Slide 1: First Quarter 2023 Results
First Quarter 2023 Results EARNINGS PRESENTATION
Slide 2: Legal Disclaimer
Legal Disclaimer IMPORTANT NOTICES CAUTION REGARDING FINANCIAL AND OPERATING PROJECTIONS The inclusion of references to P10, Inc. (the “Company”) in this presentation is for information All financial and operating projections, forecasts or estimates about or relating to the purposes only as the hold
Slide 3: Presenters
Presenters ROBERT ALPERT C. CLARK WEBB FRITZ SOUDER AMANDA COUSSENS MARK HOOD Co-CEO & Co-CEO COO CFO & CCO EVP of Operations Chairman & Investor Relations FIRST QUARTER 2023 3
Slide 4: First Quarter 2023 Financial Highlights
First Quarter 2023 Financial Highlights Strong organic growth drives durable earnings power Fee paying assets under management (FPAUM) were $21.6Bn, an increase of 23% compared to March 31, 2022. In the quarter, $911 million of fundraising and capital deployment was offset by $516 million in ste
Slide 5: First Quarter 2023 Highlights
First Quarter 2023 Highlights Fee paying assets under management (FPAUM) were $21.6Bn, an increase of $4.0Bn, or 23%, when compared to March 31, 2022 actuals. Key Organic FPAUM1 grew by $2.3Bn, or 12%, when compared to March 31, 2022 pro forma FPAUM. Business Year-over-year revenue growth of 3
Slide 6: First Quarter 2023 Highlights
First Quarter 2023 Highlights April 24, 2023, filed 2023 Proxy statement and announced the 2023 Annual Meeting of Stockholders will be held at 4514 Cole Ave, 3rd Floor, Dallas, TX 75205 at 9:00 a.m., local time, on Friday, June 16, 2023 for the following purposes: Corporate To elect the followin
Slide 7: Performance Summary
Performance Summary Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 3/31/23, performance as of 9/30/22) Fund-of-
Slide 8: Performance Summary (continued)
Performance Summary (continued) Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Credit Funds (Fund size as of 3/31/23, performance as of 12/31/
Slide 9: Fee Paying Assets Under Management
Fee Paying Assets Under Management FIRST QUARTER 2023 9
Slide 10: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust organic FPAUM growth and stable, attractive fee rates ORGANIC FPAUM GROWTH1 ($Bn) AVERAGE FEE RATE2 (Bps) Average Q1’23 Actual Fee Rate: 106bps Quarterly average fee rates show the basis points attributable 16% CAGR to base management fees and catch-up fees3.
Slide 11: 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 1.0 0.2 2.5 21.2 21.2 0.7 21.6 (1.3) (0.5) 4.3 0.7 19.0 (0.6) 14.6 Dec-20 PF Raised Deployed Stepdowns Dec-21 PF Raised Deployed Stepdo
Slide 12: Private Markets Ecosystem
Private Markets Ecosystem Premier private markets solutions provider P10 is a specialized private market 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 opport
Slide 13: 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 Classes Private Credit Impact Investing Inve
Slide 14: Fee Paying Assets Under Management Across Diversified Vehicles
Fee Paying Assets Under Management Across Diversified Vehicles Multi-asset investment platform with strong organic growth DIVERSIFIED BASE AND GROWTH ACROSS VEHICLES KEY METRICS FPAUM Composition (As of Q1’23) Primary Solutions $12.2Bn 19% ● Primary Solutions 57% Organic FPAUM CAGR Total FPAUM as of
Slide 15: Financial Highlights
Financial Highlights FIRST QUARTER 2023 15
Slide 16: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited) Three Months Ended GAAP March 31, 2023 March 31, 2022 Q1'23 vs Q1'22 (Dollars in thousands except share and per share amounts) (unaudited) Revenues Management and advisory fees $ 56,587 $ 43,027 32% Other revenue 666 254 162% Total revenues $ 57,253
Slide 17: Adjustments to EBITDA
Adjustments to EBITDA Three Months Ended Three Months Ended March 31, 2023 March 31, 2023 March 31, 2023 Adjustments to (Dollars in thousands except share and per share amounts) (unaudited) EBITDA Adjusted Line Item Revenues Management and advisory fees $ 56,587 $ 367 $ 56,954 Other revenue 666 - 66
Slide 18: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Three Months Ended March 31, 2023 March 31, 2022 (Dollars in thousands except share and per share amounts) (unaudited) Q1'23 vs Q1'22 GAAP Net Income $ 769 $ 7,792 -90% Adjustments: Depreciation & amortization 7,770 6,276 24% Interest expense, net 5,172 1,385
Slide 19: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) March 31, 2023 December 31, 2022 (Dollars in thousands except share amounts) (unaudited) Assets Cash and cash equivalents $ 25,050 $ 20,021 Restricted cash 10,807 9,471 Accounts receivable 17,466 16,551 Note receivable 4,440 4,231 Due from related parties 41,0
Slide 20: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited) Three Months Ended March 31, 2023 March 31, 2022 (Dollars in thousands) (unaudited) Cash Flows From Operating Activities Net inc ome $ 769 $ 7,792 Adjustments to reconc ile net inc ome to net cash provided by operating activities: Stoc k-based compen
Slide 21: 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 $177M federal income
Slide 22: 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 23: 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 24: Disclaimers
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 deal activity
Slide 25: 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 The historical returns of RCP Advisors are not necessarily indicative o
Slide 26: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): Realized vs. Unrealized Investments. The fund-level Net IRR and Net ROIC calculations Past performance does not predict, and is not a guarantee of, future results. RCP’s used herein me
Slide 27: 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 28: Dallas Office
DALLAS OFFICE 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 214.865.7998 info@p10alts.com FIRST QUARTER 2023 28