Slide 1: Third Quarter 2024 Results
Third Quarter 2024 Results Earnings Presentation
Slide 2: Legal Disclaimer
Legal Disclaimer IMPORTANT NOTICES CAUTION REGARDING FINANCIAL AND OPERATING PROJECTIONS The inclusion of references to P10, Inc. (“P10” or the “Company”) in this presentation is for All financial and operating projections, forecasts or estimates about or relating to the information purposes only as
Slide 3: Presenters
Presenters Luke Sarsfield Amanda Coussens Mark Hood Chairman & CEO EVP, CFO & CCO EVP & CAO 3
Slide 4: Third Quarter 2024 Financial Highlights
Third Quarter 2024 Financial Highlights Financial Results Three Months Ended Q3'24 vs Q3'23 Nine Months Ended YTD'24 vs YTD'23 ($ in Millions, except as otherwise indicated) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Actual FPAUM ($Bn) $ 24.9 $ 22.7 10% $ 24.9 $ 22.7
Slide 5: Overview
Overview P10 is a leading multi-asset class private markets solutions provider with $24.9B in fee paying AUM We operate in specialty, niche and fragmented areas of alternatives, with a disciplined focus on the middle and lower-middle markets Private Equity Private Credit Venture Capital Middle and l
Slide 6: Significant Progress on 2024 Strategic Priorities
Significant Progress on 2024 Strategic Priorities The solid foundation that has been built to date will form the basis of our success going forward • Head of Strategy and M&A – Arjay Jensen Optimize Leadership Team / • Global Head of Client Solutions – Sarita Narson Jairath Corporate Organization
Slide 7: Third Quarter 2024 Highlights
Third Quarter 2024 Highlights Key Business • Fee paying assets under management (FPAUM) of $24.9B represented a 10% increase vs. September 30, 2023 Drivers • In the quarter, $1.4B of fundraising and capital deployment was offset by $285M of stepdowns and expirations ‒ Of the $1.4B, approximately $30
Slide 8: Third Quarter 2024 Highlights, continued
Third Quarter 2024 Highlights, continued Balance Sheet • November 7 – Declared a quarterly cash dividend of $0.035 per share for Class A and Class B stock, payable on December 20, 2024, for holders as of the close of business on November 29, 2024 and Capital • Announced an amended and restated credi
Slide 9: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust FPAUM growth and stable, attractive fee rates FPAUM Growth ($B) Average Fee Rate1 (Bps) 20% CAGR Quarterly average fee rates show the basis points attributable to 24.9 management & advisory fees excl. direct & co-invest/secondaries catch-up 23.3 fees and dire
Slide 10: Fee Paying AUM Growth Model
Fee Paying AUM Growth Model Long-term, contractually locked-up funds ensure highly sticky FPAUM base Annual and YTD FPAUM Roll Forward Quarterly FPAUM Roll Forward 0.4 2.5 24.9 0.1 24.9 2.8 1.0 23.8 1.3 23.3 (1.3) (0.3) 21.2 (1.7) Dec-22 Raised Deployed Stepdowns Dec-23 Raised Deployed Stepdowns Sep
Slide 11: Financial Details
Financial Details Ss P10
Slide 12: Consolidated Statements of Operations (unaudited)
Consolidated Statements of Operations (unaudited) Three Months Ended Nine Months Ended % Change (Dollars in thousands except share and per share amounts) September 30, 2024 September 30, 2023 September 30, 2024 September 30, 2023 Q3'24 vs Q3'23 YTD'24 vs YTD'23 Revenues Management and advisory fees
Slide 13: Adjustments to EBITDA (unaudited)
Adjustments to EBITDA (unaudited) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, 2024 September 30, 2024 September 30, 2024 September 30, 2024 September 30, 2024 (Dollars in thousands except share and Adjustments to Adjustments to Adjusted Line Item Adjusted
Slide 14: Non-GAAP Financial Measures (unaudited)
Non-GAAP Financial Measures (unaudited) T hre e M o nt hs E nde d N ine M o nt hs E nde d % C ha nge (Do llars in tho usands except share and per share amo unts) S e pt e m be r 3 0 , 2 0 2 4 S e pt e m be r 3 0 , 2 0 2 3 S e pt e m be r 3 0 , 2 0 2 4 S e pt e m be r 3 0 , 2 0 2 3 Q 3 '2 4 v s Q 3 '
Slide 15: Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (Dollars in thousands except share amounts) September 30, 2024 December 31, 2023 Assets Cash and cash equivalents $ 61,451 $ 30,467 Restricted cash 1,817 1,590 Accounts receivable 27,128 20,620 Notes receivable 6,091 5,755 Due from related parties 74,062 57,69
Slide 16: Consolidated Statements of Cash Flows (unaudited)
Consolidated Statements of Cash Flows (unaudited) Nine Months Ended (Dollars in thousands) September 30, 2024 September 30, 2023 Cash Flows From Operating Activities Net income/(loss) $ 13,966 $ (5,879) Adjustments to reconcile net income to net cash provided by operating activities: Stock-based com
Slide 17: Appendix
Appendix Ss P10
Slide 18: Compelling Business Model Built on Durable Fee-Related Earnings
Compelling Business Model Built on Durable Fee-Related Earnings FRE-Centric Business Model Aligned Incentives • Highly-recurring, diversified revenues • Carried interest structured to stay composed almost entirely of overwhelmingly with investment teams Predictable, Stable management and advisory fe
Slide 19: Focused Investment Strategies with Leadership in Attractive MM/LMM
Focused Investment Strategies with Leadership in Attractive MM/LMM Strategies investing in specialized Investment Long History and/or fragmented markets, with a of Success Strategy Focus particular focus on the attractive middle and lower-middle market segment Partner of People and • Capital availab
Slide 20: Well-Positioned to Utilize Variety of Levers to Drive Growth
