Slide 1: Second Quarter 2024 Results
Second Quarter 2024 Results EARNINGS PRESENTATION
Slide 2: Legal Disclaimer
Legal Disclaimer IMPORTANT NOTICES CAUTION REGARDING FINANCIAL AND OPERATING PROJECTIONS The inclusion of references to P10, Inc. (“P10” or the “Company”) in this presentation is for All financial and operating projections, forecasts or estimates about or relating to the information purposes only as
Slide 3: Presenters
Presenters LUKE SARSFIELD AMANDA COUSSENS MARK HOOD CEO & Director EVP, CFO & CCO EVP & CAO SECOND QUARTER 2024 3
Slide 4: Second Quarter 2024 Financial Highlights
Second Quarter 2024 Financial Highlights Strong organic growth drives durable earnings power Fee paying assets under management (FPAUM) were $23.8Bn, an increase of 8% compared to June 30, 2023. In the quarter, $844MM of fundraising and capital deployment was offset by $855MM in stepdowns and ex
Slide 5: Second Quarter 2024 Highlights
Second Quarter 2024 Highlights Fee paying assets under management (FPAUM) were $23.8Bn, an increase of $1.6Bn, or 8%, when compared to June 30, 2023 actuals. Key Business Year-over-year quarterly revenue growth of 14% was driven by $844MM of fundraising and deployment. Drivers Catch-up fees we
Slide 6: Second Quarter 2024 and Post-Second Quarter 2024 Highlights
Second Quarter 2024 and Post-Second Quarter 2024 Highlights April 22, 2024, appointed Tracey Benford to the Board of Directors as an independent Class II director. Ms. Benford will serve on the Company’s Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee. Su
Slide 7: Performance Summary
Performance Summary Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Net Fund-of-Funds (Fund size as of 6/30/24, performance as of 3/31/24) Fund Vintage Fund Size ($M) Called Capital Net IRR ROIC Fund I 2
Slide 8: Performance Summary (continued)
Performance Summary (continued) Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Credit Funds (Fund size as of 6/30/24, performance as of 3/31/2
Slide 9: Well Positioned in Attractive, Specialized, and Growing Markets
Well Positioned in Attractive, Specialized, and Growing Markets Capital Available by Universe of Companies by Fund Size1 Revenue Size2 $774Bn 8,740 of capital available companies to PE Funds over 85% w/revenues 7% $1Bn >$250MM $141Bn of Lower Middle Market Benefits capital available to 111,371 Large
Slide 10: Distinct Market Access, Deal Flow, and Data Analytics to Navigate Private Markets
Distinct Market Access, Deal Flow, and Data Analytics to Navigate Private Markets Unique and extensive proprietary analytics database | Data capabilities are a competitive differentiator Extensive Data Collection: Powerful Database and Business Intelligence Platform 5.6K+ 10.2K+ 47K+ 31K+ 317K+ Inve
Slide 11: Highly Diversified, Multi-Asset Investment Platform and Investor Base
Highly Diversified, Multi-Asset Investment Platform and Investor Base Differentiated investor base combined with institutional and international distribution Investor Base by Channel1 (As of Q2’24) ● Family Offices / Wealth Managers (25%) ● Public Pensions (21%) ● Financial Institutions (16%) ● Endo
Slide 12: Fee Paying Assets Under Management
Fee Paying Assets Under Management SECOND QUARTER 2024 12
Slide 13: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust organic FPAUM growth and stable, attractive fee rates ORGANIC FPAUM GROWTH1 ($Bn) AVERAGE FEE RATE2 (Bps) Average Q2’24 Actual Fee Rate: 115bps Quarterly average fee rates show the basis points attributable 15% CAGR to base management fees and catch-up fees3.
