Ridgepost Capital, Inc. · NYSE:RPC
Ridgepost Capital — P10 — Q4 2022 Earnings Presentation
27 slides from Ridgepost Capital's earnings presentation, Mar 6, 2023
Slide 1: Fourth Quarter and Full Year 2022 Results
Fourth Quarter and Full Year 2022 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 and Investor Relations 3 FOURTH QUARTER AND FULL YEAR 2022
Slide 4: Fourth Quarter and Full-Year 2022 Financial Highlights
Fourth Quarter and Full-Year 2022 Financial Highlights Strong organic growth drives durable earnings power ü Fee paying assets under management (FPAUM) were $21.2Bn, an increase of 23% compared to December 31, 2021. 1 ü In the quarter, $645 million of fundraising and capital deployment was offset by
Slide 5: Fourth Quarter 2022 Highlights
Fourth Quarter 2022 Highlights ü Fee paying assets under management (FPAUM) were $21.2Bn, an increase of $3.9Bn, or 23%, when compared to December 31, 2021, actuals. Key 1 business ü Organic FPAUM grew by $2.2Bn, or 11%, when compared to December 31, 2021, pro forma FPAUM. drivers 2 ü Year-over-year
Slide 6: Performance Summary
Performance Summary 1 Preeminent investment teams with a superior track record across portfolio solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 12/31/22, performance as of 9/30/22) Fund-o
Slide 7: Performance Summary (continued)
Performance Summary (continued) 1 Preeminent investment teams with a superior track record across portfolio solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Equity Funds (Fund size as of 12/31/22, performance as of 9/30
Slide 8: Fee Paying Assets Under Management
Fee Paying Assets Under Management 8 FOURTH QUARTER AND FULL YEAR 2022
Slide 9: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust organic FPAUM growth and stable, attractive fee rates 1 2 ORGANIC FPAUM GROWTH ($Bn) AVERAGE FEE RATE (Bps) 3 Average Q4’22 Actual Fee Rate : 115bps 17% CAGR Quarterly average fee rates show the basis points attributable 4 to base management fees and catch-up
Slide 10: Organic Fee-Paying AUM Growth Model
1 Organic Fee-Paying AUM Growth Model Long-term contractually locked-up funds ensure highly sticky FPAUM base Annual FPAUM Roll Forward Quarterly FPAUM Roll Forward 1.0 2.5 21.2 21.2 0.3 0.3 (1.3) 20.7 4.3 0.7 19.0 (0.1) (0.6) 14.6 Sep-22 PF Raised Deployed Stepdowns Dec-22 PF Dec-20 PF Raised Deplo
Slide 11: 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 12: Premier Private Markets Solutions Provider
Premier Private Markets Solutions Provider 1 Comprehensive suite of private market vehicles Primary Solutions Direct and Co-Investments Secondary Investments ü Private Equityü Private Equityü Private Equity ü Venture Capitalü Venture Capital Asset Classes ü Private Credit ü Impact Investing ü Invest
Slide 13: 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 Primary Solutions FPAUM Composition (As of Q4’22) 19% $11.7Bn Primary Solutions 55% ● Organic FPAUM CAGR Total FPAUM as of
Slide 14: Financial Highlights
Financial Highlights 14 FOURTH QUARTER AND FULL YEAR 2022
Slide 15: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited) Three Months Ended Twelve Months Ended GAAP GAAP December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Q4'22 vs Q4'21 YTD'22 vs YTD'21 (unaudited)(unaudited) (Dollars in thousands except share and per share amounts) Revenues Managem
Slide 16: Add Back Reconciliation (unaudited)
(1) Add Back Reconciliation (unaudited) Three Months Ended Three Months Ended Twelve Months Ended Twelve Months Ended December 31, 2022 December 31, 2022 December 31, 2022 December 31, 2022 December 31, 2022 December 31, 2022 (2) (3) (Dollars in thousands except share and per share amounts)(unaudite
Slide 17: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) Three Months Ended Twelve Months Ended December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 (Dollars in thousands except share and per share amounts)(unaudited)(unaudited) Q4'22 vs Q4'21 YTD'22 vs YTD'21 GAAP Net Income $ 4,836 $ 1,507 $ 29,
Slide 18: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) December 31, 2022 December 31, 2021 (unaudited) (Dollars in thousands except share amounts) Assets Cash and cash equivalents $ 20,021 $ 40,916 Restricted cash $ 9,471 $ 2,566 Accounts receivable $ 16,551 $ 2,854 Note receivable $ 4,231 $ 2,552 Due from related
Slide 19: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited) Twelve Months Ended December 31, 2022 December 31, 2021 December 31, 2020 (Dollars in thousands)(unaudited) Cash Flows From Operating Activities Net income 29,399 10,767 23,806 Adjustments to reconcile net income to net cash provided by operating act
Slide 20: 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-22) ü Tax basis intangible assets and tax-deductible goodwill—which are more than half of our tax assets—are available to reduce federal inco
Slide 21: Highly Compelling Value Proposition
Highly Compelling Value Proposition Attractive investment thesis MEANINGFUL PARTNERSHIPS SUPERIOR TRACK RECORD ü Premier, specialized private markets solutions ü Attractive and growing revenue base with provider operating in large and growing highly recurring and well diversified markets with increa
Slide 22: 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 23: Disclaimers
Disclaimers PERFORMANCE DISCLAIMER ENHANCED CAPITAL PERFORMANCE DISCLOSURES: The historical performance of our investments should not be considered as indicative of üPerformance information shown for deal activity from 05/06/02 through 12/31/22. All the future results of our investments or our opera
Slide 24: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES: üThe 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 üThe historical returns of RCP Advisors are not necessarily indicative of
Slide 25: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): üPast performance does not predict, and is not a guarantee of, future results. RCP’s üRealized vs. Unrealized Investments. The fund-level Net IRR and Net ROIC calculations investment strat
Slide 26: Disclaimers
Disclaimers HARK PERFORMANCE DISCLOSURES: BONACCORD PERFORMANCE DISCLOSURES: üROIC: Represents the return on invested capital. ROIC is calculated by dividing the sumüNet Performance for Bonaccord Capital Partners I is determined assuming a limited of distributions plus total partners’ capital by cap
Slide 27: Dallas Office
DALLAS OFFICE 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 214.865.7998 info@p10alts.com 27 FOURTH QUARTER AND FULL YEAR 2022