P10 Reports Second Quarter 2022 Results
11 August 2022 - 10:10PM
P10, Inc. (NYSE: PX), a leading private markets solutions
provider, today reported financial results for the second
quarter ended June 30, 2022.
Second Quarter 2022 Financial Highlights:
- Fee Paying Assets Under Management:
$18.5 billion, a 30% increase year-over-year.
- Revenue: $46.7 million, a 38%
increase year-over-year.
- GAAP Net Income: $11.2 million, a
351% increase year-over-year.
- Adjusted EBITDA: $25.7 million, a
52% increase year-over-year.
- Adjusted Net Income (ANI): $23.2
million, a 99% increase year-over-year.
- Fully diluted GAAP EPS: $.09, a
310% increase year-over-year.
- Fully diluted ANI per share: $.19,
an 81% increase year-over-year.
Declaration of Dividend:
The Board of Directors of the Company has
declared a quarterly cash dividend of $0.03 per share of Class A
and Class B common stock, payable on September 20, 2022, to the
holders of record as of the close of business on August 29,
2022.
Robert Alpert, Chairman and Co-CEO, and Co-CEO
Clark Webb said, “P10’s strong second quarter results demonstrate
our differentiated business model and resilient ecosystem of
premier private markets strategies. Fee paying assets under
management increased by $1.2 billion, offset by $299 million of fee
stepdowns and expirations. We believe we are well positioned for
continued growth.”
A presentation of the second quarter financials
may be accessed here and is available on the Company’s website.
Conference Call Details:
The company will host a conference call at 5:00
p.m. Eastern Time on Thursday, August 11, 2022. The call will be
webcast live and may be accessed here.
All participants joining by telephone should
dial one of the following numbers, followed by the Participant
Access Code provided:
U.S. (toll
free): |
1-844-200-6205 |
U.S. (local): |
1-646-904-5544 |
All other locations: |
+1-929-526-1599 |
|
|
Participant Access Code: |
866288 |
For those unable to participate in the live
call, a replay will be made available on P10’s investor relations
page.
About P10P10 is a leading
multi-asset class private markets solutions provider in the
alternative asset management industry. P10’s mission is to provide
its investors differentiated access to a broad set of investment
solutions that address their diverse investment needs within
private markets. As of June 30, 2022, P10 has a global investor
base of over 2,700 investors across 49 states, 53 countries and six
continents, which includes some of the world’s largest pension
funds, endowments, foundations, corporate pensions, and financial
institutions. Visit www.p10alts.com.
Forward Looking StatementsSome
of the statements in this release may constitute "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995. Words such as
"will," "expect," "believe," "estimate," "continue," "anticipate,"
"intend," "plan" and similar expressions are intended to identify
these forward-looking statements. Forward-looking statements
discuss management's current expectations and projections relating
to our financial position, results of operations, plans,
objectives, future performance, and business. The inclusion of any
forward-looking information in this release should not be regarded
as a representation that the future plans, estimates or
expectations contemplated will be achieved. Forward-looking
statements are subject to various risks, uncertainties, and
assumptions. Forward-looking statements reflect management’s
current plans, estimates and expectations and are inherently
uncertain. All forward-looking statements are subject to known and
unknown risks, uncertainties and other important factors that may
cause actual results to be materially different, including risks
relating to: global and domestic market and business conditions;
successful execution of business and growth strategies and
regulatory factors relevant to our business; changes in our tax
status; our ability to maintain our fee structure; our ability to
attract and retain key employees; our ability to manage our
obligations under our debt agreements; as well as assumptions
relating to our operations, financial results, financial condition,
business prospects, growth strategy; and our ability to manage the
effects of events outside of our control. The foregoing list of
factors is not exhaustive. For more information regarding these
risks and uncertainties as well as additional risks that we face,
you should refer to the “Risk Factors” included in our annual
report on Form 10-K for the year ended December 31, 2021, filed
with the U.S. Securities and Exchange Commission (“SEC”) on March
21, 2022, and in our subsequent reports filed from time to time
with the SEC. The forward-looking statements included in this
release are made only as of the date hereof. We undertake no
obligation to update or revise any forward-looking statement as a
result of new information or future events, except as otherwise
required by law.
Use of Non-GAAP Financial Measures by
P10, Inc.The non-GAAP financial measures contained in this
press release (including, without limitation, Adjusted EBITDA,
Adjusted Net Income and fee-paying assets under management) are not
GAAP measures of the Company’s financial performance or liquidity
and should not be considered as alternatives to net income (loss)
as a measure of financial performance or cash flows from operations
as measures of liquidity, or any other performance measure derived
in accordance with GAAP. A reconciliation of such non-GAAP measures
is included in the presentation of the second quarter 2022
financials. The Company believes the presentation of these non-GAAP
measures provide useful additional information to investors because
it provides better comparability of ongoing operating performance
to prior periods. It is reasonable to expect that one or more
excluded items will occur in future periods, but the amounts
recognized can vary significantly from period to period. Fee paying
assets under management 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 terms.
Management and advisory fees based on committed capital are not
affected by market appreciation or depreciation. You are encouraged
to evaluate each adjustment to non-GAAP financial measures and the
reasons management considers it appropriate for supplemental
analysis. Our presentation of these measures should not be
construed as an inference that our future results will be
unaffected by unusual or non-recurring items.
Ownership LimitationsP10’s
Certificate of Incorporation contains certain provisions for the
protection of tax benefits relating to P10’s net operating losses.
Such provisions generally void transfers of shares that would
result in the creation of a new 4.99% shareholder or result in an
existing 4.99% shareholder acquiring additional shares of P10.
P10 Press and Investor
Contact:info@p10alts.com
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