Slide 1: First Quarter 2022 Results Earnings Presentation
First Quarter 2022 Results Earnings Presentation
Slide 2: Legal Disclaimer
Legal Disclaimer IMPORTANTNOTICES TheinclusionofreferencestoP10,Inc.(the“Company”)inthispresentationisforinformationpurposesonlyastheholdingcompanyofvarioussubsidiaries.P10doesnotoffer investmentadvisoryservicesandthispresentationisneitheranofferofanyinvestmentproductsnoranofferofadvisoryservicesbyP
Slide 3: Legal Disclaimer (continued)
Legal Disclaimer (continued) Fee-PayingAssetsUnderManagement,orFPAUM FPAUMreflectstheassetsfromwhichweearnmanagementandadvisoryfees.Ourvehiclestypicallyearnmanagementandadvisoryfeesbasedoncommittedcapital,andin certaincases,netinvestedcapital,dependingonthefeeterms.Managementandadvisoryfeesbasedonco
Slide 4: Today's Presenters
Today’s Presenters Robert Alpert C. Clark Webb Fritz Souder Co-CEO and Chairman Co-CEO COO Amanda Coussens Mark Hood CFO and CCO EVP of Operations and Investor Relations First Quarter 2022 Results 4
Slide 5: First Quarter 2022 Highlights
First Quarter 2022 Results First Quarter 2022 Highlights Strong organic growth drives durable earnings power 5 Financial Notes: 1. For the trailing twelve months, expirations and stepdowns totaled $897 million. There is an additional $684 million in expected stepdowns and expirations for the remaind
Slide 6: First Quarter 2022 Highlights
First Quarter 2022 Highlights  Fee paying assets under management (FPAUM) were $17.6Bn, an increase of $4.5Bn, or 34%, when compared to March 31, 2021, actuals  Organic FPAUM(1) grew by $3.7Bn, or 27%, when compared to March 31, 2021, pro forma FPAUM  Organic growth was driven by more than
Slide 7: First Quarter 2022 Highlights
First Quarter 2022 Highlights  April 29, 2022, filed 2022 Proxy statement and announced the 2022 Annual Meeting of Stockholders will be held at 4514 Cole Ave, 3rd Floor, Dallas, TX 75205 at 9:00 a.m., local time, on Friday, June 17, 2022 for the following purposes:  To elect the following nomi
Slide 8: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance Superior Track Record Across a Broad Range of Portfolio Solutions(1) Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds Fund-of-Funds (performance as of
Slide 9: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance Superior Track Record Across a Broad Range of Portfolio Solutions(1) Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Equity Funds NAV Lending Funds (performance an
Slide 10: Fee Paying Assets Under Management
Fee Management Paying Assets Under First Quarter 2022 Results
Slide 11: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust Organic FPAUM Growth and Stable, Attractive Fee Rates Organic FPAUM Growth (1) Average Fee Rate (2) ($Bn) (Bps) Average Q1-22A Fee Rate: 99bps Quarterly average fee rates show the basis points attributable to base 22% CAGR management fees and catch-up fees. O
Slide 12: Organic Fee-Paying AUM Growth Model
Organic Fee-Paying AUM Growth Model (1) Long-Term Contractually Locked Up Funds Ensure Highly Sticky FPAUM Base 0.5 0.2 0.7 17.6 17.3 3.7 (0.5) (0.4) 13.4 Dec-20 PF Raised DeployedStepdowns Dec-21 A Raised DeployedStepdowns Mar-22 A Expirations Expirations Breakdown of FPAUM Flows NAV NAV Decreas mp
Slide 13: 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 14: Comprehensive Suite of Private Market Vehicles
Premier Private Markets Solutions Provider Comprehensive Suite of Private Market Vehicles (1) 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 15: 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 Q1’22) Primary Solutions62% Total FPAUM Direct & Co-Investments 31% $17.6Bn Sec
Slide 16: Financial Highlights
Financial Highlights First Quarter 2022 Results
Slide 17: Consolidated Statements of Operations
Consolidated Statements of Operations (1) Revenues Management and advisory fees $ 43,027 $ 32,573 32% Other revenue $ 254 $ 195 30% Total revenues $ 43,281 $ 32,768 32% Operating Expenses Compensation and benefits 18,494 11,936 55% Professional fees 2,612 2,731 -4% General, administrative and other
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures (unaudited) GAAP Net Income $ 7,792 $ 2,215 252% Add back (Subtract): Depreciation & amortization 6,276 7,551 -17% Interest expense, net 1,385 5,470 -75% Income tax expense 2,755 661 317% Non-recurring expenses 2,730 798 242% Non-cash stock based compensation 1,515 424 25
Slide 19: Consolidated Balance Sheets
Consolidated Balance Sheets Assets Cash and cash equivalents $ 23,655 $ 40,916 Restricted cash 2,017 2,566 Accounts receivable 2,602 2,087 Note receivable 2,776 2,552 Due from related parties 18,871 13,124 Investment in unconsolidated subsidiaries 2,031 1,803 Prepaid expenses and other assets 4,055
Slide 20: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (unaudited) Cash Flows From Operating Activities Net income 7,792 2,709 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based compensation 1,515 424 Depreciation expense 95 66 Amortization of intangibles 6,181 7,484 Amorti
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 (Mar-22)Tax basis intangible assets and tax-deductible goodwill –which are more than half of our tax assets –are available to $212M reduce fede
Slide 22: 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 23: 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 24: Disclaimers
Disclaimers Performance Disclaimer The historical performance of our investments should not be considered as indicative of the future results of our investmentsorour operations or any returns expected on an investment in our Class A common stock. • Impact Equity excludes Low-Income Housing Tax Credi
Slide 25: Dallas Office
DALLAS OFFICE Office: 4514 Cole Avenue Suite 1600 Dallas, Texas 75205 Tel: 214.865.7998 Website: p10alts.com Email:info@p10alts.com First Quarter 2022 Results