P10, Inc. (NYSE:PX) Q1 2023 Earnings Conference Call May 15, 2023 5:00 PM ET Company Participants Mark Hood - Executive Vice President, Operations and IR Robert Alpert - Chairman and Co-CEO Clark Webb - Co-Chief Executive Officer Fritz Souder - Chief Operating Officer Amanda Coussens - Chief Financial Officer Conference Call Participants Kenneth Worthington - JPMorgan Michael Cyprys - Morgan Stanley Chris Kotowski - Oppenheimer Ben Budish - Barclays John Campbell - Stephens Inc Adam Beatty - UBS Operator He ...

First Quarter 2023 Results EARNINGS PRESENTATION 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 investment products nor an offer of advisory services by P10. By accepting this presentation, you acknowledge that P10 is not offering investment advisory services. All inv ...

PART I - FINANCIAL INFORMATION This section presents the unaudited consolidated financial statements, management's analysis of financial condition and results of operations, market risk disclosures, and internal controls and procedures [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The unaudited consolidated financial statements for the three months ended March 31, 2023, show a significant decrease in net income to $0.77 million from $7.79 million year-over-year, primarily driven by a 65% increase in operating expenses, notably in compensation and benefits. Total assets grew slightly to $834.6 million, while total liabilities also increased to $404.2 million. Cash flow from operations saw a substantial increase to $20.8 million [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Presents the company's financial position, showing total assets, liabilities, and stockholders' equity as of March 31, 2023, and December 31, 2022 Consolidated Balance Sheets (in thousands) | | As of March 31, 2023 (unaudited) | As of December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$834,631** | **$826,360** | | Cash and cash equivalents | $25,050 | $20,021 | | Goodwill | $506,638 | $506,638 | | Intangibles, net | $144,577 | $151,795 | | **Total Liabilities** | **$404,222** | **$392,477** | | Debt obligations | $283,897 | $289,224 | | **Total Stockholders' Equity** | **$430,409** | **$433,883** | - Total assets increased slightly to **$834.6 million** as of March 31, 2023, from **$826.4 million** at year-end 2022[7](index=7&type=chunk) - Total liabilities also rose to **$404.2 million** from **$392.5 million**, while stockholders' equity saw a slight decrease[7](index=7&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) Details the company's revenues, operating expenses, and net income for the three months ended March 31, 2023, and 2022 Consolidated Statements of Operations (in thousands) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Total Revenues** | **$57,253** | **$43,281** | | Management and advisory fees | $56,587 | $43,027 | | **Total Operating Expenses** | **$52,382** | **$31,678** | | Compensation and benefits | $35,642 | $18,494 | | Amortization of intangibles | $7,248 | $6,181 | | **Income from Operations** | **$4,871** | **$11,603** | | Interest expense, net | ($5,172) | ($1,385) | | **Net Income** | **$769** | **$7,792** | | **Net Income Attributable to P10** | **$605** | **$7,792** | | **Diluted EPS** | **$0.01** | **$0.06** | - Revenues grew **32% YoY** to **$57.3 million**, but operating expenses increased by **65%** to **$52.4 million**, largely due to a **93%** rise in compensation and benefits[9](index=9&type=chunk) - This led to a significant drop in net income attributable to P10 from **$7.8 million** to **$0.6 million**[9](index=9&type=chunk) [Consolidated Statements of Cash Flows](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Outlines the cash inflows and outflows from operating, investing, and financing activities for the three months ended March 31, 2023, and 2022 Consolidated Statements of Cash Flows (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$20,777** | **$7,622** | | Net cash (used in) investing activities | ($701) | ($424) | | Net cash (used in) financing activities | ($13,711) | ($25,008) | | **Net change in cash, cash equivalents and restricted cash** | **$6,365** | **($17,810)** | - Cash from operating activities increased significantly to **$20.8 million** in Q1 2023 from **$7.6 million** in Q1 2022[14](index=14&type=chunk) - Cash used in financing activities decreased to **$13.7 million** from **$25.0 million**, primarily due to lower debt repayments in the current period[14](index=14&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) Provides detailed explanations of the company's accounting policies, business operations, acquisitions, and financial instruments - P10 operates as a multi-asset class private market solutions provider, offering investment vehicles across private equity, venture capital, private credit, and impact investing[22](index=22&type=chunk)[32](index=32&type=chunk) - The company has grown through a series of acquisitions, including WTI in October 2022[22](index=22&type=chunk)[32](index=32&type=chunk) - The company consolidates several subsidiaries as Variable Interest Entities (VIEs) where it is the primary beneficiary, including RCP, TrueBridge, Bonaccord, Hark, and WTI[42](index=42&type=chunk) - Contingent consideration liabilities related to the Hark and Bonaccord acquisitions totaled **$17.0 million** as of March 31, 2023, and are remeasured to fair value each period[65](index=65&type=chunk)[125](index=125&type=chunk)[126](index=126&type=chunk) - As of March 31, 2023, the company had total debt obligations of **$283.9 million**, consisting of a **$209.8 million** term loan and **$77.9 million** drawn on its revolver facility[130](index=130&type=chunk)[134](index=134&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 32% year-over-year revenue growth to both the inorganic impact of the WTI acquisition ($7.2 million) and organic growth across other platforms ($7.0 million). The significant 93% increase in compensation and benefits expense was driven by the WTI acquisition, related earn-out accruals ($6.4 million), and higher stock compensation. Fee-Paying Assets Under Management (FPAUM) grew to $21.6 billion. The company maintains compliance with its debt covenants and believes its cash flow and financing activities are sufficient to meet liquidity needs Results of Operations Comparison (Q1 2023 vs Q1 2022) (in thousands) | Metric | Q1 2023 (in thousands) | Q1 2022 (in