1Q20 Management Fees 23.8 31.3 7.5 103.4 120.3 16.9 (+) Incentive Fees - - - 5.2 3.5 (1.7) (+) Advisory Fees and Other Revenues 2.5 -
Slide 17: IFRS Balance Sheet Results
17 IFRS Balance Sheet Results See notes and definitions at end of document Balance Sheet (USD in millions) 31-Dec-20 31-Mar-21 (USD in millions) 31-Dec-20 31-Mar-21 Assets Liabilities and Equity Cash and cash equivalents 14.1 28.7 Personnel and related taxes (3) 12.8 8.5 Short term investments (1) 9
Slide 18: Notes
18 Notes Notes to page 5 – Patria’s First Quarter 2021 IFRS Results (1) Taxes on revenue represent taxes charged directly on services provided in some of the countries where the Company operates . (2) The increase is due mainly to the change in compensation structure post - IPO . (3) IPO expenses an
Slide 19: Notes
19 Notes Notes to page 13 – Total AUM & FEAUM Roll Forward (Unaudited) (1) Inflows for FEAUM during the period reflect new fundraising for funds charging fees based on committed capital, plus deployed (or reserved) capital for funds charging fees based on deployed capital (2) Outflows for FEAUM duri
Slide 20: Definitions
20 Definitions • Distributable Earnings (DE) is used to assess our performance and capabilities to distribute dividends to shareholders . DE is calculated as FRE deducted by current income tax expense, plus net realized performance fees, net financial income/(expenses), and other income/(expenses) .