Slide 14: Organic Fee Paying AUM Growth Model
Organic Fee Paying AUM Growth Model1 Long-term, contractually locked-up funds ensure highly sticky FPAUM base Annual FPAUM Roll Forward Quarterly FPAUM Roll Forward 1.1 3.3 23.8 23.8 0.7 0.1 23.8 1.0 (1.8) (0.8) 2.5 21.2 19.0 (1.3) Dec-21 PF Raised Deployed Stepdowns Dec-22 PF Raised Deployed Stepdo
Slide 15: Private Markets Ecosystem
Private Markets Ecosystem Premier private markets solutions provider P10 is a specialized private markets solutions provider. As LPs entrust us with capital, we strengthen our relationships with high performing, difficult-to-access fund managers. These relationships drive additional investment oppor
Slide 16: Premier Private Markets Solutions Provider
Premier Private Markets Solutions Provider Comprehensive suite of private market vehicles1 Primary Solutions Direct and Co-Investments Secondary Investments Private Equity Private Equity Private Equity Asset Venture Capital Venture Capital Venture Capital Classes Private Credit Impac
Slide 17: Fee Paying AUM Across Diversified Vehicles
Fee Paying AUM Across Diversified Vehicles Multi-asset investment platform with strong organic growth DIVERSIFIED BASE AND GROWTH ACROSS VEHICLES KEY METRICS FPAUM Composition (As of Q2’24) Primary Solutions $13.4Bn 15% ● Primary Solutions 56% Organic FPAUM CAGR Total FPAUM as of Q2’24 FPAUM ● Direc
Slide 18: Financial Highlights
Financial Highlights SECOND QUARTER 2024 18
Slide 19: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited) Three Months Ended Six Months Ended % Change June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Q2'24 vs Q2'23 YTD'24 vs YTD'23 (Dollars in thousands except share and per share amounts) Revenues Management and advisory fees $ 68,475 $ 61,657 $ 1
Slide 20: Adjustments to EBITDA (unaudited)
Adjustments to EBITDA (unaudited) Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2024 June 30, 2024 June 30, 2024 June 30, 2024 June 30, 2024 (Dollars in thousands except share and per share amounts) Adjustments to EBITDA Adjusted Line Item Adjustments to EBITDA Adj
Slide 21: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Three Months Ended Six Months Ended % Change June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Q2'24 vs Q2'23 YTD'24 vs YTD'23 (Dollars in thousands exc ept share and per share amounts) GAAP Net Income $ 7,390 $ 2,102 $ 12,633 $ 2,871 252% 340% Adjustmen
Slide 22: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) June 30, 2024 December 31, 2023 (Dollars in thousands except share amounts) Assets Cash and cash equivalents $ 31,244 $ 30,467 Restricted cash 958 1,590 Accounts receivable 23,445 20,620 Notes receivable 6,033 5,755 Due from related parties 68,696 57,696 Inves
Slide 23: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, 2024 June 30, 2023 (Dollars in thousands) Cash Flows From Operating Activities Net income $ 12,633 $ 2,871 Adjustments to reconcile net income to net cash provided by operating ac tivities: Stock-based compensation 13,391 15
Slide 24: Tax Assets
Tax Assets Combination of intangible assets, goodwill, and NOLs generating sustained, long-term tax benefits LONG-TERM TAX BENEFITS COMMENTARY Tax Assets Tax basis intangible assets and tax-deductible goodwill, which are more than half of our tax assets, are available to reduce $124MM federal inco
Slide 25: Highly Compelling Value Proposition
Highly Compelling Value Proposition Attractive investment thesis MEANINGFUL PARTNERSHIPS SUPERIOR TRACK RECORD Premier, specialized private markets solutions Attractive and growing revenue base with provider operating in large and growing highly recurring and well diversified markets with increa
Slide 26: Key Terms & Supplemental Information
Key Terms & Supplemental Information Below is a description of our unaudited non-GAAP financial measures. These are not FULLY DILUTED ANI EPS Fully diluted Adjusted Net Income Earnings Per Share is a measures of financial performance under GAAP and should not be construed as a substitute calculation
Slide 27: Additional Disclaimers
Additional Disclaimers PERFORMANCE DISCLAIMER ENHANCED CAPITAL PERFORMANCE DISCLOSURES: 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 Performance information shown for de
Slide 28: Additional Disclaimers
Additional Disclaimers ENHANCED CAPITAL PERFORMANCE DISCLOSURES (CONTINUED): ENHANCED CAPITAL PERFORMANCE DISCLOSURES (CONTINUED): Impact Equity returns are hypothetical. Historic Tax Credit deals with a 1-year credit Project Finance, Small Net is hypothetical and includes .16x leverage ($65M) a
Slide 29: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES: The actual performance returns of each investor may vary (in some cases, materially) and are dependent on a number of factors including, but not limited to, (a) the timing of Past performance does not predict, and is not a guarantee of, future re
Slide 30: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP SEF Performance. Because RCP’s inaugural “small and emerging manager” fund Effects of Leverage on IRRs. Because RCP typically utilizes a subscription-based credit (which was struct
Slide 31: Disclaimers
Disclaimers HARK PERFORMANCE DISCLOSURES: BONACCORD PERFORMANCE DISCLOSURES: ROIC: Represents the return on invested capital. ROIC is calculated by dividing the sum Net Performance for Bonaccord Capital Partners I is determined assuming a limited of distributions plus total partners’ capital by
Slide 32: Disclaimers
Disclaimers WTI PERFORMANCE DISCLOSURES: Private Funds Entail Risks. Private funds are speculative investments and are not The performance data in this presentation represents past performance only and is not suitable for all investors, nor do they represent a complete investment program. The a
Slide 33: Disclaimers
Disclaimers WTI PERFORMANCE DISCLOSURES (CONTINUED): References to Specific Securities. To the extent specific securities are referenced herein, they have been selected by WTI on an objective basis to illustrate the views expressed in the presentation. Such references do not include all material i
Slide 34: Dallas Office
DALLAS OFFICE 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 214.865.7998 info@p10alts.com SECOND QUARTER 2024 34