thousands) | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$57,253** | **$43,281** | **$13,972** | **32%** | | **Total Operating Expenses** | **$52,382** | **$31,678** | **$20,704** | **65%** | | Compensation and benefits | $35,642 | $18,494 | $17,148 | 93% | | **Income from Operations** | **$4,871** | **$11,603** | **($6,732)** | **(58)%** | | **Net Income** | **$769** | **$7,792** | **($7,023)** | **(90)%** | - Revenue growth of **32%** was driven by **$7.2 million** from the WTI acquisition and **$7.0 million** in organic growth from Bonaccord, ECG, RCP, and Truebridge[208](index=208&type=chunk) - The **93%** increase in compensation and benefits was primarily due to the WTI acquisition (**$3.2M**), stock compensation (**$5.6M**, with **$4.5M** from acquisitions), and WTI-related earn-out and bonus accruals (**$6.4M**)[213](index=213&type=chunk) Fee-Paying Assets Under Management (FPAUM) Roll-Forward (Actual Basis) (in millions) | (in millions) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | **Balance, Beginning of Period** | **$21,206** | **$17,263** | | Capital raised | $665 | $496 | | Capital deployed | $246 | $224 | | Expiration of fee period | ($427) | ($316) | | **Balance, End of period** | **$21,601** | **$17,592** | Non-GAAP Financial Measures Reconciliation (in thousands) | (in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net income | $769 | $7,792 | | Adjustments (Depreciation, Interest, Taxes, etc.) | $18,041 | $13,386 | | Earn out related compensation | $6,394 | - | | **Adjusted EBITDA** | **$28,406** | **$22,453** | | Less: Cash interest & taxes | ($2,921) | ($162) | | **Adjusted Net Income** | **$25,485** | **$22,291** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk exposures are interest rate risk and credit risk. Management fees are generally based on committed capital, mitigating the direct impact of investment value fluctuations on revenue. A hypothetical 100-basis point increase in interest rates is estimated to increase annual interest expense by approximately $1.7 million related to its Term Loan - The company's main market risk is related to its role as a general partner/investment manager, but since management fees are typically based on committed capital, revenue is not significantly impacted by changes in investment values[263](index=263&type=chunk) - The company is exposed to interest rate risk on its **$209.8 million** Term Loan, which is based on SOFR[265](index=265&type=chunk) - A **100-basis point increase** in the interest rate would result in an approximate **$1.7 million** increase in annual interest expense[265](index=265&type=chunk) - Credit risk is managed by limiting counterparties to reputable financial institutions for financial services and transactions[266](index=266&type=chunk) [Item 4. Controls and Procedures](index=45&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the Co-CEOs and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective as of March 31, 2023. There were no changes in internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls - Based on an evaluation as of the end of the reporting period, the Co-CEOs and CFO concluded that the company's disclosure controls and procedures are effective at a reasonable assurance level[268](index=268&type=chunk) - No material changes were made to the company's internal control over financial reporting during the quarter ended March 31, 2023[269](index=269&type=chunk) PART II - OTHER INFORMATION This section covers legal proceedings, risk factors, equity sales, other information, and a list of exhibits [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company states that information regarding legal proceedings can be found in Note 14, "Commitments and Contingencies," of the consolidated financial statements. Note 14 indicates the company is not involved in any litigation expected to have a material adverse effect - Information on legal proceedings is incorporated by reference from Note 14 of the financial statements, which states the company is not involved in any matters expected to result in material losses beyond amounts already recognized[272](index=272&type=chunk)[153](index=153&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2022 - No material changes have occurred from the risk factors disclosed in the Form 10-K for the year ended December 31, 2022[273](index=273&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=46&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the quarter ended March 31, 2023, the company repurchased 100,000 shares of its common stock at an average price of $8.51 per share. As of March 31, 2023, approximately $18.9 million remained available for future repurchases under the authorized stock repurchase program Share Repurchase Activity (Q1 2023) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Dollar Value Remaining for Purchase | | :--- | :--- | :--- | :--- | | January 2023 | — | — | $19,787,024 | | February 2023 | — | — | $19,787,024 | | March 2023 | 100,000 | $8.51 | $18,936,024 | | **Total** | **100,000** | **$8.51** | | - The Board of Directors has authorized a total of **$40 million** for the Stock Repurchase Program[274](index=274&type=chunk) - The program may be terminated or amended at any time[274](index=274&type=chunk) [Item 5. Other Information](index=46&type=section&id=Item%205.%20Other%20Information) Effective May 12, 2023, the company entered into amended and restated employment agreements with Co-CEOs Robert Alpert and C. Clark Webb, and a new agreement with William F. Souder, primarily to reflect a corporate restructuring where P10 Intermediate became the employer. Additionally, a separation and severance agreement was executed with Jeff P. Gehl in connection with his retirement on May 15, 2023, which includes a severance payment of $1,025,000 and other benefits - Amended and restated employment agreements were executed for Co-CEOs Robert Alpert and C. Clark Webb, and a new agreement for William F. Souder, effective May 12, 2023, with P10 Intermediate Holdings LLC as the new employer entity[277](index=277&type=chunk)[281](index=281&type=chunk) - A Separation Agreement was entered into with Jeff P. Gehl for his retirement on May 15, 2023, providing a severance payment of **$1,025,000**, COBRA reimbursement, and immediate vesting of equity awards[286](index=286&type=chunk) [Item 6. Exhibits](index=49&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, rights agreements, employment and separation agreements, and required certifications by the CEO and CFO

