P10 Reports Second Quarter 2023 Results
10 August 2023 - 10:10PM
P10, Inc. (NYSE: PX), a leading private markets solutions
provider, today reported financial results for the second
quarter ended June 30, 2023.
Second Quarter 2023 Financial Highlights:
-
Fee Paying Assets Under Management: $22.2 billion, a 20%
increase year over year.
-
Revenue: $62.5 million, a 34% increase year over year.
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GAAP Net Income: $2.1 million, an 81% decrease year over
year.
-
Adjusted EBITDA: $34.8 million, a 35% increase year over
year.
-
Adjusted Net Income: $26.7 million, a 15% increase year over
year.
-
Fully diluted GAAP EPS: $.02, a 78% decrease year over
year.
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Fully diluted ANI per share: $.22, a 16% increase year over
year.
A presentation of the quarterly financials may be
accessed here and is available on the Company’s
website.
Declaration of Dividend:
The Board of Directors of the Company has declared a quarterly
cash dividend of $.0325 per share of Class A and Class B
common stock, payable on September 20, 2023, to the holders of
record as of the close of business on August 31, 2023.
Robert Alpert, Chairman and Co-CEO, and Co-CEO Clark
Webb said, “P10 delivered record results in the second quarter
as our diverse product set and strategies continued to thrive in
the face of macroeconomic headwinds. This quarter marks our eighth
financial report as a NYSE-listed company, and we believe our
performance aligns to the vision we provided investors in 2021. P10
is well positioned for continued growth.”
The company will host a conference call at 5:00 p.m.
Eastern Time on Thursday, August 10, 2023. The call may
be accessed here. All participants joining by telephone should
dial one of the following numbers, followed by the Participant
Access Code provided:
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U.S. (toll free): |
1-833-470-1428 |
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International: |
1-404-975-4839 |
|
|
|
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Participant Access Code: |
213469 |
For those unable to participate in the live call, a replay will
be made available on P10’s investor relations page
at www.p10alts.com.
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, 2023, P10 has a global investor base of more than
3,400 investors across 50 states, 55 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 Statements
Some 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,
2022, filed with the U.S. Securities and Exchange Commission
(“SEC”) on March 27, 2023, 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 results. The Company believes the
presentation of these non-GAAP measures provides 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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