Slide 1: Third Quarter 2023 Results
Third 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 LUKE SARSFIELD ROBERT ALPERT C. CLARK WEBB CEO & Director Executive Chairman & Executive Vice Chairman of the Board Chairman & Director FRITZ SOUDER AMANDA COUSSENS MARK HOOD COO CFO & CCO EVP of Operations & Investor Relations THIRD QUARTER 2023 THE BRIDGE TO PRIVATE MARKETS™ 3
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 a
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. Key Business Organic FPAUM1 grew by $2.0Bn, or 10%, when compared to September 30, 2022 pro forma FPAUM. Drivers Year-over-year rev
Slide 6: Third Quarter 2023 Highlights
Third Quarter 2023 Highlights On October 23, 2023, the Company appointed Luke Sarsfield as Chief Executive Officer and a member of the Board of Directors. Corporate Robert Alpert, Co-Founder and formerly Co-CEO, was elected Executive Chairman and will continue Governance as Chairman of the Board
Slide 7: Performance Summary
Performance Summary Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Net Fund Vintage Fund Size ($M) Called Capital Net IRR ROIC Fund-of-Funds (Fund size as of 9/30/23, performance as of 6/30/23) Fund-of-
Slide 8: Performance Summary (continued)
Performance Summary (continued) Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Credit Funds (Fund size as of 9/30/23, performance as of 6/30/2
Slide 9: Fee Paying Assets Under Management
Fee Paying Assets Under Management THIRD QUARTER 2023 THE BRIDGE TO PRIVATE MARKETS™ 9
Slide 10: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust organic FPAUM growth and stable, attractive fee rates ORGANIC FPAUM GROWTH1 ($Bn) AVERAGE FEE RATE2 (Bps) Average Q3’23 Actual Fee Rate: 104bps 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 0.5 1.7 0.5 0.2 22.7 1.0 22.2 22.2 2.5 21.2 (1.2) (0.2) 19.0 (1.3) Dec-21 PF Raised Deployed Stepdowns Dec-22 PF Raised Deployed Stepdo
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 Private Equity Private Equity Private Equity Asset Venture Capital Venture Capital Venture Capital Classes Private Credit Impac
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 $13.2Bn 19% ● Primary Solutions 58% Organic FPAUM CAGR Total FPAUM as of
Slide 15: Financial Highlights
Financial Highlights THIRD QUARTER 2023 THE BRIDGE TO PRIVATE MARKETS™ 15
Slide 16: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited) Three Months Ended Nine Months Ended GAAP GAAP September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Q3'23 vs Q2'22 YTD'23 vs YTD'22 (Dollars in thousands except share and per share amounts) Revenues Management and advisory fees
Slide 17: Adjustments to EBITDA (unaudited)
Adjustments to EBITDA (unaudited) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2023 September 30, 2023 September 30, 2023 September 30, 2023 September 30, 2023 September 30, 2023 Adjustments to Adjustments to (Dollars in thousands except share and per share
Slide 18: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Three Months Ended Nine Months Ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Q3'23 vs Q2'22 YTD'23 vs YTD'22 (Dollars in thousands except share and per share amounts) GAAP Net (Loss)/Income $ (8,750) $ 5,617 $ (5,879) $ 24,5
Slide 19: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) September 30, 2023 December 31, 2022 (Dollars in thousands except share amounts) Assets Cash and cash equivalents $ 20,041 $ 20,021 Restricted cash 2,177 9,471 Accounts receivable 19,700 16,551 Notes receivable 4,429 4,231 Due from related parties 52,864 36,53
Slide 20: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited) Nine Months Ended September 30, 2023 September 30, 2022 (Dollars in thousands) Cash Flows From Operating Activities Net (loss)/income $ (5,879) $ 24,563 Adjustments to reconcile net (loss)/income to net cash provided by operating activities: Stock-ba
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 $158MM 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: 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 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 Past performance does not predict, and is not a guarantee of, future re
Slide 26: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP Fund performance – Explanatory Notes: particular Fund’s term remain unknown and, therefore, are not factored into the Net IRR and Net ROIC calculations. Any anticipated carried inter
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 THIRD QUARTER 2023 THE BRIDGE TO PRIVATE MARKETS™ 28