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40937 P10, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 87-2908160 ( ...

P10, Inc. (NYSE:PX) Q4 2022 Earnings Conference Call March 6, 2023 5:00 PM ET Company Participants Robert Alpert - Chairman & Co-CEO Mark Hood - EVP, Operations & IR William Souder - Director Clark Webb - Co-CEO & Director Amanda Coussens - CFO & Chief Compliance Officer Conference Call Participants Adam Beatty - UBS Kenneth Worthington - JPMorgan Chase & Co. Michael Brown - KBW Benjamin Budish - Barclays Bank John Campbell - Stephens Inc. Christoph Kotowski - Oppenheimer Michael Cyprys - Morgan Stanley Ope ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40937 P10, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 87-2908160 ( State or other jurisdiction of incorporation or organization) 4514 Cole Ave, Suite 1600 Dallas, TX (Address of principal executive ...

P10, Inc. (NYSE:PX) Q3 2022 Earnings Call Transcript November 10, 2022 8:30 AM ET Company Participants Mark Hood - Executive Vice President of Operations & Investor Relations Robert Alpert - Chairman & Co-Chief Executive Officer Fritz Souder - Chief Operating Officer Clark Webb - Co-Chief Executive Officer Amanda Coussens - Chief Financial Officer Conference Call Participants Ken Worthington - JPMorgan Michael Cyprys - Morgan Stanley John Campbell - Stephens Chris Kotowski - Oppenheimer Adam Beatty - UBS Ma ...

Third Quarter 2022 Results Earnings Presentation 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 investment products nor an offer of advisory services by P10. By accepting this presentation, you acknowledge that P10 is not offering investment advisory services. All inv ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________________ to ____________________ Commission File Number: 001-40937 P10, Inc. (Exact Name of Registrant as Specified in its Charter) Delaware 87-29081 ...

P10, Inc. (NYSE:PX) Q2 2022 Earnings Conference Call August 11, 2022 4:30 PM ET Company Participants Mark Hood - EVP, Operations and IR Robert Alpert - Chairman and Co-CEO Fritz Souder - COO Clark Webb - Co-CEO Amanda Coussens - CFO Conference Call Participants Ken Worthington - JPMorgan Michael Cyprys - Morgan Stanley Robert Lee - KBW Chris Kotowski - Oppenheimer John Campbell - Stephens Operator Hello and welcome to the P10 Second Quarter 2022 Conference Call. My name is Jason and I'll be coordinating you ...