Slide 1: Second Quarter 2022 Results Earnings Presentation
Second 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 Co-CEO COO Mark Hood Amanda Coussens EVP of Operations and Investor Relations CFO and CCO 4 Second Quarter 2022 Results
Slide 5: Second Quarter 2022 Highlights
Second Quarter 2022 Highlights Strong Organic Growth Drives Durable Earnings Power ì Fee paying assets under management (FPAUM) were $18.5Bn, an increase of 30% compared to June 30, 2021. In the quarter, $1.2Bn of fundraising and capital deployment was offset by $299 million in (1) stepdowns and exp
Slide 6: Second Quarter 2022 Highlights
Second Quarter 2022 Highlights ì Fee paying assets under management (FPAUM) were $18.5Bn, an increase of $4.3Bn, or 30%, when compared to June 30, 2021, actuals (1) ì Organic FPAUM grew by $3.4Bn, or 22%, when compared to June 30, 2021, pro forma FPAUM Key Business Drivers (2) ì Organic growth was d
Slide 7: Second Quarter 2022 Highlights
Second Quarter 2022 Highlights ì June 17, 2022, the Company held its annual meeting of stockholders and the following occurred: ì Elected C. Clark Webb, Scott Gwilliam, and Edwin Poston as Class I Directors to serve for three- year terms Corporate ì Approved the amendment to the 2021 Stock Incentive
Slide 8: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance (1) Superior Track Record Across a Broad Range of Portfolio Solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund-of-Funds (Fund size as of 6/30/2022, per
Slide 9: Preeminent Investment Teams Delivering Best-in-Class Performance
Preeminent Investment Teams Delivering Best-in-Class Performance (1) Superior Track Record Across a Broad Range of Portfolio Solutions Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Fund Vintage Fund Size ($M) Called Capital Net IRR Net ROIC Equity Funds (Fund size as of 6/30/2022, perf
Slide 10: Fee Paying Assets Under Management
Fee Paying Assets Under Management Second Quarter 2022 Results
Slide 11: FPAUM and Average Fee Rate Detail
FPAUM and Average Fee Rate Detail Robust Organic FPAUM Growth and Stable, Attractive Fee Rates (1) (2) Organic FPAUM Growth Average Fee Rate (Bps) ($Bn) Average Q2-22A Fee Rate: 103bps Quarterly average fee rates show the basis points attributable to base 21% CAGR management fees and catch-up fees.
Slide 12: Organic Fee-Paying AUM Growth Model
(1) Organic Fee-Paying AUM Growth Model Long-Term Contractually Locked Up Funds Ensure Highly Sticky FPAUM Base 0.5 1.4 18.5 0.7 (0.7) 17.3 3.7 (0.5) 13.4 Dec-20 PF Raised Deployed Stepdowns Dec-21 A Raised Deployed Stepdowns Jun-22 A Expirations Expirations Breakdown of FPAUM Flows NAV NAV Increase
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: Premier Private Markets Solutions Provider
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 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 Q2’22) $11.1Bn 21% Primary Solutions 60% FPAUM as of Q2’22 Organic FPAUM CAGR T
Slide 16: Financial Highlights
Financial Highlights Second Quarter 2022 Results
Slide 17: Consolidated Statements of Operations
(1) Consolidated Statements of Operations Three Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Q2'22 vs Q2'21 YTD '22 vs YTD '21 (unaudited) (unaudited) (unaudited) (unaudited) (Dollars in thousands except share and per share amounts) Revenues Management and ad
Slide 18: Add Back Reconciliation
(1) Add Back Reconciliation Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2022 June 30, 2022 June 30, 2022 June 30, 2022 June 30, 2022 June 30, 2022 (2) (3) (Dollars in thousands except share and per share amounts) (unaudited) Addbacks Adjusted Line Item (unaudited
Slide 19: Non-GAAP Financial Measures
Non-GAAP Financial Measures (unaudited) Three Months Ended Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 (Dollars in thousands except share and per share amounts) (unaudited) (unaudited) (unaudited) (unaudited) Q2'22 vs Q2'21 YTD '22 vs YTD '21 GAAP Net Income $ 11,154 $ 1
Slide 20: Consolidated Balance Sheets
Consolidated Balance Sheets June 30, 2022 December 31, 2021 (unaudited) (Dollars in thousands except share amounts) Assets Cash and cash equivalents $ 23,613 $ 40,916 Restricted cash 1,731 $ 2,566 Accounts receivable 6,668 $ 2,854 Note receivable 2,811 $ 2,552 Due from related parties 2 3,616 $ 12,3
Slide 21: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows (unaudited) Six Months Ended June 30, 2022 June 30, 2021 (unaudited) (unaudited) (Dollars in thousands) Cash Flows From Operating Activities Net income 18,946 5,182 Adjustments to reconcile net income to net cash provided by operating activities: Stock-based com
Slide 22: Tax Assets
Tax Assets Combination of Intangible Assets, Goodwill, and NOLs Generating Sustained, Long-Term Tax Benefits Commentary Long-Term Tax Benefits Tax Assets (Jun-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 23: 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 24: 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 25: 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 26: 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 Second Quarter 2022 Results