P10, Inc. (NYSE: PX), a leading private markets solutions
provider, today reported financial results for the third
quarter ended September 30, 2023.
Third Quarter 2023 Financial Highlights:
-
Fee Paying Assets Under Management: $22.7 billion, a 20%
increase year over year.
-
Revenue: $58.9 million, an 18% increase year over year.
-
GAAP Net Income/(Loss): $(8.8) million compared to $5.6
million in the prior year period.
-
Adjusted EBITDA: $29.6 million, a 7% increase year over
year.
-
Adjusted Net Income: $24.3 million, a 3% decrease year over
year.
-
Fully diluted GAAP EPS: $(.07) compared to $.05 in the prior
year period.
-
Fully diluted ANI per share: $.20, a 5% decrease 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 on Class A
and Class B common stock, payable on December 20, 2023, to the
holders of record as of the close of business on November 30,
2023.
Robert Alpert, Executive Chairman, and Clark Webb,
Executive Vice Chairman said, “P10’s performance remains strong,
generating continued growth against a dynamic economic backdrop. We
are proud of our differentiated platform led by a phenomenal team
that drives consistent, long-term investment performance. As
announced on October 23, 2023, Luke Sarsfield has stepped into the
role of chief executive officer and is now a member of the board of
directors. He joins P10 at the perfect time as we execute on our
next phase of organic and inorganic growth.”
Luke Sarsfield, P10 Chief Executive Officer said,
“Our third quarter performance demonstrates the strong fundamentals
that will drive future P10 success. Our platform of leading
investment franchises is truly extraordinary and provides a
foundation for continued organic and inorganic growth. Furthermore,
our disciplined focus on the middle and lower middle market
establishes us as an attractive partner to a wide variety of
investment and financial services firms. I have already hit the
ground running with our team, and am confident that we are
positioned to deliver long-term value for clients, shareholders,
employees, and all of our stakeholders.”
The company will host a conference call
at 5:00 p.m. Eastern Time on Thursday, November 9,
2023. All participants must register prior to joining the
event.
- To join and view the live webcast,
please register here.
- To join by telephone, please
register here.
For those unable to participate in the live event,
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 September 30, 2023, P10 has a global
investor base of more than 3,500 investors across 50 states, 60
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 Investor
Contact:info@p10alts.com
P10 Media Contact:Josh
Clarksonjclarkson@prosek.com
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