Slide 1: Third Quarter 2023 Results Earnings Presentation
Third Quarter 2023 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: Presenters
Presenters Robert Alpert Executive Chairman & Chairman of the Board C. Clark Webb Executive Vice Chairman & Director Fritz Souder COO Amanda Coussens CFO & CCO Mark Hood EVP of Operations & Investor Relations Luke Sarsfield CEO & Director
Slide 4: Third Quarter 2023 Financial Highlights
Third Quarter 2023 Financial Highlights Strong organic growth drives durable earnings power Fee paying assets under management (FPAUM) were $22.7Bn, an increase of 20% compared to September 30, 2022. In the quarter, $699MM of fundraising and capital deployment was offset by $168MM in stepdowns and e
Slide 5: Third Quarter 2023 Highlights
Third Quarter 2023 Highlights Fee paying assets under management (FPAUM) were $22.7Bn, an increase of $3.7Bn, or 20%, when compared to September 30, 2022 actuals. Organic FPAUM1 grew by $2.0Bn, or 10%, when compared to September 30, 2022 pro forma FPAUM. Year-over-year revenue growth of 18% was driv
Slide 6: Third Quarter 2023 Highlights: Corporate Governance
Third Quarter 2023 Highlights Corporate Governance On October 23, 2023, the Company appointed Luke Sarsfield as Chief Executive Officer and a member of the Board of Directors. Robert Alpert, Co-Founder and formerly Co-CEO, was elected Executive Chairman and will continue as Chairman of the Board. Cl
Slide 7: Performance Summary
Performance Summary Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 9/30/23, performance as of 6/30/23) Fund I 2003 $92 105% 13.6% 1.8x Fund II 2005 $140 109% 8.1% 1.5x Fun
Slide 8: Performance Summary (continued)
Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC NAV Lending Funds (Fund size as of 9/30/23, performance as of 6/30/23) Fund I 2013 $106 119% 11.0% 1.3x Fund II 2017 $202 75% 11.3% 1.5x Fund III 2021 $400 77% 12.2% 1.1x Fund IV 2022 $336 11% - - Fund Vintage Fund Size ($M) Called Capital
Slide 9: Fee Paying Assets Under Management
Fee Paying Assets Under Management
Slide 10: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust organic FPAUM growth and stable, attractive fee rates 16% CAGR ORGANIC FPAUM GROWTH1 ($Bn) 24% 4% 30% 11% Quarterly average fee rates show the basis points attributable to base management fees and catch-up fees3. AVERAGE FEE RATE2 (Bps) 18.7 20.1 21.4 106 115
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 BREAKDOWN OF FPAUM FLOWS Increase/Decrease Impact Description Increase/Decrease Impact Description Represents new commitments to funds that earn fees on a committed capital fee base. Contrac
Slide 12: 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 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 Asset Classes Private Equity Venture Capital Private Equity Venture Capital Private Credit Impact Investing Private Equity Venture Capital Stru
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 Q3’23) Primary Solutions Direct & Co-Investments Secondary Investments $13.2Bn FPAUM as of Q3’23
Slide 15: Financial Highlights
Financial Highlights Si THIRD QUARTER 2023 THE BRIDGE TO PRIVATE MARKETS™ 15
Slide 16: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited)
Slide 17: Adjustments to EBITDA (unaudited)
Adjustments to EBITDA (unaudited) Notes: Compensation and benefits, excluding all non-cash stock based compensation. Includes the accrual of the earnout related to the WTI acquisition. Non-cash stock based compensation including acquisition related RSUs and option expense granted in connection with
Slide 18: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Above is a calculation 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, which are reconciled in the table above.
Slide 19: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited)
Slide 20: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited)
Slide 21: Tax Assets
Tax Assets Combination of intangible assets, goodwill, and NOLs generating sustained, long-term tax benefits Tax Assets $526MM COMMENTARY Long-Term Tax Benefits $158MM Federal NOLs $368MM Goodwill & Intangibles Remaining Tax Amortization1 Tax Assets Notes: Goodwill and intangibles remaining tax amor
Slide 22: Highly Compelling Value Proposition
Highly Compelling Value Proposition Attractive investment thesis SUPERIOR TRACK RECORD Attractive and growing revenue base with highly recurring and well diversified revenue and strong margins DEEP TALENT Experienced management team with significant insider ownership, proven M&A track record, and su
Slide 23: Key Terms & Supplemental Information
Key Terms & Supplemental Information Fully Diluted ANI EPS Fully diluted Adjusted Net Income Earnings Per Share is a calculation that assumes all the Company’s securities were converted into shares, not just shares that are currently outstanding. Net IRR Refers to Internal Rate of Return net of fees
Slide 24: Additional Disclaimers
Additional 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 informati
Slide 25: Disclaimers: RCP Advisors Performance Disclosures
Disclaimers RCP Advisors Performance Disclosures: Past performance does not predict, and is not a guarantee of, future results. The historical returns of RCP Advisors are not necessarily indicative of the future performance of a Fund and there can be no assurance that the returns described herein or
Slide 26: Disclaimers: RCP Advisors Performance Disclosures (Continued)
Disclaimers RCP Advisors Performance Disclosures (Continued): RCP Fund performance – Explanatory Notes: RCP SEF Performance. Because RCP’s inaugural “small and emerging manager” fund (which was structured using two distinct parallel investment vehicles – RCP Small and Emerging Fund, LP (“SEF (Main)”
Slide 27: Disclaimers: Hark Performance Disclosures
Disclaimers Hark Performance Disclosures: ROIC: Represents the return on invested capital. ROIC is calculated by dividing the sum of distributions plus total partners’ capital by capital contributed. Total partners’ capital balance is the book assets (fair value of unrealized investments plus cash o
Slide 28: 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 214.865.7998 info@p10alts.com Dallas Office
4514 Cole Avenue Suite 1600 Dallas, Texas 75205 214.865.7998 info@p10alts.com Dallas Office