Slide 1: Second Quarter 2023 Results
Second 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 & Chairman Co-CEO & Director COO CFO & CCO EVP of Operations & Investor Relations SECOND QUARTER 2023 THE BRIDGE TO PRIVATE MARKETS™ 3
Slide 4: Second Quarter 2023 Financial Highlights
Second Quarter 2023 Financial Highlights Strong organic growth drives durable earnings power Fee paying assets under management (FPAUM) were $22.2Bn, an increase of 20% compared to June 30, 2022. In the quarter, $1.3Bn of fundraising and capital deployment was offset by $708MM in stepdowns and e
Slide 5: Second Quarter 2023 Highlights
Second Quarter 2023 Highlights Fee paying assets under management (FPAUM) were $22.2Bn, an increase of $3.7Bn, or 20%, when compared to June 30, 2022 actuals. Key Organic FPAUM1 grew by $2.0Bn, or 10%, when compared to June 30, 2022 pro forma FPAUM. Business Year-over-year revenue growth of 34
Slide 6: Second Quarter 2023 Highlights
Second Quarter 2023 Highlights June 16, 2023, the Company held its annual meeting of stockholders and the following took place: We elected David M. McCoy and Robert B. Stewart, Jr. as Class II Directors to serve for three- Corporate year terms. Governance We ratified the selection of KPMG LLP
Slide 7: Performance Summary
Performance Summary Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 6/30/23, performance as of 3/31/23) Fund-of-
Slide 8: Performance Summary (continued)
Performance Summary (continued) Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Credit Funds (Fund size as of 6/30/23, performance as of 3/31/2
Slide 9: Fee Paying Assets Under Management
Fee Paying Assets Under Management SECOND QUARTER 2023 THE BRIDGE TO PRIVATE MARKETS™ 9
Slide 10: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust organic FPAUM growth and stable, attractive fee rates ORGANIC FPAUM GROWTH1 ($Bn) AVERAGE FEE RATE2 (Bps) Average Q2’23 Actual Fee Rate: 113bps 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 0.7 0.2 1.1 0.2 22.2 2.5 21.2 21.6 21.6 (0.7) (0.5) 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 Classes Private Credit Impact Investing Inve
Slide 14: FPAUM 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 Q2’23) Primary Solutions $13.0Bn 20% ● Primary Solutions 59% Organic FPAUM CAGR Total FPAUM as of
Slide 15: Financial Highlights
Financial Highlights SECOND QUARTER 2023 THE BRIDGE TO PRIVATE MARKETS™ 15
Slide 16: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited) Three Months Ended Six Months Ended GAAP GAAP June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Q2'23 vs Q2'22 YTD'23 vs YTD'22 (Dollars in thousands except share and per share amounts) (unaudited) (unaudited) Revenues Management and advisory f
Slide 17: Adjustments to EBITDA
Adjustments to EBITDA Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2023 June 30, 2023 June 30, 2023 June 30, 2023 June 30, 2023 June 30, 2023 Adjustments to Adjustments to (Dollars in thousands except share and per share amounts) (unaudited) EBITDA Adjusted Line I
Slide 18: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Three Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Q2'23 vs Q2'22 YTD'23 vs YTD'22 (Dollars in thousands exc ept share and per share amounts) (unaudited) (unaudited) GAAP Net Income $ 2,102 $ 11,154 $ 2,871 $ 18,946 -81
Slide 19: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) June 30, 2023 December 31, 2022 (Dollars in thousands except share amounts) (unaudited) Assets Cash and c ash equivalents $ 23,361 $ 20,021 Restric ted c ash 1,500 9,471 Ac counts receivable 19,299 16,551 Note rec eivable 4,440 4,231 Due from related parties 4
Slide 20: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, 2023 June 30, 2022 (Dollars in thousands) (unaudited) Cash Flows From Operating Activities Net inc ome $ 2,871 $ 18,946 Adjustments to reconcile net income to net c ash provided by operating ac tivities: Stock-based compensa
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 $162MM 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 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): Emerging Managers: Defined as young and small private equity managers raising particular Fund’s term remain unknown and, therefore, are not factored into the Net institutional capital fo
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 SECOND QUARTER 2023 THE BRIDGE TO PRIVATE MARKETS™ 28