Slide 1: Fourth Quarter and Year End 2021 Results Earnings Presentation
Fourth Quarter and Year End 2021 Results Earnings Presentation
Slide 2: Legal Disclaimer
Legal Disclaimer IMPORTANT NOTICES The inclusion of references to P10, Inc. (the “Company”) in this presentation is for information purposes only as the holding company of various subsidiaries. P10 does not offer investment advisory services and this presentation is neither an offer of any investmen
Slide 3: Legal Disclaimer (continued)
Legal Disclaimer (continued) Fee-Paying Assets Under Management, or FPAUM FPAUM reflects the assets from which we earn management and advisory fees. Our vehicles typically earn management and advisory fees based on committed capital, and in certain cases, net invested capital, depending on the fee t
Slide 4: Today's Presenters
Today’s Presenters Robert Alpert C. Clark Webb Fritz Souder Co-CEO and Chairman Co-CEO COO Mark Hood Amanda Coussens Director of Investor Relations CFO and CCO 4 Fourth Quarter and Year End 2021 Results
Slide 5: Fourth Quarter and Year End 2021 Highlights
Fourth Quarter and Year End 2021 Highlights Strong organic growth drives record financial performance ì Fee paying assets under management (FPAUM) were $17.3Bn, an increase of 36% compared to December 31, 2020 Three Months Ended Twelve Months Ended Financial Results ($ in Millions) December 31, 2021
Slide 6: Fourth Quarter 2021 Highlights
Fourth Quarter 2021 Highlights ì Fee paying assets under management (FPAUM) were $17.3Bn, an increase of $4.6Bn, or 36%, when compared to December 31, 2020, actuals Key Business (1) ì Organic FPAUM grew by $3.9Bn, or 29%, when compared to December 31, 2020, pro forma FPAUM Drivers ì Year-over-year r
Slide 7: Fourth Quarter 2021 Highlights
Fourth Quarter 2021 Highlights ì December 23, 2021, announced $250M credit facility with a syndicate of banks led by JPMorgan Chase Bank, N.A., Texas Capital Bank, and 12 other financial institutions including a Minority Depository Institution and a Community Development Financial Institution ì Faci
Slide 8: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance (1) Superior Track Record Across a Broad Range of Portfolio Solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (as of 9/30/21) Fund-of-Funds (
Slide 9: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance (1) Superior Track Record Across a Broad Range of Portfolio Solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Equity Funds (as of 9/30/21) NAV Lending Fund
Slide 10: Fee Paying Assets Under Management
Fee Paying Assets Under Management Fourth Quarter and Year End 2021 Results
Slide 11: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust Organic FPAUM Growth and Stable, Attractive Fee Rates (1) (2) Organic FPAUM Growth Average Fee Rate (Bps) ($Bn) Average 2021A Fee Rate: 100bps Quarterly average fee rates show the basis points attributable to base 29% CAGR 18% CAGR management fees and catch-u
Slide 12: Organic Fee-Paying AUM Growth Model
(1) Organic Fee-Paying AUM Growth Model Long-Term Contractually Locked Up Funds Ensure Highly Sticky FPAUM Base 0.3 0.9 0.4 (0.2) 17.3 2.8 (0.3) 16.3 13.4 Dec-20 PF Raised Deployed Stepdowns Sep-21 A Raised Deployed Stepdowns Dec-21 A Expirations Expirations NAV NAV Breakdown of FPAUM Flows Increase
Slide 13: 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 14: Premier Private Markets Solutions Provider
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 15: 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 Primary Solutions (As of Q4’21) $10.7Bn 28% Primary Solutions 62% FPAUM as of Q4’21 Organic FPAUM CAGR T
Slide 16: Financial Highlights
Financial Highlights Fourth Quarter and Year End 2021 Results
Slide 17: Consolidated Statements of Operations
Consolidated Statements of Operations Notes: 1. The consolidated statements of operations for the three months ended 12/31/2020 and 12/31/2021 are unaudited 17 Fourth Quarter and Year End 2021 Results
Slide 18: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Three Months Ended Twelve Months Ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 (Dollars in thousands except share and per share amounts) Q4'21 vs Q4'20 FY'21 vs FY'20 GAAP Net Income $ 1,507 $ 20,620 $ 10,767 $ 23,806 -93% -55%
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets December 31, 2021 December 31, 2020 (Dollars in thousands except share amounts) Assets Cash and cash equivalents $ 40,916 $ 11,773 Restricted cash 2,566 1,010 Accounts receivable 1 1,590 2,494 Note receivable 2,552 - Due from related parties 3,621 2,667 Investment in unco
Slide 20: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows Twelve Months Ended (Dollars in thousands) December 31, 2021 December 31, 2020 Cash Flows From Operating Activities Net income 10,767 23,806 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 3,528 714 Non-
Slide 21: Tax Assets
Tax Assets Combination of Intangible Assets, Goodwill, and NOLs Generating Sustained, Long-Term Tax Benefits Commentary Long-Term Tax Benefits Tax Assets (Dec-21) ì Tax basis intangible assets and tax-deductible goodwill – which are more than half of our tax assets – are available to reduce federal
Slide 22: Highly Compelling Value Proposition
Highly Compelling Value Proposition Attractive Investment Thesis 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 c
Slide 23: 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 24: 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 25: Contact Us
CONTACT US DALLAS OFFICE Office: 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 Tel: 214.865.7998 Website: p10alts.com Email: info@p10alts.com Fourth Quarter and Year End 2021 Results