Well-Positioned to Utilize Variety of Levers to Drive Growth Attractive Private Markets Ecosystem World-class private Leader in attractive Large and diverse global Compelling business markets strategies with MM/LMM, underpinned client base model built on durable long track records of by data and ins
Slide 21: Performance Summary – Private Equity
Performance Summary – Private Equity 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 9/30/24, performance as of
Slide 22: Performance Summary – Private Credit
Performance Summary – Private Credit 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 9/30/24, performance as of 6
Slide 23: Performance Summary – Venture Capital
Performance Summary – Venture Capital Preeminent investment teams with a superior track record across portfolio solutions1 Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 9/30/24, performance as of 6/30/24) Fund I 2007 $311 93% 13.1% 2.9x Fund II 2010 $342
Slide 24: Fee Paying AUM Across Diversified Vehicles
Fee Paying AUM Across Diversified Vehicles Multi-asset investment platform with strong organic growth Diversified Base and Growth Across Vehicles Key Metrics FPAUM Composition (As of Q3’24) Primary Solutions ● Primary Solutions 55% $13.7B 14% Actual FPAUM CAGR FPAUM as of Q3’24 Q4’20 – Q3’24 Total F
Slide 25: Highly Diversified, Multi-Asset Investment Platform and Investor Base
Highly Diversified, Multi-Asset Investment Platform and Investor Base Unique and extensive proprietary analytics database | Data capabilities are a competitive differentiator Investor Base by Channel1 (As of Q3’24) ● Family Offices / Wealth Managers 26% ● Public Pensions 21% ● Financial Institutions
Slide 26: Premier Private Markets Solutions Provider
Premier Private Markets Solutions Provider Comprehensive suite of private market vehicles1 Primary Solutions Direct and Co-Investments Secondary Investments Asset ✓ Private Equity ✓ Private Equity ✓ Private Equity Classes ✓ Venture Capital ✓ Venture Capital ✓ Venture Capital ✓ Private Credit ✓ Impac
Slide 27: Well Positioned in Attractive, Specialized, and Growing Markets
Well Positioned in Attractive, Specialized, and Growing Markets Capital Available Universe of Companies by Fund Size1 by Revenue Size2 $774B of capital available to PE Funds over $1B 85% 7% 8,740 companies w/ revenues >$250M $141B of capital Lower Middle Market Benefits available to Funds • Large Po
Slide 28: Unique Proprietary Data Set Driving Sourcing and Evaluation
Unique Proprietary Data Set Driving Sourcing and Evaluation Differentiation and Provides Asymmetric Information Advantage Distinct market access, deal flow, and data analytics to navigate private markets Extensive Data Collection: Powerful Database Overview and Business Intelligence Platform • Uniqu
Slide 29: Tax Assets
Tax Assets Combination of intangible assets, goodwill, and NOLs generate tax benefits Commentary Size • Tax basis intangible assets and tax- deductible goodwill are available to reduce Goodwill and Intangibles federal income tax ratably over fifteen years Remaining Tax Amortization1: • Currently, ta
Slide 30: Notes
Notes Ss P10
Slide 31: Key Terms & Supplemental Information
Key Terms & Supplemental Information Below is a description of our unaudited non-GAAP financial measures. These are not measures FULLY DILUTED ANI EPS Fully diluted Adjusted Net Income Earnings Per Share is a of financial performance under GAAP and should not be construed as a substitute for the mos
Slide 32: 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 • Past performance is not indicative of future results. All investments bear the risk of loss. Risks results of o
Slide 33: Additional Disclaimers
Additional Disclaimers ENHANCED CAPITAL PERFORMANCE DISCLOSURES (CONTINUED): ENHANCED CAPITAL PERFORMANCE DISCLOSURES (CONTINUED): • Project Finance, Small Business Lending Net Reflects Client returns after allocation of • Project Finance – Tax Credit Investments returns include the pooling of Histo
Slide 34: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES: • The actual performance returns of each investor may vary (in some cases, materially) and are • Past performance does not predict, and is not a guarantee of, future results. The historical dependent on a number of factors including, but not limited
Slide 35: Disclaimers
Disclaimers RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): RCP ADVISORS PERFORMANCE DISCLOSURES (CONTINUED): • RCP Small and Emerging Fund. Because RCP’s inaugural “small and emerging manager” fund • Effects of Leverage on IRRs. Because RCP typically utilizes a subscription-based credit facility
Slide 36: Disclaimers
Disclaimers HARK PERFORMANCE DISCLOSURES: BONACCORD PERFORMANCE DISCLOSURES: • ROIC: Represents the return on invested capital. ROIC is calculated by dividing the sum of • Net Performance for BCP II, which excludes performance of BCP II-C, is determined assuming a distributions plus total partners’
Slide 37: Disclaimers
Disclaimers WTI PERFORMANCE DISCLOSURES: • Private Funds Entail Risks. Private funds are speculative investments and are not suitable for all • The performance data in this presentation represents past performance only and is not a investors, nor do they represent a complete investment program. The
Slide 38: Disclaimers
Disclaimers WTI PERFORMANCE DISCLOSURES (CONTINUED): • References to Specific Securities. To the extent specific securities are referenced herein, they have been selected by WTI on an objective basis to illustrate the views expressed in the presentation. Such references do not include all material i
Slide 39: Thank You
Thank You 4514 Cole Avenue, Suite 1600 Dallas, Texas 75205 214.865.7998 info@p10alts.com