Slide 1: Third Quarter 2022 Results Earnings Presentation
Third Quarter 2022 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 COO Co-CEO Mark Hood Amanda Coussens CFO and CCO EVP of Operations and Investor Relations 4 Third Quarter 2022 Results
Slide 5: Third Quarter 2022 Highlights
Third Quarter 2022 Highlights Strong Organic Growth Drives Durable Earnings Power ì Fee paying assets under management (FPAUM) were $19.0Bn, an increase of 17% compared to September 30, 2021. In the quarter, $875 million of fundraising and capital deployment was offset by (1) $372 million in stepdow
Slide 6: Third Quarter 2022 Highlights
Third Quarter 2022 Highlights ì Fee paying assets under management (FPAUM) were $19.0Bn, an increase of $2.7Bn, or 17%, when compared to September 30, 2021, actuals (1) ì Organic FPAUM grew by $2.7Bn, or 17%, when compared to September 30, 2021, pro forma FPAUM Key Business (2) ì Organic growth was
Slide 7: Third Quarter 2022 Highlights
Third Quarter 2022 Highlights ì October 27, 2022: Filed a Special Proxy statement and announced a Special Meeting of all stockholders to be held at 4514 Cole Avenue, 3rd Floor, Dallas, Texas, 75205 at 9:30 a.m., local time, on Friday, December 9, 2022, for the following purposes: ì To approve an ame
Slide 8: Acquisition of Westech Investment Advisors, LLC (WTI)
Acquisition of Westech Investment Advisors, LLC (WTI) ì October 13, 2022: Closed the acquisition of Westech Investment Advisors, LLC (WTI). As a pioneer in venture debt, WTI has deployed $7.8Bn in loan commitments across more than 1,400 venture-backed companies since its founding in 1980. Many leadi
Slide 9: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance (1) Superior Track Record Across a Broad Range of Portfolio Solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 9/30/2022, per
Slide 10: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance (1) Superior Track Record Across a Broad Range of Portfolio Solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Equity Funds (Fund size as of 9/30/2022, perf
Slide 11: Fee Paying Assets Under Management
Fee Paying Assets Under Management Third Quarter 2022 Results
Slide 12: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust Organic FPAUM Growth and Stable, Attractive Fee Rates (1) (2) Organic FPAUM Growth Average Fee Rate (Bps) ($Bn) Average Q3-22A Fee Rate: 106bps 20% CAGR Quarterly average fee rates show the basis points attributable to base (3) management fees and catch-up fe
Slide 13: Organic Fee-Paying AUM Growth Model
(1) Organic Fee-Paying AUM Growth Model Long-Term Contractually Locked Up Funds Ensure Highly Sticky FPAUM Base Quarterly FPAUM Roll Forward Annual FPAUM Roll Forward 0.6 19.0 2.2 0.7 19.0 0.2 18.5 (1.1) 17.3 (0.4) 0.7 3.7 (0.5) 13.4 Dec-20 PF Raised Deployed Stepdowns Dec-21 A Raised Deployed Stepd
Slide 14: 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 15: Comprehensive Suite of Private Market Vehicles
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 16: 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 Q3’22) $11.5Bn 20% Primary Solutions 61% FPAUM as of Q3’22 Organic FPAUM CAGR T
Slide 17: Financial Highlights
Financial Highlights Third Quarter 2022 Results
Slide 18: Consolidated Statements of Operations
(1) Consolidated Statements of Operations Three Months Ended Nine Months Ended GAAP GAAP September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 Q3'22 vs Q3'21 YTD '22 vs YTD '21 (Dollars in thousands except share and per share amounts) (unaudited) (unaudited) (unaudited) (unaudi
Slide 19: Add Back Reconciliation
(1) Add Back Reconciliation Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2022 September 30, 2022 September 30, 2022 September 30, 2022 September 30, 2022 September 30, 2022 (2) (3) (Dollars in thousands except share and per share amounts) (unaudited) Addbac
Slide 20: Non-GAAP Financial Measures
Non-GAAP Financial Measures (unaudited) Three Months Ended Nine Months Ended September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021 (Dollars in thousands except share and per share amounts) (unaudited) (unaudited) (unaudited) (unaudited) Q3'22 vs Q3'21 YTD '22 vs YTD '21 GAAP Ne
Slide 21: Consolidated Balance Sheets
Consolidated Balance Sheets September 30, 2022 December 31, 2021 (unaudited) (Dollars in thousands except share amounts) Assets Cash and cash equivalents $ 19,415 $ 40,916 Restricted cash $ 1,347 $ 2,566 Accounts receivable $ 5,757 $ 2,854 Note receivable $ 4,001 $ 2,552 Due from related parties $ 3
Slide 22: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (unaudited) Nine Months Ended September 30, 2022 September 30, 2021 (Dollars in thousands) (unaudited) (unaudited) Cash Flows From Operating Activities Net income 24,563 9,260 Adjustments to reconcile net income to net cash provided by operating activities: Stoc
Slide 23: Tax Assets
Tax Assets Combination of Intangible Assets, Goodwill, and NOLs Generating Sustained, Long-Term Tax Benefits Long-Term Tax Benefits Commentary Tax Assets (Sep-22) ì Tax basis intangible assets and tax-deductible goodwill – which are more than half of our tax assets – are available to reduce federal
Slide 24: 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 25: 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 26: 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 27: 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 Third Quarter 2022 Results